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4 Hour Strategy (MACD)

  • #22,301
  • Apr 17, 2010 4:33am Apr 17, 2010 4:33am
Quoting ira
Phillip's combobox is not just a number of strategies, It's a complete range of tools, which you can use trading any market. Phillip shows the ways how to put stops, where to take profits, where to stay longer and where not. His strategies are based on people's behavior, so they cannot stop working))).
I agree with you they do work very well, it isw a good investment.
  • #22,302
  • Apr 18, 2010 4:56pm Apr 18, 2010 4:56pm
Quoting gerald20000
Any recommendation that Phillip Nel's combobox is worth investing and still applicable for today's market?
yap. its good so many strategy. but better to understand this 4 hr macd first. this is the main strategy.
  • #22,303
  • Apr 18, 2010 6:32pm Apr 18, 2010 6:32pm
Does anyone know how to fix an incorrect candle on MT4 platform. On all my EUR/USD charts there is a candle which goes all the way to 1.003.
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  • #22,304
  • Apr 18, 2010 8:26pm Apr 18, 2010 8:26pm
Looks like bad data my friend..

I'm thinking possible triple bottom or lower on the EU..
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  • #22,305
  • Apr 18, 2010 8:34pm Apr 18, 2010 8:34pm
[quote=Palmer;3648980]Looks like bad data my friend..

Does this mean there is no fixing it?
  • #22,306
  • Apr 18, 2010 8:42pm Apr 18, 2010 8:42pm
[quote=Morelands;3648996]
Quoting Palmer
Looks like bad data my friend..

Does this mean there is no fixing it?
Try going into tools -> history and deleting the candle from the pair
  • #22,307
  • Apr 19, 2010 12:43am Apr 19, 2010 12:43am
[quote=hndymann;3649012]
Quoting Morelands

Try going into tools -> history and deleting the candle from the pair
Yes, I confirm. Clear all the history files inside that folder.
  • #22,308
  • Apr 19, 2010 6:21am Apr 19, 2010 6:21am
Thanks Baco and Palmer
  • #22,309
  • Apr 19, 2010 6:22am Apr 19, 2010 6:22am
[quote=Morelands;3648996]
Quoting Palmer
Looks like bad data my friend..

Does this mean there is no fixing it?

Yes, you can go into the history center, find that candle time and re-enter the o-h-l-c and that should do it...
  • #22,310
  • Edited 7:11pm Apr 19, 2010 7:00pm | Edited 7:11pm
hello all. Just started learning Phillip's strategy and did a trade yesterday. Please give me your comments as to whether it was in line with Phillip's strategy. Thanks in advance.

Long entry at 123.74 (EURJPY) as MACD showed signal for long position (Round Bottom) with sl at 123.27 and tp at 124.50 (200SMA). Went ahead with trade as R:R ratio was more than 1. The tail on the previous candle and the closed candle was nice and signified big players’ movement.

Price came to 123.36, 9 pips from sl before going up. Tp was hit while I was asleep. Gain = +76 pips
Please see chart attached.
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  • #22,311
  • Apr 19, 2010 8:11pm Apr 19, 2010 8:11pm
Quoting AlwaysLearn
hello all. Just started learning Phillip's strategy and did a trade yesterday. Please give me your comments as to whether it was in line with Phillip's strategy. Thanks in advance.

Long entry at 123.74 (EURJPY) as MACD showed signal for long position (Round Bottom) with sl at 123.27 and tp at 124.50 (200SMA). Went ahead with trade as R:R ratio was more than 1. The tail on the previous candle and the closed candle was nice and signified big players’ movement.

[font=Calibri]Price came to 123.36, 9 pips from sl before going...
I don't follow this pair, but it looks like price was in a ranging period with a previous bottom at 123.45 so a round bottom was the correct signal (take RT and RB when price is in a range period and TC with you are in a trend). You entered earlier than I would have. I probably would have entered after the morning star candle pattern when price retrace towards the 123.90. I also would have closed some of my position at the 200 and let the other part run a little. Your trade looks good and 76 pips is $ in the bank. Congrats!!!!!!!!!!!
Raymond
  • #22,312
  • Apr 19, 2010 8:39pm Apr 19, 2010 8:39pm
Quoting AlwaysLearn
hello all. Just started learning Phillip's strategy and did a trade yesterday. Please give me your comments as to whether it was in line with Phillip's strategy. Thanks in advance.

Long entry at 123.74 (EURJPY) as MACD showed signal for long position (Round Bottom) with sl at 123.27 and tp at 124.50 (200SMA). Went ahead with trade as R:R ratio was more than 1. The tail on the previous candle and the closed candle was nice and signified big players’ movement.

[font=Calibri]Price came to 123.36, 9 pips from sl before going...
Welcome!

Just remember that RB's and RT's are counter trend trades = they are going against the current trend. They do work here and there but not all the time. However, I see this is your first post and you are doing exactly as stated per the methods original logic. Phillip now puts most of the emphasis on trend continuation (TC) signals after the trend is already established; mostly when price returns to the 21 EMA during a trend. Feel free to check out this info
http://www.fxtradeblog.com/tools.html#practicecharts

These are practice charts for a full year that you can print out and make notes on.

Thanks for joining 'us'!
  • #22,313
  • Apr 20, 2010 2:58am Apr 20, 2010 2:58am
Hi all,
According to Phillip a TC signal is a very strong signal and we must wait for the next bar to enter the market.
For example if in a downtrend we had a red bar after a green one at 4 am we can short at 8 am .But what happens if at the opening a green bar appears? Should we wait until it turns red to short?
Sorry for my bad English and thank you in advance for your answer.
  • #22,314
  • Apr 20, 2010 6:48am Apr 20, 2010 6:48am
Quoting jeff75
Hi all,
According to Phillip a TC signal is a very strong signal and we must wait for the next bar to enter the market.
For example if in a downtrend we had a red bar after a green one at 4 am we can short at 8 am .But what happens if at the opening a green bar appears? Should we wait until it turns red to short?
Sorry for my bad English and thank you in advance for your answer.
So in a downtrend you ar asking if the MACD is red-red-green-red on close then enter -then green again?

If so, this is all where trading comes into place. Where are the S/R lines, Fib #'s, trendlines, channels....stop management....The MACD is just one of the tools for the method and should not really be your only tool. What is the rhythm of the market doing = what is the current pattern of the moving averages and how long has the pattern (flow) been running for. ..

Take a look at the first rectangle area = no flow and very hard to trade. Do not trade this area at all. Let the market clean itslef up

Second rectangle = flow = rhythm = easier to get in with the trend.

Back to the first rectangle = channel with price, S/R = a little more advanced. When price starts forming a channel like this, this is where RT's and RB's can help with and entry. But, there is no rhythm here per the method. This first rectangle is a 'trader's rectangle' that requires a little more analysis for entries.

It can take several days or even weeks for a market to find it's rhythm...
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  • #22,315
  • Edited 7:59pm Apr 20, 2010 3:17pm | Edited 7:59pm
Here is a trade that is currently on. On the daily you can see the hammer formed from yesterday's price action. Notice the 21 MA and the trendline supporting price. Next is the 4 hr chart. The arrow is under the belt holding candle that breaks though the 8, 21, and 55 MA. That area had previously been resistance and hopefully will act as good support. Notice also that we are making higher lows. Once I saw that candle, I fib'd the move up on the 15 min. I enter on the candle with the arrow under it. It was a late trade, but I liked the set up. Let's see how it goes
Raymond

Edit: I'm out....-41pips
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  • #22,316
  • Apr 20, 2010 8:53pm Apr 20, 2010 8:53pm
Thanks for the comments. I entered the trade a little early as that candle closed 8PM my time. By the time the next candle closed, I would have been asleep. I attached the continuation of the chart. It did break through the 200SMA before resisting at 365EMA. Now it seems like a round top is forming or will it be a trend continuation? Did not enter this trade as the sl to the 89SMA is more than 90 pips. What are your views?
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  • #22,317
  • Apr 21, 2010 12:57am Apr 21, 2010 12:57am
I took a short TC trade on the E/U yesterday. I was aware of the hammer on the daily, but it was from strong resistance 89, 21, Fib level and round number 1.3500. Enough place to put to breakeven. On the chart you can see where my stop was and take profit. It is always feels bad when you were right, but the price takes you out, -82 here. But it is a probability game, so anything can happen.
Attached Image
  • #22,318
  • Apr 21, 2010 2:14am Apr 21, 2010 2:14am
Quoting ira
I took a short TC trade on the E/U yesterday. I was aware of the hammer on the daily, but it was from strong resistance 89, 21, Fib level and round number 1.3500. Enough place to put to breakeven. On the chart you can see where my stop was and take profit. It is always feels bad when you were right, but the price takes you out, -82 here. But it is a probability game, so anything can happen.
Took the same trade Ira, yesterday, but I placed my stoploss 30 pips above the 1.3500 level and I eventually gained 70 pips. For my experience, I prefer to enter with a smaller lot, but place my stoploss 30 pips above a round figure. Very often even if there is a strong resistance at 1.3500, for instance, you get candles with tails up to 1.3520/ 1.3523 before the resistance comes into play. I got caught up in that too many times. I hate to see that my entry was right but my stoploss got hit by a couple of pips.
Same when I see a take profit at a round figure. I like to put my take profit at 1.3515/ 1.3510 instead of 1.3500....
  • #22,319
  • Edited 4:14am Apr 21, 2010 2:18am | Edited 4:14am
Quoting Morelands
Here is a trade that is currently on. On the daily you can see the hammer formed from yesterday's price action. Notice the 21 MA and the trendline supporting price. Next is the 4 hr chart. The arrow is under the belt holding candle that breaks though the 8, 21, and 55 MA. That area had previously been resistance and hopefully will act as good support. Notice also that we are making higher lows. Once I saw that candle, I fib'd the move up on the 15 min. I enter on the candle with the arrow under it. It was a late trade, but I liked the set up. Let's...
What a shame you got stopped out. I was going to congratulate you but then I saw that you were already out. I still think your analysis was correct and GU is headed in that direction. Right now it has hit resistance at 1.54000 level but overall I think it is likely to continue up later.
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  • #22,320
  • Apr 21, 2010 5:54am Apr 21, 2010 5:54am
Quoting xeneric
What a shame you got stopped out. I was going to congratulate you but then I saw that you were already out. I still think your analysis was correct and GU is headed in that direction. Right now it has hit resistance at 1.54000 level but overall I think it is likely to continue up later.
It is frustrating. I got stopped out by 2 pips and then it did go my direction. I'll give it a little more breathing room next time. However, on the up side things did happen like I thought. Thanks for the comments
Raymond
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