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4 Hour Strategy (MACD)

  • #4,421
  • May 15, 2007 11:27am May 15, 2007 11:27am
Quoting ttitto
UCHF is curently on the trendline that was broken 08.05.2007 12:00 (GMT). thistrendline starts on the 12.02.2007. The support line that has been just broken is at 2155. Let's see what will happen.
well.. one thing I know for sure, this pair whipsaws like crazy, Im scared of it

elm
  • #4,422
  • May 15, 2007 11:27am May 15, 2007 11:27am
Quoting smnitro1
Does this happen often with your live account? I'm looking to start a mini account to trade Phil's system but I have heard alot of horror story's about unscrupulous brokers and server failures. I know that trading live is very different from demo. I don't want to get off topic but I have been glued to this thread for 5 months now and IMO it is the best thread and the best system on FF. I have grown to trust the advice and opinions of most everyone here. Any advice with regards to trading Phill's system live would be most appreciated.

Thanks
It isn' very often but it happens. Having in mind the wide spreadsduring news time it is actually very bad broker. I cannot move now from them but will make it as soon as possible.
  • #4,423
  • May 15, 2007 12:16pm May 15, 2007 12:16pm
Very interesting what happened today, the market was choppy and after the relevant news of today, the market decide to punish Dollar again. I have bought EURUSD when cross 1.3560 and the trendline, I wait and when reach 1.3567 I gave the order, this order was closed already at 1.3594. At the same time I close this order I open another this time short at 1.3595.
I wait if cross reach F68 at 1.3609 to short again a tiny lot, but didn't reach.

In my opinion cross will return back to 1.3580 or 1.3560.

MIKE
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  • #4,424
  • May 15, 2007 12:45pm May 15, 2007 12:45pm
Just My opinion to all.

If you want to win some pips Today Short EURUSD NOW!!

MIKE
  • #4,425
  • Edited 1:14pm May 15, 2007 12:49pm | Edited 1:14pm
Hi BTL,

I see this little retracement as an opportunity to buy according to Elliot Waves. So be carefull.

Just my 2 cents...
Ignacio

Quoting BoredToLoose
Just My opinion to all.

If you want to win some pips Today Short EURUSD NOW!!

MIKE
  • #4,426
  • Edited May 16, 2007 11:03am May 15, 2007 12:51pm | Edited May 16, 2007 11:03am
I took cable this morning +30 pips (I am EST-1) but when EUR showed the signal I wasn't at home.
Thanks Phillip
  • #4,427
  • May 15, 2007 1:21pm May 15, 2007 1:21pm
Quoting Nacho_1975
Hi BTL,
Hi Nacho,
I see this little retracement as an opportunity to buy according to Elliot. So be carefull.

Just my 2 cents...
Ignacio
I think this Time Mr.Elliot will loose, but if elliot won and if reach this time 1.3625 I short it again.
In my Opinion Euro is not strong yet!

MIKE
  • #4,428
  • May 15, 2007 2:35pm May 15, 2007 2:35pm
I have to constantly tell myself while I am looking at the charts of each pair and seeing the formations begin, be patient, DO NOT RUSH YOURSELF. WAIT FOR IT. If I feel myself getting figity, I log off or walk away for an hour or so and then come back to it. I find this a great benefit of the 4Hr Chart. It has saved me some heartache when I thought the signals where there only to change within the last 2 hours of the trade. So as the next trades setup for the E/U and G/U and U/C, wait for it, make sure it is definite.

I mainly said this because I found myself just about to jump into a bunch of trades, but quickly logged off and am waiting!!!
  • #4,429
  • May 15, 2007 2:40pm May 15, 2007 2:40pm
Quoting BoredToLoose
I think this Time Mr.Elliot will loose, but if elliot won and if reach this time 1.3625 I short it again.
In my Opinion Euro is not strong yet!

MIKE

I shorted the E/U at 1.3590 and longed the U/CAD at 1.0984.

I also tried to short E/J at 163.75 and did not get hit.

Thanks.
  • #4,430
  • Edited 3:40pm May 15, 2007 3:18pm | Edited 3:40pm
Quoting Forex4H
I shorted the E/U at 1.3590 and longed the U/CAD at 1.0984.

I also tried to short E/J at 163.75 and did not get hit.

Thanks.
I too am long USDCAD at 1.0985 based on MACD signal on 1hr chart @ +-19:00 (GMT+2).Stop Loss just below 1.0965 low of today,based on Fibo retracement from 1.1164 high of MAY 11th. TP = 1hr chart 21EMA @ 1.1015 which would make for 30 pips reward versus 22 pips at risk if stopped out.

Let's see what happens from here on in...
PS:Is my use of FIBO retracement correct,though?Any opinions?
  • #4,431
  • May 15, 2007 3:19pm May 15, 2007 3:19pm
I still have my Yesterday Order of EURCHF short at 1.6506, I have take partial profit at 1.6487, and now try to TP 1.6462. I have open another short today at 1.6525.
Yesterday I have enter according MACD Signal and Trendlines and 1.6500 Resistances.
This Cross in my opinion will start to reverse trend sooner.
1.6500 is Swiss Central Bank a limit that they consider reasonable, so 0.50 basis point will be the next rate hike to help "Swissie"
Will be 1.6543 a safe level for now?

MIKE
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  • #4,432
  • May 15, 2007 3:33pm May 15, 2007 3:33pm
Based on all Philip's wonderful teachings/exercises and ,of course, updates, my vote for the winning trade of today would go to the EURUSD. Not necessarily for sheer amount of pips, but for the nice set-up that occurred. Orange triangles show exit points (TP and SL) around important S/R moving averages. 30+pips!!
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  • #4,433
  • May 15, 2007 7:34pm May 15, 2007 7:34pm
Hi Everybody

Does anybody see a short opportunity right now for GBP/USD for target 1 1.9825 and second target 1.9780?

Thanks
  • #4,434
  • May 15, 2007 9:31pm May 15, 2007 9:31pm
Quoting Doji Star
I too am long USDCAD at 1.0985 based on MACD signal on 1hr chart @ +-19:00 (GMT+2).Stop Loss just below 1.0965 low of today,based on Fibo retracement from 1.1164 high of MAY 11th. TP = 1hr chart 21EMA @ 1.1015 which would make for 30 pips reward versus 22 pips at risk if stopped out.

Let's see what happens from here on in...
PS:Is my use of FIBO retracement correct,though?Any opinions?
Doji,
Im with you on the long position, but am going to sit on my hands until the 4am GMT 4 Hr MacD to confirm that this is not neutralization before continuation. The Fibs from May 11 are also weekly pivot point of 1.1040 (38%) and 1.1065 (50%). Not sure if it will retrace that high, but Cad may be close to the seasonal bottom and 1.1040 looks like a good confluence of resistance.
  • #4,435
  • May 15, 2007 10:27pm May 15, 2007 10:27pm
Quoting young_09
Hi Everybody

Does anybody see a short opportunity right now for GBP/USD for target 1 1.9825 and second target 1.9780?

Thanks
Young,

I think that the GB/US may bounce from the 21 MA. Your stop for this short should be around the 1.9871 (the previous high). So that means that your R;R to your TP 1 is ok. I would just follow it very carefully because in my opnion, the chances that it might bounce up are high (based on the way in which the Euro is moving). But if it continues falling it may be a nice run. Just watch your stop carefully, and be ready to close if price bounces.
  • #4,436
  • Edited 5:12am May 16, 2007 5:11am | Edited 5:12am
Let's see if this resistance on usd/jpy will hold the interest rate statement coming out tomorrow. If it does, in my opinion we can expect this pair to go very very down.
Attached Image
  • #4,437
  • May 16, 2007 9:21am May 16, 2007 9:21am
Sort of a triple top on eurjpy so I went short @ 163.79, SL is like 20 pips, 1 TP is the 8MA at 163.59 for 20 pips, 2nd TP 21MA at 163.18. R:R was so good i couldn't resist

2 other trades currently open from some hours ago are usdcad long and eurusd short.
  • #4,438
  • May 16, 2007 9:45am May 16, 2007 9:45am
Quoting weghio
Sort of a triple top on eurjpy so I went short @ 163.79, SL is like 20 pips, 1 TP is the 8MA at 163.59 for 20 pips, 2nd TP 21MA at 163.18. R:R was so good i couldn't resist

2 other trades currently open from some hours ago are usdcad long and eurusd short.
Hi Weghio,

I'm not seeing the sort of a triple top on e/j. Would you mind posting your chart so I can see the pattern? I'd really appreciate it. You were refering to the 4 hour chart? (my candles are still open, and is bullish w/MACD giving up TC on open bar at .29...but res. isn't too far away at 164.16.

Thanks,
Pips
  • #4,439
  • May 16, 2007 10:01am May 16, 2007 10:01am
Quoting Foricks
Doji,
Im with you on the long position, but am going to sit on my hands until the 4am GMT 4 Hr MacD to confirm that this is not neutralization before continuation. The Fibs from May 11 are also weekly pivot point of 1.1040 (38%) and 1.1065 (50%). Not sure if it will retrace that high, but Cad may be close to the seasonal bottom and 1.1040 looks like a good confluence of resistance.
Hi Foricks!
Just got in and USDCAD trade was in profit!!Gonna let it run.1st TP @1.1036 =21EMA.2nd [email protected]=89MA.
USDCAD looking good...adjusting my stop loss to 25 pips gain as of now.
Hope you got in for the ride!
  • #4,440
  • May 16, 2007 10:02am May 16, 2007 10:02am
hi pips, below is what i saw. i'm a noob so don't take my word for anything :/ price has hardly moved at all there so far.
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