4 Hour Strategy (MACD)

Quoting Nipper

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Hello Hookem28, I would not go short yet. My anticipation is a slightly long bias. There are 2 small supporting candles low 1.9665. Also, that top trend line has been hit 6 times, therefore it may be weakening. Dollar sentiment is currently bearish, and 1 hour chart shows a bullish rounding pattern going into the European session. This type of bullish consolidation usually follows through. If I were considering a short, I would wait until break below 1.9665 consolidation level. But, there may be enough volatility to hit your target. Good luck with your trade.

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Quoting Hookem28

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I'm definitely watching closely because it could retest the 200 MA. The trendline, in addition to the high probability of CT trades on the Pound this year, was the main reason I took the trade on. Probably wouldn't have taken the CT if there was the same setup on the Euro.
I see what you're saying though Nip. Shorting the dollar after yesterday is difficult.

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Quoting samiehFX

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any buddy have immediate news site bcz news come too late after the large moves ??????

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Quoting napeharm

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Yorik; I was trying to work out your figures for the 3 lot idea i am interested in.

You divided the one lot into three to have the same volume making the method not really worth using. However, buying the first two out of the three is the same as buying just two, as in the first method, as far as i see it. The volume/ money management is therefore the same for the first two. So it is not necessaary to divide a whole lot into three, just have two half lots as before. When those close, open another half lot. Then game on again. That is how i see it.

I am not saying your figures are wrong, i look at it this way round. My glass is always half full !

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Quoting brettboz

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E/U took off far too quick for me again this morning. I had hoped for a pull back after the initial break but this didnt happen and I now feel this is overbought at current levels. It will probably pull back but the CT is very very high risk so I wont be taking that.

G/U broken the supporting hourly trend line and had already formed a nice round top over night. The break down happened fast but then we did get a pullback to the breakout point and I shorted here. My initial target was 9635 which still hasn't been hit. I did however close half the trade at only 10 pips profit and set the other half to BE. I did this because of the spike on the 09:00 GMT candle. So now sitting with other half in profit but still not having made the target.

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Quoting Yorik

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You are right, I should have calculated this variant also. But still it doesn't seem very nice (see the picture). And the problem is that on the distance of TP1 from the place we had the setup, there might be less probability that price will continue moving in the needed direction (in my modest analysis after TP1 price returned to BE about 70% and only about 30% it reached TP2 without hitting BE). If the % of hitting TP2 were higher results might have been different.

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