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4 Hour Strategy (MACD)

  • #1,141
  • Feb 23, 2007 9:03am Feb 23, 2007 9:03am
Quoting Phillip Nel
Something on drawing trendlines
Hi Phillip

Tx for the trendline info. Make more sense now. Usually I didn't where to start of where to end. Your approach make sense.

I do understand the concept of taking profits/put stop losses near trend line but how do you deal with trade signals appearing op MACD with the price near trendlines - ?usually ignore the signals? Like you said, trade within the trendline.

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,142
  • Feb 23, 2007 9:05am Feb 23, 2007 9:05am
Quoting Tw0eleven
My charts are showing the EUR coming close to a Trendline and also a 61.8% Fib line. May want to be careful around here or take partial profits...IMHO. Price may reverse?
Depends on the profit you have on the table in this position. If I had more than 20 I will take partial and set the rest at a level that still give me the oppertunity should it move further.
Have a nice weekend
  • #1,143
  • Feb 23, 2007 9:10am Feb 23, 2007 9:10am
Quoting Golfer
Hi Phillip

Tx for the trendline info. Make more sense now. Usually I didn't where to start of where to end. Your approach make sense.

I do understand the concept of taking profits/put stop losses near trend line but how do you deal with trade signals appearing op MACD with the price near trendlines - ?usually ignore the signals? Like you said, trade within the trendline.

Willem
See a couple of posts back for the chart and Mp3. If there is room to the trendline to have at least 15-20 pips you can take it on but with the purpose of positioning yourself for a breakout trade. Set stoploss to breakeven as soon as possible and let it run.
  • #1,144
  • Feb 23, 2007 9:22am Feb 23, 2007 9:22am
I see EUR moving quickly towards the trendline and positioning itself to break it. Waiting for close of the candle, but should it close >3180, I'll be looking to go Long.
  • #1,145
  • Feb 23, 2007 9:23am Feb 23, 2007 9:23am
Thank you Phillips... have rein myself in sometimes.... and sometimes it take help. Admittedly my profit takes were aggressive.
DireXiv Make it happen, no one else is going to do it for you...
  • #1,146
  • Feb 23, 2007 9:32am Feb 23, 2007 9:32am
Quoting Phillip Nel
See a couple of posts back for the chart and Mp3. If there is room to the trendline to have at least 15-20 pips you can take it on but with the purpose of positioning yourself for a breakout trade. Set stoploss to breakeven as soon as possible and let it run.
Hi

Yes, I just returned from work. I am working throuhg the pages to update myself. I've just watched & listen to the "breakout" session. Make sense now after watching the trendline presentation.

Just another question - do you stay with the 4h chart or do you change sometimes to the 1h chart? I do find conflicting messages/signals when jumping between the two time frames (e.g. EUR$). I know BenF (who has develop the MT4 indicator) tends to change to the 1h chart. Today I had two losing trades using the 1h chart.

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,147
  • Feb 23, 2007 9:36am Feb 23, 2007 9:36am
Phillip i am just trying now figure out when is the best time to buy or to sell,i read all of signals on MACD but still i getting a bit confuse...do u thing to print ur MACD signals and have them front of me all the time is a good thing(sorry for that i am a bit noob on technival trading)!!!please i u can help a bit more on that!!
  • #1,148
  • Feb 23, 2007 9:45am Feb 23, 2007 9:45am
Quoting Golfer
Hi

Yes, I just returned from work. I am working throuhg the pages to update myself. I've just watched & listen to the "breakout" session. Make sense now after watching the trendline presentation.

Just another question - do you stay with the 4h chart or do you change sometimes to the 1h chart? I do find conflicting messages/signals when jumping between the two time frames (e.g. EUR$). I know BenF (who has develop the MT4 indicator) tends to change to the 1h chart. Today I had two losing trades using the 1h chart.

Willem
I dont trade the 1hour with the 4 hour MACD setings. It gives to much false signals.
The 4 hour is one of patience. I will be happy if I can only make 6 trades per month and have all six correct.
The 4 hour might be giving an up signal while the 1hour might give a down signal at the same time.
  • #1,149
  • Feb 23, 2007 9:49am Feb 23, 2007 9:49am
Quoting Phillip Nel
See a couple of posts back for the chart and Mp3. If there is room to the trendline to have at least 15-20 pips you can take it on but with the purpose of positioning yourself for a breakout trade. Set stoploss to breakeven as soon as possible and let it run.
Hi

Great trade of your - your positioning for a breakout. I am sure your are smiling all the way to the bank now. I was also expecting a break upwards because the triangle being formed pointing upwards both on EUR$ and cable chart.

Willemmmmmmm
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,150
  • Feb 23, 2007 9:55am Feb 23, 2007 9:55am
Quoting Phillip Nel
I dont trade the 1hour with the 4 hour MACD setings. It gives to much false signals.
The 4 hour is one of patience. I will be happy if I can only make 6 trades per month and have all six correct.
The 4 hour might be giving an up signal while the 1hour might give a down signal at the same time.
Hi

My thoughts as well. I did receive several conflicting signals simultanously today on the 1H & 4h charts.

I'll stay with the 4h charts and I would recommend it to all the other players - also better for me while at work.

Willemmmmmmmmmmm
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,151
  • Feb 23, 2007 9:57am Feb 23, 2007 9:57am
Quoting AlphaPip
I see EUR moving quickly towards the trendline and positioning itself to break it. Waiting for close of the candle, but should it close >3180, I'll be looking to go Long.
Doesn't look like it will close above the trendline. Still standing aside. See chart:
Attached Image
  • #1,152
  • Feb 23, 2007 10:24am Feb 23, 2007 10:24am
Congrats Tamkras! I'm sure you'll enjoy your vacation now! Wish I was along on the ride with you, but I'm still working on "confidence in my trades." But on a bright note, I didn't take a loss this time! Talk to you when you get back!

I've had enough fun for today, time to enjoy the weekend.
Finished today Breakeven on USD/CAD and USD/JPY... +30pips on EUR/USD and +12pips on GBP/USD. Have a good weekend everyone!

Thanks again to Phillip and his great system w/explainations&examples!

Quoting tamkras
Tw and all, I just checked into a nice hotel and wanted to check my usd/jpy position. Really nice, indeed! Looks like I was left alone in this winning position. Again, the scariest thing in trading is to stick to your plan. My piggy is with me and is riding the 4th wave, he-he. I am just hoping someone is riding with me. I am calling my broker to move the second lot to a breakeven and my vacation has started. Yours, Tamkras.
  • #1,153
  • Feb 23, 2007 11:07am Feb 23, 2007 11:07am
Alpha,

Are you sure you have your trend lines right. Or maybe mine are wrong. Can anyone clarify this.

Ji m
Attached Image
  • #1,154
  • Feb 23, 2007 11:25am Feb 23, 2007 11:25am
Dir,

Just want to tell you that i got +233pips in my demo today, +160pips on cable and +73pips on Euro. I wish i did this in my live a/c. Better days still ahead anyway.

Thanks to you, everybody who have contributed to this thread and most of all Phillip for sharing his system.
  • #1,155
  • Feb 23, 2007 11:34am Feb 23, 2007 11:34am
Here's what I have Hard1head1.

Quoting hard1head1
Alpha,

Are you sure you have your trend lines right. Or maybe mine are wrong. Can anyone clarify this.

Ji m
Attached Image
  • #1,156
  • Feb 23, 2007 11:36am Feb 23, 2007 11:36am
Nice Job maarf01! I bet that will make your weekend a happy one! Keep it up!

Quoting maarf01
Dir,

Just want to tell you that i got +233pips in my demo today, +160pips on cable and +73pips on Euro. I wish i did this in my live a/c. Better days still ahead anyway.

Thanks to you, everybody who have contributed to this thread and most of all Phillip for sharing his system.
  • #1,157
  • Feb 23, 2007 12:21pm Feb 23, 2007 12:21pm
Quoting maarf01
Dir,

Just want to tell you that i got +233pips in my demo today, +160pips on cable and +73pips on Euro. I wish i did this in my live a/c. Better days still ahead anyway.

Thanks to you, everybody who have contributed to this thread and most of all Phillip for sharing his system.
What was your signal on the Cable and Euro? I don't see it.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,158
  • Feb 23, 2007 12:41pm Feb 23, 2007 12:41pm
I just started reading through this thread...only up to page 6 so I'll digest things this weekend. Good Stuff.

Wondering if anyone has a custom indicator for MT4 like the following:

Input a chart time to have a vertical line drawn through that candle on the chart. This would be useful for 'study purposes' and upcoming trading times.

TwOeleven: The MACD you are using, it looks like it draws a green bar for the histogram when it is rising ( the new histogram bar has a value greater than the previous histogram bar) and a red bar when it is lower than the previous bar. I see that you use MetaTrader though. Does anyone know of a MACD indicator like this one for MT4?
  • #1,159
  • Feb 23, 2007 1:14pm Feb 23, 2007 1:14pm
Something about the difference in trendline of the EurUsd
Attached Image
Attached File(s)
File Type: zip Euro Trendline.zip   600 KB | 5,191 downloads
  • #1,160
  • Feb 23, 2007 1:28pm Feb 23, 2007 1:28pm
Hey Palmer,

The indicator I am using is actually posted in the forum...as you read through the pages you'll come to it. And it works for MT4. Enjoy!

Quoting Palmer
I just started reading through this thread...only up to page 6 so I'll digest things this weekend. Good Stuff.

Wondering if anyone has a custom indicator for MT4 like the following:

Input a chart time to have a vertical line drawn through that candle on the chart. This would be useful for 'study purposes' and upcoming trading times.

TwOeleven: The MACD you are using, it looks like it draws a green bar for the histogram when it is rising ( the new histogram bar has a value greater than the previous histogram bar) and a red bar when it is lower than the previous bar. I see that you use MetaTrader though. Does anyone know of a MACD indicator like this one for MT4?
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