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4 Hour Strategy (MACD)

  • #22,581
  • May 6, 2010 4:09pm May 6, 2010 4:09pm
Thanks Tmac...I agree

I think one of critical factors that is not brought up enough is how to take the emotion out of trading. It always feels good when closing out a winner and not so good closing out a loser. If you have a method/system that works, works meaning that you account is growing month after month, year after year. Then losers should mean absolutely...nothing. As long as you have the proper rules, plan, money management, and knowing your exits before you enter, then your good to go. If you get too pissed off about a loser and you lost 20% of your account on a single trade then the problem is the trader not the method. You are doomed to fail.

When I close out a position loser or winner, the feeling is the same. Big winner, small winner, break even, or stopped out ...it all feels the same. A 20% account loser is a non money management trade and we thank you for giving 'us' your money...please continue to do that.

Today was a GREAT day for me. But, I feel the same about things before I entered anything...

Hope everyone bagged a bundle no matter what method you follow.
  • #22,582
  • May 6, 2010 4:59pm May 6, 2010 4:59pm
thank you, Davidwu61, Tmac, Palmer.
one can't stress enough how important proper tradingpsychology is. goes hand in hand with the moneymanagement and then comes the system.
  • #22,583
  • May 6, 2010 5:38pm May 6, 2010 5:38pm
As far as what to do next with these markets, who knows? Jobs numbers due out tomorrow morning so expect more volatility.

My plan is to trade the lower timeframes until the 4hr pulls back some.
  • #22,584
  • Edited 6:15pm May 6, 2010 6:04pm | Edited 6:15pm
Thank you, Davidwu61, Tmac, Palmer,

I fully agree with you guys and trying very hard to make sure I follow the system and not let emotion take over. I guess this is going to be difficult but I am trying my best to conquer it.
Only if I can control my own emotion and understand trading psychology, I am not on the track yet...
  • #22,585
  • May 6, 2010 7:14pm May 6, 2010 7:14pm
Euro still slipping. Where's the bottom? It has hit new lows on EJ since 2003.
  • #22,586
  • May 6, 2010 7:41pm May 6, 2010 7:41pm
Quoting AlwaysLearn
Euro still slipping. Where's the bottom? It has hit new lows on EJ since 2003.

EJ 8 year low. .tt's even more insane. but i read some idiot made some mistake so ya. maybe things will recover today. anw i wanted to fund my account only to realise USd up against SGD by like so much! 1.36 to 1.41
  • #22,587
  • May 6, 2010 7:55pm May 6, 2010 7:55pm
Quoting Palmer
As far as what to do next with these markets, who knows? Jobs numbers due out tomorrow morning so expect more volatility.

My plan is to trade the lower timeframes until the 4hr pulls back some.
Hi Palmer, when you say lower time frame, are you referring to the 1hr?
  • #22,588
  • May 6, 2010 9:01pm May 6, 2010 9:01pm
Quoting yuan83
EJ 8 year low. .tt's even more insane. but i read some idiot made some mistake so ya. maybe things will recover today. anw i wanted to fund my account only to realise USd up against SGD by like so much! 1.36 to 1.41
Good for you. You already made money from your account even without trading when you sold SGD to buy USD to fund your account. I lost money because my account is in EUR.
  • #22,589
  • May 6, 2010 9:34pm May 6, 2010 9:34pm
Quoting wuming79
Hi Palmer, when you say lower time frame, are you referring to the 1hr?
Usually it's the 15/5/1 min...they all have to gel with the 4hr trend though. I use the 15min for the current trend direction per the 4hr and look for a pullback forming there and either make entries on the 5min or 1min chart..pending have the time to monitor those. When the 4hr is moving fast like it has it can be hard to find an entry so the lower timeframes can give more opportunities to enter that 4hr trend. I use a set up similar to Phillip's 5 minute method...
  • #22,590
  • May 6, 2010 9:38pm May 6, 2010 9:38pm
Quoting AlwaysLearn
Euro still slipping. Where's the bottom? It has hit new lows on EJ since 2003.

Weekly chart here...If we break this low then maybe 1.1570 'ish.
Attached Image
  • #22,591
  • Edited 10:43pm May 6, 2010 10:30pm | Edited 10:43pm
http://www.reuters.com/article/idUSN0615878420100506

Trading glitch caused the plunge in US stock market. I heard that US stock market is related to the strength of Euro. Is that true?
  • #22,592
  • May 6, 2010 11:12pm May 6, 2010 11:12pm
Took a buy stop at 117.93 (5 pips above candle close) on EJ as RB forming. sl at 116.53 (38.2% fibo) and tp at 120.17 (61.8% fibo). Currently, trade is pending. This is a high risk trade, which is why I used buy stop to enter the trade instead of instant execution. Comments?
  • #22,593
  • May 7, 2010 12:24am May 7, 2010 12:24am
Quoting AlwaysLearn
Took a buy stop at 117.93 (5 pips above candle close) on EJ as RB forming. sl at 116.53 (38.2% fibo) and tp at 120.17 (61.8% fibo). Currently, trade is pending. This is a high risk trade, which is why I used buy stop to enter the trade instead of instant execution. Comments?
I think your RB might be a retracement from yesterdays' massive move and although we may retest 120 again I would be looking for shorts. It's counter trend so it's not for me!
Gone to a better place
  • #22,594
  • Edited 2:16am May 7, 2010 12:37am | Edited 2:16am
Quoting smikester
I think your RB might be a retracement from yesterdays' massive move and although we may retest 120 again I would be looking for shorts. It's counter trend so it's not for me!
Cancelled the pending trade as it is going down again. It's a bad habit I have to get rid of, trading against the trend. But at least this time the trade did not get executed.
  • #22,595
  • May 7, 2010 3:02am May 7, 2010 3:02am
Quoting AlwaysLearn
Good for you. You already made money from your account even without trading when you sold SGD to buy USD to fund your account. I lost money because my account is in EUR.
hmm no leh didnt managed to fund. i nv expect usd to go up so much. ya who knows
  • #22,596
  • May 7, 2010 3:03am May 7, 2010 3:03am
guys, why don't you take a day off and spend the time with your family or do research or go on a walk? volatility is high and unpredictable, there is no rhythm whatsoever. plus nfp in a few hours. I wouldn't risk my tradingcapital today.
  • #22,597
  • May 7, 2010 3:06am May 7, 2010 3:06am
Quoting ashes
guys, why don't you take a day off and spend the time with your family or do research or go on a walk? volatility is high and unpredictable, there is no rhythm whatsoever. plus nfp in a few hours. I wouldn't risk my tradingcapital today.
Good advice. I am also taking the next 3 weeks off trading as I have to concentrate on my exams. The market should return to normal by then.
  • #22,598
  • May 7, 2010 5:35am May 7, 2010 5:35am
Quoting ashes
guys, why don't you take a day off and spend the time with your family or do research or go on a walk? volatility is high and unpredictable, there is no rhythm whatsoever. plus nfp in a few hours. I wouldn't risk my tradingcapital today.
That's exactly what I will do. Good weekend to everyone!!!
  • #22,599
  • May 7, 2010 6:43am May 7, 2010 6:43am
Quoting ashes
guys, why don't you take a day off and spend the time with your family or do research or go on a walk? volatility is high and unpredictable, there is no rhythm whatsoever. plus nfp in a few hours. I wouldn't risk my tradingcapital today.
Exactly....
  • #22,600
  • May 7, 2010 10:48am May 7, 2010 10:48am
Quoting AlwaysLearn
Good advice. I am also taking the next 3 weeks off trading as I have to concentrate on my exams. The market should return to normal by then.
o wad exams u taking? trading exams? ha
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