4 D* F5 Y8 V5 S! e" GFor instance, if the Daily Rhythm Strength has been trending up and closing above the 8 EMA (+2) for a number of days, this should alert you that pullbacks to the 21 EMA area on the 4hr charts may be setting up for trend continuation trades and to monitor rounded top formations (counter trend trades) closely. These charts and Rhythm Strength values are, of course, after the fact. The take home message here is to be able to look at a chart at any given time to easily determine how strong the current trend is.
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how to's for importing some of these tools into MetaTrader. Simplicity is just one of the keys to any successful trading method and hopefully some of these tools will aid in that venture. Scroll down to see some of these tools
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To download the 4 hour MACD FX Strategy rhythm indicator by 'owkenobi' in .zip format click the icon below
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8. Scroll down the Navigator window to Custom Indicators until you see the indicator that you imported. In this case, the MACD colored v102 indicator
1 z' s7 C2 m; E( B6 P2 \2 d9a. Drag and drop the indicator on to the chart. This opens a window for you to enter the settings for the indicator. To change any of the p***meters for the indicator, double click the VALUE(S) that you want to change. The settings for the 4 HOUR MACD are as follows
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9b. The settings for the 1 HOUR MACD are as follows:
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ema 8,13
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Importing Templates:
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Repeat steps 1 through 4 as described above.
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5. Drag and drop the templates into the templates folder.
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6. Repeat step 7. as descibed above but now select Charts on the top menu bar and highlite Template. The 4 Hour and the 1 Hour templated should now show up in the list
0 i) P9 k7 E% L* w7 u. JTo load the template on to a chart the chart must be selected; the header bar is dark or 'active'. If you have multiple charts on the screen, the darker header bar is the active chart. In this case the EURUSD chart is the selected chart. A chart becomes active by simply clicking on it. The template is loaded on the chart by clicking on the template name. There is no drag and drop function for templates.
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' {- ?$ S" K' M& m' E1 h8 qExample 1
9 V' V: ^* r( ^7 f( ?/ K4 ySo, what is the reason for entering on the 1 hour chart and why is it important? There are a few things. When price is approaching the 21 EMA and setting up for a trend continuation trade (Tc) on the 4 hour chart you should be thinking in terms of "I'm expecting price to move with the current Market Rhythm because...". Because what? Because price is in the vicinity of the 21 EMA on the 4 hour chart. Because price is at a support or resistance level (this is why trendlines and price channels are important) or a slower moving average. Because there is a news event coming out that could continue the current trend. Because the Hi / Lo range of the 4 hour candle that gave a Tc MACD pattern may be too large and the risk : reward ratio is 'out of bounds'. The 1 hour chart can help narrow that 4 hour candle range. The following GBPUSD 4 hour and 1 hour charts shown here are from 02/12/2007. The GBPUSD mp3 file for the 1 hour entry is the same chart time as well.
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. ?, V" e1 A g2 v0 K( jThe 4 hour GPBUSD chart from 02/12/2007:
