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4 Hour Strategy (MACD)

  • #14,261
  • Edited 6:24am May 5, 2008 6:07am | Edited 6:24am
Looking back, i noticed i actually entered the GBP TC 5 mins or so before the end of the bar. That was unintentional. I heard the alarm for the bar close and saw the trade happening and just pressed the 'do it now' button. Of course my alarm was set 5 mins before bar close!.There you go. Any brave souls trading this?

I was going to mention also that the 4hr bar was also a bearish outside bar, which might have strengthened conviction for this trade. But i am tired this morning and am not going to sit through the GBP doing anything.
Attached Image (click to enlarge)
Click to Enlarge Name: may5.gbp.bearish.gif Size: 23 KB
  • #14,262
  • May 5, 2008 6:22am May 5, 2008 6:22am
Target reached, if i could have stayed with it another +28.
  • #14,263
  • May 5, 2008 6:55am May 5, 2008 6:55am
I made a stupid mistake on the GU TC trade I took. I hope someone we also learn from it. It has been said several times in the forum that we should give room for our profit target. I use Palmer daily pivot to decided my TP @ 1.9658 and the price went back at 1.9660. I should have used 1.9668 or above that.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #14,264
  • May 5, 2008 6:59am May 5, 2008 6:59am
Quoting JimDandy
Sent you PM Palmer.........Im down here on the beach............pipip........Jimdandy

Jim:

Sorry I missed you. I was out all day yesterday fishing with a buddy, caught a few trout and one redfish each to take home. I didn'e even look at the PC until last night and was too busy Saturday to even sit down. Give me a heads up w few days before the weekend next time you make it down. Interesting license plate you saw....wasn't me though.

The EURUSD gave a nice TC off the 21 last night. I had an audible alarm set at 5498 but never heard it because I had the speaker muted and the price bar hit, you guessed it 5498. Either way, I don't chase the market so I'll let things come back if they want. Only thing I chased yesterday was about a 50 pound cobia...that won.

I'll update the website this evening, just too busy over the weekend...
  • #14,265
  • May 5, 2008 7:03am May 5, 2008 7:03am
Quoting winston
Might be better to wait for the close of current candle... Looks like a double top as well.
Anybody would say a go to SELL EJ? Price is under 89ema and MACD has formed a round top.
  • #14,266
  • May 5, 2008 7:03am May 5, 2008 7:03am
I was eyeing the 1.9700 price level since late Friday and today I was ready to take a quick breakout short trade if the opportunity arises.

I was not comfortable taking trades above this support level as TC but waited for level to break. Took quick profit 21pips due to slow movement and fact that cross makret EUR was finding strong support at 1.5450 area.

Hope chart is clear - I also included my platform's trade log with exact EST entry/exit times.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: trade.GIF Size: 25 KB
  • #14,267
  • May 5, 2008 7:05am May 5, 2008 7:05am
Since we have time today i will indulge for a moment and dissect the GBP trade as i saw it. Pardon me posting a 5 min chart but its clearer to see. The TC short was a good signal, the 4hr bar was an outside bearish one confirming the signal also. I rather jumped the gun, unintentionally for my +10 as the price reached the low of the previous day,between the two black lines. My feeling entering using 4 hr bars is after a signal take the low of the bar, rather than the opening of the next, this would have stood me in good stead for this trade. This is what i feel comfortable with and is not a recommendation. The price went sideways along the low for the previous day for some 45 mins before breaking below it. This is therefore my true entry as the price has broken the low of the 4hr entry bar and off it goes. I chose a target which seemed reasonable to me and the price made its way there after 40 mins or so and exit for around +28. Not a big day by any means but the method worked, the signal was good and the exit was good.
Attached Image (click to enlarge)
Click to Enlarge Name: may5.gbp.dissect.gif Size: 17 KB
  • #14,268
  • May 5, 2008 7:05am May 5, 2008 7:05am
Seems like a nice retrace to enter to sell. Entered at 1.9690 - Criteria from 5min.
  • #14,269
  • May 5, 2008 7:12am May 5, 2008 7:12am
Maxster; In agreement with your entry and exit there, its not a big day and take what you can, i think your trade was fairly near the maximum.
  • #14,270
  • May 5, 2008 9:23am May 5, 2008 9:23am
I entered it at 12:00 GMT+1, sl @ 1.9756, 1tp 25 pips, 2tp @ BE with 1tp reach. TC signal is hard to fail in a row.
Plan your trades and trade your plans
  • #14,271
  • May 5, 2008 9:25am May 5, 2008 9:25am
Quoting winston
Anybody would say a go to SELL EJ? Price is under 89ema and MACD has formed a round top.
Thought about that before.
Some doubts:
Round Top is in a very low MACD area.
Broke out up from inside a down channel

????
  • #14,272
  • May 5, 2008 9:50am May 5, 2008 9:50am
Im here all this week. Happy Pipping........pipip........Jimdandy

Quoting Palmer
Jim:

Sorry I missed you. I was out all day yesterday fishing with a buddy, caught a few trout and one redfish each to take home. I didn'e even look at the PC until last night and was too busy Saturday to even sit down. Give me a heads up w few days before the weekend next time you make it down. Interesting license plate you saw....wasn't me though.

The EURUSD gave a nice TC off the 21 last night. I had an audible alarm set at 5498 but never heard it because I had the speaker muted and the price bar hit, you guessed it 5498. Either way, I don't chase the market so I'll let things come back if they want. Only thing I chased yesterday was about a 50 pound cobia...that won.

I'll update the website this evening, just too busy over the weekend...
  • #14,273
  • May 5, 2008 9:55am May 5, 2008 9:55am
Quoting JimDandy
Im here all this week. Happy Pipping........pipip........Jimdandy

I'll give you a buzz in the next day or so mate!
  • #14,274
  • May 5, 2008 10:34am May 5, 2008 10:34am
Quoting ira
Hello everyone and welcome new faces ! I was ill but now I'm back, need some time to catch up, let's have a nice trading this week!!!
Welcome back and many pips to you.
  • #14,275
  • May 5, 2008 10:50am May 5, 2008 10:50am
EU might be setting up ro re-entry on the 21 TC. One hour is hitting resistance along with the R1 line...watching it for possible downmove.
Attached Image
  • #14,276
  • May 5, 2008 11:30am May 5, 2008 11:30am
My Euro at the mo.
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  • #14,277
  • May 5, 2008 12:52pm May 5, 2008 12:52pm
GBPUSD
Time: 16:00 (GMT+1) 05.05.2008
MACD: Bullish AT, lower low
Price: after crossing SMA89 down made a retracement to EMA21 and then gave a new impulse down, formed lower low; signal bar - engulfing, with long lower shadow from a supp. line
Calculations:
Open price: 1.9712
SL Price: 1.9676, SL: 36 pips
TP price: 0.5/1.9728, 0.5/1.9740, TP: 22 (16, 28) pips
SINGLE OPENING.
R:R-ratio: 0.61.
Conclusion: trade is BAD either because of a big SL or poor R:R-ratio.
Result:
signal bar closes in 10 min and it's likely that (as now) R:R-ratio<1 remains, it's a counter-trend trade (though GBPUSD seem to be more in channel than in a trend). So no trade for me and unlikely that I'll try to enter in case of a retracement (against the trend)
Attached Image
  • #14,278
  • May 5, 2008 1:20pm May 5, 2008 1:20pm
Buy EURUSD 1.5508
TP1 1.5533
Stop 1.5476

Reasons: Zero Break on MACD
Extremely bullish prior 4H candle (stop hunt?)
Broke trendline and 1H 89 MA.

Waited for pullback to 1H 89 MA (just above TL) for entry.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur 505 buy 4h.gif Size: 25 KB
Click to Enlarge Name: eur 505 buy 1h.gif Size: 27 KB
  • #14,279
  • May 5, 2008 2:05pm May 5, 2008 2:05pm
Quoting Yorik
GBPUSD
Time: 16:00 (GMT+1) 05.05.2008
Calculations:
Open price: 1.9712
SL Price: 1.9676, SL: 36 pips
TP price: 0.5/1.9728, 0.5/1.9740, TP: 22 (16, 28) pips
SINGLE OPENING.
R:R-ratio: 0.61.
Conclusion: trade is BAD either because of a big SL or poor R:R-ratio.
Hi Yorik

I wanted to ask how you calculate your stop?
The level seems to be the opening / closing prices of the 2 candles????
  • #14,280
  • May 5, 2008 2:35pm May 5, 2008 2:35pm
Quoting RemingtonTJ
Hi Yorik

I wanted to ask how you calculate your stop?
The level seems to be the opening / closing prices of the 2 candles????
Sorry, I'm not sure if I understood you correctly.. In this case I could have put SL (if entered) below the low of 19:00 1H bar (GMT+1) which was 1.9678. I'm choosing SL on the chart - no calculations.
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