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4 Hour Strategy (MACD)

  • #12,921
  • Mar 17, 2008 8:09am Mar 17, 2008 8:09am
Thanks for feedback, I also use pivots to set TP or SL, but today I ignored that weekly pivot line. If I would have set SL a few pips above that line, the risk now was only around 40 pips, much better. I wonder for an example like this situation, putting SL at that pivot line is a wise decision in order to decrease risk (does this mix in a bad way with 4h system ?) or given the volatility of the market should the price have more space to breathe. I wonder what Philip would say about this.
  • #12,922
  • Mar 17, 2008 8:26am Mar 17, 2008 8:26am
Hi Bisar

the pivot point on my chart was showing at 2.0033 which was higher than the 89 on the 4 hour and the 365 on the 1 hour- by exiting at 2.0042 I "played safe"

regards

Mark
  • #12,923
  • Edited 8:48am Mar 17, 2008 8:34am | Edited 8:48am
Quoting mike1349
Thanks Aihua,
Do you know how could I adjust the position of the time?

mike
Hi Mike,
You are welcome! Please open file 4h_MACD_FX_Strategy.mq4, in Line 107-110, you can see below contents:
===================================
ObjectCreate("Time", OBJ_LABEL, 0, 0, 0);
ObjectSet("Time", OBJPROP_CORNER, 1);
ObjectSet("Time", OBJPROP_XDISTANCE, 1);
ObjectSet("Time", OBJPROP_YDISTANCE, 50);
======================================
The pink numbers' meaning is obvious. So you can adjust them and get the appropriate numbers to match your screen size.
Cheers,
Aihua
Rhythm, Motion, Emotion and Risk Reward.
  • #12,924
  • Mar 17, 2008 8:43am Mar 17, 2008 8:43am
I was talking about the weekly pivot on cable (2.0187 on my chart) set as SL not the daily support 2 at 2.0033, but i see what u mean.
  • #12,925
  • Mar 17, 2008 8:46am Mar 17, 2008 8:46am
Here is one more webinar by Linda Rashke, it deals with breakout trades http://www.cciclub.com/marketvu/lind...breakouts.html
I still feel nervous trading breakouts, so I have found many interesting tips here.
  • #12,926
  • Mar 17, 2008 9:14am Mar 17, 2008 9:14am
Quoting bisar_x
Hi, I want to show you a trade that I did not take on cable. The reason I did that because the SL in my opinion was to big. Price pull back from 21 EMA on H4 chart, we had a TC on the H1, R:R>1. So the only reason that stopped me was the SL. Otherwise, a perfect trade. I am curios what other people would have done in this situation.
Thanks
Hi yes I also saw it and didn't take it either, stop was too big. As for the fib retrace someone else mentioned, well in this case there wasnt one. The trade was good but for the high stop. I am happy to have stayed out.
  • #12,927
  • Mar 17, 2008 11:28am Mar 17, 2008 11:28am
Hey did some one see the 75 pips drop in euro within a minute , i watch the 5 min time frame for phillips 5 min strategy and saw it, did not have any positions open. but interesting sight..... gotta be careful
Attached Image (click to enlarge)
Click to Enlarge Name: 1 min euro 75 pips.jpg Size: 157 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #12,928
  • Mar 17, 2008 2:54pm Mar 17, 2008 2:54pm
It looks like GBPUSD is finding support on the 89 and the Euro is finding support on the 8. There could be a TC in the works
  • #12,929
  • Mar 17, 2008 3:32pm Mar 17, 2008 3:32pm
Maybe support now on the 150ema or there is support/resistance around 1.9950....


Quoting vette1974
It looks like GBPUSD is finding support on the 89 and the Euro is finding support on the 8. There could be a TC in the works
  • #12,930
  • Mar 17, 2008 3:37pm Mar 17, 2008 3:37pm
I spoke too soon.
  • #12,931
  • Mar 17, 2008 3:49pm Mar 17, 2008 3:49pm
Looks like it is breaking the 89 line. Do 8 and 21 emas both have to cross 89 before we can confirm that this pair has turned around?

Thanks.
Never enter a Trade without a STOP LOSS
  • #12,932
  • Mar 17, 2008 3:51pm Mar 17, 2008 3:51pm
I have a question regarding candlestick patterns and how they can mean anything when everyone uses different cut off points for new candles....


I have been studying this thread a lot lately and IMO Phillip's trading methods come down to analyzing these 5 things:
1) Where are we in a trend (support and resistance lines that define a channel or market rhythm)
2) Where are we with regards to Moving Averages and again market rhythym
3) Spacing between stop and next likely resistance (R:R ratio based on stop and 1 & 2 above)
4) Candlestick patterns leading up MACD signal
5) MACD Signal

The biggest issue I have with these is #4. In studying #4 in more detail I have found something that disturbs me greatly. In reviewing people's 4 hour charts posted on here I have noticed that others are using different feeds and even different break points in the 4 hour candle which makes sense because everyone's clocks are different and MIDNIGHT is different for everyone. But what is messing with my mind is how on one person's 4 hour chart they might have a "morning star" pattern or "hanging man" candle but then on my chart I might have a completely different looking candle formation because my 4 hour candle started and stopped getting drawn at a different time then other people's candles. This leads me to the following questions:

a) Do candle stick patterns bigger than (1 hour) mean anything since pending on when your candles are started/stopped will dictate what your formations look like.
b) if answer to top is YES, then how does one use these when they don't even show up consistently like everyone else unless on the 1 hour or smaller (this assumes that everyone's hour starts at the same time which they do and therefore all formations should look the same)

I am sorry if my question is coming across as vague and if need be I can go back and find examples. Any help would be appreciated. Phillip seems to really talk/use these formations a lot in making his ultimate decision so I feel they are important and I must gain a much better understanding of how to use them as well as what it means (if anything) when you guys put up your charts that show one formation and then mine show a different formation all together.

Thanks
  • #12,933
  • Mar 17, 2008 4:46pm Mar 17, 2008 4:46pm
Quoting vette1974
I spoke too soon.

It may be finding support at the 89 after all or just below. I have 2+ hours until my candle is complete. However, I'm not sure what the rule is if it breaks the 89MA so i will be watching and interested in the answer. The only quote that I can find is "when price breaks thought the 89MA, it tends to move back to 21MA and then it moves on in that direction". To me this definition is a little unclear. Would love input from the more experienced. Raymond
  • #12,934
  • Mar 17, 2008 8:00pm Mar 17, 2008 8:00pm
Quoting bisar_x
Hi, I want to show you a trade that I did not take on cable. The reason I did that because the SL in my opinion was to big. Price pull back from 21 EMA on H4 chart, we had a TC on the H1, R:R>1. So the only reason that stopped me was the SL. Otherwise, a perfect trade. I am curios what other people would have done in this situation.
Thanks

mkain has it. The rertracement entry is the way to limit the risk. But, there are those times when the market just takes off and never looks back. Don't let this bug you if you think you missed the big move. And, next time you see this and in the event you think you missed it again, don't chase it. The price can turn tight around and bite you.

I was out all day today. Crazy markets right now. I may be in the hunt for another broker soon also. I had a few 5min opportunities last night and this morning. For some reason the spread was almost 7 pips last night when the ODL demo was at 2 the whole time. This morning I had a short entry that just hung there and did not get filled. As I watched the EU fall with pips I could have had the order just sat there, finally canceled it. Either way, I still have the long from 2/20 that I'll ride. Once that gets stopped out I will more than likely change brokers. I am thinking about opening a separate account until the long gets stopped though, we'll see. Looking at ODL and IB...Be cautious this week...
  • #12,935
  • Mar 17, 2008 9:13pm Mar 17, 2008 9:13pm
Can't comment on the hung trade, but all spreads were high last night due to the events of the night... I watched the open and spreads were around 10 (USD pairs) even 1.5 hours after 6:30pm est...

Quoting Palmer
mkain has it. The rertracement entry is the way to limit the risk. But, there are those times when the market just takes off and never looks back. Don't let this bug you if you think you missed the big move. And, next time you see this and in the event you think you missed it again, don't chase it. The price can turn tight around and bite you.

I was out all day today. Crazy markets right now. I may be in the hunt for another broker soon also. I had a few 5min opportunities last night and this morning. For some reason the spread was almost 7 pips last night when the ODL demo was at 2 the whole time. This morning I had a short entry that just hung there and did not get filled. As I watched the EU fall with pips I could have had the order just sat there, finally canceled it. Either way, I still have the long from 2/20 that I'll ride. Once that gets stopped out I will more than likely change brokers. I am thinking about opening a separate account until the long gets stopped though, we'll see. Looking at ODL and IB...Be cautious this week...
  • #12,936
  • Mar 17, 2008 10:34pm Mar 17, 2008 10:34pm
Hi Phillip,

I like your 4 hr MACD system.

To recognise the entry the 4 hr candle has to be completed.

Do you then enter exactly on the opening of the next 4 hour candle?

Thanks
Hannes Cornelius
East London
South Africa
27 43 7210523
27 82 4511 590
[email protected]
I Love Pips - Lots of Pips
  • #12,937
  • Mar 18, 2008 4:17am Mar 18, 2008 4:17am
Quoting BIL2205
Hey did some one see the 75 pips drop in euro within a minute , i watch the 5 min time frame for phillips 5 min strategy and saw it, did not have any positions open. but interesting sight..... gotta be careful
hi
eurusd is dangerous thease days ,i used to trade eu and i can say never see eu like this ,i remember once aususd was running like that when it crashed from 0.88's, 100pips in 1minute!!!
better to wait for a more stable market ,specially EU
i'm now just waiting for possible tc in uj if the stoploss is small ,its breaks 100level and now its very bearish i think ,also the crosses for yen are in bearish mood.
Attached Image (click to enlarge)
Click to Enlarge Name: eur1.gif Size: 17 KB
  • #12,938
  • Edited 8:22pm Mar 18, 2008 6:16am | Edited 8:22pm
@1.5813, BE 20, TP open, SL 1.5757
Reason: TC, bounce from upper TL

Edit1: SL is not hit, I still hold this position.

Edit2: Stopped out, -56pips
Attached Image (click to enlarge)
Click to Enlarge Name: euro.png Size: 82 KB
Rhythm, Motion, Emotion and Risk Reward.
  • #12,939
  • Mar 18, 2008 6:18am Mar 18, 2008 6:18am
I am in the Euro with you.
  • #12,940
  • Mar 18, 2008 6:35am Mar 18, 2008 6:35am
Quoting aihua5
@1.5813, BE 20, TP open, SL 1.5757
Reason: TC, bounce from upper TL
looks good, i'll enter base on phillips m5 system
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