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4 Hour Strategy (MACD)

  • #12,661
  • Mar 10, 2008 10:38am Mar 10, 2008 10:38am
Quoting bisar_x
Mike, I usually don't take trades right after market opening Monday morning. It can be very tricky. As you can see from the chart the price failed to close above 62 fib from the last Swing low.
I hope it helps.
MONDAY morning and friday night ,also very risky !!!
  • #12,662
  • Mar 10, 2008 10:43am Mar 10, 2008 10:43am
Quoting welshguy2000
Afternoon everyone,

After a slow morning nothing we've a TC entry on the 1H that i've taken. Classic example of price finding support on the 21EMA on the 4H, i've used the 1H as an early entry point.

Buy @ 1.5356, BE 20, SL @ 1.5322, TP @ 1.5395 / 1.5420
Reason: 4H strong support off 21EMA, 1H showing morning star pattern.

See Below:

Any comments please?
Hi,

I actually took the CT EUR/USD short earlier today, did this off the 4H doji which was also 1H ZB and break of 1H supporting trendline. The move also came off resistance in form the form of the trend line down and 5400.

I closed it off the first green MACD on the 1H alhough my first initial target had already been hit.

I also watched your trade and was very tempted to get in too. But I dont think the 4H will tick over to TC on this close (15 mins away), so I decided not to take it. It does however look to be a good trade so far.
  • #12,663
  • Mar 10, 2008 11:00am Mar 10, 2008 11:00am
Info
Attached File(s)
File Type: zip Daily Wrapup 10 March2008.zip   622 KB | 891 downloads
  • #12,664
  • Mar 10, 2008 11:51am Mar 10, 2008 11:51am
Quoting welshguy2000
Afternoon everyone,

After a slow morning nothing we've a TC entry on the 1H that i've taken. Classic example of price finding support on the 21EMA on the 4H, i've used the 1H as an early entry point.

Buy @ 1.5356, BE 20, SL @ 1.5322, TP @ 1.5395 / 1.5420
Reason: 4H strong support off 21EMA, 1H showing morning star pattern.

Edit 1: Stopped out BE

See Below:

Any comments please?
becarefull of two blue TLs
Attached Image (click to enlarge)
Click to Enlarge Name: eur1.gif Size: 18 KB
  • #12,665
  • Mar 10, 2008 12:01pm Mar 10, 2008 12:01pm
" a nice bag full of pips", now that's an image I like!! Thanks for your daily wrap ups Phillip. I shall pop over to Palmer's website and look at the monthly post.

I agree so much about not jumping around currency pairs, especially in the beginning. I've said it several times, and I say it again... you cannot get a feel for rhythm, and motion, and emotion until you look deeply into just one pair. If you look at several pairs, you are just skimming the surface and are just looking for trades without fully understanding why they do or do not happen. I don't want to turn into the 'nag lady' so I shall say it no more! I hope the point is made and understood?

Ira did a fantastic post in reply to Mike about the E/U long this morning. This is worth reading, saving and reading again!

(Palmer: I can't believe a superhero can't get a date? I had The Big Birthday last year too, and life has certainly begun! After many years of dodging commitment and responsibility, someone is finally going to make an honest woman out of me!! And he actually says that I'm fitter (hotter) now than 10 years ago! Result!! There's hope for everyone!)
May all your pips grow into great big fruitful trees
  • #12,666
  • Mar 10, 2008 12:24pm Mar 10, 2008 12:24pm
hi dear palmer
could it be a h1 early entry?the positions of MAs in h4 looks good
thx
Attached Image (click to enlarge)
Click to Enlarge Name: eur1.gif Size: 20 KB
  • #12,667
  • Mar 10, 2008 12:31pm Mar 10, 2008 12:31pm
Hi everyone

I'm new to this thread and have been trying to get through as much of the thread as possible- its excellent-thanks

I've successfully accessed the daily wrap up before but today I'm in difficulty- it won't open-my computer is telling me the file is "invalid or corrupted"

any help/suggestions would be gratefully received

regards

Mark
  • #12,668
  • Edited 12:50pm Mar 10, 2008 12:39pm | Edited 12:50pm
usdcad
entered at 9970 sl 9990 tp 9925. hope palmer confirms my h1 entry
edit : closed BE (not enough selfconfidence today)
  • #12,669
  • Mar 10, 2008 12:47pm Mar 10, 2008 12:47pm
[quote=Bag Lady;1894802]" a nice bag full of pips", now that's an image I like!! Thanks for your daily wrap ups Phillip. I shall pop over to Palmer's website and look at the monthly post.

Im a newbie trying to learn as much as possible can someone please post a link to Palmers website, that was mentioned by Big Lady

Thanks
  • #12,670
  • Mar 10, 2008 12:52pm Mar 10, 2008 12:52pm
bsadroo:

I don't have any CAD charts up but if there is a moving average or resistance line that the 1hr is having trouble breaking through, then it looks good. Remember, the 1hr has to have a 'reason' to move the way you want it to.

I've been in a meeting all day, breaking for lunch.

EU is staring to look rangey again. The 4hr is toying with the 21 and the 1hr is not moving well. This might be the pause starting to happen that was mentioned last week. As we get closer to the Fed could consolidate more. All USD pairs might be difficult to trade for the next few days. I'd suggest trading 'wisely' or to be even more conservative with profit targets...

Right now the 4hr does not like the 21 and the 1hr does not like the 89. If there is a close below the 21 though, there might be some downside movement. Still long from 2/20 but I have moved the stop up to 5220, just below and old resistance channel. This locks in 567 pips on that position.

Gotta run, re-meeting for the meeting...

*** vette1974 ***

Thanks for the support!!!
Attached Images
  • #12,671
  • Mar 10, 2008 1:33pm Mar 10, 2008 1:33pm
Quoting mark r
Hi everyone

I'm new to this thread and have been trying to get through as much of the thread as possible- its excellent-thanks

I've successfully accessed the daily wrap up before but today I'm in difficulty- it won't open-my computer is telling me the file is "invalid or corrupted"

any help/suggestions would be gratefully received

regards

Mark
Mark, delete the file and try again. I had the same problem, but the second time everything was OK.
  • #12,672
  • Mar 10, 2008 2:00pm Mar 10, 2008 2:00pm
Hi,

I bought the loonie today morning @0,9893, SL@0,9863 and got stopped out.
Because of the two bullish candles in the colored rectangle before I considered the loonie in a bullish mood. The signal candle at 08:00 o'clock was also bullish. Close at its high and a tail to the downside.

For me the setup was OK but I am not sure if I had overlooked some important hints not to trade it. So any comments are welcome.

Best regards
janson
Attached Image (click to enlarge)
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  • #12,673
  • Mar 10, 2008 2:31pm Mar 10, 2008 2:31pm
Jansen,
I usually don't trade the CAD, but your setup looks good.
You had an engulfing candle, and you set your SL below tweezer bottoms. You also had a TC pattern on the MACD.
The negative factors are the tweezer tops, low volume and the long-term trend.
I would've strongly considered making that trade (with the SL a few pips lower). Sorry it didn't work out that time.
  • #12,674
  • Mar 10, 2008 3:22pm Mar 10, 2008 3:22pm
Quoting Hookem28
Jansen,
I usually don't trade the CAD, but your setup looks good.
You had an engulfing candle, and you set your SL below tweezer bottoms. You also had a TC pattern on the MACD.
The negative factors are the tweezer tops, low volume and the long-term trend.
I would've strongly considered making that trade (with the SL a few pips lower). Sorry it didn't work out that time.
Look at the resistance line a have drawn
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 21 KB
  • #12,675
  • Mar 10, 2008 3:38pm Mar 10, 2008 3:38pm
Hi Phillip.
My charts paint a different picture. The charts weren't working early this morning, so that might explain the inconsistencies.
Attached Image (click to enlarge)
Click to Enlarge Name: cad.gif Size: 23 KB
  • #12,676
  • Mar 10, 2008 3:40pm Mar 10, 2008 3:40pm
Quoting mike1349
Hi,
I am wondering did anybody take this TC on EUR?(20:00 GMT candle)

If not why?It looked good to me.

Thanks
Mike
My experence told me that I should not take the trade where formed at0:00 GMT+1, it is good to take TC at 8:00 12:00 and 16:00 GMT+1, CT at 4:00
Can't you see the gap before? EU went back to 21 EMA and was surported to form a morning star at 20:00 7th March. We should ignor the true that it didn't show anything at MACD, but it would go higher, this is the reason why the gap formed.
So, at this case, we should wait until it forms a Lower Higher signal to enter
Plan your trades and trade your plans
  • #12,677
  • Mar 10, 2008 6:17pm Mar 10, 2008 6:17pm
Just a note:

If you want to participate in the trade specific forum for the Market Rhythm 4 Hour Strategy please visit the website for the details....
  • #12,678
  • Mar 10, 2008 6:46pm Mar 10, 2008 6:46pm
I like to ask this question to everyone and like to hear your experience for the situation like below:

For example, for GBP/USD closed 2.0134 last Friday. You entered a trade just before the market close - short entry at 2.0134. You had put the Stop loss at 2.0154. When market opened on Sunday at 2.0162, where would it take you out of the trade as it did not see the 2.0154 price. My broker said they will take me out the very best price available when the market open, i.e., 2.0162 in this case. Please share your experience.

Thanks,
Rahim
Never enter a Trade without a STOP LOSS
  • #12,679
  • Mar 10, 2008 7:15pm Mar 10, 2008 7:15pm
Quoting rc2008
I like to ask this question to everyone and like to hear your experience for the situation like below:

For example, for GBP/USD closed 2.0134 last Friday. You entered a trade just before the market close - short entry at 2.0134. You had put the Stop loss at 2.0154. When market opened on Sunday at 2.0162, where would it take you out of the trade as it did not see the 2.0154 price. My broker said they will take me out the very best price available when the market open, i.e., 2.0162 in this case. Please share your experience.

Thanks,
Rahim
Yes Rahim, That is exactly what would happen. Even if your stop was at 2.0154, you would lose an additional 8 pips and be taken out at 2.0162. I have had this situation happen with a gap news event. If it opened at 2.0262 (unlikely, but as example) you'd lose an additional 108 pips. You are not completely protected by a stop. Trade well! Trade cautiously!

Nipper
  • #12,680
  • Mar 10, 2008 7:47pm Mar 10, 2008 7:47pm
Quoting rc2008
I like to ask this question to everyone and like to hear your experience for the situation like below:

For example, for GBP/USD closed 2.0134 last Friday. You entered a trade just before the market close - short entry at 2.0134. You had put the Stop loss at 2.0154. When market opened on Sunday at 2.0162, where would it take you out of the trade as it did not see the 2.0154 price. My broker said they will take me out the very best price available when the market open, i.e., 2.0162 in this case. Please share your experience.

Thanks,
Rahim

Exactly what Nipper said. Gaps in Forex usually happen between the Friday close and the Sunday open. If you are holding a position over the weekend and the market opens 300 pips from your stop (on the loss side) you will likely get filled 300 pips away. It's rare to hold a position over the weekend. I've been in a trade for about 3 weeks but only because it took off and the bullishness of the situation kept me in along with about a 300 pip cushion. This is another reason why gambling on trading a news release is risky. Say you place an order 1 minute before the NFP with a 40 pip stop loss. The news is negative for your position and in an instant after the news release the market spikes 100 pips, you can more or less add 60 pips to your loss because the market made that move in less than a second and your stop isn't even 'seen' until the market settles which can take a minute or so but feels like a lifetime. Entering a position on a Friday afternoon is really risky because of all of this and the Sunday open usually takes several hours to do anything....
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