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4 Hour Strategy (MACD)

  • #19,801
  • May 21, 2009 9:32am May 21, 2009 9:32am
Quoting welshguy2000
I have just closed this trade @ 1.3729 + 94 pips

I will also be posting a video reviewing this trade tonight. To receive updates of my videos please subscribe to my channel in my signature: http://www.youtube.com/user/sionsmith

hi welshguy,

You stoploss is about 200pips away from your entry.
Do you position size it?
or you just placed it at a comfortable position.
And see how the price action goes and if things doesnt go right.
You just cut your loss.
  • #19,802
  • May 21, 2009 10:28am May 21, 2009 10:28am
Quoting jinsen
hi welshguy,

You stoploss is about 200pips away from your entry.
Do you position size it?
or you just placed it at a comfortable position.
And see how the price action goes and if things doesnt go right.
You just cut your loss.
I position size it, I never risk more than 3% of my total account in 1 trade - if I am in multiple positions I will lower the stop of each open trade, if that makes sense?

On top of that I also watch price action to see how it is reacting, if you watch my latest video I explain it better there. I won't wait for the market to come all the way to my SL, i'll react as it develops.

Something worth noting, I do NOT class a SL as an indicator of being right or wrong in a trade. I only use them to protect me against a sudden price shock i.e. a bombing or something so that if something like that were to ever happen I would not lose my whole account, but only the 3% i risked.

When it comes to risk management people make it very complex when there is no need. You should have enough money in your account to withstand a long drawdown (losing period) as you do NOT want to get whats know as blown-up, trading death because of a wipped out account. To allow you to keep this buffer to withstand the bad periods you must only risk something from 3 - 5% (if that) of your account.

Trading is for the long term, you should view it over a period of at a mininum 7 - 10 years, there are no get rich quickly & it is not an easy as it looks. I've planned some stuff on Risk / Reward for lesson 7 so watch out for that video

Hope that helps?

Cheers WG
  • #19,803
  • May 21, 2009 10:56pm May 21, 2009 10:56pm
thanks to WG!!!!! for your lessons,but i can not see the web site.

can you change the web site ??????

thanks a lot ......
  • #19,804
  • May 22, 2009 12:03am May 22, 2009 12:03am
Hi all

ssq, if you can't see youtube because You live in China try TOR :

http://www.torproject.org/index.html.zh-cn

Maybe it helps you.
  • #19,805
  • May 22, 2009 12:37am May 22, 2009 12:37am
Guys,

I needed a skilled opinion. I think i see a diveregence on the daily and 4h but since i dont use this macd for a long time wanted to see if anyone here who does use it reads this the same way. Hopefully the pics speak for themselves. I put a line across the macd to show that the current move di not reach the same levels as the previous move on the macd. That is significant divergence right?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: divergenced1.gif Size: 24 KB
Click to Enlarge Name: divergence4h.gif Size: 24 KB
Whats happening in EUR/USD should be happening to you!
  • #19,806
  • May 22, 2009 12:46am May 22, 2009 12:46am
Here's another template for the new comers.
Attached Image
Attached File(s)
File Type: tpl H4 MACD Strategy.tpl   13 KB | 1,070 downloads
File Type: mq4 MovingAverages1.1.mq4   7 KB | 946 downloads
File Type: mq4 MACD_Colored_v104.mq4   16 KB | 1,017 downloads
File Type: mq4 Magnified Market Price.mq4   1 KB | 921 downloads
File Type: mq4 b-clock.mq4   2 KB | 893 downloads
  • #19,807
  • May 22, 2009 1:16am May 22, 2009 1:16am
Sorry guys,

yesterday I posted the wrong link, please find the trade review for the 20th here:

Inserted Video


Hope that helps!

Cheers WG
  • #19,808
  • May 22, 2009 1:28am May 22, 2009 1:28am
Quoting welshguy2000
Sorry guys,

yesterday I posted the wrong link, please find the trade review for the 20th here:

http://www.youtube.com/watch?v=7HRSeES0yGc

Hope that helps!

Cheers WG
That was very helpful. Much appreciate the commentary. Seems how we are at 3900's. Do you post these a day later? it would be nice to see commentary for next day stuff.

thanks
bulls
Whats happening in EUR/USD should be happening to you!
  • #19,809
  • May 22, 2009 3:33am May 22, 2009 3:33am
Morning all,

First of all I just wanted to thank everyone for the feedback i'm getting on the videos trade reviews & the lessons (next one will be uploaded tonight)

Right onto today, i've decided to a short on the EUR its quite a risky trade - which I wouldn't normally take. These reasons i'll explain in the video review. Here are the reasons why I have taken the trade:

1) Series of 4H spinner closes showing trendline resistance, and lack of momentum to break price channel.
2) After the belt holding candle close at 16:00 (21/05/09) the small candles show a lack of momentum & emotion to the upside which you would expect with such a positive close.
3) Large MACD divergence on the 1D chart.
4) Price action is a large distance away from the 8EMA on the daily chart, so per palmer i'm expecting it to fill the gap.
5) Price found resistance on the 161.8 fib extension.

Entry @ 1.3948
TP: 1st:1.3848 2nd:1.3737 (I will see how it reacts around 1st target)
Sl: 1.4125

I will also be posting a video reviewing this trade tomorrow - in the mean time please take a look at the attached image.

To receive updates of my videos please subscribe to my channel in my signature: http://www.youtube.com/user/sionsmith

Cheers WG
Attached Image (click to enlarge)
Click to Enlarge Name: eur4h(22-05-09).gif Size: 23 KB
  • #19,810
  • May 22, 2009 2:57pm May 22, 2009 2:57pm
Quoting welshguy2000
Morning all,

First of all I just wanted to thank everyone for the feedback i'm getting on the videos trade reviews & the lessons (next one will be uploaded tonight)

Right onto today, i've decided to a short on the EUR its quite a risky trade - which I wouldn't normally take. These reasons i'll explain in the video review. Here are the reasons why I have taken the trade:

1) Series of 4H spinner closes showing trendline resistance, and lack of momentum to break price channel.
2) After the belt holding candle close at 16:00 (21/05/09) the small...
You had to wait till my tp hit, I'm on a short at 1.4006 with you mate! I also see couple of reasons why to short but still extremely risky gl brother!
{Promotion Removed}
  • #19,811
  • May 23, 2009 12:10am May 23, 2009 12:10am
hi all, mind if I ask, how has the current MACD evolved or changed from the very original one by Philip? is there any improvement/addition? thanks
  • #19,812
  • May 23, 2009 8:47am May 23, 2009 8:47am
Mnr Nel, I would just like to express my extreme gratitude for all the work you have done and the information you are sharing. I have been reading/studying/practicing for only 2 weeks and have made a number of very good trades in my demo account. Before that I did the same as you (but for six years, part-time of course), bought a number of systems and could never quite get it off the ground. But I knew there had to be a way and kept on trying.

For you to share your system in this way tells me you know something sowing and reaping and I hope you reap a mighty harvest in all the areas of your life. Thanks again.

By the way, I was surprised to see where you are from. Am staying here in Potchefstoom just on the other side of Jo'burg myself. We are a couple of guys trading together.

Thanks again.
Never give up !!!
  • #19,813
  • May 23, 2009 8:09pm May 23, 2009 8:09pm
If you want to monitor another pair on the same chart, here's the indicator. For example, monitor AUDUSD on the NZDUSD chart.
Attached Image
Attached File(s)
File Type: mq4 3colorMACD.mq4   5 KB | 914 downloads
  • #19,814
  • May 23, 2009 8:16pm May 23, 2009 8:16pm
Quoting banzai
If you want to monitor another pair on the same chart, here's the indicator. For example, monitor AUDUSD on the NZDUSD chart.
why would u use a macd on the aud/usd on the kiwi?? they move just about pip for pip....

so if u can't see the turn on the Kiwi what makes u think u will see it on the aud? chart is way to complicated mate.

when I traded the actuall 4 hour method I did not even use the fancy macd, I learnt the patterns inside out so I could feel them forming.

my tip to u uncomplicated that chart... all u need it what Phillip advised to use on page 1.

I know this cuz I make over 500% with this method.

I am not having a go at u

good trading.
  • #19,815
  • Edited May 24, 2009 4:20am May 23, 2009 9:07pm | Edited May 24, 2009 4:20am
Quoting banzai
If you want to monitor another pair on the same chart, here's the indicator. For example, monitor AUDUSD on the NZDUSD chart.
Thanks Banzai, I know you are only trying to be helpful but Phil asked us many times not to introduce any other indicators into the system as it would only confuse newcomers and reduce the reliability of the system.
  • #19,816
  • Edited May 24, 2009 4:05am May 23, 2009 10:05pm | Edited May 24, 2009 4:05am
It has come to my attention that some templates that are recently being posted have problems with them. For those who are having trouble downloading templates and the macd, here they are. These are for charts with 5 decimal digits. Those who are still using charts with 4 decimal digits should download the one from www.fxtradeblog.com
It is a system based on price action but includes 1 indicator and 5 moving averages which are included in the template.
Attached File(s)
File Type: ex4 MACDColoredv102decimal.ex4   7 KB | 582 downloads
File Type: tpl 4hr.tpl   4 KB | 799 downloads
File Type: mq4 MACDColoredv102decimal.mq4   6 KB | 625 downloads
  • #19,817
  • May 23, 2009 10:07pm May 23, 2009 10:07pm
Quoting yuan83
hi all, mind if I ask, how has the current MACD evolved or changed from the very original one by Philip? is there any improvement/addition? thanks
It was changed when all the charts went to 5 decimal places. You can download it from above post.
  • #19,818
  • May 24, 2009 12:45am May 24, 2009 12:45am
huh? you saying the strategy fundamentally change already? why will a 5 decimal place affect the strategy?
  • #19,819
  • May 24, 2009 12:52am May 24, 2009 12:52am
Quoting yuan83
huh? you saying the strategy fundamentally change already? why will a 5 decimal place affect the strategy?
Are you asking if the MACD has changed or if the strategy has changed ? I thought you asked if the MACD has changed.
  • #19,820
  • May 24, 2009 12:59am May 24, 2009 12:59am
Just a reminder that this Monday is a bank holiday for the UK as well as the US.
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