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4 Hour Strategy (MACD)

  • #8,281
  • Nov 8, 2007 2:23pm Nov 8, 2007 2:23pm
Quoting unlv_tj
Well, this thread has been quiet, so I just wanted to add...

After reading Phillips comments on the USDCAD regaring it closing above the 21 and the rules stating it should continue to the 89 MA, I took the long.

I got in @ .9352, set my stop loss at .9240 and my target profit at .9435.

Not a great R:R (only 83:112), but I am paper trading and I need something to keep my mind on the market today.

I was able to move my stop loss up after a little over an hour to lock in at a minimum 13 pips of profit.
83 pips of Stop Loss?! you definetly like the risk eh? je je je. In my charts it looks like the upper channel line is containing the movement up, and maybe I'm going too too far, If the bulls fail, I see the start of a future head and shoulders...
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Ado Whether you believe you can do a thing or not, you are right.
  • #8,282
  • Nov 8, 2007 2:29pm Nov 8, 2007 2:29pm
Quoting Ado
83 pips of Stop Loss?! you definetly like the risk eh? je je je. In my charts it looks like the upper channel line is containing the movement up, and maybe I'm going too too far, If the bulls fail, I see the start of a future head and shoulders...
I think the more important issue here is not the amount of pips risked bacause that is relative to your trade, but rather:
1. Is your R:R good
2. Is your SL at a logical place or per your rules.
3. Is your TP a reasonable place.
4. Do you believe the risk is worth it on a trade against the trend.
But, it looks like he gotted stopped out with +13.
  • #8,283
  • Nov 8, 2007 2:30pm Nov 8, 2007 2:30pm
Thanks Hipster! I was up 30 Pips at the time I locked in 13 Pips. Since the trade was iffy (large stop loss originally) I wanted to lock in some gain, yet give the trade enough room to "breath".

Ado, I really only took the trade because it was on paper. I want to stay involved in the market as much as possible while I am learning. If this was with real money I cannot say if I would have taken this trade or not. It is a very large stop loss.
  • #8,284
  • Nov 8, 2007 2:50pm Nov 8, 2007 2:50pm
Quoting unlv_tj
Thanks Hipster! I was up 30 Pips at the time I locked in 13 Pips. Since the trade was iffy (large stop loss originally) I wanted to lock in some gain, yet give the trade enough room to "breath".

Ado, I really only took the trade because it was on paper. I want to stay involved in the market as much as possible while I am learning. If this was with real money I cannot say if I would have taken this trade or not. It is a very large stop loss.
I like to trade also, just be mindful of habits that we create, or falling to that itch to get in the market. When its real money, its even more easy to trade with emotions. Thats why the experienced say follow your rules, Follow your rules. FolloW your RuleS. I think you get the point . The problem is that many times when we are learning, we don't know what the rules are or should be. Thanks to Phil, he has pretty much told us what actually works and what does not with HIS system. Remeber, SL and TP are subject to your particular trade, unless you have a set amount of pips built in your rules of course. So, the amount of pips is not where the risk is, but rather, is it logical for your trade? IE, SL of 500 for 1000 is still 1:2. Of course you could increase your risk by having a SL and TP that are not logical, such as two small of a SL where you blow your trade because it couldn't breath. The same with managing your trade and moving to BE too soon. You may risk blowing the trade with nothing earned but still having your original risk from entering. Do this too many times and you loose money in the long run from not earning and losing on the trades gone bad. Think R:R and SL,TP postition. Ok, I think I rambled enough. Good trading guys.
  • #8,285
  • Nov 8, 2007 3:30pm Nov 8, 2007 3:30pm
I must be missing something......PHillip said..........
4. When will I enter--- TC off 8/21 in the direction of 89
How is this trade a TC? It bounced off my trendline.....I have little faith in it going up......but the rythym will sort it out!
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  • #8,286
  • Nov 8, 2007 3:46pm Nov 8, 2007 3:46pm
JimDandy, to take stab at this (at least as how I understand it, and how I took the trade)...

The price appears to have bounced off a nicely drawn trendline on your screen (I really need to practice this more) and started to move back towards the 8.

Once it closed above the 8, the MACD was already going positive and here it gave another green bar. Even though in the bigger picture the over all trend was down, in the short term the trend was moving up and was confirm with another green bar on the MACD.

So it gave a short term Trend Continuation but overall in the long Term this is more a (at least in the short term) Trend Reversal.
  • #8,287
  • Edited 3:52pm Nov 8, 2007 3:50pm | Edited 3:52pm
Quoting JimDandy
I must be missing something......PHillip said..........
4. When will I enter--- TC off 8/21 in the direction of 89
How is this trade a TC? It bounced off my trendline.....I have little faith in it going up......but the rythym will sort it out!
TC acording to the MACD. Not the overall longterm trend. Don't mind my sell, its from a different trade.
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  • #8,288
  • Nov 8, 2007 3:54pm Nov 8, 2007 3:54pm
Hello, I have a question regarding the actual eur/usd. the 1h chart shows a symmetrical triangle formation on an uptrend. usually this indicates a tc breakout, like we've had it a few days ago, when the price reached that heavy resistance level which has not really been a problem to eur/usd. I know, we all expect the price to retrace sooner or later .. at least to find support around that former resistance level. but actually the formation on the 1h indicates an uptrend. maybe not too much up, but technically the price could pass the last high at 1,4730. do you think this a valid interpretation? Greetings Ps:upload of charts is impossible right now. maybe a forexfactory prob. also it is impossible to apply the braking spaces in my text.
  • #8,289
  • Nov 8, 2007 4:03pm Nov 8, 2007 4:03pm
SORRY ME.. but what is the "TC" ...

Sorry i have read the 3d but i have some difficult with english language ..
I am making a great effort with the english .

THANKS to all!!
  • #8,290
  • Nov 8, 2007 4:06pm Nov 8, 2007 4:06pm
Tc = Trend Continuations .. ??
  • #8,291
  • Nov 8, 2007 4:07pm Nov 8, 2007 4:07pm
Quoting ashes
Hello, I have a question regarding the actual eur/usd. the 1h chart shows a symmetrical triangle formation on an uptrend. usually this indicates a tc breakout, like we've had it a few days ago, when the price reached that heavy resistance level which has not really been a problem to eur/usd. I know, we all expect the price to retrace sooner or later .. at least to find support around that former resistance level. but actually the formation on the 1h indicates an uptrend. maybe not too much up, but technically the price could pass the last high at 1,4730. do you think this a valid interpretation? Greetings Ps:upload of charts is impossible right now. maybe a forexfactory prob. also it is impossible to apply the braking spaces in my text.
Symmetrical triangle, meaning consolidation. I vote for trend continuation, but than again we could get a nice drop for a good buy. I wait.
  • #8,292
  • Nov 8, 2007 4:09pm Nov 8, 2007 4:09pm
Quoting AlbyM
Tc = Trend Continuations .. ??
TC= Trend Continuation.
BE= Break Even, or no gain or loss.
TP= Take Profit.
SL= Stop Loss.
  • #8,293
  • Nov 8, 2007 4:16pm Nov 8, 2007 4:16pm
Quoting HipsterPipster
TC= Trend Continuation.
BE= Break Even, or no gain or loss.
TP= Take Profit.
SL= Stop Loss.

thanks hip :
  • #8,294
  • Nov 8, 2007 4:34pm Nov 8, 2007 4:34pm
Quoting ashes
Hello, I have a question regarding the actual eur/usd. the 1h chart shows a symmetrical triangle formation on an uptrend. usually this indicates a tc breakout, like we've had it a few days ago, when the price reached that heavy resistance level which has not really been a problem to eur/usd. I know, we all expect the price to retrace sooner or later .. at least to find support around that former resistance level. but actually the formation on the 1h indicates an uptrend. maybe not too much up, but technically the price could pass the last high at 1,4730. do you think this a valid interpretation? Greetings Ps:upload of charts is impossible right now. maybe a forexfactory prob. also it is impossible to apply the braking spaces in my text.
ashes:

You're interpretation of the triangle is correct. But, the 1hr may need a few more bars to complete the triangle. Unless I'm looking at the chart wrong. Either way, the E$ keeps blowing through each r level so who knows how high it will go. Phillip sees/thinks a correction is due and I agree. But, each tick above that previous high is a new high for the past 18 years or so, or as far back as my MT4 charts go. Anyway, a break-out of the triangle will just keep this bull going. Trade the chart the way you see it and the way the motion dictates until the trend changes. Until I see weakness in the trend...it's business as usual if you know what I mean...

1hr...Is this what you see?
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  • #8,295
  • Nov 8, 2007 4:42pm Nov 8, 2007 4:42pm
As far as the difference in broker/server times and the differences in the actual MACD formations, I think the general consensus is that it all evens out in the end. But, remember the MACD formations are only part of the motion of the market. The moving averages and s/r levels should look pretty similar per the different broker/server times as well. The only real difference is the close of the 4hr candle that will close at different times per the broker server time differences.
  • #8,296
  • Nov 8, 2007 4:42pm Nov 8, 2007 4:42pm
Palmer, good call on the 1H possibly needing more bars.

Not to get off topic on this thread, but you mention the EURUSD continues to set all time highs (at least back to 18 years worth of data on MT4).

The EUR, if I am correct started in 1999 or 2000. So what currency is used for the historical data on the EURUSD?

Not that it matters, but I am curious.
  • #8,297
  • Nov 8, 2007 4:46pm Nov 8, 2007 4:46pm
Quoting unlv_tj
Palmer, good call on the 1H possibly needing more bars.

Not to get off topic on this thread, but you mention the EURUSD continues to set all time highs (at least back to 18 years worth of data on MT4).

The EUR, if I am correct started in 1999 or 2000. So what currency is used for the historical data on the EURUSD?

Not that it matters, but I am curious.
My first monthly bar for MT4 starts in May of 1989...Where does your first monthly bar start???

Here's the squished monthly
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  • #8,298
  • Nov 8, 2007 4:49pm Nov 8, 2007 4:49pm
The same for me as well Palmer (May 1989).

Though I believe the Euro currency was formed in the late 1990's or early 2000 with the forming of the European Union.

I wonder if there was another Euro standard in existence before the actual Euro currency was formed.

Interesting.

Thanks!
  • #8,299
  • Nov 8, 2007 4:59pm Nov 8, 2007 4:59pm
Quoting Palmer
ashes:

You're interpretation of the triangle is correct. But, the 1hr may need a few more bars to complete the triangle. Unless I'm looking at the chart wrong. Either way, the E$ keeps blowing through each r level so who knows how high it will go. Phillip sees/thinks a correction is due and I agree. But, each tick above that previous high is a new high for the past 18 years or so, or as far back as my MT4 charts go. Anyway, a break-out of the triangle will just keep this bull going. Trade the chart the way you see it and the way the motion dictates until the trend changes. Until I see weakness in the trend...it's business as usual if you know what I mean...

1hr...Is this what you see?
Hello Palmer, unfortunately I'm not able to upload the charts. I don't know why. on the 1h I've drawn the trendline from the 7 nov 3:00 candle bottom up. it gets touched two times 8 nov 8:00 and 8 nov 20:00, all gmt+1. Greetings --- too bad I can't post my charts. does anybody have an idea why I can't upload the charts? or why I can't place breaking spaces in my post?
  • #8,300
  • Nov 8, 2007 5:00pm Nov 8, 2007 5:00pm
That could very well be.....I really don't know about the full history of the currency and when it became a tradeable item but the long and short of it is, is, the only thing that matters now is now!!!

"Load the artillery and put the pips in your sights. On to battle and full steam ahead man!!!!"
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