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4 Hour Strategy (MACD)

  • #6,041
  • Edited 5:49am Aug 8, 2007 5:22am | Edited 5:49am
I am having a problem drawing my trendlines: I draw my weekly trendlines and S/R's lines. Then I change my timeframe to dialy and/or 4 hrs. When I do that, the lines i had drawn in the weekly dissapear!!! If I go back to the weekly time frame they are gone too
Does anybody here knows what is going on? It was not happening before. I was able to draw my weekly, daily and 4 hrs trendlines in the same chart regardless of the time frame......
  • #6,042
  • Aug 8, 2007 7:17am Aug 8, 2007 7:17am
is there a skype group which exists for this strategy?
  • #6,043
  • Aug 8, 2007 7:39am Aug 8, 2007 7:39am
Quoting Ryanmcd
Long eur/usd 1.3755 stop @ 1.3750 R:R is good, on TL 1 Hour green a few bars, 4h should go green. I am kinda pushing this one but 20 risk is no biggie for the uptrend if it works out.

Stopped out on this one, Note to self don't front run it. I always get screwed over by the long dips below support Well I was right / wrong at the same time lol
Keep taking CT trades, I need more money
  • #6,044
  • Edited 9:17am Aug 8, 2007 8:54am | Edited 9:17am
I just wondering if somebody else was trading GBP/USD last night and lost his trade because of the huge tail. I have programmed my EA to open a long position and set SL at 2.0168 that is far beyond 2.0188 last low and it hit!
If you look at previous Bottom signals you will not find a similar configuration (points A-C).
It's a very pity because the signal was valid and I could be in +140 profit now if this damned tail didn't hit my SL. Does anybody here use SL of 80-90 for GBP/USD?

http://forexbarometer.com/ipb/pics/g...808-hit-SL.gif
Ben
  • #6,045
  • Aug 8, 2007 9:06am Aug 8, 2007 9:06am
Quoting Benf
I just wondering if somebody else was trading GBP/USD last night and lost his trade because of the huge tail. I have programmed my EA to open a long position and set SL at 2.0168 that is far beyond 2.0188 last low and it hit!
If you look at previous Bottom signals you will not find a similar configuration.
It's a very pity because the signal was valid and I could be in +140 profit now if this damned tail didn't hit my SL. Does anybody here use SL of 80-90 for GBP/USD?

http://forexbarometer.com/ipb/pics/g...808-hit-SL.gif
Hi Ben,
Where did you open long?I mean you sat your EA on what to open a long position?
Mike
Failure, is a wonderful teacher!
  • #6,046
  • Aug 8, 2007 9:09am Aug 8, 2007 9:09am
Where did you open long?

EA opens position on the very beginnig of the signal bar/candle (where arrow points). I don't know the entry price in advance but I can set SL price (not pips) before running EA. The Round Bottom signal appeared at price 2.0236. At this price the long had been opened, so my SL in pips was 2.0236-2.0168= 68 pips.
Ben
  • #6,047
  • Aug 8, 2007 9:34am Aug 8, 2007 9:34am
Hi ,
I just went short us/chf .bounce off 21 ema and MACD TC signal.Any coments?
Thanks
mike
http://imagebin.org/9818
Failure, is a wonderful teacher!
  • #6,048
  • Aug 8, 2007 9:43am Aug 8, 2007 9:43am
Hi,
I think this was typical stop hunting, or bear trap this London morning. I doubt anyone would survive this signal, even though it looked really good.
Fortunately EURUSD worked very good for me, got signal at 1.3754.
Anyway, I am also eyeing that USDCHF, let's see what happens.

BR,
Endy

Quoting Benf
I just wondering if somebody else was trading GBP/USD last night and lost his trade because of the huge tail. I have programmed my EA to open a long position and set SL at 2.0168 that is far beyond 2.0188 last low and it hit!
If you look at previous Bottom signals you will not find a similar configuration (points A-C).
It's a very pity because the signal was valid and I could be in +140 profit now if this damned tail didn't hit my SL. Does anybody here use SL of 80-90 for GBP/USD?
  • #6,049
  • Aug 8, 2007 10:03am Aug 8, 2007 10:03am
I doubt anyone would survive this signal

Thanks, Endy, you're right, it's better to trade EUR/USD. I rarely had a good luck with GPB/USD, though its swings sometimes look tempting and promising. A typical trap.
Ben
  • #6,050
  • Aug 8, 2007 10:04am Aug 8, 2007 10:04am
Benf - is there another way to contact you other than this thread? I would like to ask you a few questions re: your charts and don't want to clutter up Phil's thread here.

PM me if you don't mind.

Thanks
  • #6,051
  • Aug 8, 2007 10:17am Aug 8, 2007 10:17am
I think i'll play this USCHF short too.
What caught my attention is also that long hold Support line at 1.1975/1.2000 which was holding this pair from falling for last days/weeks. Now, I would guess, it became Resistance and USDCHF might go down.

Good luck,
Endy

Quoting mike1349
Hi ,
I just went short us/chf .bounce off 21 ema and MACD TC signal.Any coments?
Thanks
mike
http://imagebin.org/9818
  • #6,052
  • Edited 1:58pm Aug 8, 2007 10:20am | Edited 1:58pm
Hi, Ben! It really was a huge tail, but if you see the history, you'll see it happens to GU pretty often, so I guess it's just usual. Maybe you should increase your stoploss. It was a tail on EU, but much smaller.
  • #6,053
  • Aug 8, 2007 10:30am Aug 8, 2007 10:30am
Does anyone here know what caused the large candle during 12:00 GMT(+2) on many of the majors. I am supposing it was the BoE inflation reports but I do not follow the news besides knowing what important reports are coming out. So if anyone knows what caused this large swing I would love to know.

P.S. I got stopped out on the large tail on the cable as well, quite unfortunate, but further proof that stop-hunters are out there and it is something to watch for.
  • #6,054
  • Aug 8, 2007 10:45am Aug 8, 2007 10:45am
Quoting Benf
I just wondering if somebody else was trading GBP/USD last night and lost his trade because of the huge tail. I have programmed my EA to open a long position and set SL at 2.0168 that is far beyond 2.0188 last low and it hit!
If you look at previous Bottom signals you will not find a similar configuration (points A-C).
It's a very pity because the signal was valid and I could be in +140 profit now if this damned tail didn't hit my SL. Does anybody here use SL of 80-90 for GBP/USD?

http://forexbarometer.com/ipb/pics/g...808-hit-SL.gif

Yes on Eur/Usd, the chart did the same thing.
Keep taking CT trades, I need more money
  • #6,055
  • Aug 8, 2007 11:08am Aug 8, 2007 11:08am
Quoting Benf
I just wondering if somebody else was trading GBP/USD last night and lost his trade because of the huge tail. I have programmed my EA to open a long position and set SL at 2.0168 that is far beyond 2.0188 last low and it hit!
If you look at previous Bottom signals you will not find a similar configuration (points A-C).
It's a very pity because the signal was valid and I could be in +140 profit now if this damned tail didn't hit my SL. Does anybody here use SL of 80-90 for GBP/USD?

http://forexbarometer.com/ipb/pics/g...808-hit-SL.gif
Benf you must take care of interest rate announcement market can become very volatile.
  • #6,056
  • Aug 8, 2007 11:15am Aug 8, 2007 11:15am
[quote=ira;1528575]
Quoting pips4uandme
You are very welcome, Ryanmcd. Hey...I tried an experiment over the last week re: your 80% comment....

Donna, I am as always fascinated by your post! That's exactly what I was doing (loosing one account after another in weeks, lucky it was demo) untill I came here .
I was re-reading my trading journal during vocations and was surprised by my progress. I no longer open a trade without a written plan, and I have, in most cases, both short and long trading plan (again thanks to you and Phillip), waiting for the price to show me where to go. Still have to work on my emotions during the open trade.
I have also noticed that at the beginning I was waiting for a signal and then worked on my plan, very often in a hurry. Now, when I open the chart I analise market rhythm and then decide what should I wait for. I remember Phillip words, that we are at the hunt. We analise market rhythm and it gives us direction where to shoot. The different boundaries (MA's, S/R levels etc) are the distance in pips where to shoot, and MACD only gives us a signal when to pull the trigger. So simple and so genious!
Thanks again to all of you!!!
Whether you can give the plan trading journal, please..............
  • #6,057
  • Aug 8, 2007 11:20am Aug 8, 2007 11:20am
Quoting redsox326
Does anyone here know what caused the large candle during 12:00 GMT(+2) on many of the majors. I am supposing it was the BoE inflation reports but I do not follow the news besides knowing what important reports are coming out. So if anyone knows what caused this large swing I would love to know.

P.S. I got stopped out on the large tail on the cable as well, quite unfortunate, but further proof that stop-hunters are out there and it is something to watch for.
Here's a portion of the Bloomberg article:

Aug. 8 (Bloomberg) -- The Bank of England indicated it will have to raise the benchmark interest rate once more as record oil costs and rising food prices keep inflation above its target for the next two years.
The inflation rate will stay above the 2 percent goal until 2009, the central bank said in its quarterly inflation report today. The forecasts assume policy makers will raise the Bank Rate a quarter-point from the current 5.75 percent by the first quarter of next year.
The pound rose as investors increased bets that the central bank will raise the key rate beyond 6 percent in 2008. Inflation, which has exceeded the target for 14 months, may hold above the goal as the British economy grows this year at the fastest pace since 2004.
  • #6,058
  • Aug 8, 2007 11:36am Aug 8, 2007 11:36am
[quote=Alex III;1529208]
Quoting ira

Whether you can give the plan trading journal, please..............
AlexIII, go to page 401 on this thread, and look at pip's post #6013. There she gives a copy of a previous post she made on how she plans her trades. It's very useful!
  • #6,059
  • Aug 8, 2007 11:45am Aug 8, 2007 11:45am
[quote=OldDog;1529244]
Quoting Alex III

AlexIII, go to page 401 on this thread, and look at pip's post #6013. There she gives a copy of a previous post she made on how she plans her trades. It's very useful!
Thanks OLDDOG

I was inattentive.................
  • #6,060
  • Edited 11:50am Aug 8, 2007 11:47am | Edited 11:50am
I got stopped out for +42 pips a little while ago on EURUSD at 1.3796. It hit it right on the button and, then moved back up. I was hoping for a chance to move my stop up to 1.3820 because I was feeling it might try the highs again at 1.3840 and maybe test the all time high at 1.3851. Good luck, everyone!
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