Time frame: I will be using the 4H and 1H time frames but you could use any time frame that is at least 4X greater. Example would be the Daily and 4H or the 1 hour and 15 minute. I have backtested using the 4H and 1H so any examples posted will be using those time frames.
Indicators: MACD 12,26,1. EMAs 100 and 50.
Set-up: Using the 4 hour chart identify the most recent cross of the EMAs. You might want to mark this with a vertical red line just so you can see the same area on the 1H time frame. Now move to the 1H time frame.
Long trade: 50EMA above the 100EMA on 4H chart. On 1 hour chart wait for the MACD to cross up from below the zero to above the zero line. Enter on the close of the 1 hour candle that corresponds to the MACD cross.
Short trade: Opposite of long trade.
Stop loss: If long use the previous swing low. If short use the previous swing high.
Profit taking: Enter at least 2 trades but 3 is good too. First trade TP at 50 pips. Second trade move to BE at 50 pips and TP at 100 pips. Third trade move to BE at 50 pips then move SL up with swing lows until taken out. Backtesting revealed 500+ pip runs.
Don't use MACD crosses as a way to TP as you will often only break even or take a loss.
Adding trades: As long as the 50 is above the 100 EMA for a long trade or the opposite for a short trade you can enter trades each time the MACD on the 1H time frame crosses above/below the 100. During long 4 hour trends you will notice there are often multiple opportunities for entry.
The attached PDF file at the top of the page outlines modifications to this method as of 1/6/2012. Happy New Year!!!