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4 Hour Strategy (MACD)

  • #3,521
  • Apr 18, 2007 9:37am Apr 18, 2007 9:37am
Could someone explain to me what margins are and how they work?

Like what the leverage difference is between 500/1, 100/1, and 50/1 ?

If I have a mini account with $500 in it what would be a good leverage to have?

I am somewhat new to the margins and leverage so any help would be appriciated.

Thanks ahead of time
  • #3,522
  • Apr 18, 2007 9:38am Apr 18, 2007 9:38am
anyone looking for a possible RT EURUSD?

I am not sure at all to take this one.. it's in the 15 zone, it's counter trend, and looks like it will end up with a dragon fly doji candle.
  • #3,523
  • Apr 18, 2007 9:49am Apr 18, 2007 9:49am
Quoting pips4uandme
Hi Ricky,

I got a PM from a very wise "newbie" who really isn't so green. I didn't realize that I had influenced individual traders not to take the yen shorts yesterday. This was not my intention, and I apologize...
Hey Pips!

No need to apologise, it was my own lack of spine that cost me this one! : I couldn't even get on to the forum at the time to see your opinion - my doubt was quite autonomous, I assure you.

Now, are we up for a picture-perfect RB on the USD/JPY? In terms of MACD pattern, it looks eerily similar to the RB of 28 March 2007 (on my chart, at least).
Maybe a bounce off the 200SMA? Hmmmmm.... Right now, at 118.30-ish, there seems to be a bit of a key level (horizontal support/resistance), a regular theme stretching back a long long way. Into last year etc..etc.. Just out of interest, of course - For all intents and purposes, I'm ignoring it, sticking to Phillip's system, and waiting for candles to close.

The MACD pattern still has to form - it's still a couple of candles away, I feel - but maybe if I grow some balls for a change and throw real cash at it, I won't have to get a job packing shelves!!!

-Ricky.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,524
  • Apr 18, 2007 10:00am Apr 18, 2007 10:00am
Quoting agtmiller
Could someone explain to me what margins are and how they work? .....
I've PM'd you.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,525
  • Apr 18, 2007 10:26am Apr 18, 2007 10:26am
Quoting Nacho_1975
anyone looking for a possible RT EURUSD?

I am not sure at all to take this one.. it's in the 15 zone, it's counter trend, and looks like it will end up with a dragon fly doji candle.
Ignacio,

There was an RT on GBP/USD (04:00 GMT on my chart), might have been tough for some, in terms of how generous you are with your stoploss - it went 38 pips in the wrong direction to begin with, but theoretically was a good trade.

But on EUR/USD, jeez I don't see it. It's a bit of a top, but not anywhere near a round top (on my chart, at least - it's a little pointy). Phillip generally advises that it forms over at least 3 or 4 bars. Look at the one on 05 April, that's my kind of a round top (not that I traded it, but that's what I'm working on! ).

If you switched to the 1-hour, you would have got a round something, but that's arguably outside this system.

Back to the 4-hour, you could (maybe, maybe) say we're in a bit of a rising wedge, which, when it breaks (to the short-side, of course), is theoretically a short signal, but again that's outside this system, and I wouldn't expend too much energy on that. I'd have to be really imaginative and gutsy with my trend-lines to make that work.


-Ricky.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,526
  • Apr 18, 2007 10:44am Apr 18, 2007 10:44am
Actually, Nacho, you might have reason to be a little bearish if you can concoct a 'lower high' out of the MACD histogram on the EUR/USD... Compare the high from today, a candle or two ago, with the high from Friday.

Personally, I feel like I might be clutching at straws with this. I far prefer it when the MACD crosses the zero-line more regularly, to start off fresh patterns, like it's doing on the USD/JPY at present.

OK, I think everyone's heard enough from me for today!

-Ricky.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,527
  • Apr 18, 2007 11:24am Apr 18, 2007 11:24am
Hi Ricky
thanks for your feedback, This was what I was thinking about

P.S: I did not take the trade.

EDIT
sorry ricky, but I don't know how to upload an image.

Quoting RickyPluto
Actually, Nacho, you might have reason to be a little bearish if you can concoct a 'lower high' out of the MACD histogram on the EUR/USD... Compare the high from today, a candle or two ago, with the high from Friday.

Personally, I feel like I might be clutching at straws with this. I far prefer it when the MACD crosses the zero-line more regularly, to start off fresh patterns, like it's doing on the USD/JPY at present.

OK, I think everyone's heard enough from me for today!

-Ricky.
  • #3,528
  • Apr 18, 2007 11:35am Apr 18, 2007 11:35am
Got stopped out by 1 pip and 5 pips, respectively, on my GBPUSD and EURGBP trades, which would have turned a nice 30 or 40 pip profit (and counting). *Calming down, saying to myself, "move on"....*

Anyway, nice RB on USDJPY right now, about to bounce off the bottom trendline I'm hoping.

Also, a nice flag shape and possible RB on EURCHF right now.

Thoughts?

PS - Tried to attach images but FF is not having them for some reason.
  • #3,529
  • Apr 18, 2007 12:06pm Apr 18, 2007 12:06pm
NACHO, JOSH, seems like everyone's having trouble uploading images. Probably a temporary safety feature after the hacking attack on forexfactory a couple of days ago. (Just a guess).

NACHO, I'll assume for now that your candles are closing at different times to mine, giving you a slightly different pattern.

JOSH, I called the USD/JPY RB yesterday already, that's mine!!!

Good work though, spotting the EUR/CHF. A bit of a strategy I'm working on: whenever the price action moves that far clear of the fast-moving averages, most especially when against the trend (the 89 SMA, particularly), we should get ready for action! And by action, I mean, a retracement or RT/RB.
In the case of a retracement with no real round top or bottom to help us, we should switch to the 1hr chart and find the rounding there.
In the case of a simple RT/RB on the 4hr's, well, that's text book stuff.

I can just taste the EUR/CHF RB bouncing off that 89 SMA. (JOSH, you said trendline but I assume you meant the 89 SMA).

-Ricky.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,530
  • Apr 18, 2007 1:20pm Apr 18, 2007 1:20pm
I know is a bit early(In 100 minutes will be the right moment) to ask this, but any idea on the target for this RB USDJPY???

Quoting RickyPluto
NACHO, JOSH, seems like everyone's having trouble uploading images. Probably a temporary safety feature after the hacking attack on forexfactory a couple of days ago. (Just a guess).

NACHO, I'll assume for now that your candles are closing at different times to mine, giving you a slightly different pattern.

JOSH, I called the USD/JPY RB yesterday already, that's mine!!!

Good work though, spotting the EUR/CHF. A bit of a strategy I'm working on: whenever the price action moves that far clear of the fast-moving averages, most especially when against the trend (the 89 SMA, particularly), we should get ready for action! And by action, I mean, a retracement or RT/RB.
In the case of a retracement with no real round top or bottom to help us, we should switch to the 1hr chart and find the rounding there.
In the case of a simple RT/RB on the 4hr's, well, that's text book stuff.

I can just taste the EUR/CHF RB bouncing off that 89 SMA. (JOSH, you said trendline but I assume you meant the 89 SMA).

-Ricky.
  • #3,531
  • Apr 18, 2007 1:27pm Apr 18, 2007 1:27pm
Hey guys,

My candle closed and I got my trigger to go long on the USD/JPY, off the RB.
As an entry strategy, it's nice to be able to coincide your entry with what would be grounds for a profitable trade using Phillip's 5min strategy.

And just as I'm typing this, the USD/JPY takes off. I've been in the trade 15min and I'm +18 pips. Sure, there'll be a retracement somewhere, but it's always nice to get this kind of a start.

If things are looking good later, I'll double up with a long off the EUR/CHF RB.

-Ricky.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,532
  • Apr 18, 2007 1:32pm Apr 18, 2007 1:32pm
Hey Ricky, what is your target, my candel did not close yet , still pending 90 minutes.
Since we are now below the 89, that means that this trade is a counter trend, right?

So based on all this, what is your target?

Thanks
Nacho


Quoting RickyPluto
Hey guys,

My candle closed and I got my trigger to go long on the USD/JPY, off the RB.
As an entry strategy, it's nice to be able to coincide your entry with what would be grounds for a profitable trade using Phillip's 5min strategy.

And just as I'm typing this, the USD/JPY takes off. I've been in the trade 15min and I'm +18 pips. Sure, there'll be a retracement somewhere, but it's always nice to get this kind of a start.

If things are looking good later, I'll double up with a long off the EUR/CHF RB.

-Ricky.
  • #3,533
  • Apr 18, 2007 1:35pm Apr 18, 2007 1:35pm
Hey Ricky, looks like the market is giving you a new chance.. , this time with RB on most of the jpy pairs

Originally Posted by RickyPluto http://forexfactory.com/images/buttons/viewpost.gif
Looks like potential for an RT on most JPY pairs... EUR/JPY looks especially tasty at the moment - check the macd level! Now, just a little patience.
  • #3,534
  • Apr 18, 2007 1:37pm Apr 18, 2007 1:37pm
wah...what agood strategy here we have...
  • #3,535
  • Apr 18, 2007 1:41pm Apr 18, 2007 1:41pm
USD/JPY target... kind of a tough one. There's nothing above the fast-moving averages, so I'd be inclined to draw some kind of a rough trendline to connect the higher highs of the past two weeks. There've been four 'peaks' so far in April, if you know what I mean.

If price action were to approach and obey this shambles-of-a-trendline, we'd be looking at a target just under the key level of 120.00?

A little less optimistically, and more realistically, somewhere around 119.30? I dunno. I'd like to move my stoploss to breakeven in a couple of hours and then start trailing it.

NACHO, unless you intend trading an entry off Phillip's 5-min strategy, and moving your stop-loss to breakeven ASAP, my gut instinct would be for you to obey your own set of candles, stick to the rules. You miss some, you hit some, but you lose very rarely. Know what I mean? Maybe catch the EUR/CHF RB wave instead, if things don't pan out.

Yeah, thanks Nacho, it's all about getting a little confidence, a little discipline and following the rules.

This party ain't over, though.

-Ricky.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,536
  • Apr 18, 2007 1:48pm Apr 18, 2007 1:48pm
Quoting agtmiller
Could someone explain to me what margins are and how they work?

Like what the leverage difference is between 500/1, 100/1, and 50/1 ?

If I have a mini account with $500 in it what would be a good leverage to have?

I am somewhat new to the margins and leverage so any help would be appriciated.

Thanks ahead of time
Leverage allows you to buy more currency than you have in your account, so think of it as being able to buy $100 for every $1 you have.

Up to 100:1 Leverage
Must have approximately 1% of the value of the positions you hold in your account for each lot of currency being traded (approximately 100:1 leverage). This equates to $1000 per lot (100,000 units).

The margin is a performance bond, or good faith deposit, to ensure against trading losses. It is useful to enhance capital to generate quick returns.

However, leverage is a double-edged sword. Without proper risk management, this high degree of leverage can lead to large losses as well as gains.

In general your broker will monitor your account and If the equity in your account drops below the margin required to maintain your open positions, the dealing desk will close all open positions. This guarantees limited risk, but your account can be wipped out. But you will not be in debt, just broke.

Every time you take a new position which is running with another position more money is "reserved". Most platforms have an account window which show your used margin "reserved money" and usable margin the ammount you can bet.

If your trade goes badly against you and you are not using a stop if the usable margin reaches zero, a margin call will ensue and all open positions will be closed by the dealing desk. This is a safety feature for you.

You need to read up on this and understand what you are doing. Leverage can give you big losses. Stick to 50/1.

Get demo account and trade it watching how it works.

Hope that helps
  • #3,537
  • Apr 18, 2007 1:50pm Apr 18, 2007 1:50pm
Ricky I will obey my own candles.. absolutly. I never get out of phil's 4h strategy. The MACD is giving me the signal in the current candel, so I will go for it as soon as it start next candel, that's about 72 mins.

The question is since we are below the 89, this is a counter trend trade, based on phil's strategy. My concern is that it oculd bounce at the 89.

Nacho


Quoting RickyPluto
USD/JPY target... kind of a tough one. There's nothing above the fast-moving averages, so I'd be inclined to draw some kind of a rough trendline to connect the higher highs of the past two weeks. There've been four 'peaks' so far in April, if you know what I mean.

If price action were to approach and obey this shambles-of-a-trendline, we'd be looking at a target just under the key level of 120.00?

A little less optimistically, and more realistically, somewhere around 119.30? I dunno. I'd like to move my stoploss to breakeven in a couple of hours and then start trailing it.

NACHO, unless you intend trading an entry off Phillip's 5-min strategy, and moving your stop-loss to breakeven ASAP, my gut instinct would be for you to obey your own set of candles, stick to the rules. You miss some, you hit some, but you lose very rarely. Know what I mean? Maybe catch the EUR/CHF RB wave instead, if things don't pan out.

Yeah, thanks Nacho, it's all about getting a little confidence, a little discipline and following the rules.

This party ain't over, though.

-Ricky.
  • #3,538
  • Apr 18, 2007 1:53pm Apr 18, 2007 1:53pm
Quoting Nacho_1975
Since we are now below the 89, that means that this trade is a counter trend, right?
No, no, no, not a counter trend. The 89 SMA is pointing upwards, which is where we want to go! Therefore, it's with the trend. The RT we just had (on Monday, that I sat out on) was counter trend. Those are the potentially dangerous ones. In my mind, this sort of thing only really sunk in over the last couple of days.

It's going WITH the 89, so the 89 isn't really inclined to reject it, if you know what I'm saying.

Look at the RB on this chart on 28 March. I expect the same sort of thing to happen here.

-Ricky.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,539
  • Edited 1:57pm Apr 18, 2007 1:56pm | Edited 1:57pm
To expand on that, if we took the currency pair, USD/JPY, and flipped it upside down, we'd have JPY/USD. The chart would be flipped upside down, and we'd be above the 89 SMA at the moment. That alone would not be grounds to call it a trend trade instead of a counter trend trade.

-Ricky.
"My main objective is to be professional but to kill him." - Mike Tyson.
  • #3,540
  • Apr 18, 2007 1:58pm Apr 18, 2007 1:58pm
What do you guys think about taking a short position on GBPUSD?

Its setting up nicely...don't you think? Unless i'm just reading the whole thing wrong...which is good posibility....haha
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