4 Hour Strategy (MACD)

GBPCAD Update

Price hasn't yet reached round level target but as it is a Friday and big CAD news coming out in about 1.5 hours I'm out of this pair.

Trade 1 = + 77 pips

Trade 2 = - 4 pips

Total = + 73 pips

EurGbp Update

Took the 4h candle earlier, price has turned around and stopped it out.

First loss this week, no big deal. This happens sometimes unfortunately

Trade 1 = -33 pips

EurNzd Update

Closed trade due to being a Friday.

Price came within pips of the 1.5650 level and is now struggling at the 1.5600 level.

I'm done with this pair for this week

Total = + 49 pips

Well I'm probably done for this week now.

Total for the week =

+ 580 pips

Take away the 2 losing positions of 33 pips and 4 pips =

+ 543 pips

11 trades - 9 wins / 2 losses 82% win rate

Not as good as some of the previous weeks as many trades were just 1 position and I missed the USDJPY trade at the start of the week. But still a good week.

Hope this helped some of the newer traders.

Have a great weekend

EURaud update

I will not say this is a H & S pattern now. This ia a Lower High macd. Expecting a retrace here before and if the rhythm continues (upward).

Good Work
But you dont talk about the most important clue of puzzle (afinated entry), the nnewer will enter without this clue and will hit stops.

Hey Ketabd,

Don't forget I am simply showing the strategy in action. A huge amount of detail has been written about the strategy by Phil Nel, including on entries, plus every lesson and subject covered is listed on the first page so they are easy to find and the thread can be navigated without much trouble.

I would urge all new traders to read and then re-read everything that Phil has laid out. The better your understanding of candlestick patterns the better your entries will be.

Don't forget though that trading is a skill - the more you practice the better you get. You have to accept you wont become a really good trader just through reading alone, you have to put it into action consistently and document the trades you take so you can pin point exactly what mistakes you are making and what is working.

The only tip I would add, which as far as I am aware Phil doesn't say, is that in my experience it is much better to wait for a break of the h/l of the entry candle, this will filter out a lot of bad trades for you.

But as I say, please read the lessons in the thread Phil has made on "entries", I am sure you will find them very helpful.

Hope this helps

Potential Opportunity for tomorrow - USDCAD

Price has broken above the 21ema and is above the 89sma, if we get a pullback to the 21ema tomorrow I will potentially be looking for a move to the 200sma.

This is one I am looking at - Lets see how it plays out

Hello jonnypip
Thanks to get time to answer me.
And excuse me for my agressivity.
You are rhigt I forget always to filter my entries in small tm, but I just learn this from this thread. I Will read the documents of entries hope that there some thing newer.
Thanks again

Hey no problem

Trading can be a frustrating thing, I understand.

Remember as well what Phil even says, if you know the market rhythm you can, in reality, apply any strategy or "system" or technique you like to make entries, take profits etc.

But this thread details entries based around candlesticks and I would also suggest the best entries can be provided by candlesticks. Again - my tip is to only enter once the candle h/l is broken, this will stop many false trades.

I would also say it is a good idea to go back in the charts history and see for yourself how the candlesticks appear before good trading moves. Then you can see for yourself.

JP

Hi JP, you are doing a great job with this thread. As someone new to this thread, do you have a recommendation as to certain posts or pages to read, to get going as quickly as possible. Obviously lots to read to a point in the right direction to get up and going so quickly would be great!

USDcad update

As expected; sharp reversal here on D1.

Price didn't make the double bottom as I hoped for but when it's against the macd pattern (as shown in H4), it is always an opportunity to look for early entry.

AUDchf

Might be a short lived reversal. Just spot the difference (price vs macd) and the "angle" of EMAs.

Thanks Timster

Unfortunately, and I have to be honest with you, there is no shortcut to trading. There isn't 1 or 2 pages you can read which will get you trading successfully straight away. Unfortunately that is the reality of it because trading is a skill and one of the highest earning professions in the world.

Think of it in the context of another profession, say engineering. It is like sitting down to your first lecture at university and saying to the teacher, are there any paragraphs in this book I can skip to so I can start building skyscrapers as soon as possible? Of course you would realise that such a skill takes time to learn and also must be honed, even after the knowledge to carry out such a skill has been learnt.

BUT it is not a stupid thing to ask because EVERYONE wants to do the same thing when they start to trade. I was exactly the same in the beginning and of course, ironically, we are instantly trying to bypass one of the most important disciplines in trading, which is patience.

You can however start to practice without reading every single piece of the thread first, I will tell you how.

Go to the first page and watch the video, it is about 1 hour long and explains the basic market rhythm. There are also a couple of lessons on the first page explaining the market rhythm rules. When you have done this and understand the simple market rhythm rules (around the moving averages) then I would advise you learn about the "entries" and what candlesticks to look for.

Once you have these two things you can start making trades aiming for round levels as target or moving averages (as explained in the 4hmacd rules). R:R is always 1:1 minimum.

My advice is practice taking trades according to the rules, but understand you are learning. If you start taking trades expecting to have a 90% success rate and awesome profits margins you will inevitably get frustrated and annoyed. That is when traders "move on" to find another "system". But of course they just do the same thing because they do not realise they are learning, they just think they are constantly failing. It's a downward spiral most new traders never break out of.

I would also advise taking the h/l break of the candle you choose as your entry to filter out bad trades (That is my tip to you which is not in this strategy). Plus keep a note of the trades you make, if you don't review them you will keep making the same mistakes over and over again. As you do It I would suggest reading all the lessons Phil has laid out and then re-reading them again. You will find you start to adjust the trades you make as you learn more. That is the "quickest" way to get started.

Hope this helps

UsdCad Update

Price has just reached the target, unfortunately it went overnight here so no chance for me to get in. Hopefully someone else got some pips though

Hi JP!
Sorry I think you may have misread my request (or perhaps I didn't explain myself correctly).
Thanks for responding with so much detail.
I've actually been trading for many years (however not as successfully as I would like). Ive discovered this thread during the last few days and it looks interesting. Was hoping that you may have some suggestions on where to start with this particular trading strategy. I agree with all the points you raised in your response.

i agree with the patience recommendation very true! I will do as you suggested with reading the first page and watching the video.
is there any particular posts relevant to this strategy that is helpful to read (apart from the first post).

F.Y.I.
I'm currently reviewing the probability of the market reversing based upon candlesticks!!

GBPUSD Potential Opportunity

Can't say there is anything really great on this morning. Few bits and pieces but we might get a chance to squeeze some pips here.

Price has broken the 21ema, pulled back, now we have the 200sma and the 1.3000 level sitting below.

Lets see if it gives us anything (it is a Monday after all).

UsdChf Potential Opportunity for this week

Price has broken above the 21ema, if it pulls back to the 21ema as per the rules we should be looking for a push higher into the .9700 / 89sma area

Lets see how it plays out

UsdCad may also be setting up in a similar way

If we get a pullback to the 21ema in the 4h and a bounce, we should be looking at a move somewhere up to around the 1.300/365/89 ma's

Price reached the target in the 1h, now I expect a little bit of a pullback and for the move to be made in the 4h time frame at some point.

Let's wait and see