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4 Hour Strategy (MACD)

  • #24,401
  • Jul 20, 2011 12:14am Jul 20, 2011 12:14am
Quoting Morelands
Here is a trade I took last night at 8:00GMT or in the middle of the night for me. I'm thinking about posting most of my trades live for a little while to shut some people up, but I'm not sure if I'm ever going to do it at that hour, other than to state my entry. However, it will not be forever b/c the point of this whole forum is to learn.
The 1st chart is of the daily. I always start my trades from there. You can see the morning star candle formation indicating higher prices to come. You can also see the hammer candle off the 200 MA (orange MA)....
Hi Raymond,

Just ignore him, these types of ppl they r not happy with their lives so they want to be somebody by criticizism,complaining & etc.... then they r very happy. So let them be.

Thanks for the charts but I've had some doubt in my mind quite a while how to trade daily chart? If it's possible then it's very good cos I can just look at the chart for 1-2 hrs a day to trade.
My questions are:-
1. Macd is not so important anymore? Alternatively we pay attention to PA,candle formations, S/R, Trend line & MAs ?
2. from daily chart straight to 1hr chart to enter - no 4hrs chart?

I like to trade daily. Do you take the same rules(4hrs MACD) for daily TF?

Thanks,
  • #24,402
  • Jul 20, 2011 7:55am Jul 20, 2011 7:55am
Hey Peed,
I know my way is a little different, but it is just that...my way. I believe everyone has to find there own way. I get a lot of my trading style from a trader who was here in the beginning...WelshGuy or SionSmith. You can find about 40 videos on Youtube under Sionsmith. Go through his lessons 1st and then through his trades. I've been though his lessons thousands of time and I still watch them on occasion. I also keep an eye on a website: ellliottwavepredictions.com. At that site Sid makes his predictions on where he expects the market to go from an Elliott wave perspective. He does not tell you how to trade, just what he expects. I also have read books on candle sticks by Steve Nison.
All of this will give you more information than I can give on a little blub here. Mainly watch Sionsmith videos on Youtub and that is a great beginning

Raymond


Quoting peed
Hi Raymond,

Just ignore him, these types of ppl they r not happy with their lives so they want to be somebody by criticizism,complaining & etc.... then they r very happy. So let them be.

Thanks for the charts but I've had some doubt in my mind quite a while how to trade daily chart? If it's possible then it's very good cos I can just look at the chart for 1-2 hrs a day to trade.
My questions are:-
1. Macd is not so important anymore? Alternatively we pay attention to PA,candle formations, S/R, Trend line & MAs ?
2. from daily chart straight...
  • #24,403
  • Jul 21, 2011 4:56am Jul 21, 2011 4:56am
Quoting Morelands
Hey Peed,
I know my way is a little different, but it is just that...my way. I believe everyone has to find there own way. I get a lot of my trading style from a trader who was here in the beginning...WelshGuy or SionSmith. You can find about 40 videos on Youtube under Sionsmith. Go through his lessons 1st and then through his trades. I've been though his lessons thousands of time and I still watch them on occasion. I also keep an eye on a website: ellliottwavepredictions.com. At that site Sid makes his predictions on where he expects the market...
Thanks Raymond for sure I'll do that. Starting from now.
Hope you are making lot of pips.

Best regards,
  • #24,404
  • Edited 7:18pm Jul 21, 2011 7:08pm | Edited 7:18pm
Today was a nice move and something I like to see, strong bullish daily candles. The Eur closed within the consolidation area, but I don't believe the resistance line will hold and we'll see a trending market. The GBP, which I haven't traded in a while, looks like it has further up move. Just look for a pull back, a TC, or a candle pattern
  • #24,405
  • Jul 21, 2011 8:55pm Jul 21, 2011 8:55pm
[quote=peed;4793856]Hi Raymond,

Just ignore him, these types of ppl they r not happy with their lives so they want to be somebody by criticizism,complaining & etc.... then they r very happy. So let them be.

Thanks for the charts but I've had some doubt in my mind quite a while how to trade daily chart? If it's possible then it's very good cos I can just look at the chart for 1-2 hrs a day to trade.
My questions are:-
1. Macd is not so important anymore? Alternatively we pay attention to PA,candle formations, S/R, Trend line & MAs ?
2. from daily chart straight to 1hr chart to enter - no 4hrs chart?

I like to trade daily. Do you take the same rules(4hrs MACD) for daily TF?


PEED,


I feel like I should answer some of these. The MACD is only important to me as an after thought. I found that if I just traded the indicator, like I did initially I would actually end up losing more than I was making. I needed to know why it was showing a TC and whether, at that point in the market, it was something I should pay attention to.
In terms of Daily vs. 4hr. I first decide what kind of market I'm in, a consolidation period or a trending period. They are 2 totally different markets and it decides how I trade base on the type of market we are in (It is one of Sionsmith video lessons).
As to why I was looking at the daily and then the 1hr. Sometimes I just see things on the 1 hr that show a bottom. Plus as you noticed the 4hr would not have given me a good R:R, however trading off the 1hr it is more risky. However, it was 2 candle which hold more info than just 1hr. Again you can learn much more from the videos.
I alway look at the Daily 1st to get an idea of larger time frames and what the market is doing. Once a wk, I look at the wkly and occasionally I look at the monthly. I work my way down to smaller time frames from larger ones
Raymond
  • #24,406
  • Jul 22, 2011 6:41am Jul 22, 2011 6:41am
A family member is making money from this system. It is certainly not as easy as some thinks, and certainly not for everyone. According to him, persistent, discipline and patience are the key. Stick to the rule and learn how to read the rhythm as shown. He is on it for a few years now and make a good side money from it, part-time. I've just started learning but find the discipline is tougher to control than I expected.

Thank you, Phil for sharing. Much appreciated.
  • #24,407
  • Jul 22, 2011 9:01am Jul 22, 2011 9:01am
Do you mind if I ask who your family member is?
Raymond

Quoting Eddy Chen
A family member is making money from this system. It is certainly not as easy as some thinks, and certainly not for everyone. According to him, persistent, discipline and patience are the key. Stick to the rule and learn how to read the rhythm as shown. He is on it for a few years now and make a good side money from it, part-time. I've just started learning but find the discipline is tougher to control than I expected.

Thank you, Phil for sharing. Much appreciated.
  • #24,408
  • Edited 9:36pm Jul 22, 2011 8:13pm | Edited 9:36pm
Quoting Morelands
Here is a trade I took last night at 8:00GMT or in the middle of the night for me. I'm thinking about posting most of my trades live for a little while to shut some people up, but I'm not sure if I'm ever going to do it at that hour, other than to state my entry. However, it will not be forever b/c the point of this whole forum is to learn.
The 1st chart is of the daily. I always start my trades from there. You can see the morning star candle formation indicating higher prices to come. You can also see the hammer candle off the 200 MA (orange MA)....
Hi Raymond

Congratulations on your trade. I hope you made lots of pips. I took the same trade but didn't hold as long as you. I still came out with 63 pips though so you must have exited with much more.
  • #24,409
  • Edited 10:56pm Jul 22, 2011 8:16pm | Edited 10:56pm
Quoting Eddy Chen
A family member is making money from this system. It is certainly not as easy as some thinks, and certainly not for everyone. According to him, persistent, discipline and patience are the key. Stick to the rule and learn how to read the rhythm as shown. He is on it for a few years now and make a good side money from it, part-time. I've just started learning but find the discipline is tougher to control than I expected.

Thank you, Phil for sharing. Much appreciated.

Persistence, discipline and patience are definitely the most important traits of a good trader. You can have the best system in the world but without those qualities, you would not be successful. Often it takes years of hard work to acquire those traits. A lot of new traders are expecting to get rich quick after a few months. That won't work. Trading is often likened to studying to become a surgeon, it takes years, there is a lot to learn and you have to have plenty of self discipline. You might like to read "Trading in the Zone" by Mark Douglas which is one of the best books on trading psychology. All the best with your learning.
  • #24,410
  • Jul 22, 2011 8:45pm Jul 22, 2011 8:45pm
Quoting Morelands
I feel like I should answer some of these. The MACD is only important to me as an after thought. I found that if I just traded the indicator, like I did initially I would actually end up losing more than I was making. I needed to know why it was showing a TC and whether, at that point in the market, it was something I should pay attention to.
In terms of Daily vs. 4hr. I first decide what kind of market I'm in, a consolidation period or a trending period. They are 2 totally different markets and it decides how I trade base on the type of market we are in Raymond
Keep up all those great posts Raymond
  • #24,411
  • Edited 10:34pm Jul 22, 2011 10:07pm | Edited 10:34pm
[quote=Morelands;4801012]
Quoting peed
Hi Raymond,

Just ignore him, these types of ppl they r not happy with their lives so they want to be somebody by criticizism,complaining & etc.... then they r very happy. So let them be.

Thanks for the charts but I've had some doubt in my mind quite a while how to trade daily chart? If it's possible then it's very good cos I can just look at the chart for 1-2 hrs a day to trade.
My questions are:-
1. Macd is not so important anymore? Alternatively we pay attention to PA,candle formations, S/R, Trend line & MAs ?
2. from daily...
Thanks Raymond, I am watching about 10 Videos up to now. They are fantastic.

Best regards,
  • #24,412
  • Jul 23, 2011 7:25am Jul 23, 2011 7:25am
Quoting Morelands
Hey Peed,
I know my way is a little different, but it is just that...my way. I believe everyone has to find there own way. I get a lot of my trading style from a trader who was here in the beginning...WelshGuy or SionSmith. You can find about 40 videos on Youtube under Sionsmith. Go through his lessons 1st and then through his trades. I've been though his lessons thousands of time and I still watch them on occasion. I also keep an eye on a website: ellliottwavepredictions.com. At that site Sid makes his predictions on where he expects the market...
Thanks for the insight you are giving to these people. This is not a strategie with xyz type of rules. It is a system with various aspects even gutfeel is one of them at times. Gutfeel is based upon what comes to you based upon what you have experienced with your senses and what is stored in your memory. Even if you forgot it your subconscious remember the situation. If managed proper that gutfeel can be handy at times. That differs from person to person so you have to learn your own. This system is there to learn you the market rhythm and built your own plan around it what works for you. It is all about self discipline, patience and know when not to trade and what setups at certain places not to take and which ones to take. That comes through experience. The MACD is just a tool to help you but it is lagging as well. If you start to recognize the rhythm you will know when it is a good trade.
Phillip
  • #24,413
  • Edited 9:12am Jul 23, 2011 8:24am | Edited 9:12am
Just a video in 2 parts. You can stick them together by downloading the free editor and go to the end of part one and then Edit and insert a file in current position and insert part 2 the save under new name.

This was done on GMT+0

http://www.machetesoft.com/home/abou...itor-lite.html

Thanks
Phillip
Attached File(s)
File Type: zip Is it still working Part1.zip   1.3 MB | 927 downloads
File Type: zip Is it still working Part2.zip   1.2 MB | 848 downloads
  • #24,414
  • Jul 23, 2011 8:31am Jul 23, 2011 8:31am
Just some guidelines about backtesting and how important it is for your plan.

http://www.machetesoft.com/home/abou...itor-lite.html

Use this free editor to stick the 2 videos together
Thanks
Phillip
Attached File(s)
File Type: zip Backtesting Part1.zip   1.5 MB | 929 downloads
File Type: zip Backtesting Part2.zip   1.3 MB | 893 downloads
  • #24,415
  • Jul 23, 2011 10:49am Jul 23, 2011 10:49am
Great stuff Phillip. I would add that I don't "bet" 4 or even 15% of my account. It makes me too nervous. It is just not for me. Maybe it will a few yrs down the road. I'm still around 1%. I suppose as my confidence builds over the yrs, so will my % or maybe I never will. It may just not be part of my personality.
Again, thanks for the videos
Raymond
  • #24,416
  • Jul 23, 2011 10:50am Jul 23, 2011 10:50am
Quoting xeneric
Keep up all those great posts Raymond
Good to see you, mate
  • #24,417
  • Edited 2:05am Jul 24, 2011 1:56am | Edited 2:05am
Quoting Morelands
Here is a trade I took last night at 8:00GMT or in the middle of the night for me. I'm thinking about posting most of my trades live for a little while to shut some people up, but I'm not sure if I'm ever going to do it at that hour, other than to state my entry. However, it will not be forever b/c the point of this whole forum is to learn.
The 1st chart is of the daily. I always start my trades from there. You can see the morning star candle formation indicating higher prices to come. You can also see the hammer candle off the 200 MA (orange MA). Based on those 2, I was looking for long trade. One other thing to notice is where price found resistance earlier, the 21 MA (green) which is where my profit target was.
The second chart is the one hour chart. On the chart is the fib (which I use and is not part of the system) and the channel/retracement where price has been recently. You can see that price slightly broke out and came back in the channel only to find support and break back out. The arrow shows the 2 candles, one red and the green candle that follows engulfs the red. This is called railroad track formation, if I'm correct, showing that price has found support again and that a bottom has been found and also forming a higher low
I hope that was clear
Hi, May I know what is the golden moving average on the daily chart that the small hammer bounced off from? It's not 55 and it's not 89. It's not a setting used by Sionsmith or Philip Nel.
  • #24,418
  • Jul 24, 2011 12:48pm Jul 24, 2011 12:48pm
Hi.
I have started a new thread where I will be posting my 4Hour MACD trades as I trade them. I am enhancing my bussiness plan and are starting to trade the 4Hour MACD together with a 5min strategy in Forex.
The discussion around the journal must please be done here on this thread and not on the journal thread. I dont want to split this thread. You can allways refer to the post number in the journal thread here when you discuss a trade here that is in the journal
Thanks
Phillip

http://www.forexfactory.com/showthre...26#post4805026
  • #24,419
  • Jul 24, 2011 2:02pm Jul 24, 2011 2:02pm
thank you again M. Nel! it is apreciated.
Yvon
  • #24,420
  • Jul 24, 2011 9:39pm Jul 24, 2011 9:39pm
Hi Phillip,

Thanks for your consistent contribution,I am sure this is a good chance to enhance our 4Hour MACD feeling and live skills.

Regards,
Liu Wen
Regards,Liu Wen
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