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4 Hour Strategy (MACD)

  • #9,701
  • Dec 19, 2007 1:08pm Dec 19, 2007 1:08pm
Ryanmcd - Do you manage your position like Phillip where he takes off part of his position ~ 25 pips, and then move to breakeven on the rest?
  • #9,702
  • Dec 19, 2007 1:15pm Dec 19, 2007 1:15pm
Quoting trader_scott
Ryanmcd - Do you manage your position like Phillip where he takes off part of his position ~ 25 pips, and then move to breakeven on the rest?
Yes.
Keep taking CT trades, I need more money
  • #9,703
  • Dec 19, 2007 1:42pm Dec 19, 2007 1:42pm
What do you think about this trade at 20:00 U/J

I saw TC pattern, the price was above EMA21, good 3 candles before.

Any comments about TP and SL?

My SL is below EMA 21 and TP +42 pips.
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  • #9,704
  • Dec 19, 2007 1:45pm Dec 19, 2007 1:45pm
I exited two lots on the Yen for 70 pips. 150 total for the day, still holding one lot. Interest rate statement due tonight so I'll let one float. Too much on the table to risk so it's in the bank.

Delta: Just saw your post. Yes, you are reading things correctly. Note the resistance that price has had trouble with. There is an interest rate statement due out tonight from the BOJ. A surprise either way will cause price to move, you guessed it, either way. I had an early entry on the 1hr per the bounce on the 4hr at the 21. It's hard to comment on an entry from here since I am 'done' with this pair until my last position gets stopped out at b/e or the resistance up top is broken. The only profit area I see from here, at least the first target is the resistance area which is being approached again.
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  • #9,705
  • Dec 19, 2007 1:51pm Dec 19, 2007 1:51pm
I have taken E/U short today too, +80 on two mini lots, but I don't like today's trading!
I was emotionally involved after yesterday's loss on G/U, and today's trading was hard. I got on early from 1 hour at 10:00 a.m. GMT +2, the price was going up and down. Then I opened the second lot after I've got signal at 12:00. The price was uncertain and I wanted to close the position. Then I got tired of watching it, so I left it and went away, when I came back my first TP was hit, the second I closed manually.
  • #9,706
  • Dec 19, 2007 1:51pm Dec 19, 2007 1:51pm
I missed trading today. Had an early check on GbpUsd but to uncertain Glad for those that took the EurUsd. Did this trade tonight when I got home. Liked the Zero Bounce/TC


20:00 Candle trade. Was a bit late for the 20:00 candle so enter a bit higher.
Entry 113.32
SL 113.03
1st TP 113.52 (Might break to the top so will give it chance to do so)
2nd TP depending if breakthrough happens.
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  • #9,707
  • Dec 19, 2007 2:01pm Dec 19, 2007 2:01pm
Quoting Phillip Nel
20:00 Candle trade. Was a bit late for the 20:00 candle so enter a bit higher.
Entry 113.32
SL 113.03
1st TP 113.52 (Might break to the top so will give it chance to do so)
2nd TP depending if breakthrough happens.
Hi Phillip,

This time I was quicker, bought as the candle opened.
I have to change my TP to 113.52 becaus of the resistance.
I didn't see it.
  • #9,708
  • Edited 3:42pm Dec 19, 2007 2:39pm | Edited 3:42pm
This is from Delta's list of Phillip's mp3's that haven't been copied yet.

I also entered long JPYUSD this morning, my time, 16:00 GMT candle, for a combined average of 113.32. Price has been going up and down since then. Price has played around between a short term trend line heading down and a longer term trend line going up. The shorter term has acted as support much of the time, and the longer term one, a daily from November 30th has acted as resistance. Wait and see time. Sorry, got confused between my time and GMT, and that's the reason for the edit: Meant to say Trade Balance- 23:50 GMT, Interest Rate- 02:00 GMT. Simple math is making my head spin!
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  • #9,709
  • Dec 19, 2007 4:34pm Dec 19, 2007 4:34pm
Quoting bshadroo
i check mine and its 103 ver.which one is correct or better?

both versions are correct. it is just a matter of settings. but actually i give more weight to the price action on 1h than the macd itself.

good job to all who made $ on e/u today! patience pays off indeedio

somehow my trailing stop didn't launch and i ended up closing the e/u deal manually with 5 pips profit. has anyone had problems with trailing stops that fail to start? do i have to have my platform on for the trailing stop to be working? thanks in advance
  • #9,710
  • Dec 19, 2007 5:38pm Dec 19, 2007 5:38pm
Quoting Pipsi cola
both versions are correct. it is just a matter of settings. but actually i give more weight to the price action on 1h than the macd itself.

good job to all who made $ on e/u today! patience pays off indeedio

somehow my trailing stop didn't launch and i ended up closing the e/u deal manually with 5 pips profit. has anyone had problems with trailing stops that fail to start? do i have to have my platform on for the trailing stop to be working? thanks in advance
Hi Pipsi cola!

I don't trade using MT4, but everything I have read says your computer has to be on for the trailing stop function to work.
  • #9,711
  • Edited 11:43pm Dec 19, 2007 11:36pm | Edited 11:43pm
Yes trailing stop is controlled by your mt4 program....it just basically moves your stop for you automatically.......it only kicks in after you are in profit....if you have trailing stop set to 15 pips.....as soon as you are 16 pips in the money the mt4 will kick in and set your stop to +1.........before this time you have no stop unless you set one when you place the order!!!! when you place the order set a stop....say 20 pips away.....it will stay put until you are in the money 16 pips then mt4 will move stop up tp +1....and as you go up it keeps resetting the stop 15 pips behind....the mt4 keeps sending the new "move the stop" order to your broker.....if your machine dies ....your stop will stay whereever your mt4 had the brokers server move the stop to before the computer died.....most important thing to remember is to set a manual stop first when you place your order because trailing only kicks in when you are in the money that amount of the stop!......you set it manually first and then mt4 moves it for you later.....hope this is clear...pipip.........Jimdandy

p.s. make sure your computer is not set to go to sleep after so many minutes of idle time.....needs to stay awake....letting your trailingstop fail to trail will cost you more than the electricity used keeping your computer awake....

p.p.s. Also make sure your Windows Updates is turned off....this happened to me.....windows updated itself in the night ....and restarted the computer for the changes to take effect... when i went back in the morning to look at my charts. the computer had restarted and was sitting waiting for me to type in the password for windows to start! No windows , no mt4 , no trailing stops..... I set my windows to let me update it manually......
  • #9,712
  • Dec 19, 2007 11:40pm Dec 19, 2007 11:40pm
My only complaint with Oanda is that it does not have a trailing stop.
  • #9,713
  • Dec 20, 2007 1:13am Dec 20, 2007 1:13am
Quoting unlv_tj
My only complaint with Oanda is that it does not have a trailing stop.
I asked Oanda when trailing stops would be available they are working on it but doesnt sound like it is very close You can get that feature through esignal I(I believe) at Oanda but it has a monthly fee
  • #9,714
  • Dec 20, 2007 1:37am Dec 20, 2007 1:37am
Why did you trade usd/jpy near BOJ announcement?
Thank you in advance
  • #9,715
  • Dec 20, 2007 1:59am Dec 20, 2007 1:59am
Quoting Phillip Nel
I missed trading today. Had an early check on GbpUsd but to uncertain Glad for those that took the EurUsd. Did this trade tonight when I got home. Liked the Zero Bounce/TC


20:00 Candle trade. Was a bit late for the 20:00 candle so enter a bit higher.
Entry 113.32
SL 113.03
1st TP 113.52 (Might break to the top so will give it chance to do so)
2nd TP depending if breakthrough happens.

Phil,

What did you do with this trade?
I also took this trade, our SL wasn't hit. I have this position opened till now.
What should I do now, wait or close this trade?

Talking about the news. I see that the news are every day for major currenties. So when to take the trade or not?
  • #9,716
  • Dec 20, 2007 5:11am Dec 20, 2007 5:11am
Hi,
Followed the rules today and pulled the trigger as e/u gave another routine bounce of 8ema. Chose to set a 25pip trailing stop and got stopped out @ +6pips profit.


P.S. Thanks to Pips and Jim for such a detailed info on trailing stops!
I appreciate it.
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  • #9,717
  • Dec 20, 2007 6:07am Dec 20, 2007 6:07am
Quoting Pipsi cola
Hi,
Followed the rules today and pulled the trigger as e/u gave another routine bounce of 8ema. Chose to set a 25pip trailing stop and got stopped out @ +6pips profit.


P.S. Thanks to Pips and Jim for such a detailed info on trailing stops!
I appreciate it.
I've passed this one, didn't like divergence and I have a TL ahead, which makes R:R - bad. But it looks like it will finally get to the 89 on the daily with a possible bounce, so I'm looking for long, maybe next week already.
  • #9,718
  • Dec 20, 2007 6:22am Dec 20, 2007 6:22am
U/J is trading in a very interesting channel, plenty of pips could have been made here looking in hindsight. Interesting which way it is going to break? Phillip said: "the boundary that is hit the most - is the one likely to give in" - thanks for one more bit of a very useful information. Let's see how it developes.
I think in this situation it is better to wait for breakout, and then retrace to the lbreakout level.
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  • #9,719
  • Dec 20, 2007 6:22am Dec 20, 2007 6:22am
Quoting ira
I've passed this one, didn't like divergence and I have a TL ahead, which makes R:R - bad. But it looks like it will finally get to the 89 on the daily with a possible bounce, so I'm looking for long, maybe next week already.

Good eye ira..I have the daily 89 lining up with a previous 'top of the channel' trendline as well.

Having to sleep and miss signals is a real pain in the Merry Christmas everyone.
  • #9,720
  • Dec 20, 2007 6:32am Dec 20, 2007 6:32am
Quoting ira
I've passed this one, didn't like divergence and I have a TL ahead, which makes R:R - bad. But it looks like it will finally get to the 89 on the daily with a possible bounce, so I'm looking for long, maybe next week already.

I was looking at different time frames and it seemed that the price wants to come down some more. 1h also had found resistance against 21ema and had given a short signal. I had my stop loss just above 1,44 level. You are right, there was some kind of a hidden divergence, but if you zoom out, i wouldn't call that second hilly on the MACD a round bottom. It's more like one big TC and most important it's according to the rules. And yes, the 89 on the daily looks like the most realistic target to aim at and maybe look for a CT trade. I was stopped out and now I'm on the sidelines exercising my patience.
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