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4 Hour Strategy (MACD)

  • #14,521
  • May 8, 2008 6:44am May 8, 2008 6:44am
Quoting taboouk
Hi Phillip,

What system do you use on the GBPJPY? Is it your 5 min system?

Thank you

Aftab
No. I do with price action and trendlines on 15min chart.
  • #14,522
  • May 8, 2008 6:47am May 8, 2008 6:47am
Quoting aihua5
Phillip, great trade!
I have a little question about this record,
I remembered that in your 5 min short-term strategy you said the maximum trades are 3, if 2 wins or loses you will stop trade in that day.

Why in the last 3 days, you take 3-4 trades everyday?
Do you have the new rules to the price action strategy?
Thanks.
Aihua
This trades was not done with the 5min strategy. It is a mix of timeframes purely based on price action and some trendlines.
  • #14,523
  • May 8, 2008 7:18am May 8, 2008 7:18am
Hhhhmm, havent missed much then. Back from the dentist, whats worse trading this nonsense or a dental appointment? Hahahahahahaha.

Even my 5 min chart is squeeling 'helpppp'.
  • #14,524
  • Edited 7:44am May 8, 2008 7:30am | Edited 7:44am
Quoting Phillip Nel
This trades was not done with the 5min strategy. It is a mix of timeframes purely based on price action and some trendlines.

The reason for me posting those trades made not with the 4H system was not to show how good I am as I am very far from that. It was to show that understanding each currency rhythm will help you in making decisions. If you know the rhythm and candle emotion of a certain currency you will make money more easily for you will know when things does not look right even if indicators says yes.

Edit
But this takes time and practise. I do backpractising on a daily bases. Going back in history and then by going forward one candle at a time make my decisions according to the rules and the rhythm etc.
  • #14,525
  • May 8, 2008 7:53am May 8, 2008 7:53am
Quoting Phillip Nel
The reason for me posting those trades made not with the 4H system was not to show how good I am as I am very far from that. It was to show that understanding each currency rhythm will help you in making decisions. If you know the rhythm and candle emotion of a certain currency you will make money more easily for you will know when things does not look right even if indicators says yes.

Edit
But this takes time and practise. I do backpractising on a daily bases. Going back in history and then by going forward one candle at a time make my decisions according to the rules and the rhythm etc.
what am i ,if u r far from good?
whould u plz answer my question about usdcad in previous page?
thx
  • #14,526
  • May 8, 2008 8:00am May 8, 2008 8:00am
Quoting Phillip Nel
The reason for me posting those trades made not with the 4H system was not to show how good I am as I am very far from that. It was to show that understanding each currency rhythm will help you in making decisions. If you know the rhythm and candle emotion of a certain currency you will make money more easily for you will know when things does not look right even if indicators says yes.
Through actual recent personal experience I can say that once you truly understand price rhythm/movement/flow your trading and understanding will skyrocket.

Without this understanding there is sometimes doubt and confidence issues - where negative emotional aspects of trading are multiplied and your trading suffers.

It is so simple yet 90% of traders cannot fully see it and use it - it took me 2 years to fully understand it even though I know the pattern since the beginning - go figure!

But for me the key element is when I applied this rhythm across multiple timeframes and being in tuned with it.
  • #14,527
  • Edited May 9, 2008 1:56am May 8, 2008 8:24am | Edited May 9, 2008 1:56am
People, I've found, imho, a quite cool way for testing this strategy in MetaTrader which is much more close to real trading than using F12 button. It lies in using MetaTrader's Tester and a special expert. This system is described in the article Testing Visualization: Manual Trading. In comparison with using F12 this variant doesn't allow to peep at candles to the right, trendlines can be drawn without being afraid of accidently moving and seeing the chart and it's possible to watch how price "dances", MAs are moving and MACD setups appear and dissappear. And I must confess that I'm making much more mistakes while this type of backtesting and it's more emotional than the usual one, but more useful and edifying I hope.

P.s. If anybody finds this interesting but needs help with installation and tunning this system in MetaTrader - please, feel free to write to me (better via PM not to flood here)

Edit: I attached a flash-video instruction with how to install everything (Instructions_(run_vHandsTrade.html_file).zip) and all needed files (vHandsTrade.zip).
Attached Image (click to enlarge)
Click to Enlarge Name: VisualTesting.gif Size: 81 KB
Attached File(s)
File Type: zip Instructions_(run_vHandsTrade.html_file).zip   1.7 MB | 1,417 downloads
File Type: zip vHandsTrade.zip   99 KB | 811 downloads
  • #14,528
  • May 8, 2008 8:41am May 8, 2008 8:41am
That sounds interesting Yorik ,your good at this stuff fella!. The F12 button is rubbish, because you can still see the next candle i find,which isnt the point.
  • #14,529
  • May 8, 2008 8:42am May 8, 2008 8:42am
Quoting bshadroo
what am i ,if u r far from good?
whould u plz answer my question about usdcad in previous page?
thx
As it is a breakout trade I will trade it this way. Wait for a pullback to breakout level then switch to 1H and with a strong bearish 1H candle enter. the worst for me would have been a BE as price ran more than 20pips.
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  • #14,530
  • May 8, 2008 9:12am May 8, 2008 9:12am
I have been silently reading this strategy thread for some time now. Wanted to know if this strategy can be applied as profitably in currency futures as the spot currencies as most people are on this thread. I am talking about the 6E, 6B etc. futures of the CME.

Thanks in advance.
  • #14,531
  • May 8, 2008 1:37pm May 8, 2008 1:37pm
Quoting Phillip Nel
As it is a breakout trade I will trade it this way. Wait for a pullback to breakout level then switch to 1H and with a strong bearish 1H candle enter. the worst for me would have been a BE as price ran more than 20pips.
ok ,so i can use H1 price action for such a big weekly/daily trendline.but now seems it backs into the TL
good help,thx alot
  • #14,532
  • May 8, 2008 2:06pm May 8, 2008 2:06pm
could be an interesting setup in about one hour (0:00 MIG candle)
pin bar from 21ema and 50% ret, long nose (although not protruding a lot above previous bar)
although it looks unlikely that it will go down much undoing the steep retracement following 1.5300 rejection
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  • #14,533
  • May 8, 2008 9:03pm May 8, 2008 9:03pm
Euro; My take today. Lots of tails on the 21 ema.
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  • #14,534
  • May 8, 2008 9:19pm May 8, 2008 9:19pm
Euro; Daily yesterday shows a pin with a very long tail. Pins can be either significant or not, may represent a change of direction, or continuaton. It depends really where they are formed. This one is sitting on the daily 89sma. This may suggest further upwards moves, we shall have to see. It could be a trip to the upper trendline in my 4hr chart if there is a downward channel or the 4hr 89........who knows!.
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  • #14,535
  • May 8, 2008 9:26pm May 8, 2008 9:26pm
I have the EURUSD daily pin sitting right on a PPZ (horizontal line). On the 4 hour the last 2 bars have been dojis between this PPZ line and the 365 EMA.

I am waiting for a break in either direction before jumping in the trade.
  • #14,536
  • May 8, 2008 9:35pm May 8, 2008 9:35pm
GBP; Looking abit stuck and bottled up here.I like that mid point trendline, the thicker black one. That was peachy yesterday.
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  • #14,537
  • May 8, 2008 10:19pm May 8, 2008 10:19pm
Euro; I have added a mid line to that Euro channel, if it is one, to see how the price has reacted to it. If the line is valid it may offer support given where the price is today.
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  • #14,538
  • Edited 10:59pm May 8, 2008 10:38pm | Edited 10:59pm
Euro; If anyone believes my observations are not particularly valuable, then do tell me and i will limit them to charts etc. Looking at that Euro daily pin; it would be nice if after all pins the price simply changed direction. That would be easy, a nice hard and fast rule. Also all pins dont look quite as tidy, so is it a pin or simply a neutral bar saying nothing? and so it goes on. I made an observation the other evening about what can happen after a pin bar. Price action suggests sometimes the bar following a pin can fall to a similar level as the bar previous to it, or further,before carrying on its way. This might mean the price could take a tumble to 1.5360 before going back up. It is one of the permutations today. We will see what happens later.
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  • #14,539
  • May 8, 2008 11:09pm May 8, 2008 11:09pm
napeharm

Your observations are very useful and interesting!
So, please don't stop to post their.

Thanks.
  • #14,540
  • Edited 11:39pm May 8, 2008 11:12pm | Edited 11:39pm
Look how the price action forming some sort of rounding tops when in a downtrend and reaching the 21ema. Look how price action has changed by making a rounded bottom at the 21ema. That green bullish bar was the confirmation of some possible upmoves to come. Maybe a close above the 21ema and a pullback and then a move to the 89sma. that is what I will be looking for on EurUsd 4H.

Edit
There is also the top TL that can act as resistance. a Zero break, Bounce of Zero and TC for going short is not excluded. Let the market shows us what it wants to do
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