On the GMT+2 the TC hasn't formed. However I was expecting it to form this candle and after the doji on the 4H right on the 8 I thought the signal would be particularly good.
On the 1H price broke down through the trend line that had been supporting all day and also crossed on the MACD so I took this as a signal for an early entry (at this point the 4H MACD was red but not closed).
Price moved down but then doji'd on the 1H and I closed my trade with just 2 pips.
Price has since moved up quite quickly so I am happy I got out where I did. Still an hour to go before 4H candle closes and the TC doesn't look like it's on after all.
I am going to believe that long bearish candle by going short on a 50% retracement. The bottom TL will be my first TP as the price might find support there. Stoploss is at 1.5684 just above 80% retracement.
This is a risky trade as there is volatility. If you dont have pips in the bank, skip this one.
Short at 1.5649
SL 1.5684
1st TP 1.5610
2nd TP at 161%Fib 1.5545
Edit 1.
Price ran down quickly 25pips. Closed 50% for +20 and set remainder to -20stoploss to go BE if price turns around. Free ride.
On the GMT+2 the TC hasn't formed. However I was expecting it to form this candle and after the doji on the 4H right on the 8 I thought the signal would be particularly good.
On the 1H price broke down through the trend line that had been supporting all day and also crossed on the MACD so I took this as a signal for an early entry (at this point the 4H MACD was red but not closed).
Price moved down but then doji'd on the 1H and I closed my trade with just 2 pips.
Price has since moved up quite quickly so I am happy I got out where I did. Still an hour to go before 4H candle closes and the TC doesn't look like it's on after all.
Ignored
same here. Im trading on -5 GMT and no TC on the MACD yet....all green so far.
I am going to believe that long bearish candle by going short on a 50% retracement. The bottom TL will be my first TP as the price might find support there. Stoploss is at 1.5684 just above 80% retracement.
This is a risky trade as there is volatility. If you dont have pips in the bank, skip this one.
Short at 1.5649
SL 1.5684
1st TP 1.5610
2nd TP at 161%Fib 1.5545
Edit 1.
Price ran down quickly 25pips. Closed 50% for +20 and set remainder to -20stoploss to go BE if price turns around. Free ride.
Ignored
Hi Phillip
am I right that you did not take this trade based on a TC minus signal?
same here. Im trading on -5 GMT and no TC on the MACD yet....all green so far.
Ignored
This very interesting. I did not know there are people trading onGMT-5. How is the MACD signals in terms of regularity and pips gain compared to other timzones. Can you send me a jpg picture for the month of April so far. I would love to see that.
Thanks
Phillip
The last trade that you made on the eur/usd, i realised that you didnt wait for the macd to confirm this move. I know you made a disclaimer that it was a risky trade before entering so my question to you is, why didnt you let this one pass?
The last trade that you made on the eur/usd, i realised that you didnt wait for the macd to confirm this move. I know you made a disclaimer that it was a risky trade before entering so my question to you is, why didnt you let this one pass?
Thanks.
Ignored
There was a TC on the MACD confirming the trade. Stoploss was to big therefore I entered on a retracement. It is all explained in the document and several places in the thread.
Large Candle Entry Spread.zip......................... ................................... Page 651.Post9760
Can you explain the TC minus signal. I took the trade on a TC but on the retracement thereoff as discussed in the manual to make the stoploss less.
Ignored
SOrry
I had the wrong session setting in Tradestation.
Actually there End-of-Day-Setting is 11pm CET
instead of 12
So I get different charts when I don't adjust.
Strange.
So you're still in the trade?
There was a TC on the MACD confirming the trade. Stoploss was to big therefore I entered on a retracement. It is all explained in the document and several places in the thread.
Ignored
hi dear phillip
sometimes u enter after retracement and sometimes not.would u plz tell us when u enter after retrace and when not?
thx
hi dear phillip
sometimes u enter after retracement and sometimes not.would u plz tell us when u enter after retrace and when not?
thx
Ignored
I was at home today so I could do it. I am not online most of the time. Does have very limited internet at work. If I could be online I would enter on retracements more often. Another reason is it all depends on the rhythm prior to the big candle. If it is at the bottom of a TL I wont. The Eur came down from 1.6000 and I still believe it can come down even more. Therefore I want to position myself for that possibility. that is why when the price went down quicklt 25 pips after I went short it gave me the oppertuinity to sell 50% and set the remainder on a -20 stoploss giving me a free ride if the price is going to go further down. It is part of my money management to at least give me a chance with a risk that I can handle.
I have done March and April showing the large candles giving TC patterns and the retracement entries on those. There you can see that most of them did give positive pips. It is up to you if you want to enter those. Do some backtesting and see if it is profitable to take them. The only thing is it plays havoc with your emotions because you enter while the price is going the opposite way.
i missed the initial entry but now i entered after some H1 confirmation on the broken TL
and thx about answer , now i think its more about your time for retracement entries than other things
This very interesting. I did not know there are people trading onGMT-5. How is the MACD signals in terms of regularity and pips gain compared to other timzones. Can you send me a jpg picture for the month of April so far. I would love to see that.
Thanks
Phillip
Ignored
Have I have missed one of the requirements about timezones using the 4-hour MACD?
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Joined Jul 2007
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Status: Macroeconomic trader
|498 Posts
Philip. I think I trade eu different from yours. I think eu has formed a HL, and the trend line(same as yours) formed from 2.8 is down there, not far away. So I think eu will go up to 21ema same as the resistant line up there.
