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4 Hour Strategy (MACD)

  • #4,221
  • May 9, 2007 3:14pm May 9, 2007 3:14pm
HI What do you think of a short position on 2.4285 SL at 2.4310 TP at 2.4230 ????
  • #4,222
  • May 9, 2007 3:22pm May 9, 2007 3:22pm
looks like we have a TC but is it wise to take a trade before the red resistance line? same for euro
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  • #4,223
  • Edited 3:38pm May 9, 2007 3:25pm | Edited 3:38pm
I have a TCMACD signal now on EU. I think it would be possible to reach fibo extension 3476 with first TP 3500. What do you think about it. There are some thoughts about support line from the daily chart but I can not see it.

EDIT: I took that trade with following trading plan as in the picture. I see a support line broken and retested with a fast rebounce from the 21EMA.
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  • #4,224
  • Edited 4:32pm May 9, 2007 3:57pm | Edited 4:32pm
Hey all, here is one you can't pass up. The Aussie $ up at the top of a major channel. Showing a nice R/T and on top of that it has a beautiful Evening star. I'm in. LOL

Here is a shot of my chart.

Caution: News out at 6:45 for Kiwi and 9:30 for Aussie

Jim
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  • #4,225
  • May 9, 2007 4:21pm May 9, 2007 4:21pm
Hey ttito, what program opens up that trade calc that you have. I tried with excel and doesnt recognize it?
  • #4,226
  • May 9, 2007 4:31pm May 9, 2007 4:31pm
Quoting fxpertno1
Hey ttito, what program opens up that trade calc that you have. I tried with excel and doesnt recognize it?
You need to Instal this from Microsoft:
http://www.microsoft.com/downloads/d...3-C6BB74CD1466
  • #4,227
  • May 9, 2007 4:43pm May 9, 2007 4:43pm
Quoting Phillip Nel
Info
Hil Philip,

thanks again for your hard work. I am already up over 50 pips this week.
On the audio you said for the cable the target was at least the 89 SMA. Why didnt you choose the 21 EMA as the first target in this case?

Best regards
Chandsen
  • #4,228
  • May 9, 2007 4:53pm May 9, 2007 4:53pm
hardhead:

There's an AUD employment report due out this evening...keep that in mind.
  • #4,229
  • May 9, 2007 4:55pm May 9, 2007 4:55pm
Quoting ttitto
I have a TCMACD signal now on EU. I think it would be possible to reach fibo extension 3476 with first TP 3500. What do you think about it. There are some thoughts about support line from the daily chart but I can not see it.

EDIT: I took that trade with following trading plan as in the picture. I see a support line broken and retested with a fast rebounce from the 21EMA.
My candle will close about 5 minutes from now, but I prefer not to take TC signal. I think Until tomorrow before BIG News the range will be 1.3520/1.3540, with possible bottom nails.
Maybe Asian Market will punished Euro a little, and if so it can go to 1.3485.
That's the limit bottom I will try to buy.
I prefer to leave a Buy Limit order at 1.3487 for the night and go to sleep, and wait if the order was done and see a tomorrow morning recover again to a 1.3530.

About my "Interest Rate Statement Trade" I bought USDJPY at 119.95 and close it 120.05, more 10 pips, and I did close my GPBUSD Order at 1.9957. NOT BAD FOR TODAY!

My News trades are allways to a target of 10 or 15 pips, never more, and I use 1 or 1.5 lots.

TODAY MY PROFIT WAS 835.00€
At last a good profit day!
Thanks PHILLIP, because the Good trade I have done was using your study!

MIKE
  • #4,230
  • May 9, 2007 5:12pm May 9, 2007 5:12pm
If anybody out there uses Metastock Pro FX and was able to add the colored MACD program, would you please post how to do it. We are new at this and would appreciate some help. Thanks in advance.

Ole 21
  • #4,231
  • May 9, 2007 5:16pm May 9, 2007 5:16pm
Yea, I put in an edit earlier to remind everyone, so, I will pull up my stops at the last minute and put an pending in long just in case. Hopfully though it will push south, Its Due.

Jim
  • #4,232
  • May 9, 2007 5:31pm May 9, 2007 5:31pm
See my chart where we can see the Bottom Trendline I will try to buy in the Asian Market Time.
I have a yellow line with 1.3500, that is where MA200 are and the bottom trendline too, but I prefer to give a gap of more 10 or 15 pips to give me the change of a more deep fall. I prefer not to buy a order if it not reach this gaps, I have already too many orders that I miss for 1 or 5 pips, but with this safety gap, I sleep better..

Let's see if the Trendline will do their JOB once again!!

BYE GUYS
MIKE
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  • #4,233
  • May 9, 2007 6:49pm May 9, 2007 6:49pm
1 hour USDCHF --- Triple Top w/MACD trying to weaken....any thoughts....

pips4: this is your baby...talk to me Goose....
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  • #4,234
  • May 9, 2007 7:27pm May 9, 2007 7:27pm
Quoting Palmer
1 hour USDCHF --- Triple Top w/MACD trying to weaken....any thoughts....

pips4: this is your baby...talk to me Goose....
As you can see in my chart, the cross is breaking some important Trendlines, but in my opinion only if consolidates 1.2270, there is room for big upside.
MACD is given TC signal, but I don't know why, but I am not confortable with this sign. I will wait to see what the cross will do when it reach 1.2200 .
I will see MACD signs here later.
If anyone wants to enter to TP 1.2200 there will be a High probality to reach there, maybe 1.2207 will be a nice number.

MIKE
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  • #4,235
  • May 9, 2007 8:55pm May 9, 2007 8:55pm
Quoting Davidfms
HI What do you think of a short position on 2.4285 SL at 2.4310 TP at 2.4230 ????
MACD shows double top forming. 3 previous candles have significant tails testing April 17 trend line. 2.4300 (May 1 resistance) just above. S/L 20 pips above, target (21 ema) 70 pips below. Great R:R ratio.

Any other day, this may be a no-brainer to go short at 2.4290. WILD CARD is BOE rate decision coming up. Anyone else have thoughts?
  • #4,236
  • May 9, 2007 9:00pm May 9, 2007 9:00pm
Quoting Davidfms
HI What do you think of a short position on 2.4285 SL at 2.4310 TP at 2.4230 ????
I also thought the same, but going to wait out the BOE rate decision. Will Short GBP/CHF from higher level than the current price.
  • #4,237
  • May 9, 2007 9:06pm May 9, 2007 9:06pm
I know guys that this Thread it is to talk about Phillip Method, but as you guys know I trade also news.
See the chart of my last trade, still open.
I have done a bet, that AUD Employment Change would be great, and I like a lot Bloomberg comments, and once again they was right, so I open a trade here 13 minutes before results at 0.8282, and BINGO now at 0.8319.
I have a SL now at 0.8314 and TP 0.8336.

WOW this was really my day.

BYE TO ALL. NOW TIME TO SLEEP.

MIKE

P.S. - DON'T TRY THIS AT HOME:
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  • #4,238
  • Edited 11:58pm May 9, 2007 11:56pm | Edited 11:58pm
Reasons for possibly going long.
1. Trend is up.
2. Price has tested the 50% fib levels (this is the weekly levels) and also the previous trendline has been respected.
3. It is currently testing the current trendline.

Reasons that do not indicate a trade be taken.
1. MACD signal is still showing short
2. Price could not close above the 89SMA

Will consider going long/short depending on if:
1. Current candle respects the current trendline
2. MACD shows a TC
Attached Image
AFTAB Time Will Tell & Price Will Show
  • #4,239
  • May 10, 2007 12:19am May 10, 2007 12:19am
Quoting aftab
Reasons that do not indicate a trade be taken.
1. MACD signal is still showing short
2. Price could not close above the 89SMA
Add to this a big one:

3. BOE rate hike will be announced in about 6 hours, and this will definitely be a long signal for GBP, but a 25bp hike is already factored into current price. So, bottom line: If you're going to trade in the next 12 hours or so, count on being stopped out either way, as volatility will be HUGE.
4. Tony Blair is resigning and that news tomorrow will likely affect rates in some way.

Read about all these things on dailyfx.com or some other news site. MACD, CCI, RSI, etc, mean NOTHING in the face of interest rate statements from two major banks (BOE, ECB). Watch for huge volatility in Euro and GBP. IF you trade (which you shouldn't), be very careful.
  • #4,240
  • May 10, 2007 12:29am May 10, 2007 12:29am
Quoting JoshDance
Add to this a big one:

3. BOE rate hike will be announced in about 6 hours, and this will definitely be a long signal for GBP, but a 25bp hike is already factored into current price. So, bottom line: If you're going to trade in the next 12 hours or so, count on being stopped out either way, as volatility will be HUGE.
4. Tony Blair is resigning and that news tomorrow will likely affect rates in some way.

Read about all these things on dailyfx.com or some other news site. MACD, CCI, RSI, etc, mean NOTHING in the face of interest rate statements from two major banks (BOE, ECB). Watch for huge volatility in Euro and GBP. IF you trade (which you shouldn't), be very careful.
JoshDance,

You are spot on. There is no trade only CONFUSION!
AFTAB Time Will Tell & Price Will Show
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