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4 Hour Strategy (MACD)

  • #1,061
  • Feb 22, 2007 1:46pm Feb 22, 2007 1:46pm
hey Phillip, you've got me all wrong. I changed the signature as a short-term mockery of myself, and a reminder that if I jump into trades too early they usually end badly. I'm an eye-surgeon by trade and FX at the moment is more of a play thing, although I hope to become serious about it very soon. IT'S ALL ABOUT DISCIPLINE. My trades have been with microlots and I'll continue until happy and consistent. Will write down some strict rules this weekend and will not waver from them. One major problem is the plethora of systems out there. Seems to me the key is to pick just one, master it, and implement an un-waivering money-management in an emotion-free environment

Keep up the advice and posting on the various set-ups. Great stuff.
P.s. changed the signature again.
TRADE FOR SWAP
  • #1,062
  • Feb 22, 2007 2:08pm Feb 22, 2007 2:08pm
Quoting turk87
I still have my short position in the EUR.
you should as you have a fearless raider for your Avatar.
  • #1,063
  • Edited 2:35pm Feb 22, 2007 2:24pm | Edited 2:35pm
Quoting Golfer
I dont know whether you have worked through the whole thread. The price is above the 89SMA which is bullish, so if you go short it will only be to the 21EMA and at this stage I still have an hour and a half left before the candle close and only then will I enter if the R:R os OK. I dont trade UsdJpy

I however dont trade other currencies except the EurUsd and the GbpUsd as I havent tested the strategy on other pairs.

Have you worked through all the PDF documents on this thread.
Good luck
Hi Phillip

I am trying to work through all the 71 "pages" of this thread - in order to find all the relevant pdf files.

DO you have all the pdf documents readily available
(?website)?

I am totally new to forex factory but very impress with your system so far. Today my first two demo trades on EUR$ , +40pips and +20pips. Just take a bit of practice to recognise the patterns developing.

Tx

Willem[/quote]



Go to page 55 and post 812 and 814 and you wiil be able to go to all the attachments and printable version of all posts.

On top of this page there is a down arrow next to the last page No. Click on it, enter the page 55 and GO
  • #1,064
  • Feb 22, 2007 2:28pm Feb 22, 2007 2:28pm
Quoting cgldsmth
hey Phillip, you've got me all wrong. I changed the signature as a short-term mockery of myself, and a reminder that if I jump into trades too early they usually end badly. I'm an eye-surgeon by trade and FX at the moment is more of a play thing, although I hope to become serious about it very soon. IT'S ALL ABOUT DISCIPLINE. My trades have been with microlots and I'll continue until happy and consistent. Will write down some strict rules this weekend and will not waver from them. One major problem is the plethora of systems out there. Seems to me the key is to pick just one, master it, and implement an un-waivering money-management in an emotion-free environment

Keep up the advice and posting on the various set-ups. Great stuff.
P.s. changed the signature again.
Now I will be able to sleep. May you succeed in all your trading.
  • #1,065
  • Feb 22, 2007 2:30pm Feb 22, 2007 2:30pm
Quoting Tw0eleven
Thanks Dire for the update. I knew something had to send it skyrocketting! Also, I sent you a PM if you get a chance. Would like to hear your thoughts.
Take a look at the similarity of these 4 pairs today... If it is terror related why didnt the USD/JPY pair make a big dip?
  • #1,066
  • Feb 22, 2007 2:37pm Feb 22, 2007 2:37pm
Quoting Pipkingdom
Take a look at the similarity of these 4 pairs today... If it is terror related why didnt the USD/JPY pair make a big dip?
IMHO it is becaus of carry trade madness in all JPY pairs .. all JPY pairs were going north today like hell.
  • #1,067
  • Feb 22, 2007 2:47pm Feb 22, 2007 2:47pm
To see all documents and attachments click downarrow next to page 72 on top and go to page55 and see post 812 and 814.

Good luck
  • #1,068
  • Feb 22, 2007 4:03pm Feb 22, 2007 4:03pm
Hey Guys & GAls,

We got an evening star on the KIWI 4 hour chart. What else would we be looking for. Im in short up 9 pips. Anyone got any ideas.

Jim
Attached Image
  • #1,069
  • Feb 22, 2007 4:14pm Feb 22, 2007 4:14pm
Quoting hard1head1
Hey Guys & GAls,

We got an evening star on the KIWI 4 hour chart. What else would we be looking for. Im in short up 9 pips. Anyone got any ideas.

Jim
I'm still in this one form early Will take profit 40-35
hope you make your pips
  • #1,070
  • Feb 22, 2007 4:43pm Feb 22, 2007 4:43pm
Quoting Tw0eleven
Is there some secret news data I missed that caused the GBP/USD to go up about a 100pips in the past two hours?
Hi Tw0eleven!

This has probably been answered already...think it was Carry Trade related
  • #1,071
  • Feb 22, 2007 4:47pm Feb 22, 2007 4:47pm
Big old Morning star on the pound, also.

Round top forming though.

Jim
  • #1,072
  • Feb 22, 2007 4:49pm Feb 22, 2007 4:49pm
Quoting Chandra
17:48 GMT. - USDJPY going short.

Will you please tell, for the benefit of group members, what was your thinking while you wanted to short USDJPY, what was your entry price and TP? Jus trying to understand specifics behind your decisions. It helps us all.
Thanks.
-Chandra.
Hi Everyone!

Chandra points out something that has helped me tremendously, and that is posting the trade w/rationale. Sometimes it takes a while, but I have started to think about my trades before taking them. Looking for the logic. Also, by posting the info for everyone to see, I feel accountable to the group and it helps me stick to the plan. So, posting trade and reasons is a win/win!!!
  • #1,073
  • Feb 22, 2007 4:57pm Feb 22, 2007 4:57pm


I am totally new to forex factory but very impress with your system so far. Today my first two demo trades on EUR$ , +40pips and +20pips. Just take a bit of practice to recognise the patterns developing.

Tx

Willem[/quote]

Great job on your first two trades!
  • #1,074
  • Feb 22, 2007 4:59pm Feb 22, 2007 4:59pm
Quoting pips4uandme
Hi Tw0eleven!

This has probably been answered already...think it was Carry Trade related

Thanks Pips! Unfortunately I'm not exactly sure what a carry trade is? Mind explaining it to me? I have an idea, it sounds like a trade that someone opens(long or short) and carries it over from one day to the next. But I'm not really sure. And I'm not sure how that would make the price go up or down so much.

Happy trading!
  • #1,075
  • Feb 22, 2007 5:03pm Feb 22, 2007 5:03pm
Quoting cgldsmth
hey Phillip, you've got me all wrong. I changed the signature as a short-term mockery of myself, and a reminder that if I jump into trades too early they usually end badly. I'm an eye-surgeon by trade and FX at the moment is more of a play thing, although I hope to become serious about it very soon. IT'S ALL ABOUT DISCIPLINE. My trades have been with microlots and I'll continue until happy and consistent. Will write down some strict rules this weekend and will not waver from them. One major problem is the plethora of systems out there. Seems to me the key is to pick just one, master it, and implement an un-waivering money-management in an emotion-free environment

Keep up the advice and posting on the various set-ups. Great stuff.
P.s. changed the signature again.
Hi Cgldsmth!!

Your post has probably been replied to by many already. You are 100% right about all the systems out there. It is important to find one that you can follow the rules to and have backtested it to see how well your execution is and what you can expect. Then, strict discipline to your rules is a must. Plan your trades, execute the plan and watch the pips roll in!! Also think being a member of a supportive group like this one is really important too. Glad you have joined our community
  • #1,076
  • Feb 22, 2007 5:06pm Feb 22, 2007 5:06pm
I dont know if the last post was directed at me or not, however, until I started reading this post, an evening star and a bounce off of a trend line, then target the outer trend line and that was the best I could do. I am just looking for some help to get some other confirmation. I do not know this system yet, however, If you could help it would be appreciated.

"Knowledge is good" Eberhard Faber

Thanks, Jim
Attached Image
  • #1,077
  • Feb 22, 2007 5:12pm Feb 22, 2007 5:12pm
Quoting Tw0eleven
Thanks Pips! Unfortunately I'm not exactly sure what a carry trade is? Mind explaining it to me? I have an idea, it sounds like a trade that someone opens(long or short) and carries it over from one day to the next. But I'm not really sure. And I'm not sure how that would make the price go up or down so much.

Happy trading!
Hi Tw0eleven,

The carry trade is when someone sells a low yielding currency like the yen and buys a higher yielding currency. The difference in interest rates is collected by the account holder. Think the market took a little longer to digest the implications of the BOJ rate decision and traders piled back into the high yielding carries (like gpb/jpy and usd/jpy). The carry is a popular trade style for hedge funds and it is a major international financing strategy for infrastructure development and skyscrappers. Pretty strange stuff this finance world of ours, eh?
  • #1,078
  • Feb 22, 2007 5:21pm Feb 22, 2007 5:21pm
Yesterday at 8:32 GMT sold 1 lot USD/CHF at 1.2421
SL: 1.2448
Target: 1.2377

1. Price on 4 hour at 89, expected a pullback to the 21
2. Price at 50% Fib for total down move from 1.2550 to 1.2311
3. MACD flattened, anticipated turn (I jumped too early and regreted it even though the trade worked out)
4. Hourly price hitting resistance and in o/s territory; used hourly chart for entry w/4 hour

I regretted this trade and spent hours monitoring it....the MACD signals got stronger with each turn, and I became much more confident and decided to move my limit order to 1.2405 (to make sure it hit) and go to sleep. When I woke up, price was at 1.2380 and +16 (21 with spread) pips were happily placed in my account.

Pip total for last 8 days: + 206
Trades: 5
Winners: 5
  • #1,079
  • Feb 22, 2007 5:29pm Feb 22, 2007 5:29pm
Thanks Pips! I'm always learning something new.

Quoting pips4uandme
Hi Tw0eleven,

The carry trade is when someone sells a low yielding currency like the yen and buys a higher yielding currency. The difference in interest rates is collected by the account holder. Think the market took a little longer to digest the implications of the BOJ rate decision and traders piled back into the high yielding carries (like gpb/jpy and usd/jpy). The carry is a popular trade style for hedge funds and it is a major international financing strategy for infrastructure development and skyscrappers. Pretty strange stuff this finance world of ours, eh?
  • #1,080
  • Feb 22, 2007 5:30pm Feb 22, 2007 5:30pm
Hey cg,

The only, and I mean only reason I have done well this week is that I made an emotional decision based on all the articles I've read as well as other traders I've spoken to, to try and concentrate on leaving emotion on the table and planning this past weekend. I started all my logs over, put in a specified amount of $ into my account, and took several hours saturday charting out and planning how the week was going to unfold and that I was only going to follow the system. I had gone through several mini accounts by trading with emotion/enthusiasm and not planning enough (it's soooo much harder than anyone not trading or just getting into trading really thinks).

I think I'm finally maturing as a trader, as I can take confidence in a trade and my setup now, and walk away from the computer, go to sleep, eat, ectt.. and not even think about the trade for quite awhile. That in itself was a HUGE accomplishment. Combine that with confidence in Phillips system, I have now accomplished patience on not having to have a trade in all the time. Not trading the eur/usd, or gbp/usd for 2 days was a HUGE struggle unbelievably. But now I know.... I can do it and filter the trades with good R:R, and that only follow the system true.

I'm making this long, but I give credit to everyone on this thread posting thoughts, and helping me along. Thanks guys... let' see if we can all make this happen be confident, hold back emotions, plan, follow the plan to a "T", and all make some pips.

Quoting cgldsmth
hey Phillip, you've got me all wrong. I changed the signature as a short-term mockery of myself, and a reminder that if I jump into trades too early they usually end badly. I'm an eye-surgeon by trade and FX at the moment is more of a play thing, although I hope to become serious about it very soon. IT'S ALL ABOUT DISCIPLINE. My trades have been with microlots and I'll continue until happy and consistent. Will write down some strict rules this weekend and will not waver from them. One major problem is the plethora of systems out there. Seems to me the key is to pick just one, master it, and implement an un-waivering money-management in an emotion-free environment

Keep up the advice and posting on the various set-ups. Great stuff.
P.s. changed the signature again.
DireXiv Make it happen, no one else is going to do it for you...
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