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4 Hour Strategy (MACD)

  • #16,901
  • Sep 8, 2008 10:36am Sep 8, 2008 10:36am
Quoting BenStevo
Phillip,
A question on your Three Sisters formation...
Any comments on applying the setup against the MACD? I've noticed the setup several times recently in my scrolling through the charts, but not enough yet to come to any clear conclusions on it. From what I've seen, it seems to indicate a fairly solid move is on the cards.
I've attached a U/J chart below (its a little dated - Jan 2005) with white vertical line to illustrate.
Thanks,
Ben
When the MCD is making 3lower highs(3sisters) and there is divergence one can take the odds on especially if it is at support or resistance levels
  • #16,902
  • Sep 8, 2008 10:40am Sep 8, 2008 10:40am
Quoting Alpe
Hi Philip,

I really like your system and style of trading and now try to demo trade.

Base on chart i posted, should we enter after such a beautiful bearish engulfing candle closed or wait for the macd to form continuation which mean wait for another bearish candle to close?

Another question is , in fact i have enter after that bearish engulfing candle closed. Almost immediately the price came down with +20 over pips. However i did not take profit as i believe it will run to support at 1.4242. However i change my sl back to entry after +20 over pips as i believe we should not let the profit turn into loses. Unfortunately the price go back up and touch my sl and come back down to my supposedly tp.. Is there any rule when we should change our sl to entry? or it is totally base on personal style?

Best Regards!

Alpe
You can take the odds on with an engulfing candle like that but then it is on price action alone. I would enter 2 positions and close half after 20pips and set the other half at -20 for a breakeven should it turns against me. The price then have to move back up 40pips to take out the remainder which gives me enough pips as a stoploss
  • #16,903
  • Sep 8, 2008 12:40pm Sep 8, 2008 12:40pm
Just a comment on the EU:

This is after the fact but still might be useful. The TC trade on the 4hr EU to the 21 using the 1hr as an entry. The first 'box' was not broken. By broken I mean a close below support. The second box has the support broken in a big way. This was a very large candle and the stop might have been too large to actually act on or a sell limit entry could have been used to get in. The drop was large and fast (on the 1hr) so even a shorter timeframe could have been used for entry. The vertical white line is where the 1hr first made it to the 21 on the 4hr chart. This was an opening gap on the 4hr for the week. I don't like to trade on the Sunday open. Butk, 'gaps are usually filled' so if someone took that advice alone you should have some banked already.

Thanks to whomever 'Supported the Site' with the donation. Your help is very much appreciated.

1hr chart 'box'..
Attached Image
  • #16,904
  • Sep 8, 2008 12:57pm Sep 8, 2008 12:57pm
[quote=Palmer;2207481]Just a comment on the EU:

This is after the fact but still might be useful. The TC trade on the 4hr EU to the 21 using the 1hr as an entry......

Palmer,
I haven't had a change to backtest these boxes, but do you find that they are just around the 21 or do you also see them on support of resistance lines
Raymond
  • #16,905
  • Sep 8, 2008 1:21pm Sep 8, 2008 1:21pm
Morelands:

Glad you asked because I see this as an important question.
I mainly look at this for the high probability set-ups on the 4hr such as a TC on 21 or a TC with the MACD to use the 1hr entry on. This can be used with s/r levels on the 4hr BUUUT, since there can be so many trendlines (daily, weekly, or from the two weeks ago, etc.), and pivot lines that the opportunities (or set-ups) on the 1hr will be MORE frequent. This means more trades and potentially more losses. The TC on the 4hr to the 21 during strong trends can sometimes be a no brainer and it feels good to get in early. Remember though, an early entry on the 1hr can result in profit targets being hit sooner without the 4hr signal being complete. In other words, the trade can be over during the 4hr candle if you got in early on the 1hr even though the 4hr is still forming. This has more of a trading feel to it so keep that in mind. Anyway, using the 1hr entry on the 4hr around s/r levels should be 'useable' but just be prepared to deal with mroe signals...

Hope some of this helps.
  • #16,906
  • Sep 9, 2008 8:10am Sep 9, 2008 8:10am
saka:

Thank you very much for the website donation!!! Your kindness and generosity go way beyond what any currency is worth my friend.

Sold the EU at around the 4150 level. Took 25 on the first 2 lots and still trailing one thinking we might re-visit the 4050 level. The 4hr might be reestablishing the 8ema as resistance so I saw that as a TC signal...
Attached Image
  • #16,907
  • Sep 9, 2008 9:12am Sep 9, 2008 9:12am
Quoting Palmer
saka:

Thank you very much for the website donation!!! Your kindness and generosity go way beyond what any currency is worth my friend.

Sold the EU at around the 4150 level. Took 25 on the first 2 lots and still trailing one thinking we might re-visit the 4050 level. The 4hr might be reestablishing the 8ema as resistance so I saw that as a TC signal...
i did the same for 30pips
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 41 KB
  • #16,908
  • Sep 9, 2008 9:16am Sep 9, 2008 9:16am
Quoting Palmer
saka:

Thank you very much for the website donation!!! Your kindness and generosity go way beyond what any currency is worth my friend.
Don't mention that, Palmer. We all appreciate you found the free website of Phillip's method, especially for the new one who eagers to find the entry of this great method. World becomes more and more integrative and all of us are the points on the net where we help each others, under the using of internet, which achieves the great ideal of human beings. If Carl Marx still had been alive now, he would have said that this must be the communist society!

Just joking, still thank Phillip shares his method, Palmer makes the website and all of those who dedicated his time to this startegy.
Plan your trades and trade your plans
  • #16,909
  • Sep 9, 2008 9:48am Sep 9, 2008 9:48am
Hi Guys!

That's my first post on this thread. I've been following this forum for 3 weeks and just want to say a great thanx for you and especially for P&P for the posts and the website. I've been following the forex market for a year, and I've tried lots of systems, but I loved this one. I'm just on the way to understand the principles of that system and trying to demotrade. It's a lot easier to put energy in learning this as I see succesful people here. I do hope as the time goes and I get to know this system I can also contribute to this thread for the others.

Good piphunitng guys
  • #16,910
  • Sep 9, 2008 9:56am Sep 9, 2008 9:56am
Gabor:

Welcome! Take the time to go over the 4hr charts and leave the 1hr entries for later in the game. Click on the link in my signature to download a years worth of charts to study one. As per any method, letting the trend develop first ( patience ) makes things a lot easier to follow...

Nice bshadroo!

Thanks again saka!



back later...
  • #16,911
  • Sep 9, 2008 6:41pm Sep 9, 2008 6:41pm
Is it me or does this area (2nd rectangle) look a lot like the previous area (1st rectangle) ?. Disregard the vertical line...
Attached Image
  • #16,912
  • Sep 9, 2008 8:13pm Sep 9, 2008 8:13pm
Quoting Palmer
Is it me or does this area (2nd rectangle) look a lot like the previous area (1st rectangle) ?. Disregard the vertical line...
It looks like market indecision to me. The first square was before the week-end and then the Freddie Mac and Fannie May situation happened. I believe it took the market a little time to digest that. I don't believe we can draw any conclusions to determine what will happen after square number 2. Just my opinion
  • #16,913
  • Sep 10, 2008 1:17am Sep 10, 2008 1:17am
im waiting for a possible early H1 entry before closeing a TC in H4 and after breaking down the TL.
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  • #16,914
  • Sep 10, 2008 4:03am Sep 10, 2008 4:03am
Quoting bshadroo
im waiting for a possible early H1 entry before closeing a TC in H4 and after breaking down the TL.
Bshadroo,
I assume you didn't take this. If you would have, would you have entered after the retracement back up the support line? Would you look for a particular candle type after the retracement?
Thanks,
Raymond
  • #16,915
  • Sep 10, 2008 4:39am Sep 10, 2008 4:39am
Quoting bshadroo
im waiting for a possible early H1 entry before closeing a TC in H4 and after breaking down the TL.
looks like a false break-out to the upside now
  • #16,916
  • Sep 10, 2008 4:43am Sep 10, 2008 4:43am
Quoting bshadroo
im waiting for a possible early H1 entry before closeing a TC in H4 and after breaking down the TL.
Looks like you're right on the money from here.
  • #16,917
  • Sep 10, 2008 4:59am Sep 10, 2008 4:59am
Quoting Morelands
Bshadroo,
I assume you didn't take this. If you would have, would you have entered after the retracement back up the support line? Would you look for a particular candle type after the retracement?
Thanks,
Raymond
hi
i'll go down to the smaller TF even M5 tofind an exact entry point
  • #16,918
  • Sep 10, 2008 7:37am Sep 10, 2008 7:37am
both 4h and 1h formed signal, enter at 5min rhythm.

Enter at 1.4126
SL at 1.4103
1TP 25pips
2TP at 1.4186
Get BE after 1TP reached, set remainder 30pips trailing SL
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 28 KB
Click to Enlarge Name: 1h.gif Size: 28 KB
Click to Enlarge Name: 5min.gif Size: 27 KB
Plan your trades and trade your plans
  • #16,919
  • Sep 10, 2008 8:23am Sep 10, 2008 8:23am
Quoting saka
both 4h and 1h formed signal, enter at 5min rhythm.

Enter at 1.4126
SL at 1.4103
1TP 25pips
2TP at 1.4186
Get BE after 1TP reached, set remainder 30pips trailing SL
Hello Saka,

Just getting to grips with this system myself so I may be incorrect here, so bear with me.

I don't see a HL on your 4H chart where you have placed the arrow.If you check Lesson 9 MACD Signals then a HL looks more pronounced than the MACD pattern displayed on your chart.

However, looks like your trade was successful which is what counts at the end of the day!

I wonder what other, more experienced, traders than myself think about your set up.
James The Beekeeper
  • #16,920
  • Edited 9:04am Sep 10, 2008 8:34am | Edited 9:04am
Quoting bshadroo
hi
i'll go down to the smaller TF even M5 tofind an exact entry point
sold after M30 gravestone
edit:closed BE after it didnt go down with the next candle
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 21 KB
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