4 Hour Strategy (MACD)

As expected just woke to see my stop loss got taken out , Stop loss was 2.0252/ candle low was 2.0250 = BY 2 PIPS!!!. Hmmmmmm,
now waiting for a decent setup and direction to enter.

4hr EUR seems forming a higher low MACD formation with a spinning candle?
Am I right coz i always mix up the higher low and lower high while we are in a trendy market? Pls comment. Many thx.

Thanks Pips for you comments on my trade. I wish I could have your insight of the market, but having you as an example of a successful trader helps me a lot ! I have decided to post my trades before opening them because it will keep me out of two mistakes: opening a trade without a plan and keep me out of overtrading. And of course it would be very nice to hear others opinion of my trades.
I have been thinking about overtrading and have a question to all in the forum. Have you got any criterion how to determine whether you are overtrading or not?
What I mean is when you are sitting in front of a computer for hours and there is no move, you slowly start to look for the trades, but you are not aware of it at that stage. And when the move occurs it looks to you that it was what you have expected and it's time for you to open the trade. At that moment you don't know will it be a good trade or a bad one. But the odds seems to be good, so you take it. But if you look at your trade with fresh eye (not sure is there such phrace in English) you would never open it. I guess my question was too long but I hope you understood what I mean .

Hello its me again looking at my recent cable trade with FRESH EYES. yes Ira i think i saw it in the forex dictionary , it is a valid forex term. Here is where i went wrong. I have a hard time cutting my losses. i have done it before as well and still did it in this trade. There were so obvious signs that i should have moved to BE instead of taking a loss. If you look at the chart the long tails on candles on arrow one were the 1st indication. 2nd indication was the round top forming on Macd. But the candle on the 2nd arrow found support on 21 MA , thus giving me HOPE. you see how hope and facts dont mix and my stop loss got hit. Now where did i read that" dont try to out smart the market , let the market make you smarter" This deserves a DUH as said by the famous Homer Simpson.

Hi everybody.

Im new here and im starting to read and listen to all those mp3 and pdf's,digest all the rules and starting to read the whole thread which i found more than interesting, especially how the rules get developed. You can write a book out of it!!. By the way thanks to everybody that made posible this thread. Unfortunely i m still at page 45, and plenty of dubts and questions. I asume that you use the system with the most data that you can get, i mean, not in a mechanical way.

Ok here is one thing about the 1 h chart supporting 4h chart.
Lets take the E-U that by now its in rythm 8 ema. To get a 1 h confirmation signal, we will wait for the pair to bounce out of the 21 ema ( at the 1 hour chart). But at the same time if we go to the 15 minute chart and you change the 89 sma to 89 ema we will get the same crosses.
The same example we can apply it to the cable wich is, or it was on a 21 ema rythm, we can get the equivalent + or - at the 200 ema . I see by this example that the technique seem to me reliable, i would like to confirm with you. Assuming that it would never work for the big support-resistance areas where the emotions are big, and you will get fake motion signals.

I belive that they re many shortcuts like this,, that helps to get a better R:R, just guessing.

gus

Going short. Price well above 89, 200, and 365. It did penetrate my upper trendline on the monthly but rejected and retraced bounce off of weekly R3, Monthly R2, and Daily R1 all clumped together nicely. MACD 4H in the red. My only concern is that it may be a break out of this descending triangle.
Dion

I also need to note that the 89 is above the 200 which recently crossed to the upper side of the 365. A long may be comming when price breaks well out of my upper TL.

The 4hr charts are making a few tails at the support line, but also break heads and shoulder neckline, so its down or up? I'm getting abit confused here...

[I have been thinking about overtrading and have a question to all in the forum. Have you got any criterion how to determine whether you are overtrading or not?
What I mean is when you are sitting in front of a computer for hours and there is no move, you slowly start to look for the trades,

Hi Ira,
It's interesting to see you post your comments above - I too often do the same. I have a regular job and I am at GMT+2, and can sit for hours - glued to the screen and then start looking for the trades. I'm not sure myself when the overtrading starts, but I recall in the threads where Phillip says don't look for something that's not there - that's when you begin to see what you want to see. That's so important!! As a result I have cut down on the number of trades, and my % profitability has gone up. Sometimes its hard - you sound a bit like me in that I have no problem getting in the saddle and pulling the trigger, I enjoy the thrill. Since following Phillip's method, I don't have as many rides but boy are they far more enjoyable!!!
Have a good one!
Regards
InForTheHaul

EuroUsd showed a sell signal @ 1500 gmt....according to 4hr MACD, will it reach the 89sma? im playing safe, placed a TP 20pips before the 89sma....

I am out, its following the 8ma too nicely.

Just look where we are in terms of Support/Resistance levels. Be carefull. Wait for sufficient confirmation to go short or (breakout) for the long. When a TC occur just watch the top resistance for TP. Double top against top Resistance in the price might be on the cards with a 3rd lower high on MACD with divergence for a strong short possibility. Only my plan as I watch the EurUsd. I am still in since Monday morning at 1.3780

Info

I entered EURUSD this morning at 1.3882 on a 1Hr RB, anticipating 4Hr TC. When price kept stalling, I moved my stop to just above break even at 1.3884, but, with continued failure to the up side, I squared at 1.3895 for +13 pips.

Did same with AUDUSD (1Hr RB anticipating 4Hr TC) and also moved my stop up to just above break even. I wanted to stay in that trade, but my untrained, or badly trained emotions from too many past losses, wouldn't let me stay in the deal, so I closed for +22 Pips. I'll show charts of my AUDUSD trade for your inspection. I actually handled my EURUSD trade with more deliberation, and rushed my Aussie deal a little, but I felt it had the most possibilities to the upside. However, it has failed twice right against the 89 sma on the daily chart in the .8430's. AUDUSD entry .8389.

The entries were on the 15:00 GMT candle on a RB signal in anticipation of a 4 Hr TC on the 16:00 candle.

Hello everyone here is a written copy of today's daily wrap up sept 13th.
Thankyou.

hei again guys,
I have question regarding market time... I just bought usd/cad (6am GMT), and the ticker seems to move slowly (sometimes not moving) or not that aggressive of when I bought it around 5 pm GMT. Is it because the market is closed? or what?
And it does the same thing at certain time for some other pairs too...

Thank you in advance !!

I sent you a PM.
Dion

Post Deleted

Thanks.

Hi,

except for Monday, which was a was a loser trade, I did not trade at all this
week. I was watching the eur/usd charts but I have been unable to determine the
uptrend to go long with it.
Actually eur/usd seems to be testing the resistance around 1.3880.
I'm cuious about the next week and I hope for some good opportunities.

A good weekend to all of you

Greetings