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4 Hour Strategy (MACD)

  • #23,281
  • Sep 7, 2010 6:15am Sep 7, 2010 6:15am
Quoting silverfox88
I look at opportunity from the 6 pairs Phillip review weekly. EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD & EURJPY. Thanks for the suggestion. But I guess I would like to keep it simple, with only the MA, MACD and ADX.

All the best to you too!

By the way, I shorted this morning USDJPY at 84.171 with sl 84.371 & tp at 83.671, still riding on it now.

Finally, made the right decision for a trade. Got to try harder after this...
Thanks for sharing and good-luck !
What does ADX show? Only the strenght of the movement/trend, or else?
  • #23,282
  • Sep 7, 2010 6:19am Sep 7, 2010 6:19am
Quoting xeneric

Technically, we must always look at the daily chart first. There has been no daily trend for the last few days (as people are waiting for the NFP). It is sitting at the 38.2 fib as support but there is very strong resistance at the 1.55 level also. Notice that the DAILY 200 SMA (Green) is also providing resistance.
Notice also that all the MAs are coming together on the daily which shows that there is no trend and we should not be trading right now.
I totally agree on looking at daily first. then either entering on daily or finding an "early" entry on 4h with the daily direction.
I have been trading daily charts during the summer holidays with a few early 4h entries and it has worked well.
I might keep this style up and make time for more things than just trading during the day .
  • #23,283
  • Sep 7, 2010 7:14am Sep 7, 2010 7:14am
Quoting ashes
I totally agree on looking at daily first. then either entering on daily or finding an "early" entry on 4h with the daily direction.
I have been trading daily charts during the summer holidays with a few early 4h entries and it has worked well.
I might keep this style up and make time for more things than just trading during the day .
Ashes,

Good to know that you have found your style. Just curious, going on daily, how do you determine your sl and tp?
  • #23,284
  • Sep 7, 2010 7:15am Sep 7, 2010 7:15am
Quoting lukis
Thanks for sharing and good-luck !
What does ADX show? Only the strenght of the movement/trend, or else?
Lukis,

ADX tells me if it is on up or down trend and if it is trending or trading market.
  • #23,285
  • Sep 7, 2010 7:48am Sep 7, 2010 7:48am
Quoting ashes
I have been trading daily charts during the summer holidays with a few early 4h entries and it has worked well.
I might keep this style up and make time for more things than just trading during the day .
Couldn't agree more.
  • #23,286
  • Sep 7, 2010 7:51am Sep 7, 2010 7:51am
Quoting silverfox88
I look at opportunity from the 6 pairs Phillip review weekly. EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD & EURJPY. Thanks for the suggestion. But I guess I would like to keep it simple, with only the MA, MACD and ADX.

All the best to you too!

By the way, I shorted this morning USDJPY at 84.171 with sl 84.371 & tp at 83.671, still riding on it now.

Finally, made the right decision for a trade. Got to try harder after this...
Congratulations Silverfox - TP Hit!
  • #23,287
  • Sep 7, 2010 7:54am Sep 7, 2010 7:54am
Quoting xeneric
Nice to see all these old faces again.
Who are you talking about here?
  • #23,288
  • Sep 7, 2010 7:55am Sep 7, 2010 7:55am
Quoting xeneric
Congratulations Silverfox - TP Hit!
Thanks Xeneric. Still got half running... win back a little confidence
  • #23,289
  • Sep 7, 2010 8:04am Sep 7, 2010 8:04am
Quoting silverfox88
I look at opportunity from the 6 pairs Phillip review weekly. EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD & EURJPY. Thanks for the suggestion. But I guess I would like to keep it simple, with only the MA, MACD and ADX.

All the best to you too!

By the way, I shorted this morning USDJPY at 84.171 with sl 84.371 & tp at 83.671, still riding on it now.

Finally, made the right decision for a trade. Got to try harder after this...
I have no intention to argue with you....its all up to you but in my case...I still believe momentum and stoch indys are better indys compare to macd. All I need to do is to combined them in 1 window (you know what I mean).

Phillip works on those 6 pairs but it doesn't mean you can trade all of them successfully. Start only with EU pair first (like I did). Stay away from trading if you find no "signal(s)".

Then, widen your options with other pairs. Maybe you should read this too:-
http://www.investopedia.com/articles...tner=fxweekly9

Also, do not depends only on the chart itself. Alert yourself with news. Combining both fundamental and technical is the best weapon to trade.

Cheers.
  • #23,290
  • Sep 7, 2010 8:07am Sep 7, 2010 8:07am
Quoting orangeRANGE
I have no intention to argue with you....its all up to you but in my case...I still believe momentum and stoch indys are better indys compare to macd. All I need to do is to combined them in 1 window (you know what I mean).

.
I think Silverfox is on the right track now.
  • #23,291
  • Sep 7, 2010 8:11am Sep 7, 2010 8:11am
Quoting xeneric
Guess who
Ermmm...hmmm.......no idea
  • #23,292
  • Sep 7, 2010 8:12am Sep 7, 2010 8:12am
Quoting xeneric
I think Silverfox is on the right track now.
I didn't say he is on the wrong track eitherway...I'm just giving my idea......I am combining macd, adx, stoch, and momentum altogether in my chart...kinda fun and works for me...
  • #23,293
  • Sep 7, 2010 8:38am Sep 7, 2010 8:38am
Quoting orangeRANGE
I have no intention to argue with you....its all up to you but in my case...I still believe momentum and stoch indys are better indys compare to macd. All I need to do is to combined them in 1 window (you know what I mean).

Phillip works on those 6 pairs but it doesn't mean you can trade all of them successfully. Start only with EU pair first (like I did). Stay away from trading if you find no "signal(s)".

Then, widen your options with other pairs. Maybe you should read this too:-
http://www.investopedia.com/articles...tner=fxweekly9

Also,...
Thank you so much for sharing. I am open to explore to a more successful way. I will read through the article and try adding one of the indicator to see if it suits me. Once again, thank you very much !
  • #23,294
  • Sep 7, 2010 8:46am Sep 7, 2010 8:46am
Quoting silverfox88
Thank you so much for sharing. I am open to explore to a more successful way. I will read through the article and try adding one of the indicator to see if it suits me. Once again, thank you very much !
You are welcome...

Keep on exploring and learning...who knows someday you may finally find your own trading method that gives better result(s) for you right?

Cheers....
  • #23,295
  • Sep 7, 2010 10:08am Sep 7, 2010 10:08am
USDCHF Bearish Signal

Pattern: TC, BOZ
Candles: could be bearish harami
stop: 50 pips above 21 and trendline
profit: 50 pips
news: no major news for this pair


okay setup, not going to take it. might wait for a pull back


http://forex.sharevine.com/images/US...1283860800.gif
  • #23,296
  • Sep 7, 2010 5:15pm Sep 7, 2010 5:15pm
Quoting sodeypunk
USDCHF Bearish Signal

Pattern: TC, BOZ
Candles: could be bearish harami
stop: 50 pips above 21 and trendline
profit: 50 pips
news: no major news for this pair


okay setup, not going to take it. might wait for a pull back


http://forex.sharevine.com/images/US...1283860800.gif
Hi sodeypunk

Welcome to the thread.

I don't normally trade the UCHF but it looks like you are on the right track as far as the strategy is concerned. Unfortunately the pair has hit some support and I think you are right to wait for a pullback. There will definitely be support at the 1.000 level - whether it will go that far before bouncing, I don't know.
  • #23,297
  • Sep 7, 2010 5:29pm Sep 7, 2010 5:29pm
Quoting xeneric
Hi sodeypunk

Welcome to the thread.

I don't normally trade the UCHF but it looks like you are on the right track as far as the strategy is concerned. Unfortunately the pair has hit some support and I think you are right to wait for a pullback. There will definitely be support at the 1.000 level - whether it will go that far before bouncing, I don't know.
Thanks Xeneric, i will be trying to post as many setups as i can in order to learn when to take the best trades. It will usually be 15 minutes before the signal candle closes so that you will have time evaluate and take the trade or not on the next open candle.

sodeypunk
  • #23,298
  • Sep 7, 2010 5:59pm Sep 7, 2010 5:59pm
Still riding on remaining 1/2 position on USDJPY. My question is when should I close this position? The price is moving in downtrend line base on daily. Will you close at the downtrend line if you are in my position or continue to ride until candle gives signal? Please feel free to comment.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY (Daily).gif Size: 23 KB
Click to Enlarge Name: USDJPY H4.gif Size: 25 KB
  • #23,299
  • Sep 7, 2010 6:32pm Sep 7, 2010 6:32pm
Quoting silverfox88
Still riding on remaining 1/2 position on USDJPY. My question is when should I close this position? The price is moving in downtrend line base on daily. Will you close at the downtrend line if you are in my position or continue to ride until candle gives signal? Please feel free to comment.
Hi Silverfox,

I have this sort of problem myself. I have 2 suggestions. I hope others can offer more. In a strong trend like the USDJPY is in right now, you can use Palmer's bladerunner strategy. It is on his website, but basically you put the stop above the 21 EMA on the 1 hr and trail it so that as the 21 EMA goes down, you also move your stop down. If the pair keeps running in the right direction, your stop won't get hit but if it pulls back then you will be stopped out and your profit preserved. Other than that, the other suggestion is to take profit at next support level.

BTW, here is Palmer's website : http://www.fxtradeblog.com/
  • #23,300
  • Sep 7, 2010 7:08pm Sep 7, 2010 7:08pm
Quoting xeneric
Hi Silverfox,

I have this sort of problem myself. I have 2 suggestions. I hope others can offer more. In a strong trend like the USDJPY is in right now, you can use Palmer's bladerunner strategy. It is on his website, but basically you put the stop above the 21 EMA on the 1 hr and trail it so that as the 21 EMA goes down, you also move your stop down. If the pair keeps running in the right direction, your stop won't get hit but if it pulls back then you will be stopped out and your profit preserved. Other than that, the other suggestion...
Xeneric,

Thank you so much for your advice. Will take a look at palmer's website.
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