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4 Hour Strategy (MACD)

  • #7,181
  • Oct 3, 2007 1:42am Oct 3, 2007 1:42am
Quoting BIL2205
Thanks Ira, so i am not crazy!, i just woke up to see a round bottom too,price has tested the 21 ema and the curent candle is very crucial in determinig the direction of this pair, it is moving up and down below the 21, i still have 2 hours to candle close. lets see where the price takes us. I am favoring south but only time will tell.
NAdia.
Nadia, my short signal disappeared, and frankly speaking I'm glad, as I have some serious conserns about going short: 1. we are still in a strong up trend, 2. on the daily the price sits on the 8MA, can bounce of it, 3. flag formation on 4h, 4. the price didn't make lower low.
Yes, it's better to wait!
  • #7,182
  • Oct 3, 2007 1:51am Oct 3, 2007 1:51am
I agree with you Ira. The only reasons to go short are an over extension from the long term mav, but thats not a signal to go short. Waiting is best.
FF journal: Peaks and Troffs
  • #7,183
  • Oct 3, 2007 2:28am Oct 3, 2007 2:28am
Quoting Phillip Nel
Due to my limited time to trade when the moves occur I aim for 40 a week. But I think 60 and more a week is a good goal if you can trade London and US sessions
Phillip
Hi Phil,
Sorry for the unenlightened, but when you say 40 a week - what does that represent?

Is that 40 pips for every contract traded that week,

or that you trade a set amounts of contracts per entry, and then try and get 20 pips twice a week for that set amount of contracts
  • #7,184
  • Oct 3, 2007 3:38am Oct 3, 2007 3:38am
  •  shauny
  • | Joined Jul 2007 | Status: Still learning and never gonna stop | 127 Posts
Quoting InForTheHaul
Hi Phil,
Sorry for the unenlightened, but when you say 40 a week - what does that represent?

Is that 40 pips for every contract traded that week,

or that you trade a set amounts of contracts per entry, and then try and get 20 pips twice a week for that set amount of contracts
If I'm not wrong, what he means is the total amount of trades he got during the week adds up to 40pips...
  • #7,185
  • Oct 3, 2007 4:09am Oct 3, 2007 4:09am
Quoting ira
Nadia, my short signal disappeared, and frankly speaking I'm glad, as I have some serious conserns about going short: 1. we are still in a strong up trend, 2. on the daily the price sits on the 8MA, can bounce of it, 3. flag formation on 4h, 4. the price didn't make lower low.
Yes, it's better to wait!
Offers into 1.4180"s, (at 21 ema) cap despite spot finding support from the latest EUR/JPY surge. Offers above into the 1.4200/05 area with stops seen below 1.4130 support and again sub-1.4100.

Everybody starts to think that euro rally is ended...
  • #7,186
  • Oct 3, 2007 7:08am Oct 3, 2007 7:08am
Quoting Phillip Nel
" This is a bit hush hush. It is strictly for my VIP
subscribers. No one else knows about this and no one outside
of my group will.

It's the start of something big, very big. Just watch the
video and you will understand.

Last thing before you go. Keep this to yourself for now. I
will let the rest of my subscribers know in a few weeks "

I get e-mails like this on a daily basis from the same group of people. I get new advertisements of new strategies on a regular basis from the same people. I dont know how they keep up with it. I get the impression that their is no strategy that works for a long time if I see how they come up with new ones.

Be carefull for these strategies that are formula based as they dont take the rhythm of the market in account.

Only my opinion.
This is 'another' reason that I decided to create the website. There is so much garbage out there it drives me nuts. Where is a 'newb' to turn to with all of the fake promises about trading FX? I realize some of those ads on the site look like what I just said, trying to clean that up a little actually, but either way.

I took the Rb on the EUR$ last night, we'll see if it makes it through the job number in a few minutes...
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  • #7,187
  • Oct 3, 2007 8:36am Oct 3, 2007 8:36am
Looks like it may hit the 21 and go back down, still waiting. Also those of you who went long did you look at the R:R? It's only 20ish points from the EMA and a 20 point stop is almost always too tight that's why I passed.
Keep taking CT trades, I need more money
  • #7,188
  • Oct 3, 2007 8:52am Oct 3, 2007 8:52am
EurUsd. Pullback to 21ema after it broke the 21ema. Wait for TC down to 89sma

GbpUsd. A Bit uncertain with candles up and down. I favor a down move due to the last 3 candles making lower highs. 2.0335 as support on TL and if breached then 89sma.
  • #7,189
  • Oct 3, 2007 9:48am Oct 3, 2007 9:48am
It seems that 1.4150 has been giving some resistance. If the current candle closes on or above that resistance and the MACD gives a TC would you guys still enter this trade to go short?
Phil419
  • #7,190
  • Oct 3, 2007 10:36am Oct 3, 2007 10:36am
Quoting panther_trader
EurUsd. Pullback to 21ema after it broke the 21ema. Wait for TC down to 89sma

GbpUsd. A Bit uncertain with candles up and down. I favor a down move due to the last 3 candles making lower highs. 2.0335 as support on TL and if breached then 89sma.

I have the same thoughts as this guy, waiting for 2:00PM EST, my only worry is this maybe a huge bar and not taking a stop over 50 pips.
Keep taking CT trades, I need more money
  • #7,191
  • Oct 3, 2007 10:37am Oct 3, 2007 10:37am
Quoting wernbrenk
It seems that 1.4150 has been giving some resistance. If the current candle closes on or above that resistance and the MACD gives a TC would you guys still enter this trade to go short?

This is a support for now but if we get a close and macd is red w/o too big a stoploss I will take the trade. Just like everyone that was saying the short was bad and I closed 1/2 +40 and the other +110.
Keep taking CT trades, I need more money
  • #7,192
  • Oct 3, 2007 10:51am Oct 3, 2007 10:51am
I share your worry about the size of the stop loss. I also took the short of which you spoke about and made 15 pips. Took it out because the 2nd candle was a doji, but it had a lot of potential. I'm still very new to this strategy so I'm testing it cautiously.

Why are you waiting for 2PM?

Thanks
Phil419
  • #7,193
  • Oct 3, 2007 11:43am Oct 3, 2007 11:43am
Quoting wernbrenk
I share your worry about the size of the stop loss. I also took the short of which you spoke about and made 15 pips. Took it out because the 2nd candle was a doji, but it had a lot of potential. I'm still very new to this strategy so I'm testing it cautiously.

Why are you waiting for 2PM?

Thanks

2PM EST will be the close of the 4hr bar, right now it looks like it is too big so I am going to pass on this. Also take your time I have traded for over 8 years and stopped working for a few years and traded full time, then went back to work because trading is very boaring. So now I work from home and watch the screen every now and then. Let me know if you have any questions, I am new to this also but I have been doing it a while and making money doing it.
Keep taking CT trades, I need more money
  • #7,194
  • Oct 3, 2007 12:00pm Oct 3, 2007 12:00pm
I see. Our brokers are clearly using different time zones. My current candle opened an hour ago.

Thanks for the offer, I'll definately take you up on it.
Phil419
  • #7,195
  • Oct 3, 2007 12:00pm Oct 3, 2007 12:00pm
Survived the jobs number but the ISM took me out. Shoulda coulda woulda exited at +30 or so but decided to risk it...that's what ya get...
  • #7,196
  • Oct 3, 2007 12:47pm Oct 3, 2007 12:47pm
Quoting wernbrenk
I see. Our brokers are clearly using different time zones. My current candle opened an hour ago.

Thanks for the offer, I'll definately take you up on it.

I use mig for charts same as Phillip because of ease of use matching my charts and his.
Keep taking CT trades, I need more money
  • #7,197
  • Oct 3, 2007 12:47pm Oct 3, 2007 12:47pm
Quoting Palmer
Survived the jobs number but the ISM took me out. Shoulda coulda woulda exited at +30 or so but decided to risk it...that's what ya get...
Hey it happens, the R:R was too tight for me on that trade.
Keep taking CT trades, I need more money
  • #7,198
  • Oct 3, 2007 5:26pm Oct 3, 2007 5:26pm
Can you please add me back to Skype, I left by mistake. Username is Ryanmcd3
Keep taking CT trades, I need more money
  • #7,199
  • Oct 3, 2007 8:21pm Oct 3, 2007 8:21pm
Daily still within the channel...only time will tell...
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  • #7,200
  • Oct 3, 2007 8:50pm Oct 3, 2007 8:50pm
Quoting Palmer
Daily still within the channel...only time will tell...
Hope the tuna was exceptional...had a bit of the gulf's finest last night, myself...
I see a little bit more life left in the Usd run to the 89. possibly a minor retracement before the LO to the pivot before another run at the 89. This retracement lines up with pivot points, the 21, and a 62% fib from today.
Put me down for a sell entry just before the LO, with TP around 1.4075 or NYO.
Any thoughts?

BTW, web site is coming along nicely. This is quite a monumental task.
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