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4 Hour Strategy (MACD)

  • #4,041
  • May 4, 2007 11:57am May 4, 2007 11:57am
Quoting alcastro
What you call "cheating" has saved me from potentially disastrous trades! The 1hr confirmations are excellent to have in your arsenal.The MACD entry signals are probably the most reliable in forex!! WELL DONE PHILIP!! Missed a lot of signals because of day job!
2day.

Hi Doji,

I am a big fan of Phillip's MACD, but I have found challenging meeting both the trading method and my day job. My work schedule is the typical 9-5 EST. If you live in the same time zone, I would like to know how do you trade and match your job with your trading. I miss a LOT of good trades because of it (my job) and my trading hours are the very slow hours in the Asian session.[/quote]


I am currently doing a Daily MACD live demo testing of the same principles as the 4Hour system. Same rules and setups. Started the 26 of March only testing EurUsd, GbpUsd and UsdJpy. Stoploss is between 100-150 pips.

Are currently +381pips. Have closed some positions to early. Still need to get use that a position can be +70pips the one day and -40 the next day and +120 the next day and to let it run takes some real mental and emotional strength. One has to know price action to let a position run.

Will post results later during the weekend. Looks like 11 trades with only 2 losses. Will post each one.
  • #4,042
  • May 4, 2007 12:19pm May 4, 2007 12:19pm
Hi MACD fans,

I changed one of my EAs and made it showing where the current price is between fibo levels, fibo extensions, MAs and daily pivots. I hope you will njoy it. The thing is maybe not yet perfect but will still work on it if any reccomendations.
This way I want to thank to all publisher here for the wonderful thread!!!

The EA just draws some levels and labels on the chart. IT DOESN'T OPEN TRADES!!!
Attached File(s)
File Type: mq4 FiboPivots4HMACD.mq4   22 KB | 3,263 downloads
  • #4,043
  • May 4, 2007 12:38pm May 4, 2007 12:38pm
Quoting ejiexe
The last part is my main problem. CAN YOU PLEASE EXPLAIN HOW TO LEARN TO READ PRICE ACTION
Hi ejiexe:

I wish I could....It is not something I can sum up in 1 or 2 sentances....and has taken me extensive studying (good starter books to absorb are Japanese Candlestick Charting Techniques, and Encyclopedia of chart patterns), extensive market watching (I literally spent 5000 hours watching charts my first year), extensive backtesting (practice your technical skills). It takes a lot of studying and a lot of practice. Start with one concept, practice it exclusively until you master it, then add another. Stay focused on learning one thing at a time, and learning it well.

I have found that my system of reading charts is easy, but I have tried to teach others offline and realized my "simplicity" is very complex. The "Pin" bar from James 16 thread is EXCELLENT!!! Tamara's Nesting Dolls are EXCELLENT, and Phillips Round Tops & 3 little sisters are EXCELLENT. I take liberties w/the nesting dolls (Inside Top Lows) based on intuition (and last week, I started comparing patterns to Bulkowski's encyclopedia descriptions only to find out, I was seeing the patterns w/out knowing they were actual technical formations (ascending scallops, fry pan bottoms, dead cat bounce, etc). & THIS ALL CAME TOGETHER FOR ME BECAUSE OF PHILLIP'S ROUND TOPPY'S and Tamara's posts on price action from a painter's perspective. It's kind of like those 3-D prints that were popular in the 90's....once you train your eyes, you can "see" what is beneath the chart. I never saw the rounding before...now it pops up everywhere! Couple the candlepatterns with market motion (again, explained simply by Phillip) and secondary confirmation.....and you become a Pip Eating Monster (LOL).....

Be patient, study hard and never give up!!! The skills will come, they just take much more time & work then we originally thought.

Happy Trading,
Pips

PS thanks for the definition of IMHO!
  • #4,044
  • May 4, 2007 12:44pm May 4, 2007 12:44pm
Quoting O'Zeeke
Originally Posted by Phillip Nel http://www.forexfactory.com/images/buttons/viewpost.gif
It is difficult to answer this one except for NFP and Interest. I stay on the sideline for those 2. Other news it looks like that the MACD support the news beforehand more times than not. I have not really done that study but it could be worth it to see if it is worth believing the movement before the news comes out and the MACD gives a signal. The UsdChf gave signal yesterday so there was plenty of time to manage the trade. The EurUsd MACD supported the news in the candle before the news. I found in my backtesting taking signals as it comes totaly ignoring news it produces good results.

Pips, hi and thank you for posting this and all the other encouragement you gives us and great job with your trades

Phillip, once again your method has proved itself with the MACD signals showing us the direction of the move. I went long on gbp$ at opening 1200gmt candle, set tp at 21ema before leave for work and came home to 30 pip in the bank
Thanks again for all that you does for us
Hi O'Zeeke!

Great Job on another positive week!! You have really developed some nice trading skills!!!!! I love the way we are so supportive of one another on this thread and all strive to make one another the best traders we can possibly be (& have a smile or a laugh too)!!

Have a great weekend!

Pips
  • #4,045
  • May 4, 2007 12:48pm May 4, 2007 12:48pm
Quoting Phillip Nel



I am currently doing a Daily MACD live demo testing of the same principles as the 4Hour system. Same rules and setups. Started the 26 of March only testing EurUsd, GbpUsd and UsdJpy. Stoploss is between 100-150 pips.

Are currently +381pips. Have closed some positions to early. Still need to get use that a position can be +70pips the one day and -40 the next day and +120 the next day and to let it run takes some real mental and emotional strength. One has to know price action to let a position run.

Will post results later during the weekend. Looks like 11 trades with only 2 losses. Will post each one.
Wow!! You are so good to us, Phillip!

Thank you again for all you do to make us skilled traders!
  • #4,046
  • May 4, 2007 12:58pm May 4, 2007 12:58pm
Quoting pips4uandme
Hi ejiexe:

I wish I could....It is not something I can sum up in 1 or 2 sentances....and has taken me extensive studying (good starter books to absorb are Japanese Candlestick Charting Techniques, and Encyclopedia of chart patterns), extensive market watching (I literally spent 5000 hours watching charts my first year), extensive backtesting (practice your technical skills). It takes a lot of studying and a lot of practice. Start with one concept, practice it exclusively until you master it, then add another. Stay focused on learning one thing at a time, and learning it well.
Great post, Pips! It is your continuous mind journey into a price action which befriends with the market. It is never cast in stone. Some time, some day it clicks and you can start seeing a 3-D movie. Wonderful post!

Right now, don't you see cable forming a huge flag formation on a daily chart? Doesn't it tell us its uptrend is about to resume, or already resumed? Let's calibrate an immediate price action - it is above 21EMA and still going...
  • #4,047
  • May 4, 2007 1:08pm May 4, 2007 1:08pm
Quoting Phillip Nel
Hi Doji,

I am a big fan of Phillip's MACD, but I have found challenging meeting both the trading method and my day job. My work schedule is the typical 9-5 EST. If you live in the same time zone, I would like to know how do you trade and match your job with your trading. I miss a LOT of good trades because of it (my job) and my trading hours are the very slow hours in the Asian session.

I am currently doing a Daily MACD live demo testing of the same principles as the 4Hour system. Same rules and setups. Started the 26 of March only testing EurUsd, GbpUsd and UsdJpy. Stoploss is between 100-150 pips.

Are currently +381pips. Have closed some positions to early. Still need to get use that a position can be +70pips the one day and -40 the next day and +120 the next day and to let it run takes some real mental and emotional strength. One has to know price action to let a position run.

Will post results later during the weekend. Looks like 11 trades with only 2 losses. Will post each one.[/quote]


Phillip,

Great news!!!!!! I am looking forward to your test results!!.
  • #4,048
  • May 4, 2007 1:33pm May 4, 2007 1:33pm
Hi,

Is there anybody see any good change on long Eur/Jpy and Eur/Chf?

Thanks
  • #4,049
  • May 4, 2007 1:58pm May 4, 2007 1:58pm
I would like to thank all the contributors to this thread for being so great about giving advice. I have learnt more about trading from this thread in the last month than in the previous 2 years, and having spent thousands of pounds in the process.
Every day a greedily read the thread and try to absorb as much info as possible. I can't believe how clueless I used to be when I looked at charts.
The learning curve is very steep but the view is getting better every day.
Keep doling out the advice and one day I hope I will be able to add to it.
It is great to know that there are so many people out there going through the same emotions as I am.
Looking forward to a great month now that the NFP is out of the way.
  • #4,050
  • May 4, 2007 2:18pm May 4, 2007 2:18pm
Quoting alcastro
What you call "cheating" has saved me from potentially disastrous trades! The 1hr confirmations are excellent to have in your arsenal.The MACD entry signals are probably the most reliable in forex!! WELL DONE PHILIP!! Missed a lot of signals because of day job!
2day.
It would be helpful if you guys could post your charts and give examples of 2 charts side x side 4H & 1H and give an example of how the MACD formation is showing on both charts so the new people can get a visual presentation of this 1H confirmation arsenal.

4H=RB, RT
1H=TC
  • #4,051
  • May 4, 2007 3:44pm May 4, 2007 3:44pm
Quoting Phillip Nel

I am currently doing a Daily MACD live demo testing of the same principles as the 4Hour system. ...
Hi,

for the daily I use a very simple system without any indicators. I just trade the trend / simple 1-2-3 formations and enter a trade if a trend is established (a higher high after a higher low for an uptrend).

An example:

Here is my entry for the CAD/JPY on april the 3rd:
http://www.fx-forum.de/charts-daily/cadjpy_030407.png

I'm still in (well this screenshot is 2 weeks old, but the CAD/JPY is much higher now):

http://www.fx-forum.de/charts-daily/cadjpy_180407.png


I set my stop loss just under the last low. It's simple and yes, it works.

Regards - Xaron
  • #4,052
  • May 4, 2007 4:03pm May 4, 2007 4:03pm
Quoting ttitto
Hi MACD fans,

I changed one of my EAs and made it showing where the current price is between fibo levels, fibo extensions, MAs and daily pivots. I hope you will njoy it. The thing is maybe not yet perfect but will still work on it if any reccomendations.
This way I want to thank to all publisher here for the wonderful thread!!!

The EA just draws some levels and labels on the chart. IT DOESN'T OPEN TRADES!!!
Ttitto,

How does one install this file. Thanks.
AFTAB Time Will Tell & Price Will Show
  • #4,053
  • May 4, 2007 5:07pm May 4, 2007 5:07pm
Quoting aftab
Ttitto,

How does one install this file. Thanks.
Paste the file in the mt4 folder/experts folder. Restart platform. Then find the fibopivots.... ea and drop it to the chart.
The EA calcutes pivot points, the moving averages for the 4H macd strategy, fibo levels for the visible part of the chart or for given low and high and compares the current close with these levels. if you want to setup the fibo prices you must set the visible_bars to false and add candle times for the lowest and highest candles in format yyyy.mm.dd hh:mm. You can set also the colors for each group - pivot points, fibo levels, fibo extension levels, moving averagesand pivot points depending on your needs and the size of the font.
the closemarket variable is about PP calculation and is set for GMT time. I am not sure if it will work for all timeframes.
Attached Image (click to enlarge)
Click to Enlarge Name: FiboPivot example.jpg Size: 109 KB
  • #4,054
  • May 4, 2007 8:48pm May 4, 2007 8:48pm
Quoting ttitto
Paste the file in the mt4 folder/experts folder. Restart platform. Then find the fibopivots.... ea and drop it to the chart.
The EA calcutes pivot points, the moving averages for the 4H macd strategy, fibo levels for the visible part of the chart or for given low and high and compares the current close with these levels. if you want to setup the fibo prices you must set the visible_bars to false and add candle times for the lowest and highest candles in format yyyy.mm.dd hh:mm. You can set also the colors for each group - pivot points, fibo levels, fibo extension levels, moving averagesand pivot points depending on your needs and the size of the font.
the closemarket variable is about PP calculation and is set for GMT time. I am not sure if it will work for all timeframes.
Look my chart, Is this working fine? I have numbers all over the place!

Thanks for your contribution.
MIKE
Attached Image (click to enlarge)
Click to Enlarge Name: gu4.jpg Size: 111 KB
  • #4,055
  • May 5, 2007 3:01am May 5, 2007 3:01am
Quoting BoredToLoose
Look my chart, Is this working fine? I have numbers all over the place!

Thanks for your contribution.
MIKE
You have all these number because you ran a backtest. Normally you will have only the 5 pivot points and the labels on the left side of the chart.
  • #4,056
  • May 5, 2007 3:27am May 5, 2007 3:27am
Quoting tamkras
Right now, don't you see cable forming a huge flag formation on a daily chart? Doesn't it tell us its uptrend is about to resume, or already resumed? Let's calibrate an immediate price action - it is above 21EMA and still going...
Looks like it to me tamkras... only thing that concerns me is the high that was recenly reached. It's pretty much an all-time high or close enough, so I'm not sure it will break it, and it seems just like USDCAD right now.... only one way to go...
  • #4,057
  • May 5, 2007 3:31am May 5, 2007 3:31am
Quoting Xaron
Hi,

for the daily I use a very simple system without any indicators. I just trade the trend / simple 1-2-3 formations and enter a trade if a trend is established (a higher high after a higher low for an uptrend).

I set my stop loss just under the last low. It's simple and yes, it works.

Regards - Xaron
Xaron, how do you decide when to take profits? Do you move your stop as price goes your way? I noticed in CADJPY there's a downturn around 4/19 that would have taken about half of your profit up to that point, yet you say you're still in the trade--did you not close your long position there because the daily candle didn't close high, even though it dipped very low?
  • #4,058
  • May 5, 2007 3:58am May 5, 2007 3:58am
Quoting JoshDance
Xaron, how do you decide when to take profits? Do you move your stop as price goes your way? I noticed in CADJPY there's a downturn around 4/19 that would have taken about half of your profit up to that point, yet you say you're still in the trade--did you not close your long position there because the daily candle didn't close high, even though it dipped very low?
Hi JoshDance,

the first half of the position I close at 100 pips profit. The stop loss of the second half is below the last higher low. If there is a new higher high, there will be a new higher low, too. There I set the new stop loss.

Just take a look at the current chart:
http://www.fx-forum.de/charts-daily/cadjpy_050507.png

At the moment I wait for a correction and a new higher high to move the stop loss upward...

Regards - Xaron
  • #4,059
  • Edited 7:50am May 5, 2007 5:48am | Edited 7:50am
Hi Doji,

I am a big fan of Phillip's MACD, but I have found challenging meeting both the trading method and my day job. My work schedule is the typical 9-5 EST. If you live in the same time zone, I would like to know how do you trade and match your job with your trading. I miss a LOT of good trades because of it (my job) and my trading hours are the very slow hours in the Asian session.[/quote]

I feel it with you Alcastro!!
Well, like Philip ,I'm from sunny South Africa. Cape Town,to be exact. Problem is though, I miss the entire London session as well as the beginning of New York session(first two/three hours).When I get off work early, I can sometimes look out for the New York open, otherwise it's the aftermarket MACD signal for me, followed by two early morning Asian trading hours signals.Was lucky to have a few public holidays, recently.Also I started live trading this system while I was home on vacation. Made good pips then.Ultimately, you'd want to be able to trade during the London and New York hours
Dunno what to do now that I'm getting the gist of the system?!Probably have to wait for next vacation.
Ahh,but such is life...
Wishing you many pips..
Doji Star
  • #4,060
  • May 5, 2007 5:54am May 5, 2007 5:54am
Quoting ramrocket
It would be helpful if you guys could post your charts and give examples of 2 charts side x side 4H & 1H and give an example of how the MACD formation is showing on both charts so the new people can get a visual presentation of this 1H confirmation arsenal.

4H=RB, RT
1H=TC
Check out posts #3833 and #3834. Pg 256.I'm sure this'll clear things up for you.
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