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4 Hour Strategy (MACD)

  • #11,321
  • Feb 6, 2008 6:57am Feb 6, 2008 6:57am
I am looking for your comments and criticism.

I entered long on EUR/CHF at 2:37am at price 1.6060.
TP is 6100.
SL at 1.6040

Trend or Counter Trend: Trend
Channel Rythm observed: Yes
Does position correspond to chennel rythm: Yes
Does Macd provide confirmation: Yes
Position relative to MA's: Well below 21 and 8, Just went below 89, appearing to return. Major MA's 200 and 356 are down. Should I have considered that?
I am uncertain how or if I should read any emotion in the execution of this trade.
http://i6.photobucket.com/albums/y23...2Feb060640.gif

Why did I make a bad decision?
We are our own greatest enemy.
  • #11,322
  • Feb 6, 2008 6:58am Feb 6, 2008 6:58am
That's how I was trading before, and didn't understand why I had 6-7 losses in a row, while others were making money. Maybe that would be helpful for someone.
Usually I missed the initial move and was mad with myself about it, I was eager to trade, so when I saw RT/RB I was taking them, they usually are nice/beautiful after such moves , and of course I had a loss. Of course I missed the next TC too, as I was too preoccupied with my loss.
So, remember, after such strong moves price usually consolidates a bit, and that makes MACD turn and give us beautiful RT/RB. Nobody says that it can't go back to the 21 or 8 at least, but that's not what we are waiting for, we are waiting for a TC on with the trend.
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  • #11,323
  • Feb 6, 2008 7:04am Feb 6, 2008 7:04am
Quoting ira
That's how I was trading before, and didn't understand why I had 6-7 losses in a row, while others were making money. Maybe that would be helpful for someone.
Usually I missed the initial move and was mad with myself about it, I was eager to trade, so when I saw RT/RB I was taking them, they usually are nice/beautiful after such moves , and of course I had a loss. Of course I missed the next TC too, as I was too preoccupied with my loss.
So, remember, after such strong moves price usually consolidates a bit, and that makes MACD turn and give us beautiful RT/RB. Nobody says that it can't go back to the 21 or 8 at least, but that's not what we are waiting for, we are waiting for a TC on with the trend.
Thanks Ira, nicely explained
will remember that
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  • #11,324
  • Edited 7:24am Feb 6, 2008 7:20am | Edited 7:24am
Quoting Gabe
I am looking for your comments and criticism.

I entered long on EUR/CHF at 2:37am at price 1.6060.
TP is 6100.
SL at 1.6040

Trend or Counter Trend: Trend
Channel Rythm observed: Yes
Does position correspond to chennel rythm: Yes
Does Macd provide confirmation: Yes
Position relative to MA's: Well below 21 and 8, Just went below 89, appearing to return. Major MA's 200 and 356 are down. Should I have considered that?
I am uncertain how or if I should read any emotion in the execution of this trade.


Why did I make a bad decision?
OK Gabe, look at your chart again and tell me is there really rhythm. The red one is 89, right? The price is dancing all over it together with 21 and 8. Look on the left, there is beautiful rhythm off the 8 and 21 MA, and then price broke the 21, retraced to it and went to the 89 - that is rhythm too.
Let's have a closer look at your trade, the price just broke through the 89, so what are you looking for, retracment to it what is happening now, I guess, and then TC down. It will also give time for 21 and 8 come down. The price has broken through 89, so we are in a down trend.
Yes, it may go through 89 up again, if price didn't finished it's ranging period (when it dances around 89, it's range), but wait for 89 to show support. At this moment 89 is resistance.
In range you can also trade from channel, but I'm not good at it yet.

Sooo, hope this helps.

PS I don't trade this pair, but the rhythm is everywhere ))
  • #11,325
  • Feb 6, 2008 7:27am Feb 6, 2008 7:27am
I'm waiting for a TC signal on USD/JPY
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  • #11,326
  • Feb 6, 2008 7:38am Feb 6, 2008 7:38am
Quoting deforexit
I'm waiting for a TC signal on USD/JPY

becarefull deforexit.i think usd/jpy undecision,so more better wait.






"Together More Better Than Alone"
  • #11,327
  • Feb 6, 2008 7:46am Feb 6, 2008 7:46am
Quoting deforexit
I'm waiting for a TC signal on USD/JPY
better wait ur tiangle breaks down
  • #11,328
  • Feb 6, 2008 7:51am Feb 6, 2008 7:51am
Quoting Borism
Thanks Ira, nicely explained
will remember that
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YOU ARE WELCOME .
  • #11,329
  • Feb 6, 2008 7:55am Feb 6, 2008 7:55am
Quoting ira
YOU ARE WELCOME .
ira are you trade eu with macd give TC ?please sharing your analysis with my question in page 755.thanks








"Together More Better Than Alone"
  • #11,330
  • Feb 6, 2008 8:02am Feb 6, 2008 8:02am
Gabe,
The 89 is right in the way of your move. It might work but watch out for resistance there.
  • #11,331
  • Feb 6, 2008 8:14am Feb 6, 2008 8:14am
Right now I am waiting for a possible TC for USDCHF. I would like it to go down to the 21 though. It might happen over the next 3-4 bars or possibly tomorrow morning.

USDJPY is going back to the 89/21 now but there are some funky tails I don't like possible TC there in the future.
  • #11,332
  • Feb 6, 2008 8:23am Feb 6, 2008 8:23am
Quoting juang
hi,guysplease your comment,signal on macd TC but level under -45,can we take the signal cause the last candle pattern bearish engulfing pattern althaugh macd level under -45.thanks.
please mr.philip (my teacher)ryanmcd,ira,and others


"Together More Better Than Alone"
You really made me to think about this one, that's why it took so long. The answer - "I just didn't like it" - is not enough I guess .
First of all I don't see enough bearish conformation, yes the candle was big and engulfing, but it went to the 365 and stopped there, we can say that it sits on it. There is also 1.4600 level there, so it's support. Ususally price either stops at major MA or moves through it with big candle. Our case was the first one. MACD signal was also marginal, I don't know if 45 level has any significance, as I mainly look at PA. Now it's better to wait how price will behave around 365. I personally wait for break, then retracment and down with TC. Maybe Phillip will give more reasonable answer .

Good luck, Ira.
  • #11,333
  • Feb 6, 2008 9:06am Feb 6, 2008 9:06am
Hello guys,

I'm new to the thread although I've been reading it from some time now. By the way thank you Phillip and the others.
This is my first time posting. I have a question about AUD USD.

Since price already crossed 89 and now price has crossed the 21 down and its now testing the 21 again will this be a good trade to short right at the 21? or just wait for price action or the macd to confirm?

tks

seve
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The more obstacles I overcome the better man I become.
  • #11,334
  • Feb 6, 2008 9:08am Feb 6, 2008 9:08am
Looking to sell aud/usd / 8 and 21 crossed price came back and hit 21/ this trade will allow for short stop, just above the 21, any comments would be appreciated. Thanks Peter
  • #11,335
  • Feb 6, 2008 9:18am Feb 6, 2008 9:18am
Quoting sevejose
Hello guys,

I'm new to the thread although I've been reading it from some time now. By the way thank you Phillip and the others.
This is my first time posting. I have a question about AUD USD.

Since price already crossed 89 and now price has crossed the 21 down and its now testing the 21 again will this be a good trade to short right at the 21? or just wait for price action or the macd to confirm?

tks
s
seve
u must wait for macd give TC but becarefull cause 8/21 ema to close,u must learn about market rythem.thank


"Together More Better Than Alone"
  • #11,336
  • Edited 9:33am Feb 6, 2008 9:22am | Edited 9:33am
hi
whould u (phillip or other traders) please answer my 2 questions?
u enter the trade right after the h4 candle close. 25 to 30 pip take profit in 50% and then set the rest to BE and and stay in as long as posibble.
first Q:do u enter again in a better price if price hits ur second half BE stoploss?(because sometimes i miss one trade and price comes up(for long) 30 pips and the comes down again to initial place and i say myself :if philip has take this position his second half BE stoploss would hitted now and its not good to enter )
second Q:how long do u stay in a trade if price doesnt go ur desired direction?i mean do u stay long if ur first TP doesnt hit after 4hours and the next macd bar become red without any important change in the rhytm?

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  • #11,337
  • Feb 6, 2008 9:27am Feb 6, 2008 9:27am
Quoting juang
hi,guysplease your comment,signal on macd TC but level under -45,can we take the signal cause the last candle pattern bearish engulfing pattern althaugh macd level under -45.thanks.
please mr.philip (my teacher)ryanmcd,ira,and others


"Together More Better Than Alone"
Quoting ira
First of all I don't see enough bearish conformation, yes the candle was big and engulfing, but it went to the 365 and stopped there, we can say that it sits on it.
A bearish engulfing pattern is a reversal signal, it must come after an uptrend.
  • #11,338
  • Feb 6, 2008 9:41am Feb 6, 2008 9:41am
I am still in the EurUsd trade with 50% of position. Stoploss at 1.4682. Have shifted it a little up just above the 200sma.
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  • #11,339
  • Feb 6, 2008 9:43am Feb 6, 2008 9:43am
Quoting 6pack
A bearish engulfing pattern is a reversal signal, it must come after an uptrend.
The Candle Stick Course by Steve Nison , pg 66
  • #11,340
  • Feb 6, 2008 9:47am Feb 6, 2008 9:47am
Hey people:

I went with Rosenthal Collins Tradeview for the new account. Submitted the account forms last night so I should be up and running in a day or so. I'm out of town all next week so I'll be back in the swing starting the week of the 18th.

Hello to all of the new faces!
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