Hi Everybody,
I am a new comer and find Phillip's work so impressive and try to observe the pattern before engage in real trade. On this few days, I am looking at the 4-hr MACD of GBP and find that at 4:00 of 14 March 2012, there appears a chance of continuous downward trend at there is a turn around at zero line of MACD (as shown in the blue circle in the attached photo.) By Phillip's method, the entry point will be SHORT GBP at 1.5658.
Right now it is more than 24 hours after entry, but GBP move up and down between 1.5745 and 1.5635 and stay around 1.566. For a beginner, is it good to square his position at that time (since the MACD pattern after entry just move around the zero line but not show any clear trend)? Sorry for my poor English but hope to get some advice on that issue.
I am a new comer and find Phillip's work so impressive and try to observe the pattern before engage in real trade. On this few days, I am looking at the 4-hr MACD of GBP and find that at 4:00 of 14 March 2012, there appears a chance of continuous downward trend at there is a turn around at zero line of MACD (as shown in the blue circle in the attached photo.) By Phillip's method, the entry point will be SHORT GBP at 1.5658.
Right now it is more than 24 hours after entry, but GBP move up and down between 1.5745 and 1.5635 and stay around 1.566. For a beginner, is it good to square his position at that time (since the MACD pattern after entry just move around the zero line but not show any clear trend)? Sorry for my poor English but hope to get some advice on that issue.
Attached Image