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4 Hour Strategy (MACD)

  • #13,901
  • Apr 24, 2008 3:01am Apr 24, 2008 3:01am
Quoting brettboz
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.
On the close of the 4H candle (GMT+2) the RB did not form.

E/U is now "having a go" at the 89 on the 4H, I thought it may have found support here as in the previous 3 times it has come down. We will see if it does now or not.
  • #13,902
  • Apr 24, 2008 3:09am Apr 24, 2008 3:09am
Quoting islandtrader
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?
Yes, I've already understood that this was not the best way - in v.2.2 (I replaced v.1.2 on page 926) it creates only 1 file for 1 currency and overwrites it on every tick instead of creating new. You can also switch the parameter bWrite2File to false and it won't create files.
  • #13,903
  • Apr 24, 2008 3:10am Apr 24, 2008 3:10am
Not much going on on my charts all week. Those trades that were around on 4 hrs were CT. and therefore risky. Other than that a 5 min. chart week, but didnt feel much conviction for those either. Price doesnt seem to know where its at presently. Patience required..............
  • #13,904
  • Apr 24, 2008 3:16am Apr 24, 2008 3:16am
An interesting bar has formed on the Euro monthly chart for those interested in price action. Presently it could end up the month being either a pin bar or a cross. A cross would be neutral but the pin could be more interesting partic. as the price has moved some way form the nearest moving average and might be due some correction to make contact with it.
  • #13,905
  • Apr 24, 2008 3:48am Apr 24, 2008 3:48am
Quoting brettboz
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?
Yes, it was a quiet week for me too, and I notice how I am starting looking for trades, but could withstand the (strong) urge for now to drop to lower timeframes until I get a better understanding of the 4h system.
  • #13,906
  • Apr 24, 2008 3:53am Apr 24, 2008 3:53am
Quoting Yorik
Yes, I've already understood that this was not the best way - in v.2.2 (I replaced v.1.2 on page 926) it creates only 1 file for 1 currency and overwrites it on every tick instead of creating new. You can also switch the parameter bWrite2File to false and it won't create files.
Thanks, I like playing around with this EA, it's so much fun now to calculate R:R and to think about potential trades, stoploss, profit targets!
  • #13,907
  • Apr 24, 2008 4:06am Apr 24, 2008 4:06am
Quoting Yannis
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

Maybe add the pips in the trailing stop to the MA.
The more obstacles I overcome the better man I become.
  • #13,908
  • Apr 24, 2008 4:18am Apr 24, 2008 4:18am
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
Nice one Yannis.
  • #13,909
  • Apr 24, 2008 7:14am Apr 24, 2008 7:14am
Hello Everyone, i am back after being away for a few weeks, good to see all the interaction and an EA for this strategy WOW.. i have never used one and have no idea how to either, but will go through it . Thanks Yanis for doing that.

I am still a little rusty because of the long break so still just watching this week. Hope some of you made some some pips. take care.
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #13,910
  • Apr 24, 2008 7:40am Apr 24, 2008 7:40am
Hey Nadia:

Hope all is well. I've been spending a lot of time lately on the 5min charts with Phillip's method. It's all part of the 'master plan'. My 4hr/1hr trading has been very minimal lately but 'I shall return'. Gotta put the chart time in when I can...
  • #13,911
  • Apr 24, 2008 7:53am Apr 24, 2008 7:53am
Nadia; Welcome back to the thread.

I spent a month reading the thread and following trades to decide what i might have done,partic the Euro trades. I found the experiences of those regular contributors such as yourself invaluable as you all found your way to the method.

I found the thread a very mature and thoughtful place to be, people willing to help one another and sharing experiences. None of the usual bickering and method changing and the method diluted with Ea's and indicators etc. Many times whilst reading i wanted to interject with my two penneth worth, but remembered that for you guys it was all in the past, so i missed the boat!

I liked in partic. the contributions made by the ladies, you are a great bunch!

I think this thread has been so succussful because of the great attitude shown by the people and Phils firm hand on the tiller..........!
  • #13,912
  • Apr 24, 2008 8:12am Apr 24, 2008 8:12am
I haven't taken any trades on the 3 pairs that I watch, the TC on the ED earlier had to big a stop for me, and just too plain risky. MA's seem to be all bunched up. So I sit on my hands and watch.

KC


Welcome back Nadia

Quoting brettboz
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?
  • #13,913
  • Apr 24, 2008 1:33pm Apr 24, 2008 1:33pm
Ryan;

I would be interested to hear how you are getting on after studying price action from James16 thread. Has it had any bearing on how you trade the 4hr macd or not?

I spent some months follwing the thread and understanding the observations on candles etc. and also some other stuff from James 16 private thread. Putting it together is another matter though. I do look at the daily candles for any clues to give credence to the 4 hr signals as this can obviously strenghten them etc. Also 4hr candles. The ones i like most are inside bars, bullish and bearish outside bars and pins.

Be interested to hear your views . I have read with interest your contributions to this thread.
  • #13,914
  • Apr 24, 2008 2:06pm Apr 24, 2008 2:06pm
MACD: possible Agressive bullish turnaround (but 3 H more till bar closes)
Price:
"Pro":
- reached former resistance line of descending channel which was broken up on 17.04 - might work as support;
- crossed SMA89 down - possible retracement back to it;
- long down shadows of last 2 bars can mean buyer's pushing up from there;
"Con":
- 1.9740 can be a resistance.;
- strange time (at least for me) for a setup on GBPUSD, haven't seen live yet.
Calculations:
Open price: 1.9738
SL Price: 1.9680, SL: 58 pips
TP price: 0.5/1.9758, 0.3/1.9792, 0.2/1.9860, TP: 51 (20, 54, 122) pips
SINGLE OPENING.
R:R-ratio: 0.88.
Conclusion: trade is BAD either because of a big SL or poor R:R-ratio.
Result:
No trade at the moment - SL too big and R:R-ratio is low. Waiting.
Attached Image
  • #13,915
  • Apr 24, 2008 3:06pm Apr 24, 2008 3:06pm
GBP/USD
MACD showing AT
Price bouncing from 1.9700 level and trendline support

Open price: 1.9729 long
SL Price: 1.9680, SL: 49 pips
TP price: 0.5/1.9750, 0.3/1.9795, 0.2/1.9860, TP: 56 (21, 66, 131) pips
R:R-ratio: 1.14.
Conclusion: trade is OK.
powered by 4HChancesEvaluator/Yorik
Attached Image
  • #13,916
  • Apr 24, 2008 3:53pm Apr 24, 2008 3:53pm
Quoting JoshDance
Updated the MACD colored indicator ... I hope you guys will like the update! Adds variable, more appropriate levels for all currency pairs.

http://www.forexfactory.com/showpost...9&postcount=57


Hi Joshdance,

I see that you have work on the MACD indicator. I need a big favor. Is it possible for you to add a Zero Line cross alarm? This is all this indicator is lacking off to be used in any other strategy.

Thanks so much.
  • #13,917
  • Apr 24, 2008 4:06pm Apr 24, 2008 4:06pm
Quoting islandtrader
GBP/USD
MACD showing AT
Price bouncing from 1.9700 level and trendline support
Open price: 1.9729 long
SL Price: 1.9680, SL: 49 pips
TP price: 0.5/1.9750, 0.3/1.9795, 0.2/1.9860, TP: 56 (21, 66, 131) pips
R:R-ratio: 1.14.
Conclusion: trade is OK.
powered by 4HChancesEvaluator/Yorik
We might have charts in different timezones (mine GMT+1). For me no still trade - SL too big, poor R:R, low activity now. Will pass this trade and go to sleep.

Good luck to you!
  • #13,918
  • Edited 4:26pm Apr 24, 2008 4:07pm | Edited 4:26pm
Quoting islandtrader
GBP/USD
MACD showing AT
Price bouncing from 1.9700 level and trendline support

Open price: 1.9729 long
SL Price: 1.9680, SL: 49 pips
TP price: 0.5/1.9750, 0.3/1.9795, 0.2/1.9860, TP: 56 (21, 66, 131) pips
R:R-ratio: 1.14.
Conclusion: trade is OK.
powered by 4HChancesEvaluator/Yorik
I closed the position because it's sleep time and I don't want to let this trade unattended.
Ok, the rule states that if price moved through the 89ema it tends to retrace to the 21 (or to 89sma if 21ema is above the 89sma), but price is very slow at this time (9pm GMT) and seems to find resistance at the 1 hour 21sma. Enough indications for me to close down for today.
  • #13,919
  • Apr 24, 2008 4:11pm Apr 24, 2008 4:11pm
Quoting Yorik
We might have charts in different timezones (mine GMT+1). For me no still trade - SL too big, poor R:R, low activity now, will pass this trade. Good luck to you!
thanks,
I'm currently experimenting with different platforms, IBFX (GMT), FXDD (GMT+3), and MIG (currently GMT+2), and on the IBFX candle close at 8pm the signals showed green light. Closed the trade due to low activity.
  • #13,920
  • Apr 24, 2008 5:22pm Apr 24, 2008 5:22pm
Quoting Yorik
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)?
Here's the way i do it.... I just bring up the one to close and before hitting the close button change the volume to the amount you want to close like in this pic.....

Attached Image (click to enlarge)
Click to Enlarge Name: untitled.GIF Size: 65 KB


Hope this helps........Pipip........Jimdandy
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