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4 Hour Strategy (MACD)

  • #17,801
  • Nov 12, 2008 3:01pm Nov 12, 2008 3:01pm
Quoting time1300
Hello Phillip,

Once again I want to thank you for sharing your thoughts and your ideas, there should truely be more individuals out there like yourself. I have a question regarding your recent Eur/Usd trade, I understand all your entries and exits but I had a question about your entry, on my chart on metatrader, the close of the candle where you have your entry is priced at 1.2539, how did you get an entry of 1.2635 how could that be possible, is it the different time zones or do I have different setup. Please elaborate.

thank you
The candle close was 1.2642 on my platform. By the time I took the trade the price came down as I did not took the trade exactly at candle close and opening of the next.
Attached Image
  • #17,802
  • Nov 12, 2008 3:02pm Nov 12, 2008 3:02pm
There were also some good opportunities on the 1hr.
I got in on the first early entry to the TC on the 4hr. Nice a-b-c setup which often lead to bigger moves so still holding it.
A 3 sisters setup has just passed which would have been another good short entry. And it was also a BOZ on MACD. Right infront of my eyes but missed it. Still lots of practice for me to be able to see many setups as they occur.

Edit: both were also evening star-type formations

Quoting unlv_tj
Did anyone take the TC trades this morning on the EURUSD or the GBPUSD?

I took the EURUSD, but I got out after only +15 pips. I didn't like the candle set-up and then I didn't like the 1.2500 number sitting right in the middle of my target profit.

I passed on the GBPUSD due to previous support (Oct. 24th and Oct. 27th). This would have worked out as the better trade. I should have played the break of the support by about 10 to 15 pips.
Attached Image (click to enlarge)
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  • #17,803
  • Nov 12, 2008 3:14pm Nov 12, 2008 3:14pm
Quoting BenStevo
There were also some good opportunities on the 1hr.
I got in on the first early entry to the TC on the 4hr. Nice a-b-c setup which often lead to bigger moves so still holding it.
A 3 sisters setup has just passed which would have been another good short entry. And it was also a BOZ on MACD. Right infront of my eyes but missed it. Still lots of practice for me to be able to see many setups as they occur.

Edit: both were also evening star-type formations
yes, there were very good 1H TC signals.
  • #17,804
  • Nov 12, 2008 3:19pm Nov 12, 2008 3:19pm
Hi Phillip,

I've been following your thread for a while and trying out a few practice trades. It all seems very interesting. I just have a quick question about your MACD indicator. I downloaded the one from www.fxtradeblog.com a month or two ago but it seems to look a little different to yours. On mine the 8am line today doesn't go all the way down and it is shown in green not red. I've seen these gaps a few times in the past few weeks. I noticed from the last graph that you posted that yours isn't like that. Do you have any idea what this could be? I'm using a demo account with MIG. Does anyone else have this problem?
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  • #17,805
  • Nov 12, 2008 3:27pm Nov 12, 2008 3:27pm
Quoting Twinkle
Hi Phillip,

I've been following your thread for a while and trying out a few practice trades. It all seems very interesting. I just have a quick question about your MACD indicator. I downloaded the one from www.fxtradeblog.com a month or two ago but it seems to look a little different to yours. On mine the 8am line today doesn't go all the way down and it is shown in green not red. I've seen these gaps a few times in the past few weeks. I noticed from the last graph that you posted that yours isn't like that. Do you have any idea what this could be? I'm using a demo account with MIG. Does anyone else have this problem?
First time I saw that. If you close MT4 and open it again does it still give the gap. I am using MACD v 102

Edit
Rightclick on the graph and refresh. That sometimes help
  • #17,806
  • Nov 12, 2008 3:59pm Nov 12, 2008 3:59pm
Quoting Phillip Nel
I got stopped out on this trade for -45pips. I split my stoploss into 30 and 60pips. TC off the 8ema.

This is part of the game.
Phillip, I don't understand how you calculated your stop losses for this trade. The high of the signal candle was over 100 pips away (which is why I did not take this trade). With a stop loss at the high of the signal candle you would still be in a trade.

How did you decide to have a 30 and 60 pip SL?
James The Beekeeper
  • #17,807
  • Nov 12, 2008 4:23pm Nov 12, 2008 4:23pm
Twinkle...I've never seen that before. If it shows up again, load up the indicator in the coding window and recompile it. Not sure why that is doing that....
  • #17,808
  • Edited 6:15pm Nov 12, 2008 6:05pm | Edited 6:15pm
Hey there, I recently started to focus a lot on this trading system and thus far is seems very solid not just in the system itself but also in the trade planning and management. I'm currently testing on a variety of currency pairs, but I was just wondering what currency pairs you fellow traders have had the most success with? I am trading 4HR TF only as this is most convenient for me given my job.

Also, is there any custom indicator that will show red circles at the entry points? NOT an EA, but just an indicator?
  • #17,809
  • Nov 12, 2008 7:42pm Nov 12, 2008 7:42pm
Quoting Jon Reed
Hey there, I recently started to focus a lot on this trading system and thus far is seems very solid not just in the system itself but also in the trade planning and management. I'm currently testing on a variety of currency pairs, but I was just wondering what currency pairs you fellow traders have had the most success with? I am trading 4HR TF only as this is most convenient for me given my job.

Also, is there any custom indicator that will show red circles at the entry points? NOT an EA, but just an indicator?
Jon:

You'll see the majority of the charts/posts here are for the four majors. I key on the Euro and Yen. I did make a Swissie trade that worked out well this wee. But, this method really isn't customized for any one certain pair(s). If there is a particular pair you follow, load up the indicators and study the charts. There is a years worth of EURUSD charts (4hr and 1hr) on the website that you can print out and make notes on.

As far as an indicator that draws circles for the entries...The high probability set ups for TC's with the 21 or MACD are the main ones and Phillip's candlestick entries on the 1hr or breakouts would be some others. All of these can be subjective upon the entry but still straightfoward, if that makes any sense, so it'd be kind of difficult to do that. I'd key on the returns to the 21 when the rhythm is strong and look for those to start off with....
  • #17,810
  • Nov 13, 2008 8:51am Nov 13, 2008 8:51am
Quoting Palmer
Swissie might be setting up for a long again with the 1hr DM cross....
It did happen, I took it and made some pips. I love this ADX-method
  • #17,811
  • Nov 13, 2008 8:55am Nov 13, 2008 8:55am
Here we have another ADX-situation. My ADX-based trades have been working out so well that im thinking about only trading them in the future...
Attached Image (click to enlarge)
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  • #17,812
  • Nov 13, 2008 9:01am Nov 13, 2008 9:01am
Ekling can you please explain that ADX situation,cant see any adx on your chart.
  • #17,813
  • Nov 13, 2008 9:12am Nov 13, 2008 9:12am
Quoting edeyj999
Phillip, I don't understand how you calculated your stop losses for this trade. The high of the signal candle was over 100 pips away (which is why I did not take this trade). With a stop loss at the high of the signal candle you would still be in a trade.

How did you decide to have a 30 and 60 pip SL?
I knew I am going to be hammered for this one. But I wanted to be honest by showing the loss. I liked the setup (engulfing candle)and was anticipating that it wont retrace that far because of the engulfing candle. Well, the story tells it all. I had a good month so far and this looked like a good run from the 8ema. Just shows the importance of sticking to the rules. You did the right thing to stay out.
  • #17,814
  • Nov 13, 2008 10:07am Nov 13, 2008 10:07am
Quoting deepdrunk
Ekling can you please explain that ADX situation,cant see any adx on your chart.
Actually the ADX is taken on the the 1 hour chart, but you start looking at the 4 hour chart. When price test the 21 EMA on the 4 hour chart you should start looking for an ADX crossover on the 1 hour chart. Obviously you should not take the trade only based on this, include trendlines, current trend, price action and S/R etc.

The reason i posted a picture of the 4 hour is because you can see a very nice touch on the 21 EMA, therefore a possible ADX trade may develop on the 1 hour.

if you want more info you can visit palmers website, i think he have the URL in his signature.
  • #17,815
  • Nov 13, 2008 10:50am Nov 13, 2008 10:50am
I like the Eurusd picture.

If the Euro breaks 1.2483 is possible that we will see 1.2388 and then 1.2330

what is your opinion on this chart?
  • #17,816
  • Nov 13, 2008 12:46pm Nov 13, 2008 12:46pm
The markets are crazy. Trend traders is hammered. Up then down. One really have to be carefull.
  • #17,817
  • Nov 13, 2008 12:58pm Nov 13, 2008 12:58pm
Quoting Phillip Nel
The markets are crazy. Trend traders is hammered. Up then down. One really have to be carefull.
jajaj, yes, you see the EURO??
  • #17,818
  • Nov 13, 2008 1:00pm Nov 13, 2008 1:00pm
Quoting Phillip Nel
I knew I am going to be hammered for this one. But I wanted to be honest by showing the loss. I liked the setup (engulfing candle)and was anticipating that it wont retrace that far because of the engulfing candle. Well, the story tells it all. I had a good month so far and this looked like a good run from the 8ema. Just shows the importance of sticking to the rules. You did the right thing to stay out.
Thanks for being so honest Phillip. Not many traders own up to bad trades and we all have them (me more than most!).

I wasn't trying to pick you up on the trade, I just wanted to understand why you chose the stop losses you did. I wondered whether I had missed something in the rules. I often find myself liking the look of a set up so much that I want to reduce the stop loss to get in (sometimes I do and usually regret it).
James The Beekeeper
  • #17,819
  • Nov 13, 2008 1:19pm Nov 13, 2008 1:19pm
Quoting edeyj999
Thanks for being so honest Phillip. Not many traders own up to bad trades and we all have them (me more than most!).

I wasn't trying to pick you up on the trade, I just wanted to understand why you chose the stop losses you did. I wondered whether I had missed something in the rules. I often find myself liking the look of a set up so much that I want to reduce the stop loss to get in (sometimes I do and usually regret it).
I also get slack and do trades away from the rules. Especially if I have a good month and then are being send back to mother earth with a bang. I just did reduce my stoploss because I liked the setup on that trade.
  • #17,820
  • Nov 13, 2008 1:21pm Nov 13, 2008 1:21pm
Quoting myn5054
jajaj, yes, you see the EURO??
I am watching it and it is crazy. There are some important guys speaking at the moment. Might be the reason.
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