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4 Hour Strategy (MACD)

  • #13,561
  • Edited 12:20pm Apr 9, 2008 11:22am | Edited 12:20pm
Quoting bshadroo

i love this kind of pictures.like its smiling to us and say come and catch me.
did u close your trade?
I am still letting it hang on. Will close if it finds resistance against TL. Switched to 1H to see if resistance is forming. Will post picture when I close.

Edit
It ran through the TL. Is getting stuck at 1.5850.
Closed at 1.5840
  • #13,562
  • Apr 9, 2008 12:23pm Apr 9, 2008 12:23pm
Stopped out @ 5845 for +126 pips

KC
  • #13,563
  • Apr 9, 2008 3:21pm Apr 9, 2008 3:21pm
Good Trades everyone. I should have let mine run I locked mine in with 25 pips. This is the next thing for me to work on.
  • #13,564
  • Apr 9, 2008 9:55pm Apr 9, 2008 9:55pm
Quoting vette1974
Good Trades everyone. I should have let mine run I locked mine in with 25 pips. This is the next thing for me to work on.
At least you got 25 pips. I hesitated to much. I even missed the g/u counter trend trade too. http://www.forexfactory.com/images/icons/icon9.gif
Let's wait for a good set up to come to us!
  • #13,565
  • Apr 10, 2008 2:55am Apr 10, 2008 2:55am
I took an early TC trade on GBP/USD this morning. I saw the 4H forming the TC and it came off the trend line down and there was only 1 hour left to the candle close. On the 1H there was an evening star off the trend line and I waited for the 1H to close below the 21 which had previously been supporting.

On this I took the trade but it has pulled right back up and into my stop therefore removing any possible TC for the moment.

However at present the trend line is still not broken so it could be on the cards that we get another reversal for that TC.
  • #13,566
  • Apr 10, 2008 3:18am Apr 10, 2008 3:18am
Quoting brettboz
I took an early TC trade on GBP/USD this morning. I saw the 4H forming the TC and it came off the trend line down and there was only 1 hour left to the candle close. On the 1H there was an evening star off the trend line and I waited for the 1H to close below the 21 which had previously been supporting.

On this I took the trade but it has pulled right back up and into my stop therefore removing any possible TC for the moment.

However at present the trend line is still not broken so it could be on the cards that we get another reversal for that TC.
GBPhttp://www.forexfactory.com/images/m...mpact_high.gifInterest Rate Statement
http://www.forexfactory.com/images/m...etail_star.gif
5.00%5.25%

becarefull about this.
  • #13,567
  • Apr 10, 2008 3:20am Apr 10, 2008 3:20am
Quoting bshadroo
GBPhttp://www.forexfactory.com/images/m...mpact_high.gifInterest Rate Statement
http://www.forexfactory.com/images/m...etail_star.gif
5.00%5.25%

becarefull about this.
Yes I know, I seriously considered whether to take the trade because of this, but as talk is of a cut and the decision was still 4 hours away I took it.
  • #13,568
  • Apr 10, 2008 5:16am Apr 10, 2008 5:16am
Quoting brettboz
I took an early TC trade on GBP/USD this morning. I saw the 4H forming the TC and it came off the trend line down and there was only 1 hour left to the candle close. On the 1H there was an evening star off the trend line and I waited for the 1H to close below the 21 which had previously been supporting.

On this I took the trade but it has pulled right back up and into my stop therefore removing any possible TC for the moment.

However at present the trend line is still not broken so it could be on the cards that we get another reversal for that TC.
brettboz,
I also think there would be a TC or BOZ of GU. I thougt that I had better enter at 8:00 to 12:00 GMT+1 session to make some profit to avoid big news tonight. I entered so hurry, even don't follow 1h strategy and was kicked out. Hope I remmeber such stupid mistake.
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Plan your trades and trade your plans
  • #13,569
  • Apr 10, 2008 5:20am Apr 10, 2008 5:20am
Quoting saka
brettboz,
I also think there would be a TC or BOZ of GU. I thougt that I had better enter at 8:00 to 12:00 GMT+1 session to make some profit to avoid big news tonight. I entered so hurry, even don't follow 1h strategy and was kicked out. Hope I remmeber such stupid mistake.
I've checked back and in the last 2 months on interest rate day for GBP and EUR I always lose so today has followed the rules. As of next month I will trade it on paper only to see if it happens again.
  • #13,570
  • Apr 10, 2008 5:20am Apr 10, 2008 5:20am
I usually put these kind of mistake in a photo frame . I have a mental list with almost all of them.
  • #13,571
  • Apr 10, 2008 5:25am Apr 10, 2008 5:25am
Quoting bisar_x
I usually put these kind of mistake in a photo frame . I have a mental list with almost all of them.
I would probably take the trade I took this morning again if it came to it. It was a fairly standard early entry. Both charts looked to support the TC and there was only 1 hour to close and the 1H had also broken its previous support.

So I put it down to bad luck and the fact that the market is more volatile this morning because of rumors on the interest rate decision. The market is expecting a 0.25% drop for GBP so anything above that will look bearish and if it comes in at 0.25 it could go either way. I have seen on many occasions a cut being taken as good news because it wasnt bigger than expected. So it could fly up even though we get a 0.25 cut.

Either way its dangerous to get in now and I certainly wont be trading for the rest of the day.
  • #13,572
  • Apr 10, 2008 5:26am Apr 10, 2008 5:26am
For the people interested in how traders react to news here is good info. I dont trade news but you can have an idea about how much impact they have.
Attached File(s)
File Type: xls Economic Report V 0.4.xls   191 KB | 811 downloads
  • #13,573
  • Apr 10, 2008 5:35am Apr 10, 2008 5:35am
Brettboz, I remember the time when i didnt wait for candle to close and got nailed. But now, sometimes, I have another problem, I am waiting to much. lol
  • #13,574
  • Apr 10, 2008 5:41am Apr 10, 2008 5:41am
Quoting bisar_x
Brettboz, I remember the time when i didnt wait for candle to close and got nailed. But now, sometimes, I have another problem, I am waiting to much. lol
I recently found that if the 4H MACD has a low number to go before changing colour then I will use the 1H. If the number is large then I will not use the 1H. This has helped me quite a bit to decide when to go before a 4H close and when not to. This week I took 2 early trades, one worked out the other didn't. Both were in very low numbers on the 4H and looking to be TC's. Obviously todays one had that bit turn around but again I'm sure increased volatility because of news events hasn't helped.
  • #13,575
  • Apr 10, 2008 5:47am Apr 10, 2008 5:47am
Quoting bisar_x
For the people interested in how traders react to news here is good info. I dont trade news but you can have an idea about how much impact they have.
Thanks for this, very useful info here.
  • #13,576
  • Apr 10, 2008 5:57am Apr 10, 2008 5:57am
Ok, here is what i think. We almost had a TC on H4 GU, but on H1 the short signal was at .9752. IMO it was not a TC on H1 but more like VT. If you took that signal at least the trade would have been close at BE.
I didn t trade this week so only my 2 cents. I hope it helps.
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  • #13,577
  • Apr 10, 2008 6:03am Apr 10, 2008 6:03am
Quoting bisar_x
Ok, here is what i think. We almost had a TC on H4 GU, but on H1 the short signal was at .9752. IMO it was not a TC on H1 but more like VT. If you took that signal at least the trade would have been close at BE.
I didn t trade this week so only my 2 cents. I hope it helps.
Yes that was the ideal place for the short but then the TC on the 4H looked a longer shot and I also missed that entry. I also wanted some other confirmation and breaking of the 21 on the 1H was my signal as this had previously acted as support.

UK interest rate came in as expected, GBP moved down prior to the release and then shot back up again. I miss read the news to start with and thought it said 0.5 percent cut, which would have put GBP in nose dive IMO.
  • #13,578
  • Apr 10, 2008 6:05am Apr 10, 2008 6:05am
Quoting brettboz
I recently found that if the 4H MACD has a low number to go before changing colour then I will use the 1H. If the number is large then I will not use the 1H. This has helped me quite a bit to decide when to go before a 4H close and when not to. This week I took 2 early trades, one worked out the other didn't. Both were in very low numbers on the 4H and looking to be TC's. Obviously todays one had that bit turn around but again I'm sure increased volatility because of news events hasn't helped.
I was also looking for an early entry on the GBP before the news but the swings never did get into a down trending rhythm on the lower timeframes after finding resistance between the 38% and 50% fibs of the last 4H/1H down move.

I am still looking for a short - maybe after the news settles. Price action will tell what to do ......
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  • #13,579
  • Apr 10, 2008 6:07am Apr 10, 2008 6:07am
So many good trades on euro this week and i didn profit.
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  • #13,580
  • Apr 10, 2008 6:22am Apr 10, 2008 6:22am
Quoting brettboz
I recently found that if the 4H MACD has a low number to go before changing colour then I will use the 1H. If the number is large then I will not use the 1H. This has helped me quite a bit to decide when to go before a 4H close and when not to. This week I took 2 early trades, one worked out the other didn't. Both were in very low numbers on the 4H and looking to be TC's. Obviously todays one had that bit turn around but again I'm sure increased volatility because of news events hasn't helped.
i have another way.
my platform is gmt+1 and i have a gmt platform in demo.when i want to enter in h1 trade i look at the gmt chart and if it is ok too ,i enter.
at least this method gives me more confidence to enter a h1 trade wich is usually risky
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