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4 Hour Strategy (MACD)

  • #6,961
  • Sep 19, 2007 3:29am Sep 19, 2007 3:29am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting ashes
19 Sep 07

9:05 gmt

eur/usd


macd round top


eur/usd short 1,3966

sl 1,3986 (-20)

(a)tp 1,3939 (+27) ema 8

(b)tp 1,3900 (+66) ema 21


since I consider the trade risky the sl is tight (-20)


Please feel free to comment


Greetings
I agreed with your short on Eur/usd. 4hr chart forms a possible round top with macd divergence. The 1hr chart forms 4 tweezer top on my chart. Previous bar closed as a bearish engulfing bar. It could be the end of the uptrend for now. You should be looking forward to take ur profits at 8ema and BE asap. However, this is still a countertrend trade, trade cautiously. I also went short at 1.3968. My first target profit is at 1.3935. I feel your stoploss is relatively small, the eur hasn't reached 1.4000 yet, so there might be chances the euro might hit that level and come down, then u might miss the big move downwards. If the trend continues downwards, you must modify your trade plan to suit current circumstances, for example, ride it down or cash out, possible support levels and etc.. Good Luck dude!!
  • #6,962
  • Sep 19, 2007 4:19am Sep 19, 2007 4:19am
Quoting shauny
I agreed with your short on Eur/usd. 4hr chart forms a possible round top with macd divergence. The 1hr chart forms 4 tweezer top on my chart. Previous bar closed as a bearish engulfing bar. It could be the end of the uptrend for now. You should be looking forward to take ur profits at 8ema and BE asap. However, this is still a countertrend trade, trade cautiously. I also went short at 1.3968. My first target profit is at 1.3935. I feel your stoploss is relatively small, the eur hasn't reached 1.4000 yet, so there might be chances the euro might hit that level and come down, then u might miss the big move downwards. If the trend continues downwards, you must modify your trade plan to suit current circumstances, for example, ride it down or cash out, possible support levels and etc.. Good Luck dude!!
in my opinion its a little early to go short, check the support that the pair is finding at the TL. But at the other hand the SL is small so a bigger R/R. Im planing to go short too but ill wait to the TL to be broken...

cheers.
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  • #6,963
  • Sep 19, 2007 6:47am Sep 19, 2007 6:47am
EUR$ might be setting up....Wait for the CPI news...
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  • #6,964
  • Sep 19, 2007 11:42am Sep 19, 2007 11:42am
Hello,
I was wondering isn't this Bounce off 21 TC (Zero break too)?

Thanks
Mike
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Failure, is a wonderful teacher!
  • #6,965
  • Edited 1:09pm Sep 19, 2007 12:21pm | Edited 1:09pm
Hi all,

I was keeping an eye on the Swissy lately. On Sunday in my journal I anticipated an up move to the 89, but the US interest statement ruined it. And then, on the last candle I saw an energetic up move! Well, maybe my anticipation is back - I thought. But as I looked it more attenively I realized that it just went up, rejected by a resistence line and retraced. So my anticipation is in hold, and looking for confirmation that it is a sting - signaling a continuation of the down move. (if confirmed then it is a bounce of the 21, and with the damage is done the stop should be just above the 21).

The moral of the story is that never let anticipation limit your thinking.

Robert
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  • #6,966
  • Sep 19, 2007 12:30pm Sep 19, 2007 12:30pm
Quoting mike1349
Hello,
I was wondering isn't this Bounce off 21 TC (Zero break too)?

Thanks
Mike
Mike are you speaking of the MACD 0 break after price bounced off of the 89, after consolidating at the 365 and 200? On my chart it does appear to almost touch the 8 but not the 21 ma. Looking on the 4hr.
Dion
  • #6,967
  • Sep 19, 2007 1:07pm Sep 19, 2007 1:07pm
Quoting HipsterPipster
Mike are you speaking of the MACD 0 break after price bounced off of the 89, after consolidating at the 365 and 200? On my chart it does appear to almost touch the 8 but not the 21 ma. Looking on the 4hr.
Dion
Thanks Robertus.Dion I am in 4HR chart.May be different brokers makes our chart a little bit different

Thanks
Mike
Failure, is a wonderful teacher!
  • #6,968
  • Sep 19, 2007 1:15pm Sep 19, 2007 1:15pm
EUR$ still working itself out. I took the Rt counter tt on the $Yen last night and took one position off at the 8ema for about 17 pips. Other lots were stopped out at b/e....

busy....
  • #6,969
  • Sep 19, 2007 2:09pm Sep 19, 2007 2:09pm
Quoting mike1349
Hello,
I was wondering isn't this Bounce off 21 TC (Zero break too)?

Thanks
Mike
Hiya, jus wanted to know (on your posted chart) how you set it up so it displays how long left until the next bar on the chart on Mt4?

regards, James
  • #6,970
  • Sep 19, 2007 3:29pm Sep 19, 2007 3:29pm
Quoting james231287
Hiya, jus wanted to know (on your posted chart) how you set it up so it displays how long left until the next bar on the chart on Mt4?

regards, James
Are you using MT4? I have an indicator that you can use for bar time. PM me and I will email it to you.
Dion
  • #6,971
  • Sep 19, 2007 3:46pm Sep 19, 2007 3:46pm
Quoting james231287
Hiya, jus wanted to know (on your posted chart) how you set it up so it displays how long left until the next bar on the chart on Mt4?

regards, James
Sorry James,
I got you wrong.here is the indicator for MT4
Mike
Attached File(s)
File Type: mq4 CandleTime.mq4   2 KB | 754 downloads
Failure, is a wonderful teacher!
  • #6,972
  • Sep 19, 2007 4:15pm Sep 19, 2007 4:15pm
I'm sitting in front of the GU chart for some time now. Trying to "read" it, but with little success.

I would vote for an up move because of the folloings:
1. previous 3 bars with long shadows to the downside, so people are buying from the bottom
2. the past 3 candles formed a pinocchio formation (if I get it right). The bigger the nose, the bigger the lie.
3. Inside bottom from the previous downhill.
4. MACD is forming a possible round top (even if it is marginal) and the price does it too (sort of)

On the contrary, there are a weekly resistance line and the 21 in the way and I just don't see enogh momentum in this pair right now to break through all this.

Am I missing something obvious?

Robert
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  • #6,973
  • Sep 19, 2007 5:55pm Sep 19, 2007 5:55pm
Hi, Robertus! Nice analysis you've done here, and it would be high probability trade, but 200 is on the way and according to th rules we should wait until it's broken. But a lot of other odds in favor of upmove, so maybe it can be taken now.
  • #6,974
  • Sep 19, 2007 9:24pm Sep 19, 2007 9:24pm
How do you down load the candletime indicator on to the mt4 charts?
Thanks for your help
  • #6,975
  • Edited 10:40pm Sep 19, 2007 10:26pm | Edited 10:40pm
Quoting JimTatum
How do you down load the candletime indicator on to the mt4 charts?
Thanks for your help
Close your MT4 program and then go to Computer, C drive, Program Files, Metatrader, Experts, and then copy and paste the file into Indicators. Restart the program and you should find it in Custom Indicators.
Dion
  • #6,976
  • Sep 19, 2007 11:25pm Sep 19, 2007 11:25pm
I tried that and it did not work????
  • #6,977
  • Sep 20, 2007 1:40am Sep 20, 2007 1:40am
Are you sure you put it under Indicators Folder?
then try to restart the meta trader and check it under Insert --> Indicators --> Custom.
  • #6,978
  • Sep 20, 2007 1:46am Sep 20, 2007 1:46am
By the way, anyone going short on cable ?!?
  • #6,979
  • Sep 20, 2007 2:03am Sep 20, 2007 2:03am
Quoting benniardi
By the way, anyone going short on cable ?!?
Nope, I've been long for the last 50 pips b/c of beautiful bounces off support zones yesterday and today. Also, my chart has a really nice RB (but the level is not good). Don't have any reason to short at the present time...no PA signs yet or MACD confirmation...What are your reasons for thinking short now?? Are you counting on bad UK retail sales? Or is there a signal on your chart w/support break? Or just anticipating market motion (which is a good reason)?

The follow through on the rate move, sure wasn't there. Seems to be a lot of downward pressure...hmmm

Good luck w/your trade!! May the pips be with you!!
Pips
  • #6,980
  • Sep 20, 2007 2:06am Sep 20, 2007 2:06am
Hey Palmer & all You Wise Euro Traders!

Guess the option barriers are gone now!! All you E/U holders...time for a celebration!!! Congrats!!!!

Spend your pips wisely...
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