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4 Hour Strategy (MACD)

  • #23,241
  • Aug 25, 2010 7:11pm Aug 25, 2010 7:11pm
Quoting ira
SL was initially above the tail, but quickly put to breakeven.
Hi Ira, when you quickly put to breakeven for the above trade, do you have a rule like, move to breakeven when up 20 pips or something like that? I remember reading about this part in one of the many attachments on page 1. But I feel that sometimes 20 pips is not enough before it reversed again with a big move..... but sometimes it could help to minimize many losses.

I'm not sure if I should use this "move to Breakeven when up 20pips" rule.
  • #23,242
  • Aug 25, 2010 10:43pm Aug 25, 2010 10:43pm
Quoting xeneric

If you want to follow Ira's blog at her website strateg.org.ua (It is worth following because she posts all her trades there), you should translate it with "google translate". .....
Thanks for the hint, man! Ira surely knows the 4H MACD strategy! Cheers.
  • #23,243
  • Aug 25, 2010 11:04pm Aug 25, 2010 11:04pm
I have a dumb question...
Does anyone know if there is an indicator for drawing pivot points s1, s2, s3, R1, R2, R3 lines such as SionSmith has in his charts and also Ira talked about on her blog on the 24th of august? And how to use it?
Reading Ira's blog, it looks like these lines give a good hint on where to place the take profit...
Thanks a lot
Cheers
  • #23,244
  • Aug 26, 2010 2:20am Aug 26, 2010 2:20am
Quoting baco75
Thanks for the hint, man! Ira surely knows the 4H MACD strategy! Cheers.
Yes, Ira is a very good trader of the 4 hr macd strategy.
  • #23,245
  • Aug 26, 2010 2:25am Aug 26, 2010 2:25am
Quoting wuming79
Hi Ira, when you quickly put to breakeven for the above trade, do you have a rule like, move to breakeven when up 20 pips or something like that? I remember reading about this part in one of the many attachments on page 1. But I feel that sometimes 20 pips is not enough before it reversed again with a big move..... but sometimes it could help to minimize many losses.

I'm not sure if I should use this "move to Breakeven when up 20pips" rule.
Yes, I always use this rule, but not 20, I use 25 - 30 pips for all main pairs and 35 - 40 for crosses. Before, I was closing half at this level and the rest put to breakeven, but I stopped closing half as R/R in this case is not good. Now, I put all the position to breakeven and keep it till the profit target is hit.

Sometimes, it may retrace and close my trade and then go where it should go, but I have noticed it doesn't happen often, if there is a good momentum in the market, the price keeps going without retracment. But putting stop to breakeven saves me from huge losses and much more comfortable for me emotionally.

Like my trade yesterday, I went short on EUR, I had a nice tail, it closed me at b/e and saved me from loss. But, you should find what is comfortable for you.
  • #23,246
  • Aug 26, 2010 2:28am Aug 26, 2010 2:28am
Quoting baco75
I have a dumb question...
Does anyone know if there is an indicator for drawing pivot points s1, s2, s3, R1, R2, R3 lines such as SionSmith has in his charts and also Ira talked about on her blog on the 24th of august? And how to use it?
Reading Ira's blog, it looks like these lines give a good hint on where to place the take profit...
Thanks a lot
Cheers
Yes, there is such indicator, if you search forexfactory, I'm sure you'll find it. Or, if any one has it here, please share. These are good levels, but should only be traded in confluence with other things.
  • #23,247
  • Aug 26, 2010 4:28am Aug 26, 2010 4:28am
Quoting baco75
I have a dumb question...
Does anyone know if there is an indicator for drawing pivot points s1, s2, s3, R1, R2, R3 lines such as SionSmith has in his charts and also Ira talked about on her blog on the 24th of august? And how to use it?
Reading Ira's blog, it looks like these lines give a good hint on where to place the take profit...
Thanks a lot
Cheers
maybe this one will help?
Attached File(s)
File Type: mq4 _Fib_Pivots_02.mq4   5 KB | 500 downloads
  • #23,248
  • Aug 26, 2010 4:31am Aug 26, 2010 4:31am
Hi Ira,

Thanks for the tip. I shall try out using 25 to move SL to BE. I find 20 is too easily hit.

Forumers: Does anyone knows how to add the MACD 2 lines into this indicator?? I had a hard time figuring out how to write MT4 script...
Attached File(s)
File Type: mq4 MACDColoredv102decimal.mq4   6 KB | 409 downloads
  • #23,249
  • Aug 26, 2010 2:42pm Aug 26, 2010 2:42pm
Quoting lukis
maybe this one will help?
Thank you guys!! Much appreciated!
  • #23,250
  • Aug 26, 2010 3:12pm Aug 26, 2010 3:12pm
Quoting ira
Yes, there is such indicator, if you search forexfactory, I'm sure you'll find it. Or, if any one has it here, please share. These are good levels, but should only be traded in confluence with other things.
If this is of help ( I find them quite useful ), you can go to http://www.fxstreet.com/metatrader, they have CamarillaPivots with Alerts and a few other tools you can download for free. And in http://www.forexrobotsfactory.com, search in Resources, there are free indicators for MT4 and MT5.

Apart from that, I find it quite useful to learn to draw Pivot Price Levels on your own, as described in the james16 thread, because you then see these areas of significance not just as levels, but as zones.

I want to take this opportunity to thank Ira, Morelands and of course Phillip. This thread is even after such a long time a great pleasure to read.

Good trading to all.
Be like water.
  • #23,251
  • Aug 26, 2010 7:04pm Aug 26, 2010 7:04pm
guy, I always get this signal but not sure what to do. Do we consider it as RT signal to short or no trade because 8ma cross above 21ma? Is there a rule that says if EURUSD broke 21ma and 8ma cross over 21, EURUSD may pullback to 21ma and move away to 89 indicating change of trend?

I find myself getting impatient and always get caught deciding to go for it or not. What can I do to control this emotion?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd2.gif Size: 17 KB
  • #23,252
  • Aug 27, 2010 12:53am Aug 27, 2010 12:53am
Quoting wuming79
guy, I always get this signal but not sure what to do. Do we consider it as RT signal to short or no trade because 8ma cross above 21ma? Is there a rule that says if EURUSD broke 21ma and 8ma cross over 21, EURUSD may pullback to 21ma and move away to 89 indicating change of trend?

I find myself getting impatient and always get caught deciding to go for it or not. What can I do to control this emotion?
You will learn how to control emotions overtime. Actually, Forex will teach you. You will do the same mistakes over and over, untill you get sick and then when your finger goes to the button something inside of you will say - stop, no!!!

Right now the most important for you to learn how to think right. Master the thinking process and everything else will click. Let me show you, let's look at the chart you have posted... We have broken the 21, which says - be careful! The price at this stage can go either up or down, we don't know. The price also doesn't know, look at the tails up and down. The trend can resume or it can go all the way up. We simply don't know, which means - no trade!

You have a map - MA's and Phil's rules, so you look at the market and search for something familiar, what you have seen on the map, like TC from the 21. If there is nothing then there is nothing. Don't focus on MACD, focus on MA's and price. Remember there are only two basic market conditions - trend and range. In trend - trade pullback, in range - boundaries. Right now, we are in the middle, there is no trend, no range, no trade.

It is difficult not to trade, but this is the most important for this system, that's why so many failed. They take every MACD signal and say it doesn't work. Lear the heart of this system - the movement of price around MA's.

There is always must be more than one reason, why are you taking this trade. Collecting odds, trend, level, MA, FIB, tail etc.
  • #23,253
  • Aug 27, 2010 12:59am Aug 27, 2010 12:59am
Quoting msmarple
If this is of help ( I find them quite useful ), you can go to http://www.fxstreet.com/metatrader, they have CamarillaPivots with Alerts and a few other tools you can download for free. And in http://www.forexrobotsfactory.com, search in Resources, there are free indicators for MT4 and MT5.

Apart from that, I find it quite useful to learn to draw Pivot Price Levels on your own, as described in the james16 thread, because you then see these areas of significance not just as levels, but as zones.

I want to take...
Thanks for kind words and links. I also draw zones, which James calles pivots, but his pivot zones are different than this indicator draws, they are levels of significance, as you correctly pointed, or simply support and resistance levels.
  • #23,254
  • Aug 27, 2010 1:58am Aug 27, 2010 1:58am
Thanks Ira! I will keep your words in mind and heart! :-)
  • #23,255
  • Aug 29, 2010 6:22am Aug 29, 2010 6:22am
Hi
Just to say that I am still alive. It is nice to see all the familiar people still with this strategy. Have been very busy with all the expansions here at our mine. I currently trade a 5min system from 15:00 to 17:00 GMT. That is the time a have available at present. Hope to get back to normal to trade the 4Hour again.
Thanks to all the inputs and answers from all you guys and girls.
Hope to give some more input here in the future.
Phillip
  • #23,256
  • Aug 30, 2010 2:13am Aug 30, 2010 2:13am
Hi Philip! Nice to see you here! Really missed your weekly review on EURUSD. :-)
  • #23,257
  • Sep 1, 2010 12:19am Sep 1, 2010 12:19am
I am getting very tired of trading forex!

Why is it others can trade so smoothly while I am still riding on the roller coaster after so many months? After successfully making progress for continuous 3 months, I though I am ready for this system but it proved that I am wrong! I made 400 pips in May, 87 pips in June and 156 pips in July. Just when I though I am getting familiar with the system, I lost 320 pips in August and today in first day of September, I put in my first trade in EURUSD this morning 8am when I saw TC pattern. However, it proved me wrong again and wipe out 100 pips and triggered stop loss. I am feeling so tired…
  • #23,258
  • Sep 1, 2010 1:10am Sep 1, 2010 1:10am
Silverfox I'm hoping you won't give up. If you are tired, and I don't mean just tired of trading, but actually tired, then you must stop trading and get some rest from it. I think a clear mind and positive approach is essential. People appear to trade smoothly because they don't often post their failures - it's as simple as that.

100 pips is too big a hit on an H4 trade on the Euro and I know you know that is too big. I look at my statements and I don't mind seeing a lot of losses, as long as they are considerably smaller than my gains.

At the moment the Euro is in a contracting triangle of consolidation around 1.27 and until it breaks out of the triangle and retests it, for me it is untradeable except, possibly, for small lots on lower time scales. I am sure this will be exacerbated by the fact we are in the NFP week.

I hope you won't mind me chipping in with this post in response to you but you struck a chord with me because I have felt the same way after a string of succesful trades where it seems as though it has suddenly turned to dust and my efforts were just luck rather than good judgement. That's the way of Forex and being strong mentally is the way forward. It is a risky and volatile method of speculation and that is why our percentage return on capital should be high in the longer term.

What I do in times like this is close all my trades and go and chop wood or something. Take the loss and move on. I will sometimes trade a demo account, or do some back testing just to remind myself it's possible. I will then go back to trading my usual lot size, risk/reward ratio. because to change that, lower or higher is a mistake. (Unless it was wrong in the first place!) Sometimes after a breather it's easier to see the better set ups, hold a bit steadier, know it's OK to close early if the entry was wrong and get back in the swing.
Gone to a better place
  • #23,259
  • Sep 1, 2010 1:33am Sep 1, 2010 1:33am
Hi Smikester,

Thank you for your advice.

I am tired not physically but mentally. I don’t stare at the screen all the time but every one or few hours. My loss of 100 pips is actually 50 pips of 2 positions. Due to I am trading on mini lots, I am unable to close half and let the other half run when the px is trending. So what I do is to open 2 same positions at small lot sizes, set sl (normally at 50 pips each). If I am right on the judgment and the px trend, I will close one of the position at around 50-70 pips (depending on situation) and let the other half run. However, if the market goes against me and both position got wipe out, I will lost 100 pips. I know I love doing technical analysis and I don’t think I can give up trading. Just needed to talk to someone and choose to post here. Thank you once again for your encouragement and will cool myself down. I guess my judgment need more improvement and will try harder in future.

Have a profitable trading weeks ahead.
  • #23,260
  • Sep 1, 2010 1:48am Sep 1, 2010 1:48am
Thanks Silverfox. I noticed August was a tricky month to trade. Well, for me, June and July were, too. I also noticed you didn't post any charts on here during August, but looking back through your work the posts look pretty interesting, and so I'm wondering if you "took your eye off the ball" in August? Maybe.
Gone to a better place
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