I saw the G/U trade forming on the 1H but it seemed it had already started the move by the time I got to the office. So I missed the entry there but then tried for the retrace which hasn't come about.
As price has now moved to the supporting day trend line it could move back to my retrace entry level but I'm a little worried that the move has already been spent or that the support line is stronger than expected and thus stops the downward phase all together so I have canceled my order for the moment.
Philip when you are looking for retraces how far do you let it run before you decide you don't want the retrace. Take the G/U trade today. On GMT+2 the 4H is too big for standard entry so a retrace would be good. But price moves down a fair bit and comes to support. Now would you take the retrace still or would you do as I have and take a cautious view in case the retrace is not a retrace...
We all were anticipating a move down on G/U with a TC, I think that was a good example to look at 1hour early entry. Price bounced from 21 on 4hour, and 23 Fib on 1hour. Then there were tails, price closed below 1.9700 level, after doji was an entry point. Correct me if I'm wrong.
We all were anticipating a move down on G/U with a TC, I think that was a good example to look at 1hour early entry. Price bounced from 21 on 4hour, and 23 Fib on 1hour. Then there were tails, price closed below 1.9700 level, after doji was an entry point. Correct me if I'm wrong.
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I agree the doji close was the ideal entry but as I said I arrived an hour later and the price had already moved away from that doji entry. I decided not to commit at that point as price had moved quite a big and the stop was too big by then.
The doji happened 7am local time here (5am GMT) and I start trading around 8:30 so the ideal trade was in late Asian session a market I never follow.
There is the config file contents from MIG if anyone wants to convert their existing platfrom to MIG.
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Hi napeharm~
I'm currently using fxdd chart and I quite don't like this chart.
That's why I'm using MIG demo chart to look for trade.
Could you please give me more information about the converting platform to mig.
Thanks in advance!
We all were anticipating a move down on G/U with a TC, I think that was a good example to look at 1hour early entry. Price bounced from 21 on 4hour, and 23 Fib on 1hour. Then there were tails, price closed below 1.9700 level, after doji was an entry point. Correct me if I'm wrong.
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Ira, I have asked Phillip once a time that how to enter 1h, he said that if you want to enter a bounce of 21ema or 8ema of 4h trade, you should enter 1h which also forms a TC signal. Other signals are so volatile to enter. Due to my experience, it's much more risk to enter 1h so we should pay more attension to it.
ira;Ok, then, is there any correlation between this possible entry on the 1 hour chart and Phils 'retracement' trade?. Are they one and the same. You are calling it '1 hr early entry' he is calling it 'retracement'. I never look at 1 hr charts.A spot of research for you there then?.............
I saw the G/U trade forming on the 1H but it seemed it had already started the move by the time I got to the office. So I missed the entry there but then tried for the retrace which hasn't come about.
As price has now moved to the supporting day trend line it could move back to my retrace entry level but I'm a little worried that the move has already been spent or that the support line is stronger than expected and thus stops the downward phase all together so I have canceled my order for the moment.
Philip when you are looking for retraces how far do you let it run before you decide you don't want the retrace. Take the G/U trade today. On GMT+2 the 4H is too big for standard entry so a retrace would be good. But price moves down a fair bit and comes to support. Now would you take the retrace still or would you do as I have and take a cautious view in case the retrace is not a retrace...
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So far looks like that area of support I mentioned is indeed stronger than the move down (at least for the moment). The 4H on GMT+2 is looking ugly as hell at the moment with a huge spike.
Another point which has interested me from this morning is that i picked a target for the GBP at 655. The price eventually fell another 21. However if you had a trailing stop on, say on a second lot of 25, you would have ended up with slightly less than actually exiting. Yet i dont hear people setting targets or rationalising this issue, whilst they are around to watch the trade.
I follow trade on a 5 min chart and that news candle on 5 mins was a 40 pip one. From previous experience a 40 pip candle on a 5 min thing suggests the move may retrace and is certainly a valid exit. I would never enter a trade after a 40 pip candle for instance.
What do you people think about EURUSD now? It has formed a TC (actually counter-trend, but from broken EMA21), I haven't entered on bar's close - watching and waiting for a possible retracement to about 1.55. What about you?
I have done extensive backtesting with 1H early MACD entries and have concluded that it is too unreliable.
What I look for is beautiful rounding of price movement during the pullback. And enter when the 15MIN swings shift momentum back to the previous trending direction along with a pullback swing test.
My entries will sometimes coinincide with the 4H MACD TC - sometimes much earlier - sometimes much later.
However I did miss this morning's entry because I am feeling under the weather and could not stay up during today's late asian session and of course also got up too late.
Quite so saka. Can we tie in the 1 hr TC and the retracement on the 4hr as a clearer way to see it? or is that pointless.
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The Retracement entry like today on GbpUsd if the price went down more than 15-20 pips I will not look for a retracement anymore. It has to retrace very short after the previouse candle close.
The early 1H entry is on the signal candle that you switch to the 1H if the rhythm anticipates a high probability trade and you get in on 1H TC as well. That is a very high probability trade as 4H is in the process of giving a TC and the 1H is giving a TC.
You can enter on the 1H while the price retrace and is giving some candle emotion confirming the trade. Backtesting will show if it is reliable.
For me if I decide to take the retrace I purely enter on % retrace and not worked out to the pip but I draw a horizontal line and if price is stalling there I enter. Sometimes the price goes past th 50% quickly and then I will wait for a move down to 50% before entering. If price retrace more than 80% of the previouse candle the retrace entry is cancelled.
Phil; Thanks for clarifying that. We really do need to define what the 1 hr does and does not, rather than using it so indescriminately. More research needed by the patient amongst us to put an end to the guessing and arbitrary rule making.
