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4 Hour Strategy (MACD)

  • #7,621
  • Oct 23, 2007 11:19am Oct 23, 2007 11:19am
Quoting Phillip Nel
Info
Like all the daily updates this is full of great advice. Simple advice, but profound and accurate.

I have been away from this thread for a while looking at other options. I have developed a system that allows me small regular gains that I can then plough back into the 4 hour system.

However I feel that it is likely to be several weeks before I make a full blooded trade because I need to get back into the rhythm of the system and the market.

On my travels I have come to learn that price action is vital and is ignored at your own peril. Also back off from the market and see what it is doing and not what you need it to do.

All of this is simple stuff but I am amazed how often I have to drum it into my thick head.

As for the rugby, as an Englishman I hoped the market would go my way but it didn't, so congratulations to South Africa.

All the best

Mister ED
  • #7,622
  • Oct 23, 2007 11:30am Oct 23, 2007 11:30am
Quoting ekling
What do you guys think of the development of the USD/JPY? The price moved through the 89 and it eventually retraced back to the 21 according to market rythm... The MACD may be forming a TC pattern and it may be time to short. The signal is however not there yet, i understand that many of you guys use the 1 hour to enter earlier. Is this one of these trades that you may use the 1 hour to get in earlier or should we wait for the 4 hour MACD to confirm before we enter?
I think if price will stay at this level on USDJPY (4h) we should see a zero bounce (ZB).
Long tails on top of the candles, friday -> sunday gap filled and 21EMA touched after 89SMA breakdown (rhythm) should confirm ZB.
  • #7,623
  • Oct 23, 2007 11:32am Oct 23, 2007 11:32am
I use metatrader 4 charts. Could I get some advice on how to attach a chart to this thread so I can post my annalysis on trades for review and critique.

Jim
  • #7,624
  • Oct 23, 2007 12:32pm Oct 23, 2007 12:32pm
Quoting JimTatum
I use metatrader 4 charts. Could I get some advice on how to attach a chart to this thread so I can post my annalysis on trades for review and critique.

Jim
Hi Jim, -- Scroll below the window where you post your message, and you will see some options, one of which is "Attachments." You'll also see information on the kinds of formats accepted and the maximum size allowed for your attachment. To get the picture of your chart, right click on the chart itself, and choose the "Save As Picture" option from the pop-up menu.
  • #7,625
  • Oct 23, 2007 1:30pm Oct 23, 2007 1:30pm
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Attached File(s)
File Type: doc info 23oct07.doc   22 KB | 541 downloads
  • #7,626
  • Oct 23, 2007 1:42pm Oct 23, 2007 1:42pm
This is how my chart looks with S/R lines. See how the consolidation of last week still plays a role today.
Phillip
Attached Image (click to enlarge)
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  • #7,627
  • Oct 23, 2007 1:46pm Oct 23, 2007 1:46pm
Good point Palmer about not chasing it. I also wanted to mention this since i havent seen it talked about much here. The bigger picture. Sometimes we get confused on days like yesterday with all the "noise" (read "emotion") even on the 4hour charts. We are always trying to look at smaller timeframes to get in earlier. Dont forget to go the other way too. Look at the daily also. For instance look at the audusd daily. Looking at the nice bar it made yesterday to give you more confidence in going long today. Now look at the eurusd. See that large bearish engulfing candle that represents mondays 10/22/07 activity while on its own it seems like a sign of further down move. But also note how it bounced off of its 21ema just like magic. Todays candle may confirm a move up. Either way this kind of "big picture" information should help you to set your stop and take profit levels based on the 4 hour signals. And also keep you from jumping on a move to quick if you know the greater or lesser likelihood of it going your way based on the daily or even weekly.
Also looking at the bigger charts helps you psychologically. How? Ever get out of a Cadillac that you've been riding in all day at 70 miles and hour, and get into a small car? In the small car 50mph seems like your going 70 until the effect wears off. Its the same with looking at the larger tf charts. It will make the 4hour seem faster to you...............but what do i know, Im just a carpenter.....pipip Jimdandy
  • #7,628
  • Oct 23, 2007 1:55pm Oct 23, 2007 1:55pm
Chart
Attached Image (click to enlarge)
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  • #7,629
  • Oct 23, 2007 1:56pm Oct 23, 2007 1:56pm
Quoting Phillip Nel
Info
Great Analysis Phillip !

Thanks !
  • #7,630
  • Oct 23, 2007 2:00pm Oct 23, 2007 2:00pm
Info
Attached Image (click to enlarge)
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  • #7,631
  • Oct 23, 2007 2:02pm Oct 23, 2007 2:02pm
Quoting pips4uandme
Nice job on your trades tonight!

Have to admit I kinda giggled at the almost 100% safe indicators...TC's form off of RT's and RB's and that's why we often get stung! (& in trending market a RT/RB can be consolidation pattern).

You should def. backtest in history and see how you do w/the RT's and RB's (perfect Rounding patterns do produce sweet pippage, especially when coming off extreme levels!) and the TC's. You may find that you have a unique talent at identifying the contratrend trade. Only way to know is go back and see!!

Happy trading,
Pips
Hello Pips,

I guess I have gotten a little excited because of my positive trades. @100%safe indicators.

another mantra to hum:"don't get excited on good trades"

Greetings

ashes
  • #7,632
  • Oct 23, 2007 2:45pm Oct 23, 2007 2:45pm
Might have been a little too soon on the $Yen trade but....I tend to approach things in an aggressive manner on the 1hr charts. If it's there then it's there. Hate to think about shoulda woulda coulda things. Either way, still breathing. Take your knocks and move on. It's all part of it.
  • #7,633
  • Oct 23, 2007 3:03pm Oct 23, 2007 3:03pm
Quoting Palmer
Might have been a little too soon on the $Yen trade but....I tend to approach things in an aggressive manner on the 1hr charts. If it's there then it's there. Hate to think about shoulda woulda coulda things. Either way, still breathing. Take your knocks and move on. It's all part of it.
Im also an aggressive trader, thats just the way I like to trade. I actually took that short on the yen... It doesnt look to bright right now, but it aint over till the fat lady sings, i still have some pips before my stoploss is taken out. The important thing is that i follow my tradingplan... Perhaps I'll take a beat, perhaps not, im prepared on both scenarios.
  • #7,634
  • Oct 23, 2007 4:06pm Oct 23, 2007 4:06pm
Has anyone here had this happen. Currently I have a monthly trendline on the Eur/Usd. However when I get to the 4 hour chart this monthly line is about 100 pips off from the daily. I am using Metatrader. Has anyone else had this problem?

Doug
  • #7,635
  • Edited 4:55pm Oct 23, 2007 4:43pm | Edited 4:55pm
Quoting ekling
Im also an aggressive trader, thats just the way I like to trade. I actually took that short on the yen... It doesnt look to bright right now, but it aint over till the fat lady sings, i still have some pips before my stoploss is taken out. The important thing is that i follow my tradingplan... Perhaps I'll take a beat, perhaps not, im prepared on both scenarios.
Hi ekling

I hope you haven't been taken out yet.

The chartformation of the usd/jpy is a bearish pennant or rising wedge within a triangle pattern, so I agree on a possible short trade in near future. I would not have entered the trade and I won't enter it until macd goes below 0.00 on 4h chart and the pair gets in range, preferably below the 21ema on the 1h chart.

usd/jpy shows a constellation one should keep an eye on.

Please correct me if neccessary @all

Greetings
Attached Image(s) (click to enlarge)
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  • #7,636
  • Oct 23, 2007 5:19pm Oct 23, 2007 5:19pm
hy to all
first of all sorry for my bad written english.

i just wanted to ask you guys if there are other parities except EURGBP, GBPUSD and EURUSD where i can do my trades. i just ask beaucose i'm at the 6nd page of this thread with reading and till there i read only about those parities.

PS1: I'm demotrade this system.
PS2: greetings from romania to all of you.
  • #7,637
  • Oct 23, 2007 5:30pm Oct 23, 2007 5:30pm
Quoting kdmezzo
Has anyone here had this happen. Currently I have a monthly trendline on the Eur/Usd. However when I get to the 4 hour chart this monthly line is about 100 pips off from the daily. I am using Metatrader. Has anyone else had this problem?

Doug
Meta trader is not the best for acurate trendlines across timeframes. I think most of the problem occurs when we zoom in and out because the bars or candles have a width that cannot acurately be charted in terms of the actual price point on the chart. Does that make sense?
  • #7,638
  • Oct 23, 2007 7:35pm Oct 23, 2007 7:35pm
Quoting HipsterPipster
Meta trader is not the best for acurate trendlines across timeframes. I think most of the problem occurs when we zoom in and out because the bars or candles have a width that cannot acurately be charted in terms of the actual price point on the chart. Does that make sense?
What trading platform would you recommend for more acurate trendlines across various timeframes?

Thanks
  • #7,639
  • Oct 23, 2007 8:18pm Oct 23, 2007 8:18pm
Quoting unlv_tj
What trading platform would you recommend for more acurate trendlines across various timeframes?

Thanks
I would still use MT4, its free and easy to use. You just have to adjust those TL's to your liking. You could try using GFT's Dealbook 360, though its more complicated/luxurious. Its a great platform with lot of pairs, but takes some getting used to, and you have to renew the demo. Would not recommend starting live with them, high spreads and smallest pip value around $1. Anymore questions, PM me.
GFT info: http://www.forexfactory.com/showthread.php?t=5603
  • #7,640
  • Oct 24, 2007 1:05am Oct 24, 2007 1:05am
Hi ashes... i put my stoploss a few pips above that resistance near psychological level of 115.00 so im still in play... USD fell during my sleeping time and now im actually in green pips. I put both my orders to BE and now its a free ride

First profit target 114.00
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