4 Hour Strategy (MACD)

I fear the opposite (too much planning). In my past I was a counter trend trader, with a strong opinion (contrary to the motion). I find if I make term forecasts, (daily/weekly/monthly) it slants my trading/thinking and I miss good trades in the shorter periods....(not to mention, my forecasts have a high degree of error, much higher than the 50/50 odds one would expect).

That's what I really like about this system. You can form an opinion, plan the execution, and then let the MACD pull the trigger (assuming the R:R and motion are on your side)....

By the way, beautiful TC's in the U/Cad, A/U, U/J. I hope some of you made some pips on these...

Hey guys, if there is room in the skype chatroom can someone invite me please?

Skype name: fxtexx

Hi,

I went short on usd/cad


pro: baerish engulfing candle pattern, double top, macd divergence

con: ct


20 nov 07

6:29 gmt

short 0,9818

sl 0,9870 2x -52 above highest candle shadow

tp a 0.9763 -55 21ema

tp b 0.9710 -108 tl

104:163


7:13

actual + 11

sl set +/-0 because of ct


7:43

actual +38

sl set +10 pips


7:54

close a +35 pips

~9:00

sl triggered + 10 pips

total +45 pips

maybe the sl was too tight because it seems as if the downtrend continues.
on the other hand side it was a ct and I wanted to stay at the secure side of it.


I apprechiate comments and corrections


Greetings

I like the gutsy CT call. I was watching this all morning and picked up some scalping while I waited for the breakdown.
TP2 seems a little aggressive with the strong support line from 11/7 through 11/19 on the 4 hr as well as .9760 at the 62% fib and the 21 EMA, but you are in the pips, so...EXCELLENT TRADE. Good luck with part 2.
I am sitting on my hands waiting for the scallop back up on a TC before the 12GMT candle close.

Cheers,
Rick

Because German PPI is better than expected. EUR finally has broken the resistant line of the triangle.

At 7:00(GTM+2), I find it is a little ZB if this form continues to 8:00, but I still don't dare to enter this trade because of last friday's fault which is the same as Philip.

Everyone knows there will be a huge bar after this consolidation stage during the triangle, but you really don't know the way even though you have 4h strategy. It makes me really depress when a break comes out like this but I can't ride it.

Is there anybody can slove this problem?

Hi everybody,

Please have a look at this strategy. Entry was made on the 1H in order to get in earlier, but the rest of the trade will be managed manually on the 4H.

Any comments, please? This was my first trade on the Swissy.

Regards
Werner

That version was very "heavy", talking about computer resources.
Basically the indicator did the same thing twice and on small timeframes (M5, M1) this could "freeze" Metatrader.

I apologize for that.

Down here you can find the new release, revised and corrected.

Thanks Owkenobi for helping us in the first place with your indicators, and doing such a quick correction.

Regards

The only issue that catches my eye is that the 4hr didn't fully make it back to the 21, if I see your ma's correctly. Several bars back on the 4hr was another hit to the 21 also. But, if you were looking for the break to the downside out of the support (while in bearish mode on the 4hr) per the 1hr than...nice trade!

Hello Everyone,

Thanks for the warm welcome yesterday, and for all your comments on my charts. I do agree with EricthePip that over-analysis can hamper your progress; I think it depends very much how you function as an individual, and how your decision-making processes most naturally operate.

My background is as a paramedic, and I find that I make my best treatment decisions when I have good, reliable information; the more the better! BUT, I need to filter the information I get into what is relevant and what is not, and I also need to continually monitor my patient and add to the information as we go along; treatment decisions need to be flexible to give the best possible care to the individual - no two patients will ever be treated the same - textbooks are for guideline purposes only. Hopefully you can see where I'm going with this

I treat the market in much the same way; my decisions are based upon what I feel is relevant or not, but I cannot decide if a piece of information is irrelevant if I have not even considered it in the first place.

I want Price to be my friend, so I need to know where he hangs out, who he likes to play with and what he likes to do at different times of the day, week, etc. The monthly and weekly charts are like my Grandad and my Granny; they've been around for a while - they've had longer lunch breaks than I've been studying forex! So, I respect their input. They don't say a great deal that affects me on a day to day basis, but when they do tell me something, I listen. Daily is my Daddy; he's known Price for a while and also tells me where he likes to hang out. 4hr is my Mum; She's a bit busier than my Dad, but she's out there, seeing where everyone is and keeping an eye on Price, giving me clues as to where I might find him. The 1 hr, the 30 min, and the 15 min are the kids. Depending on how active Price wants to be, I might choose to track his movements with them, seeing if he's just getting started, or if he's getting tired and needs a wee rest.

Someone, I think it may have been Pips, or maybe Nadia, once made a brilliant analogy of the way Price interacts with the MA's; how the different MA's travel at different speeds and how it is like a car journey where it's a mad dash, or as it slows down you stop more often to look at the view, perhaps have time for a picnic. That analogy really helped me with the MA's, so I hope that mine might help a little with the timeframes.

Sorry for the length of this; it'll either totally confuddle you or, if you can think a little laterally, it might make a bit of sense?

Every individual trader is unique in the way they approach their trades. I never want to use words like 'price WILL go here', or 'WILL go there', it's all 'possible' or 'potential'. Allow for the breathing, allow for change.

I hope I haven't rampaged all over your forum, I'm normally quite reserved, but I felt that my style of chart analysis needed a wee explanation as it seemed to have made a little ripple. My next post will be about my charts, so that's the end of the babbling.

Thank you again, let's all get some pips in our bags,
Rebecca,x.

Once again an excellent post Rebecca!....Good analogy and one that will stick in our minds more than hundreds of other posts!........pipip......Jimdandy

Hi,

As you can see, the bullish falling wedge was broken at 0400 GMT this morning. I was in bed so wasn't watching, but the 30 min and 1 hr charts were tracking progress very well as price hugged that resistance line, and also showed the move as it broke, giving an opportunity to get in here, with the MACD's showing a break above zero followed by TC's in harmony with the 4hr MACD.

We cannot say where price is going, but the rules give a high probability that price will retrace to the 200 (also possibly the 8 and 21 near the point of the break) before heading on towards the 89. If the break is a false one, it may reverse and continue the down channel. Note that the resistance line of this down channel has not yet been established, so probability, guesswork, and the affinity towards parallel lines allowed me to place it where I did. This position will need to be reassessed as the movement progresses.

Hi,

Just to show how I reassessed the position of the resistance line of the down channel.

Price seemed to falter at 2.0650, so whilst allowing it to breathe, I looked at the S & R lines. Moving the resistance line drawn from the price high gave me a good fit, but the support line wouldn't fit nicely in parallel with it when I tried to move it. So I left both lines where they were and drew another line from another high. This fitted perfectly and was parallel to the lines already drawn. Whether price reverses here or uses it for support on a push higher again is something time, and the MACD, will tell us!

Hope this helps?

Rebecca,x.

you can also draw a parallel trend line from the "new bottom".

One could anticipate a retrace back to the 200, and then an entry on a TC signal to the 89.....

By the way, I'm USA EST (GMT -4 I believe).....

Hi EricthePip,

That's a brilliant new channel, perfect fit! Let's see where we go from here.

Happy Thanksgiving to you and all US people; I know it's not 'til Thursday but I imagine a lot of people will be taking a few days? Palmer mentioned earlier that the charts were slow, do we anticipate action to be London and Asia-based this week? I'm afraid I'm rather ignorant of Thanksgiving Holidays, as it's just another wet, grey week here in Scotland! All we know of Thanksgiving is what we see in Movies!!

Rebecca,x.

Well Said Rebecca. I agree with you. Also i dont want to take credit for the excellent analogy you mention in your post .Must be PIPS the great.

I used to suffer from over analysis as well and hesitate to pull the trigger. becuase there was always a trend line or MA or support or resistance nearby to stop me. BUT the reason i start from monthly is to get the bigger picture other wise i get tunnel vision and lose the bigger perspective also to refresh my trendlines with new highs or lows. The rest Rebecca has put very nicely in her post, every trader is indivudual in their style and we help each other here to enhance and polish it. Hope some of you got in on Euro in time. i was too late so stayed on the side lines. trade well and pip plenty!!!!
Nadia.

Bag Lady:

Yes, welcome to the thread! Lots of good people and good help here.

Everything is waiting on the Fed minutes in a few hours. I'm slammed at work so not much chart/thread time right now.....

I can't believe in the last 2 days I have missed easy trades on the USDCAD bouncing off the 21 EMA.

There is a TC on the U/J right now, new 4 hour candle 3 minutes ago

I normally dont trade the UsdJpy but you dont get better setups than this. Already at BE

Entry 109.90
SL 110.23
1st TP 109.10
2nd TP on 30 trailing stop. Want to stay in the trade if it run more to the south

Edit 1
Took 50% profit at 109.60 due to pullback
Remainder SL currently at 109.80

Edit 2
Unbelievable pullback. Remainder closed at 109.80.

Total average gain (30+10)/2=20