4 Hour Strategy (MACD) | Page 774 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

4 hour strategy (the nausbot - 4 hour trader) 25 replies

4 Hour Strategy Macd+other Indicator 21 replies

X-1102 1 hour , 4 hour and daily Tf trades 7 replies

Create a verticle line at certain hour for every certain hour 16 replies

Is the "4 Hour Strategy (MACD)" the best system here at FF? 20 replies

Attachments: 4 Hour Strategy (MACD)
Exit Attachments

4 Hour Strategy (MACD)

  • #15,461
  • Jun 12, 2008 6:03am Jun 12, 2008 6:03am
Thanks for posting the written version of the daily wrap-up. I'm pleased to read/hear there hasn't been many opportunities on the 4 hour system as I have felt like I must be missing something. I didn't pick a good month to learn the strategy, or rather to benefit from the strategy.

That spike down on the GU does give a good signal though. That would work on any pair. Is it worth spending the time digging around for that sign? Is there a EA that would find them, or am I being lazy.

Bil2205, your self doubt sounds more like you are cautious. That's a good thing. It's better to go into a trade having full confidence you are right.
  • #15,462
  • Edited Jun 13, 2008 4:05am Jun 12, 2008 7:29am | Edited Jun 13, 2008 4:05am
Hi, people.
I've been analysing the things I know at the moment and was a bit confused by a rather big number of possible ways of opening a trade. To make it more clear I made a scheme of possible entry algorithms as I see them.

* Have I missed anything?
* Those who practice retracement entry - do you use some specific technique (for ex., full position at 50% retracement) or it all depends on the setup? Maybe any experience (statistics?) as for the results of such entries?
* When do you anticipate retracement after a signal bar?
Attached Image (click to enlarge)
Click to Enlarge Name: position-can-be-opened.gif Size: 79 KB
  • #15,463
  • Jun 12, 2008 7:30am Jun 12, 2008 7:30am
Hi Everybody here.I read some things from yesterday and today thread here and I have a question about when price break through support/resist line or trend line.Is it most of the time the price /if breaks some support,trenline/ before continue his way pull back to the same line and then continue its way?Is that like the main rules for 89 and 21? Thank you in advance.
  • #15,464
  • Jun 12, 2008 7:34am Jun 12, 2008 7:34am
Thank you Yorik for that nice scheme you made for all of us.It is very nice to have all the things in front of you.I have saved that picture you post and I am happy to have it.Thank you
  • #15,465
  • Jun 12, 2008 8:19am Jun 12, 2008 8:19am
Quoting Baggles
Thanks for posting the written version of the daily wrap-up. I'm pleased to read/hear there hasn't been many opportunities on the 4 hour system as I have felt like I must be missing something. I didn't pick a good month to learn the strategy, or rather to benefit from the strategy.

That spike down on the GU does give a good signal though. That would work on any pair. Is it worth spending the time digging around for that sign? Is there a EA that would find them, or am I being lazy.

Bil2205, your self doubt sounds more like you are cautious. That's a good thing. It's better to go into a trade having full confidence you are right.
Thankyou Benstevo for the written copy , i was still unable to open the zip file so just read through the written copy.
Thankyou Tony ( OLD DOG)for your kind words,I read one of your posts in the 5 min thread about self confidence as well and that how we can preach to others but how hard it is to actually practice dicipline.
That for me has been a challenge as well. And BAggles you are right i am very cautious and conservative right now in my trading. I have made the mistake of making a lot of pips on a good trade and losing them by foolish mistakes.
Which also brings me to one very important mistake i was making which Phillip has mentioned in his latest Wrapup and that was
"Lets Try and see where this goes."
I might as well burn the money in my account myself before doing this ever again. It is one of those games one lets their mind play with them. and before you know it the trade goes bad and you sit there thinking what was i thinking, ....sometimes it is good to take a break from trading if you are having too many negative trades study again and come back with a fresh mind. There was a very iimportant point made recently about how one develops their own style within a strategy . That is very true. You cannot think hmm what would phillip do in this situation or Palmer or Ira or Ryan. or any other member of this FOrum because they are all very very different traders, One can learn from their actions and expeirnce but cannot try to copy it. I have made the mistake of thinking this and that is why i am sharing it.
The fisrt step is to learn this strategy inside out
2nd Step is to develop your own style , your own boundaries , Your own plan. If taking 20 pips in a trade takes you one step closer to becoming a better trader then take it and walk away. Once those 20 pips are consistantly flowing in you can think of the next step. Try running up a staircase skipping 3-4 steps a time and one can easily fall on their face. ( ok i am getting dramatic here but seriously imagine and u will get the picture )One thing that Palmer always reinforces is that
"you will never go broke by taking a profit"
Also Always remember to review your trade EVERY SINGLE TIME...
It is amazing how things keep coming back to the BASICS ...
Hope some one can relate to all this and take something positive from it. Happy Trading everyone.
Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #15,466
  • Jun 12, 2008 8:22am Jun 12, 2008 8:22am
ira: nice trades...

I think you, bshadroo and myself are seeing the same thing here. I'm thinking of a CT trade on the EURUSD. The 4hr is at support and has pulled away from the 8 and might be trying to get back to it. The 1hr is congested and is finding support at the S2 level as well. This is a risky long because of the 4hr trend. I'm thinking in terms of a slight correction on the 4hr for a few pips....
Attached Images
  • #15,467
  • Jun 12, 2008 9:29am Jun 12, 2008 9:29am
Thank you Palmer...

I am in favor of long on E/U too. There is a huge range on the 4h, price dances all around 89, 200 and 365. Now there is a triple support (TL, price level, range boundary).
The question is: will it be a small retracment to the 8 or 21, or it will go all the way up again? If price bounces of the 8, 21 area, then we may have a nice down trend.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 32 KB
  • #15,468
  • Jun 12, 2008 9:34am Jun 12, 2008 9:34am
Quoting ira
I took E/U short at the close of 8:00 candle. I don't think it was high probability trade, but I liked that it went down off the 200 (there were tails through 200) in big bearish candle. Then there was a tail touching 8, and candle closed below intermediate support line. It also was trade with the trend. I was a bit conserned that the signal was old, but on my other platform it was a nice BOZ. I like BOZ signals as they usually work very well. First lot +28, second closed on TL +54.
Nicely done Ira. I took the Tc on euro last night as well, 0000 candle on interbank fx platform. I was anticipating a move down with resistance on the 200 and phillip has mention many times that a move away from the 200 is a high probability trade. I opened two separate positions one before the candle closed at 1.5500 since the candle was turning out to be long i enter at a retrace. CLosed that for 20 pips and opened another one at the close of the candle at 1.5486. closed that for additional 20 pips. Now i know i could have put that to BE . but it was almost 1:30 am here and i know i cannot sleep well YET with a trade open. Even though the anticipation was that the price would go down to the trend line. It is at the bottom of the channel now moving up. CT is tempting, but i will stick to my TC for now for 4 hour and watch 5 minute for small trades.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #15,469
  • Jun 12, 2008 9:38am Jun 12, 2008 9:38am
here is a zoomed out chart of euro . see how it has behaved in the past in a channel. This was the 3 rd touch down. here we have to be carefull and see which side it wants to break to and then take a high probability trade from there.
Attached Image (click to enlarge)
Click to Enlarge Name: looking at the big picture.jpg Size: 231 KB
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #15,470
  • Jun 12, 2008 9:39am Jun 12, 2008 9:39am
Quoting BIL2205
Thankyou Benstevo for the written copy , i was still unable to open the zip file so just read through the written copy.
Thankyou Tony ( OLD DOG)for your kind words,I read one of your posts in the 5 min thread about self confidence as well and that how we can preach to others but how hard it is to actually practice dicipline.
Nadia, we all have our bad periods, the most important not to give up and take everything positivly. I know it sounds easy, but we are here always to help you and others .
  • #15,471
  • Jun 12, 2008 9:46am Jun 12, 2008 9:46am
Quoting BIL2205
here is a zoomed out chart of euro . see how it has behaved in the past in a channel. This was the 3 rd touch down. here we have to be carefull and see which side it wants to break to and then take a high probability trade from there.
Be careful - for sure!! I am in no way taking this long.
I completely agree, let's wait for the market to show us direction.
  • #15,472
  • Jun 12, 2008 9:50am Jun 12, 2008 9:50am
Hey ira:

I think I saw you skimming the 5min thread here and there and I took a signal per with 5min with the 4hr and 1hr giving up a few clues. I took out 21 on one lot at 15 on the other, still holding 1 at b/e. Might have gotten stopped out as I write this but because of the bearish bias I get really conservative going against the grain here.

To all:

I know this is not per the 4hr method (talking about the 5min entry) but if you can couple both the 5min and 4hr together, especially when the 4hr is at a particular area, there can be more opportunities for entries here. But, you have to think, "Am I trading on the 4hr or the 5min?" If entering for a 4hr trade you know what your stop should be (wider) on the 5min (shorter). I do this because my lot size is larger on the 5min; I am only looking for 5 on the first lot and no worse than b/e on the second.


Update:
Third lot stopped out at b/e for a total of 36 pips in about 5 minutes. Why out so quick? The 1hr has about 30 mins to complete so there is still time to get in, if this 1hr bar is bullish, on a retracement for the 4hr entry. Right now the 1hr bar is coming back to to a 'bearish look' and 'my' 4hr has a few hours to go to complete. I'm still thinking in terms of a bounce to the 8 on the 4hr though as long as the support is there.

The take home point is that when multiple systems line up (no matter what the timeframe) you must think it all through: leverage, targets, stops,...on each timeframe. Both of these are Phillip's methods and continue to produce. But, if you're interested in the 5min entry, and if you have the time, take a few months to study it. I took about 6 months off from here to go over the 5min thread (method) and added a few rules of my own, very simple, to act as a filter to increase the win %.

Either way, if you have the time, the 5min can be valuable for entries even on the 4hr. I will mention the fact that if I get in on the 4hr method and use the 5min as a quick signal in the future. This is one of those entries that I did use the 5min on because of the 1hr congestion. This happens only once in a while but I will let others know that this was the basis for the entry, I don't want to deviate from the 4hr method here at all.

The 5min was breaking out of a triangle and closed above the 21. It was as simple as that for the entry (keeping the 1hr and 4hr in mind also). About a 10 min trade....
Attached Image
  • #15,473
  • Jun 12, 2008 10:32am Jun 12, 2008 10:32am
ira, nadia:

Agree 100%. The 1hr is settling back down to support. What's interesting is that oil is down almost $4 and the eu is still stuck. 4hr forming a doji (per my server time) so this tells me that we are stuck....
  • #15,474
  • Jun 12, 2008 11:46am Jun 12, 2008 11:46am
Well done, Ira. I consider the TC on the EUR but I went for the Cable one. My 2nd 4h trade this month - what a beauty.
Attached Image (click to enlarge)
Click to Enlarge Name: 20080612 4h trade 1ajpeg.JPG Size: 109 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #15,475
  • Jun 12, 2008 12:00pm Jun 12, 2008 12:00pm
Hi,Can anybody tell me when there is fibonaci support,priceline support and trendline support but no MACD signal and no some good candles for CT is it usual fine to get long or better stay strict to rules?Thank you
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd120620082216.gif Size: 25 KB
  • #15,476
  • Jun 12, 2008 12:04pm Jun 12, 2008 12:04pm
Quoting Golfer
Well done, Ira. I consider the TC on the EUR but I went for the Cable one. My 2nd 4h trade this month - what a beauty.
That was nice! And my respect for your patience (trained on Phillip's 5min system? )
A question regarding the trade - did you put your initial SL above EMA21?
  • #15,477
  • Jun 12, 2008 12:16pm Jun 12, 2008 12:16pm
Quoting fena74
Hi,Can anybody tell me when there is fibonaci support,priceline support and trendline support but no MACD signal and no some good candles for CT is it usual fine to get long or better stay strict to rules?Thank you
Hi, fena74.

You might have not been burnt yet on the trades that are not highly probable From technical point of view, support shown by several different technical instruments/indicators is an argument for taking a trade. And EURUSD seems to be in a channel mode. But I won't enter on this information because: a) I feel uncertain with it as I haven't backtested such indicatorts combinations; b) it's a counter-trend setup, which is already not perfect, plus no MACD confirmation and there are no strong emotional signs of bullish mood (like a tail after a false breakout) that could "compensate" that. So, I would not have entered.

Though it's you to decide, to be lucky or to get hurt and have a lesson.
  • #15,478
  • Jun 12, 2008 12:18pm Jun 12, 2008 12:18pm
Quoting Yorik
That was nice! And my respect for your patience (trained on Phillip's 5min system? )
A question regarding the trade - did you put your initial SL above EMA21?
Hi Y

Yes, I am almost feeling out of my comfort zone posting charts here. and the 5min is working for me - my style of trading

Sorry, my initial SL was just above the high of the previous candle and my TP was aimed at previous low and the big number
Willem Forex recipe for success = Patience, discipline & hard work.
  • #15,479
  • Jun 12, 2008 12:20pm Jun 12, 2008 12:20pm
Thank you Yorik for nice explanation.Actually I am not live.I am only use my demo account because I am still new/few months/ and when someday I decide to enter life I will try only TC.But I asked this question because It stay in my head and I have no answer for it.Thank you for your time to give me the answer.I like your help here on thist thread.Thank you.
  • #15,480
  • Jun 12, 2008 12:47pm Jun 12, 2008 12:47pm
Quoting fena74
Thank you Yorik for nice explanation.Actually I am not live.I am only use my demo account because I am still new/few months/ and when someday I decide to enter life I will try only TC.But I asked this question because It stay in my head and I have no answer for it.Thank you for your time to give me the answer.I like your help here on thist thread.Thank you.
You are welcome! I may be just a few months ahead of you in this system so it's pleasant if my advice can be helpful for someone. Good luck!
72 traders viewing now