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4 Hour Strategy (MACD)

I took a loss on EUR. There was TC, so I put a pending order on 1.5600. I thought price might come and test that level, and that would be a good place to position if price breaks 200. I think I should have waited for the bounce of that level on 1H, but then probably my RR would be bad.
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Ira;Always a marignal trade on my Euro chart. Your platform isnt helping much.
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Quoting ira
I took a loss on EUR. There was TC, so I put a pending order on 1.5600. I thought price might come and test that level, and that would be a good place to position if price breaks 200. I think I should have waited for the bounce of that level on 1H, but then probably my RR would be bad.
That was not a bad approach at all especially with the 200sma in mind. Stoploss could be small(23 is what I would risk max) because that support line you had drawn there if that was broken by more than 15-20 pips the deal should be closed.
It did not work out this time but it was a good approach.

I think your top trendline at 1.5600 are going to be tested again so shorterm strategy can give +15 pips
Quoting napeharm
Ira;Always a marignal trade on my Euro chart. Your platform isnt helping much.
I definetly wouldn't have taken it there .
Quoting ira
I definetly wouldn't have taken it there .
Pleased to hear it!........
Quoting Phillip Nel
That was not a bad approach at all especially with the 200sma in mind. Stoploss could be small(23 is what I would risk max) because that support line you had drawn there if that was broken by more than 15-20 pips the deal should be closed.
It did not work out this time but it was a good approach.

I think your top trendline at 1.5600 are going to be tested again so shorterm strategy can give +15 pips
Thank you Phillip, looking at my chart I still would have taken it, so it's good to know that I was right. My SL was exactly 23 - hey are you reading my trading journal !!!
Too bad I haven't got short term strategy, but I'm working on this problem.
Quoting napeharm
Pleased to hear it!........
Oh, I forgot to say about your observation as to the 21 and 89 making triangle on the daily - very good, something to think of.
Someone has given the market a tiny little push. For some in the right direction and for some in the not so right direction. Hope it is currently in the direction you want.

Edit
Finally got some motion. Hope you got some pips. Nice to those that trusted the GbpUsd tail to take the short side on.
  •  saka
  • | Joined Jul 2007 | Status: Macroeconomic trader | 498 Posts | Online Now
Quoting ira
I took a loss on EUR. There was TC, so I put a pending order on 1.5600. I thought price might come and test that level, and that would be a good place to position if price breaks 200. I think I should have waited for the bounce of that level on 1H, but then probably my RR would be bad.
Look at my chart which is same as Phillip's, do you still want to long eu for its TC? I think the LH is one which we should take.
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Plan your trades and trade your plans
Now it's getting more interesting... Will the down trend begin or price will start to range between 89 and 200? The key to this answer is 89.
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I went short just before the 12:00 candle close after the low of today was breached looking at a shorter timeframe. That tail on the 4H was not enough for me to take the odds on. But when the the price started to move towards the day low in a couple of minutes I was taking the odds on that the 12:00-16:00 red candle was confirming the downmove. The GbpUsd also confirmed it for me. Stoploss was determined on the shorter timeframe to make R:R OK and if it turned around to make the loss not more than 23pips(Max I am prepared to lose on shortterm strategy).

Closed out for +36pips
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Quoting Phillip Nel
Someone has given the market a tiny little push. For some in the right direction and for some in the not so right direction. Hope it is currently in the direction you want.

Edit
Finally got some motion. Hope you got some pips. Nice to those that trusted the GbpUsd tail to take the short side on.
Hi Philip

I saw the tail I also noticed the break down of support on the 1H. But I also thought the stop was too large on the trade, the only way to have reduced it would have been to take a less logical stop (ie place at a certain distance, say 30 pips, this would have worked but I don't like these less logical stops). So anyway I didnt take it.
Quoting saka
Look at my chart which is same as Phillip's, do you still want to long eu for its TC? I think the LH is one which we should take.
On you chart for sure, but mine looks different . I had a bullish engulfing candle after flag formation. There was also a good TC signal, not like yours. Price went out of triangle, minor TL was broken, there was still room to the 200 and I positioned myself in good place with small SL for possible breakout through 200, so ... I think I did everything right.
  •  saka
  • | Joined Jul 2007 | Status: Macroeconomic trader | 498 Posts | Online Now
UJ has fromed a double tops from daily chart, because it has been resistaned by 21ema of weekly chart, and from experience, it will go down under this case.
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Plan your trades and trade your plans
  •  saka
  • | Joined Jul 2007 | Status: Macroeconomic trader | 498 Posts | Online Now
Quoting ira
On you chart for sure, but mine looks different . I had a bullish engulfing candle after flag formation. There was also a good TC signal, not like yours. Price went out of triangle, minor TL was broken, there was still room to the 200 and I positioned myself in good place with small SL for possible breakout through 200, so ... I think I did everything right.
So I think we had better use MIG's chart for Phillip has used it to paper trade for two years. He is also smart for today's trade, 1.5519 is weekly pp, I notice that price often goes back to it when a new week starts.
Plan your trades and trade your plans
Quoting saka
So I think we had better use MIG's chart for Phillip has used it to paper trade for two years. He is also smart for today's trade, 1.5519 is weekly pp, I notice that price often goes back to it when a new week starts.
yes ,why we dont look at the same picture and speak with same language?every one can open a mig demo account easily .my real account is MIG but if it wasnt,i'd open a demo in MIG to see what phillip see.
Quoting bshadroo
yes ,why we dont look at the same picture and speak with same language?every one can open a mig demo account easily .my real account is MIG but if it wasnt,i'd open a demo in MIG to see what phillip see.
Well, a demo account is not a problem, but what would I do with a live one? If I open an account with a local broker I will have the same charts as I have now. But, it's not a problem, I can stop posting my charts.
Quoting ira
Well, a demo account is not a problem, but what would I do with a live one? If I open an account with a local broker I will have the same charts as I have now. But, it's not a problem, I can stop posting my charts.
hi
u/we can look at the demo and trade on live local account (only for more orchestration with each other),it was only a sugestion,please dont become sad,im no one to say do this or that ,that was only a sugestion and please keep post ur charts if u want.
Quoting ira
Well, a demo account is not a problem, but what would I do with a live one? If I open an account with a local broker I will have the same charts as I have now. But, it's not a problem, I can stop posting my charts.
Well, my platform is also different from MIG, sometimes I lost oppurtunities, sometimes I get better entry points, so keep on showing your analysis, we are benefitting from it. I would consider the suggestion of demo account of other platform anyway, if I can really manage to analysze at the same time.
Ira, don't quit posting your charts I like to follow your analysis.

I took about a month off from trading I was just too busy but I am back on track and in some aspects a break was needed but I feel like I need to get back in tune with markets. It is good to see this is going strong.
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