Hi,
is there a document where the theory is all explained?
I couldn't have understood a lot reading the first messages....
is there a document where the theory is all explained?
I couldn't have understood a lot reading the first messages....
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DislikedDear philip: In your previous thread, you have said 16:00,20:00,and 0:00, i think it is confilict with the time in this tread.Ignored
DislikedThanks. I was still novice with the timing issue(not that I am en expert now) but that was on my computor time 1hour later due to DST. This past monday the candle time still shows 08:00 on my platform but it is actually 1H later than the previous week. My platform is GMT+2Ignored
DislikedHi,
is there a document where the theory is all explained?
I couldn't have understood a lot reading the first messages....Ignored
DislikedGreetings... I've done some research about the result of TC-patterns.
I went back to the turn of the year 2006-2007 and studied the charts.
The trades i found was based ONLY on the MACD, no trendlines, no MA's nothing!
I used 40 pips as criteria if it was a winning trade or a losing trade.
If the price went up 40 pips or more after the MACD gave signal = WIN
If the price went down 40 pips or more after the MACD gave signal = LOSS
I wrote down EVERY TC signal (from 1th january 2007 - 2th november 2007) the MACD gave and i mean EVERY. Even the unclear and lousy ones. The result was amazing!
Here's the result!
GBP/USD:
Won = 77 trades = 3080 pips
Loss = 55 trades = 2200 pips
That gives us 880 pips of 11 months of trading, 80 pips/month.
EUR/USD
Won = 79 trades = 3160 pips
Loss = 60 trades = 2400 pips
That gives us 760 pips of 11 months of trading, 69 pips/month.
This is in low numbers because 40 pips is the LEAST you would have made on a winning trade. But 40 pips IS the biggest loss you would have made on a losing trade. If we also implent trendlines, MA's etc it could be real fun.
So newbies such as myself, stick to the TC patterns and you WILL make money.Ignored
Dislikedhello just wanted to add to the TC back testing, If u also keep in mind the time of the TC candle/ macd signal according to your platform, it will give you an insight as to which were more profitbale , For Me on GMT platform and on EURO only 0400 and 0800 candles were the most relaible. As they developed into a profitable trade.I was surprised to see that MOST of the TC were on those times only as well. Very few on 1200 or 1600 and rarely the 2000 candle. Now i am in the process of developing my own trading plan as far is what do i expect from myself as a trader. Its like putting pieces of a puzzle together. One by one it is coming together. if u try to solve it too quickly u will only get more frustrated. But with patience you can reach your goals and once your puzzle is complete then it might start to come naturally to u. And then when u look back from where u started to where u have reached you can be proud of yourself. Some might roll thier eyes at my post. But this is just my progress as a trader and i have no regrets to share it here.
That was my friday speech. !!!, have a great weekend everyone.
Nadia.Ignored
Dislikedsorry, i am lost..i have read the begining of this thread but didn't find any TC trade method. can someone post me a link?
thanks!Ignored
DislikedHas anyone thoroughly backtested this strategy, or even better forwarded tested it on a real account? Would love to see some results and thanks to Phil for contributing the original strategy and taking the time to continue the good work.Ignored
DislikedGreetings... I've done some research about the result of TC-patterns.
I went back to the turn of the year 2006-2007 and studied the charts.
The trades i found was based ONLY on the MACD, no trendlines, no MA's nothing!
I used 40 pips as criteria if it was a winning trade or a losing trade.
If the price went up 40 pips or more after the MACD gave signal = WIN
If the price went down 40 pips or more after the MACD gave signal = LOSS
I wrote down EVERY TC signal (from 1th january 2007 - 2th november 2007) the MACD gave and i mean EVERY. Even the unclear and lousy ones. The result was amazing!
Here's the result!
GBP/USD:
Won = 77 trades = 3080 pips
Loss = 55 trades = 2200 pips
That gives us 880 pips of 11 months of trading, 80 pips/month.
EUR/USD
Won = 79 trades = 3160 pips
Loss = 60 trades = 2400 pips
That gives us 760 pips of 11 months of trading, 69 pips/month.
This is in low numbers because 40 pips is the LEAST you would have made on a winning trade. But 40 pips IS the biggest loss you would have made on a losing trade. If we also implent trendlines, MA's etc it could be real fun.
So newbies such as myself, stick to the TC patterns and you WILL make money.Ignored
Dislikedthis system is so easy, I trade 10 currencies and make on average 200 pips a week, just follow the rules in page oneIgnored
DislikedHere is the trade I took. Please critique.
Thanks
Took trade at long 1.4448 of of zero bounce/tc
set profit target at 1.4486
entered because had a 21 bounce and then macd conf of zb/tc
because of news coming out early took profits early and got outIgnored
Dislikedit is not that easy, this is not an inclusive test, you are tesing in a trending year,
the rules you followed can be easily tested using an EA (since no trendlines, no MA's nothing!), test this EA on 3 or 4 years data so it can take both ranging and trending periods, it will be a big loser.Ignored
DislikedHi JimTatum!
FIRST OF ALL THANKS FOR THE CRITIQUE
Congrats on the profitable trade! I'm going to critique (because you ask and I'm going to compliment and give you somethings to think about -- OK? -- realize it is only my opinion and my thoughts and in no way reflects on your trade style).
1. Good job taking the bounce off the MA on E/U. The pair has been trending wildly upwards and you were following market motion. This is a great entry based solely on market rhythm!
2. You don't state where your stop is for this trade. I'm going to guess you put your stop below 1.4400 which means your r:r wasn't very good -- you risked 48 pips to make 38. Now if I'm mistaken, and you put your stop just below 1.4420 then I retract this statement and say the r:r was good and the trade was valid for you.
YOU ARE RIGHT I HAD STOP BELOW 4400 NOT GOOD R:R WILL WATCH THAT NEXT TIME
3. It looks like your TP was a few pips below the prior high which was a logical place. However, If news wasn't coming out, would you have closed 1 lot and moved to BE here anticipating a new high might form if 1.4488 was broken?
4. Again, I'm guessing no BE price was in the plan? (Yikes, I can't remember if the doji a few candles prior is on your chart -- know it is on mine. If it is on your's the high of the doji would have been where I moved this trade to BE and took 1 lot off (it's high is about 10 pips below your TP).YES BREAK EVEN WAS IN PLAN. BUT DUE TO NFP I JUST WANTED A QUICK TRADE AND GET OUT
5. I like that you considered NFP
6. Lastly, I'm guessing you planned your TP based on the assumption that the trend may be getting ready to take a break due to the divergence seen on the MACD? If so, nice conservative planning! If not, still nice
Overall, this trade was really nicely done by you (do you have an aggressive support line drawn and noted somewhere? Is price still above this line? Just a strange thought in my head -- saw your channel, but don't recall seeing a current line acting as a guide -- and I might want to look at that with the length of divergence we are seeing on the chart -- just a personal thing I'd want to see b/c I'm starting to think the pair needs a breather sometime soon.)
Good Job & Happy Trading!
PipsIgnored