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4 Hour Strategy (MACD)

  • #27,121
  • Mar 7, 2014 4:39am Mar 7, 2014 4:39am
Quoting binnie
{quote} Hi Mate, Would be great if we could get together over an ale or two - Firstly, my chart shows how my trade ended up. It just shows I am willing to leave plenty of pips on the table for all my friends to share. Yep - it would be nice to be still in here but I think when you only have 1 contract open, it is impossible to select different profit levels. When I get up to 3 contracts ( & I mean in mini lots BTW ), I will be able to better juggle my trade management and I guess that will be with using some sort of EA. I am nowhere near that...

I'm meeting Binnie and the boys to talk about trading...

Mrs Yaakruay...would fall for that old chestnut once!

Over on fxstreet they organise meetings in cities around the World with guest speakers..as far as i can tell its a freebie...a little seminar in a hotel meeting room.... i suppose there are brokers there trying to get you to sign up..that's how they pay for the room(i am guessing)... it looks nice and relaxed you can see photos from previous meetings.... in the London one they are in the pub...classic English style

But...i like the internet style like we have... talking about reality and the future...not talking about history...crikey...even i can be an expert showing old trades.... ..no losers there honest mate...really...hahaha

Binnie you're right on the money with the head and shoulder thing..... that is what i wanted to see, the different ways to view a head and shoulder, for me it's a hard one to call unless you have the traditional one that is easy to spot...but then isn't everyone seeing that one...so will it play out?

Trendline break with a BPM...that is a classic...if i could go back and re- map my mind about trading...that is the only thing i would teach myself...job done...
  • #27,122
  • Mar 7, 2014 4:47am Mar 7, 2014 4:47am
Quoting yaakruay
{quote} Are you staying out because of NFP? There is room for more up and the h4 shows it...nice TC bouncing up from 8 / 21 Nearly at highs from 2008...ummmmm???? is this pair ready to break that cycle? probably not...easy trading... I'll be watching this pair for a long term trade South..and I don't mean a scalp with a moving losing stop loss that turned from intra day into a long term loser!! I'm having a go at this one...i don't like the long tail up on the H4...but without trading..how can I remember the set ups and the do's and don'ts. {image}...

I went for it...a live trade..bullish move up before profit targets are taken and consolidation resumes....
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  • #27,123
  • Mar 7, 2014 6:59am Mar 7, 2014 6:59am
Just wanted to put up a chart as a refresher for learning.

Trading between moving averages.

TC's and BPM....

The old me would have sold yesterday...looking at the macd and feeling price will be down...Important note...i said feeling not working the system...

Its clear to see that price was consolidating on a support zone and never closed under the 89..

That's all...just wanted to remind myself not to get trapped the wrong side of a move...it happened to me twice, once over Christmas and then a few weeks later.
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  • #27,124
  • Mar 7, 2014 7:06am Mar 7, 2014 7:06am
Quoting Phillip Nel
{file} Hi Here is the Account No and Investor Password. Acc No 61864345 Inv Passw fic0vyq Server FXCM-AUDDemo01 - Forex Capital Markets, LLC Extract this file to your Config folder in MT4 and select the server from Tools/options I hope this works. Regards Phillip {file}

I was watching yesterday on this platform(mt4 fxcm) and loved the idea of seeing your trades in action.

However, I couldn't get a handle on the trades I much prefer a still picture (or video) showing why.

But many many thanks for still thinking about us and how to give us the knowledge to trade successfully.
  • #27,125
  • Mar 7, 2014 9:02am Mar 7, 2014 9:02am
thanl also for me to phil, i have his platform and he is very aggressive
  • #27,126
  • Mar 7, 2014 3:09pm Mar 7, 2014 3:09pm
HI GUYS:

Been pretty busy this week so not a lot of time to post . Need to share this with you - shows even with a really stringent set of rules, it is very simple to cock up. It was Fri Nite here & I was heading off to bed. Did not even give a thought to checking my Forex Calendar. Was watching the Pound do its thing . It had tested the Daily Resistance 14 times in the last 8 days. When it broke through with a strong bullish close and then came back to the same level (21 & T/L ), I was pretty sure we were on our way North. It did for a wee moment or two ( about 25 pips to be exact ) but as you can see - the rest is history . No - bonus for me tonite - absolute WALLY. ( PLONKER - DIP STICK ) or whatever suits.
This one for my wall

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  • #27,127
  • Mar 7, 2014 4:11pm Mar 7, 2014 4:11pm
Quoting binnie
HI GUYS: Been pretty busy this week so not a lot of time to post . Need to share this with you - shows even with a really stringent set of rules, it is very simple to cock up. It was Fri Nite here & I was heading off to bed. Did not even give a thought to checking my Forex Calendar. Was watching the Pound do its thing . It had tested the Daily Resistance 14 times in the last 8 days. When it broke through with a strong bullish close and then came back to the same level (21 & T/L ), I was pretty sure we were on our way North. It did for...

Can't win 'em all..... At least you figured out what went wrong and can use it as a positive in the future.

Don't you just hate that. losing on the last day of trading...i was okay today, made a few pips profit from that GBP trade, made me happy...

What would have driven me mad about your trade is the 25 pip profit turn into a loser... that would set off my internal doom monster that troll would be rattling around my brain...calling me more than an idjut....haha....

Trading is nuts how it can effect you.

Happy weekend folks.....
  • #27,128
  • Mar 7, 2014 4:18pm Mar 7, 2014 4:18pm
MONDAY WATCH:

Like what I am seeing for possible Monday Setups. Both are similar and look better than the Aussie as far as Rythym goes.
If price progresses the way I am thinking, it will be a case of comparing the Kiwi to the Pound to see which currency is stronger.

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  • #27,129
  • Mar 8, 2014 8:32am Mar 8, 2014 8:32am
Quoting binnie
MONDAY WATCH: Like what I am seeing for possible Monday Setups. Both are similar and look better than the Aussie as far as Rythym goes. If price progresses the way I am thinking, it will be a case of comparing the Kiwi to the Pound to see which currency is stronger. {image} {image}

Hi ya mate,

I've got to learn to hold onto the winners and cut the losers faster.... its much easier for me doing it in reverse order...it really is.

I have only looked at the kiwi...My 2 pence worth.

That was a nice bull move in Feb....i am just wondering if now there will be some consolidation and retrace whilst building for the next move up.

Does that daily candle mean anything? I ask because i do not know if it means relaxing or tired..which mean consolidation and continue up or a retrace reversal point.

So i will sit this out and watch what unfolds, my tea leaves, six sense and gut feeling all the great tools you need for trading tell me a retrace/consolidation period is here... (i always lose in consolidation as cannot trade from the trendlines)

But i was practicing this last week, so now i have my 2 styles of trading ready for trending or consolidation periods...said with such confidence

I am watching like you a similar set up but on the UJ...waiting for a retrace and then buy on that dip but following the market rhythm.....8 / 21 / 89...
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  • #27,130
  • Mar 8, 2014 12:20pm Mar 8, 2014 12:20pm
Quoting yaakruay
{quote} Are you staying out because of NFP? There is room for more up and the h4 shows it...nice TC bouncing up from 8 / 21 Nearly at highs from 2008...ummmmm???? is this pair ready to break that cycle? probably not...easy trading... I'll be watching this pair for a long term trade South..and I don't mean a scalp with a moving losing stop loss that turned from intra day into a long term loser!! I'm having a go at this one...i don't like the long tail up on the H4...but without trading..how can I remember the set ups and the do's and don'ts. {image}...
No it's not because of NFP. I just prefer entering trades during the London session and start of the US session. But looking back again I can see where I made the mistake with this setup.
The 127.2 and 161.8 Fib Extensions have always been my two girlfriends and TP levels and price already reached these levels.
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  • #27,131
  • Mar 8, 2014 1:34pm Mar 8, 2014 1:34pm
My take on the pound
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  • #27,132
  • Mar 8, 2014 1:48pm Mar 8, 2014 1:48pm
nzdusd comments (as usual)
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  • #27,133
  • Mar 8, 2014 3:22pm Mar 8, 2014 3:22pm
Quoting yaakruay
{quote} Hi ya mate, I've got to learn to hold onto the winners and cut the losers faster.... its much easier for me doing it in reverse order...it really is. I have only looked at the kiwi...My 2 pence worth. That was a nice bull move in Feb....i am just wondering if now there will be some consolidation and retrace whilst building for the next move up. Does that daily candle mean anything? I ask because i do not know if it means relaxing or tired..which mean consolidation and continue up or a retrace reversal point. So i will sit this out and...
Happy Sunday Greetings buddy,. After a nice sleep and tomatoes on toast with a cuppa tea, I am ready for a relaxing Sunday at home. Nice to just sift thru some charts & think about possibilities coming up. Great Fun
Thanks for your comments on my Kiwi. I am tending to react to what is on my H4 chart. If my rules are met,I don't want to be influenced by what the Daily is telling me. For example, with this Kiwi H4, I have a quick look at the Daily - it shows me Price has been been in a steady rise recently and we are well above the MA's. That confirms I need to stay Bullish.
Back to the H4 - like you , I tend to picture the Plan A & Plan B moves so if either one happens & confirms, I am not left shell-shocked and peeved off that I did not get an entry. ( It is unfortunate about my time zone that many entries happen when I am in bed , but thats the way it goes. I try to make the most of it ).
I like the look of a retrace and continuation Long but I will be careful as we are getting to that BRN 85.00 and that might slow things down a bit IMHO.
But as you point out, there is a possibility of a good shake out & pull back - ok if that happens too. Sitting on top of the 21 ma is a Support T/Line so if price does head back below that level - it will give a pretty neat chance of the good old BPM (Binnie's Personal Move - )
I am getting there just like you - slowly but surely. On my charts , Less is More.

It will be interesting to hear others opinions on that ugly candle on the Daily. I dont pay too much attention to this one because of the NFP . For a wee while during the day, The Dollar was the preferred currency and while it is a pretty strong Bearish candle, it did close back up off the Lows. Can go either way I guess. Don't forget - Plan A and Plan B
Thanks for sticking round Richard. We are building a close knit family here again. I love it
  • #27,134
  • Mar 8, 2014 3:46pm Mar 8, 2014 3:46pm
Quoting LifesAbeach
{quote} No it's not because of NFP. I just prefer entering trades during the London session and start of the US session. But looking back again I can see where I made the mistake with this setup. The 127.2 and 161.8 Fib Extensions have always been my two girlfriends and TP levels and price already reached these levels. {image}
Howdy Lifer, I think I need to meet your Girlfriends - especially 1618. You have just shown me that I do need to learn about a couple of new tools. If you're confident with the 1618 idea , then thats good enough for me to try & use it. I have never been really clear on how to place these levels on a chart so will appreciate a wee lesson from you if you have time.
Also with that GU chart, I got a bit of bashing from it the other day. Have a look back at my chart and see where my T/Line Resistance is drawn from. I used the Extreme high as my anchor point so this actually created the scene of a downward wedge. If my T/L was drawn as yours was, it may have saved me from entering my Long Failure. The effect this T/L has had was to identify a continuation BPM in my eyes but using your T/L, I would have realised that we were in one of Phillips Consolidation zones and therefore our trades should be from the tops & bottoms of the zone..
Thanks for sharing this - my eyes have been opened a little more
  • #27,135
  • Edited 11:42pm Mar 8, 2014 11:31pm | Edited 11:42pm
Quoting binnie
{quote} Howdy Lifer, I think I need to meet your Girlfriends - especially 1618. You have just shown me that I do need to learn about a couple of new tools. If you're confident with the 1618 idea , then thats good enough for me to try & use it. I have never been really clear on how to place these levels on a chart so will appreciate a wee lesson from you if you have time. Also with that GU chart, I got a bit of bashing from it the other day. Have a look back at my chart and see where my T/Line Resistance is drawn from. I used the Extreme high...
Binnie go to this website and watch all the videos on the FIBONACCI LEVELS topic. I will never be able to explain it better -
http://www.compassfx.com/video/#Fib

I also had the TL that you had and only added my TL after that NFP candle so I was also late on that one.

Now I've got a question for you (on price levels again). Would it be possible for you to post 2 charts of an example where you would consider a price level as S/R and an example where you would not consider a price level to be S/R?
  • #27,136
  • Mar 9, 2014 1:13am Mar 9, 2014 1:13am
Quoting LifesAbeach
{quote} Binnie go to this website and watch all the videos on the FIBONACCI LEVELS topic. I will never be able to explain it better - http://www.compassfx.com/video/#Fib I also had the TL that you had and only added my TL after that NFP candle so I was also late on that one. Now I've got a question for you (on price levels again). Would it be possible for you to post 2 charts of an example where you would consider a price level as S/R and an example where you would not consider a price level to be S/R?
Cheers Lifer, I will search out for your Girlfriends.
I am happy to share my ideas on S & R levels. I am guessing you are not meaning the reaction that price has at the Round Number levels so will post a couple of snapshots of how I determine possible reaction areas. Hope it helps in some way. It is purely a visual thing for me.

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The following are an example of a price which LOOKS significant but when I look back in history, there is no solid reason for me to have expected Price to turn around at exactly that point.

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  • #27,137
  • Mar 9, 2014 1:35am Mar 9, 2014 1:35am
Quoting LifesAbeach
{quote} Binnie go to this website and watch all the videos on the FIBONACCI LEVELS topic. I will never be able to explain it better - http://www.compassfx.com/video/#Fib I also had the TL that you had and only added my TL after that NFP candle so I was also late on that one. Now I've got a question for you (on price levels again). Would it be possible for you to post 2 charts of an example where you would consider a price level as S/R and an example where you would not consider a price level to be S/R?

LaB nice site.....just having a look now at some videos

I'm having a 7am Sunday morning coffee and wanting to learn..... ..Usually i am struggling to be human Sunday mornings....

Binnie, I was struggling with the profit target points with only my h4 chart and when price was at the top or bottom my brain was always saying it's ready for reversing not continuing the trend .... Now i put the daily on next to the h4 it helps me to see the bigger picture.

It's a good crowd here and we are continually pushing our education forward without any of the BS that i see on other forums, usually people trying to sell their signals or pamm accounts.

Happy days and pips all.....

PS..

LaB i like your mistresses....just starting to use them...very good to see retracement areas and wait for the price to come to you...plus the expansion targets make me believe in price reaching my targets.... This is a huge step in my learning.....
  • #27,138
  • Mar 9, 2014 1:56am Mar 9, 2014 1:56am
Here's a quick summary on those extensions I use. But I still recommend watching all those videos on that website on Fibonacci levels. Use them with the MA's and TL's to determine TP levels. THEY REALLY WORK WELL. Phillip also used them in his latest videos.

Here are my Fibonacci settings:


Level -----------Description

0 --------0.0
0.236 --------23.6
0.382 --------38.2
0.5 --------50.0
0.618 --------61.8
0.786 --------78.6
1 --------100.0
1.272 --------127.2
1.618 --------161.8
2 --------200
-0.272 --------127.2
-0.618 --------161.8
-1 --------200
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  • #27,139
  • Mar 9, 2014 3:00am Mar 9, 2014 3:00am
Quoting binnie
{quote} Cheers Lifer, I will search out for your Girlfriends. I am happy to share my ideas on S & R levels. I am guessing you are not meaning the reaction that price has at the Round Number levels so will post a couple of snapshots of how I determine possible reaction areas. Hope it helps in some way. It is purely a visual thing for me. {image} {image} The following are an example of a price which LOOKS significant but when I look back in history, there is no solid reason for me to have expected Price to turn around at exactly that point. {image}...
Thanks Binnie.

Would this be your same approach when it comes to round number levels?
  • #27,140
  • Mar 9, 2014 3:01am Mar 9, 2014 3:01am
Quoting yaakruay
{quote} LaB nice site.....just having a look now at some videos I'm having a 7am Sunday morning coffee and wanting to learn..... ..Usually i am struggling to be human Sunday mornings.... Binnie, I was struggling with the profit target points with only my h4 chart and when price was at the top or bottom my brain was always saying it's ready for reversing not continuing the trend .... Now i put the daily on next to the h4 it helps me to see the bigger picture. It's a good crowd here and we are continually pushing our education forward without any...
There are even some videos on those Fib Expansions that you like to use.
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