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4 Hour Strategy (MACD)

  • #22,221
  • Apr 8, 2010 10:51pm Apr 8, 2010 10:51pm
Hi,

I am currently in this trade. I would appreciate some comments regarding

- Stop Loss
- Exiting, should I be in this trade with MACD having turned down, giving a CT sell signal.

Thanks

Martin
Attached Image (click to enlarge)
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  • #22,222
  • Apr 8, 2010 11:00pm Apr 8, 2010 11:00pm
I was demo trading and was able to make avergae 50 pips during the last three weeks of March. But starting from April, more trades turn sour.

May be it is due to my lack of experience, but most pairs seem to be in range or triangle consolidation at this time.

Do you see the same thing ?
  • #22,223
  • Apr 8, 2010 11:43pm Apr 8, 2010 11:43pm
Quoting mt2
Hi Philip, Ira and others,

This is my 1st post on this forum.
Welcome to the forum Martin!
As for your question, I would personally skip this trade. I like smooth retracments to the 21, in this case we had strong bearish candle and the next candle opened and closed below 21. There is also divergence. Besides, I would not recommend to take trades without a signal, because it is very risky.

This time it worked, but this is not good, because it teaches you not to follow the rules.

As for the managment, I would have closed half already with profit and the rest set to breakeven.
  • #22,224
  • Apr 8, 2010 11:51pm Apr 8, 2010 11:51pm
Quoting davidwu61
I was demo trading and was able to make avergae 50 pips during the last three weeks of March. But starting from April, more trades turn sour.

May be it is due to my lack of experience, but most pairs seem to be in range or triangle consolidation at this time.

Do you see the same thing ?
I can't say that trading has been easy lately, the best was in January when we had a trend , but it never was. We usually see things clearly after the fact. Practise makes us see them when they form.

You better bring your trades here, so we can see and help you. Belive me it is the best way to learn. Sometimes we overlook something simple and then somebody shows us, and we think - oh, how could I miss it?!
  • #22,225
  • Apr 9, 2010 12:04am Apr 9, 2010 12:04am
[quote=ira;3622610]Welcome to the forum Martin!
As for your question, I would personally skip this trade. I like smooth retracments to the 21, in this case we had strong bearish candle and the ..

Thanks ira,

I appreciate your feedback.

Regards

Martin
  • #22,226
  • Apr 9, 2010 12:21am Apr 9, 2010 12:21am
Quoting mt2
Hi,

I am currently in this trade. I would appreciate some comments regarding

- Stop Loss
- Exiting, should I be in this trade with MACD having turned down, giving a CT sell signal.

Thanks

Martin
im also in
u can see my stoplosses in pic
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  • #22,227
  • Apr 9, 2010 1:10am Apr 9, 2010 1:10am
This is a continuation of post 22217. The price did break the diamond pattern and a smaller timeframe could be used for an entry. A retest of the breakout level might be a possibility so secure some profit and give some portion a chance for the run maybe to the target area.
Attached File(s)
File Type: pdf GbpUsd Trade.pdf   45 KB | 780 downloads
  • #22,228
  • Edited 3:10am Apr 9, 2010 1:12am | Edited 3:10am
Thanks for the heads up Phil.(April 08 .zip file) I took the GU TC.

EDIT : Closed 1 lot for 23 pips. Set 2nd lot to break even. Waiting for the pullback that you mentioned in previous post for re-entry.
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  • #22,229
  • Apr 9, 2010 1:39am Apr 9, 2010 1:39am
Phillip, I have finally found what you mean, when you say "they" , they are interbanks http://www.forexfactory.com/showthread.php?t=5809.
  • #22,230
  • Apr 9, 2010 1:40am Apr 9, 2010 1:40am
USDJPY – Long this morning and quickly set to breakeven when it profit 20 pips. Now my stop loss is at 9344 and hope it will not get trigger J

GBPUSD – Anticipated the breakout but did not dare to enter due to it is at the top of the consolidation. Phillip said we should not trade if we have not profit from the consolidation. Missed this chance but happy that I have pick up Phillip’s strategy bit by bit daily.
  • #22,231
  • Apr 9, 2010 1:41am Apr 9, 2010 1:41am
Quoting xeneric
Thanks for the heads up Phil.(April 08 .zip file) I took the GU TC.

EDIT : Closed 1 lot for 23 pips. Set 2nd lot to break even. Waiting for the pullback that you mentioned in last post for re-entry.
Me too , thanks Phillip. I took the break.
  • #22,232
  • Edited 2:40am Apr 9, 2010 1:45am | Edited 2:40am
Quoting silverfox88
USDJPY – Long this morning and quickly set to breakeven when it profit 20 pips. Now my stop loss is at 9344 and hope it will not get trigger J

[color=navy][font=Times New Roman]GBPUSD – Anticipated the breakout but did not dare to enter due to it is at the top of the consolidation. Phillip said we should not trade if we have not profit from the consolidation. Missed this chance but happy that I have pick up Phillip’s...
Good trade on UJ I hope your stop won't be triggered too.
  • #22,233
  • Edited 5:12am Apr 9, 2010 3:41am | Edited 5:12am
Quoting ira
Phillip, I have finally found what you mean, when you say "they" , they are interbanks http://www.forexfactory.com/showthread.php?t=5809.
I was involved where a retired Chief of a major bank in Germany was giving his insight some years back. He was the chief of the Finance department prior to his retirement. He explained the role of a market maker inside their bank. He was also part of that before being propmoted to chief. That is why I know that your bank/broker is not allways on your side. His bank had people executing trades to the best outcome for the bank. Sometimes orders are facing one another without matching and then they have huge algorithms and fast computors to feed the market to create matching orders and a domino effect. Especially in the stock market they do.
Forex might be to big for one bank to do so. But they use the same way of dealing thus making it a broad way of united way af doing things.
******************************
That is what I was teaching with market rhythm in this thread. You move with the big guys after they have done their way of collecting. Look at post 22217 if you can spot where they have done their little deal and what the market did after that. If you can spot that while doing your analyses you will make pips.


Thanks Ira for the link. Surely was worth reading. It corresponds with what I was told by this guy as well.
  • #22,234
  • Apr 9, 2010 9:09am Apr 9, 2010 9:09am
hi, everyone, first of all i wanna thank millions times to Phillip, you r great!
and also to you Ira, thanks a lot, and the other friends that share their experience and knowledge without being selfish and not being bored by answering the same questions again and again that comes from us (excited rookies likes me )
and at last, i have a question to everyone , what do you think about eurusd, is the trend turns bullish or the heavy resistance still working, i am planning to hold my shorts (3460-3485),what do you advise!
thanks
  • #22,235
  • Apr 9, 2010 9:10am Apr 9, 2010 9:10am
Hi,

Please refer to attached chart.

If candle closes as is:

- Would you take this trade, retraced smoothly to 21, BOZ, TC, within down trend line, +- 40 pips to 89.
- Would fact that weekend is coming up, keep one out of a good trade.

Thanls for advice.

Have a good weekend

Martin
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  • #22,236
  • Apr 9, 2010 10:15am Apr 9, 2010 10:15am
Please refer to chart,

Similar to last UsdJpy, except retraced well past 21.

MACD has given a signal. Would this be seen as Ct or Tc?

Thanks in advance

Regards

Martin
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 18 KB
  • #22,237
  • Edited Apr 10, 2010 5:29am Apr 9, 2010 6:53pm | Edited Apr 10, 2010 5:29am
First of all, thanks to Ira. It takes a lot of effort to reply to people's posts and I just wanted you to know that it is not going unrecognized. Second I made a trade today from work, not the best entry, but I was at work with a different GMT time and I have to fit my trades in b/t patients. Anyway the chart is posted below and how I would have proceded if I was at home, I actually only got 38 pips out of the move. (A very brief mention of eliot wave: Price as WG mentioned is in a flat ABC correction with the C wave having 5 waves. We had at least part of the 3rd wave of the C wave). What I look for in consolidation period is candle patterns near the perimeters. In the blue rectangle is a morning star pattern indicating higher prices to come. Price had also broken past the 21MA and closed above the previous 16 candles.
Have a nice week-end.
Raymond
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  • #22,238
  • Apr 10, 2010 10:40am Apr 10, 2010 10:40am
Quoting mt2
Hi,

Please refer to attached chart.

If candle closes as is:

- Would you take this trade, retraced smoothly to 21, BOZ, TC, within down trend line, +- 40 pips to 89.
- Would fact that weekend is coming up, keep one out of a good trade.

Thanls for advice.

Have a good weekend

Martin
I would not have taken this trade. It is not a smooth retracment, we are still in an uptrend on the daily and the risk/reward would be poor. Yes, weekend is an obstacle too. I don't like keeping trades over weekend, but I also don't like to keep them overnught , it is just my style, and you have to find yours.
  • #22,239
  • Apr 10, 2010 10:52am Apr 10, 2010 10:52am
Quoting mt2
Please refer to chart,

Similar to last UsdJpy, except retraced well past 21.

MACD has given a signal. Would this be seen as Ct or Tc?

Thanks in advance

Regards

Martin
It is RT - round top. Have you got the description of the major signals? I include it here, it is from lesson 9. On the first page there are all important documents on this strategy, including 13 lessons.

Once again, don't try to concentrate on the signals. Learn rhythm, how price moves around MA's, then wait for something to show you that this trade is really on. You are looking at very marginal trades, they may work or may not. We need odds in our favour, otherwise it will be gambling.
Attached File(s)
File Type: pdf L9 Major MACD Signals.pdf   23 KB | 669 downloads
  • #22,240
  • Apr 10, 2010 10:59am Apr 10, 2010 10:59am
Hi Ira,

Thanks for your response, I've lots to learn, will keep posting.

Your input is really appreciated.

Regards

Martin
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