DislikedAs you get to know the movement and motion and interaction of the price with the different MA's you will be able to judge the entry on the 1hour as well around other MA's.
I enter that trade on the bounce off the 89SMA solely to support the possible bounce off the 4 hour 21EMA @ 1.3205 with sl @ 1.3178 and first target 1.3230 (closest high) Took 50% gain at 1.3228 and rest at breakeven. There were some scary moments when it tested the 89SMA again on the 1hour.
I looked at the 4hour and saw a possible bounce of the 21EMA. Then I went to the 1hour chart and noticed a bounce off the 89SMA which supports an up movement which is in harmony with the 4hour possible movement. Should the 4hour now give an trend continuation signal, I re-enter the 50% I took profit on and still have the other 50% open.
If you are confused with the 1hour strategy, I want you to ignore it till you have mastered the 4Hour MACD.Ignored
Phillip on my micro account.
Thanks again for your system and teachings,
Jim
Indicators show the past. Price Action "Indicates" the future.