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4 Hour Strategy (MACD)

  • #10,321
  • Edited 5:41am Jan 11, 2008 5:30am | Edited 5:41am
one hour early entry on euro looked all good except there was no MACD confirmation. it is important in my opinion to wait for macd confirmation even on 1 hour, unless you are trading purely on market/candle emotion. nice bounce of 21 but macd still below zero so for me looking a the chart, the chances of price gowing down a bit again are as good as going up. that is why i am waiting. No trades today.

P.S please do not be confused by the 2 macd, it is just version 2 and 3 . i recently had a problem with VO3 so i have both version open.
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TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #10,322
  • Jan 11, 2008 6:01am Jan 11, 2008 6:01am
Nadia: Ah yes, patience on the 1 hour also....nice.

I just took a look at he USDCAD for the heck of it...some textbook Tc's on the 4hr 21....hope someone made lots on that pair...
  • #10,323
  • Jan 11, 2008 6:18am Jan 11, 2008 6:18am
What sites does everyone use to find out when news announcements are for each curr. pair traded?

Good trades to you all...
KC
  • #10,324
  • Jan 11, 2008 6:20am Jan 11, 2008 6:20am
Palmer: may be i spoke too soon. LOL. just open a position on euro long at close of 1300 GMT candle at 1.4798 . Euro has not moved much today so there might be room for pips.and there is support on the 21 EMA on the 1 hour plus tail on 1300 gmt candle as well. only draw back is the 1.4800 psyc level.
Lets see .
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #10,325
  • Jan 11, 2008 6:22am Jan 11, 2008 6:22am
Quoting Palmer
Nadia: Ah yes, patience on the 1 hour also....nice.

I just took a look at he USDCAD for the heck of it...some textbook Tc's on the 4hr 21....hope someone made lots on that pair...


So Palmer, when you say textbook tc on the 4 hour 21 (cad) at what point would you have enter/ when it hit the 21 or when it cross above the daily pivot (1.0101) or when it crossed above the 8 ema? Thx
  • #10,326
  • Jan 11, 2008 6:46am Jan 11, 2008 6:46am
http://www.forexfactory.com/calendar.php


Quoting kc8flq
What sites does everyone use to find out when news announcements are for each curr. pair traded?

Good trades to you all...
KC
  • #10,327
  • Jan 11, 2008 6:50am Jan 11, 2008 6:50am
Looks like a nice TC off the 21, however, maybe it will come back to trend line for a bounce and a lower risk entry....



Quoting Palmer
Nadia: Ah yes, patience on the 1 hour also....nice.

I just took a look at he USDCAD for the heck of it...some textbook Tc's on the 4hr 21....hope someone made lots on that pair...
Attached Image
  • #10,328
  • Jan 11, 2008 7:17am Jan 11, 2008 7:17am
Quoting pipaholic


So Palmer, when you say textbook tc on the 4 hour 21 (cad) at what point would you have enter/ when it hit the 21 or when it cross above the daily pivot (1.0101) or when it crossed above the 8 ema? Thx
This is the base that I look for....when the 4hr is in the 21 area and the 1 hour shows a strong close in the direction of the 4hr...that's 90% of it. The highlighted areas are where the 4hr came back down to the 21. This is the 1hr chart...
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  • #10,329
  • Jan 11, 2008 8:11am Jan 11, 2008 8:11am
Todays trade was a little trade in pips but it was there on the table. I expected it to go to the 21ema but it did not. I got 50% on +25 and got taken out on BE on remainder. Average +12,5pips. The main point I wanted to make was to manage the stoploss side of your trade well and you will make money. The small candles made the risk small and the potential profit a high probability. Did not made as much pips as I would have liked but still another positive trade.
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  • #10,330
  • Jan 11, 2008 8:25am Jan 11, 2008 8:25am
Quoting Palmer
This is the base that I look for....when the 4hr is in the 21 area and the 1 hour shows a strong close in the direction of the 4hr...that's 90% of it. The highlighted areas are where the 4hr came back down to the 21. This is the 1hr chart...
Palmer is that basically the blade runner entryies that you put up on the blog????
  • #10,331
  • Jan 11, 2008 8:37am Jan 11, 2008 8:37am
Quoting Phillip Nel
Todays trade was a little trade in pips but it was there on the table. I expected it to go to the 21ema but it did not. I got 50% on +25 and got taken out on BE on remainder. Average +12,5pips. The main point I wanted to make was to manage the stoploss side of your trade well and you will make money. The small candles made the risk small and the potential profit a high probability. Did not made as much pips as I would have liked but still another positive trade.
Philip, would you agree there is also / has been a possible E/U long trade today too?? I took long and also made 50% of 25 pips but the other way around from you. I took long on the move away from the 21. There was also a star formation and green MACD confirmation. Again my stop was very tight but with the small candles and proximity of possible target at 4800 it was fairly painless.
  • #10,332
  • Jan 11, 2008 8:48am Jan 11, 2008 8:48am
Phillip,

Good CT trade.

I too sense that around 4800 is strong resistance - but on the other hand I also feel the price really wants to go up.

If the upcoming 4H candle closes just enough for a TC on the MACD - am I correct to assume that I should not take the deal?

Just thinking ahead.

Thanks again.
  • #10,333
  • Jan 11, 2008 8:49am Jan 11, 2008 8:49am
Quoting JimTatum
Palmer is that basically the blade runner entryies that you put up on the blog????

In a 'Yoda voice':

"This one sees the light he can, hmmmm....."
  • #10,334
  • Jan 11, 2008 10:11am Jan 11, 2008 10:11am
Quoting BIL2205
Palmer: may be i spoke too soon. LOL. just open a position on euro long at close of 1300 GMT candle at 1.4798 . Euro has not moved much today so there might be room for pips.and there is support on the 21 EMA on the 1 hour plus tail on 1300 gmt candle as well. only draw back is the 1.4800 psyc level.
Lets see .
Position closed at 1.4818 for 20 pips. closed manually, TP was 1.4825. but since it is friday so did not want leave position open for long,. see u all next week, have a great weekend.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #10,335
  • Jan 11, 2008 10:30am Jan 11, 2008 10:30am
Philip: or contributor
I will appreciate if I can hear you people view and anticipation on this pair. I saw it to found resistance on 200sma on daily chart. This is the first time it will touch 200 on daily. It also fail to break the price level of 1.0226 of the last high.
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #10,336
  • Jan 11, 2008 11:41am Jan 11, 2008 11:41am
Not trying to speak for Phillip (as in the words of Wayne and Garth from "Wayne's World", I'm not worthy), but there wasn't a MACD signal for your trade. It was a good trade however, based on the market motion off the 8ema on the 4HR (or 21EMA on the 1Hr). Phils trade I believe was a RT (counter trend) also with emotion at the whole number and TL resistance at 1.4800 (see trendline on graph)... The difference, Phils was supported by the MACD signal, and your trade was more in anticipation of a TC, but with good support off an EMA

And in actuality you both had similar expectations (bouncing off the 8ema). Phil took profit there and you entered and took profit off that bounce.

Both show the importance of trade management/expectations.... and executing a plan...

Quoting brettboz
Philip, would you agree there is also / has been a possible E/U long trade today too?? I took long and also made 50% of 25 pips but the other way around from you. I took long on the move away from the 21. There was also a star formation and green MACD confirmation. Again my stop was very tight but with the small candles and proximity of possible target at 4800 it was fairly painless.
Attached Image
  • #10,337
  • Jan 11, 2008 12:01pm Jan 11, 2008 12:01pm
I have taken my first trades in this year today. Not very satisfied with them, as they weren't high probability trades. At the end I lost my patience - and that is very bad, still have to work on it .
In the morning I took ZB on U/J, I liked that it was with the trend, there was engulfing bearish candle, which closed below my TL. I didn't like that all this week the price was dancing around 8 and 21 MA, and they were interlaced. But I liked the way support has been tested and started to act as resistance. My first lot was closed at -25 - it was too close. The second I have closed just now at breakeven as it's the end of the Friday here.
I also took that TC on E/U from 1 hour, as it was something I have been waiting for, and planning. 1 lot was closed +25 and the other at breakeven, so I'm breakeven for the day and for the month so far .

Have nice weekend everybody!
  • #10,338
  • Jan 11, 2008 2:04pm Jan 11, 2008 2:04pm
I think I get the 1hr deal now. I put them split on my screen, 4hr on the left 1hr on the right. It's kinda a no brainer to see it lol. I used to flip back and forth and it just did not click.
Keep taking CT trades, I need more money
  • #10,339
  • Edited 4:14pm Jan 11, 2008 2:51pm | Edited 4:14pm
Quoting Ryanmcd
I think I get the 1hr deal now. I put them split on my screen, 4hr on the left 1hr on the right. It's kinda a no brainer to see it lol. I used to flip back and forth and it just did not click.
There's also a cool indicator that allows you to "freeze" the MA's from the 4HR onto the 1HR... That way you can use the 4Hr MA's for support/resistance...

Personally I jump the gun too much on the 4HR, I fear the 1Hr would be even worse, but I'm still getting my "sea legs"...
  • #10,340
  • Jan 11, 2008 10:41pm Jan 11, 2008 10:41pm
Quoting EricthePip
There's also a cool indicator that allows you to "freeze" the MA's from the 4HR onto the 1HR... That way you can use the 4Hr MA's for support/resistance...

Personally I jump the gun too much on the 4HR, I fear the 1Hr would be even worse, but I'm still getting my "sea legs"...

Where is that at?
Keep taking CT trades, I need more money
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