***Remaining in the spirit of this Thread/Strategy***
EurUsd Pair/18:00 candle close/GMT+2 Time zone-April 27th,2011
Folks; just coming back from meeting. Took some tea and quickly logged into the internet to check my positions; EurUsd and UsdCad pairs which I took before leaving: For the UsdCad I was stopped at break even, BE; For the EurUsd, I was stopped out by my profit setting, about 100pips made for a mini lot.
I am posting only the EurUsd here because it was taken strictly according to the H4 time frame. The UsdCad was taken strictly according to the M5 time frame, TF in agreement with the Rhythm of the H4 system, so I do not want to include it here, as we know that this thread is H4 Tf.
Preamble: If you get to my first posts, page 1605 titled History Repeating itself, it is in connection with this one: This is a unique setup of the H4 MACD Strategy, and I never take it for granted when it is happening before me...it is this setup that says according to Phillip,that; when price breaks a Trend line, it pulls back to it and starts moving away, and we take trades at the close of the move away candle...
Analysis: ...it came to pass again; price broke a minor trend line, pulled back to it making a beautiful tail and moving away with a strong bullish candle heading to the Daily trend line(SEE CHART);TC on the MACD. That was a setter, and I was in that flight.
According to Phillip Nel's ONE HOUR Early Entry Strategy: One can make an early entry into a H4 candle through the H1 candle or TF. So when I saw the strong bullish candle moving away from the trend line, I quickly switched to the H1 TF. What did I see?
I met a powerful bullish engulfing candle angling up. It was also a Zero break or RB on the MACD, and that was it. I took the flight at the close of the one hour candle, 18:00 candle; which means I entered 2 hours earlier to the close of the H4 candle-that is the meaning of early entry...
· I took only one position as I was on board already in the UsdCadpair.
· Stop loss = 30 pips
· Take profit = 100 pips.
· Risk/Reward Ratio = 1: 3.3 Ok for the MACD system.
God Bless Phillip