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4 Hour Strategy (MACD)

  • #2,441
  • Mar 13, 2007 10:57am Mar 13, 2007 10:57am
dear scott,

i believe that trend continuation signal was given earlier on the 1hour graph right after price bounced back from 21EMA and 89SMA on the 4hour. the latest MACD signal you are reffering to seems a bit shaky to me just because of its shape. i think you better find another reason to enter long or otherwise skip the trade. it could go either way..
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  • #2,442
  • Mar 13, 2007 11:15am Mar 13, 2007 11:15am
Thank you for your insight Pipsi. I dont look at the 1 hour, only the 4 hr. The TC signal only completed on my previous bar.

It looks like I may miss getting a fill by 1 pip, if we are done with the current down move.

I am OK with the RR and my odds. It looks like up is where we are headed to me. Could you explain what you dont like about the shape? It looks ok to me being it is around .0015 [away from 0] and not over bought.

Thanks again, Scott

Quoting Pipsi cola
dear scott,

i believe that trend continuation signal was given earlier on the 1hour graph right after price bounced back from 21EMA and 89SMA on the 4hour. the latest MACD signal you are reffering to seems a bit shaky to me just because of its shape. i think you better find another reason to enter long or otherwise skip the trade. it could go either way..
  • #2,443
  • Mar 13, 2007 11:41am Mar 13, 2007 11:41am
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File Type: zip DailyWrapup 13March.zip   795 KB | 1,349 downloads
  • #2,444
  • Mar 13, 2007 12:17pm Mar 13, 2007 12:17pm
Quoting Phillip Nel
Very good observation but they have to be uninterupted and in sequence. You dont trade on it alone as it only give you the emotion and motion of the market. When the third one appear you wait for the MACD signal and take it. It normally happens within a triangle. You will find them quite regular on shorter time frames.
Thanks Phillip.

I understand that price action (price patterns like the little sisters) can be very effective in indicating bullish and brearish directions. I'm a big James16 price action follower and that's the beauty of your system, it gives an edge toward validating thoses directions. Not only validation but entry levels as well.
Good Stuff.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #2,445
  • Mar 13, 2007 12:19pm Mar 13, 2007 12:19pm
Scott,
because of the long signal candle, 4hour MACD made a sharp turn on my chart and that is why i decided to stay aside this time. but i'm just an amateur.

i don't know if you're currently in the trade or not, but looks like you had chosen the right direction. in this case ~ plus 30 raw pips at the moment. not a bad signal afterall. way to go Scott!
  • #2,446
  • Mar 13, 2007 12:37pm Mar 13, 2007 12:37pm
Quoting jarroo
Checkout the EUR/GBP. Three sisters set-up with some divergence mixed in.
Watching for that MACD signal.

Jim
My bad. Triple top. Duhh. Thought maybe it would act like the sisters and hit three times and fall. In the past I would have just taken the short and hope it would fall. But now, I'm looking for a Phillip signal which has not yet materialized. Strong trend (89 sma). 61.8 fib (thanks pilgrim). Also looking for a T.C. off the 21 ema.

Another great daily wrap up Phillip.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #2,447
  • Mar 13, 2007 12:56pm Mar 13, 2007 12:56pm
Trade entered in levels (reason: late entry and price near an area of support).

Sold 1 mini lot: 1.2175 at 9:05 est am/13:00 GMT
sold 1 mini lot: 1.2210 at 10:32 est am/14:32 GMT
sold 1 min lot: 1.2220 at 11:37 est am/15:37 GMT

s/l on all lots at 1.2242

TP: 1. 1.2155 & 1.2111

reasons for trade: support TL had been pierced and TC signal on 4 hour

This trade was closed early because entry candle closed as dragonfly doji (price also bounced above identified resistence (made me very nervous as first lot which was entered late at a low price). When price bounced down to an area where I was able to close all lots at profit I took the opportunity.

The MACD has since given another TC -- and the trade most likely would have worked out fine had I left it alone. But I wanted to protect profit "just in case" b/c this week the market has been quite choppy!

Results: all lots closed at 16:22

Lot 1: Closed at 1.2194 (-19 pips, -14 wo/spread)
Lot 2: Closed at 1.2197 (+13 pips, 18 w/ spread)
Lot 3: Closed at 1.2195 (+25 pips, 30 w/spread)

Total pips: +19 (if I'd left it alone I'd be up another 40 pips right now!). Need to just walk away and not look back!

Results are attached since I didn't post ahead of trade.

Monthly count:

Winners: 2 for 71 pips
Losers: 0
BE: 1
Attached Image
  • #2,448
  • Mar 13, 2007 12:56pm Mar 13, 2007 12:56pm
Hey guys/girls,

If you trade these pairs, it was a great example of trend continuattion.

I thought it may be too late (moved quite a bit previous hour) as I MADE myself wait till the full 1 hour confirmation, but it wasn't. We were in a downtrend, the ma's were crossing from it's recent uptrend, below the 89 still after touching it, the previous 4 hour candle had touched the 21 ema, and pulledback down. The 1 hour gave a small sell signal on the previous candle, but I waited for the next, which formed a pin bar... a definite go.. and the 1st lot was 16 pips and second was 26 pips.

Entry: 116.73 on usd/jpy
s/l: tight at + 15 pips to defend a countertrend and 1st real time doing the 1 hour TC confirm on this pair (these pairs move quickly right now.
1TP: 116.57 just above price level
2TP: was lower, but too the price at market when faced reistance below the 116.57 price level and previous history resistance.. may go further but I'm happy

Total pips = 42....
DireXiv Make it happen, no one else is going to do it for you...
  • #2,449
  • Mar 13, 2007 12:58pm Mar 13, 2007 12:58pm
Quoting Pipsi cola
Scott,
because of the long signal candle, 4hour MACD made a sharp turn on my chart and that is why i decided to stay aside this time. but i'm just an amateur.

i don't know if you're currently in the trade or not, but looks like you had chosen the right direction. in this case ~ plus 30 raw pips at the moment. not a bad signal afterall. way to go Scott!
Thanks for the props Pipsi. I will record it in my testing as a good signal, but I did miss the entry my 1 PIP!
  • #2,450
  • Mar 13, 2007 1:02pm Mar 13, 2007 1:02pm
Quoting DireXiv
Hey guys/girls,

If you trade these pairs, it was a great example of trend continuattion.

I thought it may be too late (moved quite a bit previous hour) as I MADE myself wait till the full 1 hour confirmation, but it wasn't. We were in a downtrend, the ma's were crossing from it's recent uptrend, below the 89 still after touching it, the previous 4 hour candle had touched the 21 ema, and pulledback down. The 1 hour gave a small sell signal on the previous candle, but I waited for the next, which formed a pin bar... a definite go.. and the 1st lot was 16 pips and second was 26 pips.

Entry: 116.73 on usd/jpy
s/l: tight at + 15 pips to defend a countertrend and 1st real time doing the 1 hour TC confirm on this pair (these pairs move quickly right now.
1TP: 116.57 just above price level
2TP: was lower, but too the price at market when faced reistance below the 116.57 price level and previous history resistance.. may go further but I'm happy

Total pips = 42....
Nice!!!
  • #2,451
  • Mar 13, 2007 1:06pm Mar 13, 2007 1:06pm
Hello traders,

where can i find a templete and also the indicators for this setup, or just the templete. Thanks in advance.
Trade Well
  • #2,452
  • Mar 13, 2007 1:11pm Mar 13, 2007 1:11pm
Thanks pips!

Scott, 1 reason I didn't take that trade - I was in in the earlier move from the 1 hour TC on the previous uptrend that took it way up and left that tail. So, I left the pair for a bit after taking pips. I believe you were fine with the trade, I would have been hesistant myself because of the candle tail, and the hard resistance that 1.32 has given. Other than that, I know Twoeleven took it and made more pips (he was in on the previous move too!!). So, it turned out well, I just hesitated because of the previous move. If you confirmed on hour because of TC, great job.

Quoting nsscott
Thanks for the props Pipsi. I will record it in my testing as a good signal, but I did miss the entry my 1 PIP!
DireXiv Make it happen, no one else is going to do it for you...
  • #2,453
  • Mar 13, 2007 1:13pm Mar 13, 2007 1:13pm
That's what I get...'out of the office' for about a day and a half and there are 10 more pages of 'stuff' to got through. I'm hoping to get back to the charts this evening....'till then.
  • #2,454
  • Mar 13, 2007 1:21pm Mar 13, 2007 1:21pm
Did anyone take a long position on the eur/usd? THe MACD gave a trend continuation signal.
  • #2,455
  • Mar 13, 2007 1:40pm Mar 13, 2007 1:40pm
Quoting gjervis
Hello traders,

where can i find a templete and also the indicators for this setup, or just the templete. Thanks in advance.
Go to http://www.forexfactory.com/forumdisplay.php?f=71
Find the 4-Hour Strategy (300 pips) and look by the rating, (yellow stars), Click on the paperclip for a list of all the info here.
Chau,
Dionysius
  • #2,456
  • Mar 13, 2007 1:52pm Mar 13, 2007 1:52pm
Quoting pips4uandme
Trade entered in levels (reason: late entry and price near an area of support).

Sold 1 mini lot: 1.2175 at 9:05 est am/13:00 GMT
sold 1 mini lot: 1.2210 at 10:32 est am/14:32 GMT
sold 1 min lot: 1.2220 at 11:37 est am/15:37 GMT

s/l on all lots at 1.2242

TP: 1. 1.2155 & 1.2111

reasons for trade: support TL had been pierced and TC signal on 4 hour

This trade was closed early because entry candle closed as dragonfly doji (price also bounced above identified resistence (made me very nervous as first lot which was entered late at a low price). When price bounced down to an area where I was able to close all lots at profit I took the opportunity.

The MACD has since given another TC -- and the trade most likely would have worked out fine had I left it alone. But I wanted to protect profit "just in case" b/c this week the market has been quite choppy!

Results: all lots closed at 16:22

Lot 1: Closed at 1.2194 (-19 pips, -14 wo/spread)
Lot 2: Closed at 1.2197 (+13 pips, 18 w/ spread)
Lot 3: Closed at 1.2195 (+25 pips, 30 w/spread)

Total pips: +19 (if I'd left it alone I'd be up another 40 pips right now!). Need to just walk away and not look back!

Results are attached since I didn't post ahead of trade.

Monthly count:

Winners: 2 for 71 pips
Losers: 0
BE: 1
Nice plan. Trust your trade. Good job.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #2,457
  • Mar 13, 2007 1:54pm Mar 13, 2007 1:54pm
Quoting turk87
Did anyone take a long position on the eur/usd? THe MACD gave a trend continuation signal.

I was watching the signal but decided not to take it on the long tail it showed on my MT4. The deal was on and the worst looks like a break even at the moment as the price comes down. Nothing wrong in taking the deal. Break even always have given you the chance with no loss to gain if it went your way.
  • #2,458
  • Mar 13, 2007 1:58pm Mar 13, 2007 1:58pm
Quoting turk87
Did anyone take a long position on the eur/usd? THe MACD gave a trend continuation signal.
I am not in yet as I do not like the way the price is balancing on a tight rope of the 1.3200 level - out of the 3100th and then back. I have good pips already from the posted aud/usd trade this morning and I am done for today (we are winning again). Yours, T.
  • #2,459
  • Mar 13, 2007 2:17pm Mar 13, 2007 2:17pm
Philip:

If the euro forms a double top will you wait for the 20:00 hour candle to fully close to enter a short position?
  • #2,460
  • Mar 13, 2007 2:22pm Mar 13, 2007 2:22pm
Please be patience with me till my broadband is restored. Will answer the private messages as soon as possible.
Thanks
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