See chart EUR/USD with timeframe 5m
4 Hour Strategy Macd+other Indicator 21 replies
DislikedOpen price: 1.5627
SL Price: 1.5666, SL: 39 pips
TP price: 0.5/1.5606, 0.3/1.5571, 0.2/1.5543, TP: 44 (21, 56, 84) pips
Conclusion: trade is OK.
Cons: SMA200 is close; white bar with long lower tail - buying pressure from about 1.5610;
Pros: a TC from EMA8; bearish engulfing candle; some space to SMA200 to move to BE
In positive case if 0.5 reaches TP1 (22 pips), will move another 0.5 to BE.
In negative - if price makes a HH and HL on 5min, will be looking for exit with small loss.
40 minutes after opening - unfixed loss of -30 pips, retracement more than 61.8% of signal bar; seems to be a bad trade.
and vualya - stoploss, -38 pips. There was no chance to exit at BE.
Could anybody explain, why this setup may be worse than a similar TC on EU on last Fri? Or it was "just one of those bad"?Ignored
above. The 04:00-08:00 candle however closed lower below the 89sma with a strong possibility thet it will go down to the 200sma below.
R:R worked out OK to the 200sma
Will close 50% after 25pips and set remainder at 25 trailing stop.
50% closed after 25pips and remainder set to 25trailing stop
Trailing stop closed for 56pips
Total gain (25+56)/2 = 39.5
DislikedThe price closed inbetween the 89sma and 200sma. Price is caught between 2 levels of support on the 200sma and resistance the 89sma. There is not enough room down to the 200sma to make the R:R OK.
Look at the trade I did today on the GbpUsd. Similar situation but the R:R down to the 200sma was OK.Ignored
DislikedThanks, Phillip. And your trade on GU is quite nice.
The more I watch this system and the thread, the more I see that without experience, knowing of market motion, the rules even of this system may not help. I've backtested 7 months of 2007 on EU, taking only TCs (BOZ, ZB) and the result is about 0 after 37 trades. Similar I have for real-time demo since the end of March'08 (17 trades). Filtration of TC's only is not a so simple task as it may seem at the beginning.Ignored
DislikedAnyone, what factor(s) do you consider in trading against the trend using this strategy?
I started to learn a forex since October 2005. I bought a course from Forexmentor (Peter Bain). I read every thing written on forex : how to read a chart properly, do a top down analysis, Steve Nison books on candlesticks, Mark Douglas book on Trading in the zone, Chris Lori courses and others professionnal traders books. After learned all those systems which were wonderful but I feel I'm still miss something for my trading career. In the past, I had a big problem to determine a trend. I traded counter trend all the time. I blew my account twice. So I stop trading for a while and start to look a system that fits for my style. So, I ask myself what kind of system is better for me. I like the moving average for determine the trend in a specific period. So God lead me to forexfactory and found a 4 hour macd system written by Phillip Neil since a year. I was happy to grab on the documents for free so I started serously learning the 4 hour macd system. Now, I am very successful to trade with this system.
Long story just to prove that I love to trade as my home commission based bussiness.
DislikedWell,I managed support and resistance,trendlines someway but it is dificult to me to know which candle reverse signals are good for looking and have more strenght?If anybody can say wish signals are more relative I will be happy to know that.I study candle paterns but too much candle patterns and I am a little bit confused wich ones are more relative in revers paterns signals. Thank you.Ignored
DislikedE-trader : do you setup on 4 hour TF and do more specific timings on 5 min... ? or do you also setup on 5 min ? cheers Walter.Ignored
Dislikedhi all, I just took this trade and will appreciate any opinion about it. I saw an aggressive turnaround on MACD or Vertical Bottom Bullish Engulfing candle in a morning star, MACD is way below the -45 horizontal level (turnaround possibility) Price broke through 89SMA, 200SMA, 365SMA in one candle Strong signal candle but width too much therefore used a three stage entry rule Entry 1: 1.9780 Entry 2 30% of candle width: 1.9734 Entry 3 45% of candle width: 1.9716 (might not get filled) TP 1: 1.9800 price level TP 2: 1.9811 21 EMA TP 3: 1.9850 TP 4: 1.9867 50% fib level SL: 1.9730 Any observation will be appreciated.Ignored