Close all active trades and pending orders at least 1/2 hour prior to the NFP news release.
In the unlikely event any of the pending orders wouldn’t have been hit during the NFP spike then you can recreate those pending orders the following Monday.
Amazed to see the thread not listed on the first page of the forum index :((
Hi philip,
First of all, thanks for this great system.
My question is, can I use this system on lower timeframe. I like to trade on H1 timeframe.
Did not have good setups on the H4 in the past 2 weeks.
A couple good signals just happened.
Anyone else jump in on…
EUR/USD - Long
EUR/JPY - Long
EUR/AUD - Long
All 3 are going in the wrong direction and Stoch is now in OS. I’ve been watching EUR/AUD since yesterday. I may get in when price starts going in the right direction.
It signaled to bars ago… it was over sold and the green bar closed causing the stoch to move above the signal line. The RSI was also above 50.
So far the trades have been moving the wrong direction.
Philip - A little help with this, please? Where ya’ been buddy?
It was a good signal. I would have probably entered a long position if I had been at the computer at the time.
It looks like it will give another long signal pretty soon. I’m going to sit it out because of the RBA Meeting Minutes coming out in 5 hours. The news will likely cause a big move. You may get lucky and have a big move in your favor. Double check your Stop Loss.
Well I’m in EURJPY long. I like EURUSD long as well, but not as much as EURJPY. Now I wouldn’t go long EURAUD because shorting AUD/NZD/CAD as well as gold and silver has become an extremely crowded trade. You can follow that using the COT report.
Another thing I like doing, as we said the pattern work on all time frames, is to see what stage is the pattern at on the higher time frames, particularly the monthly and weekly.
So if you look at the monthly chart of EURJPY, you will see that a long signal was triggered five months ago exactly at 133.976. Now we enter that trade Mentally only not physically. The rules tell us a month close (lets make it a touch rather than close since this is monthly chart) of the 100% extension moves the stop to breakeven.
So now we think that EURJPY is targeting the high of 149.776 at the very least before it can return to breakeven. So it would be nice, as a result, to take a EURJPY long every time we get the opportunity on the 4 hr chart.
We cannot say that we’ll see a similar rally in EURUSD or EURAUD based on monthly and weekly chart.
Now to save you some time, AUDJPY and NZDJPY are also on the verge of giving a buy signal on the monthly chart. This confirms the EURJPY long and reveals there should be JPY weakness in the coming months. There is also a bounce in gold and silver on the weekly chart that targets the area between the 20 and 50 EMA.
So let’s put it all together: IF the monthly patterns work (its a big if, but one worth betting on since the risk is defined). We have: 1) Extreme buying of AUD and NZD by banks and central banks (cot report) 2) We will have JPY weakness. 3) Extreme Gold and Silver buying by mining companies. (Cot report). 4) a technical case for buying AUD, NZD, Gold and silver on the long term charts.
We also know that weakness in JPY leads to jump in Japanese stocks. And the jump in Japanese stocks usually coincides with jump in US stocks. We also know if gold goes up the US dollar is more than likely to go down. If you put all those factors it points at one single news event that can act as a catalyst to all this (again, assuming the pattern will not fail on the monthly chart.)
The Fed will not hike rates in September.
I prefer the 4 hour tbh because its more relaxed and more accurate.
However I find that Yen pairs and British Pound pairs trade really well on the 1 hour (even better than 4HR). So if you want to trade on the 1 hour stick to the Pound and Yen pairs only. which is more than enough! 
Also when on the 1 hour set your take profits differently. Just take 30-50 pips and move on to the next trade.
Great strategy Philip. I trade similar to yours and followed this one for a couple of month now. I simply replaced Stoch with CCI, because it improved my winnings.
May i know how is your CCI set up?
And how does buy/sell signal trigle?
I make it quick cause I don´t want to deviate from the original idea of Philip.
I actually just use the same concept than him, just with different indicators, TF and entry.
MAs (50 and 20), CCI 20 Periods
Put buy stop 1 pip above recent high after cross of MA and CCI going below -100
Put sell stop 1 pip below recent low after cross of MA and CCI going above +100
I go for 1:1 RR, setting SL one pip above recent low (if buy) or recent high (if sell). Adjust spread too.
Depending on market, strength/weakness of currency I also let it run for higher RR.
I trade them on M1.
:47: Hi,
Is anyone trading PHILLIP’S new 1 Hr. system. It looks so interesting.
Rodney Jay
Regarding the EUR/JPY long position.
So are you not setting your Stop loss at break even until it reaches the target on the monthly chart? (149.764)
Or are you following the 4 hour rules and setting the break even when it hits the 100% extension on the 4 hour chart. (138.84)
PS. Had some big jumps last night on EUR/AUD and EUR/USD. ( took the pips and ran on EUR/AUD)
No Lama you use the normal 4 hour rules.
RE: Stop Loss on 60 Minute System
You wrote, “The stop loss is a close beyond the 20 EMA. Or a close below the reached before the entry.”
Please be so kind as to clarify that second condition.
Can you show me the post or tell me what number the post was?
Sure, Philip. This is actually my second request. The first was on post #1325 which was about your reply to a poster’s question.
Ok, so I have a dumb question for anyone.
What happened this week with the pairs? There were some crazy spikes. I was lucky to be on the profit side of them.
I since closed all trades, hopefully these spikes will create some more opportunities.