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4 Hour Strategy (MACD)

  • #18,701
  • Feb 10, 2009 3:42am Feb 10, 2009 3:42am
Quoting orangeRANGE
Condolence Smith....

Back to the trade...MACD shows a TC and the recent 3 candles is still developing the 3 OUTSIDE UP pattern...the 8 and 21 are in good gap and angle as well...

BUT......................

Let us see if this fib 76.4% still can be a good res level as it did twice before...365 just well above this fib too....

Thinking outloud....

HAVE A LOOK AND MAKE YOUR OWN THOUGHT
Hi,orangeRANGE
Could you please tell me how you define the 3 OUTSIDE UP pattern??
Thank you a lot!
  • #18,702
  • Feb 10, 2009 3:46am Feb 10, 2009 3:46am
Quoting welshguy2000
Good morning everyone,

Hope you all had a good weekend, my grandad pasted away on Friday night so mine wasn't the best. Anyways onto the trade floor.

I've taken a TC off the 21EMA on the 4H.

Entry: 1.2965
SL: 1.2747
TP: 1st (1.3062)

I have applied a bigger stop to this trade as I am viewing it a longer term trade. There is a key reversal signal in the form of a head & shoulder. I view 1.29 / 1.27 area as the bottom of this down move. The daily TL has also been tested a number of times and has held in, my thoughts are well see 1.33 in the next...
Hi, Sion
Condolence ur grandad pasted away.
Back to the trade, May I ask you question about [email protected] on EUR/USD 4H you traded?
I guess you choose 1.2965 for entry because of where there is 89sma point? Price break through 89sma means bull market will coming. Is it right? But if it’s true, it’s vary with Phillip’s entry strategy that’s entry at next 4hr open point?
Thank u a lot!!
  • #18,703
  • Feb 10, 2009 4:06am Feb 10, 2009 4:06am
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  • #18,704
  • Feb 10, 2009 4:08am Feb 10, 2009 4:08am
Quoting yuyudada
Hi,orangeRANGE
Could you please tell me how you define the 3 OUTSIDE UP pattern??
Thank you a lot!
Hello...

You may go to this link regarding this pattern as well many other patterns :
http://www.fxwords.com/b/bullish-thr...ndlestick.html

The pattern yestreday however wasn't a perfect one since the price found res @ 365 and fib 76.4%, which explained why the third candle have long sting-tail on it. You may look at my post yesterday too...

Have a great day trading ahead....!!!
  • #18,705
  • Feb 10, 2009 5:01am Feb 10, 2009 5:01am
Hi all...

Obviously, it seems that EU is in consolidation period for about 2 weeks ++ now. Most of the time, the price ranging between fib 76.4% and support trend lines.

Perhaps, there will be a big move waiting us ahead...who knows...only time can tell...

HAVE A LOOK AND MAKE YOUR OWN THOUGHT
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  • #18,706
  • Feb 10, 2009 5:48am Feb 10, 2009 5:48am
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  • #18,707
  • Feb 10, 2009 7:12am Feb 10, 2009 7:12am
Looks like a coiled up snake to me...ready to strike at some point. I dig snakes but this one doesn't look pretty per the 4hr.
  • #18,708
  • Feb 10, 2009 7:15am Feb 10, 2009 7:15am
Quoting david4u
I am new here ...I would like to know if a short trade form point 1 to 2 was legitimate according to the system ...
If yes , why ?
I was mainly looking at the macd...is this an error ?
An if a long trade , right now , from point 3 is Ok or not ?
Now the price is bellow the 89 ,21 ,8 .
When is the earliest point we can enter a trade according the macd ?
On the second macd bar withe the same colour ?
pls advice
thanks to all for helping ...
David
David:

That's a 1hr chart and I see that you have the MACD patterns highlighted. I'm pretty sure that there has been no backtesting on the 1hr with this method. Phillip stressed not to trade per the MACD alone and to let it become a secondary indicator and put the majority of the weight on the 4hr with the proper channels, trendlines, and moving averages. Start there first then migrate to the 1hr if needed...
  • #18,709
  • Feb 10, 2009 7:44am Feb 10, 2009 7:44am
Quoting yuyudada
Hi,orangeRANGE
Could you please tell me how you define the 3 OUTSIDE UP pattern??
Thank you a lot!
You might want to look here:

http://www.hotcandlestick.com/candles.htm with the 3 outside up shown here:

http://hotcandlestick.com/directory/...tside%20Up.htm

you should look at buying this book which will help you no end:

http://www.amazon.co.uk/Candlestick-.../dp/0471227285

there is a online version on google somewhere.

cheers WG
  • #18,710
  • Feb 10, 2009 8:52am Feb 10, 2009 8:52am
Hello david4u

I have e-mail for you. Check it out mate...
  • #18,711
  • Feb 10, 2009 9:06am Feb 10, 2009 9:06am
This one looks perfect 3 INSIDE UP to me. Just look how the macd react to the price action. It took aggressive turn from the Zero line. But I still really really aware the immediate resistance of fib 76.4% and 365ema levels.

Hope this help new guys in this thread.

p/s- Smith...you do really have those candlestick books? Wow....

HAVE A LOOK AND MAKE YOUR OWN THOUGHT
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  • #18,712
  • Feb 10, 2009 10:26am Feb 10, 2009 10:26am
Hello

Is anyone knowing about a EA for this great system?

Regards
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  • #18,713
  • Feb 10, 2009 10:44am Feb 10, 2009 10:44am
Quoting Yahoomt4
Hello

Is anyone knowing about a EA for this great system?

Regards
I heard about it but never seriously look at it since I am not mt4 user. Can you explain us here about it then?
  • #18,714
  • Feb 10, 2009 4:56pm Feb 10, 2009 4:56pm
there is not a EA for this system since the page 1....
  • #18,715
  • Feb 10, 2009 5:04pm Feb 10, 2009 5:04pm
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  • #18,716
  • Feb 10, 2009 5:56pm Feb 10, 2009 5:56pm
Waiting as well...look how the 23.6 Fib# has been a brick wall...

About the EA question. There will never be one, or one that works because there is some chart interpretation that is needed to be successful....
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  • #18,717
  • Feb 10, 2009 11:10pm Feb 10, 2009 11:10pm
Hello all...

Okay let us put this step by step....

H4
1) 14 trading days period of time = 84 candles;
2) Red circles are where the price find it resistance; &
3) Blue circles are where the price found it support;

So far...looks like the fib 76.4% (res) and trend lines (sup) are the RANGING ZONE for this pair. For those who are brave enough to use Swing Trading Method during this Consolidation Period, you guys are definitely the winning traders.

Obviously, the MACD window shows its agreement with this Consolidation Period. Just look at the red / blue arrow there...

AND............

H1
1) 7 trading days period of time = 168 candles;
2) This time frame is the ZOOM IN version for the H4 (half of h4). So, we can see a clearer Candlestick Patterns / Behaviours here; &
3) MACD also give more sensitive signal using this time frame.

Hope this helps...especially to the newbies in this thred...

HAVE A LOOK AND MAKE YOUR OWN THOUGHT
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  • #18,718
  • Feb 11, 2009 1:18am Feb 11, 2009 1:18am
Hi David4U

Refer to you post 18699, can you share with me how to do "2-in-1" Stoch? It will be helpful to my trading.

The clocks display are good. Is this freeware? Can you share it?

Thanks alot.

fxpip8
  • #18,719
  • Feb 11, 2009 3:27am Feb 11, 2009 3:27am
my entry on the usd/jpy today, price is within the triangle after bouncing off of daily trend line and entry made on 1H as price is hugging the 8ema and after being filled in the gap on 4H
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Keeping Life Simple
  • #18,720
  • Feb 11, 2009 3:31am Feb 11, 2009 3:31am
You trade this system in Daily Chart?

Regards
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