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4 Hour Strategy (MACD)

  • #6,821
  • Sep 9, 2007 4:46pm Sep 9, 2007 4:46pm
Thanks pips...

See you guys next week.

Trade well everyone.
  • #6,822
  • Sep 9, 2007 9:25pm Sep 9, 2007 9:25pm
I also like to use this system
Great job!

Thanks
  • #6,823
  • Sep 9, 2007 9:34pm Sep 9, 2007 9:34pm
Quoting Palmer
Thanks pips...

See you guys next week.

Trade well everyone.
See you Palmer and we miss you!!
Failure, is a wonderful teacher!
  • #6,824
  • Edited 11:16am Sep 10, 2007 5:18am | Edited 11:16am
Hi everybody.


I have just traded eur/usd short and I have gotten stopped out.


10sep07 10:20 gmt

eur/usd

4h chart

macd shows a little double top in its high


1h chart

macd lower high

using ema8 as support


short 1.3782

sl:1.3802 (-20)

(a)tp: 1.3752 (+30) ema 8

(a)tp 1.3722 (+60) inbetween ema8 and ema21


10.30-11.00 gmt

sl= total -40 pips

I think there is short potential to eur/usd but maybe I should have entered
the trade after the support of the EMA 8 on the 1h chart is broken.
Until now the support is still holding.


Would EMA 21 make for support after EMA 8 is broken?

Should one just enter the short trade after EMA 21 breaks?



What do you think?


Greetings
  • #6,825
  • Sep 10, 2007 5:35am Sep 10, 2007 5:35am
I know we are probably in different time zones, but i cant see a double top in my 4 Hour chart, and also why was the 8MA support line an influence to go short?surely thats supporting the bullish trend?

Could you upload pics of your charts that you see?

Thanks

James
  • #6,826
  • Sep 10, 2007 6:03am Sep 10, 2007 6:03am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Date: 10 Sept 07

Entry at 0605 EST

Long @ 2.0321

SL @ 2.0260

TP: 2.0361 (23.1 fib) TP 2: 2.0383 (38.2 fib)

Reasons: I feel its going to go up because of the price currently sitting on trendline and above 8ema. 1hr chart shows a TC pattern, so i took it. Let's see how it goes..
  • #6,827
  • Sep 10, 2007 6:11am Sep 10, 2007 6:11am
here are the chartpics
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd1h.jpg Size: 92 KB
Click to Enlarge Name: eurusd4h.jpg Size: 103 KB
  • #6,828
  • Sep 10, 2007 6:28am Sep 10, 2007 6:28am
Ashes,

I am curious as to why you decided to go Short ? Also your stop loss at 20 pips is too small (in my view). The volatility in the 4 hour time frame with a simple 14 measure ATR is currently 32 pips and I personally factor in 20% more which is 38 pips before I would have abandoned the trade.

Also do others on here adjust position size based on market volatility ? This has been the single biggest factor in making my trading consistently profitable so I am curious what others are doing.


Paul
  • #6,829
  • Sep 10, 2007 6:33am Sep 10, 2007 6:33am
Quoting shauny
Date: 10 Sept 07

Entry at 0605 EST

Long @ 2.0321

SL @ 2.0260

TP: 2.0361 (23.1 fib) TP 2: 2.0383 (38.2 fib)

Reasons: I feel its going to go up because of the price currently sitting on trendline and above 8ema. 1hr chart shows a TC pattern, so i took it. Let's see how it goes..
iv taken it too
  • #6,830
  • Sep 10, 2007 7:47am Sep 10, 2007 7:47am
Hello Paul,

thank you for your comment. It was indeed the wrong decision to go short. I have spotted a macd pattern and then opened the short trade. Later I realized that the ema8 serves as a stable support.

You're also right about the stop loss. Already the spike has taken me out.

Greetings
  • #6,831
  • Sep 10, 2007 8:30am Sep 10, 2007 8:30am
Quoting ashes
Hi everybody.


I have just traded eur/usd short and I have gotten stopped out.


10sep07 10:20 gmt

eur/usd

4h chart

macd shows a little double top in its high


1h chart

macd lower high

using ema8 as support


short 1.3782

sl:1.3802 (-20)

(a)tp: 1.3752 (+30) ema 8

(a)tp 1.3722 (+60) inbetween ema8 and ema21


10.30-11.00 gmt

sl= -20 pips

I think there is short potential to eur/usd but maybe I should have entered
the trade after the support of the EMA 8 on the 1h chart is broken.
Until now the support is still holding.


Would EMA 21 make for support after EMA 8 is broken?

Should one just enter the short trade after EMA 21 breaks?



What do you think?


Greetings
Hello there,, i m starting to read this thread too. I think you mean RT. Anyway,, the indicator that most of the people uses here is MACD colored v.104 for the mt4 platform, (correct me if im wrong ). Sometimes indicators may vary from one platform to the other, nearly to get missunderstandings.
To answer your question check the last post from Palmer about market rythm, its perfectly explained.
Countertrends they re always dangerous, especially now EUR its in a really good shape, check correlations E-U, G-U, E-G.(i know that correlations they re not part of the system but they re always helpful). And after NFP data from Friday its one of the worst times to short the E.
You can get the MACD colored here at the attached file.
Attached File(s)
File Type: mq4 MACD_Colored_v104.mq4   16 KB | 940 downloads
  • #6,832
  • Sep 10, 2007 9:40am Sep 10, 2007 9:40am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting shauny
Date: 10 Sept 07

Entry at 0605 EST

Long @ 2.0321

SL @ 2.0260

TP: 2.0361 (23.1 fib) TP 2: 2.0383 (38.2 fib)

Reasons: I feel its going to go up because of the price currently sitting on trendline and above 8ema. 1hr chart shows a TC pattern, so i took it. Let's see how it goes..
Might be looking forward to add onto my long positions when a TC forms again on 1hr..
  • #6,833
  • Sep 10, 2007 10:20am Sep 10, 2007 10:20am
Quoting shauny
Might be looking forward to add onto my long positions when a TC forms again on 1hr..
I'll be there with you, i was just lookin at that, unfortunately my origional position is -30pips, hope it doesnt hit SL!
  • #6,834
  • Edited 3:51pm Sep 10, 2007 10:56am | Edited 3:51pm
I have to learn learn learn
Thank you, gus, for the informations.

Greetings

PS: If I would have read Palmers thread about market rhythm before, I would not have entered short today.

Thank you Palmer for the thread and for your great site about 4hmacd system.
  • #6,835
  • Sep 10, 2007 5:37pm Sep 10, 2007 5:37pm
Hi guys,

I had a PM question that I was unable to answer, maybe someone on the forum could help?

The question revolved around the levels of MACD for G/J and E/J...I have my own trendline on indicator method to determine levels for retrace/consolidation used in conjunction w/shorter TF charts and support/resistance break/bounce/reject scenarios & market motion/rhythm....

Does anyone trade the pairs w/standard horizontal line settings that differ from the normal .0015, .0030, and .0045? Going to guess that the retrace level is greater than 1...but what is it?

Thanks for your help w/this technical question. (my adivce was to look back on charts and see where they historically consolidated/retraced and note levels...but I don't know off-hand what they are).

Happy trading,
Pips
  • #6,836
  • Sep 10, 2007 5:50pm Sep 10, 2007 5:50pm
Quoting pips4uandme
Hi guys,


Does anyone trade the pairs w/standard horizontal line settings that differ from the normal .0015, .0030, and .0045? Going to guess that the retrace level is greater than 1...but what is it?



Happy trading,
Pips

for the GBP/JPY they are 0.15, 0.30 and 0.45 and then the same -0.15 etc.
  • #6,837
  • Edited 7:15pm Sep 10, 2007 7:02pm | Edited 7:15pm
Quoting dsl258639
Hello parlenk

I'm not attempting to answer for Philip, since ... well ... it's his system, but I think he's said a couple of times that everything is the result of two years of monitoring and demo trading Eur/Usd.

I'm looking into the system and I set the levels at long-term ATR. For Eur/Usd this is about 30 pips on the 4-hour chart and so the levels correspond to 50%, 100% and 150% of that (works for Usd/Jpy too). This gives you 0.0025, 0.0050, 0.0075 for a 4-hour Gbp/Usd (ca. 50 ATR long-term), 0.0020, 0.0040, 0.0060 for 4-hour Eur/Jpy (ca. 40 ATR long-term), 0.0065, 0.0130, 0.0195 for daily Gbp/Usd (ca. 135 ATR long-term).

It's just and idea, and it does the trick on my charts.

Cheers,

dsl

PS: Thanks for sharing this system, Philip.
Post 156, page 111. Pips, this was one person's solution to figuring new horizontal levels for the MACD early on in the thread. I thought I remembered something in my rereading, so here it is just in case it helps. I noticed that the levels for EURJPY were lower than GBPUSD at that time, according to dsl. I guess it wasn't ranging as much at that time.
  • #6,838
  • Sep 10, 2007 7:44pm Sep 10, 2007 7:44pm
Quoting james231287
for the GBP/JPY they are 0.15, 0.30 and 0.45 and then the same -0.15 etc.
Excuse me, but I had to get rid of that feather tickling the back of my mind that said, "You read something about this somewhere." Now I can rest.
Here is what Phillip proposed for GBPJPY (page 23 on thread, post 332):

[quote=fxnewbie 71;211708] Quote:
Originally Posted by Phillip Nel http://www.forexfactory.com/images/buttons/viewpost.gif
phil,correct me if i am wrong,i have tried your setting on Gbp/Jpy(4hr chart) but it seem to be v.hard to see,let alone to read whats on it,what should i do now? pardon me for my amateur's question,thanks!


If it is the horizontal lines I will change them to 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 Hope it works. Only for the GbpJpy change the hor lines to these settings.
  • #6,839
  • Sep 10, 2007 9:18pm Sep 10, 2007 9:18pm
Hi,

I placed an order to short E/U at 1.7995. sl is 1.5227 and leave tl open now.
Any comment?

Thanks.
  • #6,840
  • Sep 10, 2007 10:53pm Sep 10, 2007 10:53pm
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
may I know where did u short? I don't see any short possibilitieson E/U.. And your stoploss seems to be very large...
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