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4 Hour Strategy (MACD)

  • #20,841
  • Aug 27, 2009 11:05pm Aug 27, 2009 11:05pm
Hi.

I took this trade at the opening of the bar where the arrow is, but only used a small position as it was not a TC.

I want to ask you guys, those have been using the system for sometime and know the intricacies of this system.


Let me share with you my thought process or the things I saw that made take this trade on the 4hr cht.

 

  1. engulfing bar
  2. price found support on the 200 MA
  3. price found support on the 89 MA
  4. price found support on a trend line where it has been tested it a few times.
  5. The major Mas are below the price.

SL at the arrow, below the signal bar and the 89 MA.


Initial profit target at 30-40 where the SL will be moved slightly up to make the trade a free trade. Looking to close the trade or close another partial just below the trend line.


Let me know if my I have did anything wrong or my thought process is wrong. I don't really care about the outcome of the trade but want to make sure Phillip system is followed to the letter.


Thanks for your help in advance.


Andrew

Attached Image (click to enlarge)
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  • #20,842
  • Aug 28, 2009 2:51am Aug 28, 2009 2:51am
Quoting andrewnair
Hi.

I took this trade at the opening of the bar where the arrow is, but only used a small position as it was not a TC.

I want to ask you guys, those have been using the system for sometime and know the intricacies of this system.


Let me share with you my thought process or the things I saw that made take this trade on the 4hr cht.

 

  1. engulfing bar
  2. price found support on the 200 MA
  3. price found support on the 89 MA
  4. price found support on a trend line where it has been tested it a few times.
  5. The major Mas are below the price.

SL...

nice trade vinod.

your trade was based on Price action, I would have taken it, but i have suspended myself from trading for a while since not staying with basics and principle. i got to go through many important mp3s and pdf now.

shabbir
  • #20,843
  • Aug 28, 2009 5:59am Aug 28, 2009 5:59am
Quoting andrewnair
Hi.

I took this trade at the opening of the bar where the arrow is, but only used a small position as it was not a TC.

I want to ask you guys, those have been using the system for sometime and know the intricacies of this system.


Let me share with you my thought process or the things I saw that made take this trade on the 4hr cht.[list=1][*]engulfing bar[*]price found support on the 200 MA[*]price found support on the 89 MA[*]price found support on a trend line where it has been tested it a few times.[*]The major Mas are below the...
Your thought process is certainly correct. Great trade
Your trade went well here but perhaps you should take initial profit at 20-30 pips since there is a higher probabiilty of grabbing that many pips in case of trades that don't go so well. Backtest to see what suits you.
  • #20,844
  • Aug 28, 2009 6:21am Aug 28, 2009 6:21am
Quoting gujjubond
nice trade vinod.

your trade was based on Price action, I would have taken it, but i have suspended myself from trading for a while since not staying with basics and principle. i got to go through many important mp3s and pdf now.

shabbir
Shabbir,

You are very disciplined. You have the traits of a good trader.
  • #20,845
  • Aug 28, 2009 9:14am Aug 28, 2009 9:14am
hi,

just shorted the usdjpy. SL at the arrow above the signal bar, trendline and the MAs.

1st PL abt 20-30 pips.

The rest will free trade.

What you guys think?

ANdrew
  • #20,846
  • Aug 28, 2009 10:08am Aug 28, 2009 10:08am
  •  nerd
  • | Joined Jul 2008 | Status: Fate loves the fearless. | 48 Posts
Quoting andrewnair
hi,

just shorted the usdjpy. SL at the arrow above the signal bar, trendline and the MAs.

1st PL abt 20-30 pips.

The rest will free trade.

What you guys think?

ANdrew
i think itz a good trade...im lookin to sell da pair as well, but on my charts the 4 hour candle hasn't closed yet...in an hour things will be certain for me...

good luck on da trade...!!
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy_aug28_09_4hr.gif Size: 11 KB
  • #20,847
  • Aug 28, 2009 10:32am Aug 28, 2009 10:32am
Quoting andrewnair
hi,

just shorted the usdjpy. SL at the arrow above the signal bar, trendline and the MAs.

1st PL abt 20-30 pips.

The rest will free trade.

What you guys think?

ANdrew
be careful with that lately trade tonight.We have only few hourse till close of the market.We have and very important support line just now.We do not have yet closed 4HRs candle with TC so may be it is not best choice to enter now.
Just my opinion.
Good Luck if you are in.

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy4.gif Size: 30 KB
  • #20,848
  • Aug 28, 2009 12:35pm Aug 28, 2009 12:35pm
hahha so sorry guys, just realised that i did not attached the cht. there was a TC abt 3.5 hs ago on my cht

closed the trade for 2 pip as i did not want to hold this tade through the week end.

ANdrew

Quoting andrewnair
hi,

just shorted the usdjpy. SL at the arrow above the signal bar, trendline and the MAs.

1st PL abt 20-30 pips.

The rest will free trade.

What you guys think?

ANdrew
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 23 KB
  • #20,849
  • Aug 28, 2009 7:28pm Aug 28, 2009 7:28pm
Quoting xeneric
Hi Yuan,

EU is still in an uptrend (see DAILY chart) until it breaks the bottom trendline - although overall momentum seems to be weak.

On the 4 hr chart, it has bounced off the short term green trendline. I would say that it was just a retest of the high but that's only my 2 cents worth.
EU went to retest the high and rejected it with a long candle on Friday. It is likely that it will now go down to at least the short term green trendline. I have drawn in the brown divergences line for those who love divergence like Yuan.
Attached Image (click to enlarge)
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  • #20,850
  • Aug 28, 2009 8:32pm Aug 28, 2009 8:32pm
Quoting andrewnair
hahha so sorry guys, just realised that i did not attached the cht. there was a TC abt 3.5 hs ago on my cht

closed the trade for 2 pip as i did not want to hold this tade through the week end.

ANdrew
That was a very good move to close your trade before the weekend as the Japanese are having their elections this Sunday.

Here is a quote from an article in TIME

"The 54-year reign of Japan's Liberal Democratic Party is expected to come to an end on Aug. 30 in the country's first general election in four years. The main opposition party, the Democratic Party of Japan (DPJ), has little experience leading on a national level, but there are strong indications that voters will overwhelmingly support the party and its ambitious platform of reforming Japan's broken systems. "

This would be ONE of those times when I would definitely NOT hold a trade over the weekend as anything unexpected will move the currency and maybe move it a lot.
  • #20,851
  • Aug 28, 2009 8:37pm Aug 28, 2009 8:37pm
Quoting xeneric
EU went to retest the high and rejected it with a long candle on Friday. It is likely that it will now go down to at least the short term green trendline. I have drawn in the brown divergences line for those who love divergence like Yuan.
haha thx alot for mentioning my name lol....


however i still have the same doubt as to when do we really have div and when not, since just changing the parameters for the macd might just change the indication for divergence.

too bad EU hit intraday high and got rejected totally. but i feel it's due to the news actually? if euro is strong enough, it might find support on 89 before going up more? who knows. ha at least it shows a slight uptrend..
  • #20,852
  • Edited 9:14pm Aug 28, 2009 8:47pm | Edited 9:14pm
Quoting yuan83
haha thx alot for mentioning my name lol....


however i still have the same doubt as to when do we really have div and when not, since just changing the parameters for the macd might just change the indication for divergence.

too bad EU hit intraday high and got rejected totally. but i feel it's due to the news actually? if euro is strong enough, it might find support on 89 before going up more? who knows. ha at least it shows a slight uptrend..
I hope you don't mind me mentioning your name

The 89 SMA happens to be where the green trend line is and the 200 SMA is below it so there is some confluence there. We'll see what happens there. You could be right that it will bounce off it since EU is still in an uptrend.
  • #20,853
  • Aug 28, 2009 9:06pm Aug 28, 2009 9:06pm
Time flies. It is NFP week again this coming week. We also have 2 rate decisions - from the RBA and ECB which affect AUD and EUR.
  • #20,854
  • Aug 28, 2009 9:21pm Aug 28, 2009 9:21pm
Quoting xeneric
Time flies. It is NFP week again this coming week. We also have 2 rate decisions - from the RBA and ECB which affect AUD and EUR.

no prob. thanks for e NEWS ha. sometimes I wonder if its the fundamentals of the news that affect the market more. anw is the Revised UoM Consumer Sentiment quite a big news. seem to effect quite a big move each time....
  • #20,855
  • Aug 29, 2009 3:45am Aug 29, 2009 3:45am
As summer holidays come to a close, we would expect volatility to increase. Also Monday is a UK public holiday so this week should be very interesting.
  • #20,856
  • Aug 30, 2009 5:19am Aug 30, 2009 5:19am
Hi! Sorry for my bad english.
IMHO it is a good filter for this strategy: Stochastic for D1. Look picture:
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-30_132356.gif Size: 31 KB


Apply my template for GBPUSD D1.
Attached File(s)
File Type: tpl stoch-filter-d1.tpl   481 KB | 420 downloads


I noted the drastic changes Stochastic. After watching it for H4 and search input (setup, enter) on the strategy Nell between the same vertical lines.
  • #20,857
  • Aug 30, 2009 6:38am Aug 30, 2009 6:38am
ya man anything can happen....hahaha.......

andrew

Quoting xeneric
That was a very good move to close your trade before the weekend as the Japanese are having their elections this Sunday.

Here is a quote from an article in TIME

"The 54-year reign of Japan's Liberal Democratic Party is expected to come to an end on Aug. 30 in the country's first general election in four years. The main opposition party, the Democratic Party of Japan (DPJ), has little experience leading on a national level, but there are strong indications that voters will overwhelmingly support the party and its ambitious...
  • #20,858
  • Aug 30, 2009 10:26am Aug 30, 2009 10:26am
i am a beginner trader in forex and i have started trading with FXCM for 2 months and now i can manage to make some money by MACD 4h strategies. however, i have found a lot of bad comments on fxcm recently, stating that it is a forex scam. I don't know can i still trust fxcm or should i find another trust worthy broker?
your advices are much appreciated
thanks!
  • #20,859
  • Aug 30, 2009 11:49am Aug 30, 2009 11:49am
Quoting aungthein
i am a beginner trader in forex and i have started trading with FXCM for 2 months and now i can manage to make some money by MACD 4h strategies. however, i have found a lot of bad comments on fxcm recently, stating that it is a forex scam. I don't know can i still trust fxcm or should i find another trust worthy broker?
your advices are much appreciated
thanks!
Welcome to the thread.

If you have experienced some thing really bad I.E Withdrawal, Execution etc then you should change them but if you are making money and they are letting you keep it thats fine. There is so much information at Broker discussion forum about brokers.
  • #20,860
  • Edited Aug 31, 2009 2:00am Aug 30, 2009 6:28pm | Edited Aug 31, 2009 2:00am
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