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4 Hour Strategy (MACD)

  • #20,981
  • Sep 28, 2009 2:38pm Sep 28, 2009 2:38pm
Quoting gujjubond
there was no signal on 4hr ... 1hr is being use to enter on 4hr bit early.. hope it will help

Yeah, I think I was trying to be too clever. My charts have the 4H Moving Averages displayed on the 1H timeframe too. So I was hoping to see the price ride the 8ema as it had done most of Thurs/Fri and today for that matter. I might have been better taking it on as it got to the 8ema for a few pips. Waiting to see if it will reach the 21ema. Cable is still a short with regards to the bigger picture for me just now.
Attached Image (click to enlarge)
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  • #20,982
  • Sep 28, 2009 3:12pm Sep 28, 2009 3:12pm
Looking for set ups. One thing to take note of with cad-is that oil prices can throw things off. Watching for a bounce off the 21ema. the current 4hr candle is pathetic and macd is trying to cross zero as opposed to a tc signal as of now. Anyone see anything shaping up?
  • #20,983
  • Sep 28, 2009 6:49pm Sep 28, 2009 6:49pm
"Good Idea, poor execution" is what happened today. However what I will take away from it is 20 pips and an education. Based on the rules, once price breaks the 89 it will return to the 21 or in this case back to the 89 and 21. So I was looking of short trades based on that and the belt holding candle with the arrow above it (the 4 hrs chart). The 1hr chart shows all the tails up past the 61% retracement (yes, it is backwards). My price target was the 4th fib down/100% retracement. The 3rd chart show the poor execution. I sold after the support level had been broken. Price then retraced until it hit the longer resistance line and the price went towards my price target. Again, I was going to the 4th fib and not the 3rd. However I did not like the way price reacted at the third fib. I was not going to be around the computer for long so I closed with 20 pips. It could have been around 60 pips if my entry and exit were better. See my next post for the 5 min chart/specific entry and exit, the 1st is a larger time frame and the second is still the 5 min, but enlarged
Attached Image(s) (click to enlarge)
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  • #20,984
  • Sep 28, 2009 6:51pm Sep 28, 2009 6:51pm
Here are the two 5 min charts. The second is the enlarged version
Attached Image(s) (click to enlarge)
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  • #20,985
  • Sep 29, 2009 1:47am Sep 29, 2009 1:47am
Quoting Morelands
"Good Idea, poor execution" is what happened today. However what I will take away from it is 20 pips and an education. ....
Took the same trade but waited for price to touch the 21 for a better entry as per the rule. Entered around 1,4655 and exited at 1,4600 for +55 pips. I thought the 1,4600 level could hold....
  • #20,986
  • Sep 29, 2009 3:54am Sep 29, 2009 3:54am
For a whole year i have anxiously waited for the prophecy on the return of Phil and alas the prophecy has come to pass.

Behold the emergence of Phill.

May the force and the pips be with us all.

It's so good to have you back Mr Phill.
"Flow with the market rhythm and the pips will come to you."
  • #20,987
  • Sep 29, 2009 7:37am Sep 29, 2009 7:37am
Quoting neilbuc
Yeah, I think I was trying to be too clever. My charts have the 4H Moving Averages displayed on the 1H timeframe too. So I was hoping to see the price ride the 8ema as it had done most of Thurs/Fri and today for that matter. I might have been better taking it on as it got to the 8ema for a few pips. Waiting to see if it will reach the 21ema. Cable is still a short with regards to the bigger picture for me just now.

Well I see that it has moved to the 21ema as discussed. Now a nice entry signal would be good.
  • #20,988
  • Sep 29, 2009 9:32am Sep 29, 2009 9:32am
Quoting neilbuc
Well I see that it has moved to the 21ema as discussed. Now a nice entry signal would be good.
It looks a little constipated. I will check at the close of the current candle.
  • #20,989
  • Sep 29, 2009 10:07am Sep 29, 2009 10:07am
Hello Guys,
i'm seeing a pullback of price towards the 21ma on the GbpJpy no confirmatory entry on MACD yet, so still watching and waiting for that entry but won't entry untill i see that signal.

Missed the entry on EURUSD, looks like a long run down.
Sorry i need help on how i can attach my chart to the forum.
  • #20,990
  • Sep 29, 2009 11:47am Sep 29, 2009 11:47am
Here is a trade I took yesterday.
Attached Image (click to enlarge)
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  • #20,991
  • Sep 29, 2009 11:56am Sep 29, 2009 11:56am
Quote
Here is a trade I took yesterday.

am not an indi based trader but this is a thread i can recommend for anybody.

welcome back phil
  • #20,992
  • Edited Sep 30, 2009 10:52am Sep 29, 2009 2:35pm | Edited Sep 30, 2009 10:52am
The 1.4600 might play a role so I have set my position on a 25pip trailstop that will kick in at 1.4595 giving me a free right after that. I will not set a take profit but will let the trailstop run if price wants to continue passed the top trendline untill stopped. I have to go to bed and want the trailstop to run while I am asleep.
Only time will reveal the success of this trade.

Edit
Position was closed at 1.4618 after 1H turnaround
Attached Image (click to enlarge)
Click to Enlarge Name: 29_1 Sept2009.gif Size: 80 KB
Attached File(s)
File Type: zip Trade.zip   737 KB | 591 downloads
  • #20,993
  • Sep 29, 2009 2:37pm Sep 29, 2009 2:37pm
Quoting Phillip Nel
Here is a trade I took yesterday.
I also take this trade

entry @ 1.4635 (1 lots)
TP 1 - on Daily TL (broken) 1.4530 (0.8 lots)
TP 2 - on price level 1.4500 (0.2 lots)

My first target reach today and I move my SL to breakeven,
Attached Image (click to enlarge)
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  • #20,994
  • Sep 29, 2009 2:48pm Sep 29, 2009 2:48pm
Quoting ARtuRO
I also take this trade

entry @ 1.4635 (1 lots)
TP 1 - on Daily TL (broken) 1.4530 (0.8 lots)
TP 2 - on price level 1.4500 (0.2 lots)

My first target reach today and I move my SL to breakeven,
Very good.
  • #20,995
  • Sep 29, 2009 4:19pm Sep 29, 2009 4:19pm
Quoting Phillip Nel
The 1.4600 might play a role so I have set my position on a 25pip trailstop that will kick in at 1.4595 giving me a free right after that. I will not set a take profit but will let the trailstop run if price wants to continue passed the top trendline untill stopped. I have to go to bed and want the trailstop to run while I am asleep.
Only time will reveal the success of this trade.
I'm also in on this trade I got in at 1.4574... And I had set similar SL/TP before I saw your settings

I have one question though, how do you get mt4 to let TrailingStop kick in at a certain price?
  • #20,996
  • Sep 29, 2009 7:10pm Sep 29, 2009 7:10pm
set a S/L first than bring up the price panel, right click on the price or T/P section of ur pair u wanna set the trailing. then here we go choose ur trailing. hOpe it helps
  • #20,997
  • Sep 29, 2009 8:41pm Sep 29, 2009 8:41pm
Quoting davdkh
I'm also in on this trade I got in at 1.4574... And I had set similar SL/TP before I saw your settings

I have one question though, how do you get mt4 to let TrailingStop kick in at a certain price?
In the MT4 platform, go into TERMINAL then RIGHT click inside it. It will come up with options such as trailing stop, profit, commissions etc. Click on trailing stop. If you want to set your trailing stop at say 28 pips, you will have to use CUSTOM otherwise click on one of the options provided.
  • #20,998
  • Sep 29, 2009 10:30pm Sep 29, 2009 10:30pm
Quoting Phillip Nel
The 1.4600 might play a role so I have set my position on a 25pip trailstop that will kick in at 1.4595 giving me a free right after that. I will not set a take profit but will let the trailstop run if price wants to continue passed the top trendline untill stopped. I have to go to bed and want the trailstop to run while I am asleep.
Only time will reveal the success of this trade.
Good trade, Phillip, not only the divergence but a trend line as well
Attached Image (click to enlarge)
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Plan your trades and trade your plans
  • #20,999
  • Edited Sep 30, 2009 6:38am Sep 29, 2009 11:39pm | Edited Sep 30, 2009 6:38am
Thanks Phil. Really appreciate your advice on position sizing and risk on the MP3. It always helps to be reminded of this again.
  • #21,000
  • Sep 29, 2009 11:46pm Sep 29, 2009 11:46pm
Great to see you back Phillip,

My USD/JPY trade today. After a nice run down, price needed to retrace back to the 21 or 8ema before continuing down. As you can see price did retrace back to the 21ema and entry was made after that strong bearish candle and you can see the targets (red dotted lines)
Attached Image (click to enlarge)
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