THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
4 hour strategy (the nausbot - 4 hour trader) 25 replies
4 Hour Strategy Macd+other Indicator 21 replies
X-1102 1 hour , 4 hour and daily Tf trades 7 replies
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DislikedEURUSD has ran for about 80 pips down during last 2 hours without serious retracements. And if to look at lower timeframes (30-5 min), it looks like price may retrace to their EMA21s to about 1.57 before possible continuation down. On 4H that may look like a retracement of between 23.6-38.2% of the signal bar. So I decided to stay away and wait.Ignored
DislikedI entered 1lot @ 1.5680, sl @ daily pp, tp is 200. if 20pips gain, I will trailing sl with 20pips
candle sticks, there is only one picture, this is Phillp's mp3's written versionIgnored
DislikedI was looking at the same graph Napeharm posted and saw what I thought would be a good short entry at the signal of a trend continuation on the MACD. It's not at the 0.0045 line, but is it still strong enough?
Also stop loss. Should it be placed at the end of the long tail or at the 21EMA? I'm still learning the ropes.Ignored
DislikedI was looking at the same graph Napeharm posted and saw what I thought would be a good short entry at the signal of a trend continuation on the MACD. It's not at the 0.0045 line, but is it still strong enough?
Also stop loss. Should it be placed at the end of the long tail or at the 21EMA? I'm still learning the ropes.Ignored
DislikedWhen i was looking at this trade, there might have been some retracement so i considered a good stop might be the high of the candle body. That would be about a 34 stop. Not as high as the tail or 21ema, far to far away. This was alittle academic for me because i missed my entry because i was not there when the trade began.
Perhaps some other people who took this trade would share their stops and entries. To compare.Ignored
DislikedMy stoploss was 32 pips, or just over candle open at 1.5717 - as Phillip often says, damage has already been done by the long tail. Entry was 1.5685, several pips into its pullback. I wasn't sure if it would pull back very far due to the strong bull candle, so pretty much entered straight away...Ignored
DislikedI took E/U short too
entry 1.5683 with two lots
SL1 1.5708 +25 SL2 1.5716 +33
TP1 +25 1.5656 the other lot on trailing stop
The tail was really nice, right through 21. I hide my SL slightly above 1.5700 level, as price could retraced to it.Ignored
DislikedI noticed news came out about durable goods orders around the time of the price movement. I don't know if it was a significant chage from expectations, but that's not the point. One of the Phillip's lessons talks about it's not the news but its how traders react to the changes to the charts.
My question is, did people stay away from this trade because it was close to "red" news, or did you just look at the MACD and moving average lines, and candlesticks, which dictated your trade, and not worry about the news.
Did this news count as news worth staying out of the market?
(Perhaps this post is better on my trading journal as I don't want to clutter up the thread and distract from others good learning)Ignored
DislikedI dont know if anyone stayed out because of the news, they havent said. I was in and out before then, but not to avoid the news. Phils believes as you rightly say, that the news is factored in and therefore the only two news events definitely to be avoided are non farm payroll and US interest rates because they are simply too volatile. If people took the TC Euro trade they might have all had their stops taken out by then so it might not have been an issue. But generally speaking we are trading regardless of most news events. Unless someone wants to offer another view. I hope that has answered your point.I am sure Phil will have other observations to make on these things later.Ignored
DislikedI personally usually stay out when there's high impact news. It feels like russian roulette trading the news even at 4hrs nowadays.
I would rather wait a bit when the trend and S&R are clearer before i take the plunge.
I don't know, what about you guys?
Gd Luck trading! =)Ignored