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4 Hour Strategy Macd+other Indicator 21 replies

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4 Hour Strategy (MACD)

wasnt this a good TC?
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Quoting bshadroo
wasnt this a good TC?
Perfectly good TC, IMO. However, the bearish candle looks not too good, but if you placed your stop loss below the signal candle then the trade should still be running. I notice the EU is rallying at the moment.
James The Beekeeper
Quoting edeyj999
Perfectly good TC, IMO. However, the bearish candle looks not too good, but if you placed your stop loss below the signal candle then the trade should still be running. I notice the EU is rallying at the moment.
yes but SL was at least 80pips and even if i divided my SL to 60 and 30 i'd loose so i decided to stay out
Quoting bshadroo
yes but SL was at least 80pips and even if i divided my SL to 60 and 30 i'd loose so i decided to stay out
OK, so the size of the SL saved you from entry. All part of managing the trade.

Just making the point that the trade is still "live" as the price has yet to retrace lower than the signal candle. So it's not a "bad" signal just yet.

Edit: Oh well, it did go "bad" in the end. Just part of the wonders of Forex trading - you can't get them all correct!
James The Beekeeper
Quoting bshadroo
yes but SL was at least 80pips and even if i divided my SL to 60 and 30 i'd loose so i decided to stay out

I am surprised to see the bearish candle after the TC. Luckily big stoploss kept me out.
Took this one about 1½ hour ago..

Entry ---> 1.1984

SL---> 1.1947

PT1 ---> 1.2064

PT2 ---> 1.2115

Have moved both to BE after that bullish candle after the entry candle.
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Quoting ekling
Took this one about 1½ hour ago..

Entry ---> 1.1984

SL---> 1.1947

PT1 ---> 1.2064

PT2 ---> 1.2115

Have moved both to BE after that bullish candle after the entry candle.

That was a good one to take. 89sma was the main support. 21ema above does not offer any resistance at all. Inverted sHs on the price
Im reading this book palmer have recommended on his website, japanese candlestick charting techniques, and i must say its extremely intresting reading material!

So for all you new guys in this thread, read that book, i think you'll find it very usefull.
Quoting Phillip Nel
That was a good one to take. 89sma was the main support. 21ema above does not offer any resistance at all. Inverted sHs on the price
Oh yeah, when you mention it theres a sHs on price. Actually i didnt even notice that! Well i thought it was a strong setup even without it so i went for it.

We also have a BoZ on the MACD as extra confirmation + very nice R:R.
I do meet some cases of failure TC of eu today, which price is apporaching resistant and forms a TC(usually the TC is a potential LH which the siganl green MACD bar is beneth previous ones), it would often be a failure TC and price forms a sHs for the effect of the resistant. Let's not forget the rhythm that when price approaching 8ema or 21ema, it has the rhythm to continue it's way to become a TC, but these failure TCs always the ones that price has leave the MAs already, and there is a distance to MAs, that's means the power of TC has been exasuted already, and the low leave of the green MACD TC signal bar ofthen followed by a red one to become a LH!

I use daily, 4h, 1h and 5min chart to show where the really entry point of TC trade today and if we do enter at 12:00 canlde where the failure of TC at 4h chart, how do we set the sl to cut down the potential loss.

Daily chart, where we see the resistant line
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4h chart, where we see the price has left 8ema with a distance alreay, and has the potential to form a nesting doll or sHs
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1h chart, where the successful tc entry point today is.
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5min, if we do enter at 12:00 of 4h failure TC, how should we set the SL to cut down potential loss
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Plan your trades and trade your plans
Quoting Phillip Nel
I am surprised to see the bearish candle after the TC. Luckily big stoploss kept me out.
yes ,and the shape of candles didnt convent me to divide my stoploss to 30 and 60
what do you think about the head n shoulders on gbpusd
Quoting hugozavala87
what do you think about the head n shoulders on gbpusd
I wouldn't be rushing in to sell if that's what you mean...?
- 4hr steadily making higher lows.
- If you drop to 1hr, there is an ascending TL that price is respecting well, with 4 tests so far...my anticipation is still long.
- Also, if you look at daily, there is MACD divergence, and price has closed above 21EMA. Yesterdays 26th candle was a weak bearish retracement back towards 21. All signs to me to be wary of short trades.

...Just my plan of course. But I like to have a plan in advance otherwise I'm more likely to jump in on stupid trades .
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Bullish ZB, price broke upwards the upper border of triangle.

BUY 1.2938
SL 1.2890 (inside the triangle, 48 pips)
TP1 1.2957 (19 pips); TP2 1.3020 (82 pips), avTP 51 pips; RR>1

Anticipate possible retest of the broken resistance (up to 1.29).

Edit1: ~20 min later - TP1 hit, 0.5*19 pips, SL of 2nd part moved to -19 pips (seems to be close to support line on 5min TF - see second image).

Edit2: 2nd part closed at -19 pips. Total = 0 pips.
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I'm in with you. Nice 3 dojis before signal as well

Quoting Yorik
Bullish ZB, price broke upwards the upper border of triangle.

BUY 1.2938
SL 1.2890 (inside the triangle, 48 pips)
TP1 1.2958 (20 pips); TP2 1.3020 (82 pips), avTP 51 pips; RR>1

Anticipate possible retest of the broken resistance (up to 1.29).
http://www.forexfactory.com/attachme...1&d=1227857147
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I also got into the trade

Reasons:
04:00 candle has given the TC signal
Last 2 candles a dojis followed by a nice engulfing bullish candle
Also price is close to a trend line
Price has stayed above the 200sma after crossing it and pulled back to it and now a possibility for bouncing off and maybe a breakout above the trend line
Also 21ema close to the 200sma and acting as support as well.

Will close 50% at just below trend line and move remainding to BE and give it a chance to breakout if it does.


Also the 2 charts are the same, one is zoomed in to see the candles and MACD signal more clearly. The other is zoomed out to see how I have drawn up the trend lines.

Edit:
Stopped out, price completely has gone against us. any suggestions anyone to whether this was just a bad trade or just one of those that just didn't work out. any suggestions would be appreciated.
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Keeping Life Simple
Can't find anything against this trade except that it looked too good to be true

PS Yorik's management was the best

Quoting time1300
I also got into the trade

Reasons:
04:00 candle has given the TC signal
Last 2 candles a dojis followed by a nice engulfing bullish candle
Also price is close to a trend line
Price has stayed above the 200sma after crossing it and pulled back to it and now a possibility for bouncing off and maybe a breakout above the trend line
Also 21ema close to the 200sma and acting as support as well.

Will close 50% at just below trend line and move remainding to BE and give it a chance to breakout if it does.


Also the 2 charts are the same, one is...
By the way - if it were a false breakout upwards - now I'm also considering possibilities of going short on EU.

Edit: I didn't enter - didn't like the hammer-like candle on 1H, decided either to pass or to enter if it retraces to the broken support.
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The 200sma worries me, whether its going to bounce of it or keeping going down. The 1H has done a breakout pullback and now testing lows, if it weren't for the 200sma, it would be a good entry. 4H MACD is giving Zero break signal as well.
Keeping Life Simple
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