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4 Hour Strategy (MACD)

  • #22,261
  • Apr 13, 2010 11:46am Apr 13, 2010 11:46am
[quote=emiliolopez;3634879]I did this trade yesterday, it looks stalled, it looks price is having a hard time trying to close below 21 average

i mean 8 average
  • #22,262
  • Apr 13, 2010 11:55am Apr 13, 2010 11:55am
Also, i got stopped this past night in the long USDJPY trade i took a couple days ago:
Attached Image (click to enlarge)
Click to Enlarge Name: 2010 04 13 usdjpy 01.gif Size: 26 KB


i feel i need to find better moments for entering trades
  • #22,263
  • Apr 13, 2010 12:01pm Apr 13, 2010 12:01pm
Quoting Palmer
Sometimes the best trades are those that are not taken....Hmmmm, this kinda sounds like discipline if you ask me
Lately I have heard that discipline is the ability not to do something that you really want to do.
  • #22,264
  • Apr 13, 2010 12:51pm Apr 13, 2010 12:51pm
Quoting ira
Lately I have heard that discipline is the ability not to do something that you really want to do.
Im usually disciplined until i do something i really want to do, then i have to work my discipline again.
  • #22,265
  • Apr 13, 2010 4:18pm Apr 13, 2010 4:18pm
Quoting ira
I also skipped this trade, the signal looked good, but it was right into the resistance 365 and Fib level. Now looks like we made right decision.
I did take this one, not giving much importance to 365 sma, while I noticed the fibo lvl (I suppose the daily one btw jan 19 and march 1).
Thank you all to have highlighted.
  • #22,266
  • Apr 13, 2010 6:12pm Apr 13, 2010 6:12pm
Quoting ira
Lately I have heard that discipline is the ability not to do something that you really want to do.
Discipline & emotion are the toughest and most difficult part in trading. Still trying very hard to conquer these two monster
  • #22,267
  • Apr 14, 2010 1:37am Apr 14, 2010 1:37am
Hi all,
Took this trade in the morning.
GBPUSD:

MACD signal LONG

ENTRY at 1.5435

target 1.5495

Stoploss:1.5395

R:R ratio-1:1

just finished above 365 ma which should provide support.

Any comments
Attached Image (click to enlarge)
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  • #22,268
  • Apr 14, 2010 2:06am Apr 14, 2010 2:06am
Long EU this morning at 1.3636 and when profit hit 18 pips, set stop loss to breakeven. However, stop loss got triggered again. Recently, I have experience quite a number of times when set stop loss to breakeven, it got trigger very quickly. Just wondering if my method is not correct or is this normal to get sl trigger very often?
  • #22,269
  • Apr 14, 2010 2:58am Apr 14, 2010 2:58am
Quoting forexdoctor
Hi all,
Took this trade in the morning.
GBPUSD:

MACD signal LONG

ENTRY at 1.5435

target 1.5495

Stoploss:1.5395

R:R ratio-1:1

just finished above 365 ma which should provide support.

Any comments
Doctor Welcome to the thread,

Ok 1st of it looks like you have the basics of the system - however before taking this trade you should make use of the 1H chart. When starting off NEVER take signals off this chart however this could have provided you with some vital information. In order for the market to really continue in the upwards direction at the time you entered it would have had to place a higher high at 1.5446 (yesterday 15:00). Failing that you can see its now returned to the down side (for the time being)

Good trade however just at the wrong time - clearly your going to be slightly confused by what I am saying, so i'll use another example. Ok if you were ski jumping:

http://en.wikipedia.org/wiki/Ski_jumping

The potential distance you could travel by starting at the bottom of the run up is very small, whereas if you start right at the top you have much more scope of distance & control (although you will be moving much faster) If you think of this in terms of trading - you can see the wave you entered on as already started quite a way back so the scope for further movement is quite low. Look for the same signals when the market is in rhythm and you won't go far wrong.

For the best of you if you follow Elliot Wave this is 4th wave so be careful. I have been working on a way of using this system within 4th waves which involves fibs. I've made a video to sort of outline this, please if you have any questions please get in contact:

Inserted Video


As normal please comment and rate the video.

Cheers WG
  • #22,270
  • Apr 14, 2010 3:10am Apr 14, 2010 3:10am
Quoting reborns
Greetings everyone. I rarely post on this forum. But this time i need to ask you a question. Does anyone know why Saxo Bank doesnt use segregated accounts? And does anyone work with them? Thank you.
Reborns companies like saxo will always want to cover themselves, that together the the strict regulations they have now been put under from organisations like the FSA here in London. You may want to check out MF Global.

I am in the process of hopefully taking on Saxo's Education program for they're graduate traders so if you want more information I will put you in contact with someone who might be able to help you if you provide me with your contact details.

Cheers WG
  • #22,271
  • Apr 14, 2010 6:01am Apr 14, 2010 6:01am
Quoting silverfox88
Long EU this morning at 1.3636 and when profit hit 18 pips, set stop loss to breakeven. However, stop loss got triggered again. Recently, I have experience quite a number of times when set stop loss to breakeven, it got trigger very quickly. Just wondering if my method is not correct or is this normal to get sl trigger very often?
Just noticed there is a evening star and should have tp at 13656. One lesson learned.
  • #22,272
  • Apr 14, 2010 6:56am Apr 14, 2010 6:56am
Thanks for your input Welshguy.
I agree with you that i went in a bit late.Lesson learnt(hopefully).
I like this system but am finding that i miss the first signal and entre one candle later.(I think i neeed to use colored MACD to get around this problem.

Cheers
  • #22,273
  • Apr 14, 2010 6:58am Apr 14, 2010 6:58am
I woke up glad to see this

Attached Image (click to enlarge)
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patience pays.

ill take 1/2 profit and move sl to be.
  • #22,274
  • Apr 14, 2010 7:30am Apr 14, 2010 7:30am
Quoting forexdoctor
Thanks for your input Welshguy.
I agree with you that i went in a bit late.Lesson learnt(hopefully).
I like this system but am finding that i miss the first signal and entre one candle later.(I think i neeed to use colored MACD to get around this problem.

Cheers
The colored macd can provide clarification to an entry but should not be the initial trigger as you are aware. Learn a few candlesticks like hammers/pins, dojis, bullish engulfing, bearish engulfing, 2 bar reversals etc. and you will get in at the right time and place.

WG will never steer you wrong!

Also, Ira is one of the best traders around and frequents this thread. Pick her brain! lol

But by all means, use the colored macd!!!!
  • #22,275
  • Apr 14, 2010 9:19am Apr 14, 2010 9:19am
Good morning, I have just entered this dangerous risky countertrend following the MACD first target, 8EMA, second target 21 EMA and thats it.
Attached Image (click to enlarge)
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Lets see
  • #22,276
  • Apr 14, 2010 3:50pm Apr 14, 2010 3:50pm
i got first target at 8 ema 23pips and got out at BE

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i didnt like the feeling though. I guess ill wait for trades that goes with the trend, so i can see the price runing further. One thing im learning is that the scenario seems to change every moment, if i trade without a plan i expose myself to the changing moods of the market. I have to stick to the plan otherwise i would be drifting around.

meanwhile, im listening to Phillip's lessons , getting used to the accent
  • #22,277
  • Apr 14, 2010 5:38pm Apr 14, 2010 5:38pm
Interesting daily EU chart here...

Take a look at the downtrend line and where that gap was earlier in the week...Do we head back down, fill the gap and use the downtrend line as support, then bounce back up? Some resistance to the upside from here. I've got a moderately bullish feeling but still not comfortable trading this pair until we clear out of this box...
Attached Image (click to enlarge)
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  • #22,278
  • Apr 14, 2010 5:40pm Apr 14, 2010 5:40pm
...and the 4hr with it's own box. MACD is flat even though it's a good ways above the zero line
Attached Image (click to enlarge)
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  • #22,279
  • Apr 14, 2010 5:54pm Apr 14, 2010 5:54pm
Quoting Palmer
...and the 4hr with it's own box. MACD is flat even though it's a good ways above the zero line
Hi Palmer,

Do you know why is my chart slightly different from yours? Is it because I am trading using mini lots?

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.gif Size: 18 KB
  • #22,280
  • Apr 14, 2010 6:02pm Apr 14, 2010 6:02pm
Quoting silverfox88
Hi Palmer,

Do you know why is my chart slightly different from yours? Is it because I am trading using mini lots?

Attachment
Im not Palmer but,

I guess it is because you ar using different brokers wich are in different time zones, and your 4h and 1d candles start and finnish in diferent times.

and secondly, ask and bid prices slightly vary from broker to broker.
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