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4 Hour Strategy (MACD)

  • #10,081
  • Jan 7, 2008 12:55pm Jan 7, 2008 12:55pm
Quoting unlv_tj
Ryan,

I greatly appreciate your help, thank you!

I am not certain what was wrong with the set-ups in the trades I took (EURUSD and USDJPY), other than maybe setting my stop loss too close.

I really want to study the EURUSD trade I made. I know part of the blame was taking the trade while I was asleep using a Limit Order.

But looking at the set-up it looks good.

We have a Green MACD bar. A bounce off the 21 MA, and it appears it will resume the uptrend from last week. The USD was weak last week. And a DBLHC (double bar low higher close).

My only guess is the long tail on the top (which got me in the trade) and that what appears to be a possible hammer was not true, because the bullish bar I got in on did not close higher to form the hammer.

Post your charts.
Keep taking CT trades, I need more money
  • #10,082
  • Jan 7, 2008 1:07pm Jan 7, 2008 1:07pm
Here is the trade I got in (barely) using a Limit Order while I was asleep at 1.4730.

Regardless I would have taken this trade a few pips lower when the bar did close down a little. I would have been stopped out regardless as well.

So it was not the Limit Order that got me, so much as I missed something.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_1_7_08.gif Size: 56 KB
  • #10,083
  • Jan 7, 2008 1:18pm Jan 7, 2008 1:18pm
Sorry we have some internet problems this side. Got in on the mobile but took 10min to open webpage. Will give some wrapup of trades people did today as soon as we are back to normal.
Phillip
  • #10,084
  • Jan 7, 2008 1:30pm Jan 7, 2008 1:30pm
Hi all.
Now i'm watching EURJPY - I think tsunami is building? And I'm trying to find what way it'll go.. So - what I see is: the trend is bearish, we under 89. And now we had retrace to 8/21. Am I correct? So - it should go down?
But I think we have some divergence on MACD. Or maybe I just wrong? Has somebody some thoughts about this? And if there is divergence - what is more important, that div, or bearish trend (89 above)? And last question - when we should take a trade on it - when it'll close above or below the triangle? And if it will be CT trade - should we take it?
Sorry for my not so good english
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy h4 2008-01-07.gif Size: 19 KB
  • #10,085
  • Jan 7, 2008 1:37pm Jan 7, 2008 1:37pm
Quoting unlv_tj
Here is the trade I got in (barely) using a Limit Order while I was asleep at 1.4730.

Regardless I would have taken this trade a few pips lower when the bar did close down a little. I would have been stopped out regardless as well.

So it was not the Limit Order that got me, so much as I missed something.

MACD was okay, below 0 = be careful but look at the movement, the 8ma and 21ma are crap and price is below them. Yes sometimes they will work out but why not just hold off until the chart looks better?
Keep taking CT trades, I need more money
  • #10,086
  • Jan 7, 2008 1:47pm Jan 7, 2008 1:47pm
Quoting welshguy2000
Market is very thin mate - plus there is no real hardcore data around hence why things wont go as normal. Everything was in your favour but now all pairs seem to have reversed

Yes, things have stalled here. The Yen doesn't want to get below 109.00 again but I did manage to exit with 100 on two positions, holding one at b/e...
  • #10,087
  • Jan 7, 2008 1:48pm Jan 7, 2008 1:48pm
Quoting Palmer
Yes, things have stalled here. The Yen doesn't want to get below 109.00 again but I did manage to exit with 100 on two positions, holding one at b/e...

hehe, SCALP
Keep taking CT trades, I need more money
  • #10,088
  • Jan 7, 2008 1:50pm Jan 7, 2008 1:50pm
I am going to short gbpusd and usdjpy if it stays red with a baseball bat Also may take a stab at the usdcad if I get some pullback.
Keep taking CT trades, I need more money
  • #10,089
  • Jan 7, 2008 2:18pm Jan 7, 2008 2:18pm
Quoting Ryanmcd
hehe, SCALP

Me?...No way....Like 'we' said...if it falls fast and the money is on the table I'm taking it especially on a non-news driven day....
  • #10,090
  • Jan 7, 2008 2:30pm Jan 7, 2008 2:30pm
Quoting Palmer
Me?...No way....Like 'we' said...if it falls fast and the money is on the table I'm taking it especially on a non-news driven day....
I was just giving you a hard time
Keep taking CT trades, I need more money
  • #10,091
  • Jan 7, 2008 2:33pm Jan 7, 2008 2:33pm
Quoting Ryanmcd
MACD was okay, below 0 = be careful but look at the movement, the 8ma and 21ma are crap and price is below them. Yes sometimes they will work out but why not just hold off until the chart looks better?
I was unaware of the MACD being below 0 and showing a green as a cautionary sign. Thank you for that information (I want to learn at least one new thing everyday for as long as I live).

I am guessing by the bad movement around the 8 and 21, you mean how it easily broke through the 21 MA and closed below it rather strongly before my entry bar then moving back above the 21.

I should not have used the Limit Order, and instead been patience, watched the set-up. Then on the close of the green EURUSD bar realize there needed to be more confirmation of a long before entering.

Is that correct?
  • #10,092
  • Jan 7, 2008 3:14pm Jan 7, 2008 3:14pm
Quoting unlv_tj
I was unaware of the MACD being below 0 and showing a green as a cautionary sign. Thank you for that information (I want to learn at least one new thing everyday for as long as I live).

I am guessing by the bad movement around the 8 and 21, you mean how it easily broke through the 21 MA and closed below it rather strongly before my entry bar then moving back above the 21.

I should not have used the Limit Order, and instead been patience, watched the set-up. Then on the close of the green EURUSD bar realize there needed to be more confirmation of a long before entering.

Is that correct?

That may not be a Phillip rule but I have been burned before when it's not with the trend, on a ct trade sure but tc not good.
Keep taking CT trades, I need more money
  • #10,093
  • Jan 7, 2008 3:29pm Jan 7, 2008 3:29pm
Info
Attached File(s)
File Type: pdf Trades on 7Jan2008.pdf   198 KB | 1,171 downloads
File Type: zip Daily Wrapup 7Jan2008.zip   826 KB | 1,255 downloads
  • #10,094
  • Jan 7, 2008 3:33pm Jan 7, 2008 3:33pm
Info
Attached File(s)
File Type: zip Daily Wrapup 7Jan2008 Part2.zip   804 KB | 1,177 downloads
  • #10,095
  • Jan 7, 2008 5:00pm Jan 7, 2008 5:00pm
My chart looks a lot different then Phillip's and I use the same software. Any idea why?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 181 KB
Keep taking CT trades, I need more money
  • #10,096
  • Jan 7, 2008 5:06pm Jan 7, 2008 5:06pm
Hey guys, first trade of 2008 here, TC downward on the EURO after seeing the 21 resist the price. Took a smaller than usual position due to a small lack of confidence on this setup, so we'll see how it goes.

Stops at 1.4703 and 4709.

http://i19.tinypic.com/6jwmxwj.jpg
"The market pays you to be disciplined"
  • #10,097
  • Jan 7, 2008 5:20pm Jan 7, 2008 5:20pm
[quote=Ryanmcd;1789191]My chart looks a lot different then Phillip's and I use the same software. Any idea why?[/quot

Mine looks identical to yours (Ryan's). Using MIG as the data source. Perhaps MIG has a different server/data for different regions of the world. His high and our high are both on the 21 and appear to be around the same level. I guessing it's just a time phase shift of 1 or 2 hours in the bar ending times....
  • #10,098
  • Jan 7, 2008 5:40pm Jan 7, 2008 5:40pm
[quote=EricthePip;1789210]
Quoting Ryanmcd
My chart looks a lot different then Phillip's and I use the same software. Any idea why?[/quot

Mine looks identical to yours (Ryan's). Using MIG as the data source. Perhaps MIG has a different server/data for different regions of the world. His high and our high are both on the 21 and appear to be around the same level. I guessing it's just a time phase shift of 1 or 2 hours in the bar ending times....

Ya that changs a lot though as far as how the charts look. The system will still work but we will be trading different.
Keep taking CT trades, I need more money
  • #10,099
  • Jan 7, 2008 6:03pm Jan 7, 2008 6:03pm
Charts look stagnant right now...kind of like how I feel right now...LSU vs. Ohio State comin' up...
  • #10,100
  • Jan 7, 2008 6:09pm Jan 7, 2008 6:09pm
[quote=Ryanmcd;1789229]
Quoting EricthePip


Ya that changs a lot though as far as how the charts look. The system will still work but we will be trading different.
I have a demo account with MT4 that uses a UK server. Those charts look identical to Phils. Shorted the G/U and the E/G. Both look to be continuing their respective trends... E/G a little less confident as the MACD is nearly zero, but looking for a bounce off the zero... 21 has provided good support at a relatively low risk, SL .7435 (just below 21). Plan is to take partial profit (1/3) at below new high (around 20 pips) and set rest at BE
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