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4 Hour Strategy (MACD)

  • #17,241
  • Oct 1, 2008 2:28am Oct 1, 2008 2:28am
Quoting brettboz
Your 4H looks different from mine (I am on GMT+2) and the trade didn't look so great on mine. On mine there was a spike off the 7990 area and without the MACD confirmation I would have been worried shorting on the last candle before the big drop. In face on mine it was a hanging man so was also signalling something funny about to happen but the previous candle to that was a bullish hammer so compltetly confusing....

I agree with you brettboz 100%. For some time now I've been observing huge differences in candles. I am with FXDD (which despite conflicting reports, they confirmed they ARE GMT +2), yet the candles are so different. The 'supposed' tweezer tops are missing, and candles do stop short of reaching the 200 and the 89 the 2 times they were supposed to bounce off them. (bottom line, my charts look awefully twisted compared to Phillips' nice ones!)

I have just tried Alpari demo, and the charts seem much closer to what Phillips does post with tweezer tops in place (although not as nice of course). But atleast the market rhythm is quite more evident. Right now I am in dire need of advice for a new GMT +2 broker with charts that mimic Phillips'.
Note: (Phillips' broker, MIG, requires a $5,000 min. deposit, and my starting capital is well below that).

I didn't want to shout that one out. But... HELP!
In Pursuit of Pippyness...
  • #17,242
  • Oct 1, 2008 2:37am Oct 1, 2008 2:37am
Quoting Deja
I agree with you brettboz 100%. For some time now I've been observing huge differences in candles. I am with FXDD (which despite conflicting reports, they confirmed they ARE GMT +2), yet the candles are so different. The 'supposed' tweezer tops are missing, and candles do stop short of reaching the 200 and the 89 the 2 times they were supposed to bounce off them. (bottom line, my charts look awefully twisted compared to Phillips' nice ones!)

I have just tried Alpari demo, and the charts seem much closer to what Phillips does post with tweezer tops in place (although not as nice of course). But atleast the market rhythm is quite more evident. Right now I am in dire need of advice for a new GMT +2 broker with charts that mimic Phillips'.
Note: (Phillips' broker, MIG, requires a $5,000 min. deposit, and my starting capital is well below that).

I didn't want to shout that one out. But... HELP!
This has been mentioned several times here, the general consensus is that over time it will level out in that we will see trades that Philip for example wont in certain situations. That is always the problem with 4H charts.
  • #17,243
  • Oct 1, 2008 2:51am Oct 1, 2008 2:51am
Hoping for some input from those 1hr entry traders out there...
Have just entered a short trade based on break of H1 TL after several dojis on H4...
Trade is currently negative and a bit close for comfort to my SL - should have given it more room. But....any advice for me on the setup? Palmer, price formed a bit of a box shape - bit iffy as to whether signal candle broke down through it??
Thanks people

My trade notes:
**This trade is a bit high risk for me as I don't have much experience with using 1hr TF to gain early entry in anticipation of H4 TC**
Nice engulfing candle with tail to topside; TL support broken.
Entry on retrace = 1.7805
SL = 1.7868 (10 pips + 3 pip spread above prev. high)
Risk = 63
TP1 @ 25pips
Target = 1.7619
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  • #17,244
  • Oct 1, 2008 3:26am Oct 1, 2008 3:26am
Quoting BenStevo
Hoping for some input from those 1hr entry traders out there...
Have just entered a short trade based on break of H1 TL after several dojis on H4...
Trade is currently negative and a bit close for comfort to my SL - should have given it more room. But....any advice for me on the setup? Palmer, price formed a bit of a box shape - bit iffy as to whether signal candle broke down through it??
Thanks people

My trade notes:
**This trade is a bit high risk for me as I don't have much experience with using 1hr TF to gain early entry in anticipation of H4 TC**
Nice engulfing candle with tail to topside; TL support broken.
Entry on retrace = 1.7805
SL = 1.7868 (10 pips + 3 pip spread above prev. high)
Risk = 63
TP1 @ 25pips
Target = 1.7619
Hi BenStevo, on my 4H charts there is no doji on G/U so can't be sure we are looking at the same setup, but there is a hanging man. However there is some divergence between MACD and price and the price has moved down from the 8 without forming or being near to forming a TC. Im not sure I would be short right now but good luck, as I say my charts probably show something different than yours.
  • #17,245
  • Oct 1, 2008 7:14am Oct 1, 2008 7:14am
Quoting big_pipin
do 1hr charts have any part in this trading system? Usually smaller time frame charts are used to help aid in entry/exit, so i was just wondering.
They do if you want to try to get in a little earlier. But, it's best to make sure that you understand the principles of the rhythm of the market and how price action reacts to the moving averages. Check the website (my signature) for some early 1hr entry methods.
  • #17,246
  • Oct 1, 2008 7:15am Oct 1, 2008 7:15am
Crude oil inventories number is due out later this morning. This has been one to take note of lately...
  • #17,247
  • Oct 1, 2008 7:15am Oct 1, 2008 7:15am
For those of you who follow the fundamentals, the Senate is voting on the bail out plan again tonight. Expect spikes in the FX markets. Major currencies forming penants which are strong continuation patterns.

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  • #17,248
  • Oct 1, 2008 8:57am Oct 1, 2008 8:57am
There are TC's forming on both G/U and E/U at the moment both way too big stops even if using 1H early entry its still around 100 pips. But I noticed both are at present with divergence from MACD to price.
  • #17,249
  • Oct 1, 2008 9:14am Oct 1, 2008 9:14am
Nice smooth rounding on the USDJPY 4H MACD.
I'm short 105.62.
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  • #17,250
  • Oct 1, 2008 10:43am Oct 1, 2008 10:43am
wait for council news insists once more ,
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  • #17,251
  • Oct 1, 2008 10:54am Oct 1, 2008 10:54am
Hookem:

I've been watching the Yen, as usual, but haven't traded the pair in a while. Even though the daily trend is down there have been lot's of closes above/below the 21 on the 4hr. It just looks like a difficult pair lately....just thinking out loud here.
  • #17,252
  • Oct 1, 2008 11:20am Oct 1, 2008 11:20am
Palmer thank an opinion
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  • #17,253
  • Oct 1, 2008 11:34am Oct 1, 2008 11:34am
Quoting Deja
I agree with you brettboz 100%. For some time now I've been observing huge differences in candles. I am with FXDD (which despite conflicting reports, they confirmed they ARE GMT +2), yet the candles are so different. The 'supposed' tweezer tops are missing, and candles do stop short of reaching the 200 and the 89 the 2 times they were supposed to bounce off them. (bottom line, my charts look awefully twisted compared to Phillips' nice ones!)

I have just tried Alpari demo, and the charts seem much closer to what Phillips does post with tweezer tops in place (although not as nice of course). But atleast the market rhythm is quite more evident. Right now I am in dire need of advice for a new GMT +2 broker with charts that mimic Phillips'.
Note: (Phillips' broker, MIG, requires a $5,000 min. deposit, and my starting capital is well below that).

I didn't want to shout that one out. But... HELP!
How about opening a Demo account with MIG but trades with some other firms with lower min. deposit? That is what I am doing. heh.
  • #17,254
  • Oct 1, 2008 11:37am Oct 1, 2008 11:37am
Quoting Phillip Nel
Some comment I made yesterday.
The high risk was not so much in the setup but in the stoploss. The setup was good but the stoploss huge. The tail it was busy forming at that point (on the 4H) was my reason for interest. The gapdown this morning and the fact that it was not filled made me prepare for a further downmove. I was waiting for a setup based on rhythm to enter and this was an oppertunity.

The downmove came today with nice rhythm

Hope you people got involve in this trade. Double resistance on 200sma and 89sma with tweezer tops.
Entry 1.8011
SL 1.8100(split in 2 positions of 41 and 50)
TP because of the strength of the rhythm I left both positions open to let it run.

Edit 1
1.7900 reached. Set stoploss at 1.7950

Edit 2
1.7800 reached. Set stoploss at 1.7900 just above 8ema.

Edit 3
At close of 18:00 1H candle. Set SL 1.7864


I closed the trade just above the 161,8 Fib level for +333pips. Just see how true the 161,8 fib is when there is no clear support.
My biggest gain ever on a single trade.
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  • #17,255
  • Oct 1, 2008 11:43am Oct 1, 2008 11:43am
Quoting Phillip Nel
I closed the trade just above the 161,8 Fib level for +333pips. Just see how true the 161,8 fib is when there is no clear support.
My biggest gain ever on a single trade.
Well done, then i guess this month to is +300 pips

I havent taken one single trade this month, im looking for the sexy TC-patterns!
  • #17,256
  • Oct 1, 2008 11:43am Oct 1, 2008 11:43am
Quoting Phillip Nel
I closed the trade just above the 161,8 Fib level for +333pips. Just see how true the 161,8 fib is when there is no clear support.
My biggest gain ever on a single trade.
Congrats.

And that is our biggest and most valuable lesson. =)
  • #17,257
  • Oct 1, 2008 11:46am Oct 1, 2008 11:46am
Quoting ekling
Well done, then i guess this month to is +300 pips

I havent taken one single trade this month, im looking for the sexy TC-patterns!
Yes. The good setups that was there had stops to big so it was a frustrating month. I did 2 trades on rhythm that worked out. Hope this month will give us more smooth rhythm
  • #17,258
  • Oct 1, 2008 11:56am Oct 1, 2008 11:56am
Quoting Phillip Nel
Yes. The good setups that was there had stops to big so it was a frustrating month. I did 2 trades on rhythm that worked out. Hope this month will give us more smooth rhythm
This is true, huge stoplosses on almost every TC-trade. I wanted to take this one that appeared a couple of hours ago. Tweezer top on trendline and 8 sma, nice bearish candle. But to big stoploss for me here too... gotta have patience
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  • #17,259
  • Oct 1, 2008 12:08pm Oct 1, 2008 12:08pm
Info
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  • #17,260
  • Oct 1, 2008 12:18pm Oct 1, 2008 12:18pm
Quoting ekling
This is true, huge stoplosses on almost every TC-trade. I wanted to take this one that appeared a couple of hours ago. Tweezer top on trendline and 8 sma, nice bearish candle. But to big stoploss for me here too... gotta have patience
Nice supp/res trendline you have drawn there. The pullback setup was perfect.
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