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Multi time frame Simple MACD system

  • #221
  • Sep 11, 2013 8:36am Sep 11, 2013 8:36am
Quoting 1greyfox
{quote} Good morning orid. Colors are cool! The chart setting pic in post #1 shows the correct settings for each time frame, so the changes you made look to be correct. In order to help you see the charts better because of your color blindness, I am attaching a sample chart with a couple different shades of blue. Would you please let me know if the various colors of blue are easily seen by you? If this color combination is alright, I will change all my charts to this color scheme so you can view it more easily. If this is good for you, maybe garfield75...
Greyfox ,yes that's fine, and very good of you ,hope it doesnt' confuse people too much but i'm trying to work out why my macd seems to be slightly different to other peoples, checked settings theyre ok maybe we will get these little differences anyhow?
regards Orid
  • #222
  • Sep 11, 2013 8:42am Sep 11, 2013 8:42am
here we go
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  • #223
  • Sep 11, 2013 8:51am Sep 11, 2013 8:51am
and e/u not showing long on daily on middle macd excuse me these are the first charts ive posted still learning
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  • #224
  • Edited 2:13pm Sep 11, 2013 9:02am | Edited 2:13pm
Quoting orid
{quote} Greyfox ,yes that's fine, and very good of you ,hope it doesnt' confuse people too much but i'm trying to work out why my macd seems to be slightly different to other peoples, checked settings theyre ok maybe we will get these little differences anyhow? regards Orid
Hi orid.

I am glad that my various shades of blue are ok for you. I will be making up a set of templates for my own use as I want you and others to benefit from what gets posted in this thread.

The MACD differences is going to be a tough one to pin down because there are no standards among broker's as to spreads or even what the bid price is showing on a chart, because of this we have to live by the fact that we can only trade what we see on our own chart.

1greyfox
  • #225
  • Sep 11, 2013 9:11am Sep 11, 2013 9:11am
Quoting BuySellDubai
Test trade only on 1H USDCHF - possible long entry. Long 0.9352 SL 0.9315 (below previous 4H) with TP - half +50 - half Open. {image}

SL hit.
  • #226
  • Sep 11, 2013 9:12am Sep 11, 2013 9:12am
Quoting 1greyfox
{quote} Good morning lucariga. I can't answer the ema question but if the correlation you are referring to is with the EUR/USD, and you are long EUR/USD then I do believe you needed to short the USD/CHF instead of taking that long also. 1greyfox
Thanks for the advice, but I meant another correlation that has nothing to do with this system.

I finally solved my MACD problems and I'm now ready to test live this method....
  • #227
  • Sep 11, 2013 9:20am Sep 11, 2013 9:20am
garfield75 nice simple approach to trading.

1greyfox you are doing a great job at answering questions.

I have created an EA for this system and i have sent to garfield75 to see if the EA trades as it is supposed to. I didn't want to post an incomplete version and then get a raft of questions regarding differences between trades. As 1greyfox said different broker feeds mean differences in indicator values which will in turn change the trades the EA will take.

Once garfield75 and i have ironed out any bugs i'll post it here for a wider audience to test. What i don't want is for the thread to get highjacked by the EA and the method to get swamped, the way so many threads on here end up fizzling out!

Regards

Mike
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  • #228
  • Sep 11, 2013 9:38am Sep 11, 2013 9:38am
Quoting 1greyfox
{quote} Hi orid. I am glad that my various shades of blue are ok for you. I will be making up a set of templates for my own use as I want you and others to benefit from what gets posted in this thread. The MACD differences is going to be a tough one to pin down because there is no standards among broker's as to spreads or even what the bid price is showing on a chart, because of this we have to live by the fact that we can only trade what we see on our own chart. 1greyfox
thanks again 1greyfox , you are already showing you are going to be a great asset, here and Im sure everyone appreciates your efforts, I can only be a burden im afraid lots to learn ,.
On this broker thing is it possible to recommend a broker demo or whatever to get all the charts matching , ? because for instance I have missed that e/u daily trade (which might be a good thing time will tell ) but its rather important we are all on exact wave length.
Im in Australia so I can download axitrader au but is that different to axitrader us , what are you guys using please?
All the best Orid
  • #229
  • Sep 11, 2013 9:40am Sep 11, 2013 9:40am
Quoting magft
garfield75 nice simple approach to trading. 1greyfox you are doing a great job at answering questions. I have created an EA for this system and i have sent to garfield75 to see if the EA trades as it is supposed to. I didn't want to post an incomplete version and then get a raft of questions regarding differences between trades. As 1greyfox said different broker feeds mean differences in indicator values which will in turn change the trades the EA will take. Once garfield75 and i have ironed out any bugs i'll post it here for a wider audience to...
Thanks in advance Mike
  • #230
  • Sep 11, 2013 10:41am Sep 11, 2013 10:41am
Quoting orid
and e/u not showing long on daily on middle macd excuse me these are the first charts ive posted still learning{image}
Hi orid.

No problem with the chart posting, soon it will be second nature to you.

I am attaching a chart of the daily EUR/USD current active trade. I am shooting for a 1:2 R:R instead of 1:1 I will move the stop to BE+3 when price has moved 1:1 in my favor.

I don't know why your 2nd MACD is still red. Also you seem to be missing the 200 on your daily chart.

1greyfox
Attached Image (click to enlarge)
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  • #231
  • Sep 11, 2013 10:43am Sep 11, 2013 10:43am
Quoting lucariga
{quote} Thanks for the advice, but I meant another correlation that has nothing to do with this system. I finally solved my MACD problems and I'm now ready to test live this method....
Hi lucariga.

Thanks for clearing up my thoughts about the correlation. That is great news about the MACD problems. I look forward to seeing some of your trade charts.

1greyfox
  • #232
  • Sep 11, 2013 10:52am Sep 11, 2013 10:52am
Quoting magft
garfield75 nice simple approach to trading. 1greyfox you are doing a great job at answering questions. I have created an EA for this system and i have sent to garfield75 to see if the EA trades as it is supposed to. I didn't want to post an incomplete version and then get a raft of questions regarding differences between trades. As 1greyfox said different broker feeds mean differences in indicator values which will in turn change the trades the EA will take. Once garfield75 and i have ironed out any bugs i'll post it here for a wider audience to...
Hi Mike.

Thank you for the compliment, I am still a newbie to this method myself but believe the best way to learn things is by helping others get started.

The EA sounds like a nice idea, I for one prefer looking for the setups manually but would be interested in seeing if the EA will make life easier for spotting setups, not for actually triggering trades.

Thank you for taking the time to develop it, I also hope it doesn't ruin the thread.

May I send you a PM with a script request?

1greyfox
  • #233
  • Sep 11, 2013 11:00am Sep 11, 2013 11:00am
Quoting orid
{quote} thanks again 1greyfox , you are already showing you are going to be a great asset, here and Im sure everyone appreciates your efforts, I can only be a burden im afraid lots to learn ,. On this broker thing is it possible to recommend a broker demo or whatever to get all the charts matching , ? because for instance I have missed that e/u daily trade (which might be a good thing time will tell ) but its rather important we are all on exact wave length. Im in Australia so I can download axitrader au but is that different to axitrader us , what...
Hi orid.

Thank you for the kind words, they are much appreciated. I use FXDD because they have a NY close(5PM eastern) and they don't have that annoying little Sunday night open candle that some other brokers do. Maybe some of the other users can reply with more brokers that use the NY close.

1greyfox
  • #234
  • Sep 11, 2013 11:17am Sep 11, 2013 11:17am
Quoting lucariga
{quote} I'm long for yesterday's DAILY signals on EURUSD USDCHF USDJPY EURJPY Let's see...

Hi lucariga,
Please look into currency pair correlations.
EURUSD USDCHF - normally opposite.

Good Luck.
  • #235
  • Sep 11, 2013 12:00pm Sep 11, 2013 12:00pm
Quoting 1greyfox
{quote} Hi orid. Thank you for the kind words, they are much appreciated. I use FXDD because they have a NY close(5PM eastern) and they don't have that annoying little Sunday night open candle that some other brokers do. Maybe some of the other users can reply with more brokers that use the NY close. 1greyfox
Phew tried ibfx fxcm us sites still differ ,finally noticed your post about fxdd downloaded fxdd did the trick , give it a final check tomorrow after a full setup, off to bed now 1.00 am here
what would I do without ya ?
gnite all good luck
Orid
  • #236
  • Sep 11, 2013 1:15pm Sep 11, 2013 1:15pm
Quoting 1greyfox
{quote} Hi orid. No problem with the chart posting, soon it will be second nature to you. I am attaching a chart of the daily EUR/USD current active trade. I am shooting for a 1:2 R:R instead of 1:1 I will move the stop to BE+3 when price has moved 1:1 in my favor. I don't know why your 2nd MACD is still red. Also you seem to be missing the 200 on your daily chart. 1greyfox {image}
May I ask why in this situation you aim to 1:2 instead of the usual 1:1?

Thanks
  • #237
  • Edited 3:05pm Sep 11, 2013 2:44pm | Edited 3:05pm
Quoting lucariga
{quote} May I ask why in this situation you aim to 1:2 instead of the usual 1:1? Thanks
This reply is based on my own experience and is not part of the garfield75 method outlined by him.


Hi lucariga.

This is one of the rules I break of garfield75 for this method and all methods I trade. Ever since I started trading I have always aimed for higher than 1:1 Risk/Reward on a trade.

I basically look at it this way, when going for 1:1 you need to be correct at least 51% of the time to be above breakeven. When using a 1:2 you need to be correct only 34% of the time to be above breakeven.

When price moves the 1:1 in my favor I always move my stop to breakeven+3 pips. If it comes back and hits it well I still made 3 pips, but if price continues and reaches my 1:2 level, I have doubled my profits compared to just reaching the 1:1 level.

When I set up this trade and was working out the Risk/Reward potential, I noticed that when I drew the 2Reward line the target was still below the previous highs on the chart, so this has provided confidence in aiming for the 1:2 on this trade. As long as I can easily see at least a 1:1 Risk/Reward potential before reaching a previous high or low then I would take the trade. If the previous high or lows don't offer at least 1:1 I skip the trade. This thought pattern falls in line with garfield75 when he says if the entry stop loss distance and target are less than 1:1 because of the daily ema he skips the trade. I added in the use of previous highs or lows to determine if I take the trade or not.

I have attached a current EUR/USD of the trade and I have moved my stop to BE+3 because price passed the 1:1 level(magenta colored dotted line). Now, I just wait and see where the price moves to.

I hope this explanation was clear as sometimes I am not as clear as I think I am.

Thanks for reading this little book of a reply.

1greyfox
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-09-11_EURUSD daily.gif Size: 42 KB
  • #238
  • Sep 11, 2013 5:26pm Sep 11, 2013 5:26pm
Quoting 1greyfox
{quote} Good morning orid. Colors are cool! The chart setting pic in post #1 shows the correct settings for each time frame, so the changes you made look to be correct. In order to help you see the charts better because of your color blindness, I am attaching a sample chart with a couple different shades of blue. Would you please let me know if the various colors of blue are easily seen by you? If this color combination is alright, I will change all my charts to this color scheme so you can view it more easily. If this is good for you, maybe garfield75...
1greyfox. u don't need my permission to upload templates with visual changes to help out other traders.

As long as the system is not altered by adding additional indicators to crowd the chart !! we all know that is how a simple system dies a complex death
Trading is SIMPLE not EASY.
  • #239
  • Sep 11, 2013 5:32pm Sep 11, 2013 5:32pm
Quoting lucariga
{quote} Yes you are right about USDCHF, but I'm entered anyway because of correlation. Why you don't apply the EMA to close price? Thanks

I have alway used EMA on typical price.
if u change the EMA from typical price to Close, you will notice it hardly moves on the chart, it may make a big difference when the value of the EMA is low number (10,20,30) but on high number it's not noticeable.
Trading is SIMPLE not EASY.
  • #240
  • Sep 11, 2013 5:55pm Sep 11, 2013 5:55pm
Quoting magft
garfield75 nice simple approach to trading. 1greyfox you are doing a great job at answering questions. I have created an EA for this system and i have sent to garfield75 to see if the EA trades as it is supposed to. I didn't want to post an incomplete version and then get a raft of questions regarding differences between trades. As 1greyfox said different broker feeds mean differences in indicator values which will in turn change the trades the EA will take. Once garfield75 and i have ironed out any bugs i'll post it here for a wider audience to...

Thanks mike...
Will start testing today on 4 hour chart.
Trading is SIMPLE not EASY.
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