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4 Hour Strategy (MACD)

  • #17,661
  • Edited 1:11pm Nov 3, 2008 10:23am | Edited 1:11pm
Zerobounce off Trendline and hanging man candle.

Entry 1.2768
Stoploss 1.2858(Split in 30 and 60 for average 45pips)
TP 50% at 1.2700 and let remainder run.

Edit 1
50% closed at 1.2708 for 60pips and set remainder at BE.

Edit 2
Moved stoploss to 1.2740(Above recent retrace level)

Edit 3
Closed remainder at 1.2630. Sleepingtime and bad weather so I cant keep laptop on for the trailstop.

Total gain (60+138)/2= +99pips
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  • #17,662
  • Nov 3, 2008 10:33am Nov 3, 2008 10:33am
Quoting unlv_tj
Palmer, thank you for your insight.

Could you briefly explain why you like the current look of the USDJPY chart better than the EURUSD?

tj:

Very simply, the 8/21 have more room between them on the Yen vs the EU where they are too tight. 'Looks like' the 8/21 want to move above the 89 for an upmove. I do see the the EU as weak, and once again Phillip showed the way. When the 8/21 are constricted I just like price to open that gap first (rhythm to start flowing again). It's a personal preference and nothing more. Not a whole lot moving with the pair yet...
  • #17,663
  • Nov 3, 2008 10:34am Nov 3, 2008 10:34am
Quoting booyu
can you help me to check if this is the same as previous one? the purple rectangle which is spinner and the green rectangle which is spinner too,and it came out 21ema as well..so for this situation,how do we explain? is this the same explanation?
As shown on the graph the second one did not retrace with a smooth action towards the 21ema as the one on the left. However, the second one had 2 nice tails with the second tail making a lower high. The fact that it happened on the 21ema put the odds in you favour for a possible downmove.
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  • #17,664
  • Nov 3, 2008 10:40am Nov 3, 2008 10:40am
Quoting Palmer
tj:

Very simply, the 8/21 have more room between them on the Yen vs the EU where they are too tight. 'Looks like' the 8/21 want to move above the 89 for an upmove. I do see the the EU as weak, and once again Phillip showed the way. When the 8/21 are constricted I just like price to open that gap first (rhythm to start flowing again). It's a personal preference and nothing more. Not a whole lot moving with the pair yet...
I totally agree. If the 21ema and 8ema are very close together it needs some extra confirmation. I liked that hanging man candle just before the signal candle and the fact that it was a ZeroBounce signal which is very reliable. That convinced me to take the odds on.
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  • #17,665
  • Nov 3, 2008 11:20am Nov 3, 2008 11:20am
well done phillip
i was looking at the same thing in M5 to find an entry but i couldnt.but i have a problem ,i use MIG as well but my MACD is a little bit different than u ,do u use a newer version of colored MACD?
thx
  • #17,666
  • Nov 3, 2008 11:46am Nov 3, 2008 11:46am
Quoting Phillip Nel
I totally agree. If the 21ema and 8ema are very close together it needs some extra confirmation. I liked that hanging man candle just before the signal candle and the fact that it was a ZeroBounce signal which is very reliable. That convinced me to take the odds on.
Well done. Good start to the month. I made a horses a@s of EU this morning. I took on the 1H TC on my Alpari and had to goto a meeting. If had been there I would have taken 20pips and set rest BE. Alas when I came back I was already down.
Lesson : Don't put trades on if your away for 2 hours and don't have your 3G phone!

Also If had paid more attention to the hanging man, I could have set a short trade later on in the day. I need to go a read over my Japanese candles formations again.
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  • #17,667
  • Nov 3, 2008 11:51am Nov 3, 2008 11:51am
thank you very much ,at give the knowledge through be a teacher at magic good most respectfully
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  • #17,668
  • Edited 12:46pm Nov 3, 2008 12:22pm | Edited 12:46pm
Hi, people! Nice trade, Phillip!

However I have a question - on todays situation on EURUSD I draw a support line and then the longish lower shadow of the signal bar from it stopped me from organizing a trade. Was this support line not correct? (by the way, a similar one I have on GBPUSD, which made me more convinced in it).

P.s. And 1H was not very nice (imho) as for a short trade (2nd image).
Eh... It's rather frustrating - you get a loss cos, as it appears, you haven't noticed the TL, and when you see one, it appears that it should have been ignored..
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  • #17,669
  • Nov 3, 2008 12:22pm Nov 3, 2008 12:22pm
Quoting Phillip Nel
I totally agree. If the 21ema and 8ema are very close together it needs some extra confirmation. I liked that hanging man candle just before the signal candle and the fact that it was a ZeroBounce signal which is very reliable. That convinced me to take the odds on.
Hi Phil,

I spotted that as well! I am starting to learn and that's really exciting! I have two questions which may seem stupid. first question: I am using the MIG trading platform but I don't know how to close half of the order and set the remainder to breakeven and let it run. So today I took 25 pips on the whole lot even if I knew it would have run down. Do you place two orders when you enter?
Second question: I have noticed that the degree of zoom at which you set the graph may be significant at spotting trends, etc. as well as squeezing up and down the MACD indicator window. Is there a window lay-out that you have found more confortable with?
Thank you so much! if I become rich I will make you a donation even if you certainly will be, by then, much richer than me!
  • #17,670
  • Nov 3, 2008 12:24pm Nov 3, 2008 12:24pm
Quoting neilbuc
Well done. Good start to the month. I made a horses a@s of EU this morning. I took on the 1H TC on my Alpari and had to goto a meeting. If had been there I would have taken 20pips and set rest BE. Alas when I came back I was already down.
Lesson : Don't put trades on if your away for 2 hours and don't have your 3G phone!

Also If had paid more attention to the hanging man, I could have set a short trade later on in the day. I need to go a read over my Japanese candles formations again.
Info
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  • #17,671
  • Nov 3, 2008 12:28pm Nov 3, 2008 12:28pm
I hope you get involved in this nice trade,I was at work when I saw it on my pda. Normally I dont trade through my pda because I miss the overall view but this seems too nice to miss it.A good TC,nice rhythm with a retrace after a breakthrough to the 89 and 21. I like this convergence between the pairs, usd/chf goes up,g/u and the e/u go down. The SL was too big so I took the half of my normal position Size and took Profit a couple of pips below the spike of the HH.
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  • #17,672
  • Nov 3, 2008 12:41pm Nov 3, 2008 12:41pm
Quoting Palmer
Watching the Yen for a probable move to the upside. I like this chart better than the EU right now nd with the $ strengthening...a few news bites out later so we'll see...
Hi Palmer,

your suggestion is interesting so I am watching it, but I am suspicious because:
there are three lower highs on the MACD
there has been some movement below the 21
the 89 is working more as a resistance line than a reason to bounce upward.
Please correct me if I am wrong! We will all learn more through interaction!
Thanks for sharing this idea!
  • #17,673
  • Nov 3, 2008 12:44pm Nov 3, 2008 12:44pm
Quoting Yorik
Hi, people! Nice trade, Phillip!

However I have a question - on todays situation on EURUSD I draw a support line and then the longish lower shadow of the signal bar from it stopped me from organizing a trade. Was this support line not correct? (by the way, a similar one I have on GBPUSD, which made me more convinced in it).
The 1Hour could helped to make the decision. The price failed to go up after a false breakout to the 89smaon the 4H. That was confirming the down channel is still in place and strong. It was not wrong to have that support line. That put the action in a triangle and then a breakout trade was the way to go with it. The way then was to wait for a breakout and change to a shorter timeframe to get an entry point after the breakout
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  • #17,674
  • Nov 3, 2008 12:53pm Nov 3, 2008 12:53pm
Quoting baco75
Hi Phil,

I spotted that as well! I am starting to learn and that's really exciting! I have two questions which may seem stupid. first question: I am using the MIG trading platform but I don't know how to close half of the order and set the remainder to breakeven and let it run. So today I took 25 pips on the whole lot even if I knew it would have run down. Do you place two orders when you enter?
Second question: I have noticed that the degree of zoom at which you set the graph may be significant at spotting trends, etc. as well as squeezing up and down the MACD indicator window. Is there a window lay-out that you have found more confortable with?
Thank you so much! if I become rich I will make...
I use the window just as it is on MT4. i open 2 minilots and close one after 25pips and set the remainder on BE. Nowadays with the huge movements i let it run a bit before closing 50%
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  • #17,675
  • Nov 3, 2008 12:55pm Nov 3, 2008 12:55pm
Quoting Phillip Nel
Info
Thanks for taking the time to respond Phillip. I will store that away in the lessons learned folder.

Neil
  • #17,676
  • Nov 3, 2008 1:01pm Nov 3, 2008 1:01pm
Quoting Phillip Nel
The 1Hour could helped to make the decision. The price failed to go up after a false breakout to the 89smaon the 4H. That was confirming the down channel is still in place and strong. It was not wrong to have that support line. That put the action in a triangle and then a breakout trade was the way to go with it. The way then was to wait for a breakout and change to a shorter timeframe to get an entry point after the breakout
Thank you, Phillip. I will study that.
  • #17,677
  • Nov 3, 2008 1:04pm Nov 3, 2008 1:04pm
Quoting Pipmaniac
I hope you get involved in this nice trade,I was at work when I saw it on my pda. Normally I dont trade through my pda because I miss the overall view but this seems too nice to miss it.A good TC,nice rhythm with a retrace after a breakthrough to the 89 and 21. I like this convergence between the pairs, usd/chf goes up,g/u and the e/u go down. The SL was too big so I took the half of my normal position Size and took Profit a couple of pips below the spike of the HH.

Well done
  • #17,678
  • Nov 3, 2008 1:12pm Nov 3, 2008 1:12pm
Quoting Phillip Nel
I use the window just as it is on MT4. i open 2 minilots and close one after 25pips and set the remainder on BE. Nowadays with the huge movements i let it run a bit before closing 50%
I usually enter with a 0.50 lot and half of that is a 0.25 lot but it doesn't exist on MT4!! That's why I kept getting an error. Hope my mistake helps someone else in the forum....
  • #17,679
  • Nov 3, 2008 1:17pm Nov 3, 2008 1:17pm
Quoting Phillip Nel
Zerobounce off Trendline and hanging man candle.

Entry 1.2768
Stoploss 1.2858(Split in 30 and 60 for average 45pips)
TP 50% at 1.2700 and let remainder run.

Edit 1
50% closed at 1.2708 for 60pips and set remainder at BE.

Edit 2
Moved stoploss to 1.2740(Above recent retrace level)

Edit 3
Closed remainder at 1.2630. Sleepingtime and bad weather so I cant keep laptop on for the trailstop.

Total gain (60+138)/2= +99pips
Phillip, would you explain how did you split the SL. Don`t we need a retracement in the candle after the signal-candle to do that? (Because there was no retracement in that last trade.)
  • #17,680
  • Nov 3, 2008 1:58pm Nov 3, 2008 1:58pm
Hi Phil,

it is amazing how well all the rules of this system apply to the daily graph.
Why don't we take in consideration the trend on that graph? For instance, the huge doji inside the channel on the 30th of october could have been considered a strong signal for going short the next day or am I wrong?
I understand that trading daily gives unacceptable risks in terms of stoplosses, but it can give a hint... What do you think?
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