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4 Hour Strategy (MACD)

  • #7,141
  • Sep 30, 2007 9:46pm Sep 30, 2007 9:46pm
i was looking at that eur trade, very tempting, but myself avoiding the countertrend trades where possible, so instead i took eurjpy long at 164.10.

i coded up a couple of indicators, one for market momentum according to the rules, and one modified macd. with the macd i was trying to find those turning points and highlight them on there, but it proved beyond my ability, and this one sort of half works. I will upload anyway someone might see potential in it. I myself am going to the coloured macd. Ive found this thread valuable, and want to contribute and join the chat also.
Attached File(s)
File Type: ex4 MACDExtra.ex4   4 KB | 803 downloads
File Type: ex4 MarketMomentum.ex4   4 KB | 748 downloads
  • #7,142
  • Sep 30, 2007 9:54pm Sep 30, 2007 9:54pm
Ya I have been counter-trending for about 8 years now, just quick little profits here and there until it rides the 21ma up
Keep taking CT trades, I need more money
  • #7,143
  • Sep 30, 2007 10:32pm Sep 30, 2007 10:32pm
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
I must agreed eur looks good for a short. The price hits top trendline and looks poise to turnaround. It shows a doji evening star, macd shows double top, I will be waiting for for my 4hr bar to closed first in 30mins time.. Good luck ryan!!
  • #7,144
  • Sep 30, 2007 10:59pm Sep 30, 2007 10:59pm
Quoting benniardi
Hi, welcome to the FF. I'm kinda new too here, and still learning. It'd be fun if we learn together.

Yes, I'm from Canada, and I'm using InterbankFX. What broker are you using in Canada? Well, so far that I know, you can open a broker anywhere in the world, don't have to be Canada, just kinda hassle with the process...
I am using Tradefreedom which can let me have accounts in Canadian Dollar and US Dollar, I was tried to look for other Brokers, but they only open account for USD, not for Canadian Dollar, Could anybody have information about account currency?

Happy trading everyday,
  • #7,145
  • Oct 1, 2007 12:22am Oct 1, 2007 12:22am
Quoting OldDog
jren07, -- Congratulations on reading through the whole thread! I think you are asking a lot of legitimate questions, but I am going to answer only the one that I think is most important to your continued growth in the 4Hr method, and that is that the 4Hr and the 5Min are two separate methods with two different goals as regards both the amount of profit you are expecting, the amount of loss risk you are willing to take, and the amount of time you are expecting to wait for your trade to mature. If you are looking at the 4Hr only for direction but at the 5Min for entry, then you need to look at the 5 minute charts for an exit strategy as well. If you use the 4Hr, use it for your entry as well. Look for what Phillip calls the "high probability trades," the ones that have found support or resistance and confirmation by the MACD signal. Good luck on your continued study!
Finally back to thread after 3 days work. Thank your for your reply and encouragemnt. Actually I had hard time to manage and exit trade when the pair in trend. I always debate myself with following questios:
1) Should I enter trade with profit target? or should I use trailing stop after certain movement in price.
2) After collecting partial profit, how do I evaluate trade status? and when is time to exit trade? Should I stay in trade if price only retrace to 8 EMS of 4 hr chart, but exit trade if price retrace to 21 EMS of 4 hr chat?
3) Should I simply set trailing stop in fixed pips eg. 25 pips or in different price level according to price action in lower timeframe eg. 1 hr or 30 min to exit trade as time passed.

Everyone comments is welcome
  • #7,146
  • Oct 1, 2007 12:57am Oct 1, 2007 12:57am
I know where you're at mate. It's the old "let you profits run" verses "don't let a profit turn into a loss". I was trailing but am now setting profit targets. I was splitting my lots between taking profit at a set amount and trailing the other lot. I would invariably see the trailing lot not make it as far as what I ended up with the first lot. The risk reward doesn't seem so great. It's still a work in progress for me.
FF journal: Peaks and Troffs
  • #7,147
  • Oct 1, 2007 7:00am Oct 1, 2007 7:00am
Quoting jren07
Finally back to thread after 3 days work. Thank your for your reply and encouragemnt. Actually I had hard time to manage and exit trade when the pair in trend. I always debate myself with following questios:
1) Should I enter trade with profit target? or should I use trailing stop after certain movement in price.
2) After collecting partial profit, how do I evaluate trade status? and when is time to exit trade? Should I stay in trade if price only retrace to 8 EMS of 4 hr chart, but exit trade if price retrace to 21 EMS of 4 hr chat?
3) Should I simply set trailing stop in fixed pips eg. 25 pips or in different price level according to price action in lower timeframe eg. 1 hr or 30 min to exit trade as time passed.

Everyone comments is welcome
1) Yes, or at least I do. It's all about trading the plan. As far as a TS goes, that's up to you. If the first target is hit, tighten the stops on the remaining lots. If price keeps moving, move to b/e.

2) If you see price being denied by the 21ema area, and resuming the original direction it is more than likely a trend continuation signal.

3) It depends if it is a Rt or Rb where the stop should be the previous candle high and the r:r is worth it. Use the 1hr for quicker entries on trend continuation patterns.

EUR$ gave a nice Rt, about 50 pips on the first lot. Watching price action at the 21 ema and what happens on the 1hr.

ISM news today at 9am. If the dollar is so weak shouldn't manufacturing being up due to foreign demand? Where's pips??? Vacation is over sweetheart, time to get back to work....
  • #7,148
  • Oct 1, 2007 7:54am Oct 1, 2007 7:54am
Quoting Ryanmcd
EUR looks short 1.4261 Short Stop @ 1.4285

Closed a few at 1.4222, stop @ cost.
Keep taking CT trades, I need more money
  • #7,149
  • Oct 1, 2007 8:16am Oct 1, 2007 8:16am
Nice pips Ryan...

This is what I intend to do:

I exited one lot for +40 pips. The remaining will be moved to break even. If after the ISM news the one hour starts to move back up, this may signal a Tc on the 4hr with bounce off the 21. The price may not actually reach the 21 but since the bull is so strong it may get 'close'. Either way, If the 1hr looks bullish again, I'll re-enter on the long side after the news candle closes.
Attached Image
  • #7,150
  • Oct 1, 2007 10:39am Oct 1, 2007 10:39am
I will just stick with the 4hour and not mess with going SAR, I trade a lot of contracts and 2-300 a month is good enough for me. Also in the past when I started looking at different time frames you start trading a whole different way and then the 1 hour says go long, so you exit a winning trade to pick up a looser after you traded a whole different way. I want to keep it simple as I always have and it's worked well. Stop is still @ cost, if stopped out will look for a trade once one unfolds, not going to force something just to be in a trade.
Keep taking CT trades, I need more money
  • #7,151
  • Oct 1, 2007 12:12pm Oct 1, 2007 12:12pm
I read ya. This is purely for a trend continuation signal on the 1hr in the 4hr direction.
  • #7,152
  • Oct 1, 2007 2:07pm Oct 1, 2007 2:07pm
Info
Attached File(s)
File Type: zip Daily Wrapup 01 Oct2007.zip   654 KB | 1,279 downloads
  • #7,153
  • Oct 1, 2007 2:07pm Oct 1, 2007 2:07pm
Sure just lookinig for a better fill off the 1 hr and use the 4 hour for direction. I do the same thing.
Keep taking CT trades, I need more money
  • #7,154
  • Oct 1, 2007 6:26pm Oct 1, 2007 6:26pm
Still short, looks like it does not know what it wants to do. If that 21 does not hold . I am looking at the long side as well because that is the trend but it will take 3-4 bars to say what it's doing. Just posting my thoughts.
Keep taking CT trades, I need more money
  • #7,155
  • Oct 1, 2007 6:39pm Oct 1, 2007 6:39pm
I agree it will take a few bars but I wouldn't count on up.
Someone humble lies about being lucky, someone arrogant simply lies.
  • #7,156
  • Oct 1, 2007 11:10pm Oct 1, 2007 11:10pm
Testing the 21ma, Looks like it's going to take it out, we will see when I wake up
Keep taking CT trades, I need more money
  • #7,157
  • Oct 2, 2007 5:11am Oct 2, 2007 5:11am
Here is a written copy of daily wrapup for the 1st of October.

Phillip, if you don't mind my asking what is your pip goal for the week?
Attached File(s)
File Type: doc October1.doc   24 KB | 552 downloads
  • #7,158
  • Oct 2, 2007 7:53am Oct 2, 2007 7:53am
Quoting Ryanmcd
EUR looks short 1.4261 Short Stop @ 1.4285
Out of the rest @ 1.4149
Keep taking CT trades, I need more money
  • #7,159
  • Oct 2, 2007 9:20am Oct 2, 2007 9:20am
Quoting Ryanmcd
Out of the rest @ 1.4149

Great trade Ryan. Start of a new month has correlated so far to the start of a new direction for the e/$. With NFP on friday we'll probably see the direction set for the month, similar to September which was also complemented by the significant rate cut.
Someone humble lies about being lucky, someone arrogant simply lies.
  • #7,160
  • Oct 2, 2007 12:01pm Oct 2, 2007 12:01pm
Still waiting, no edge.
Keep taking CT trades, I need more money
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