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4 Hour Strategy (MACD)

  • #13,641
  • Apr 15, 2008 7:01am Apr 15, 2008 7:01am
Quoting Al1nn
Phillip,

Thanx for sharing your strategy. It looks very interresting , but since forex is quite new to me.Can some1 plz tell me what 200EMA, 8SMA, etc??????
Go to that site and learn what forex is all about, you need to suck the breast before cracking bones in forex. God bless you.
  • #13,642
  • Apr 15, 2008 7:04am Apr 15, 2008 7:04am
Quoting islandtrader
I don't feel confident with this one... MACD didn't retrace towards zero, price didn't retrace to the 21 in a pronounced way, and we have resistance ahead, it might be a strong breakout after all this consolidation, but can also retrace easily in the 1.5900 area....
Yes the trade was not good, I took it too quickly.
  • #13,643
  • Edited 7:51am Apr 15, 2008 7:35am | Edited 7:51am
Saw price closed on the bottom support line. Immediately thought of buying opportunities but MACd did not give any signal on the 4h chart.

Switched to 1h chart saw RB so i entered long.


Edit* As i was typing this..the trade got stopped out by that long tail downwards before going up 25pips+. I wasnt aware whether did the price move 20pips in my way so i could set B/E and take 1st profit taking or did the price went down before an up move?

gonna treat demo trades more seriously.

NT
Attached Image (click to enlarge)
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  • #13,644
  • Apr 15, 2008 8:02am Apr 15, 2008 8:02am
Quoting Nigel
Saw price closed on the bottom support line. Immediately thought of buying opportunities but MACd did not give any signal on the 4h chart.

Switched to 1h chart saw RB so i entered long.


Edit* As i was typing this..the trade got stopped out by that long tail downwards before going up 25pips+. I wasnt aware whether did the price move 20pips in my way so i could set B/E and take 1st profit taking or did the price went down before an up move?

gonna treat demo trades more seriously.

NT
hi
becarefull about the weekly chart.it breaks the main TL then comed back to see it again (the red circle) and now trieng to go south .i prefer a SELL in gu in this situstion .
Attached Image (click to enlarge)
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  • #13,645
  • Apr 15, 2008 8:52am Apr 15, 2008 8:52am
Quoting bshadroo
hi
becarefull about the weekly chart.it breaks the main TL then comed back to see it again (the red circle) and now trieng to go south .i prefer a SELL in gu in this situstion .
Hi,

I was refering to gbp/yen.

Yep. we're looking for sell in GU, however on the 4h chart the candle is very close to the support line. It might bounces off and heads for 21ema, or it might just break through the trend line....either way we are looking for a trade there.
Attached Image (click to enlarge)
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  • #13,646
  • Apr 15, 2008 9:01am Apr 15, 2008 9:01am
Quoting Nigel
Saw price closed on the bottom support line. Immediately thought of buying opportunities but MACd did not give any signal on the 4h chart.

Switched to 1h chart saw RB so i entered long.


Edit* As i was typing this..the trade got stopped out by that long tail downwards before going up 25pips+. I wasnt aware whether did the price move 20pips in my way so i could set B/E and take 1st profit taking or did the price went down before an up move?

gonna treat demo trades more seriously.

NT
Unless you have spent endless hours with GY I would stay away from that pair.

But your stop should be below the support line of 198 and if RR is poor then let the trade go.
  • #13,647
  • Edited 12:11pm Apr 15, 2008 9:03am | Edited 12:11pm
sold eu at 92 , sl:35
edit:closed BE ,slow market made me tired
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  • #13,648
  • Apr 15, 2008 9:26am Apr 15, 2008 9:26am
Quoting bshadroo
sold eu at 92 , sl:35
I was watching the price action live earlier for both the EUR & GBP because I was in a GBP short earlier and there is heavy buying support for the EUR around the 50% fib or 21EMA area. Go peek at the 15MIN chart. I expect price to range here but your stop may not be big enough.

I am looking to short GBP again but will wait for my typical pullback - I expect price to test 9400 area so maybe the EUR will come down also.
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  • #13,649
  • Apr 15, 2008 9:38am Apr 15, 2008 9:38am
Quoting bshadroo
sold eu at 92 , sl:35

Not worried about the support at the 21 ema?? I wanted to take it too but was too chicken to pull the trigger.
roy
  • #13,650
  • Apr 15, 2008 9:49am Apr 15, 2008 9:49am
Quoting maxster
I was watching the price action live earlier for both the EUR & GBP because I was in a GBP short earlier and there is heavy buying support for the EUR around the 50% fib or 21EMA area. Go peek at the 15MIN chart. I expect price to range here but your stop may not be big enough.

I am looking to short GBP again but will wait for my typical pullback - I expect price to test 9400 area so maybe the EUR will come down also.
could be right.but look how i see the H4 TF.and your comments please
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  • #13,651
  • Apr 15, 2008 9:56am Apr 15, 2008 9:56am
in my chart E/u look like bounce off 21 !!
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Failure, is a wonderful teacher!
  • #13,652
  • Apr 15, 2008 10:25am Apr 15, 2008 10:25am
Quoting roy
Not worried about the support at the 21 ema?? I wanted to take it too but was too chicken to pull the trigger.
roy
yes ,but its breaking the 21ema easily thease days ,from down and up
  • #13,653
  • Apr 15, 2008 10:53am Apr 15, 2008 10:53am
Looking at the ATR(1) again, leve at .0050 per bar or 50 pips. Chart is a little squished but it shows the volatility now versus the previous uptrend. Look at the highlighted price in the uptrend and the ATR. It makes it above the level every so often but is a lot 'calmer', and now with a congested trend look at the ATR; a lot higher per bar = difficult trading the 4hr. But, if you can spot the opportunities on the 1hr it opens up a few more doors. Price targets might get hit a little quicker too so keep an eye on things. I've been really busy outside of trading the last month or so and will be until the end of May.

Dropping by when I can...
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  • #13,654
  • Apr 15, 2008 11:23am Apr 15, 2008 11:23am
Palmer,

I am not sure how I missed this, but I was probably going through a "I am burned out looking at this thread but I will force myself to read it anyway" moods.

What is the ATR indicator? I do not see it on the fxtradeblog website. Is there an attachment for this indicator?

Looks helpful in determining when the 4H MACD will be more beneficial v. less.

Thank you!
  • #13,655
  • Apr 15, 2008 11:34am Apr 15, 2008 11:34am
I think the USDCHF is fighting with the 89EMA.
We would also have a higher MACD low if it breaks above.
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  • #13,656
  • Apr 15, 2008 11:43am Apr 15, 2008 11:43am
I am using 4h MACD system for 3 months. Thanks to phil , so far so good

Good luck to all.
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  • #13,657
  • Apr 15, 2008 12:06pm Apr 15, 2008 12:06pm
You guys know this macd stuff does not work. The market is all luck
Keep taking CT trades, I need more money
  • #13,658
  • Apr 15, 2008 12:09pm Apr 15, 2008 12:09pm
Quoting unlv_tj
Palmer,

I am not sure how I missed this, but I was probably going through a "I am burned out looking at this thread but I will force myself to read it anyway" moods.

What is the ATR indicator? I do not see it on the fxtradeblog website. Is there an attachment for this indicator?

Looks helpful in determining when the 4H MACD will be more beneficial v. less.

Thank you!
ATR is the Average True Range, it's just the range of the high to the low of the bar. If you set it to 1 it shows the range per bar, set it to 5 it's the average for the past 5 bars, etc...It's just another way to look at volatility that's all. It's not needed to trade the method, it shows shows what price has been doing lately....
  • #13,659
  • Apr 15, 2008 12:13pm Apr 15, 2008 12:13pm
Quoting Palmer
ATR is the Average True Range, it's just the range of the high to the low of the bar. If you set it to 1 it shows the range per bar, set it to 5 it's the average for the past 5 bars, etc...It's just another way to look at volatility that's all. It's not needed to trade the method, it shows shows what price has been doing lately....
Oh, very cool, thank you for sharing.

I found the ATR in my MT4 as a standard indicator, but I was not sure if there was a special version added to this method or not.

The default was 14, so 14 bars of course. This is very helpful information.

Thanks!
  • #13,660
  • Apr 15, 2008 12:14pm Apr 15, 2008 12:14pm
Quoting Ryanmcd
You guys know this macd stuff does not work. The market is all luck
hi
where were u ? i missed u and ur posts,come here more
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