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4 Hour Strategy (MACD)

  • #15,381
  • Jun 6, 2008 1:44am Jun 6, 2008 1:44am
Pound looks much better, turning around 21 with little tails. We are still in a down trend. The only thing that bothers me is the TL and Fib 61.8. But there is no siganl yet.
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  • #15,382
  • Jun 6, 2008 2:16am Jun 6, 2008 2:16am
Hi, Yorik, thanks for your answer.
I agree that although TC, BOZ, and ZB are high probability setups, there are some things that should be put into consideration before taking a trade.
OK, I will try to do some learning on RT and RB (under certain conditions as you explained). I agree that we should focus on "Class A" first.
However, there is one thing that I have learned, that we should not try to fish every opportunity that arises, study some high probability setups by heart, and focus on those, we will be fine.
Thank you.
  • #15,383
  • Jun 6, 2008 2:23am Jun 6, 2008 2:23am
Quoting ira
Pound looks much better, turning around 21 with little tails. We are still in a down trend. The only thing that bothers me is the TL and Fib 61.8. But there is no siganl yet.
Hi Ira,

This is not related to trading but I was wondering what are you using to show that market rhythm "4h rhythm = strong bearish".

Mind sharing the indicator if it is one?

Thanks =)
  • #15,384
  • Jun 6, 2008 3:47am Jun 6, 2008 3:47am
Quoting Sukarno
Hi Ira,

This is not related to trading but I was wondering what are you using to show that market rhythm "4h rhythm = strong bearish".

Mind sharing the indicator if it is one?

Thanks =)
Hi Sukarno!
Seems like Ira is offline at the moment, so let me answer this one for her.
When you go to www.fxtradeblog.com , you will see a lots of useful stuffs.
You're gonna find not only tools and indicators, but also lessons, practice charts you can download and more. When you go to the website, go to: 1. The Method 2. Method tools 3. Helpful indicators. There you will find the indicator you're looking for, but also other useful one like the colored MACD indicator.
Most of us here have that colored MACD indicator on our chart.
Hope this will help ya.
We should thank Palmer for putting all the hard work together to create the website! But of course to Philip as well who made it possible! Thank you, thank you and thank you!
  • #15,385
  • Jun 6, 2008 4:09am Jun 6, 2008 4:09am
Quoting kylekim
Hi Sukarno!
Seems like Ira is offline at the moment, so let me answer this one for her.
When you go to www.fxtradeblog.com , you will see a lots of useful stuffs.
You're gonna find not only tools and indicators, but also lessons, practice charts you can download and more. When you go to the website, go to: 1. The Method 2. Method tools 3. Helpful indicators. There you will find the indicator you're looking for, but also other useful one like the colored MACD indicator.
Most of us here have that colored MACD indicator on our chart.
Hope this will help ya.
We should thank Palmer for putting all the hard work together to create the website! But of course to Philip as well who made it possible! Thank you, thank you and thank you!

If i post the indicator it will save people a trip. But a very useful website all the same.
Attached File(s)
File Type: mq4 4h_MACD_FX_Strategy.mq4   5 KB | 1,085 downloads
  • #15,386
  • Jun 6, 2008 4:20am Jun 6, 2008 4:20am
Today I went against my number 1 rule, DONT TRADE ON NFP DAY.

I took the TC on GBP/USD, it was clear as day light and backed up both on 4H and 1H. I have now however closed it with just 2 pips despite the fact that it still looks like it might move to my target.

The reason I closed is of course the NFP its the sole motive for me to get out now. Usually running up to NFP the market can go very quiet and I don't want to be stuck with this trade going into NFP. Although I think theres is still a good chance it could hit my target before the NFP I just don't want to risk it.
  • #15,387
  • Jun 6, 2008 5:04am Jun 6, 2008 5:04am
The g/u 8:00 tc signal looks very good and is very tempting to trade. But NFP day, so no need to risk. Is anybody taking it?
  • #15,388
  • Jun 6, 2008 5:06am Jun 6, 2008 5:06am
Quoting kylekim
The g/u 8:00 tc signal looks very good and is very tempting to trade. But NFP day, so no need to risk. Is anybody taking it?
See my post above, I took it and then got out. Could have held a bit longer perhaps.... But I have a lovely run of wins and I don't want to upset the balance so I closed while in profit.

Shame though this trade was the most technically good looking of the week (in my opinion).
  • #15,389
  • Jun 6, 2008 5:14am Jun 6, 2008 5:14am
Quoting brettboz
See my post above, I took it and then got out. Could have held a bit longer perhaps.... But I have a lovely run of wins and I don't want to upset the balance so I closed while in profit.

Shame though this trade was the most technically good looking of the week (in my opinion).
Yeah, you're right. Don't risk to upset your balance, especially after having wins in row, that's gonna keep you motivated.
And in my opinion that was the best setup for this week, 2 bad.
  • #15,390
  • Jun 6, 2008 5:45am Jun 6, 2008 5:45am
hi still new in this strategy took this trade usd jpy for tc after close of that candle (arrow), after several hours remember that today is nfp.. i close it BreakEven. want to ask some expert if it's okay to trade that tc according to 4H strategy, thanks.(sory bad english)
my reason :
1. Macd TC signal
2. close body candle higher than close body previous candle (3 & 4 candle bfore)

my concern
1. very long tail 3 candle before.
2. that tail 2 and 4 candle before somehow make resistance i think.


http://forexfactory.com/attachment.p...1&d=1212748195
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  • #15,391
  • Jun 6, 2008 5:49am Jun 6, 2008 5:49am
Non farm payroll day or not this TC runs straight into a trendline, so you need to think twice. As the title suggests, 'Let the buyer beware'.

I have never draw a fan on a chart before, not with a fan tool, but just left the trendlines on, but it is working nicely.
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  • #15,392
  • Edited 7:34am Jun 6, 2008 5:52am | Edited 7:34am
Any takers on the G/U, a bounce of 21 with trend continuation, showing tails, ignal on MACD, retrace of about 50% of previous candle.

ANy thoughts?

Update: stopped out for 23 pips loss, beginners mistake, should have stayed out today due to big news Non-Farm payroll, doh!
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  • #15,393
  • Jun 6, 2008 6:52am Jun 6, 2008 6:52am
Quoting FX Return
Any takers on the G/U, a bounce of 21 with trend continuation, showing tails, ignal on MACD, retrace of about 50% of previous candle.

ANy thoughts?
It would be a trade with the rhythm and it looks very good. Except for the support that exist round 1.9516

The support stems from 3 weeks ago and 4 months ago.
  • #15,394
  • Jun 6, 2008 7:24am Jun 6, 2008 7:24am
Quoting fxfact
It would be a trade with the rhythm and it looks very good. Except for the support that exist round 1.9516

The support stems from 3 weeks ago and 4 months ago.
Also, yesterday's candle was a pin bar. Let's see what the non farms do to it all. I tried a short earlier but put my stop too tight and lost. I thought I might have had a chance then but now any stop is likely to be whipsawed out.

John
  • #15,395
  • Jun 6, 2008 9:05am Jun 6, 2008 9:05am
Quoting FX Return
Any takers on the G/U, a bounce of 21 with trend continuation, showing tails, ignal on MACD, retrace of about 50% of previous candle.

ANy thoughts?

Update: stopped out for 23 pips loss, beginners mistake, should have stayed out today due to big news Non-Farm payroll, doh!

The only reason I did not take it was the NFP news. If ir was the 04:00 to 08:00 candle I would have taken it. Luckily it was the right decision.
Looks like we will have some direction at last. Hope next week brings lots of pips
  • #15,396
  • Jun 6, 2008 10:05am Jun 6, 2008 10:05am
Quoting poplar
my reason :
1. Macd TC signal
2. close body candle higher than close body previous candle (3 & 4 candle bfore)

my concern
1. very long tail 3 candle before.
2. that tail 2 and 4 candle before somehow make resistance i think.
See these two charts
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 2.gif Size: 30 KB
Plan your trades and trade your plans
  • #15,397
  • Jun 6, 2008 10:14am Jun 6, 2008 10:14am
Quoting Phillip Nel
The only reason I did not take it was the NFP news. If ir was the 04:00 to 08:00 candle I would have taken it. Luckily it was the right decision.
Looks like we will have some direction at last. Hope next week brings lots of pips
Absolutely, this week's trend is definitely tough. Because the main trend has comes to important point. But it doesn't matter. It is proved that your 4h strategy can work at almost times. I anticipate eu will in big consolidation range in some months. Let's wait proper opportunity to enter
Plan your trades and trade your plans
  • #15,398
  • Jun 6, 2008 10:21am Jun 6, 2008 10:21am
Quoting Phillip Nel
The only reason I did not take it was the NFP news. If ir was the 04:00 to 08:00 candle I would have taken it. Luckily it was the right decision.
Looks like we will have some direction at last. Hope next week brings lots of pips
GBPUSD -I waited the signal from MACD in 14.00 and I was ready to go short because it was ideal setup but thanx to this thread I understood for NPF and stayed away.
I want to ask a question-when NPF is?Every Friday or not and what time is usually?Thank you.
  • #15,399
  • Jun 6, 2008 10:23am Jun 6, 2008 10:23am
Quoting Phillip Nel
The only reason I did not take it was the NFP news. If ir was the 04:00 to 08:00 candle I would have taken it. Luckily it was the right decision.
Looks like we will have some direction at last. Hope next week brings lots of pips
Thanks Phillip, I was starting to feel I wasn't understanding the method, your comment has inspired me to stick at it. Fraser.
  • #15,400
  • Jun 6, 2008 11:31am Jun 6, 2008 11:31am
Quoting attictrader
Old Dog,
Thanks for the clarification.....I now understand TC better (there were several TCs I didn't take because it meant going wrong way to the 89). So, looking forward to better trading in future.
AT
Hello again attictrader. You may not need this caution, but, for everyone new to the method, don't get carried away and think you can take every TC. Remember, they are only confirmation of what you have already prepared for. Therefore, when the TC is taken, you know whether there is enough room for profit and that your stop is in a good position to warrant the trade. Good luck! I've had a terrible time with self-discipline, so, believe me, I know what I'm talking about there, from not paying attention and being too quick to jump in. It's easier to give advice to someone else than to take it yourself. Many of us have a long road of learning self-discipline ahead of us. The best. --Tony
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