Attachments: 4 Hour Strategy (MACD)

4 Hour Strategy (MACD)

#7,201
Edited 5:47am Oct 4, 2007 3:41am | Edited 5:47am

ashes
| Joined Aug 2007 | Status: live to trade another day | 726 Posts

Hi all,

my trade:

4. oct 07

09:29 gmt

eur/usd

long 1,4098

sl 1,4068 sma89 (2x -30)

(a)tp 1,4116 ema8 (+18)

(b)tp 1,4143 ema21 (+75)

9:59 gmt

sl +/-0 at +16 pips

10:10 gmt

(a) tp: +18 pips

11:45 gmt

(b) closed before news : +25 pips

total +43 pips

I apprechiate comments

Greetings

#7,202
Oct 4, 2007 3:52am Oct 4, 2007 3:52am

owkenobi
| Joined Oct 2006 | Status: Trader | 77 Posts

I like this system. Thank you Phillip.

To render back in some way I started to develop a small indicator for Metatrader that:

1 - draws all *MAs (8, 21, 365 EMAs and 89, 200 SMAs)
2 - draws two horizontal lines at "round" prices levels closest to actual price.
3 - announces the "rhythm" strength by a proper colored text

I'ts the first release, so if you find it needs some improvement you're welcome to ask me for it or to make it yourself.

I hope you like it!

Attached File(s)

4h_MACD_FX_Strategy.mq4 5 KB | 878 downloads

4h_MACD_FX_Strategy.ex4 5 KB | 673 downloads

#7,203
Oct 4, 2007 3:52am Oct 4, 2007 3:52am

wernbrenk
| Joined Sep 2007 | Status: Trader | 39 Posts

I'm a little cautious to enter on GBP and EUR at the moment because of the Interest rate announcements by the BOE and ECB at 11:00GMT.

Phil419

#7,204
Oct 4, 2007 4:47am Oct 4, 2007 4:47am

panther_trader
| Joined Jul 2006 | Status: Trader | 30 Posts

Phils sent this, to post it here:

EurUsd. Bounce almost off the 89sma. Current candle to big to enter long now. I will wait to see what happens at the 21ema. TC down and I will be interested down to 89sma again.

Gbpusd. Same as Eur. I will wait for the 21ema to see what is happening. Current bar engulfing. Has closed below supp line and pulled back above. TC down and I will be interested down to 89sma again

Attached Image(s) (click to enlarge)

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#7,205
Oct 4, 2007 5:55am Oct 4, 2007 5:55am

Ted1983
| Joined Oct 2006 | Status: Britunculus | 940 Posts

Let me begin by saying congratulations on an an excellent thread, one of only 3 worth reading in the systems forum (in my opinion).

I would like to know what experienced users of this method think of this trade.(I dont care that it didnt work, but would like to see if anyone else was thinking something similar).

I went short at 1.4092 after what I perceived as a failure swing right off the 1.4200 area, also the pair was trading below the 8 EMA on the daily. I realise that this is against the major trend so I set a target of 1.4005, which coincides very nicely with a 38.2 retrace of the rally which began on 4/9 (or 9/4 depending where your from). Obviosly the target also lies just above the 1.4000 round number.
The stop was set fairly close at 1.4125 (33 pips) as I believed this level to constitute a failure of the breakdown.

Do you think;

A) This was a bad setup against the major trend and should have been passed.
B) Should the bearish engulfing candle have been enough of a signal, thus giving a better price.
C) Was the stop simply to close and therefore the trade is still valid (as I write this the hourly is showing signs of bearish rejection just after the stop was taken out).

Please post your thought on this.

Thanks,

Ed.

Attached Image (click to enlarge)

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#7,206
Oct 4, 2007 6:31am Oct 4, 2007 6:31am

bellefemme
| Joined Sep 2006 | Status: Trader | 84 Posts

Quoting owkenobi

Disliked

I like this system. Thank you Phillip.

To render back in some way I started to develop a small indicator for Metatrader that:

1 - draws all *MAs (8, 21, 365 EMAs and 89, 200 SMAs)
2 - draws two horizontal lines at "round" prices levels closest to actual price.
3 - announces the "rhythm" strength by a proper colored text

I'ts the first release, so if you find it needs some improvement you're welcome to ask me for it or to make it yourself.

I hope you like it!

Ignored

Thanks for the indicator

#7,207
Oct 4, 2007 6:39am Oct 4, 2007 6:39am

InForTheHaul
| Joined Aug 2007 | Status: Trader | 20 Posts

Hi Palmer - a big thanks for all the work done on FX TradeBlog, and with sorting me out on the Coloured MACD

Hi Irusoh - how on earth you got that right and programmed it - thanks

Hi Mike Wong - thanks for the ebooks

Hi Phil - I loved Irusoh's comment which went something like :
A Man looks at the stars and sees leo, orion, The Big Dipper etc;
Phillip looks at the bars and sees RB, RT, TC etc

At last my trading seems to be coming right

#7,208
Oct 4, 2007 6:46am Oct 4, 2007 6:46am

InForTheHaul
| Joined Aug 2007 | Status: Trader | 20 Posts

3 - announces the "rhythm" strength by a proper colored text

I'ts the first release, so if you find it needs some improvement you're welcome to ask me for it or to make it yourself.

I hope you like it

Hi Owkenobi,
Thanks for your update. Can I suggest that the colour of the font for the Rhythm Strength be changed from Green to a darker colour? I think it may be confusing in that colour, lying ontop of the voume indicator? Your thoughts?

Also, does it reflect the strength at the current live price, or over the current 4 hour period?

Thanks again

#7,209
Oct 4, 2007 7:09am Oct 4, 2007 7:09am

Palmer
| Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts

owkenobi:

Cool! It looks like the indicator works fine and needs no further edits. I'm in the process of creating link on the site called 'Tools' that will have all of the extras for the method in one place. I'd like to add it to the page and mention your name if you don't mind.

Foricks:

We had tuna tataki, tuna rolls, tuna sashimi, sweet and sour tuna sashimi salad, and swordfish all the same way...good stuff....

No positions open right now...

#7,210
Oct 4, 2007 7:16am Oct 4, 2007 7:16am

Palmer
| Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts

Ted1983:

What day did you go short on...having a hard time with the chart.

#7,211
Oct 4, 2007 7:24am Oct 4, 2007 7:24am

Ted1983
| Joined Oct 2006 | Status: Britunculus | 940 Posts

Hi.

I got in at around midnight GMT then went to bed.

#7,212
Oct 4, 2007 7:42am Oct 4, 2007 7:42am

kdmezzo
| Joined Jun 2007 | Status: Trader | 10 Posts

Quoting owkenobi

Disliked

I like this system. Thank you Phillip.

To render back in some way I started to develop a small indicator for Metatrader that:

1 - draws all *MAs (8, 21, 365 EMAs and 89, 200 SMAs)
2 - draws two horizontal lines at "round" prices levels closest to actual price.
3 - announces the "rhythm" strength by a proper colored text

I'ts the first release, so if you find it needs some improvement you're welcome to ask me for it or to make it yourself.

I hope you like it!

Ignored

Thanks for doing the indicator. Just applied it to a chart and it looks good. How exactly do you use the Two horizontal lines? I am not sure what they represent.

Doug

#7,213
Oct 4, 2007 7:51am Oct 4, 2007 7:51am

owkenobi
| Joined Oct 2006 | Status: Trader | 77 Posts

Quoting bellefemme

Disliked

Thanks for the indicator

Ignored

It's a pleasure!

Quoting InForTheHaul

Disliked

Hi Owkenobi,
Thanks for your update. Can I suggest that the colour of the font for the Rhythm Strength be changed from Green to a darker colour? I think it may be confusing in that colour, lying ontop of the voume indicator? Your thoughts?

Ignored

Yes, you're right. Good idea. I'll add a text color property feature so you can easily change it.
But now you can change the text position, if you want/need. You can do it by simply changing the "corner" parameter (0=upper left, 1=upper right, 2=lower left, 3-default=lower right) or playing with "xdispl" and "ydispl" parameters.

Quoting InForTheHaul

Disliked

Also, does it reflect the strength at the current live price, or over the current 4 hour period?
Thanks again

Ignored

It reflects the current live price following the current candle "close" value.

Quoting Palmer

Disliked

owkenobi:
Cool! It looks like the indicator works fine and needs no further edits. I'm in the process of creating link on the site called 'Tools' that will have all of the extras for the method in one place. I'd like to add it to the page and mention your name if you don't mind.

Ignored

Hi Palmer,
I'm glad you like the indicator. To develop it I readed your nice web site ( http://www.fxtradeblog.com/ ).
I'm honored if you add this indicator to the site tools. Thank you!

#7,214
Oct 4, 2007 8:03am Oct 4, 2007 8:03am

owkenobi
| Joined Oct 2006 | Status: Trader | 77 Posts

Quoting kdmezzo

Disliked

Thanks for doing the indicator. Just applied it to a chart and it looks good. How exactly do you use the Two horizontal lines? I am not sure what they represent.

Doug

Ignored

Hi Doug,
the two horizontal lines are at "round" price numbers ( 1,4100 - 1,4200 on fiber for example ) closest to the current price. They "...play a role in the support and resistance of the price movement..." as Phillip said.

#7,215
Oct 4, 2007 8:12am Oct 4, 2007 8:12am

Palmer
| Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts

Ted1983:

That was a 'tricky' trade since price was really close to the 89, and it was still above it. Per the rules, a price target would have been hard to define on a short. If you look back to the 10/01 bar that formed the Rt, that was more ore less still 'working' or in play. Annnd, that candle kind of looks like a doji, that can go either way...

The daily $Yen broke above and closed above resistance, this pair might be getting wheels...

gotta run

Attached Image

#7,216
Oct 4, 2007 8:51am Oct 4, 2007 8:51am

Richard7
| Joined Apr 2007 | Status: Guitar Player/Trader | 180 Posts

Quoting Palmer

Disliked

owkenobi:

Cool! It looks like the indicator works fine and needs no further edits. I'm in the process of creating link on the site called 'Tools' that will have all of the extras for the method in one place. I'd like to add it to the page and mention your name if you don't mind.

Foricks:

We had tuna tataki, tuna rolls, tuna sashimi, sweet and sour tuna sashimi salad, and swordfish all the same way...good stuff....

No positions open right now...

Ignored

Hmmm, you sound like someone else......Ahh, remember Forrest Gump? "Shrimp Scampi, Shrimp Salad, Shrimp Creole......"
Maybe instead of The Bubba Gump Shrimp Co. you can start......

'Bubba Palmer's Tuna/Trading Co.'

Trade Palmer, Trade!

By the way, Palmer has created and I had the pleasure of testing an MT4 script which will open a multiple lot trade with different lot sizes all with one click. Pretty cool, and I'm guessing you'll find that soon in the Tools area of his website.

Thanks again Palmer.

#7,217
Oct 4, 2007 9:09am Oct 4, 2007 9:09am

BIL2205
| Joined Apr 2007 | Status: PREPARE , PRACTICE, MASTER! | 531 Posts

Eur-Usd onthe 89 sma , Too much uncertainty with up and down candles.

Gbp USD. Has pulled back into the channel. Above 21 ema currently. I will wait for Tc Upwards or if the rule is satisfied where the price has moved through 21 EMA , has pulled back to teh 21 ema and could go down to 89SMA.

This chart was 30 min before the close of 1600 candle. sorry it is late, did not know i had it in my mailbox, just checked. Sorry for confusion.i had receive it at 9:48 am ESt. and the charts are GMT+2 that is why it is 1600 candle.On GMT platform cndle does not close for another 2 hours. thanks
Nadia

Attached Image(s) (click to enlarge)

TRADE WHAT YOU SEE... FOCUS ON SUCCESS

#7,218
Oct 4, 2007 10:19am Oct 4, 2007 10:19am

JimTatum
| Joined May 2007 | Status: Trader | 78 Posts

can someone refresh my memory on 89ema rules? Example on eur/dol the price has gone down to 89 should we have looked for the bounce there and continuation of up trend?

#7,219
Oct 4, 2007 11:50am Oct 4, 2007 11:50am