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4 Hour Strategy (MACD)

  • #16,401
  • Jul 29, 2008 9:10am Jul 29, 2008 9:10am
Short CFD Trade EUR/USD 29/07/2008 at 12:11:47h
Timezone GMT+2:00

Charts with timeframe 4h

The setup for this afternoon:
Stop Loss (above sma200) = 1.5722
Price = 1.5702
Target1 ema365 = 1.5664 (Potentiel Profit: 38 pips)

Price went through the sma200 (dark green) and tested the sma200 at 1.5709, then going further down to our target ema365 (light blue).

The trade was manually closed by moving the limit buy order a little higher.
Limit Buy Order was executed at 1.5672

Profit = +30 pips

Amount of CFD's : 500000
Profit in USD: $1500

The potential for today was +84 pips, but I was unable to take the first red candle. At this time price is 1.5633 (profit 67 pips), but of course we are not greed...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd4h29072008-01a.jpg Size: 327 KB
Click to Enlarge Name: eurusd4h29072008-01b.jpg Size: 294 KB
  • #16,402
  • Jul 29, 2008 9:27am Jul 29, 2008 9:27am
Fantastico eTrader!
I took 20 pips profit, and set the rest to BE at 1.5668.
This trade has positive US news and broke below strong support. I want to give it the chance to trend.
The Yen also broke two previous highs, and has the potential to move for awhile. It was bolstered by 3 previous lows. Nice smooth rounding on the MACD too.
I took profit on the GBP trade at 1.9816 (200 and 365) for 125 pips. Took half profit at +25. Good trading day!
Attached Image (click to enlarge)
Click to Enlarge Name: jpy 728.gif Size: 25 KB
  • #16,403
  • Jul 29, 2008 10:53am Jul 29, 2008 10:53am
Quoting ssq
In a strong trend : ) Look for a widening in the MA's and a fan in perfect order. also, take a look at the angle and direction of the indicator. & it will be stronger if corresponds w/trendline...haven't really looked for that, so I don't know if it exists....hmmmmm


what is the meaning of the "w/trendline"?????

thanks ahead.
w/trendline: with trendline
  • #16,404
  • Jul 29, 2008 11:01am Jul 29, 2008 11:01am
long 107.70
t/p at +11, +20, total 15.5pips

entered 1/2 hour before candle close, after it moved very slowly on 5min I decided to take profit at +11 on 1st half and to target recent highs.
Sometimes it's just better not to watch a trade unfold like in this case.
Attached Image
  • #16,405
  • Jul 29, 2008 11:05am Jul 29, 2008 11:05am
LOL, I ALMOST took the USDJPY long this morning. 3 higher lows, and a MACD TC trade. Ugh, I backed out thinking the USD run had to be over.

Mistake, mistake, mistake, all the signs were there, and the news driving the move was just being released. 15 to 20 pips were easiliy there for the taking.

And as I was considering the trade, I thought (I bet Hookem28 will take this trade, he loves the USDJPY).

Ugh, at least I learned, I am learning so much these days.
  • #16,406
  • Jul 29, 2008 11:42am Jul 29, 2008 11:42am
eurusd is on the weekly strong TL .becarefull about sell this pair
  • #16,407
  • Jul 29, 2008 11:53am Jul 29, 2008 11:53am
Info
Attached File(s)
File Type: zip Daily Wrapup 29 July2008.zip   820 KB | 2,574 downloads
  • #16,408
  • Jul 29, 2008 1:32pm Jul 29, 2008 1:32pm
Written copy of daily wrap up for 29July2008 for those with difficulty understanding spoken English.
Attached File(s)
File Type: doc PhillipNel DailyWrapUp 29July2008 Tony.doc   7 KB | 662 downloads
  • #16,409
  • Jul 29, 2008 2:18pm Jul 29, 2008 2:18pm
Quoting unlv_tj
LOL, I ALMOST took the USDJPY long this morning. 3 higher lows, and a MACD TC trade. Ugh, I backed out thinking the USD run had to be over.

Mistake, mistake, mistake, all the signs were there, and the news driving the move was just being released. 15 to 20 pips were easiliy there for the taking.

And as I was considering the trade, I thought (I bet Hookem28 will take this trade, he loves the USDJPY).

Ugh, at least I learned, I am learning so much these days.
Sorry you missed the trade unlv.
At least you recognized it as a good signal.
Keep an eye on it though for a breakout trade. It could test the top of the triangle it broke out of (see my chart above) before continuing upward.
  • #16,410
  • Jul 29, 2008 9:35pm Jul 29, 2008 9:35pm
thanks a lot to OLDDOG.
  • #16,411
  • Edited 2:00am Jul 30, 2008 1:13am | Edited 2:00am
Long108.14
SL 107.91
TP 108.40
  • #16,412
  • Jul 30, 2008 1:20am Jul 30, 2008 1:20am
GBPUSD gave a bearish TC from SMA200, but I stayed out as 1) on the closing of the bar R:R was <0.9 (SL 1.9821, TP1 1.9767, TP2 1.9730) and a resistance_line/SMA89_on_Daily was quite close (<20 pips). Was this correct?
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  • #16,413
  • Edited 2:29am Jul 30, 2008 1:36am | Edited 2:29am
short 1.5565
s/l 15605

break below tl and 1.5600 and bounce, 1hr TC.


edit: straight move upwards after entry, stopped out at -40 after 90 minutes.
Attached Images
  • #16,414
  • Jul 30, 2008 1:56am Jul 30, 2008 1:56am
Quoting islandtrader
short 1.5565
s/l 15605

break below tl and 1.5600 and bounce, 1hr TC.
im not sure,this is a weekly trend and we need a weekly close below it to say it is broken .we should be very carefull to sell eu in this area as i told yesterday
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  • #16,415
  • Jul 30, 2008 2:04am Jul 30, 2008 2:04am
Quoting bshadroo
im not sure,this is a weekly trend and we need a weekly close below it to say it is broken .we should be very carefull to sell eu in this area as i told yesterday
just checked the weekly chart (should've done it before) and you are right, a dangerous area to short. Thanks for the feedback.
  • #16,416
  • Jul 30, 2008 2:19am Jul 30, 2008 2:19am
By the way, one my small experience: when price was comparatively slow and then at the closing of the (signal) bar it shows a quick move (sometimes bar is then closed without a shadow in the direction of the move), the next bar either makes a retracement, or this setup appears to be false.

As I'm entering usually during 2 last minutes of the signal bar (:58..:00), for several times already I was entering on that fastening, and then price retraced (and several times I even managed to catch the very bottom while selling or vice versa
  • #16,417
  • Jul 30, 2008 2:29am Jul 30, 2008 2:29am
Hi guyz, how can I calculate my SL and how should I know where to TP..Thanks
  • #16,418
  • Jul 30, 2008 3:09am Jul 30, 2008 3:09am
the 'Phillip Nel 4 Hour Strategy' skype group chat we created (June 28th) is now 1 month old, and still going.
If you are interested to join in, contact: (skype IDs) islandtrader1, MxPips or Poplar62.
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  • #16,419
  • Jul 30, 2008 3:46am Jul 30, 2008 3:46am
Hello guys,
There's a nice RB on EURUSD 4h, find support on the trendline, every signal seems bullish to the 21EMA.
Long @ 1.5606, SL: 1.5552 (last big candle), TP1: 8EMA=1.5618 TP2(EMA21 & EMA365)=1.5660.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 34 KB
  • #16,420
  • Jul 30, 2008 3:52am Jul 30, 2008 3:52am
Quoting Yorik
By the way, one my small experience: when price was comparatively slow and then at the closing of the (signal) bar it shows a quick move (sometimes bar is then closed without a shadow in the direction of the move), the next bar either makes a retracement, or this setup appears to be false.

As I'm entering usually during 2 last minutes of the signal bar (:58..:00), for several times already I was entering on that fastening, and then price retraced (and several times I even managed to catch the very bottom while selling or vice versa
yeah,
it's hanging man in bullish or hammer in bearish mood.It is good trend reversal signal and I like it also.
By the way, I entered GU as you pointed in your previous post.Trade was based on 1HR, 4 HR was showing TC, but not confirming (candle not closed).Result : 50 pip loss .I will wait sidelines to reenter this again.
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