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4 Hour Strategy (MACD)

  • #15,281
  • Jun 3, 2008 12:38am Jun 3, 2008 12:38am

Saka has said it very well, we are at the balance point, the price is sitting on the daily 89, if it breaks it, the trend on the daily will change and price will make LL. The price is between 89 and 21 on the daily and they form a triangle.

On the 4h the price is stuck in the triangle between 365 and 21. As we are in a down tend the odds are to the downside, but my consern is a strong support area 365, 1.5500 and 61.8 Fib. Candles indicate indicision, there is also resistance area 50 Fib and 21. There was a TC on the 4:00 candle but it ran right into the 365 and small resistance line.
So, I think price can go anywhere from here, we must wait for more conformation.
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  • #15,282
  • Jun 3, 2008 1:06am Jun 3, 2008 1:06am
Hi all guys

I'm new to this forum and I read all the lessons (L1-L13) included all pdf & zip in page 1thread 1
Special Thank to phillip for his time,effort and knowledge to help us to gain to higher level of trading knowledge. And the most important - he's still around to guide,instruct,correct & etc..
and thank you you guys in this thread to make this sytem even more perfect & interesting.
how to copy mq4 file to indicator folder? do I need ex4 files too?
what are the updated version of macd color,pivot auto & fibopivot.
I tried to drag mach color version 103 to metaeditor but won't work
Please help me

Thank you,

Pete
  • #15,283
  • Jun 3, 2008 1:35am Jun 3, 2008 1:35am
We have a 2 bar low with high close here, and i am expecting some moves above this level..........or not!
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  • #15,284
  • Jun 3, 2008 1:44am Jun 3, 2008 1:44am
GBP; Nicely bottled up in the corner. I love it when the players are this dumb.
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  • #15,285
  • Jun 3, 2008 1:59am Jun 3, 2008 1:59am
Hi.

Please advise if i am seeing this correctly with respect to this system

4hr macd eur/usd

macd on zero line

rhythm weak bear

so only trade for newbie is short looking for tc / short move on macd to go short?

previous 4hr macd was a tc signal but i didn't take it because of timing and position.

thanks guys

John
  • #15,286
  • Jun 3, 2008 2:35am Jun 3, 2008 2:35am
Quoting ira
I have noticed that on the week when we have Interest Rates, on Tuesday price usually has good movements. Let's see if we have some momentum today and tomorrow.
Yes I'm hoping today and tomorrow give some trades because I will probably sit out on Thursday and Friday due to the data being released.
  • #15,287
  • Jun 3, 2008 2:49am Jun 3, 2008 2:49am
Quoting mjolimer
Hi.

Please advise if i am seeing this correctly with respect to this system

4hr macd eur/usd

macd on zero line

rhythm weak bear

so only trade for newbie is short looking for tc / short move on macd to go short?

previous 4hr macd was a tc signal but i didn't take it because of timing and position.

thanks guys

John
(just my oponion and could be wrong):
jeneral speaking ,u r right.but now we r in special situation,price making higher lows and become ready to bounce of the daily TL.if u r looking for a sell u should be carefull and wait till the daily TL broken down
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  • #15,288
  • Jun 3, 2008 3:22am Jun 3, 2008 3:22am
Quoting napeharm
We have a 2 bar low with high close here, and i am expecting some moves above this level..........or not!

Price action is king for a reason. Nice trade on smaller times frames with this clue to the next move and entry timing.
  • #15,289
  • Jun 3, 2008 4:44am Jun 3, 2008 4:44am
Quoting napeharm
Price action is king for a reason. Nice trade on smaller times frames with this clue to the next move and entry timing.
That is clever
  • #15,290
  • Jun 3, 2008 4:52am Jun 3, 2008 4:52am
Thanks for your welcome message I appreciate it. I see that the trading is a quite lonely endeavour and it can be a battle with oneself.
I am looking forward to learning more about the system.
Regards
Jideck

P.S How do you navigate to get to the right pages on the forum?
  • #15,291
  • Jun 3, 2008 5:09am Jun 3, 2008 5:09am
Quoting Jideck
P.S How do you navigate to get to the right pages on the forum?
See below, right-hand side
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  • #15,292
  • Jun 3, 2008 7:00am Jun 3, 2008 7:00am
Quoting pete.alfa
Hi all guys

I'm new to this forum and I read all the lessons (L1-L13) included all pdf & zip in page 1thread 1
Special Thank to phillip for his time,effort and knowledge to help us to gain to higher level of trading knowledge. And the most important - he's still around to guide,instruct,correct & etc..
and thank you you guys in this thread to make this sytem even more perfect & interesting.
how to copy mq4 file to indicator folder? do I need ex4 files too?
what are the updated version of macd color,pivot auto & fibopivot.
I tried to drag mach color version 103 to metaeditor but won't work
Please help me

Thank you,

Pete
pete:

I think there were a few problems with the v103 and there may have been more than one version that fixed the bug. I stick with v102 but maybe someone else can chime in on that one. If there is an mq4 and ex4 file for the same indicator I usually drop both of them in the folder. If you need an illustrated guide about how to load the indicators into MT4, check out http://www.fxtradeblog.com/tools.html#metatrader.
  • #15,293
  • Jun 3, 2008 7:01am Jun 3, 2008 7:01am
Quoting mjolimer
Hi.

Please advise if i am seeing this correctly with respect to this system

4hr macd eur/usd

macd on zero line

rhythm weak bear

so only trade for newbie is short looking for tc / short move on macd to go short?

previous 4hr macd was a tc signal but i didn't take it because of timing and position.

thanks guys

John
mj: If you can post a chart of where on the chart you see this it makes it a lot easier for us to see what you see....
  • #15,294
  • Jun 3, 2008 7:09am Jun 3, 2008 7:09am
I'm still holding a long from yesterday on the EU at 1.5516. Trichet and Bernanke are both talking today in about an hour. Be really careful with any new positions during this time. I'll be watching the price action if we have a pullback I will exit with what I can. I took out about 50 yesterday and will see if there's another cow around the corner to milk
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  • #15,295
  • Jun 3, 2008 7:10am Jun 3, 2008 7:10am
Guys, i'ts my first post here. I just want to express my appreciation to Mr Philip and to the rest of the contributers of this thread.

Due to my tight schedule, i could not have time to read through all the wonderful stuff available here. I wish i have thou!

With regards to the follow picture, i have a few questions to ask.


My checklist:

1> 8EMA was above the 21SMA about 30pips --> strong current uptrend?
2> Current thin candle's long tail found near resistance at 21EMA --> Possible probability of rising, coupled with the uptrend from point 1 ?
3> Profit limit at near 200SMA(Green non-dotted line) of about 29pips, with Stoploss at near supportline of about 21pips. Hence RR was OK
4> However MACD showing a down indication.

So should not take the trade?

PS: this is USD/CAD, but i'm just using it to ask with an example.

Thanks.
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  • #15,296
  • Jun 3, 2008 7:34am Jun 3, 2008 7:34am
Quoting Palmer
I'm still holding a long from yesterday on the EU at 1.5516. Trichet and Bernanke are both talking today in about an hour. Be really careful with any new positions during this time. I'll be watching the price action if we have a pullback I will exit with what I can. I took out about 50 yesterday and will see if there's another cow around the corner to milk
Wow, palmer, you are absolutlely a mature speculator. We Chinese has a phase the basic meaning is No Skill, which means after mastering all kinds of skills, the won't be any skill to fellow, people who has the ability of this level sloves any kinds of problems just by his heart, and like water which can change its shape to any situations. No skills to follow, but sloves all the problem, we call this people Master！
Plan your trades and trade your plans
  • #15,297
  • Jun 3, 2008 7:35am Jun 3, 2008 7:35am
Quoting ives08
Guys, i'ts my first post here. I just want to express my appreciation to Mr Philip and to the rest of the contributers of this thread.

Due to my tight schedule, i could not have time to read through all the wonderful stuff available here. I wish i have thou!

With regards to the follow picture, i have a few questions to ask.


My checklist:

1> 8EMA was above the 21SMA about 30pips --> strong current uptrend?
2> Current thin candle's long tail found near resistance at 21EMA --> Possible probability of rising, coupled with the uptrend from point 1 ?
3> Profit limit at near 200SMA(Green non-dotted line) of about 29pips, with Stoploss at near supportline of about 21pips. Hence RR was OK
4> However MACD showing a down indication.

So should not take the trade?

PS: this is USD/CAD, but i'm just using it to ask with an example.

Thanks.
ives:

You're on the right track here. I loaded up a loonie chart and it looks a little different though. There is some tough resistance as you said and your r:r is within 'bounds'. But, because of the resistance ahead, this would have been a cautious trade to enter on the 4hr because there is little breathing room to the upside with the resistance. This is where the 1hr might give you more opportunities for entries on the 4hr as long as you can see the rhythm there. Don't jump ahead to the 1hr until you have the 4hr down. If you look at the 1hr chart here, take not of the doji then the following bull candle. This would have been a good early entry on the 4hr but still the res. area should be uses as a profit target and as a warning sign that price could stall here. Hope some of this helps...
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  • #15,298
  • Jun 3, 2008 8:25am Jun 3, 2008 8:25am
I absolutely think Palmer has set the SL. I hope Benanke won't say such strong word again, otherwise it will make Phillip's beautiful market rhythm a mess
Plan your trades and trade your plans
  • #15,299
  • Jun 3, 2008 8:59am Jun 3, 2008 8:59am
Mr Palmer:

Thanks for the quick response! I think i'm getting the overall picture, but i believe i do need more experience for better judgment, like you guys!

Just curious, how come my chart is so different from yours. Izzit due to the fact that the data source might be from the different broker?

I keep reading about MT4, you are using that too? What's that?

Regards

Ives from Singapore
  • #15,300
  • Edited 10:13am Jun 3, 2008 9:06am | Edited 10:13am
Took the tail on
50% close after 20pips and remainder set to -20pips

Hi
Just got home by bus. Have very little time to post at 16:00 as I am taking a bus home so did not post chart then. Will it add now. I took the signal 2-3min before closing of candle. Again I took the odds on on a tail. There was support T/L nearby so I decided to take profit after 20pips and set remainder to -20pips to breakevan. Price then went 15pips very quickly before I took the bus so I closed 50% for 15pips and set remainder on -15pips.
I was aware of the supportline but again I got away with a breakeven when price pulled back.

I could not watch the news that made the downmove so I was purely acting on that tail. It went right through the 89sma and then closed below it.

Second time lucky so third time it WILL preduce pips. How does that sound for being positive.
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