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4 Hour Strategy (MACD)

  • #3,881
  • Apr 30, 2007 10:51am Apr 30, 2007 10:51am
Yes, I took it, +20 now. I liked the long tail, engulfing candle and it bounced from my trend line and 8MA. I put my b/e to +5 and let it run as it's my real account. My first profit target is the high of the previous week.
I didn't take the signal on GBP/USD, didn't like the look of the signal, but it worked well. Usually the market is not very active on Monday but today it moves good, or it's only my wrong observation?
  • #3,882
  • Apr 30, 2007 11:00am Apr 30, 2007 11:00am
Quoting ira
Yes, I took it, +20 now. I liked the long tail, engulfing candle and it bounced from my trend line and 8MA. I put my b/e to +5 and let it run as it's my real account. My first profit target is the high of the previous week.
I didn't take the signal on GBP/USD, didn't like the look of the signal, but it worked well. Usually the market is not very active on Monday but today it moves good, or it's only my wrong observation?
Congrats on your win !

I installed MT4 +2 demo account and will watch out for possible trade every 2 hours !
  • #3,883
  • Apr 30, 2007 11:32am Apr 30, 2007 11:32am
In the last minutes see the image and look how touched the Trendline.
I was waiting to see if EU reached 1.3687, if touched I would short it at 1.3693, because I like to give a 5 pip gap when it reach some good R/S lines.
I could fail because if reach 1.3700 then up is the way, but in my opinion 1.3700 it is a very strong Resistance.First time it reach 1.3700 almost sure that the price will turn back again, After MACD study I will wait more a couple of pips like 1.3717 and will short it, but only after study if there is any emotion around.

We have a lot to learn about the Phillip System, but for me this system it is GOLDIE!!

Bye
MIKE
Attached Image (click to enlarge)
Click to Enlarge Name: gu4.jpg Size: 97 KB
  • #3,884
  • Apr 30, 2007 11:37am Apr 30, 2007 11:37am
I am looking at the EUR/JPY, Pips got me interested in this pair. It seems like it's forming a nice sitter for TC, but I think it will take time to form it
  • #3,885
  • Apr 30, 2007 12:26pm Apr 30, 2007 12:26pm
I had a long last few days and I'm going on travel until Thursday. I may be able to pop in here and there and will most likely not be able to trade this week. I'll be around next week for sure. Good trades to everyone...

Keepin' it real.
  • #3,886
  • Apr 30, 2007 12:50pm Apr 30, 2007 12:50pm
I enetered this trade 119.46 with sl 119.85 and TP1 119.32, TP2 119.04
Attached Image (click to enlarge)
Click to Enlarge Name: 4H MACD USDJPY 300407 1225.jpg Size: 97 KB
  • #3,887
  • Apr 30, 2007 1:49pm Apr 30, 2007 1:49pm
Quoting ttitto
I enetered this trade 119.46 with sl 119.85 and TP1 119.32, TP2 119.04
I'm with benf here... may not be a bad trade, but not ideal by any means... nothing special in MACD, the candles are too volatile IMO, and it looks like too much consolidation, maybe ready for an up move. But, I could be way off and you might be driving a Lamborghini tomorrow, so what do I know? ;-)
  • #3,888
  • Apr 30, 2007 2:57pm Apr 30, 2007 2:57pm
Quoting ira
I am looking at the EUR/JPY, Pips got me interested in this pair. It seems like it's forming a nice sitter for TC, but I think it will take time to form it
Hi Ira, I am taking a short eur/jpy with a tight SL. There is some profit-taking off the DOW all time high and yen crosses were found to be in some correlation. Also, I am hoping the pair is making an inverted W pattern on 1 hour chart. Good luck to your trading. Yours, Tamkras.
  • #3,889
  • Apr 30, 2007 3:09pm Apr 30, 2007 3:09pm
Hi Tamkras, what is your Stop and your first target?

Thanks
Ignacio

Quoting tamkras
Hi Ira, I am taking a short eur/jpy with a tight SL. There is some profit-taking off the DOW all time high and yen crosses were found to be in some correlation. Also, I am hoping the pair is making an inverted W pattern on 1 hour chart. Good luck to your trading. Yours, Tamkras.
  • #3,890
  • Apr 30, 2007 3:33pm Apr 30, 2007 3:33pm
Hi Nacho and Tamkras,

If I were to short this pair, the target would be 162.42,which is the previous resistance. But I feel more relaxed to go long from this support line since 26 April. Using 1 hr method would help to go long. This pair is quite fast to move up and down.
  • #3,891
  • Apr 30, 2007 3:39pm Apr 30, 2007 3:39pm
Hi folks,

I did a bad trade on USDCAD today and wondered if anyone could tell me where I went wrong. If you look at the screenshot below, I have marked an arrow where I went long (2nd green up-bar at 08:00 GMT).

A couple of things I probably shouldnt have done.

1. Go against the trend
2. Go long when price is below the 89 EMA

The other thing to say is my Metatrader demo is 1 hour ahead of GMT, so this may also make a difference.

Any input gladly appreciated
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 87 KB
If it's too good to be true, it probably is.
  • #3,892
  • Apr 30, 2007 3:50pm Apr 30, 2007 3:50pm
Quoting Nacho_1975
Hi Tamkras, what is your Stop and your first target?

Thanks
Ignacio
My SL is 163.37 = most recent high 163.22 + 10 pips + 5 broker's spread. First profit is 162.56. R:R looks o.k.

If my SL gets hit, I will reverse the position into long.
  • #3,893
  • Apr 30, 2007 3:54pm Apr 30, 2007 3:54pm
Quoting SimonK
I did a bad trade on USDCAD today
1. Go against the trend
2. Go long when price is below the 89 EMA
In your case it's the same. You were trying to trade against the long and persistent trend.
Ben
  • #3,894
  • Apr 30, 2007 3:55pm Apr 30, 2007 3:55pm
My 2 cents... remember that the target is always the 21, and your entry point was very close to the 21


Quoting SimonK
Hi folks,

I did a bad trade on USDCAD today and wondered if anyone could tell me where I went wrong. If you look at the screenshot below, I have marked an arrow where I went long (2nd green up-bar at 08:00 GMT).

A couple of things I probably shouldnt have done.

1. Go against the trend
2. Go long when price is below the 89 EMA

The other thing to say is my Metatrader demo is 1 hour ahead of GMT, so this may also make a difference.

Any input gladly appreciated
  • #3,895
  • Apr 30, 2007 4:26pm Apr 30, 2007 4:26pm
Quoting SimonK
Hi folks,

I did a bad trade on USDCAD today and wondered if anyone could tell me where I went wrong. If you look at the screenshot below, I have marked an arrow where I went long (2nd green up-bar at 08:00 GMT).

A couple of things I probably shouldnt have done.

1. Go against the trend
2. Go long when price is below the 89 EMA

The other thing to say is my Metatrader demo is 1 hour ahead of GMT, so this may also make a difference.

Any input gladly appreciated
This cross has a very long trend and your trade was very risky.
The news about Canadian GDP helped trend to continue.
Now it is the time to look and maybe in the next two candles would be very good to long to 1.1135 and then 1.1165, I will watch very close this cross, because I trade now only EU and cable, but when I see good signal in this Cross, USDCHF and AUDUSD I take it with tiny lots.
If I see the cross at 1.1067 I go long.

Bye
MIKE
  • #3,896
  • Edited 4:57pm Apr 30, 2007 4:43pm | Edited 4:57pm
Anyone in the chat room? I am not able to get in...

Thanks

http://ui.skype.com/ui/0/3.1.0.144/e...T7Gp_-AjQF23tQ
  • #3,897
  • Apr 30, 2007 5:12pm Apr 30, 2007 5:12pm
Quoting SimonK
Hi folks,

I did a bad trade on USDCAD today and wondered if anyone could tell me where I went wrong.
Well, for one thing--see that big RB to the left of the one you traded at? It's much stronger, it's well below the first line, and it was a good trade (though I had my doubts at the time). The RB you traded on was in a downtrend, and it formed above the first level... now, in an uptrend, a RB above the first level may work okay, but not in such a hugely strong downtrend as here.
  • #3,898
  • Apr 30, 2007 5:14pm Apr 30, 2007 5:14pm
Hi, anyone considering a possible RB (USDCAD) and RT (EURCHF) in the next candel?
  • #3,899
  • Apr 30, 2007 5:24pm Apr 30, 2007 5:24pm
Possible RT on GBPCHF forming in the next 8 hours or so... nearing upper Res. Also, I can smell a TC going up for USDJPY soon...
  • #3,900
  • Apr 30, 2007 5:32pm Apr 30, 2007 5:32pm
Quoting Nacho_1975
Hi, anyone considering a possible RB (USDCAD) and RT (EURCHF) in the next candel?
Hi Nacho,

I don't like EURCHF, there is too many tails!
That RT it is below 0.0015.
Hum! don't like it at all.
It only convinced me if a see a very fast up to 1.6497, maybe then I can short a tiny trade.
USDCAD I will wait more 4 Hours to see if I will short or not!
If reach 1.1067 I short it, but maybe I can short sooner if reach 1.1077.
I will wait to see H1 when reach 0 line, to decide.

TP will be small, like 1.1117, I have said in other post 1.1165, but only if reach 1.1127 I will try it, I stop it if return back to 1.1117.
If reach 1.1117 and return back I stop it at 1.1107.

BYE
MIKE
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