4 Hour Strategy (MACD)

Greetings MMB,
Hope you don't mind a suggestion that will help you . I use a FREE programme called JING .
It sits on your laptop screen and you simply grab & use. Very simple. I have created a folder on my desktop for all trading snapshots so when you have finished writing etc, ou simply save to that folder ready for attaching when you need.

Have a look - I am not an expert with it but if I can help sing out.

http://www.techsmith.com/jing.html

Have fun

^i actually figured out how to print screen haha. was different from the other computers im used to, so i had to google how to do it.

ill probably be away from my computer for the rest of the day so i just took a small position, half of what i normally take, in case it goes up. im already trading really small, so if i lose then its no big deal.

Hi again MMB,
I see you have worked out how to Screen Save. Good work. Have a look at Jing though . It enables you to draw, highlight and put arrows etc on before saving.
Please do not take this as any criticism - It is not my intention to do this.

You have said that your entry on the EU was based on "IN CASE IT GOES UP". I know there are not the huge numbers of senior traders here that there once were but I am 100% certain that these members would most definitely encourage you to only take trades when you have an edge in your favour. Even though you have only placed a smaller than normal risk amount, it is really only a GAMBLE. We ( me included and most certainly Trademin - Yvon,) need to have a strong reason to enter the market.
For example, I have attached my screen of the H1 . The overall view I have is still Bullish . The H4 is not showing anything to warrant a trade yet but the H1 TC rules would allow me to go in albeit a couple of hours ago. My decision would be based on -
A valid signal H1 TC = yes
Risk Value 20 pips = Acceptable
Profit Target 20 pips = Only just Acceptable
Trouble Expected BRN 1.3100 = but profit target just below this so acceptable hurdle here.

As I said buddy, I am only trying to help so forgive me if I am intruding. What I will add though, is that it takes a lot of time & energy to be an active thread member and this can feel wasted effort unless we are all learning something together. Please Please - quit the Gambling

indeed it was a riskier, gamble-like trade, but the area price was staying at had some confluence that i liked.



heavy supply/demand at this level. since price broke that trendline and seemed to hold that level, i decided to get in. the H1 indicated that price seemed to be going up and at the time, the H4 gave a TC. i took a gamble in that i thought that the TC would be formed but it wasnt. shitty entry, but there was enough confluence to lead me to believe that its still going to go up either way.

i wont do that anymore though as it is a gamble and doesnt follow the system. in the long term im sure taking sloppy trades like that will lose me money.

also, i gladly accept all feedback and criticism. i sincerely appreciate your feedback, it will make me a better trader.

Awesome buddy - if we gonna do battle against this monster - we gotta do it right with the odds in our favour. Phillip has given us the Gun - we just gotta supply the ammo

Aussie Watch for the Morning: Anyone else see anything interesting ?

getting out of my eurusd position if 1.30746 doesnt hold. seems like theres some decent demand there so maybe it wont break.

audusd seems like it could be a good short. was hoping that price on the h4 would hold at the 21 for a long but a short to around .95720 seems very possible. im still not completely sure how to use the h1 though honestly. going to hit the pdfs again.

Aussie Dollar Update :

Trade now in progress. Did not get in exactly where I wanted but close enough. Strong H4 run down from 21 area - gave TC on H1 so happy to enter. Only worry is the BRN 0.9600 but will watch PA around that level.

Greetings,

I have just registered on this forum to post some comments on this thread. First I wanted to thank Phillip for his awesome work and dedication. I have read through a lot of posts here and listened to his MP3s and Videos (most of them, not all yet). I myself have demo-traded since some months now and I guess like everyone I have tried a lot of systems, EAs, indicators etc. Most of the time I was trying to get something like the "Buy here", "Sell here" and make millions indicator . As I am a programmer myself I have written EAs, tweaked them, threw them away frustrated again etc.

But what I totally lacked was the ability to look at the market itself (Phillip's famous "Market Rhythm"). By just looking at those indicator lines or the EA signals, I totally overlooked the movement of the market itself. I did not care if there was a huge resistance or support in my way. I did not see the small fluctuations in a bigger uptrend.

I was (and perhaps still am) a bit too emotional about things. If I saw huge market movement I jumped in only to be taken out because the moment I recognized the move, it was over again. If I had a winning trade, I was staring at the monitor and the moment I saw it going down a pip, I closed it ... only to curse because it was a normal fluctuation and the market suddenly surged up tens of pips afterwards.

And worst of all... I was searching for trades instead of letting the trades come to me. When I did not see any opportunity, I searched until I could convince myself there was one somewhere... I was unable to just sit there and let the market run.

So, I guess I made all the mistakes that one can make when starting to trade. I am glad there are demo-accounts

Anyway, I realized my mistakes and since then I have come quite a way. I am still demo-trading only but so far it is starting to work out. When I make the decisions based on the Rhythm it all works out beautifully and I make quite some pips. Sometimes I still get emotional and take a wrong turn, but those moments get less and less.

What I came to realize through Phillip is, that the System does not matter. You can trade with MACD, Moving Averages, Ichimoku, etc. whatever you like best as long as you know the Rhythm and see the pattern in the market. All Systems give a lot of signals, you just have to know when to take them and when to ignore them. The market is never the same, no candle-pattern repeats itself when you take past and future into account and sitting there just waiting for the "Buy/Sell NOW" signal without considering the big picture will get you burned.

I hope I did not post too off-topic, but I wanted to introduce myself here. I am still learning a lot. I wanted to thank everyone on this thread, you all have helped me along the way and I hope to contribute in the future and post some insights of my own to perhaps help others avoid some mistakes or at least let them make the mistakes in a safe environment

PS: Did you see the USDJPY opportunity this morning on the H1?

On Target - now free trade.

I know we are supposed to be concentrating on perhaps 2-3 pairs max in our learning stage but if you are like me, I have several currencies on my screen. I have no intention of trading more than 1 at a time but I am using a variety of these currencies to help me identify my preferred set-ups.
What I have started doing is to place a bold comment on each H4 chart - this is to remind me of the Direction I will play according to the mood of the 89ma.
EG - SHORTS ONLY or LONGS ONLY.

I find this lets me pass on a lot of unnecessary chart watching.

Hope you might find this tip useful

Out now - good result. Patience Pays

Welcome! I recognise a lot in what your saying!!

Hi SmallHorse ,
Welcome aboard. We are only a small family nowadays but we do get visited by a couple of real seniors periodically.
Phillip was visiting from time to time but we all know how busy he is. Hope he pops in sometime soon - his words of wisdom are priceless.
The Yen is not on my watch list so I am not much help to you. Talk us through what you were looking at - I am really interested in seeing how you prepare for a possible set-up.

hi I can't get the horizontal lines on my MACD, can some one tell me how to configure MACD?

To SmallHorse - The Dollar/Yen
While I have been watching progress on my other trade, I thought I would check out that chart you posted earlier.
If I am reading it right , it looks like there was a few pips to be made with the H1 Early Entry method.
In fact, it looks pretty good for a pull back to the H1 21 with a TC being possibility if confirmed by the Macd.
How did you deal with this one buddy?

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Hi Trexy.
If you are talking about the 15 /30 & 45 lines , I am lost too. Have tried adjusting in Macd Properties but still cannot get them set up so they show some sense. Meantime, I have coloured them "none" so the lines are not on my indicator. I tend not to need them now but if anyone can explain how to set up properly , I too would appreciate it.

Are yout talking about the MACD_Colored_v104 indicator?

good shot binnie, I waited a while for that move away, didn't came! I went to sleep.

again nice trade!

Hey Binnie,

thanks for the reply. You are right, on the normal H4 candle it would have been too large to enter, but at the H1 you could have made some Pips earlier. What made the entry on the H1 a good one I think is that price tested the 89, then back to the 21, then retest of the 89 with a punch down through the 21 and the huge tail upwards. This suggests a strong pressure down that might hold for some time before going back to the 21 (happened and then bounced back lower resulting in a TC on the H4).

The trade played out well down to the previous level of 99.354. Usually when I set a target area at a previous resistance level I subtract a little bit as price sometimes tends not to exactly reach that area again. And depending on what levels the price tested before the trade you can set your S/L a little lower (assuming that the price won't retest that level soon)

However I think the USDJPY needs to be carefully watched now. It is still recovering from the huge drop two days ago. If it fails to reach this previous low and keeps consolidating, it might turn around. So short entries need good signals now I think.