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4 Hour Strategy (MACD)

  • #13,181
  • Mar 26, 2008 7:27pm Mar 26, 2008 7:27pm
Quoting juang
Hallo All,please help me where can i download broker with metatrader platform with closing candle 08.00,12.00.16.00.20.00,00.00.thanks





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This is what I use try it.

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  • #13,182
  • Mar 26, 2008 8:24pm Mar 26, 2008 8:24pm
Quoting aftab
Hi Phillip, Palmer and the others,

I am a newbie here and have finished going through the first two parts on the first page of the thread.

I am not trading live nor am I trading on a demo account. It is paper trading the 30-50 trades that Phillip has suggested.

This is the first of them. I am wondering if somebody could help me with my rules and the thinking.

I have posted a chart here outlining the two options.

If price goes long (seems unlikely, but...): Will not do anything - wait for another opportunity - maybe when it comes back to the 21SMA and bounces back after it has crossed the 89SMA.

If price goes down (most likely with the 89SMA turning to resistance): If the opportunity presents itself through the current candle close or the next one to go short, then stop loss will be above the 89SMA and target profit1 will be 8EMA and the second target profit will be somewhere between the 8EMA and 21EMA - right?

Thank you.

Follow up:

aftab:

Not sure if you were watching the cable or not, but price made it back down to the 21 and then returned to the upside. The 1hr gave a nice early entry pattern after the doji formed (the battle between bulls and bears that came out even) then the bullish candle up. It's just a matter of being patient and letting the market play itself out...

Pay not attention to the two MACD numbers on the 1hr, had to reload it to get rid of the extra number..
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  • #13,183
  • Mar 26, 2008 9:12pm Mar 26, 2008 9:12pm
Quoting Palmer
Since the price action is already in a bullish mode and the price itself is above the 8, I would wait for a TC entry when price came back down to the 21 area to re-enter a long.

If price came back down to the 21 but closed below it, then it's time to really start analyzing things a little more. How far below the 21 did price close? Is there enough room to re-enter a long back up to the 21 and possibly catch a return to the bull trend? Or wait for price to come back to the 21, then start moving down again (possibly to the 89 or have set profit targets of 20, 30, etc in the event the 89 is too far away but you want to try to catch some of the 'probable' down move) and look for a short?

Where your chart/price is right now it would be time to just wait and let the price tell you what to do. When price is riding the 8 like it is, you could also re-enter with the TC on the MACD, but it's still a matter of waiting = patience to let the chart give you a signal.

Sooooooo, either way I would let the price come back to the 21 area or keep an eye on the MACD for a possible TC.

Hope some of this helps.
Thank you for your insight Palmer.

I was not watchful of price going through the 21EMA - just took it for granted that it would find support. Thank you for pointing that out. It does make a huge differrence (comments such as these) once one starts paper trading.

I am glad I am discussing my paper trades but more so I appreciate the fact that you are sharing your experience.
AFTAB Time Will Tell & Price Will Show
  • #13,184
  • Mar 26, 2008 10:20pm Mar 26, 2008 10:20pm
Going short on the Euro down to the 8. Stop loss just above the previous candle.

Reasons: Price hit previous high and met resistance
Morning star with tail
Good size bearish candle.
MACD confirms
  • #13,185
  • Mar 26, 2008 10:28pm Mar 26, 2008 10:28pm
http://img262.imageshack.us/my.php?i...roshortlp9.gif
  • #13,186
  • Mar 27, 2008 1:51am Mar 27, 2008 1:51am
Quoting vette1974
Going short on the Euro down to the 8. Stop loss just above the previous candle.

Reasons: Price hit previous high and met resistance
Morning star with tail
Good size bearish candle.
MACD confirms
I'm with you on this one, but on my chart there is a harami.
My main consern that it's a CT trade, so will move SL to breakeven as soon as possible.

PS Already at b/e, while I was saving the chart.
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  • #13,187
  • Mar 27, 2008 1:54am Mar 27, 2008 1:54am
I took the same trade as you, the strength indicators are strong on USD and weak on Eur. Already closed 50% rest set at be.
  • #13,188
  • Mar 27, 2008 3:08am Mar 27, 2008 3:08am
First live trade. Short at 799 EU. TP1 at 30 pips SL at BE. Always wondered what the big deal was with the guys going live. Now i know!!!!!!! Will have some new grey hair at the end of the week.
  • #13,189
  • Mar 27, 2008 4:31am Mar 27, 2008 4:31am
Hi. This is my first post. I have been following the thread for about three months now, and wanted to express my deep appreciation to Phillip for his generosity in sharing this strategy with all and those people (you know who you are) that continually contribute to this thread. I have a question: When a trade has moved to 25 pips profit, do you wait and watch the screen and then manually set the BE, or is there some function in MT4 that can automatically set the trade to BE once 25 pips profit is achieved? Hope someone can help.
  • #13,190
  • Mar 27, 2008 4:51am Mar 27, 2008 4:51am
Quoting Pip_eater
Hi. This is my first post. I have been following the thread for about three months now, and wanted to express my deep appreciation to Phillip for his generosity in sharing this strategy with all and those people (you know who you are) that continually contribute to this thread. I have a question: When a trade has moved to 25 pips profit, do you wait and watch the screen and then manually set the BE, or is there some function in MT4 that can automatically set the trade to BE once 25 pips profit is achieved? Hope someone can help.
Hello Pip eater, welcome to the thread! Personally, I do it manually as this gives me control and 'active management' of my trade. I've never used an automated system because a computer doesn't understand rhythm in the same way as I do! But, I know some people are more comfortable if the computer tells them 'yes' or 'no', so it's probably a question only you can answer according to your own style. I would advise demo/paper trading first by using manual management, that way you become more reliant on yourself and less reliant on a mechanical system - which this is not. Hope that helps?

Well done to everyone on the E/U this morning, hope you banked your pips when they were there. Jaco, congrats on your first live trade - yes, it is a completely different experience!! Your hair may be getting greyer by the day, I thought I'd need a cardiac pacemaker when I first went to trading live money!!! I'm sure my blood pressure is much higher than it ever used to be! (only joking, I'm MUCH calmer now! Belief in the system is a great stress reliever!)
May all your pips grow into great big fruitful trees
  • #13,191
  • Mar 27, 2008 5:04am Mar 27, 2008 5:04am
To my mind it's good chance to Buy GU. What do you think? Price opened above all ma. And retraced from 89,8 ma
  • #13,192
  • Mar 27, 2008 5:10am Mar 27, 2008 5:10am
Quoting napalc
To my mind it's good chance to Buy GU. What do you think? Price opened above all ma. And retraced from 89,8 ma
Ive been watching this since the 1H candle break earlier. I placed my entry at 20090 on the retrace. Now price just moved down to touch this but with broker spread my entry didn't get hit and I wasn't quick enough to enter the trade at market. By the time I saw it to enter at market the stop was too big for my trading style so I held back from taking it.
  • #13,193
  • Mar 27, 2008 5:19am Mar 27, 2008 5:19am
Quoting brettboz
Ive been watching this since the 1H candle break earlier. I placed my entry at 20090 on the retrace. Now price just moved down to touch this but with broker spread my entry didn't get hit and I wasn't quick enough to enter the trade at market. By the time I saw it to enter at market the stop was too big for my trading style so I held back from taking it.
Just checked with my broker I was 4 pips away from the entry being filled. Looking back I could have staged an entry. And set say half my entry at 20100 and the other half at 20080 with stop around 20050 (the 8 on 4H). This would have given an averaged stop of 40 which I could have lived with.

March has been a very dry month for me. I am in profit but haven't met my monthly target.
  • #13,194
  • Mar 27, 2008 5:26am Mar 27, 2008 5:26am
Quoting Jaco V Nel
First live trade. Short at 799 EU. TP1 at 30 pips SL at BE. Always wondered what the big deal was with the guys going live. Now i know!!!!!!! Will have some new grey hair at the end of the week.
Hi Jaco

Well done and welcome to the arena of live trading. I took the same trade (my second one for the month) but my trailing SL was hit just before the great downward move (I took 15 and 18pips profit).

Very interesting - the move from demo to live trade.

I did start live with a risk of 3% per trade and got burned several times because of my emosions. Then I decided to only trade micro lots (0.02) on a mini account until I feel comfortable with the system. recently I've change back to 1.5% risk per trade on Phillip's 5min system but with this 4h system, I am still on 0.02 lots per trade.

Much more enjoyable trading live like this until you do get the necessary emosions under control
Willem Forex recipe for success = Patience, discipline & hard work.
  • #13,195
  • Mar 27, 2008 5:28am Mar 27, 2008 5:28am
Quoting brettboz
Just checked with my broker I was 4 pips away from the entry being filled. Looking back I could have staged an entry. And set say half my entry at 20100 and the other half at 20080 with stop around 20050 (the 8 on 4H). This would have given an averaged stop of 40 which I could have lived with.

March has been a very dry month for me. I am in profit but haven't met my monthly target.
EU is also in a similar setup, looking to break the trendline on the 1H and creating a TC on 4H BUT the 4H is way above 45 area on the MACD and I won't take this trade for that reason alone.
  • #13,196
  • Mar 27, 2008 5:29am Mar 27, 2008 5:29am
hi golfer

do you have any links of the latest setups and indicators info for the 5min system pls?
  • #13,197
  • Mar 27, 2008 5:49am Mar 27, 2008 5:49am
Quoting adrianebn
hi golfer

do you have any links of the latest setups and indicators info for the 5min system pls?
Hi Adriane

My signature indicates the pages numbers and here is the address for the thread (last page):

http://www.forexfactory.com/showthre...11854&page=219

Mkain posted all the indicators that we use on page 213, post #3188.

Only last few pages are several templates I think.

I hope this is what you are looking for.

Sorry for all the 4h system guys.
Willem Forex recipe for success = Patience, discipline & hard work.
  • #13,198
  • Mar 27, 2008 5:53am Mar 27, 2008 5:53am
tks golfer and sorry 4h sys guys for brief interruption!
  • #13,199
  • Mar 27, 2008 5:57am Mar 27, 2008 5:57am
I'm out with +60 pips according to my predict an hour ago.
  • #13,200
  • Mar 27, 2008 6:37am Mar 27, 2008 6:37am
Quoting napalc
I'm out with +60 pips according to my predict an hour ago.
What was your TP? I exited half my position at +32, and set the rest at +20. It's +72 right now.
The bounce off the 8 and 89 MAs was a beauty. Hopefully it has some rhythm now. I'm concerned about another aggressive turnaround like the one earlier this week (see below).
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