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4 Hour Strategy (MACD)

  • #18,441
  • Edited 9:16am Jan 14, 2009 9:01am | Edited 9:16am
Quoting Palmer
Will move the stop to b/e right above the current 21ma. Retail sales had no affect on the $. Oil might be perking up the $ instead. Interesting how the 23.6 Fib# and the downtrend channel intersect at the same area. This might be a hard support area if we get there...Floating about +240 here.
Hi Palmer...

I am calling outloud for SHORT entry now. Here are my points:-

1)Point X: 3 OUTSIDE DOWN (Highly reliable bearish reversal pattern);
2)Point Y: On its way to form the same pattern as point X; &
3)Point Z: Look at the Fast EMA (green line) as it make sharp reversal downside.

NOTE: Please IGNORE the RED line and the BLUE histogram in my MACD window. They appear because my MACD setting a little bit different from our standard which is 5.0;13.0;1.0 but mine is 5.0;13.0;50.0. I just want to see how the Slow EMA (the Red line) give the signal here.

TO ALL OF YOU WHO FOLLOW THIS THREAD PROGRESS, DO NOT FOLLOW MY SET UP. THIS IS FOR MY OWN USE ONLY...!!! THE STANDARD SET UP FOR MACD IN THIS THREAD IS "5.0;13.0;1.0"

Anyway, I will confirm my SHORT entry once the last candle in point Y is closed plus when the 3 OUTSIDE DOWN pattern is confirmed. It is that simple.

Have a look and make your own thought.

p/s-look like the price is testing the trend line very hard now.
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  • #18,442
  • Jan 14, 2009 9:06am Jan 14, 2009 9:06am
I actually took the short earlier at 3260 with a target of 3172. I took this as the 4H looked like turning over into a TC coming off the zone between the 8 / 21. This area also has a support resistance line running through the middle of it and the 1H turned around right on this line. The 1H turn around also created a zero cross on the 1H MACD so this was my final signal to take it.

I dont think I would enter short right now I feel it has made the most of its move for today and may consolidate.

I still like 3000 as an overall target for this current trend down.
  • #18,443
  • Jan 14, 2009 9:15am Jan 14, 2009 9:15am
Quoting brettboz
I actually took the short earlier at 3260 with a target of 3172. I took this as the 4H looked like turning over into a TC coming off the zone between the 8 / 21. This area also has a support resistance line running through the middle of it and the 1H turned around right on this line. The 1H turn around also created a zero cross on the 1H MACD so this was my final signal to take it.

I dont think I would enter short right now I feel it has made the most of its move for today and may consolidate.

I still like 3000 as an overall target for this...
I still favor the SHORT entry in less than 1 hour NOW
  • #18,444
  • Jan 14, 2009 9:47am Jan 14, 2009 9:47am
Quoting orangeRANGE
Hi Palmer...

I am calling outloud for SHORT entry now. Here are my points:-

1)Point X: 3 OUTSIDE DOWN (Highly reliable bearish reversal pattern);
2)Point Y: On its way to form the same pattern as point X; &
3)Point [color=red]Z[color=black]: Look at the Fast EMA (green line) as it make sharp reversal...
Entry @ 1.3149 (1 Lot)

SL @ 1.3249 (9pips above 8EMA = 100pips from entry rate)
TP @ 1.3049 (100 pips = just to make sure R:R ratio is 1:1)

Below is how my MACD window look like when I use 5.0;13.0;1.0 set up. (blank and make me boring)

See you guys tomorrow
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  • #18,445
  • Jan 14, 2009 9:56am Jan 14, 2009 9:56am
hi everybody. I am a silent follower of the 4h macd thread for the last year.
now I became confident about the system and feel the rhytm and philip left. i am really sorry about that.

Because of my daily work I can not be in front of the screen during the day.

therefore I am planning to trade at us session (actually live at london time). but how about using 15min or 30 min timeframes?

another option is daily frame.

I am sure there is answer in the thread but searching in the thread , cant find any answer. did anybody experienced that? what do you suggest for me?
  • #18,446
  • Jan 14, 2009 12:52pm Jan 14, 2009 12:52pm
Quoting draven
hi everybody. I am a silent follower of the 4h macd thread for the last year.
now I became confident about the system and feel the rhytm and philip left. i am really sorry about that.

Because of my daily work I can not be in front of the screen during the day.

therefore I am planning to trade at us session (actually live at london time). but how about using 15min or 30 min timeframes?

another option is daily frame.

I am sure there is answer in the thread but searching in the thread , cant find any answer. did anybody experienced that?...
Hi Draven

I remember I had several discussions with Phillip regarding using this system on a daily chart (about 1 year or so ago). The very same rules and rhythm apply. He told it he was very successful using it on the daily chart. The only drawback/negative issue is that his SL was about 100pips+. But then one can just reduce the lots size to minimise the risk on the capital.

I also have the same problem as you - it is just impossible for me to check the charts every 4h because of my day job. I got very frustated when I saw the setups only afterwards just because I couldn't be at my PC on the right time(every 4h hours), just to wait another few hours/days for the next setup. That was why I concentrated on his 5min. Much easier for me just the scan the charts of my 3 pairs regularly and then trade the setups when I saw them. The setups are more frequent than on the 4h - so I don't get upset if I missed an opportunity.

BUT it all depends on your style of trading. I am sure Palmer will have more information. Enjoy it!
Willem Forex recipe for success = Patience, discipline & hard work.
  • #18,447
  • Jan 14, 2009 1:22pm Jan 14, 2009 1:22pm
Quoting brettboz
I actually took the short earlier at 3260 with a target of 3172....
I was still in ZZZZZZZZZZZZZ land but it looked like a good entry point...

This is Z land also....
Attached Image
  • #18,448
  • Jan 14, 2009 1:41pm Jan 14, 2009 1:41pm
a part of the 4h macd system are the tc of the 21MA,it would be very nice if someone knows a way to display the 21EMA of the 4h on the 1H TF.
Its not so nice to switch between to charts,even when you start to diff metatrader copies to display the charts on to monitors, it is not possible to share the TL sand other stuff which you draw on the chart.
  • #18,449
  • Jan 14, 2009 2:02pm Jan 14, 2009 2:02pm
Quoting Pipmaniac
a part of the 4h macd system are the tc of the 21MA,it would be very nice if someone knows a way to display the 21EMA of the 4h on the 1H TF.
Its not so nice to switch between to charts,even when you start to diff metatrader copies to display the charts on to monitors, it is not possible to share the TL sand other stuff which you draw on the chart.
That's here on FF ..... somewhere. If you do a search for multi-timeframe moving average I'm thinking something will show up...I've seen it I think.

Let us know if you find it if you can...
  • #18,450
  • Jan 14, 2009 3:51pm Jan 14, 2009 3:51pm
I have already an Indicator to display the daily 21 and 8 ema on the 4 hour.
But I need something for the 4h MAs. Let me know if you need the indikator to show the daily MA on the 4H or any other TF.
I will search the forum tommorow for something better,I have to do my analysis for this day ,before everything gets wiped out of my brain.
  • #18,451
  • Jan 14, 2009 4:59pm Jan 14, 2009 4:59pm
Quoting Pipmaniac
I have already an Indicator to display the daily 21 and 8 ema on the 4 hour.
But I need something for the 4h MAs. Let me know if you need the indikator to show the daily MA on the 4H or any other TF.
I will search the forum tommorow for something better,I have to do my analysis for this day ,before everything gets wiped out of my brain.

you could try playing around with larger EMA's althought i'm not sure how actuate that would be :/
  • #18,452
  • Edited Jan 15, 2009 12:07am Jan 14, 2009 9:37pm | Edited Jan 15, 2009 12:07am
Quoting Pipmaniac
I have already an Indicator to display the daily 21 and 8 ema on the 4 hour.
But I need something for the 4h MAs. Let me know if you need the indikator to show the daily MA on the 4H or any other TF.
I will search the forum tommorow for something better,I have to do my analysis for this day ,before everything gets wiped out of my brain.
Hi Pipmaniac

If you look at post #18013 you will see how I use the 4hr 21ema and 8ema on the 1 hour charts. I have put an indicator there called MTFMovingAverage as well as my template. If you don't want to use the template just drop the MTFMovingAverage indicator on your 1hr chart. In the properties window for the MTFMovingAverage indicator use the following Inputs for the the 21EMA on the 1 hour chart

TimeFrame 240
PERIOD 21
Method 1
AppliedPrice 0
Backtesting false

Also go to the Visualization tab in the indicator properties and unselect the 4hr time frame and tick the timeframes you want to view the 4hr 21 ema on. All the same for the 8EMA only the PERIOD will be 8.

Hope this is what you're looking for. Let me know how you go.

Austrader

http://www.forexfactory.com/attachme...1&d=1227725618
The trend is your very wealthy friend
  • #18,453
  • Jan 14, 2009 11:12pm Jan 14, 2009 11:12pm
Hello all...

Last night I anticipated that the price will break trend line #2 (see h4 below) but it didn't happen. Maybe the Oil price keep the EurUSD supported at this period. But look at all the EMAs and SMAs in there (obviously down trend is in control right now). The trend line #1 is also squashing the price into tight area right now.

4Hours Chart
X box : 3 OUTSIDE DOWN pattern
Y box: 3 OUTSIDE DOWN pattern

The pattern in Y box seems a little bit weaker than pattern in X box. Look at the long tail of the last candle in Y box. Also, just simply look at trend line #2 and you know why.

MACD window - What did it tell us? What do you think?

1Hour Chart
These are candlesticks behaviours that represent X and Y box in h4 chart. I see a Dragonfly Doji pattern (in X box) and 3 Outside Down pattern and 3 Inside Down pattern (in Y box) there.

Again, look what MACD can tell us about these price emotion.

ANYWAY...

The price is still stay close to 8EMA (h4 chart) while I am writing this post. We will see more price action when ECB holding their meeting later today.

Have a look and make your own thought.
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  • #18,454
  • Jan 15, 2009 12:08am Jan 15, 2009 12:08am
Quoting Palmer
That's here on FF ..... somewhere. If you do a search for multi-timeframe moving average I'm thinking something will show up...I've seen it I think.

Let us know if you find it if you can...
Hi Palmer,

I have downloaded all the files as stated in 1st page of this thread. I want to keep it for my own . Just in case.....

But, I have some problem to open the .mq4 file. What is .mq4 anyway? What software I can use to opwn this hile. Sorry, but I am not familiar with .mq4. Anyone can help me, please? (I am shame though)

Thanks a lot...
  • #18,455
  • Jan 15, 2009 1:52am Jan 15, 2009 1:52am
Quoting orangeRANGE
Hi Palmer,

I have downloaded all the files as stated in 1st page of this thread. I want to keep it for my own . Just in case.....

But, I have some problem to open the .mq4 file. What is .mq4 anyway? What software I can use to opwn this hile. Sorry, but I am not familiar with .mq4. Anyone can help me, please? (I am shame though)

Thanks a lot...
Hi OrangeRange,
mq4 is metaquotes language 4 file. You need to have MT4 (metatrader4) installed in your computer in order to open the file. As a matter of fact should you want to use the indicators simply just copy the file and paste it to your indicators folder inside experts folder in your metatrader. You would get the same macd display as what Phillip taught us as well. That would help you to improve your analysis based on this system. Hope this helps...
  • #18,456
  • Jan 15, 2009 2:07am Jan 15, 2009 2:07am
Heloo Palmer !

I can't find Fibonacci level which looks like yours. Can u help me and send suitable file to add this indicator to MT.
Thank you !
  • #18,457
  • Jan 15, 2009 2:36am Jan 15, 2009 2:36am
we may see a sell signal there
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  • #18,458
  • Jan 15, 2009 3:00am Jan 15, 2009 3:00am
Quoting hammerhead
Hi OrangeRange,
mq4 is metaquotes language 4 file. You need to have MT4 (metatrader4) installed in your computer in order to open the file. As a matter of fact should you want to use the indicators simply just copy the file and paste it to your indicators folder inside experts folder in your metatrader. You would get the same macd display as what Phillip taught us as well. That would help you to improve your analysis based on this system. Hope this helps...

Hi Hammer,

Thanks for your explaination. I haven't use mt4 chart yet. I just use chart from the trading platform that I used.

Thank you again.
  • #18,459
  • Jan 15, 2009 3:24am Jan 15, 2009 3:24am
Quoting bshadroo
we may see a sell signal there
sold on early H1 entry ,will close first lot for 25 pips and use it for the second lot's SL
watching it in smaller TF closely
stopped out : -20 and -35 = -55
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  • #18,460
  • Edited 4:03am Jan 15, 2009 3:46am | Edited 4:03am
orangeRANGE,

even if there are no comments posting on your analysis, doesn't mean that nobody is reading it. I very appreciate your approach on these analysis. Although I trade BGX (BunnyGirl Cross) with some PA technique, still getting closer and closer to 1&4hrMACD system. Thinking about posting more as FX trading is my full time job

Palmer, I wish you a lot of energy and enthusiasm in continuing of Phill's work.

Happy trading to all.
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