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4 Hour Strategy (MACD)

  • #13,461
  • Apr 6, 2008 4:30am Apr 6, 2008 4:30am
Quoting Zen
Hi everybody,

I've been trying to follow Phillip's system for the last few weeks. Unfortunately, I'm a slow learner and found his lessons a bit jumping around (just me, ok? Only me). I tried to follow his advice, studying all the posts in this thread, but, mind you, I had to work from 10am to 9 pm 6/7. Progress is tooo sloow.

So, if this isn't too much, can some of you start a new thread where you can help newbies to understand this system on 4H chart (and 4H chart alone), please? If anyone else interested in 1H chart, they can start another thread for this timeframe alone. And for any development or anything they can go this original thread.

Mind you, trying to follow a thread that has been active for over a year, with lots of posts every day, it's like a would be runner trying to catch up a marathon champion.

Thanks
Hi Zen

Don't worry, it took me more than 1 year to study and grasp Phillip's 5min system. Not because his system is so complicated but because the FOREX MARKET IS SO COMPLICATED. It is like the human body - beautiful machine which looks simple but it is so complicated.

I almost gave up forex trading but decide to work hard at it (Phillip's constant support, assistance and encouragement). Now I understand parts of it - to such an extent that I can see the setups, evaluate it and enjoy the trading. Previously it was very frustating.

Nothing in forex trading comes easy otherwise everybody would have been in this game and doing it. You need to work hard at it on your won pace (please don't compare yourself to the other members) and expect to spend more than 1 year studying a system before you'll fully understand it.

Advice:

1. Take your time and work through the information on page 1 until you understand it.

2. Listen to Phillip's MP3 and take in what you can. Go and apply it.

3. Then come back and listen to it again, taking in something else and go back and practice it.

4. Don't try and doing everything at once.

5. Be careful not to be influence by other's posts - it happened to me.

6. Make sure you work at your own pace and that you fully understand what you are doing.

Keep it up!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #13,462
  • Apr 6, 2008 8:29am Apr 6, 2008 8:29am
Quoting mikeh3855
I've searched the thread but cannot find any reference. Has anyone applied Phillip's strategy to daily charts? If so can I be directed to the discussion or would someone share their findings? My lifestyle has me checking charts very infrequently. By the looks of it all similar rules and 'emotion' carry over to daily charts. Maybe only two trades a month. Any help would be appreciated.
(phillip and others ,please correct me if i say wrong thing here)
this strategy include some part:
1-market rhythm and price action: u can watch thease two items in every TF's from 1min to monthly .same things happens in different TF's.triangles,flages,channels,trends,... i show u in the picture belewo the rhytm in daily chart and my expectaion about future..... so u can use phillips lessons for market rhythm in all time frames
2-macd signals: phillips use macd signalls for entry after market shows his way based on the rhytm .here i show the possible TC signals in daily and interesting thing is all of them are correct .i cannot offer u use thease signals for a daily entry because the a.stoplosses are very huge b.i didnt backtest them completely and c.i didnt see phillip doing that but i can advise u can find the way in bigger TF and then switch to H4 and do the other things if u wanna follow the daily .
as u see below we have a daily TC of the TL friday ,so im waiting for a H4 confirmation to enter next week
hope it helps u
Attached Image (click to enlarge)
Click to Enlarge Name: eur1.gif Size: 24 KB
  • #13,463
  • Apr 6, 2008 6:01pm Apr 6, 2008 6:01pm
Subsequent to posting “MACD_Colored_v104.mq4” someone suggested that the MACD levels still did not work well with forex pairs other than EUR/USD. I believe the person was requesting that anyone capable of code writing make a “fix” to v104 so that it would better expand/contract the drawn levels as appropriate to other forex pairs.

I agree, and add my emphasis to this request.

Perhaps there is a way to “sense” what pair is involved and what timeframe chart is involved and what the ATR is for that pair on that timeframe. From this ATR information, the best three levels up and down from the “zero” line to use should be easy to determine…..perhaps by simply dividing the ATR by three, and rounding up to the next whole pip value, to get the number of pips between the levels to be drawn. This would assure that no matter what currency pair was being charted, and no matter what timeframe was being charted, the code would find the correct “fit” for the three positive and three negative MACD levels.

Of course, the ATR information varies with time. If drawing the MACD lines at each new bar/interval involved getting updated ATR information, then the MACD levels could be changing with time…..i.e., real time changing MACD levels. If this is not desired, then the code could circumvent updating the ATR. If the code writer wanted to provide the user with the option for either way, then perhaps a “true/false” selection in the indicator tile could allow the user to make their choice.

Meanwhile, I have modified v104 with the inclusion of arrays for each timeframe from Daily down to the 1 Minute. This allows for the easier “adjustment” of the levels on each and every timeframe. Version v104 grouped the 1 Hour and 4 Hour together, and all the Minutes timeframes were in a second group together. As you went down in timeframes, fewer of the levels were shown because the pips between levels did not change and were too great to allow multiple levels to be shown.

The hard code in this modification makes it easy to alter the factor applied to the 1 Hour Base to produce the other levels. Until someone gives us the “fix” talked about above, users of this modification could adjust the factors and assign a new name to the indicator, thus making an accurate indicator for any other pair they trade.

This modification also deletes the alert/email/MACD labels. It is for those that just want a basic MACD study (histogram plus both moving average lines) that accepts user inputted values (5/13/1, 12/26/9, etc.), includes the option for a bi-colored histogram, and that also draws the various levels. The levels are dotted lines. A second zero line is provided that is solid, and can be colored differently.

This modification of v104 is called “MACDmetaCLS”, .for MACD of the MetaTrader style (meta) and with colors and levels (CLS). If you choose to use this, and alter the applied factor so the levels are more appropriate to another pair, then you might use names for the different resultant indicators as: MACDclsEURUSD, MACDclsEURJPY, etc.

Manually adjusting the factor that determines the levels, by trial and error, is NOT the best solution. Code that automatically does this for each different currency pair, maybe based on the different ATRs of the pairs (and their individual timeframes) would be far better. I pray someone that codes will do this.
Attached File(s)
File Type: mq4 MACDmetaCLS.mq4   10 KB | 1,119 downloads
  • #13,464
  • Apr 6, 2008 8:29pm Apr 6, 2008 8:29pm
Quoting mikeh3855
I've searched the thread but cannot find any reference. Has anyone applied Phillip's strategy to daily charts? If so can I be directed to the discussion or would someone share their findings? My lifestyle has me checking charts very infrequently. By the looks of it all similar rules and 'emotion' carry over to daily charts. Maybe only two trades a month. Any help would be appreciated.
Mikeh,
If you see daily charts in EURUSD perhaps you will see nice buying signals because this pair is long-term bullish since April 2006...
I would like to suggest to you to stay at 4H time frame. If you want to stay longer in your trades, what you have to do is to use Phil's rules for entries. For stop losses and exit points you have to setup different rules according to your goals and risk. Follow the trend (89 or 200sma) and you take only trades with the trend... these trades would be the more profitable ones...

A.
  • #13,465
  • Apr 6, 2008 10:11pm Apr 6, 2008 10:11pm
Wow, thanks for the advices, guys. Guess I'll give this system some time more. Again, thank you.
  • #13,466
  • Apr 6, 2008 10:19pm Apr 6, 2008 10:19pm
Quoting traderathome
Subsequent to posting “MACD_Colored_v104.mq4” someone suggested that the MACD levels still did not work well with forex pairs other than EUR/USD. I believe the person was requesting that anyone capable of code writing make a “fix” to v104 so that it would better expand/contract the drawn levels as appropriate to other forex pairs.

I agree, and add my emphasis to this request.

Perhaps there is a way to “sense” what pair is involved and what timeframe chart is involved and what the ATR is for that pair on that timeframe. From this ATR information, the best three levels up and down from the “zero” line to use should be easy to determine…..perhaps by simply dividing the ATR by three, and rounding up to the next whole pip value, to get the number of pips between the levels to be drawn. This would assure that no matter what currency pair was being charted, and no matter what timeframe was being charted, the code would find the correct “fit” for the three positive and three negative MACD levels.

Of course, the ATR information varies with time. If drawing the MACD lines at each new bar/interval involved getting updated ATR information, then the MACD levels could be changing with time…..i.e., real time changing MACD levels. If this is not desired, then the code could circumvent updating the ATR. If the code writer wanted to provide the user with the option for either way, then perhaps a “true/false” selection in the indicator tile could allow the user to make their choice.

Meanwhile, I have modified v104 with the inclusion of arrays for each timeframe from Daily down to the 1 Minute. This allows for the easier “adjustment” of the levels on each and every timeframe. Version v104 grouped the 1 Hour and 4 Hour together, and all the Minutes timeframes were in a second group together. As you went down in timeframes, fewer of the levels were shown because the pips between levels did not change and were too great to allow multiple levels to be shown.

The hard code in this modification makes it easy to alter the factor applied to the 1 Hour Base to produce the other levels. Until someone gives us the “fix” talked about above, users of this modification could adjust the factors and assign a new name to the indicator, thus making an accurate indicator for any other pair they trade.

This modification also deletes the alert/email/MACD labels. It is for those that just want a basic MACD study (histogram plus both moving average lines) that accepts user inputted values (5/13/1, 12/26/9, etc.), includes the option for a bi-colored histogram, and that also draws the various levels. The levels are dotted lines. A second zero line is provided that is solid, and can be colored differently.

This modification of v104 is called “MACDmetaCLS”, .for MACD of the MetaTrader style (meta) and with colors and levels (CLS). If you choose to use this, and alter the applied factor so the levels are more appropriate to another pair, then you might use names for the different resultant indicators as: MACDclsEURUSD, MACDclsEURJPY, etc.

Manually adjusting the factor that determines the levels, by trial and error, is NOT the best solution. Code that automatically does this for each different currency pair, maybe based on the different ATRs of the pairs (and their individual timeframes) would be far better. I pray someone that codes will do this.
Thanks for sharing
  • #13,467
  • Edited 5:57am Apr 7, 2008 2:18am | Edited 5:57am
USDCAD pull back to the trendline and a TC signal, also price went below 89 and pulled back to 21 and gives a TC signal, the only concern was that there are 365 and 200 below, and there are 89 below that could be a support on daily chart.
Short USDCAD at 1.0061, Stoploss: 1.0093, TP1: 1.0025, TP2: 0.9975.


edit1: not comfortable with the trade, 365 too close, and price could find support at 365
edit2: I am out at 1.0060, have to go out now, and the lowest is 1.0037, I think I must cover the deal at about breakeven level, so I close the deal. There are too much tails on H1 chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 080406usdcad1.gif Size: 25 KB
Click to Enlarge Name: 080406usdcad2.gif Size: 27 KB
Click to Enlarge Name: 080406usdcad21.gif Size: 27 KB
Success is the small sum of efforts, repeated day in and day out.
  • #13,468
  • Apr 7, 2008 4:00am Apr 7, 2008 4:00am
Quoting traderathome
Manually adjusting the factor that determines the levels, by trial and error, is NOT the best solution. Code that automatically does this for each different currency pair, maybe based on the different ATRs of the pairs (and their individual timeframes) would be far better. I pray someone that codes will do this.
Good staff, thanks for sharing
Plan your trades and trade your plans
  • #13,469
  • Apr 7, 2008 4:06am Apr 7, 2008 4:06am
Hi all! I pray for TC on 4H! good luck to every one!
  • #13,470
  • Apr 7, 2008 4:08am Apr 7, 2008 4:08am
Quoting oldman
Hi all! I pray for TC on 4H! good luck to every one!
Not sure if this is praying for TC in general or one particular pair. But EU could form a TC off the 89 soon. Its formed a spinning bottom right on the 89 and started to move up. 1H just closed about its 21 and although the 200 is in the way on the 1H there is nothing on 4H until the trend line down. In line risk R/R if we use the just below the 89 as stop.
  • #13,471
  • Apr 7, 2008 4:19am Apr 7, 2008 4:19am
Quoting oldman
Hi all! I pray for TC on 4H! good luck to every one!
which pair?
Plan your trades and trade your plans
  • #13,472
  • Apr 7, 2008 4:53am Apr 7, 2008 4:53am
Quoting saka
which pair?
maybe EURUSD, but the candle is too big
Success is the small sum of efforts, repeated day in and day out.
  • #13,473
  • Apr 7, 2008 5:10am Apr 7, 2008 5:10am
I won't enter this ZB of eu for its high SL and the potential resistant line up there. 89 sma at 4h is same as 1h chart, this is the reson why eu bounce up from it. I still think there will be a time in not a long time, eu will form a LH, and break the suport neck line.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 34 KB
Plan your trades and trade your plans
  • #13,474
  • Apr 7, 2008 5:45am Apr 7, 2008 5:45am
Quoting saka
I won't enter this ZB of eu for its high SL and the potential resistant line up there. 89 sma at 4h is same as 1h chart, this is the reson why eu bounce up from it. I still think there will be a time in not a long time, eu will form a LH, and break the suport neck line.
I managed to get in early on 1 the 1H and took half profit at 20 pips (the 200 on the 1H). Now set the rest to BE.
  • #13,475
  • Apr 7, 2008 7:46am Apr 7, 2008 7:46am
Would somebody please press the 'Start' button to turn the markets on...
  • #13,476
  • Apr 7, 2008 8:06am Apr 7, 2008 8:06am
Quoting Palmer
Would somebody please press the 'Start' button to turn the markets on...
didnt u like this H1 setup ?
Attached Image (click to enlarge)
Click to Enlarge Name: eur1.gif Size: 15 KB
  • #13,477
  • Apr 7, 2008 8:20am Apr 7, 2008 8:20am
bsh:

Hope you made some...I just don't like the longer term charts right now so I'm picking off few here and there on the 5min, when I have the time. I'll wait for price to clear out of this area before I get into a longer timframe...just not comfortable with it right now...
  • #13,478
  • Apr 7, 2008 9:04am Apr 7, 2008 9:04am
I just closed off another part of my original trade at 5711, the hourly closed below the 200 again so I played it safe and scaled right down to just 15% of my original trade (taking 85% profit of the 20 pips from entry to TP)
  • #13,479
  • Apr 7, 2008 9:10am Apr 7, 2008 9:10am
Quoting bshadroo
didnt u like this H1 setup ?
Is the green line the prices cut through the 89sma? In my chart the lower wick did not go through 89sma.
  • #13,480
  • Apr 7, 2008 9:20am Apr 7, 2008 9:20am
Quoting brettboz
I managed to get in early on 1 the 1H and took half profit at 20 pips (the 200 on the 1H). Now set the rest to BE.
That's good but a little aggressive. As Philip's advice, one should wait both a TC formed at 4h & 1h to enter at 1h.
Plan your trades and trade your plans
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