4 Hour Strategy (MACD)

Hi.I just found this thread last week and am half way through the posts. What a great thread. Keep up the good work.

Hey folks...Getting back into the swing of things here. Lots of red flags on the calendar this week. Big-Bada-Bing on Tuesday. May just sit back and wait for that before doing anything. USDJPY hitting resistance at a few trendlines right now and in the process of forming a Rt (candle has two hours to go though) for a counter trend trade..Ctt, how's that. Butt, he he, I'd rather let things flow a little before doing anything. It's hard, for me at least, to jump right back into the flow after being away for a week. It's a lot easier, for me again, to 'feel it' when I'm already in a position versus just looking at a chart with no position open. Kinda like when you go for that afternoon run and your knees are a little tight but after about ten minutes you start to loosen up and things feel better...read me pips?

Looking for...

A script for MT4 that will open separate positions at the same time. Something that has user inputs like the following:

Pair
Lot Size
Number Of Lots To Open
Buy or Sell

This would make it a lot easier when you want to open more than one position versus manually opening multiple separate orders. I PM'd stockwet to see if he has anything like this. I'd put it on the website as a download of course. If someone has something like this please post it.

If I have to wait until after the Tuesday news to make a trade I may just clean up my room...NOT.

I may have found a script to modify....I'll let ya know....

hei guys, do you think the news (interest rate and PPI)will be in favor with USD? since USD just hit new level or resistance?
I'm hoping to see some consolidation on tuesday...

benniardi...

I think a lot of it depends on if the Feds lower by .25 or .50

If .50 then I'd think that 1.4000 would be no problem. But, it's more than likely that it'll be .25 now and .25 later. Only .25 now to see how things pan out. Look back in 1995 and the EURUSD was at 1.4500. We've all heard it before when some market is at an all time high. There's plenty more room for the upside here. Times like these is when more weight should be given to the fundamentals. There's so much eco turmoil out there that the news rules right now. The next few days may be really difficult to trade until the Fed Speaketh...

Hi Palmer!!!!

Welcome back! Totally feel the lack of rhythm when not in the market for a week...I'm always out of sorts after the weekend....and my run's lately have been hard too(that tightness spread from my kness to my back this week ...but still working it...wish I could find a flat spot (my 3 are all hills and stairs which make my poor aching body feel old)...Oh well, going away soon to lovely GA...should be flat there!!

OK...Now on to business.....

This week should be quite interesting w/the Fed making their rate decision...Market's have priced .50 cut....Didn't think that would happen (actually thought none would happen & the DOW would PLUNGE!...now unsure what the Fed has up it's sleeve...This problem is global and all central banks are going to act in a concerted effort to fix the markets before they completely dry up...DO NOT TRY TO GUESS THIS ONE! ...Lots of confilicting data on USD, but global problems are the real drivers at the moment). I'm very interested to see Cable rxn during this London session (too bad JPY is closed today). Northern Rock is now having a sever run on them. Consumers are withdrawing their savings (in the Billions of Pounds so far) and Henry Paulson is in route to London to help them find a solution...This is the 5th largest mortgage bank in the UK (like CountryWide -- they have savings accounts held by general population)and comparisons are already being made to Barings Bank Fiasco (hmmm...Neeson is back trading & is involved in the FOREX arena....maybe breaking sterling again ). Rate hike to 6 is now off the table for BOE). Thought we'd see a big gap on GBP pairs w/today's open and that wasn't the case...surprised...All I know, is I'm with Phillip on this one and am sitting out a possible retrace and watching to see what may happen....& I'm with you on waiting out the Fed speak too. If I trade anything it will be based on short term opportunities....My 4 hour chart of Cable is interesting too...price has bounced at a long term support line that I've had on my chart and may be going back to the 8/365 region...then possibly price will move down away from the MA's? Love how a trend can be changed by a good run on a bank...

Which brings us back to a good run... ...funny...everything is cyclic!

Here's the chart if anyone is interested...Don't have any plans yet....

pips: Thanks for the bigger eco picture again...

Here's the daily $Yen...Imagine, if you will, this was a 4 hour chart...textbook pullback to the 21 perhaps...MACD approaching the zero line and then retreating again...perhaps...Again, this is a daily chart...

Till tomorrow...

Do you guys restrict trades within a certain period as what was written in the e-book? I don't have the ebook with me right now, but for example purposes, only initiate new positions at the opening of the bar at 2pm, 6pm 10pm.

Hi pphuong,

No, there aren't any time restrictions on entering our trades. The original pdf. states the time Phillip was able to trade. Your descretion is required to determine entry time (some traders don't like signals generated during the Asian Market).

Welcome to the 4 hour community! Be sure to check out Palmer's blog re: the system...the link is on his posts and he has lots of good info all easily located in 1 place.

Happy trading,
Pips

Welcome! Yup, TMI..totally the annoying girl in the classroom w/her hand always raised!

Sure looks like a double bottom on your daily chart.....hmmmm.....interesting....Would def. keep an eye on that support line come Tuesday....K...I'm done...really time for my run...

great way to follow market rythem phillip. I have been going threw this thread for about 1.5 weeks i must have missed the part about using 1 hr as early entry. does any one of the great minds here know what post that was in?

http://www.forexfactory.com/showpost...postcount=6863
this is the written copy of the original MP3 ( which you will find also here )

Thanks for the reply

Hey guys...

I got the ok from stockwet to modify one of his scripts that will let you open separate multiple positions for a given pair. For instance, the script will let you open 3 separate positions of the EURUSD,...., that can be .01, .1, 1.0, etc. lot sizes. I'll have these for the four major pairs, some other USD pairs and JPY pairs. I'll let you know when they are on the website. If someone needs a pair that isn't showing up just let me know. I should have this done sometime this week but my room is looking pretty bad right now....

I have read through most of this thread now, looked at the 5min also but I did not like the 5min as much. What I want to ask is how you scale out of trades? It seems 90% work but I wanted to see where you look to take some off the table. I was thinking with 10 contracts taking 1 per 10 and putting the stop @ cost around +20ish or if it starts to come back on me. Any ideas?

[quote=pips4uandme;1595624]Hi Palmer!!!!

Welcome back! Totally feel the lack of rhythm when not in the market for a week...I'm always out of sorts after the weekend....]

Pips,

In the process of backtesting, which by the way has been a real eye opener for me with regard to market rhythm, I have noticed that it IS hard to get back in rhythm when you are out for a while, or even if you have a little losing streak. I'd be interested to hear from you and/or anyone else about how you deal with this, how you get back into rhythm?

I have a confession to make. I used to use Forex Made Easy (I know, I know, don't rub it in) and almost nobody coud get it to work, but there was one guy named Willie who did, and I realize now that he was just getting into the rhythm of the market and trading it that way. He used to call it 'Willie's Camel Ride'. "Can you feel the beat?" he used to say. I would think "no, all I see are these stupid wiggly lines and flashing arrows", but now I see what he was getting at. Market rhythm works even if your software doesn't.

Anyway, I'd like to hear how you guys 'keep the beat'.


Thanks,
Richard

Ryan:

As far as scaling out goes...that's where the profit targets come in. Since there are 3 targets..the 8/21 the 89. and 'beyond'...that's where I try to exit. After the 1st profit target is hit I tighten things up a little extra ( a lot of times to break even) in the event it a counter trend trade that turns into a trend continuation. Then it's simply letting the 89 area be the next target, moving the third stop down and letting it run.....

Richard:

Yeah, I've heard of the FX Made Easy stuff and it was hard to find any good comments about it now that you mention it. But the rhythm, when you see it and you're with it..it's all good. To get back in the flow of things for me at least means getting in from the beginning on a Rt or Rb and letting it try to work out into the Rhythm. It doesn't happen every time, the strong +2 trend, but when it does and you get in from the start, it's easier for me to deal with it vs. getting in on a bounce of the 21 for a Tc trade unless that ends up running for several days as well. Gotta feel the flow...

Hey Richard (and others),

my best way for this is demo account. I find the demo quite useful for various things. From getting back to the seat to elliminate the ichy feeling of trading urge when there's no trade according to the plan. (sometimes it is a real challange not to ruin completly the demo account...) Most of the time I loose but the patience and the good mood is back.

Hope to see other solutions for this.

Robert

I always was in bewilderment too when someone told me: "Can you feel the market?" The best way for me to feel it is to listen Phillip's lessons, then go to backtesting. If I start on Saturday morning then on Sunday evening I can read the current chart and begin to anticipate the market.

Waow, does anyone tried to check the forex options already? It's a great stuff the ISE offers...
Any comments? Wonder if they're already available in intrabankfx or other broker platforms...