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4 Hour Strategy (MACD)

  • #3,861
  • Apr 29, 2007 3:11pm Apr 29, 2007 3:11pm
Quoting taunted
hello phil, i want to ask bout ur weekly wrap, after signal number 6, there are candlestick down and reach 89 sma why u didnt take that signal??

tq for ur answer

It is a move through the zero of MACD and we dont trade moves through zero on the 4H system. As you grow experience and together with other indicators you can trade movements through zero. It however was a very high probability trade as it found resistance against trendline. If I had to get involve I would have taken the last 30 or so pips above the 89SMA as I know that the price will most probably goes to the 89SMA after that long down candle just after signal 6. I know of people trading movements of MACD through zero as well. I just found it not so reliable at times.
  • #3,862
  • Apr 29, 2007 3:12pm Apr 29, 2007 3:12pm
Hello Phil and the gang. Im back from my holiday and found your GBP/USD wrapup was very informative. I have difficulty in seeing what type of signal trade number 5 was though and if somone could tell me i would be mosr appreciative I assume it was a V top although if it was it wasnt a very good example of one?

I personally wouldnt have taken any signals on it simply because the 21 and 8 EMA's were clustered together for most of last week hence the MACD was just dancing around the zero line not given the nice signals that we have seen in the past.

thanks for the continued wrapups. Your effort is much appreciated.
  • #3,863
  • Apr 29, 2007 3:17pm Apr 29, 2007 3:17pm
I am busy compiling a consolidation of the important stuff of the system. Will post it sometimes in next week. Could not get it to fit in one document. Will post it over several posts but will put it on at once so that it will all be together. Will do that when the thread is very still.

Happy trading this week with lots of pips.
  • #3,864
  • Apr 29, 2007 3:23pm Apr 29, 2007 3:23pm
Quoting AriTron
Hello Phil and the gang. Im back from my holiday and found your GBP/USD wrapup was very informative. I have difficulty in seeing what type of signal trade number 5 was though and if somone could tell me i would be mosr appreciative I assume it was a V top although if it was it wasnt a very good example of one?

I personally wouldnt have taken any signals on it simply because the 21 and 8 EMA's were clustered together for most of last week hence the MACD was just dancing around the zero line not given the nice signals that we have seen in the past.

thanks for the continued wrapups. Your effort is much appreciated.

You are absolutely right. Not a very convincing signal as it is not a RT and not an aggressive V-top. Also below 15 hor line. R:R ratio BAD. I would not have taken it. Trade 3,4 and 7 are the trades one must have traded.
  • #3,865
  • Apr 29, 2007 3:39pm Apr 29, 2007 3:39pm
Quoting Phillip Nel
I am busy compiling a consolidation of the important stuff of the system. Will post it sometimes in next week. Could not get it to fit in one document. Will post it over several posts but will put it on at once so that it will all be together. Will do that when the thread is very still.

Happy trading this week with lots of pips.
.
Hi Phillip ,,
.
This will be great, looking forward to your completed final post..
Thanks for your contributions,,
  • #3,866
  • Apr 29, 2007 4:56pm Apr 29, 2007 4:56pm
Phillip, just listened to your recording whilst viewing chart. It all makes perfect sense.

You are a genius
If it's too good to be true, it probably is.
  • #3,867
  • Apr 29, 2007 8:22pm Apr 29, 2007 8:22pm
Quoting pips4uandme
Anybody notice that "wicked" tail bounced on the 20 SMA for the daily.(where fund managers suppossedly like to buy)...was supposed to have a buy order there....but I've been making horrible admin errors for the last 2 weeks. Time for a rest......

Before I go on vacation, I wanted to take a minute and wish Palmer a happy belated birthday.....Yikes!!!

& Welcome Phillip back! Yippeee!!!!! Hope your holiday was outstanding.....

& Thank Kappa for posting the results of the month of s/l testing...sorry I didn't do it sooner . Very interesting observation.....

May everyone have a very profitable Trading Week ahead!

Pips
Hi Pips, i hope you have a great vacation
  • #3,868
  • Edited 12:30am Apr 30, 2007 12:05am | Edited 12:30am
Updated the MACD colored indicator ... I hope you guys will like the update! Adds variable, more appropriate levels for all currency pairs.

http://www.forexfactory.com/showpost...9&postcount=57
  • #3,869
  • Apr 30, 2007 6:44am Apr 30, 2007 6:44am
Thanks Phillip for your wrapups.

Just entered on usdcad short due to a tc pattern found at 800 hours. Looked good to me...with the tail, the engulfing bearish bar, r:r didn't seem to bad, etc. Any comments or misgiving on this one? If this one goes wrong, I just want to know if there is anything I could/should've seen beforehand. Hopefully it'll cash.

Oh and Joshdance thanks for the indicator!
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  • #3,870
  • Apr 30, 2007 7:39am Apr 30, 2007 7:39am
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  • #3,871
  • Apr 30, 2007 8:27am Apr 30, 2007 8:27am
Could this set up be considered as a valid long pattern. If yes would you enter long despite all MAs are lower than the close price?
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  • #3,872
  • Apr 30, 2007 8:29am Apr 30, 2007 8:29am
Just a question: How do you handle taking profits? Do you have a target where you close the position or do you sell partially (1st target, 2nd target...)

Regards - Xaron
  • #3,873
  • Apr 30, 2007 8:43am Apr 30, 2007 8:43am
Quoting ttitto
Could this set up be considered as a valid long pattern. If yes would you enter long despite all MAs are lower than the close price?
Hello,

I've been looking this one as well. Previous to this, there was a very nice RB with an engulfing bullish bar and Phillip said he's definitely taking it although it closed below 8 and 21MA. So this one might be good as well.

Granted, the MACD is showing a kind of aggressive turnaround rather than a nice big RB, and it's not an engulfing bullish bar like we had before. But in its favor, the previous bar has a nice tail, also off the trendline, and it looks like the current bar will close above the 89MA. I think though there is some sort of resistance around there there as suggested by the previous few bars having similar heights.

So all in all, I'm not sure. Maybe someone else can shed further light.
  • #3,874
  • Apr 30, 2007 8:53am Apr 30, 2007 8:53am
My candles close in 10 minutes, it seems like there is a bounce from zero on EUR/USD, is anyone taking it?
  • #3,875
  • Apr 30, 2007 9:37am Apr 30, 2007 9:37am
Hi ira,

Did you take this signal ?
My impression is that the market is not yet ready to decide next move.
I will wait till 16GMT when my candle closes.


ps: Hi weghio,

Great stuff ! Whenever you find signal on this pair, USD/CAD, please post it, and I will follow your decision.
  • #3,876
  • Apr 30, 2007 9:56am Apr 30, 2007 9:56am
Quoting ira
My candles close in 10 minutes, it seems like there is a bounce from zero on EUR/USD, is anyone taking it?
Yeah I took that. Looking back, the zero bounce signal worked pretty good.
It also broke thru my upper TL. 1hr showed a break thru zero and it's with the trend. I just had a good feeling about it. So far so good. We'll see.
  • #3,877
  • Apr 30, 2007 10:19am Apr 30, 2007 10:19am
Thanks kappa, I'm still a newbie though

I left eur/usd alone and instead went with gbpusd...don't think there's anything wrong with taking either or both.

Both are doing pretty well right now
  • #3,878
  • Apr 30, 2007 10:38am Apr 30, 2007 10:38am
My 4 hs candel is about to start in 25 mins.

Both pairs give me a nice RB, BUT.. I will not go for it, in any of them, since both are very close to TL Resistence (EURUSD near highs and Cable is also near the TL an the 61.8 retracement from April 18th)

I will wait for a confirmation in both pair in the next candel

Just my 2 cents

Good trades for everyone.

P.S: might be a good option the USDCHF??? Any idea?

Ignacio
  • #3,879
  • Apr 30, 2007 10:45am Apr 30, 2007 10:45am
Hi all,

If my candle were to close GMT +2 like ira, weghio and smnitro, I would have jumped in to go long EUR/USD or GBP/USD.......

Now it is wise to stay sidelined like nacho says.

Good luck everybody.
  • #3,880
  • Apr 30, 2007 10:47am Apr 30, 2007 10:47am
Hi Guys, This system is great!
I did buy at 1.3601 near one of my bottom Trendline and I close it at 1.3667. I have a trendline at 1.3687, but for me for today it is done.

I am still learning how to read correctly the signs, and because I have lost too many trades without this system, now I follow only EU and GU.

Once again, Many Thanks Phillip.

Bye to all
MIKE
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