Thank you for your second question as its something I have been thinking about. The stop loss is a close beyond the 20 EMA. Or a close below the reached before the entry.
Now the scenario you mentioned is something that bothers me as well. Since we are day trading I would say set a profit target of 20 pips and run. This reduces the chance of the dreaded scenario.
Hi Philip,
Im trying your 1H system on demo account.
A question for you.
Does you trade based on different time zone?
Example trade AUD, Jpy, Nzd during Asia time zone,
EUR, CHF, GBP during europe time zone,
USD, and CAD during america time zone,
for you 1 H system?
Thank you
Thatâs a good shout. Would of got you +20 pipsâŚEURUSD and AUDUSD popped up a short entries as well.
nope. Its not.
PhillipPirrip,
Thanks for another great system. Question, as with the 4H strategy, do you recommend only taking the first valid signal once the EMA has been crossed, or are all signals valid as long as the price is trending? I know you advocated only taking the initial signal as being the âmost profitableâ signal in the 4H strategy. Just wondering if that rules still applies to this strategy as well? Thanks once again.
[QUOTE=âPhilipPirrip;709025â] nope. Its not.[/QUOTE] Wouldâve been good, though. The pair just shot up over 100 pips!
Well, i can say is luck~
Something just happen to AUD, and it result to weaken the currency.
Most of AUD pairs shows AUD weaken during that period.
Philipâs strategy really helps a lot of people.
This week i earned near to 200 pips by follow his 4H and 1H strategy~
Thank you.
Good to see Brisbane on pips.Iâm on page 14 reading through Philâs strategy.Hope you guys are making pips by the end on the thread lol
It didnt get oversold, thatâs the problem. May be it did after I didnât follow
[QUOTE=âWearethechamp;709046â] Well, i can say is luck~ Something just happen to AUD, and it result to weaken the currency. Most of AUD pairs shows AUD weaken during that period. Philipâs strategy really helps a lot of people. This week i earned near to 200 pips by follow his 4H and 1H strategy~ Thank you.[/QUOTE]
Yeah, AU retail sales came in weaker than expected, which led to a sell-off of AUD across the board. Unfortunately, I closed three trades ahead of the release that would have made substantial profits, including EURAUD. I agree Philâs strategies are solid. I am still having difficulty managing trading emotions though and sticking strictly to the systems.
[QUOTE=âPhilipPirrip;709125â] It didnt get oversold, thatâs the problem. May be it did after I didnât follow[/QUOTE]
May I ask a quick clarifying question? On stochastic A, is itâŚ
%K 50, %D 10, slowing 5 OR
%K 50, %D 5, slowing 10
Also, what are the price field and method settings (low/high, close, simple, exponential, etc)
Just want to say thank you Philip for sharing this strategy and to everyone else who is contributing.
Been âtradingâ for 2 weeks now and just want to confirm if the above attached pics have fundamentals right.
USD/CAD pair.On the daily a possible double top forming if price fails to break through resistance.In above 100,200 SMA range.
On 4h chart 20ema crosses above 50 and stochastic near oversold soon, possibly near 23.6 or 38fib, point of entry for long ?Thank you
The long signal for USDCAD on the 4 hr already triggered last week.
Thanks Phil and all for a wonderful thread. Cant thank you enough for the wonderful systems.
One query: can u recommend some very very good 1. books 2. online trading course focused on technical analysis 3. y donât u start a online coaching service or a online signal service, i bet would be a great success?
Basically, having systems is great but greater is to achieve your level(or partial at-least) level of knowledge.
Best Regards,
:K
Ok I will mention some books. However I need to tell you these books I found them good because I learned from their drawbacks. The same thing with trading courses, I learned from their drawbacks. There isnât a book that I follow, I learn from criticizing them. The one book I think everyone should read is [B]Robert C. Miner High Probability Trading Strategies[/B]. The other one is to follow a website called Forex Live. They give you a great edge in terms of fundamentals.
Secondly, I donât recommend paying for online trading courses for the simple reason that they basically summarize books. So whatever you learn from courses, you would have learned much more by reading a book on the matter.
Now as for myself, I always say that if Iâm a good trader I would not look to make money from coaching other traders. I would make money from my system. I would probably have a good coaching service.
The good news is, Iâm available to coach for free. I have already exchanged e-mails with those who wanted them. People send me questions and ask me to improve their systems on Trading View, myfxbook as well as skype. The thread also have a chat group on a website called Hip Chat. So if you and anyone on the thread feel you need my mentoring, you can choose whichever method youâd prefer to contact me and Iâm happy to help for free.
A big like to you Philip.
Sharing is caring.
Your selfless character is what iâm looking for.
You made money from trading, not through charging people for strategy.
Really big like to you.
Thank you.
Hi Phil first time reply on this thread and would like to thank you for sharing your knowledge I am just starting to follow your 1 hour system and was wanting to check if the AUDJPY was a valid signal at the end of the trading week thanks in advance
As for a long trade would the GBPAUD qualify looking back around 3 candles from the close for the week?sorry Phil for these questions Iâm just trying to wrap my head around your system.
If these are not valid signals can you please let me know where I am getting it wrong thanks
Hi Philip and other respected traders, i am new here and have been following this threads for a month and it had helped me a lot with my trading though it still need a lot of tune up and polishing. I admit that the original 4 hour system is very accurate and profitable. But i am much interested in the new 1 hour system. I have a question with regards to the 2 stochastic oscillators. What if we reverse the process, instead of waiting the stochastic A to reach oversold area for short, what if we take short position during stochastic A cross from overbought area, and stochastic B already in oversold region. From my observation and analysis, this seems to be more profitable and give more pips. Sorry if this deviates from the original system but just asking fellow traders opinion if the set up i suggest is valid.
