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4 Hour Strategy (MACD)

  • #15,341
  • Jun 4, 2008 2:53pm Jun 4, 2008 2:53pm
Quoting Yorik
Hi, MxPips.

Timezone on your charts is determined server-side (depends on the broker you are using and the server your MT downloads the quotes) and MT4 has no instruments to change it. It's possible to get charts of a different timezone on your own platform using special scripts (similar to period converter script) but they'll be not in real time, or something close to what needed with indicators like this, but all these methods are not full-fledged.

So the simpliest way is to download a platform from a broker of the needed timezone (for ex., MIG's or Alpari's MetaTraders will give you charts with GMT+1).

In the end, and I'll quote earlier posts, after enough (several dozens) of trades, made in different timezones (with equal trading skill) the results tend to be quite similar, so it may be a question if that is really so needed. But it's you that decide.

Edit: ups Palmer was quicker
The easiest way to be looking at the charts many of us look at is to download a MIG platform. Alpari will not give you the weekend candle and will therefore change the position of some of your longer time frame moving averages. To be on the same playing as Phil and many of us i suggest you try MIG.
  • #15,342
  • Jun 4, 2008 3:06pm Jun 4, 2008 3:06pm
Quoting fena74
Good evening to all active readers here.Is the previous candle marked with X is a Hanging Man and it is some kind of filter for masd to take short after closing the last candle?If it is a Hanging Man is it most of the time starting down trend?Thank you in advance.

http://www.forexfactory.com/c:/eurusd030620082216.gif
The Hanging man is the start of the downtrend, if it is placed in the end of the up-move. Here we have consolidation and it is not so reliable. But, if we have good close below, it can be the next leg from the down-move.
  • #15,343
  • Jun 4, 2008 3:14pm Jun 4, 2008 3:14pm
Thank you Happy68.I appreciate your answer and now I understood that the trend must be up till now to call this hanging man.I am happy to find another one trader from Bulgaria I wish you many many + pips.Thank you
  • #15,344
  • Jun 4, 2008 9:08pm Jun 4, 2008 9:08pm
HI guys,

I didnīt took the TC of the 00:00 candle because of the consolidation and indecision to show direction, but on the 1HR it broke the support at 1.5420. I put on a limit order because Iīm only willing to enter at an aprox. price of 1.5417 because of the R:R. SL: 1.5457, TP:1.5360. Letīs see if my order gets hit.
Attached Image (click to enlarge)
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  • #15,345
  • Jun 5, 2008 12:37am Jun 5, 2008 12:37am
Any takers on this pair? I know it's a Counter trend but looks like it's bouncing of the weekly resistance?

Might be good for short pips before the big news later?

Good luck trading!

=)
Attached Image (click to enlarge)
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  • #15,346
  • Jun 5, 2008 1:48am Jun 5, 2008 1:48am
Quoting Sukarno
Any takers on this pair? I know it's a Counter trend but looks like it's bouncing of the weekly resistance?

Might be good for short pips before the big news later?

Good luck trading!

=)
Certainly not. Is the short answer. CT trades really do have so little to offer. On my charts your stops would have been taken out by now if you had taken this.

That is why we say so many times to leave them alone. They are for more experienced people and to be taken with caution at all times. Also consider choosing one or two pairs to follow, you seem to be looking at more pairs than that. I know that these are challenging lessons to take in but they are for the best. Stick to the TC signals and follow only one or two pairs, that way you will stay safe and build confidence.
  • #15,347
  • Jun 5, 2008 3:15am Jun 5, 2008 3:15am
The EurUsd is in a descending triangle on the Daily Chart. It is interesting to see that when it was in a ascending triangle after it broke it it went up for 1000pips. If it breaks the descending triangle it will be interesting to see what will happen.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd2.gif Size: 22 KB
  • #15,348
  • Jun 5, 2008 3:17am Jun 5, 2008 3:17am
Quoting napeharm
Certainly not. Is the short answer. CT trades really do have so little to offer. On my charts your stops would have been taken out by now if you had taken this.

That is why we say so many times to leave them alone. They are for more experienced people and to be taken with caution at all times. Also consider choosing one or two pairs to follow, you seem to be looking at more pairs than that. I know that these are challenging lessons to take in but they are for the best. Stick to the TC signals and follow only one or two pairs, that way you will stay safe and build confidence.
Hey nape,

Thanks for your insight. Well, I didn't take this trade in the end and I'm glad i didn't. Looks like it's bounce off the 8ema and back up again.

Phew, what a bullish trend.

Will keep your words in mind regarding sticking to TCs and confining to 1 or 2 pairs.

Thanks again!

=)
  • #15,349
  • Jun 5, 2008 3:45am Jun 5, 2008 3:45am
Quoting via-forex
The EurUsd is in a descending triangle on the Daily Chart. It is interesting to see that when it was in a ascending triangle after it broke it it went up for 1000pips. If it breaks the descending triangle it will be interesting to see what will happen.
I think your chart shows the movement very well. I am concerned also that the April monthly pin bar has not fully worked out yet. This suggests further falls to the monthly 8ema which is around 180 pips away. However, if the price continues to move sideways or drifts very slowly down, that monthly moving average will eventually catch the price up regardless. So, there might not be a sharp drop as such, more a creep. We shall see.

One further note, is that the weekly chart shows 21ema support near, and the price has been supported on this ema for nearly two years.
  • #15,350
  • Jun 5, 2008 6:42am Jun 5, 2008 6:42am
I'm out of town today and Friday. See everyone next week...
  • #15,351
  • Jun 5, 2008 6:57am Jun 5, 2008 6:57am
Quoting napeharm
I think your chart shows the movement very well. I am concerned also that the April monthly pin bar has not fully worked out yet. This suggests further falls to the monthly 8ema which is around 180 pips away. However, if the price continues to move sideways or drifts very slowly down, that monthly moving average will eventually catch the price up regardless. So, there might not be a sharp drop as such, more a creep. We shall see.

One further note, is that the weekly chart shows 21ema support near, and the price has been supported on this ema for nearly two years.
Thanks for your review of my post a couple of days ago. Much appreciated.

Also I've checked out the monthy chart and I see what you mean about the pin. This is a high quality thread. Wish I'd landed here earlier.

John
  • #15,352
  • Edited 7:58am Jun 5, 2008 7:20am | Edited 7:58am
Quoting mjolimer
Thanks for your review of my post a couple of days ago. Much appreciated.

Also I've checked out the monthy chart and I see what you mean about the pin. This is a high quality thread. Wish I'd landed here earlier.

John
Your welcome. The general point really is not to take counter trend trades. Make life easy on yourself. This business, and it is a business, is way hard enough without the extra stress induced by taking CT trades. We have all been there, we have all done it and we have all suffered the disappointment and frustration of them. So, in the end, take the easy stuff and build your confidence and your balance sheet.

This is a quality thread, you are right. It is so because this method is soooooo demanding. To trade this way and gain the requisite understanding involves stepping up a level in yourself and your trading. Therefore many of us have broader approach than other threads and their methods.
  • #15,353
  • Jun 5, 2008 9:03am Jun 5, 2008 9:03am
Hi to All . Just want to share my thoughts about EUR-USD. Yesturday, when it consolidated i was expecting that it go down. Because it came close to 21 EMA (even 21 is not strong) i felt that it shoud go down and it went. But What i do not understand, why it goes up right now? I do not have charts but it seems like it broke 21 EMA already? Appreciate your opinion.
  • #15,354
  • Jun 5, 2008 9:27am Jun 5, 2008 9:27am
Seki,
Euro rose after Trichet said the ECB may raise interest rate next month.....always be aware of news announcements.....see FF calendar for forewarnings.
  • #15,355
  • Jun 5, 2008 9:34am Jun 5, 2008 9:34am
Quoting Seki
Hi to All . Just want to share my thoughts about EUR-USD. Yesturday, when it consolidated i was expecting that it go down. Because it came close to 21 EMA (even 21 is not strong) i felt that it shoud go down and it went. But What i do not understand, why it goes up right now? I do not have charts but it seems like it broke 21 EMA already? Appreciate your opinion.
In Forex anything can happen and you don't know when is going to happen, but still you can make money. I know it sounds odd but that is the truth. You play your chances make money from the ones that work and pay for the one that don't. It works in 85% of the cases and 15% doesn't but still you are positive. You have to trust the strategy and take the chance when the odds are in your favor.

As for the EurUsd 1.5375 is a strong support on the Daily that was tested before and it hold and probably this is why it went up.

This is just my opinion
  • #15,356
  • Jun 5, 2008 9:39am Jun 5, 2008 9:39am
Hi all people here.Can anybody tell me what i sthat mean-I took it from Market Rhytm 4 Hrs Strategy-word file:
II.1 End of the UP Trend
..... When an up trend comes to an end the price is making lower highs and lower lows and the MACD sometimes shows divergence (meaning the price goes up while the MACD goes down).
.....
I know what is divergence mean with the price and MACD,but
I can not understand how the price could make LH and LL and the same time.I tried to imagine that but it is hard to understand that sentence.
Thank you in advance to all of you.
  • #15,357
  • Jun 5, 2008 9:51am Jun 5, 2008 9:51am
Hi Fena

See illustration attached......blue box shows 3 LHs, 3LLs
Attached File(s)
File Type: doc LH_LL.doc   73 KB | 756 downloads
  • #15,358
  • Jun 5, 2008 10:07am Jun 5, 2008 10:07am
Hi, fena74.

attictrader showed you an example of LH and LL of a candle comparing to the previous one and here's another example that may be useful. As you see on the image, there can be a higher high, a higher low or their antipodes - lower high and lower low and they may be in any (4) combinations though some are more usual than the others. When we have a trend, it's usually HH - HL - HH etc. When it runs out of steam, usually we get a HL (higher low) and then not a higher high but an equal or lower high - price fails to reach new high. At this stage MACD may still give a higher high and we'll get a divergence. Then, later, a lower low may be formed, lower high and so on - price goes down.

In the document you are quoting it's written that price gives LH and LL, not mentioning a situation with HL and LH - that's also possible though maybe less often.

P.s. Good for you for noticing that - I've read this document for several times and didn't (maybe when you get the idea, you start skipping the material that seems to be repeated).
Attached Image (click to enlarge)
Click to Enlarge Name: LHandLL.gif Size: 25 KB
  • #15,359
  • Jun 5, 2008 10:19am Jun 5, 2008 10:19am
Thank you Attictrader.I understood it now.Just I want to ask-is it a countertrade enter if i make enter in that point of LH-LL?If it is I have a lot to learn .But Thank you for the answer I know now what I asked for.
  • #15,360
  • Jun 5, 2008 10:25am Jun 5, 2008 10:25am
Thnak you and to you Yorik,Nice explanation.I know now that it is some kind of countertrand beginning so I will stay away from this for enter but it is very good sign to TP may be.Yes sometimes we need to repeat the material in this thread and it is very usefull.I like that way that thread works.Thank you.
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