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4 Hour Strategy (MACD)

  • #21,541
  • Dec 2, 2009 10:50am Dec 2, 2009 10:50am
I cant remember when last did that happened to me. But it shows you it can and will happen to anybody. I had some bad to no internet for more then 2 weeks. When I got online I wanted to trade and was looking for trades. Just shows you how emotions can play a roll. I did not make bad decisions but I did not wait for the real nice ones.
Here are 2 of those wrong trades. The first one was on the UsdJpy on 26/11/2009.
I missed so many good trades due to internet problems. It has taught me for the future to wait, wait, wait and have patience. Another thing is to reduce the risk that is notmally taken by 50%.
I have just read about someone building up a nice growth just to give it back by risking more then normal. That is part of the school of education. I also went through that. It is going to take hard work to get the 3 bad trades back again. But that is part of trading.
Money management by not risking more then 3% of total capital on any trade is the key to survival.
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  • #21,542
  • Dec 2, 2009 1:00pm Dec 2, 2009 1:00pm
Quoting Phillip Nel
I cant remember when last did that happened to me. But it shows you it can and will happen to anybody. I had some bad to no internet for more then 2 weeks. When I got online I wanted to trade and was looking for trades. Just shows you how emotions can play a roll. I did not make bad decisions but I did not wait for the real nice ones.
Here are 2 of those wrong trades. The first one was on the UsdJpy on 26/11/2009.
I missed so many good trades due to internet problems. It has taught me for the future to wait, wait, wait and have patience. Another...
Yes sir,
I only became profitable consistently when I reduced my position. This made me a better trader because I had a clear head due to risk reduction.
I still have bad trades though, they just don't wreck me or shake me up. I will wait for better trades.

I still have to restrain myself from jumping in at times. It's worse after a vacation. I feel like I should have an order in. lol

M
  • #21,543
  • Dec 2, 2009 2:23pm Dec 2, 2009 2:23pm
Quoting Phillip Nel
I cant remember when last did that happened to me. But it shows you it can and will happen to anybody. I had some bad to no internet for more then 2 weeks. When I got online I wanted to trade and was looking for trades. Just shows you how emotions can play a roll. I did not make bad decisions but I did not wait for the real nice ones.
Here are 2 of those wrong trades. The first one was on the UsdJpy on 26/11/2009.
I missed so many good trades due to internet problems. It has taught me for the future to wait, wait, wait and have patience. Another...
Dear Phillip ..

I read some times in this thread that one of your trading principle is that you don't let 20 pips to turn into loss.

what was reason not to move SL to BE on GBPUSP trade when it hit 1.6550 .. just curious ..

i might be wrong, you may correct me.

thanks
shabbir
  • #21,544
  • Dec 2, 2009 4:18pm Dec 2, 2009 4:18pm
Phillip,
First of all I want to say thank you for all you have taught me. I could not be more grateful. Furthermore, you are a wonderful teacher and trader and I can only hope to be as consistant as you. That being said I did not take the GBP or the EUR trades today and I just wanted to express why. Please don't take this as anything more than a constructive critique. I did not take the GBP trade b/c of the daily chart below. Candles #1 and 2 showed me that price wanted to go higher/long even though a RT was forming on the 4hr with a nice resistance line above. The second chart is the EUR. I took the TC from the previous day and price had trouble going higher. I got out with 20 pips, but that was it. For me to take that TC on today, I wanted price to close above the 1.5110 with a strong candle formation. It did not.
Again this just my humble perspective. And yes, I was the one who you referred to before about doing well, raising my % trading, and then getting burned. So, I clearly have more to learn and will make mistakes in the future. I'm becoming more and more aware of 1) how important money management is and 2)to avoid emotional trading.
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  • #21,545
  • Edited Dec 3, 2009 3:26am Dec 2, 2009 5:05pm | Edited Dec 3, 2009 3:26am
It looks like price is retesting the break out level. I'm looking for a pull away/TC with a strong candle(s) up to or over the fib level/price 1.6693.

Edit: I'm currently long at 1.6683
Edit 2: Out for -16 pips
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  • #21,546
  • Edited Dec 3, 2009 5:12am Dec 2, 2009 10:31pm | Edited Dec 3, 2009 5:12am
just in on e/u long after the 3rd sister.
will move to BE 1.5130.
TP...holding for a bigger anticipated move based on recent Daily TC long

Also jumped in on U/J 3 sisters long yesterday. Then started double thinking things and got out BE. Need to learn to stick with my decisions

Update:
...decided to take profit on 1/2 position at 1.5130 and use that as SL on remaining 1/2. I don't want to be kicked out of a decent upmove due to too tight a SL
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  • #21,547
  • Dec 2, 2009 10:35pm Dec 2, 2009 10:35pm
Quoting Phillip Nel
I also went through that. It is going to take hard work to get the 3 bad trades back again. But that is part of trading.
Money management by not risking more then 3% of total capital on any trade is the key to survival.
Phillip, I have made a same short trade of GU with you. My first target is daily pp which is some pips below the big engulf bull candle's tail. I closed half postion to make it BE when it becomes back to the entry point and lost the other lots which is 1.5% of my capital

The market is in a consolidation period, we should pay more attention.
Plan your trades and trade your plans
  • #21,548
  • Dec 3, 2009 2:58am Dec 3, 2009 2:58am
Quoting Morelands
Just to set the record straight. The reason I am telling people this is so that people make up there own minds on when to trade. I had a very good summer (approx 4 months), increasing my balance on my account by 50%. However, I got over confident and thought I could see where the market was going before the candles would indicate a trade. As a result over a month period of time I blew my 50% and started from the beginning. I'm still working on becoming consistantly profitable, over the coming years. Again, the reason I am telling people this is...
Well, said! I am at the end of my 3rd year trading/spread betting Forex , but have traded shares for many years. Only now am I seeing some small profit on my live account. My demo is 65% up, which I guess is good as I have had that from the very begining and never actually blew a demo $5000 account. Patience and practice is the key. I haven't traded this week. Many due to work commitments.

Good Luck All

Neil
  • #21,549
  • Dec 3, 2009 5:19am Dec 3, 2009 5:19am
Very strange what happened to you, for my opinion pro traders. I think this is a big part of trading, loosing belongs as well as winning. As long as you don't loose because of your emotions or an unprofitable system you don't have to worry about it.
I would like to hear your opinion about this.
Is the divergence which you see in my chart and also the sHs formation of the MACD an indication for a false breakout of the top channel like? What do you think?
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  • #21,550
  • Dec 3, 2009 5:48am Dec 3, 2009 5:48am
Quoting gujjubond
Dear Phillip ..

I read some times in this thread that one of your trading principle is that you don't let 20 pips to turn into loss.

what was reason not to move SL to BE on GBPUSP trade when it hit 1.6550 .. just curious ..

i might be wrong, you may correct me.

thanks
shabbir
Hi
If I could watch the trade live I would have at least go to breakeven after +25. But when I got in on the internet it was closed allready. But that is part of live. One has to be able to deal with such circumstances as well. Internet failure can cause bad damage if you dont exercise money management.
  • #21,551
  • Dec 3, 2009 5:53am Dec 3, 2009 5:53am
Quoting Morelands
Phillip,
First of all I want to say thank you for all you have taught me. I could not be more grateful. Furthermore, you are a wonderful teacher and trader and I can only hope to be as consistant as you. That being said I did not take the GBP or the EUR trades today and I just wanted to express why. Please don't take this as anything more than a constructive critique. I did not take the GBP trade b/c of the daily chart below. Candles #1 and 2 showed me that price wanted to go higher/long even though a RT was forming on the 4hr with a nice resistance...
Thanks for the feedback. It is excellent. Yes we all still have to learn and we sometimes learn the hard way. I was looking for trades due to a lack of trading due to internet problems but that is no excuse.
  • #21,552
  • Dec 3, 2009 9:15am Dec 3, 2009 9:15am
Quoting Phillip Nel
I cant remember when last did that happened to me. But it shows you it can and will happen to anybody. I had some bad to no internet for more then 2 weeks. When I got online I wanted to trade and was looking for trades. Just shows you how emotions can play a roll. I did not make bad decisions but I did not wait for the real nice ones.
Here are 2 of those wrong trades. The first one was on the UsdJpy on 26/11/2009.
I missed so many good trades due to internet problems. It has taught me for the future to wait, wait, wait and have patience. Another...
hi
im sure u will recover that very soon ,and i remember once u told u never trade in decembers ,do u still belive in not to trade in decembers?
thx
  • #21,553
  • Dec 3, 2009 9:55am Dec 3, 2009 9:55am
great read thanks a lot glad i joined this forum
  • #21,554
  • Dec 3, 2009 4:43pm Dec 3, 2009 4:43pm
anyone study gbpjpy daily? i think its going for short.
  • #21,555
  • Dec 4, 2009 12:01am Dec 4, 2009 12:01am
Hello all...!!!!!!!!! Miss me?
  • #21,556
  • Dec 4, 2009 8:54pm Dec 4, 2009 8:54pm
Honestly I didn't based on 4h strategy but 5min one to do some successful trades from Trichet spoke and NFP, I think it is worth to show you these trades. They could be consider as 4h early entry when important news releases which you can judge the way of price by the technical analysis of daily chart.

Form 4h chart of eu, I expected it would form a double tops at 3rd Dec. I entered at 5min chart after Trichet spoke, close half lots when obtain proper profit and still hold the other half ones, because I know that eu would form a shooting star at daily chart with the failure attamptaion of overcome the previous high.
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When NFP released yesterday, it is very good for dolloar. I set the tp of the other half lots at 200sma of 4h chart which is above the main trend line formed from this year.
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Meanwhile I also use the profit obtained at 3rd Dec. to open a short position with 80pips sl and 80pips tp at Gu's 5min chart. I totally got 95pips which is $190 from these two day's trading
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Plan your trades and trade your plans
  • #21,557
  • Dec 4, 2009 10:53pm Dec 4, 2009 10:53pm
Quoting saka
Honestly I didn't based on 4h strategy but 5min one to do some successful trades from Trichet spoke and NFP, I think it is worth to show you these trades. They could be consider as 4h early entry when important news releases which you can judge the way of price by the technical analysis of daily chart.

Form 4h chart of eu, I expected it would form a double tops at 3rd Dec. I entered at 5min chart after Trichet spoke, close half lots when obtain proper profit and still hold the other half ones, because I know that eu would form a shooting star...


Saka, I can't open your attachments. Would love to see your trades.
  • #21,558
  • Dec 4, 2009 11:12pm Dec 4, 2009 11:12pm
Quoting xeneric
Of course we missed you
No you are not...that's why you lol...
  • #21,559
  • Dec 5, 2009 12:05am Dec 5, 2009 12:05am
Quoting xeneric
Saka, I can't open your attachments. Would love to see your trades.
really? try this
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Plan your trades and trade your plans
  • #21,560
  • Dec 5, 2009 12:06am Dec 5, 2009 12:06am
and also this
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Plan your trades and trade your plans
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