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4 Hour Strategy (MACD)

  • #12,781
  • Mar 12, 2008 12:16pm Mar 12, 2008 12:16pm
Quoting mike_dg
closed 1/2 @ 1.5470 and move SL on remaining 1/2 to 1.5530
Mike, I think you went short on the EURUSD.

What made you decide to go short on this pair at this time?
  • #12,782
  • Mar 12, 2008 1:13pm Mar 12, 2008 1:13pm
I let it hit the BE and do not re-adjust the SL. My understanding is that we should be happy that we got a FREE trade when market went against our trade!!. Of course you may argue that it may go 10-15 pips down and shoots right back. Sometimes it might be right sometimes it might be wrong and I do not take that chance.

Cheers!
Rahim
Never enter a Trade without a STOP LOSS
  • #12,783
  • Mar 12, 2008 1:17pm Mar 12, 2008 1:17pm
Quoting macalmd
One question regarding to SL: Once the price move in favor of us, for instance, up to 25 pips, we may set SL at BE, then if the price turn its way back, should we let BE be hit or re-adjust SL? Thanks

Macalmd
I've got another 5min window at work for the moment:
EU is at the top of the current channel again but still trickling upwards. This pair has taken a 'pause' at the top of this channel almost every time and with the Fed tomorrow...

Macalmd: Making 25 pips on one trade is a good trade. Depending on how many lots you trade per entry you can exit one and move the other to b/e and/or leave the original stop of the remaining position in place. You will never go broke taking a profit either way. I usually enter with 3 lots and exit one at 25 or so and move the others to break even or up accordingly. I hate giving anything back and I can be very stingy at times, sometimes too stingy. Either way it's good to let a position breathe and have the room to move in your favor. If you are just going in with one lot than I would take the 25.

What you don't want to do is move a stop to make it larger if the position is going against you, that's almost the same as chasing a market. There are some RapidFire scripts on the website that will allow you to enter 3 positions at the same time to make things easier also. If you go in with a 0.2 lot position, it makes things easier, if you want to stay in the trade longer, by entering with two 0.1 lots. Don't worry about how much $$$ you can make per trade, think about how many pips you can make per trade. Think about the $$$ later.

Hope some of this helps..

Still milkin' this cow...+ 870 on the long from 2/20..MOOOOOOOOOO!!!
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  • #12,784
  • Mar 12, 2008 1:32pm Mar 12, 2008 1:32pm
Oh yeah..

BagLady: Thank you very much for the donation!

I've been really tied down this week and have not been able to post much during the day. I'll chime in when I can...
  • #12,785
  • Mar 12, 2008 1:38pm Mar 12, 2008 1:38pm
Quoting Palmer
This pair has taken a 'pause' at the top of this channel almost every time and with the Fed tomorrow...
fed decision is on the 18th not tomorrow
  • #12,786
  • Mar 12, 2008 2:05pm Mar 12, 2008 2:05pm
Quoting mike_dg
fed decision is on the 18th not tomorrow
Yikes! See, I've been a little busy this week....Can't even think straight.
  • #12,787
  • Mar 12, 2008 2:16pm Mar 12, 2008 2:16pm
Hello, here is the written copy for march 11th wrap up. please refer to
post # 12733 on page 849 for chart &mp3, thanks,
nadia,
Attached File(s)
File Type: doc daily wrap up March 11th 2008.doc   6 KB | 457 downloads
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
  • #12,788
  • Mar 12, 2008 3:10pm Mar 12, 2008 3:10pm
hi
i was not in the market today,and i see now another crazy movment .
hard market to trade
  • #12,789
  • Mar 12, 2008 3:24pm Mar 12, 2008 3:24pm
Hi

looks as though GU could bounce off a trendline and head back down

Ive been sat on the sidelines (or rather on a broken down train for most of the day) waiting for the price to stall and head back down again- i've only traded TC so far but might like the look of this counter trend trade on the 4 hourly back down to at least the 8MA

regards

Mark
  • #12,790
  • Mar 12, 2008 3:58pm Mar 12, 2008 3:58pm
Quoting rc2008
I let it hit the BE and do not re-adjust the SL. My understanding is that we should be happy that we got a FREE trade when market went against our trade!!. Of course you may argue that it may go 10-15 pips down and shoots right back. Sometimes it might be right sometimes it might be wrong and I do not take that chance.

Cheers!
Rahim
Quoting Palmer
Macalmd: Making 25 pips on one trade is a good trade. Depending on how many lots you trade per entry you can exit one and move the other to b/e and/or leave the original stop of the remaining position in place. You will never go broke taking a profit either way. I usually enter with 3 lots and exit one at 25 or so and move the others to break even or up accordingly. I hate giving anything back and I can be very stingy at times, sometimes too stingy. Either way it's good to let a position breathe and have the room to move in your favor. If you are just going in with one lot than I would take the 25.

What you don't want to do is move a stop to make it larger if the position is going against you, that's almost the same as chasing a market. There are some RapidFire scripts on the website that will allow you to enter 3 positions at the same time to make things easier also. If you go in with a 0.2 lot position, it makes things easier, if you want to stay in the trade longer, by entering with two 0.1 lots. Don't worry about how much $$$ you can make per trade, think about how many pips you can make per trade. Think about the $$$ later.

Hope some of this helps..

Still milkin' this cow...+ 870 on the long from 2/20..MOOOOOOOOOO!!!
Your points are pertinent and of great help. Thanks a lot!

Macalmd
  • #12,791
  • Mar 12, 2008 7:07pm Mar 12, 2008 7:07pm
In case you haven't heard how oil and the EU are moving hand in hand....
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  • #12,792
  • Mar 12, 2008 8:08pm Mar 12, 2008 8:08pm
Anybody agree to go short G/u?
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Failure, is a wonderful teacher!
  • #12,793
  • Mar 12, 2008 10:28pm Mar 12, 2008 10:28pm
Quoting Palmer
In case you haven't heard how oil and the EU are moving hand in hand....
It is good to be back in Florida after two weeks on Phillips continent (Port Elizabeth, South Africa, specifically. I do not recall where Mr Nel is from). Looking forward to returning to S.A. at the end of this month for another fortnight.

Palmer, seems like the CAD is also responding to Oil news as well. It bounced all around after inventories were up, then oil prices continued up.
Price action settled on the 89, but looks like a pennant has formed on the USDCAD

Is a TC setting up for a sell there at the midnight (5am UTC) bar?

Frick
  • #12,794
  • Mar 12, 2008 11:04pm Mar 12, 2008 11:04pm
The CAD and Oil are strongly correlated. Is the Euro really affected by oil prices? I thought it was just the weakness of the dollar pushing oil prices and the Euro higher. I was told that oil prices have been steady in Europe for five years now.
Mike, why are you wanting to trade against such a strong trend? That's a surefire way to go broke in a heartbeat. If you are dead-set on CT trading, wait for strong confirmation (like a evening star).
Everybody wants to try to pick tops when they first start, but it's a losing proposition. Trust me, I know.
Is anyone riding this rollercoaster on the GBP, EURO or JPY?
  • #12,795
  • Mar 13, 2008 1:25am Mar 13, 2008 1:25am
Hi,

looking at both GU and EU they both seem at the top of a strong bull channel and could be ready for a move back down to the 8/21- Ive missed out on the full extent of the latest move up- taking far fewer pips than was available- but I have no problem with that and dont intend to chase the trend

I'm probably going to sit this out until the price moves down and then take any TC signals for an upward move

anyone else any thoughts?

regards

Mark
  • #12,796
  • Mar 13, 2008 1:36am Mar 13, 2008 1:36am
I agree. The adx for the eur is 40 and 35 for the gbp generally signalling a very strong trend. I'll wait for them to come down to at least the 8ema and look for a TC signal. I roo have had my hard knocks trying CT's prior to following this thread. What's the term.... Trying to catch a falling knife.
  • #12,797
  • Edited 1:54am Mar 13, 2008 1:53am | Edited 1:54am
Completely agree with Hookem28 - trying to pick up tops now is a suicide.

Looking back on EUR this week I think about traders flexibility. Not once I read that trader must belive in unbelievable. Personally I missed two good TC signals on EUR this week, I thought that it's oversold, it's at its high, it's time for correction... I guess everyone wants it to come down, but it keeps coming up. That's where professionalism comes into play, who knows maybe we will see EUR 2.0000. Let's not try to fight the trend.
  • #12,798
  • Mar 13, 2008 3:01am Mar 13, 2008 3:01am
Quoting mark r
Hi,

looking at both GU and EU they both seem at the top of a strong bull channel and could be ready for a move back down to the 8/21- Ive missed out on the full extent of the latest move up- taking far fewer pips than was available- but I have no problem with that and dont intend to chase the trend

I'm probably going to sit this out until the price moves down and then take any TC signals for an upward move

anyone else any thoughts?

regards

Mark
I agree with you. I may even dare not to take TC around 21 EMA unless there are some morning stars and TL surport.
  • #12,799
  • Mar 13, 2008 3:11am Mar 13, 2008 3:11am
Quoting ira
Completely agree with Hookem28 - trying to pick up tops now is a suicide.

Looking back on EUR this week I think about traders flexibility. Not once I read that trader must belive in unbelievable. Personally I missed two good TC signals on EUR this week, I thought that it's oversold, it's at its high, it's time for correction... I guess everyone wants it to come down, but it keeps coming up. That's where professionalism comes into play, who knows maybe we will see EUR 2.0000. Let's not try to fight the trend.
right! If we want to take CT trend, there must be several avidences to confirm the trend is over and is about to start correction. Such as several divergence, strong resistant line or a good shooting star
Plan your trades and trade your plans
  • #12,800
  • Mar 13, 2008 3:27am Mar 13, 2008 3:27am
Hello Everyone, been busy in my other life.

We're at an interesting point just now in U/J and G/U. U/J is at the strong psychological barrier of 100.00. Will it smash down or bounce off again? We're going to find out very soon I think!

G/u is at the lower end of that long range that lasted the whole of October last year. Will it do the same again? Given the situation at the moment (USD in the crapper as Palmer so eloquently puts it) I reckon these trends are going to keep going for a while longer! There will be consolidations, but reversals are something else altogether. We must be on our guards and, as Ira says, be prepared to believe the unbelievable!


BTW; hello to all the new faces, and thanks LuckyTiger for the Linda Raschke article. It is so important to know who you are as a trader, something we so often overlook! Oooh, U/J through the 100, will it hold?
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May all your pips grow into great big fruitful trees
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