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4 Hour Strategy (MACD)

  • #17,961
  • Nov 22, 2008 5:16am Nov 22, 2008 5:16am
Quoting Laja1881
Boy! I did not know that the wick of that candle have any weight to it and that is why i'm sitting with some losses now. i thought i had a clear trendline break with the break of the first, where the check mark is. Anyway, its part of the game and we are all learning.
but on the 1hr that point signified a Clear Railway track,,,,Food for thought

Info
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 29 KB
Attached File(s)
File Type: zip EurUsd21Nov.zip   825 KB | 939 downloads
  • #17,962
  • Nov 22, 2008 1:43pm Nov 22, 2008 1:43pm
Quoting Phillip Nel
Info
Thank you so much Phillip. guess i was carried away by emotion. It's all lessons learnt on the road to becoming a better trader. Looking forward to a more pip-able week. cheers
  • #17,963
  • Nov 22, 2008 3:28pm Nov 22, 2008 3:28pm
Quoting Laja1881
Thank you so much Phillip. guess i was carried away by emotion. It's all lessons learnt on the road to becoming a better trader. Looking forward to a more pip-able week. cheers
Lets hope next week is good.
  • #17,964
  • Nov 22, 2008 6:52pm Nov 22, 2008 6:52pm
Phillip, thank you so much for the break out video.

WOW! Thank you again!
  • #17,965
  • Nov 23, 2008 7:35am Nov 23, 2008 7:35am
anybody post the written copy of post #17961, "breakout trade", please?
  • #17,966
  • Nov 23, 2008 11:30am Nov 23, 2008 11:30am
Quoting Phillip Nel
Info
Phillip,

Thank you very much for you explanation of trading the breakout.

I have a question about the optimum point to enter the trade. You mention that when the breakout occurs on the 4 hour chart that you then switch to the 1 hour to watch for the pullback before entering. But at what point do you enter?

I guess there are two options:

1. to enter when the price reaches the breakout level.
2. at the completion of the 1 hour retrace candle.

If it is number two then the chance is that price will have retraced, bounced off the breakout level and could then have moved further down and the trade could be missed.

However, if the entry is number 1 how would we know that price will respect the breakout level and not continue upwards?

I hope I have explained my question. Thanks once again for your help.
James The Beekeeper
  • #17,967
  • Nov 23, 2008 1:13pm Nov 23, 2008 1:13pm
Phillip, thank you for the brilliant explanation of how to manage this type of setups! The experience or trading wisdom which is felt in your explanations, makes me feel more confident (besides learning) when the things on the market make me feel unsure in the way all this should be done. THanks once again!
  • #17,968
  • Nov 23, 2008 1:27pm Nov 23, 2008 1:27pm
Quoting edeyj999
Phillip,

Thank you very much for you explanation of trading the breakout.

I have a question about the optimum point to enter the trade. You mention that when the breakout occurs on the 4 hour chart that you then switch to the 1 hour to watch for the pullback before entering. But at what point do you enter?

I guess there are two options:

1. to enter when the price reaches the breakout level.
2. at the completion of the 1 hour retrace candle.

If it is number two then the chance is that price will have retraced, bounced off the breakout...
The aim with a breakout trade is to enter on the close of the 4H candle if the MACD confirms with a TC,ZB or BOZ. If no MACD confirmation then wait for a pullback to the breakout level either on the 4H, 1H or 30min and enter on the candle that moves away from the breakoutlevel. I very seldom use the 30min but sometimes it comes in handy. I use mostly the 1H pullback and then enter on the 1H candle that moves away from the breakoutlevel provided that it is a nice strong move away. I enter on the close of that candle
Attached File(s)
File Type: pdf Breakout trading 1.pdf   161 KB | 1,497 downloads
  • #17,969
  • Nov 23, 2008 1:29pm Nov 23, 2008 1:29pm
Hello Phillip,

Am a great admirer of ur work her, although i dont trade this method and i dont intend to but i must tell u that u have put so much effort in this thread and its undoubtedly that traders would be successful trading it.

I am happy to see nice ppl like u giving out freely.

You re blessed, this is the best indicator base system i have seen on FF

Mike
  • #17,970
  • Nov 24, 2008 2:53am Nov 24, 2008 2:53am
Quoting Phillip Nel
The aim with a breakout trade is to enter on the close of the 4H candle if the MACD confirms with a TC,ZB or BOZ. If no MACD confirmation then wait for a pullback to the breakout level either on the 4H, 1H or 30min and enter on the candle that moves away from the breakoutlevel. I very seldom use the 30min but sometimes it comes in handy. I use mostly the 1H pullback and then enter on the 1H candle that moves away from the breakoutlevel provided that it is a nice strong move away. I enter on the close of that candle
I have a question about the trade on page 7. Do you consider this an extra strong setup? You dont seem to care about the fact that the 89 is very close to that entry. Is there situations when the setup is to good to miss and its worth taking the risk of beeing stopped at a MA?
  • #17,971
  • Nov 24, 2008 5:06am Nov 24, 2008 5:06am
I just took this one.

Entry 95.18

Stop 95.64

Profit1 94.53

Profit2 93.63

Nice move away from the trendline, engulfing candle and TC pattern on MACD. Lets see how this works out.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 22 KB
  • #17,972
  • Nov 24, 2008 6:33am Nov 24, 2008 6:33am
Stopped out, unfortunatley. Was it a bad trade?
  • #17,973
  • Nov 24, 2008 7:39am Nov 24, 2008 7:39am
Quoting ekling
Stopped out, unfortunatley. Was it a bad trade?
maybe because of the signal candle being a hammer
  • #17,974
  • Nov 24, 2008 7:53am Nov 24, 2008 7:53am
Quoting ekling
Stopped out, unfortunatley. Was it a bad trade?
My 4 hour chart is a little diferent, I would say that the trade just did not work (we can not win all trades), however there are some interesting things in my 1 hour chart.
I hope it helps.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 24 KB
Click to Enlarge Name: 1h.gif Size: 20 KB
  • #17,975
  • Nov 24, 2008 8:11am Nov 24, 2008 8:11am
http://www.forexfactory.com/attachme...1&d=1227535726



short at 2636
stoploss at 2655
first profit at about 2600
second at about 2580

at last take profit with 39 pips
Attached Image (click to enlarge)
Click to Enlarge Name: gb081124m5.gif Size: 50 KB
  • #17,976
  • Nov 24, 2008 8:38am Nov 24, 2008 8:38am
Quoting ekling
Stopped out, unfortunatley. Was it a bad trade?
Looks like a good trade. On my chart it is an Inside bar, so I would have waited to play the break to the short side of the Inside bar.

The Inside bar didn't break on my chart, so the trade was never activated.
  • #17,977
  • Nov 24, 2008 8:54am Nov 24, 2008 8:54am
Quoting mkain
My 4 hour chart is a little diferent, I would say that the trade just did not work (we can not win all trades), however there are some interesting things in my 1 hour chart.
I hope it helps.
Yeah your chart look a little bit different. I thought that it was good confirmation on the 4 hour, by bouncing of the channel trendline with a big strong bearish move, then there was this engulfing candle and it closed below both 8 and 21 MA + Macd TC pattern which is one of the strongest.The higher lows on the 1 hour was expected because price bounced from the bottom channel trendline and started moving up again until it once more bounced on the top trendline. I anticipated a move down to the bottom of the channel, instead it went back to try the upper trendline again. Well, i had my stop loss in place so no real harm done. Thank you for your thoughts!
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 22 KB
  • #17,978
  • Nov 24, 2008 8:56am Nov 24, 2008 8:56am
Quoting Cinema007
[IMG]http://www.forexfactory.com
short at 2636
stoploss at 2655
first profit at about 2600
second at about 2580

at last take profit with 39 pips
Isn't this for 5 min Intraday?
  • #17,979
  • Nov 24, 2008 9:04am Nov 24, 2008 9:04am
Quoting mkain
Isn't this for 5 min Intraday?

yes,, it is 5mins charts
  • #17,980
  • Nov 24, 2008 9:14am Nov 24, 2008 9:14am
Quoting ekling
I have a question about the trade on page 7. Do you consider this an extra strong setup? You dont seem to care about the fact that the 89 is very close to that entry. Is there situations when the setup is to good to miss and its worth taking the risk of beeing stopped at a MA?
When the area before the breakout has built up a lot of emotion(like the one on EurUsd we just had) the breakout is sometimes huge and quick, so it is worth it to take the odds on.
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