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4 Hour Strategy (MACD)

  • #9,041
  • Dec 4, 2007 8:33am Dec 4, 2007 8:33am
Quoting Palmer
hey saka! I use the pivots that are calculated with the daily numbers and have them showing on the 4hr charts. I use these same pivots on the lower timeframes for 5/15 min entries as s/r levels and profit targets. Not sure I understand your question.

Missed 'the move' last night because of that thing called sleep...bummer.
Could you show me more details? I know that daily pivot point has s1 s2 s3 r1 r2 r3 these point, how could you use them as r/s line or profit target?
Plan your trades and trade your plans
  • #9,042
  • Dec 4, 2007 8:52am Dec 4, 2007 8:52am
Well, after missing easy trades last week, I got too far ahead of myself, got into the USDJPY, and then did not get out when I had a small profit. I got stopped out for a 40 pip loss at 109.90.

And then I WAS awake for the EURUSD move, but did not take it.



So do I go for the USDCHF short that could be setting up as a TC with the next bar in 7 minutes?

Ugh.
  • #9,043
  • Dec 4, 2007 9:03am Dec 4, 2007 9:03am
Quoting unlv_tj
Well, after missing easy trades last week, I got too far ahead of myself, got into the USDJPY, and then did not get out when I had a small profit. I got stopped out for a 40 pip loss at 109.90.

And then I WAS awake for the EURUSD move, but did not take it.



So do I go for the USDCHF short that could be setting up as a TC with the next bar in 7 minutes?

Ugh.

Looks like no tc this bar...
  • #9,044
  • Dec 4, 2007 9:05am Dec 4, 2007 9:05am
Are you in any trades right now JimTatum?

Ugh, so upset with myself.
  • #9,045
  • Dec 4, 2007 9:16am Dec 4, 2007 9:16am
Quoting unlv_tj
Are you in any trades right now JimTatum?

Ugh, so upset with myself.
No. I made the same mistake on usd/jpy. I some how left my charts on 1hr and entered on it. There was no tc pattern on 4hr. And I am trying to make all my trades on 4hr chart not 1hr. I want to get the 4hr chart down. before moving to one hour... I was not paying attention??? Stupid penality.
  • #9,046
  • Dec 4, 2007 9:30am Dec 4, 2007 9:30am
Quoting smnitro1
Phillip,

When you wait for the pullback after the break out, do you wait for a macd confirmation on the 1 hr? If not, when do you pull the trigger?

Thanks
Tha candle moving away from the breakout level has to be firm. If MACD confirms it is a bonus. One has to look at previous pullbacks to get a feeling for it.
  • #9,047
  • Dec 4, 2007 9:49am Dec 4, 2007 9:49am
Quoting JimTatum
No. I made the same mistake on usd/jpy. I some how left my charts on 1hr and entered on it. There was no tc pattern on 4hr. And I am trying to make all my trades on 4hr chart not 1hr. I want to get the 4hr chart down. before moving to one hour... I was not paying attention??? Stupid penality.
I got stopped out on usd/jpy also, but that's the risk for trying to anticipate a 4 hour TC using the 1 hour chart. If you only play 4 hour signals then you wouldn't have been in the trade. But, when your right using the 4/1 hr entry you'll get a better entry with possibly better r/r. This is also why you only risk 1 - 3% of your account per trade. I think I saw somewhere Phillip talking about you can have ~22 consecutive losing trades risking 3%, and still have half your account left.
  • #9,048
  • Dec 4, 2007 9:52am Dec 4, 2007 9:52am
I feel a lot better hearing I am not the only one to make the mistake on the USDJPY, whew.

I wanted to get in early, and I lost about 3/4% of my account (so following money management ensured I didn't lose much).

Is anyone in any trades right now? I want to see if I missed anything.

Thank you!
  • #9,049
  • Dec 4, 2007 9:56am Dec 4, 2007 9:56am
Quoting JimTatum
No. I made the same mistake on usd/jpy. I some how left my charts on 1hr and entered on it. There was no tc pattern on 4hr. And I am trying to make all my trades on 4hr chart not 1hr. I want to get the 4hr chart down. before moving to one hour... I was not paying attention??? Stupid penality.
Did the same thing. Looked like a tweezer bottom on the 1 hour chart that had found support numerous times on the 21MA. Learned my lessons as well as 4H was showing MACD divergence and never showed a hint of a TC..... Next time I'll wait for the 4H (could be an RB with support off the 89).....
  • #9,050
  • Dec 4, 2007 10:54am Dec 4, 2007 10:54am
Info
Attached File(s)
File Type: zip Daily Wrapup 04Dec2007.zip   678 KB | 1,291 downloads
  • #9,051
  • Edited 12:01pm Dec 4, 2007 11:50am | Edited 12:01pm
Is anyone going to take the USDJPY long, off the 89, if the MACD confirms in 70 minutes?

I am almost shaky on this one after being taken out after going long last night.

Thank you Phillip, was reassuring to hear from you. Glad to hear I saw many the same things you saw, I just got ancy on the USDJPY.
  • #9,052
  • Dec 4, 2007 12:01pm Dec 4, 2007 12:01pm
Phillip,

Thanks again for your update. Thanks for the reminder to be patient. I cant say that enough to myself. I am goint to post a note on my computer
BE PATIENT. Thanks again for taking your time to help us. Pips to you.
  • #9,053
  • Dec 4, 2007 12:21pm Dec 4, 2007 12:21pm
Quoting Phillip Nel
Info
Dear philip

I just have finished liesining to the daily wrap .. but you didnt mentioned the present macd signal for GBP .. it not true signal ?

Thx
Ammar
Attached Image (click to enlarge)
Click to Enlarge Name: 1.GIF Size: 28 KB
  • #9,054
  • Dec 4, 2007 12:24pm Dec 4, 2007 12:24pm
Quoting unlv_tj
Is anyone going to take the USDJPY long, off the 89, if the MACD confirms in 70 minutes?

I am almost shaky on this one after being taken out after going long last night.

Thank you Phillip, was reassuring to hear from you. Glad to hear I saw many the same things you saw, I just got ancy on the USDJPY.
I played the usd/jpy 4hr bounce off the 89 using the 1 hour chart for entry. I exited 10 pips before the 110 level.

Here was my entry/stop/target

entry 109.69
stop 109.50
target 109.90
  • #9,055
  • Dec 4, 2007 12:32pm Dec 4, 2007 12:32pm
For those with difficulty understanding spoken English.
Attached File(s)
File Type: doc Phillip Nel Daily Wrap Up- 04Dec2007 written copy.doc   6 KB | 520 downloads
  • #9,056
  • Edited 12:39pm Dec 4, 2007 12:38pm | Edited 12:39pm
Maybe this will help some of you who rely on the info from a 1H chart and then look at a 4H chart.

Did you know that you can within 10 seconds make a 8H, a 2H or a 3H chart on M4 charts ? They are however offline but still its a great tool.

How to do it, have a look here :

http://www.forexfactory.com/showthre...=28935&page=43

Post # 636

It has helped my trading so much since I started doing this.
  • #9,057
  • Dec 4, 2007 12:49pm Dec 4, 2007 12:49pm
Quoting aboammar
Dear philip

I just have finished liesining to the daily wrap .. but you didnt mentioned the present macd signal for GBP .. it not true signal ?

Thx
Ammar
That is not a true Zero Break on MACD. It might work out but I like a ZBr to be over 3 but most 4 bars. There were nice tails to the top so the deal could have been taken on the 12:00-16:00 candle close.
  • #9,058
  • Dec 4, 2007 1:20pm Dec 4, 2007 1:20pm
Quoting Phillip Nel
That is not a true Zero Break on MACD. It might work out but I like a ZBr to be over 3 but most 4 bars. There were nice tails to the top so the deal could have been taken on the 12:00-16:00 candle close.
Dear philip

Many thanks for your fast response .. infact I enter the trade with the folowing:

Sell @ 2.0574 stop @ 2.0620 (46) Tp @ 2,0520 (54)

Thx

Ammar
  • #9,059
  • Dec 4, 2007 2:01pm Dec 4, 2007 2:01pm
I have the 4hr MACD indicator programmed for TradeStation if anyone is interested. All you have to do is import it to your TradeStation platform. I hope someone puts this to good use

good tradings
Attached File(s)
File Type: eld 4hr MACD.ELD   4 KB | 498 downloads
  • #9,060
  • Dec 4, 2007 2:02pm Dec 4, 2007 2:02pm
Quoting aboammar
Dear philip

I just have finished liesining to the daily wrap .. but you didnt mentioned the present macd signal for GBP .. it not true signal ?

Thx
Ammar
Hi Ammar,

Know Phillip already answered w/zero break criteria but I also think it is important to look at the MA's and how they are all closely knit together (not really a very good trading environment). Your trade, however, was a nice range play w/MACD direction (look at the levels of MACD signal too -- pretty weak -- all less than the .0015 level -- shows little interest in pair). I did something similar -- playing the range, but exited at 2.0570 (upper part of lower range). We can thank the CAD surprise rate cut for helping us get the down move (imho) -- maybe some thought BOE may do same? You've moved to BE + a few pips in your favor, eh?

Happy trading

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