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4 Hour Strategy (MACD)

  • #641
  • Edited 5:33pm Feb 14, 2007 1:21pm | Edited 5:33pm
The Phillip's method is awesome, the best I ever read at FX newsgroups. But there is a question arises: what time serves better as a start of the day? I mean the time when the first H4 candle starts. This choice is crucial because it might affect the whole picture. For example I have two FX accounts and two trading platforms. The first is Visual Trader that use GMT-5 (EST) time zone, and the second is MT4 that implements GMT. As you may see there were a bearish candle yesterday before rally and that may by judged as a a round top pattern in progress.

Who knows, maybe a GMT+2 is not the best time zone for all the cases, may be it must be adjusted to some other value that is either not a constant.
Using the ready H4 data feed from any br0ker provides no flexibility. What if to use a customizable charting software which allow to move the start of the day to any value in GMT±12 time range?

Images removed by Moderator as they exceeded 600x600 size and forced side to side scrolling on subsequent posts. Please repost your images no larger than 600x600.
Ben
  • #642
  • Feb 14, 2007 1:30pm Feb 14, 2007 1:30pm
Quoting 5forMe
Phillip -

I am a newbie and am trying to learn the 4 hour strategy. I would like to set up charts like yours so I can interpret entry signals correctly.

I have a demo account from Mig but I have yet to figure out how to add SMA, EMA and correct MACD. If you can help in anyway, let me know. If this is not the charting you use, please let me know.
Hi!

Let me try to help on the fly.

Provided that you have Mig Metatrader, go to the folder of the program itself, usually C:\Programs\Metatrader, and there drop the file I am attaching here into the folder templates. Then quit the program, if open, and launch it again.

Open a bare chart of EUR/USD, for example. Then, point the cursor in the chart, right-click, and from the opening drop menu choose TEMPLATES, and then 4hours.

Voilą, you should have it OK! :-)
Attached File(s)
File Type: tpl 4hours.tpl   3 KB | 2,015 downloads
  • #643
  • Edited 5:37pm Feb 14, 2007 1:37pm | Edited 5:37pm
Quoting Benf
The Phillip's method is awesome, the best I ever read at FX newsgroups. But there is a question arises: what time serves better as a start of the day? I mean the time when the first H4 candle starts. This choice is crucial because it might affect the whole picture. For example I have two FX accounts and two trading platforms. The first is Visual Trader that use GMT-5 (EST) time zone, and the second is MT4 that implements GMT. As you may see there were a bearish candle yesterday before rally and that may by judged as a a round top pattern in progress.

Oversized images removed by Moderator to prevent side to side scrolling of subsequent posts. Please limit image sizes to 600x600 pixels.

Who knows, may be a GMT+2 is not the best time zone for all the cases, may be it must be adjusted to some other value that is either not a constant.


This is where I would have made my deals on your chart. Does not seem to give more losses.
Attached File(s)
File Type: pdf Timezone.pdf   64 KB | 3,699 downloads
  • #644
  • Feb 14, 2007 2:11pm Feb 14, 2007 2:11pm
Quoting tamkras
Sorry for the late response, Chandra. As I commented earlier on this trade (post 595), personally I would like to see confirmations for the trade. Why am I entering, is it not an impulsive trade, do I see something else? these types of questions I should ask myself. It's like being always ready for financial audit of your business. Because MACD-based trading is NOT a scalping system, our trade can last from hours to days. Therefore, I want to know a bigger picture, too (i.e. daily price travel).

I saw yesterday 3 confirmations for the trade and I am glad they turned out well.
1). MACD signal is number 1;
2). 4HR inside bar;
3). Daily doji.

These are my just personal observations.
The very fact that this doji was sitting on daily 89SMA has nothing to do the MACD 4HR strategy. It is something we can elaborate beyond this board and we would have missed a lot of good trades in the meantime should we wait for this touch of 89SMA.

Briefly, confluence of patterns provides me confidence in a trading decision.
Thanks a lot. I am begining to understand how to look at a MACD signnal in a broader way.
Thanks again.
-Chandra
  • #645
  • Feb 14, 2007 2:27pm Feb 14, 2007 2:27pm
Quoting Chandra
Thanks a lot. I am begining to understand how to look at a MACD signnal in a broader way.
Thanks again.
-Chandra
I am honoured, if I may, to further contribute to the success of Phillip's MACD strategy and work together with wonderful participants of this board.
  • #646
  • Edited 6:02pm Feb 14, 2007 2:30pm | Edited 6:02pm
Quote
This is where I would have made my deals on your chart. Does not seem to give more losses.
Sorry, I have highlighted the wrong candle. Now it's is fixed. Everything is clear when all the patterns are finished. Actually, when the red candle highlighted with yellow was closed, the next candle in progress was also bearish initially. It looked like this. Waiting for the third bar progress would be a more reliable signal but a loss of prospective profit as well.
http://forexbarometer.com/graph/h4-m...unfinished.gif
The round top was visible and I went short. It would not happen if I use a GMT chart, where there was no bearish candles at that time at all. IMHO time zone is of great importance.
Ben
  • #647
  • Feb 14, 2007 3:15pm Feb 14, 2007 3:15pm
Please, can anybody here give more details as per the best broker?

I am currently using Fxsol but it seems their spread is on high side now, so i will like to get a better broker with tight spread.

Thanks
  • #648
  • Feb 14, 2007 3:20pm Feb 14, 2007 3:20pm
Quoting maarf01
Please, can anybody here give more details as per the best broker?

I am currently using Fxsol but it seems their spread is on high side now, so i will like to get a better broker with tight spread.

Thanks
FXDD is great. Have had no problems with them and their spreads are not bad at all either. I have had accounts with way to many brokers, and FXDD has been the best so far
  • #649
  • Feb 14, 2007 3:27pm Feb 14, 2007 3:27pm
Quoting superdezign
FXDD is great. Have had no problems with them and their spreads are not bad at all either. I have had accounts with way to many brokers, and FXDD has been the best so far

Thanks so much
  • #650
  • Feb 14, 2007 3:31pm Feb 14, 2007 3:31pm
Please, can anybody here say something on what going on with this currency ( Aus/Usd)?
  • #651
  • Feb 14, 2007 4:23pm Feb 14, 2007 4:23pm
Quoting maarf01
Please, can anybody here say something on what going on with this currency ( Aus/Usd)?

I'm in a NZD trade and wondering the same. The both are forming nice round tops with the 4hr. Both pairs have broke a 4hr trend and might test the daily trends at 68-70. If it breaks these number expect a bullish trend.
Also the news at 4:45 did not have much effect on NZD and pulled back down after hitting 55 so I think it might be on its way down very soon.
Just my opinion.
  • #652
  • Edited 6:24pm Feb 14, 2007 5:23pm | Edited 6:24pm
Quoting benfranklin
I'm in a NZD trade and wondering the same. The both are forming nice round tops with the 4hr. Both pairs have broke a 4hr trend and might test the daily trends at 68-70. If it breaks these number expect a bullish trend.
Also the news at 4:45 did not have much effect on NZD and pulled back down after hitting 55 so I think it might be on its way down very soon.
Just my opinion.
I checked it out on the 4hr chart myself and it looks like it is pretty bearish, in fact I am short eur/usd right now
  • #653
  • Feb 14, 2007 6:30pm Feb 14, 2007 6:30pm
anyone else feeling euro short?
  • #654
  • Feb 14, 2007 6:39pm Feb 14, 2007 6:39pm
I would NOT short EUR at these levels. Wait for it to form a round top. It would probably take <12 hours to form a proper round top.

I feel there is room for at least another 50 pip run in the short term.
This has been the longest hold for me using this system, I went long on monday.
  • #655
  • Feb 14, 2007 6:57pm Feb 14, 2007 6:57pm
I'm feeling Euro correction too, but am waiting for a better entry signal to form on the chart. maybe in another 4 hours after the bar closes...looking promising now on my chart, but am afraid of trend continuation as momentum is really behind this pair now.

Cable looks the same...a few more hours and we might have a signal.

Also, USDCHF looks to be forming a round bottom and is sitting on trendline support...the pair has been trending upward (granted we are pretty late in that trend cycle) and it may provide a few pips (40 to 21 MA, 76 to 89ma and 142 to resistance.
  • #656
  • Edited 8:27pm Feb 14, 2007 7:07pm | Edited 8:27pm
it is getting very tight for canuck (loonie) in the falling wedge. Please, see chart.

for those who consider to buy dollar/loonie pair, there are 2 bullish signs on the plate with MACD signal still outstanding, for the want of this candle close.

If price continues to slide further and touch 365SMA, then waiting time for the bullish symptoms will be extended.

If this candle turns green at the close, MACD will provide 3rd bullish sign. However, wait to see what side of the wedge price is breaking out.

I will try this pair once I have confirmed MACD signal and conditions above. I have a mental price of 1.1685 which the pair should break to go long.
Attached Image
  • #657
  • Feb 14, 2007 7:26pm Feb 14, 2007 7:26pm
Cool thanks for the chart. I have my eye on the USD/CAD and the USD/CHF.

As for the EUR/USD I have a feeling it might break out again It just crossed the 1.3140 barrier
  • #658
  • Feb 14, 2007 7:31pm Feb 14, 2007 7:31pm
USD/CHF seems to be sitting on the 200SMA on the daily chart @ 1.2378...might get interesting if it goes below this point..
  • #659
  • Edited 8:49pm Feb 14, 2007 7:40pm | Edited 8:49pm
Quoting turk87
Cool thanks for the chart. I have my eye on the USD/CAD and the USD/CHF.

As for the EUR/USD I have a feeling it might break out again It just crossed the 1.3140 barrier
it is free to fly within this upper beam (post 601), I agree.

ADDITION: maybe I am wrong this time but after such long price channelling, this released force may create 2 daily bullish candles in a row above the channel, or diamond figure, whatever one prefers to see.
  • #660
  • Feb 14, 2007 8:07pm Feb 14, 2007 8:07pm
Quoting Shazzz
USD/CHF seems to be sitting on the 200SMA on the daily chart @ 1.2378...might get interesting if it goes below this point..
yes, it also bounced off 365SMA on the daily 2 days ago, too. Yesterday's fall seems to have terminated bullish uptrend started December 8 last year. So far price does not show willingness even to test this trendline.
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