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4 Hour Strategy (MACD)

  • #22,481
  • May 2, 2010 11:14pm May 2, 2010 11:14pm
Quoting xeneric
No they are not stupid questions. It takes time to learn forex.
Time is one commodity I don't have much of. My subscription to an EA ends in Sep 2010 which by then I hope to be able to start trading live on my own. So much to learn. so little time.
  • #22,482
  • May 2, 2010 11:31pm May 2, 2010 11:31pm
Quoting AlwaysLearn
Time is one commodity I don't have much of. My subscription to an EA ends in Sep 2010 which by then I hope to be able to start trading live on my own. So much to learn. so little time.
if the EA is not bad, y not extend ur subscription? haa
  • #22,483
  • May 3, 2010 12:20am May 3, 2010 12:20am
Quoting yuan83
if the EA is not bad, y not extend ur subscription? haa
The EA gave me 40% since I started on 3rd March 2010. But then, the drawdown of the EA is too much. At a certain point, I was running more than 50% floating loss against my account. Based on forex advice I keep reading about, that is not a good thing to have as one bad trade will wipe out my account. Since I have paid for 6 months, I thought I will let it run its course and there after, I will start manual trading. Hopefully by then, I am able to trade successfully. I will be transferring the 40% profit to another account to lock in some of my capital in case the EA fails. May try to do micro lot trading by July.
  • #22,484
  • May 3, 2010 1:05am May 3, 2010 1:05am
thank you, Ira, Palmer, Xeneric. I'm looking forward studying the market rhythms with you.
  • #22,485
  • May 3, 2010 1:11am May 3, 2010 1:11am
I'm going to go short with the eu in about seven hours, if that candle closes below the 8/21ema bundle.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 4h 3.5.10.gif Size: 13 KB
  • #22,486
  • May 3, 2010 1:23am May 3, 2010 1:23am
Quoting AlwaysLearn
The EA gave me 40% since I started on 3rd March 2010. But then, the drawdown of the EA is too much. At a certain point, I was running more than 50% floating loss against my account. Based on forex advice I keep reading about, that is not a good thing to have as one bad trade will wipe out my account. Since I have paid for 6 months, I thought I will let it run its course and there after, I will start manual trading. Hopefully by then, I am able to trade successfully. I will be transferring the 40% profit to another account to lock in some of my capital...
haha ok 50 is too much! yup u are lucky it end up well else there is an issue. i dunno how e EA works but maybe e EA lot size is much larger than wad ur acct can support?? hence maybe it's not e EA method but e lot size which u shd adjust? yup
  • #22,487
  • May 3, 2010 1:26am May 3, 2010 1:26am
Quoting ashes
I'm going to go short with the eu in about seven hours, if that candle closes below the 8/21ema bundle.
i think 50% fib retractment of the downward move will be a gd plac e to enter
  • #22,488
  • May 3, 2010 2:19am May 3, 2010 2:19am
Quoting yuan83
haha ok 50 is too much! yup u are lucky it end up well else there is an issue. i dunno how e EA works but maybe e EA lot size is much larger than wad ur acct can support?? hence maybe it's not e EA method but e lot size which u shd adjust? yup
It wasn't the lot size. It was all the losing trades. The EA doesn't put sl. It just enter trades at double the initial lot size in the same direction. Therefore, there was once I had 3 losing trades totaling about 500 pips loss with each trade double the lot size. Luckily, the market rebounded and managed to close 2 win trades and 1 lost trade. But, it is not an effective nor is it a good method should the market be trending long term. Therefore, I will be transferring out my profits at this point to lock in some captial in case the account is wiped out. If you want, I can post the entire summary of the EA and you can retrace the trades and see how much drawdown it was. My capital was 5k Eur and it was at one time doing a floating loss of 2k+. Currently, the EA still has a sell trade open on EJ at 122.05 which was placed end of March.
  • #22,489
  • May 3, 2010 4:11am May 3, 2010 4:11am
Quoting AlwaysLearn
It wasn't the lot size. It was all the losing trades. The EA doesn't put sl. It just enter trades at double the initial lot size in the same direction. Therefore, there was once I had 3 losing trades totaling about 500 pips loss with each trade double the lot size. Luckily, the market rebounded and managed to close 2 win trades and 1 lost trade. But, it is not an effective nor is it a good method should the market be trending long term. Therefore, I will be transferring out my profits at this point to lock in some captial in case the account is...
haha ok sorry to digress on MACD thread. hmm if u think it's not gd u shd just stop e EA. anw 122.05 . tt's still a loss. but at least u didnt blow ur 1st acct like me


anw ok back to MACD. I am looking at EJ. price seems to come near to 21MA and 8MA confluence. looking to short it.
  • #22,490
  • Edited 5:53am May 3, 2010 5:25am | Edited 5:53am
Quoting yuan83
haha ok sorry to digress on MACD thread. hmm if u think it's not gd u shd just stop e EA. anw 122.05 . tt's still a loss. but at least u didnt blow ur 1st acct like me

anw ok back to MACD. I am looking at EJ. price seems to come near to 21MA and 8MA confluence. looking to short it.
Yup. Sorry to digress. Can't offer any views as I am now using mobile to view. Limited indicators. But from the candles, shorting the EJ seems a good trade. But beware of breakthrough on the 21MA. The candle to watch should be the one ending 12 midnight SG time.
  • #22,491
  • May 3, 2010 7:13am May 3, 2010 7:13am
Nice shorts on the EU if you took them. I did take some on the downside when the gap open was filling last night. Have a good week everyone...
  • #22,492
  • May 3, 2010 7:48am May 3, 2010 7:48am
I'm out of my short when it retraces 25 pips. Now looking for short in 1hr. Waiting for the TC pattern with tails showing up in the 8MA and 21MA zone. The price is quite flat throughout Eur hours...
  • #22,493
  • May 3, 2010 7:58am May 3, 2010 7:58am
I'm not entering short before the lower tl has been corssed .. so I continue to wait
Attached Image (click to enlarge)
Click to Enlarge Name: eu 4h 3.5.10a.gif Size: 14 KB
  • #22,494
  • May 3, 2010 8:27am May 3, 2010 8:27am
Quoting AlwaysLearn
Yup. Sorry to digress. Can't offer any views as I am now using mobile to view. Limited indicators. But from the candles, shorting the EJ seems a good trade. But beware of breakthrough on the 21MA. The candle to watch should be the one ending 12 midnight SG time.
Hi AlwaysLearn,

Can tell me what phone you are using? I heard HTC is for window OS & can show chart but not sure if it is good? Any suggestion what phone is good for reading chart?
  • #22,495
  • Edited 10:06am May 3, 2010 9:28am | Edited 10:06am
Quoting silverfox88
Hi AlwaysLearn,

Can tell me what phone you are using? I heard HTC is for window OS & can show chart but not sure if it is good? Any suggestion what phone is good for reading chart?
Any windows mobile phone is fine. I was using HTC Diamond, now HP iPAQ 912. Going to get Garmin Asus M10 next. Important is screen size, resolution and battery life.

Update, EJ has broken the 89MA, if candle closes at this level, uptrend oncoming as MACD showing RB.

Edit: Retracement from 89MA started. TC signal on MACD. Good time to place a short on EJ when candle closes. Too bad I'll be asleep by then.
  • #22,496
  • May 3, 2010 10:03am May 3, 2010 10:03am
eu ran away from me, I guess I won't enter at candle close in two hours with the decreasing profit expectation to last low. so I wait

gu on the other side could show some entry opportunity in six hours, if the next candle closes below the tl. I'd also aim for the last low.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4h 3.5.10b.gif Size: 14 KB
  • #22,497
  • May 3, 2010 10:38am May 3, 2010 10:38am
Quoting ashes
Hi all,
after having been absent to this thread for more than two years I want to announce than I come back trading and posting trades of Philip Nels 4h market rhythm strategy. maybe my odyssee through many tradingstyles and timeframes, some of which I still trade, will be of help for a better understanding of this great system I originally started trading with.
gu and eu are the pairs I use.
Regards
Hi, Ashes. Nice to meet you again since 2 years ago!

I have been preparing the exam of my financal gratuation exams and reciting GRE wrods since Chinese New Year, during this period, I have been a lurker. The exam will be hold at the end of this month, after that I am going to post again. I didn't want to post before that until saw you back. Let's advance this strategy together.
Plan your trades and trade your plans
  • #22,498
  • May 3, 2010 11:19am May 3, 2010 11:19am
Quoting saka
Hi, Ashes. Nice to meet you again since 2 years ago!

I have been preparing the exam of my financal gratuation exams and reciting GRE wrods since Chinese New Year, during this period, I have been a lurker. The exam will be hold at the end of this month, after that I am going to post again. I didn't want to post before that until saw you back. Let's advance this strategy together.
thank you, Saka. I wish you all the best for your exam. I'm looking forward to your posts, yes, let's advance this strategy
  • #22,499
  • May 3, 2010 12:05pm May 3, 2010 12:05pm
as the last eu 4h candle has retraced well, it offers me a reasonable rr to enter the trade that I have planned this morning. I would have liked the candle to have a shorter lower shadow, but I'm risking it.

reasons for the trade:
the price has crossed the 8/21ema and retraced back to 8ema. these 8h of stalling have prepared the trendcontinuation off the 8ema with a trendline break. my hope is that the short trend has now been installed and the retrace to the tl is a confirmattion of it. I enter below the trendline and below 1,3200.

a concern is that the long shadow is forming a higher low

I will be carefully managing this trade, since the descending broadening wedge is usually a trendreversal pattern. so I will set the trade sl be at +0,5r

sl is placed right above the candle that retraced to 8ema
tp is the previous low

short 1,3195
sl 1,3265
tp 1,3125

r:r = 1:1
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4h 3.5.10c.gif Size: 14 KB
  • #22,500
  • Edited 5:31pm May 3, 2010 4:52pm | Edited 5:31pm
Hello all, not gone for to long, maybe a week. A trade I did today...on the EUR/USD. The 1st chart is the daily and the candle we had last wk (the 280 pip) had me looking for short trades. Last night some people caught the initial move down. The second chart shows the move last night with the red arrow. That engulfing 4 hr candle closed below the moving average which is a move I really like in a consolidation period. After that candle, price was in a mini consolidation period and waiting for the MA's to push it down for the final move down to the 1.3150 area (that was my initial target). So at this point I have the daily and a 4 hr bearish belt holding candles. I then know I'm going to enter the market and I look to the 1 hr for an entry. The 3rd chart is the 1 hr. Notice the mini evening star and all those tails to the top. The 4th and final chart is my exit. I was expecting it to hit my target on that second move down and when it did not I manually got out.
Ashes: I don't remember you, but welcome. Personally, I think the way price reacted at the 3150 level, there appears to be a lot of buyers. Just my opinion, but I hope it works out for you
Raymond
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