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4 Hour Strategy (MACD)

  • #25,401
  • Edited 9:38am Mar 12, 2013 8:52am | Edited 9:38am
130312EURUSD LONG,

Divergence with Macd, 89 in sight.




edit: moved my SL 1.3058

edit: price hit my SL on remaining positions: +44 pips.---trade closed
Attached File(s)
File Type: pdf 130311EURUSD.pdf   201 KB | 313 downloads
Yvon
  • #25,402
  • Mar 12, 2013 9:20am Mar 12, 2013 9:20am
Quoting Phillip Nel
Price has a change of momentum.Price has closed above the 21ema, pulled back and has started to move upwards. There was a false breakout to the downside. I took the break of the 11:00 candle(1Hour) going long. I had a buystop placed for this trade. Breakeven at the moment. Will let it go to 89sma.

Edit
Took half profit at +40 and put remainder on 20 trailstop

Closed out ±40pips
no doubt! - a very nice trade!
Yvon
  • #25,403
  • Mar 12, 2013 10:57am Mar 12, 2013 10:57am
Hello,

Though my account is new, I have been studying this method for some months now. Now that I`m on, I want to see if I can contribute anyway I can, by first asking a question which others may find insightful.

On trade number 2, I understand the process of the pullback to the 21, and then the bounce to the 89. However, I am not sure what the strategic place of the SL was. Many traders, I might think, would place the SL just above the 21 ema and the open of the bearish candle where the trade was placed. In that case, the trade would have been stopped out. So, why such a high SL, if there is one?

If any of you, or Philip can help, that would be very helpful to me, and I hope to those reading this.

Theresa

P.S. Thanks for all the traders who contributed info here!

Quoting Phillip Nel
Here are the last 7 trades. All of them taken on market rhythm.
1. Long:Breakout as well as TC onn MACD
2. Short:Closed below 21 then pullback and move away. Trade down to 89sma
3. Short: Price between 89sma and 200sma with a tail moving down from 89sma. Trade to 200sma.
4. Short: Price below 200sma and TC on MACD. Stopped out.
5. Short: Heavy tail. Switch to 1H and took early entry.
6. Short:Zero break. Switch to 1H for early entry.
7: Short:Zero break and trendline break. Switch to 1H and took early entry.

Edit:
Trades 5 and 6 was...
  • #25,404
  • Mar 12, 2013 11:25am Mar 12, 2013 11:25am
Quoting Phillip Nel
Price has a change of momentum.Price has closed above the 21ema, pulled back and has started to move upwards. There was a false breakout to the downside. I took the break of the 11:00 candle(1Hour) going long. I had a buystop placed for this trade. Breakeven at the moment. Will let it go to 89sma.

Edit
Took half profit at +40 and put remainder on 20 trailstop

Closed out ±40pips
I am back to you again!
I saw that you draw a TL from the last low (march 6) which surprised me. (I didn't think about that!)- Indeed the projection ended up with your target (exit)! - Nice play!

On entry: I usually see if I can draw from the top (which I did on the last trade) to see a possible breakout, confirming with the 21ema.-while you set a buy on a stop! - I did not see it coming this way! - I really like to see the way you act on a trade. ---my comments: You're fast! ---I'm not quite there yet!
have a nice day,
Yvon
  • #25,405
  • Mar 12, 2013 2:56pm Mar 12, 2013 2:56pm
Quoting TheresaH
Hello,

Though my account is new, I have been studying this method for some months now. Now that I`m on, I want to see if I can contribute anyway I can, by first asking a question which others may find insightful.

On trade number 2, I understand the process of the pullback to the 21, and then the bounce to the 89. However, I am not sure what the strategic place of the SL was. Many traders, I might think, would place the SL just above the 21 ema and the open of the bearish candle where the trade was placed. In that case, the trade would have...
I have my views on it, others could have different ways of seeing it, I hope it can help you.
Attached File(s)
File Type: pdf TheresaH.pdf   456 KB | 428 downloads
Yvon
  • #25,406
  • Mar 12, 2013 3:31pm Mar 12, 2013 3:31pm
The Market Rhythm!!! Yeeeeess!!!.....Thank you Phillip!
  • #25,407
  • Mar 12, 2013 4:53pm Mar 12, 2013 4:53pm
Ok, thank you very much for the useful information. Now that you mention it, the Fibs as well as the resistances from that "neck and shoulders" has a lot of merit. I will give it a better read after some sleep.

Theresa

Quoting trademin
I have my views on it, others could have different ways of seeing it, I hope it can help you.
  • #25,408
  • Mar 12, 2013 5:37pm Mar 12, 2013 5:37pm
Trading From the Lens of Phillip Nel!
Phillip- KING of the FOREX Market!
(writing from my mobile phone-cannot really send all my words now...)
KING of the FOREX Market!
Thank you for coming back to your students! You are just a Daddy here!! I miss your posts and unique way of explaining things! Your manifestations in this thread and forum blesses my Soul always...Just kissing your cheeks!

You indeed have delivered to all of us what it takes to succeed in this business... We are all repeating what you have said before-in our posts, charts, even our comments...you have got a lot of FANS. Many are still following SILENTLY and will burst out in TESTIMONIES soooon!
Phillip! You are a God sent!!!
I have not been trading for about 2weeks now, opened another account and setting things up for a nice take off and a new beginning....
Gloria in Excelsis Deo!
  • #25,409
  • Mar 12, 2013 10:57pm Mar 12, 2013 10:57pm
Phillip,

Been demo'ing your system lately, very impressive. Good to see you back on your thread. What pairs do you trade besides e/u and e/j?

Thanks for all the great info you've provided!
  • #25,410
  • Mar 13, 2013 1:47am Mar 13, 2013 1:47am
Anyone looking at EUR/CHF right now? Could have potential for a move from 21 to 200
Even if you dont trade it, one can learn from observing what happens.
Attached Image (click to enlarge)
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  • #25,411
  • Edited 5:53am Mar 13, 2013 2:48am | Edited 5:53am
After yesterdays breakout to the resistance level which was an intermediate T/L it pulled back to the breakout level. I entered on the first hour green candle and left it overnight, Are still in the trade. I do a lot of these types of trades. After a breakout I wait for the retest and then enter if there is positive evidence of a move away from the breakout level. This is part of the Market Rhythm.

Edit
Has put TP at 89sma. After analysing I have moved my stop to the channel upper TL. I will trail my stop manually behind, I will post all at the completion of the trade.


Edit

I had to leave my trailstop below the 61% Fib retracement as well as below the initual breakout level(intermediate TL) to be save to stay in the trde. I could have taken profit but I anticipate a move to the channel upper TL. I have swiched to 15Min to monitor the trade. If the price goes below the 61%retracement it is indicative of a failure and then I want to take whatever is on the table. The overall movement since Monday is upwards therefore my decision to let this one runs as I have allready made some nice pips so far. The price has moved below the 61% retracement as well as inside the breakout level taking my stop out. Total profit +16pips

Edit
Just show you that the market is not going to what you anticipate it does its own thing. One has to be ready to combat whatever it gives you. This looks like a false break to the top. I will look for a pullback from the break downwards and look for an entry then.

Edit
I should have added it is an intermediate break upwards and then it pulled down to the intermediate support TL. if it breaks it we might see a test of the bottom of the channel.
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  • #25,412
  • Edited 8:21am Mar 13, 2013 6:07am | Edited 8:21am
The price has break the support TL and might be on its way to the bottom of the channel. I will wait for a pullback and bearish movement to go short.

Edit
The price has halted at the 1.3 level. This might become support or resistance as it has been a factor for some time now. Sellers has had difficulty in keeping it below this level. Itis going to be interesting to see what is going to happen. It will be interesting to see who is going to win at this level.

Edit
I enterd short after the downmove below the closest low.

Edit

  2. Bring SL to BE
  3. Took 50% profit at +24
  4. Move SL
  5. SL taken out +10 on remiander

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  • #25,413
  • Mar 13, 2013 7:21am Mar 13, 2013 7:21am
interestingly who will win on D 21 or 200
  • #25,414
  • Mar 13, 2013 7:23am Mar 13, 2013 7:23am
it is inclined to think to 200
  • #25,415
  • Mar 13, 2013 8:08am Mar 13, 2013 8:08am
eurusd- I took It short -guess that the broker took some time to fill It in…trafic!

I close it at the bottom: poor gain , not even enough to light up a candle!- what I see now is a consolidation- the pair is marking time- oversold in daily- so I am on the sideline, waiting for a move from the market.-should it break that consolidation, I will be there.
Yvon
  • #25,416
  • Mar 13, 2013 8:12am Mar 13, 2013 8:12am
Quoting ybeidas
Anyone looking at EUR/CHF right now? Could have potential for a move from 21 to 200
Even if you dont trade it, one can learn from observing what happens.
Few hours later....
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf0313.gif Size: 28 KB
  • #25,417
  • Mar 13, 2013 8:24am Mar 13, 2013 8:24am
Quoting trademin
eurusd- I took It short -guess that the broker took some time to fill It in…trafic!

I close it at the bottom: poor gain , not even enough to light up a candle!- what I see now is a consolidation- the pair is marking time- oversold in daily- so I am on the sideline, waiting for a move from the market.-should it break that consolidation, I will be there.
Good trade. There was not much room for decent pips but it was more of a position after the better Retail sale figures for the price to run through the bottom TL. If it happened we would have smiled. It least we had a chance.
  • #25,418
  • Mar 13, 2013 8:46am Mar 13, 2013 8:46am
here and 200 MА on the day
  • #25,419
  • Mar 13, 2013 8:49am Mar 13, 2013 8:49am
Quoting Phillip Nel
Good trade. There was not much room for decent pips but it was more of a position after the better Retail sale figures for the price to run through the bottom TL. If it happened we would have smiled. It least we had a chance.
thanks for the good words. As I was trying to see what could be the next move market just broke down! amazing! -guess that target should be at 1.2900 or so.

Yvon
  • #25,420
  • Mar 13, 2013 9:17am Mar 13, 2013 9:17am
I took the breakout not even worried about a pulllback because if it was not to find support it will FALL right through the bottom of that channel. I am now looking at 1.29 level
I have allready taken 50% of the table for +18 and are using that as my stop.
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