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4 Hour Strategy (MACD)

  • #1,361
  • Feb 27, 2007 9:55am Feb 27, 2007 9:55am
Quoting alcastro
Tamkras,

Your US/JP trade was a beautiful textbook trade: bearish engulfing candle, MACD showing the right pattern, and you managed your money wisely.


Well done!!!!
Great to see these patterns evolving into good trades. To your point, Alcastro, I backed up my entry based on one of my favourite patterns (please, check my prior post on this). You will see that this top was nested neatly into the previous mountain. Do you see the symmetry? This reminds me of a Russian nesting doll, Matreshka. Which is my name to this pattern. How about that?
  • #1,362
  • Feb 27, 2007 9:57am Feb 27, 2007 9:57am
Quoting pips4uandme
Hi Chandra and all,

As I was trying to sleep a bit tonight, I had this thought that we were sort of starting to use Phillip's system backwards. By this I mean, we are looking at MACD signal without considering price action first. The MACD is the trigger IF price is at a level (support, MA, resistance) where our r:r is feasible and favorable. Seems like we are trying to force trades instead of waiting for them to come to us. Just a thought that kept me up tonight and thought I'd share.

Happy trading.

ps. you asked about divergence earlier, Investopedia is a great place to learn all about regular bullish/bearish divergence and hidden divergence (will give you a headache for weeks trying to get that one! )
Well done. Dont try to force a trade. Let it come to you, evaluate the odds, support, resistance, trendlines, R:R etc etc. and if good pull the trigger.
  • #1,363
  • Feb 27, 2007 9:58am Feb 27, 2007 9:58am
HiTamKras,

Nice trade!I was eyeing a contra trade on cad too....but, I had never traded or watched the pair, so I passed .
  • #1,364
  • Feb 27, 2007 10:06am Feb 27, 2007 10:06am
Long GBPUSD

(this is a bit bad) Followed the trend continuation candle (previous to open candle) and went long on GBP after US data posted better than expected and pair dropped down a bit. Traded 1/5 normal size since speculative trade.

Bought at 1.9640 (time 15:07 GMT)
Stop at 1.9615
BE at 1.9660
Target 1: 1.9680
Target 2: 1.9706

R:R better than 1:1
Bullish engulfing candle on previous close
Not thrilled with tails on previous candle around 1.9660 level.
MACD continuation pattern
  • #1,365
  • Feb 27, 2007 10:09am Feb 27, 2007 10:09am
Quoting pips4uandme
Long GBPUSD

(this is a bit bad) Followed the trend continuation candle (previous to open candle) and went long on GBP after US data posted better than expected and pair dropped down a bit. Traded 1/5 normal size since speculative trade.

Bought at 1.9640 (time 15:07 GMT)
Stop at 1.9615
BE at 1.9660
Target 1: 1.9680
Target 2: 1.9706

R:R better than 1:1
Bullish engulfing candle on previous close
Not thrilled with tails on previous candle around 1.9660 level.
MACD continuation pattern
Because I didn't really follow the rules on this trade, I have just put the stop to breakeven and limit at 1.9680

Thought I should close because not the greatest trade...right now it's riding with no risk. Will probably get closed during London Fix.
  • #1,366
  • Feb 27, 2007 10:35am Feb 27, 2007 10:35am
Quoting pips4uandme
Because I didn't really follow the rules on this trade, I have just put the stop to breakeven and limit at 1.9680

Thought I should close because not the greatest trade...right now it's riding with no risk. Will probably get closed during London Fix.
That's a pretty good idea! I would have viewed it that way as well!

On a side note, did anyone follow my EUR/USD trade? If so, hope you did well! I'm up 86pips between a couple lots today! All I have to say is believe in Phillip's system and in yourself!
  • #1,367
  • Feb 27, 2007 10:37am Feb 27, 2007 10:37am
Quoting Tw0eleven
That's a pretty good idea! I would have viewed it that way as well!

On a side note, did anyone follow my EUR/USD trade? If so, hope you did well! I'm up 86pips between a couple lots today! All I have to say is believe in Phillip's system and in yourself!
i took the GBP/USD trade and took home some pips too!! by the way whats your success rates using phil's system? thanks..
  • #1,368
  • Feb 27, 2007 10:44am Feb 27, 2007 10:44am
Quoting Tw0eleven
That's a pretty good idea! I would have viewed it that way as well!

On a side note, did anyone follow my EUR/USD trade? If so, hope you did well! I'm up 86pips between a couple lots today! All I have to say is believe in Phillip's system and in yourself!

Thought of you when the durables came out and euro shot to 1.3248! Never got the opportunity to hop on board...am waiting for it to retrace to a MA.
  • #1,369
  • Feb 27, 2007 10:49am Feb 27, 2007 10:49am
Quoting fxnewbie 71
i took the GBP/USD trade and took home some pips too!! by the way whats your success rates using phil's system? thanks..

My success rate over the past few weeks probably doesn't look good right now because until recently, I didn't keep myself disciplined...lost a lot of trades. But now I'm seeing things more clearly and sticking to the rules!!! out of the last 16trades I have done, 10winners, 3 breakevens, 3 losses.
  • #1,370
  • Feb 27, 2007 10:52am Feb 27, 2007 10:52am
Quoting pips4uandme
Thought of you when the durables came out and euro shot to 1.3248! Never got the opportunity to hop on board...am waiting for it to retrace to a MA.
I know a lot of people didn't want to take the trade because of the news...but unless it's some major news like non-farm payroll or interest rates. I think Phillip's system is valid because MACD shows us how the "professional traders" positioning themselves for the news...IMHO
  • #1,371
  • Feb 27, 2007 10:54am Feb 27, 2007 10:54am
Quoting Tw0eleven
My success rate over the past few weeks probably doesn't look good right now because until recently, I didn't keep myself disciplined...lost a lot of trades. But now I'm seeing things more clearly and sticking to the rules!!! out of the last 16trades I have done, 10winners, 3 breakevens, 3 losses.
based on your recent trades,i can see that u r getting more discipline and yielding more positive results but can i ask u this question? is DISCIPLINE really the word that hard to master? i am a newbie ,thus need your wise words and the rest of the masters to guild me...thanks
  • #1,372
  • Feb 27, 2007 11:00am Feb 27, 2007 11:00am
The 1 Hour Strategy that Support the 4 Hour MACD
Attached File(s)
File Type: zip 1Hour Strategy.zip   814 KB | 8,181 downloads
File Type: pdf 1 Hour Strategy.pdf   157 KB | 10,080 downloads
  • #1,373
  • Feb 27, 2007 11:03am Feb 27, 2007 11:03am
Quoting fxnewbie 71
based on your recent trades,i can see that u r getting more discipline and yielding more positive results but can i ask u this question? is DISCIPLINE really the word that hard to master? i am a newbie ,thus need your wise words and the rest of the masters to guild me...thanks
It took me a long time, and I'm still learning...but you've got to keep emotion out of it and follow the trading rules of your system and the rules you set for yourself! There is a pdf file on here called "the woodchuck." Excellent read...basically all the mistakes a trader could make in that file, I was making.
Attached File(s)
File Type: pdf woodchuck.pdf   248 KB | 3,418 downloads
  • #1,374
  • Feb 27, 2007 11:18am Feb 27, 2007 11:18am
Quoting Phillip Nel
The 1 Hour Strategy that Support the 4 Hour MACD
phil,thanks for sharing your systems.can i ask u which is a system u normally use? 5 mins or 1 hr or 4 hrs? any reason u use that system? thanks...
  • #1,375
  • Feb 27, 2007 11:21am Feb 27, 2007 11:21am
Quoting Tw0eleven
It took me a long time, and I'm still learning...but you've got to keep emotion out of it and follow the trading rules of your system and the rules you set for yourself! There is a pdf file on here called "the woodchuck." Excellent read...basically all the mistakes a trader could make in that file, I was making.
thanks for the information,i will gear myself up for the future trades...
  • #1,376
  • Feb 27, 2007 11:48am Feb 27, 2007 11:48am
+33 pips tonight on GBP/USD 16:00-20:00 candle.
Opened @ 1.9630, closed @ 1.9663.
MACD gave a TC signal.
Had to enter lower than candle open price, because the news came out in favor of USD.
I believe that GBP/USD will shoot up even more by the end of this week, but as a newbie I chickened out and took the profit.
Good luck to all the rest of you!
Very nice thread!
  • #1,377
  • Feb 27, 2007 11:49am Feb 27, 2007 11:49am
Quoting fxnewbie 71
phil,thanks for sharing your systems.can i ask u which is a system u normally use? 5 mins or 1 hr or 4 hrs? any reason u use that system? thanks...
Remember that the 1Hour is not a stand alone strategy. It is with the 4hour MACD. It only gives you the oppertunity to get in earlier on the trade.

I use all three. The 4hour MACD the favourite but also the 1hour as it goes nice with the 89SMA and 21EMA
  • #1,378
  • Feb 27, 2007 11:54am Feb 27, 2007 11:54am
This strategy gives good signals on the EurUsd at the end of the Asian and beginning or during London period.

It also gives you another chance or two to enter the market should the news be favouring the trend.
  • #1,379
  • Feb 27, 2007 11:57am Feb 27, 2007 11:57am
So... I guess I was following the system and just didn't realize it yet...my GBPUSD long was a pullback to the 21 on the hourly!

I closed the trade at 1.9658 +18 pips (13 with spread removed)

All indications were to keep trade open, but pair failed at 1.9673 again, and I only had 1 lot (and I like to bank pips for immediate gratification; its that whole genX thing...gotta have it now!! ).

Trade History:

6 Trades taken (started mid Feb, 2007).
0 Losers
222 Pips (252 w/spread)
  • #1,380
  • Feb 27, 2007 11:57am Feb 27, 2007 11:57am
Quoting Phillip Nel
Remember that the 1Hour is not a stand alone strategy. It is with the 4hour MACD. It only gives you the oppertunity to get in earlier on the trade.

I use all three. The 4hour MACD the favourite but also the 1hour as it goes nice with the 89SMA and 21EMA
phil,do i target the price to be in between 21 ema and 8 ema when i counter-trend trade? thanks...
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