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4 Hour Strategy (MACD)

  • #13,881
  • Apr 23, 2008 3:39am Apr 23, 2008 3:39am
Phillip might say that there's a lot of emotion around GBPUSD now (as for a big dogi on 4H at the moment). Everything is changing quickly. MPC Meeting Minutes
  • #13,882
  • Apr 23, 2008 4:20am Apr 23, 2008 4:20am
Quoting Yorik

  1. EURUSD 4h 8:00, 1H 10:00 (GMT+1)
  2. MACD: possible TC on 4H and 1H but only preliminary.
  3. Price: after forming new high, retraced under EMA8 in the dir. to EMA21. As it's above SMA89 and once already bounced from the zone near EMA21, looks like an uptrend . If it turns up now, we can anticipate trend continuation.
  4. Calculations:
  5. Open price: 1.5986
  6. SL Price: 1.5952, SL: 34 pips
  7. TP price: 0.5/1.6007, 0.3/1.6015, 0.2/1.6050, TP: 32 (21, 29, 64) pips
  8. SINGLE OPENING.
  9. R:R-ratio: 0.94.
  10. Conclusion: trade is BAD either because of a big SL or poor R:R-ratio.
  11. No trade now. Waiting at least till 1H closes and will repeat analysis.

I like your very systematic approach, I'm inspired! I did it mostly mentally, but writing it down actually is a great training and keeps much more focused on the task....
As to the EUR/USD setup I' m not sure about that 1.6000 area, even though a further attempt to break the level might prove successful, I'm concerned about more emotions and bigger retracements....
  • #13,883
  • Edited 3:03pm Apr 23, 2008 5:07am | Edited 3:03pm
Quoting islandtrader
I like your very systematic approach, I'm inspired! I did it mostly mentally, but writing it down actually is a great training and keeps much more focused on the task....
As to the EUR/USD setup I' m not sure about that 1.6000 area, even though a further attempt to break the level might prove successful, I'm concerned about more emotions and bigger retracements....
Thank you, islandtrader.
I would like to make my small contribution to this thread by posting an EA which I created especially for this system, and maybe it will be useful for you.

I called it 4HChancesEvaluator because it helps to measure the chances of the possible coming trade. I decided to make it after on last week I missed several trades because was not quick enough to calculate everything by hand (in Excel).

So this expert needs to input SL price, TP price (or prices) and it calculates SL in pips, TP in pips and R:R. Everything is shown in the top-left corner of chart window. The EA can also calculate in real time chances for partial opening and partial opening levels. All the levels can be shown on the chart (with lines). It also can write the results to txt file - that's the way I post them here and paste to my analysis diary (where additional info is written by hand).

All the instructions are in the beginning of the code of EA (in mq4 file) and in 4HChancesEvaluator.txt I attached.

For me this EA has already helped a lot - less time for calculations, more confidence over the situation (I'm not far from a beginner still). Hope it can be helpfull for you, people, and helps this thread to develop further.
Attached Image (click to enlarge)
Click to Enlarge Name: ChancesEvaluator_v1.2.gif Size: 62 KB
Attached File(s)
File Type: txt 4HChancesEvaluator.txt   3 KB | 757 downloads
File Type: ex4 4HChancesEvaluator_v2.2.ex4   16 KB | 552 downloads
File Type: mq4 4HChancesEvaluator_v2.2.mq4   22 KB | 657 downloads
  • #13,884
  • Apr 23, 2008 5:49am Apr 23, 2008 5:49am
Hi Yorik,
this EA is great, making the potential entry process so clear and easy to overlook... and being able to evaluate the trade itself in a much more objective way, thanks a lot for that!!
One question though: how and when and to what location results are put into txt file?

Thanks again,
  • #13,885
  • Apr 23, 2008 6:40am Apr 23, 2008 6:40am
MetaTrader allows to create files only in several directories. In our case it's [MetaTrader directory]/EXPERTS/FILES
  • #13,886
  • Apr 23, 2008 8:17am Apr 23, 2008 8:17am
Hi, Yorik, your EA looks good, but do we need to set the dl price, target1, target2 and so on?

Thank you
  • #13,887
  • Apr 23, 2008 8:49am Apr 23, 2008 8:49am
Quoting sleewc
Hi, Yorik, your EA looks good, but do we need to set the dl price, target1, target2 and so on?

Thank you
In the txt file '4HChancesEvaluator' Yorik explains it very well how and what levels need to be set,
at least dSLPrice (Stoploss) and dTarget1 (1st take profit level) otherwise 1st tp is 20 pips
  • #13,888
  • Apr 23, 2008 9:20am Apr 23, 2008 9:20am
Quoting sleewc
Hi, Yorik, your EA looks good, but do we need to set the dl price, target1, target2 and so on?
Thank you
As islandtrader has already mentioned, you can find answers to most of your questions in 4HChancesEvaluator.txt.

SL price must be entered obligatory. You can enter from 1 to 3 profit levels. Since v2.1 you can also leave the dTarget1 (profit level 1) field blank (=0) - in this case EA will consider the 1st target to be =20 pips.

Example (see pictures below): short position on EURUSD, current price say 1.5900;
#1. Only SL was entered (dSLPrice=1.5960) - means all the position will be closed at +20 (at 1.5880);
#2. SL price (dSLPrice=1.5960) was entered, dTarget1 and dTarget2 were entered (dTarget1=1.5860, dTarget2=1.5820) - 50% of the position will be closed at 1.5860 and 50% - at 1.5820;
#3. SL price (dSLPrice=1.5960) was entered, dTarget1 was left blank (dTarget1=0.0) and dTarget2 was entered (dTarget2=1.5820) - in this case EA will consider that the 1st target is 20 pips (and will recalculate the price to place the 1st target with every tick), so 50% of position will be closed at 1.5880 and another 50% - at 1.5820.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ChancesEvaluator_v1.2_1.gif Size: 22 KB
Click to Enlarge Name: ChancesEvaluator_v1.2_2.gif Size: 22 KB
Click to Enlarge Name: ChancesEvaluator_v1.2_3.gif Size: 22 KB
  • #13,889
  • Edited 11:22am Apr 23, 2008 10:26am | Edited 11:22am
The JPY gave a bullish candle that suggested at least a test of the 365. It broke right on through like I was hoping Took 1/2 my position at 365 (+20), and am letting the rest run.
For the record, I rarely enter JPY trades that are in a range. The only reason I took the trade is because of the rounded bottom and the extremely bullish candle.
Happy trading to all!

Edit: Closed remainder +12.
Attached Image (click to enlarge)
Click to Enlarge Name: jpy 423.gif Size: 23 KB
  • #13,890
  • Apr 23, 2008 10:36am Apr 23, 2008 10:36am
Quoting Yorik
Thank you, islandtrader.
I would like to make my small contribution to this thread by posting an EA which I created especially for this system, and maybe it will be useful for you.

I called it 4HChancesEvaluator because it helps to measure the chances of the possible coming trade. I decided to make it after on last week I missed several trades because was not quick enough to calculate everything by hand (in Excel).

So this expert needs to input SL price, TP price (or prices) and it calculates SL in pips, TP in pips and R:R. Everything is shown in the top-left corner of chart window. The EA can also calculate in real time chances for partial opening and partial opening levels. All the levels can be shown on the chart (with lines). It also can write the results to txt file - that's the way I post them here and paste to my analysis diary (where additional info is written by hand).

All the instructions are in the beginning of the code of EA (in mq4 file) and in 4HChancesEvaluator.txt I attached.

For me this EA has already helped a lot - less time for calculations, more confidence over the situation (I'm not far from a beginner still). Hope it can be helpfull for you, people, and helps this thread to develop further.
I will have a look and use it myself.
Thanks
  • #13,891
  • Apr 23, 2008 4:10pm Apr 23, 2008 4:10pm
Here is the latest version of the EA which will allow you to baby sit your manual trades. I hope you will find all its features useful and it will help with your trading.

Yannis
Attached File(s)
File Type: ex4 Artemis_Sitter v1.60.ex4   112 KB | 1,181 downloads
File Type: pdf Artemis_Sitter.pdf   633 KB | 2,005 downloads
  • #13,892
  • Apr 23, 2008 11:33pm Apr 23, 2008 11:33pm
Quoting Yannis
Here is the latest version of the EA which will allow you to baby sit your manual trades. I hope you will find all its features useful and it will help with your trading.

Yannis



If I want to trail with MA, will it close the trade as soon as price touches the MA or will it close it 10 pips once it crosses the MA if I set Trail.Pips at 10?
The more obstacles I overcome the better man I become.
  • #13,893
  • Apr 24, 2008 12:59am Apr 24, 2008 12:59am
GBPUSD 4:00 bar is closing (GMT+1).
MACD is "dancing" between round bottom (long signal) on 4H and a lower MACD bar on 4H with a TC on 1H MACD (short). But the difference is very little, in fact the price is in the channel on 5min. Waiting...
  • #13,894
  • Apr 24, 2008 1:22am Apr 24, 2008 1:22am
By the way, as for 4HChancesEvaluator and plus the situation on GBPUSD at the moment - it's posssible to save chart with the right mouse click (you just need to adjust the area in pixels) - and we get our chart with all MA, trendlines etc plus the calculations in the top left corner - like on the image below. Then we can open txt file and copy-paste the numbers if needed.

Open price: 1.9784
SL Price: 1.9768, SL: 16 pips
TP price: 0.5/1.9808, 0.3/1.9850, 0.2/1.9890, TP: 53 (24, 66, 106) pips
SINGLE OPENING.
R:R-ratio: 3.31.
Conclusion: trade is OK. But no trade, wait for more clear situation on the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_4h_08-24-04-08_gmt+1.gif Size: 26 KB
  • #13,895
  • Apr 24, 2008 1:27am Apr 24, 2008 1:27am
Quoting sevejose
If I want to trail with MA, will it close the trade as soon as price touches the MA or will it close it 10 pips once it crosses the MA if I set Trail.Pips at 10?
It will close the trade when it reaches (previous bar's) MA level so when it 'touches' it.
I was puzzling me whereas it should close the position on a touch or on a bar closing above / below the MA, could maybe implement both for next version.

Yannis
  • #13,896
  • Apr 24, 2008 1:35am Apr 24, 2008 1:35am
Someone might have taken short (smth like on the picture) if playing from 1H or lower timeframes. But I was a bit slow waiting for some retracement on 5min after it went down..
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_4h_08-24-04-08_gmt+1b.gif Size: 27 KB
  • #13,897
  • Apr 24, 2008 1:41am Apr 24, 2008 1:41am
By the way, people - if say you opened 1 lot in 2 parts (2 x 0.5) with the disire to close them on some profit levels, price reaches both levels, but before the 2nd TP is hit you decide that it's necessary to leave say 0.3 lot in the market - how do you do that? Do you open a counter position with (in our case) 0.2 lot and then close 0.5 sell by 0.2 buy (so 0.3 sell is left)?
  • #13,898
  • Apr 24, 2008 2:40am Apr 24, 2008 2:40am
Yorik, when I activate the Write2File it seems to produce quite a lot of txt files which I need to clear out of the files folder regularly, now I switch on the EA only if I look at a potential setup, and after that I delete all files, how do you handle this?
  • #13,899
  • Apr 24, 2008 2:58am Apr 24, 2008 2:58am
G/U finding support at 9740 again. This S/R level has been very powerful recently (as pointed out by other posters on several occasions). MACD on 4H forming a RB.

Above current price are all the MA's so Im very weary of taking the long trade also the stop and R/R is not great.

So could well respect the support and move up but due to risk of the trade I am not taking it.
  • #13,900
  • Apr 24, 2008 2:59am Apr 24, 2008 2:59am
Has everyone else had a quiet week this week. I only took one trade which came back to BE, apart from that I have not taken any trades, I just don't see any good patterns forming.

Of course this isn't a bad thing just wondered if I'm the only one here in this situation or if everyone else has found the same?
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