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4 Hour Strategy (MACD)

  • #22,861
  • May 26, 2010 10:18am May 26, 2010 10:18am
Short on EU @1.2244
SL @1.2323 (now trailing stop @1.2225)
TP @1.2155

I took this because of TC signal on MACD and 8-21 pullback after new home sales news.
Any Comments/Advices to consider not to take this one ? I didnt' like the higher low on may 25, but it seemed a good signal.

Thanks,
Andy
Attached Image (click to enlarge)
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  • #22,862
  • May 26, 2010 10:37am May 26, 2010 10:37am
Quoting andy1969
Short on EU @1.2244
SL @1.2323 (now trailing stop @1.2225)
TP @1.2155

I took this because of TC signal on MACD and 8-21 pullback after new home sales news.
Any Comments/Advices to consider not to take this one ? I didnt' like the higher low on may 25, but it seemed a good signal.

Thanks,
Andy
since I took a simmilar trade due to the same reasons I think it was worth entering. the only difference is that i entered at candle close 14:00gmt @1,2261. right now it is the question whether the price will make it through 1,2200 and the trendline that connects 19th to 25th may lows. make sure you're be and/or the trade has enough breathing space to struggle around those two supports.
Regards
  • #22,863
  • Edited 2:15pm May 26, 2010 12:52pm | Edited 2:15pm
hi every bodyi
i got interested in H4macd strategy and i fully studied all 13 lessons made by dear phillip nell but i have some qs;
1- what other confirmation exept macd signal shoud we see befor entry in this strategy? i actually mean what is the action of these 5 moving averages? what do they show us?
tnx in advance
  • #22,864
  • May 26, 2010 3:48pm May 26, 2010 3:48pm
Quoting marmarestan
hi every bodyi
i got interested in H4macd strategy and i fully studied all 13 lessons made by dear phillip nell but i have some qs;
1- what other confirmation exept macd signal shoud we see befor entry in this strategy? i actually mean what is the action of these 5 moving averages? what do they show us?
tnx in advance
hi, emphasis is market rhythm, thats what the moving averages are for. macd signals are secondary and used as confirmation. check Philips chart and audiofile about marketrhythm posted march 2008.
Regards
  • #22,865
  • Edited 6:11pm May 26, 2010 5:47pm | Edited 6:11pm
hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
  • #22,866
  • Edited 11:39pm May 26, 2010 7:21pm | Edited 11:39pm
Quoting marmarestan
hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
I remembered it is, if you trade in H4 time frame, 50 pips sl (unless you see strong support in between) and the target is the next major MA or trend line mentioned by the system.
  • #22,867
  • May 26, 2010 11:29pm May 26, 2010 11:29pm
Quoting marmarestan
hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
Hi, I would like to share the method I use for SL.

-I always put the SL above/below the signal candle (by 1 pip + spread), the entry is at the break of signal candle (1pip + spread). Then I can calculate the pips number for SL.

-Calculate the risk amount (account US$1,000, then the risk amount is 30$ if you risk 3% for each trade), then calculate the lot size (if the pips number for SL is 100 pips (1 pip = 1$ for mini account) then your lot size is 30$/100 = 0.3 lot)

-At each trade recalculate accordingly to the account.

I personally don’t think putting SL at a fix number (like 50 pips) make sense, SL should be put at the point where price can prove you wrong.

For TP, I'm still struggling with that, I think the best way to get out of a trade is by a trailing stop, I am doing an research to move SL to above/below each significant candle move. Currently I get out at 1:1 or more if I see the market is strong.

Hope that helps. My English is not good so pls ask again if you don’t understand.

I am here to learn to so welcome comments.
  • #22,868
  • May 27, 2010 1:06am May 27, 2010 1:06am
Quoting marmarestan
hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
http://www.forexfactory.com/showpost...ostcount=13037
here is Phillips post about market rhythm. as for the sl, I usually set it for shorts above the previous high, at least above the 21ema. tp is fixed 1:1 but I sometimes alter it according to anticipations, support/resistance levels so as trendlines, moving averages etc.
  • #22,869
  • May 27, 2010 2:12am May 27, 2010 2:12am
Quoting marmarestan
hi
I did search among lots of pages but i didnt find the exact post which could guide me to( how to set SL and tp in this strategy),
if there is ,plz show me the link
tnx in advance
i think u can find everything u need in page 1 of this thread .
  • #22,870
  • May 27, 2010 2:25am May 27, 2010 2:25am
Quoting bshadroo
i think u can find everything u need in page 1 of this thread .
I agree.
Newcommer should start with reading through the pdf files.

But just for this time.

http://www.forexfactory.com/showpost...postcount=4348
  • #22,871
  • May 27, 2010 2:55am May 27, 2010 2:55am
For new traders,

The system is about trend following and momentum.

It is important to make sure there is enough momentum, regardless what the MACD or MA tells you, before entering a trade.

ADX is a good indicator for this purpose.

The blue shadowed areas in the chart below are not good for trading, noted that the ADX signal lines, associated with these areas, tangle together under level 25.

Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 60 KB
  • #22,872
  • Edited 4:52pm May 27, 2010 4:08am | Edited 4:52pm
risking short eu at candle close @1,2253, r=100=sl

price has spiked through 8/21ema but closed below 21 on 8. the 100 pip sl should give enough space to gain downsidemomentum and break the actual support. however, i will go be on support zone and watch how momentum develops in case of a break to place tp accordingly

edit:
price has reached +0,5r, sl set to -0,5r

edit: sl hit
Attached Image (click to enlarge)
Click to Enlarge Name: eu 4h 27.5.10.gif Size: 13 KB
  • #22,873
  • May 27, 2010 5:01am May 27, 2010 5:01am
Quoting smikester
So, you bought just under resistance and were lucky to get a profit. When you see this close an H4 bar above that level, with little or no upper wick, would you go long?
I would be tempted to take a long off cable here at 1.4575
Gone to a better place
  • #22,874
  • May 27, 2010 5:33am May 27, 2010 5:33am
Quoting ashes
risking short eu at candle close @1,2253, r=100=sl

price has spiked through 8/21ema but closed below 21 on 8. the 100 pip sl should give enough space to gain downsidemomentum and break the actual support. however, i will go be on support zone and watch how momentum develops in case of a break to place tp accordingly
My previous trade was ok, but this one I don't feel confident for the macd divergence and the (strong ?) support @1.2144. I don't know if I'm on the right way... I'll wait

cheers,
Andy
  • #22,875
  • May 27, 2010 4:25pm May 27, 2010 4:25pm
Quoting davidwu61
For new traders,

The system is about trend following and momentum.

It is important to make sure there is enough momentum, regardless what the MACD or MA tells you, before entering a trade.

ADX is a good indicator for this purpose.

The blue shadowed areas in the chart below are not good for trading, noted that the ADX signal lines, associated with these areas, tangle together under level 25.

Attachment
Hi,
You mean follow ADX on H1 chart? isn't it to weak to show trend on that level?
Besides I think one can follow MACD, small levels <30 on H4 are not for new traders as I have learned from Phillip.

Any comments welcome
Take care.
  • #22,876
  • May 27, 2010 4:46pm May 27, 2010 4:46pm
Quoting smikester
I would be tempted to take a long off cable here at 1.4575
Well I set my long off the top of the H4 bar at around 1.4580 and the next bar picked it up, took it down to the stop loss 1.4475, continued past those support levels and past some more support levels, presumably to steal some more money to 1.4407. Then it went back up to 1.4580 again. Someone with deep pockets was stop hunting. A very humbling experience.
Gone to a better place
  • #22,877
  • May 27, 2010 6:51pm May 27, 2010 6:51pm
is there anyone trading or analysing usdchf?
it seems to preparing a trend reversal, what do you think?
  • #22,878
  • May 27, 2010 7:06pm May 27, 2010 7:06pm
Quoting lukis
Hi,
You mean follow ADX on H1 chart? isn't it to weak to show trend on that level?
Besides I think one can follow MACD, small levels <30 on H4 are not for new traders as I have learned from Phillip.

Any comments welcome
Take care.
I trade om M15, that is why the chart I show is H1.
I use ADX on both time frames.
For me ADX is much easier to read.

You can check Plamer's web for H1 entry method based on H4 MACD system, which also uses ADX for entry signal.

But whatever works for you.
  • #22,879
  • May 27, 2010 7:51pm May 27, 2010 7:51pm
Quoting davidwu61
I trade om M15, that is why the chart I show is H1.

You can check Plamer's web
Yes, Palmer's website is very useful especially for beginners. It is really worth a visit when you are trying to understand and learn the 4 hr system.
http://www.fxtradeblog.com/
  • #22,880
  • Edited May 28, 2010 12:37am May 27, 2010 8:43pm | Edited May 28, 2010 12:37am
Quoting ashes
risking short eu at candle close @1,2253, r=100=sl

price has spiked through 8/21ema but closed below 21 on 8. the 100 pip sl should give enough space to gain downsidemomentum and break the actual support. however, i will go be on support zone and watch how momentum develops in case of a break to place tp accordingly

edit:
price has reached +0,5r, sl set to -0,5r

edit: sl hit
Hi Ashes,

EU is in consolidation right now and IMO it is making a temporary bottom. Here is my view of EU. There is also divergence on both charts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eud1.gif Size: 14 KB
Click to Enlarge Name: eu4hr.gif Size: 17 KB
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