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4 Hour Strategy (MACD)

  • #18,781
  • Feb 17, 2009 4:53pm Feb 17, 2009 4:53pm
thank you PALMER!!!!
  • #18,782
  • Feb 17, 2009 6:14pm Feb 17, 2009 6:14pm
You're welcome ssq....I learn from this as well.

What I'm trying to show here is the anatomy of a trade entry. It's starting to get late so I'm not sure if I'll make it or not. Sleep is so overrated but...

Now here is the 4hr chart. Price ticked back up and our gap is starting to close. Our yellow bar is now red by a few pips. Here's the 1hr too which can have gaps as well..still formatting the gap for the shorter timeframe. So on the 1hr, to get in early and given the bearish tone of the 4hr now, we would like to see the -DM tick up and or the MACD turn back to red either this bar or during the next few 1hr candles that make up the current 4hr bar.

You can simply subtract the MACD number on the 1hr MACD, here at 26, from the current EURUSD price ( this is the value where the MACD will now be red )and set an audible alarm in MT4 to sound in the event you are in zzzzz land. Not Datsun 280Z like I'm in every once in a while but couting sheep land.

Not to thrilled with making trades during this time of day though...

I still email Phillip about any ideas such as this gap indicator and wait for his ok. I still think of this thread as 'his'.
Attached Images
  • #18,783
  • Feb 17, 2009 6:16pm Feb 17, 2009 6:16pm
Hello all...

As per my D1 chart, so far EU is pausing @ fib 100.0%. From this level, in h4 we can see a clearer view that "MAYBE" this pair might pull back to 8, 21 and trend line region here. So, EU could be in a strong rhythm (CT) before it continues downside direction.

It is too early to say this, but in short term target I predict this pair would go to fib 123.6% level. This is just my thought and we will see if that happened or not soon....

Also, many are very aware of 1.2300 price level (including Palmer and time1300). Well guys, I don't mean to offend you, and hopefully you are right and I am wrong about this, but based on my chart, I do not see this price level is scary enough now. Again...we shall see if 1.2300 is a market bottom or otherwise.

I am not a fortune teller...am just trying to thinking outside the box

HAVE A LOOK AND MAKE YOUR OWN THOUGHT
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  • #18,784
  • Feb 17, 2009 11:05pm Feb 17, 2009 11:05pm
Quoting Palmer
...
and set an audible alarm in MT4 to sound in the event ...
Good Morning everybody!

Thx alot Palmer. Looks like the Gap indicator could be a nice help too. But because im very new to this strategy, i'm going to stay to the basics at the moment, but i understand your gap indicator.

Btw, could you tell me please, how to set an audible alarm in MT4. I'm new to MT4 too.

Thanks.
  • #18,785
  • Feb 17, 2009 11:24pm Feb 17, 2009 11:24pm
Click on 'Terminal' button, or you can select the Terminal option from the View menu.
When this comes up there is an 'Alerts' tab. Once in there, right click and choose 'create' to start the process.

Quoting IvoHR
Good Morning everybody!

Thx alot Palmer. Looks like the Gap indicator could be a nice help too. But because im very new to this strategy, i'm going to stay to the basics at the moment, but i understand your gap indicator.

Btw, could you tell me please, how to set an audible alarm in MT4. I'm new to MT4 too.

Thanks.
  • #18,786
  • Feb 18, 2009 2:21am Feb 18, 2009 2:21am
Hi Fellow Traders,

I was just wondering if anyone here trading this system is doing it exclusively and has managed to take their trading full time with this system?

I understand that each and every person can yield different results with the same rules but I just wanted to know if anyone on here was actually trading full time and using this system?

thanks people for your input!!!
  • #18,787
  • Feb 18, 2009 2:42am Feb 18, 2009 2:42am
Quoting Palmer
I'd read over the pdf first a few times then look for examples on your own charts, then look at the practice charts, then the lessons. If you don't fully see what is going on the lesson might be a little confusing. Focus on the high probability trades first such as during periods of strong rhythm and pullbacks to the 21. Don't focus too much on the MACD patterns since the majority of these are counter trend trades. Phillips mentioed several times to let the MACD be secondary or tertiary indy. Look at the 3 lower ma's first and go from there..

Hi Palmer,

Just wondering if you could dlarify something for me...

In the documentation it mentions that the MACD is the entry signal... But you say not to focus on it... could you maybe jusy clarify what I should concentrate on for entries so I can go away and study?

Thanks
  • #18,788
  • Feb 18, 2009 3:22am Feb 18, 2009 3:22am
Hey Daytrader,
there are like 13 Lessons with mp3 and pdf.

Go and have a look at them. The most important lessons are the Market Rythem, Price emotion, market motion. There you will get all your answers in an mp3. Have a look at those lessons.

ivo
  • #18,789
  • Feb 18, 2009 3:59am Feb 18, 2009 3:59am
hi daytraderfx:
i have used this method since the beginning of 2009,i have done 3 times ,they are all positive luckyly.
  • #18,790
  • Feb 18, 2009 4:16am Feb 18, 2009 4:16am
Quoting DayTraderFX
Hi Fellow Traders,

I was just wondering if anyone here trading this system is doing it exclusively and has managed to take their trading full time with this system?

I understand that each and every person can yield different results with the same rules but I just wanted to know if anyone on here was actually trading full time and using this system?

thanks people for your input!!!
Welcome dayTraderFX,

I know me and Palmer trade the system full time, all not exclusive 4H entries. We both may take 1H signals & refine them using the 5M. I would not advise this until you you develop the knowledge and experienced around how the market reacts to S/R lines, EMA's Trendlines & fibs etc.

Everyone will yield different results yes, this depends on the risk / reward strategy that you employ. For example, I risk a lot more than alot of the other followers on here but counter act this with a smaller lot size - i.e. i spread my risk over a certain support / resistance area.

If you are new to the thread then i'm afraid i'm going to recommend like everyone else that you start at the beginning - there is no other way. Print the charts out and write note on them where the system would have given you an entry.

Any more information you require, dont be afraid to ask.

Cheers WG
  • #18,791
  • Feb 18, 2009 4:24am Feb 18, 2009 4:24am
Quoting DayTraderFX
Hi Palmer,

Just wondering if you could dlarify something for me...

In the documentation it mentions that the MACD is the entry signal... But you say not to focus on it... could you maybe jusy clarify what I should concentrate on for entries so I can go away and study?

Thanks
Sorry DayFX, I mist this question.

I'm sure Palmer wont mind me jumping in here, what he means by this is that the MACD is the trigger. So think of it as a fire button on a tank, you have to 1st move the tank into position, load the gun, aim and then fire. So MACD is the finally fire part, you must do all the previous steps before you get here.

All these steps are explained in the pdf's which the thread starter has created over 3 years ago. All these are still valid, market rhythm, position of EMA's, candle formation & support / resistance lines. Go through the lessons and you will start to understand what we post about on here.

Off topic, I want to share with everyone a few trades which I passed on & why I passed on and my current position - hopefully i'll get some time in the next couple of hours to explain with aid of pictures
  • #18,792
  • Feb 18, 2009 4:28am Feb 18, 2009 4:28am
Quoting welshguy2000
Off topic, I want to share with everyone a few trades which I passed on & why I passed on and my current position - hopefully i'll get some time in the next couple of hours to explain with aid of pictures
hey welshguy,
i would be happy, if you could also post the 1hour trades you mentioned.

ivo
  • #18,793
  • Feb 18, 2009 4:38am Feb 18, 2009 4:38am
Quoting IvoHR
hey welshguy,
i would be happy, if you could also post the 1hour trades you mentioned.

ivo
The 1H trades should only be taken by experienced traders of the system, they can be found here:
http://www.fxtradeblog.com/onehour1.html#introduction

my entries were based on the 4H but will post them in a short while

cheers WG
  • #18,794
  • Feb 18, 2009 4:40am Feb 18, 2009 4:40am
Quoting orangeRANGE
Hello all...

As per my D1 chart, so far EU is pausing @ fib 100.0%. From this level, in h4 we can see a clearer view that "MAYBE" this pair might pull back to 8, 21 and trend line region here. So, EU could be in a strong rhythm (CT) before it continues downside direction.

It is too early to say this, but in short term target I predict this pair would go to fib 123.6% level. This is just my thought and we will see if that happened or not soon....

Also, many are very aware of 1.2300 price level (including Palmer and time1300). Well guys, I...
Just to add my own post previously.

Looks like my fib 100% still holding the EU from going down so far. But I think this stronghold won't be long, as the 8 & 21 already have some good angle and gap so far.

Randomly, my next target would be fib 123.6%. We'll see if that happened.

HAVE A LOOK AND MAKE YOUR OWN THOUGHT
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  • #18,795
  • Feb 18, 2009 5:14am Feb 18, 2009 5:14am
Quoting DayTraderFX
Hi Palmer,

Just wondering if you could dlarify something for me...

In the documentation it mentions that the MACD is the entry signal... But you say not to focus on it... could you maybe jusy clarify what I should concentrate on for entries so I can go away and study?

Thanks
I'd look for the areas of strong rhythm, say bullish, where the 8 is greater than the 21 and the 21 is greater than the 89 and have been for some time. Look for the pullbacks to the 21 for re-entries. This is more than likely where you rill see a rounded top forming with the MACD but this type of trade is against the trend. If you are waiting to short here with the MACD, the actual high probability trade is to re-enter on the pullback to the 21. Your logic can get a little messed up here when you are trying to go short but should really be looking for a long. Sometimes the RT's and RB do work but these formations can lead you to try to pick tops and bottoms in a trend which will eventually liquidate your account for you. I think these formations are worth watching but only during doublle or triple tops, channels, s/r, lines etc. Here, there is a reason for price to turn the other way.

oRange:

Thanks for pointing out that support level on the daily. I totally missed that picture. And whad'ya know...price has been lingering here for a while. Sooooo, a break here to the downside could then approach that 2300 level. There, that feels a little better...
  • #18,796
  • Feb 18, 2009 5:20am Feb 18, 2009 5:20am
Quoting DayTraderFX
Hi Fellow Traders,

I was just wondering if anyone here trading this system is doing it exclusively and has managed to take their trading full time with this system?

I understand that each and every person can yield different results with the same rules but I just wanted to know if anyone on here was actually trading full time and using this system?

thanks people for your input!!!
Trading full time is a goal that a lot of us start out with. But even trading successfully part time like the majority of us do here can be difficult. I think you really need a plan for all types of market conditions. Look back at the EURUSD for the past few weeks. If you were specifically trading only the 4hr charts here, there would not be much to do so that's about 2 or 3 weeks without a paycheck. This is where you have to a different market plan for all market conditions. I am slowly integrating the 4hr and 5min methods as one method while specifically using the 4hr as a footprint. The key would be to make money every single day (like you do at work now) while at the same time be able to read the 4hr, 1hr, and 5min consistently. It can work, all the tools are here. It's just a matter of dedicating all the time necessary to get to that point....

I think the hardest thing to do would be to match your paycheck, benefits, insurance, leave, etc...consistantly every single day.
  • #18,797
  • Feb 18, 2009 7:39am Feb 18, 2009 7:39am
H1 early enry :
i know some of u have a TC even in H4 chart
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  • #18,798
  • Edited 8:02am Feb 18, 2009 7:45am | Edited 8:02am
hey bsh...yeah i got in too. Took some out already...kicking myself for not going long on the Yen yesterday...

Stop is between the 8/21. Will end up positive on the trade if it gets stopped out. Bernancke is speaking today so who know what'll happen. If the daily closes below the support here, then the 2300 level 'should' be next..
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  • #18,799
  • Feb 18, 2009 8:13am Feb 18, 2009 8:13am
Quoting Palmer
hey bsh...yeah i got in too. Took some out already...kicking myself for not going long on the Yen yesterday...

Stop is between the 8/21. Will end up positive on the trade if it gets stopped out. Bernancke is speaking today so who know what'll happen. If the daily closes below the support here, then the 2300 level 'should' be next..
Yes I am short on Euro too on close of the 800-1200 candle. Was hairy for a bit but looking ok now. Took half for 51pips Rest is running (+64 just now)

Also short on Cable from about 1.4162 today. Neraly got stopped out but it has retraced away from 21ema and I am not only -20pips. The -DI may crosss over again withing this 1H candle so that would be nice.

Neil
  • #18,800
  • Feb 18, 2009 8:21am Feb 18, 2009 8:21am
I think everything was waiting for something. The patience, as usual, does pay off.

Nice trades...

Hoping to let that last position run per the 4hr...we'll see.
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