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4 Hour Strategy (MACD)

  • #21,461
  • Nov 18, 2009 12:24pm Nov 18, 2009 12:24pm
Here is a TC trade I took today. After no movement for about 6hours I closed at BE. It was the right decision. Those 2 tails yesterday have told us something.
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  • #21,462
  • Nov 18, 2009 12:53pm Nov 18, 2009 12:53pm
Quoting Phillip Nel
Here is a TC trade I took today. After no movement for about 6hours I closed at BE. It was the right decision. Those 2 tails yesterday have told us something.
Looked like a reasonable TC.. Nice job not loosing any pips. Euro/usd having trouble as well getting over 1.5015 area as well... usd could be ready for a move? who knows....
  • #21,463
  • Edited 6:56pm Nov 18, 2009 6:45pm | Edited 6:56pm
Quoting Woody
Hi Phil,

Thank you very much for introducing this wonderful trading system. Since I adopted this system in my trading, I have been feeling more prepared, more disciplined and thus more relaxing entering a trade. As a result, the system helps me improve my winning rates.
I'm introducing your system to my fellow Chinese traders in a Chinese forum (for free, of course). As expected, people are getting more and more interested. I attributed this system to you. Hope you don't mind my using your materials.
Good trade,


Woody
Hi Woody

Welcome to the thread. Nice to hear that you have benefitted from the strategy. I believe that some of this strategy has been translated to Chinese. I am not sure so you will need to send a private message to Dhalsim or Saka.
  • #21,464
  • Edited Nov 19, 2009 2:33am Nov 18, 2009 9:31pm | Edited Nov 19, 2009 2:33am
Nice 3 sisters now on E/U. Daily also suggests some down movement with the 12th and 17th November daily bearish engulfing candles.

I entered a bit earlier with the pin bar (where 3rd white arrow is). Now added to my position with the confirming bearish candle that has just printed.

SL = 1.5005
Target = 1.4880, then 1.4840

Update:
- out at 1.4880 on pin bar entry trade; moved 2nd entry after close of bearish engulfing to BE at 1.4880. Target is 1.4840

- exited final lot at 1.4850 as it seemed like a likely bounce point (not worth risking pips in the pocket for another 10 pips). Also R:R was around 1:1 by now, so I'm happy with that.
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  • #21,465
  • Nov 18, 2009 10:24pm Nov 18, 2009 10:24pm
Quoting orangeRANGE
PW 1.4990 showing some resistance so far (see rectangular). Be extra carefull when the price revisit this level. Hope this helps.
Just to inform that how important is the Price Wave here. See the rectangular again. This is as what I expected yesterday. Hope you guys noticed this and hope this helps.

All the best.
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  • #21,466
  • Nov 19, 2009 2:16am Nov 19, 2009 2:16am
Quoting BenStevo
Nice 3 sisters now on E/U.
Wow, I just got some feeling when I saw the potensial 3 sisters this morning that Ben will enter this pattern, and when I came to FF, you have posted it already
Plan your trades and trade your plans
  • #21,467
  • Nov 19, 2009 2:52am Nov 19, 2009 2:52am
Long EJ based on divergence

enter at 132.38.
SL : low at 132.05
TP : 8MA at 132.89 or even 21MA at 133.19
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  • #21,468
  • Nov 19, 2009 3:29am Nov 19, 2009 3:29am
They are irresistible!!

Quoting saka
Wow, I just got some feeling when I saw the potensial 3 sisters this morning that Ben will enter this pattern, and when I came to FF, you have posted it already
  • #21,469
  • Nov 19, 2009 5:28am Nov 19, 2009 5:28am
Quoting yuan83
Long EJ based on divergence

enter at 132.38.
SL : low at 132.05
TP : 8MA at 132.89 or even 21MA at 133.19
trade not moving. hence closed
  • #21,470
  • Nov 19, 2009 9:58am Nov 19, 2009 9:58am
Quoting BenStevo
They are irresistible!!
watch out for third sister coming from bottom up or am I wrong? Would that make 6 sisters?!!
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  • #21,471
  • Nov 19, 2009 10:11am Nov 19, 2009 10:11am
I think price broke 89.....came back to 89 and heading down.That last candle with the huge tail to top makes me think of short.

Mike
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Failure, is a wonderful teacher!
  • #21,472
  • Nov 19, 2009 1:18pm Nov 19, 2009 1:18pm
That is more of a triple bottom rather than 3 sisters. For 3 sisters, there needs to be 3 lower highs or 3 higher lows formed.

Still, triple tops and bottoms tend to be very strong signals as well. I'm very tempted, but not sure enough to take the trade...will wait this one out personally.

Phillip, am interested to hear what you think!

Quoting baco75
watch out for third sister coming from bottom up or am I wrong? Would that make 6 sisters?!!
  • #21,473
  • Nov 19, 2009 1:21pm Nov 19, 2009 1:21pm
Short on USDJPY - 88.10, TP 88.73 , SL 89.47
entry after breakout small trend line and ZB on MACD.
Exit manualy at 88.78

+32 Pips
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  • #21,474
  • Nov 19, 2009 1:58pm Nov 19, 2009 1:58pm
Quoting baco75
watch out for third sister coming from bottom up or am I wrong? Would that make 6 sisters?!!
Hi B

This is what we call the "3 big brothers" on Phillip's 5min system. The opposite of the 3 little sisters:

3 higher lows while the 3 little sisters are formed by lower highs and they are also very profitable. Just be aware of a possible triangle formation and trade it as such.

Enjoy them.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #21,475
  • Nov 19, 2009 3:53pm Nov 19, 2009 3:53pm
Quoting yuan83
trade not moving. hence closed
Don't you hate it when that happens ? You were right - but just a bit early. Better luck next time.
  • #21,476
  • Nov 19, 2009 3:56pm Nov 19, 2009 3:56pm
Quoting mike1349
I think price broke 89.....came back to 89 and heading down.That last candle with the huge tail to top makes me think of short.

Mike
I think there will be more shorts today also - maybe even a fourth little sister.
  • #21,477
  • Nov 19, 2009 4:21pm Nov 19, 2009 4:21pm
Quoting Golfer
Hi B

This is what we call the "3 big brothers" on Phillip's 5min system. The opposite of the 3 little sisters:

3 higher lows while the 3 little sisters are formed by lower highs and they are also very profitable. Just be aware of a possible triangle formation and trade it as such.

Enjoy them.
Hello Golfer! thanks for your post! Good to know they are brothers and not sisters. Didn't know the difference. Hope someone banked a good fifty pips on that bounce off the 200 and bottom trendline and the three brothers...
Cheers
  • #21,478
  • Nov 19, 2009 10:51pm Nov 19, 2009 10:51pm
Price is now temporarily restng @ PW1.4910 after rebounced off PW1.4830 yesterday. The Support TL is vulnerable for now but it is also still possible to lift up the the price some more.

D1 50sma @ somewhere below PW1.4830 is the level where the price should break before it can make a dominant down trending market.

Trading using lower TFs should give better chances ATM.

Hope this helps.
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  • #21,479
  • Nov 20, 2009 12:00am Nov 20, 2009 12:00am
good evening all,

I see excellent posts on this forum and Phillip's presence has definitely liven up the forum and its great to see new faces and it's even greater to see how everyone is sticking within the rules and just building on price action and market rhythm.

I apologize about not updating my last trade on the USDCAD which I closed 1/3 for 30 pips and 2/3 for 60 pips and the rest got stopped out at BE so a profitable trade.

I wanted to point out an excellent price action trade. i don't know how many took this trade but I took this trade but I apologize for not posting earlier as I had internet problems. This trade was setting up on the AudUsd and also GbpUsd but I chose to take on the Aud. This was a perfect close below the 21ema, pull back to the 21ema and then off to 89sma.

As you can see on the chart, price closed below the 21ema, then price pulled back within a few 4H candles and then we had a engulfing candle with a Zero Bounce MACD signal where I entered and closed at 92.200 just before the 89sma and also just before the 92.000 round number mark.

This again is a perfect setup of what Phillip refers to price action and usually happens at the end of a nice up trend which we had and can kind of even make out a head and shoulders pattern there as well so the odds were definitely in our favour so I took on this trade.

Waiting for those high probability setups are definitely worth the wait and it is the practice of waiting for those that separate blown accounts to consistent profitable ones...............and I hope to keep improving and waiting and having the patience to wait for those
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Keeping Life Simple
  • #21,480
  • Edited 6:10am Nov 20, 2009 5:37am | Edited 6:10am
Am entering short again after another set of 3 sisters. Added bonus with tweezer tops on 2 candles, both sharing highs of 1.4934.

Entry = 1.4870
SL = 1.4945
BE @ 1.4840
Target = 1.4758 (I have potential support on Daily at this level)

Cons: Friday...don't want to be left having to hold a -ve position over the weekend.
Anyone else in?

UPDATE:
- moved to BE as per plan
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