4 Hour Strategy (MACD)

I agree. Luckily stoploss size helped on 4H but for those anticipating 1H entry it doesnt

Out with 25/2=12.5 pips

How terrible the market is, thank godness I quit early...... I got a feeling that maybe the big trend of the majors will change.

But the 1H gave a chance to get out before it bolted (at least on GMT+2) the doji was a good place to take profit and set to BE.

The stinker today was taking the retrace which is what would normally happen if the 4H is too big (as is the case today). I can't see how this could have been avoided if following the rules (maybe Im mistaken).

yeah, E/U movement was extreme violate recently..........

Hi Mike.
Phillip has helpful PDFs on exit strategies on page 1.
I've learned that you have to be more patient on the JPY when deciding to enter. i almost exclusively trade Breakout Trades on this pair.
I took profit at +25 on half my position. I'm waiting for either a evening star, an obvious sideways pattern (4 candles), or a close below the 21 MA before exiting the other half.
It's currently +170.

Agree. You can see the reverse quicker and bail out

Thanks Napeharm for your kind words, but I think it's useless to change times of the candles. To me it looks like chasing the market, there are times when I have beautiful entries and others don't, sometimes vice versa. You are right, we should trade best what we have and not look for trades.

It was a tough day. I got stopped out after taking a TC on the Euro. I think it had to do with the good earnings in the stock market.

My day was ok with the Euro. First trade for +34 using the 4 hr method, exit at trendline, price line plus a 40 sma which i have on as well. Using one lot only as i do that was a good place to exit. My next two trades were using a 5 min method with conviction from the 4 hr signal and the strength of the move etc. So another +23 down to the 89sma and a quick +7 down to the 21 ema on the daily chart which was more or less the low for the day. +64 overall and i am happy with that. Phils method giving me more belief in my trades on both time frames, and all thanks to him for producing a great way to trade. Cheers Phil.

+64 is only an ok day? Can you teach me how to trade?

can someone teach me what is the meaning of the letter vt vb and so on....I dont want it as for its shot form........but how to trade them....
the letter I found in a macd recognication.

Hi, B@by, I think you should read and listen to all the lessons and recordings done by Phillip indicated on the list on the first page, at the bear minimum, then read this thread. It has been emphesised many times that one does not act on the MACD indicator alone, but with MACD signals agreeing with the market rythm, and confluence of what MACD tells you with the used MAs, S/R and so on. The description of what these letters mean you can read on the same post from which you have downloaded the indicator, but you should go also to the website indicated there, and read other post and recordings on this subject on this thread.
p. 223 post 3342 by irusoh for MACD_colored_v103.mt4
Keep at it and have a nice weekend,
2be

First of all, Hello again to all in the forum.....Have had alot of reading to do to catch up.

I see that some took the Tc that the euro gave. I did not take it and I'll tell you why. It may just be me, but I don't always believe what one currency pair is telling me is about to happen in the next four hour candle. Before I decide to take a trade, Long or short in the Eur/Usd , which by the way is what i trade most, I will look at the move the dollar just made in the Euro/Usd pair..... whether it was a gain or a loss against the Euro , and then I will look at another pair like the Usd/Chf to see if the dollar made a corresponding change in value against the currency. I want you to look at the differences between these to Trend continuation signals of he Eur/Usd and the Usd/ Chf.



The first vertical dotted line is the good tc from a few days ago. The second vertical dotted line is the one i was skeptical about. Here are the same two Tcs on the Usd/Chf



Notice that in the first TC there on April 16, when the Eur/Usd ran up that 50 pips and gave a nice TC, the Usd/chf also ran down showing the same loss of value in the dollar that the EU chart was signalling.
Now look at the second TC of yesterday. While the EU pair was showing once again a 50 pip jump, the Usd/Chf did not show a corresponding loss in dollar value. The Usd/Chf was also finding support on its 21 ema.

Here are the same to TCs on the Usd/Jpy chart.



Once again we see in the first tc when the dollar was losing value on the Euro it was also losing value on the yen. However in the second tc when the Dollar lost fifty pips to the euro. It was gaining on the yen? In fact if you were just a usdjpy trader you would have been switching to the Hourly chart and looking to buy dollars. Not to sell them like the euro was suggesting.

And lastly the Gbpusd chart.



As you can see the first tc was in agreement with the Euro. And the second tc was also showing higher......However ask yourself this, If you were only watching the Gbpusd chart and saw this tc. Would you have taken it? I would have not......... The stop loss would have been to large for one thing. The ever important trend determining 200 sma has just been challenged. And we are way beyond our 8ema. Also on the previous candle the macd had just suggested a return to the 8ema. Nope I would have waited for something a little safer looking ...........like the Usdjpy. And thats what i did.....

So this is something to watch for to determine the "authenticity" of a tc. Just a little "smell" test if you like. Hope this improves your winning trade percentage in the future.......Pipip........Jimdandy

Thanks Jim Danddy,

I liked your observation.Makes sense.I couldn't accept the huge SL because lots of time we enter a trad in retracements.(As I did)

But this point of view makes sense.

Thank you
Mike

I thought I might share it here as for a long time I used to scroll the mouse wheel for backtesting to get far back in time on the charts....
Now with increased scrolling action by following this thread from the start, I discovered that by double clicking into the lower left of the chart one can just enter the desired date and the chart will just jump there.
Might be old news to most, but a revelation to me , and maybe of some use for others too
cheers

Thanks for the info, kind of helpful...

It wasn't old at all.

I got the same problem.

The format you enter the date suppose to be like:

2007.11.13

Thanks
Mike

By the way, my Metatrader crash when i load the template 4hmacd.tpl, do you have that kind of crash sometimes ?

Edit : Looks like it happens when i want to change the time from 4h to 1h or less

the format can be
YYYY/MM/DD or DD/MM/YYYY
and also
YYYY.MM.DD or DD.MM.YYYY