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4 Hour Strategy (MACD)

  • #16,461
  • Aug 4, 2008 3:37am Aug 4, 2008 3:37am
Quoting eraserhead
can we consider the present set-up in EURUSD a HIGHER LOW?
I see a HL on MACD and a DB on the chart. Waiting a possible false breakout down to enter long or will stay out.
  • #16,462
  • Aug 4, 2008 3:41am Aug 4, 2008 3:41am
Quoting Yorik
I see a HL on MACD and a DB on the chart. Waiting a possible false breakout down to enter long or will stay out.
are you waiting for the MACD 4H to go through the zero-line?
  • #16,463
  • Aug 4, 2008 3:44am Aug 4, 2008 3:44am
Hi fellow traders,

Now, we are in the stage of positive divergence of macd but the trend is down clearly and price trades below the 21 ema.
I will wait to see more informations before taking the actions for counter trend.

SRI LOBA
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Being a fxtrader is not easy. Ones must working hard.
  • #16,464
  • Aug 4, 2008 5:21am Aug 4, 2008 5:21am
hello

does anybody have an opinion on USDCHF 4h??

I see a TC+ after having found support on the MAvgs
there was also a BullEngPattern as the signal candle

Till
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  • #16,465
  • Aug 4, 2008 5:22am Aug 4, 2008 5:22am
Quoting eraserhead
are you waiting for the MACD 4H to go through the zero-line?
My modest plan for EURUSD in the nearest several bars is the following:
a) I can think about selling on a bearish TC from EMA8..21 or 1.56 or resistance line; a TC + false breakout up; it can also be not a TC but a BOZ or ZB;
b) I can think about buying in case of a false breakout down + DB, or if price crosses upwards EMA21 or resistance line and retests them (but that's unlikely to happen today) (on a bullish TC).
  • #16,466
  • Edited 5:47pm Aug 4, 2008 7:36am | Edited 5:47pm
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i am waiting this four hour is over .
if the macd is like the one i surpose.i will short euro/usd.

edit:there is no signal ,so i will wait.patient is important.
  • #16,467
  • Edited 9:20am Aug 4, 2008 8:48am | Edited 9:20am
its all because of that weekly strong TL.
im at BE now .+20pips
edit:out at 5620
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  • #16,468
  • Aug 4, 2008 10:27am Aug 4, 2008 10:27am
Quoting Yorik
My modest plan for EURUSD in the nearest several bars is the following:
a) I can think about selling on a bearish TC from EMA8..21 or 1.56 or resistance line; a TC + false breakout up; it can also be not a TC but a BOZ or ZB;
b) I can think about buying in case of a false breakout down + DB, or if price crosses upwards EMA21 or resistance line and retests them (but that's unlikely to happen today) (on a bullish TC).
I took a E/U short on what looked like a break of the support line on the 1H all be it only just having broke it by 2 pips or so. This was fairly risky as the candle also closed with a big spike. As it turns out priced moved against me and stopped me for 24 pips.

I also considered but didnt take a high risk CT on G/U with a long trade. This would have been good for 35 pips before it hit the 21 and reversed back down. My thinking for this trade was that priced looked to be forming a round bottom and 1H gave higher low. As I say the trade would have been good but was too high risk for me at the moment.
  • #16,469
  • Aug 4, 2008 10:41am Aug 4, 2008 10:41am
Luckily the setup of the GbpUsd came before the EurUsd setup. The EurUsd signal would have been wrong.

the EurUsd ran 20 pips about before turning around. I would have scaled out on the loss in 2 phases with a loss of about 20pips average. But luckily I got into the GbpUsd trade for 32pips
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  • #16,470
  • Aug 4, 2008 8:32pm Aug 4, 2008 8:32pm
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Hi fellow traders,

There is my first trade for today:
We have a TC on 4h chart. Price spikes to weekly pivot point and closed below the 21 ema.
So I entered a short trade on a tc in 15 minute chart.
short @ 1.5567 and closed for 26 pips
It was a easy trade.

Thanks Phillip for your support

Sri Loba
Being a fxtrader is not easy. Ones must working hard.
  • #16,471
  • Aug 4, 2008 11:17pm Aug 4, 2008 11:17pm
I took the trade last night on GBP/USD. It was a beautiful TC down.

Took it for 37 pips.

I enter at 1.9720 after price cleared all those tails down. Once it past the tail
I know it would hit the bottom of the trend line.

This was a breakout trade! with an engulfing candle. PRice went below the hard trend line of 1.9650 and returned to it and then moved away. Just like in the rules!

Close out when price hit the TP at 1.9683
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I thought price would stop at the trend line but it did not.
I don't I could let the trade run with those tails. Maybe if used a small lot size to let the price run I could stomach it.
  • #16,472
  • Aug 4, 2008 11:40pm Aug 4, 2008 11:40pm
Euro/Usd

Price is trapped right now that is why it did not move like the GBP/USD last night.

 

  1. It will not go below the red trend line of 1.5525, It is touch by 5 candles at different times.
  2. It just went under old trend line from august of 2007
  3. it is at the top of the price channel

Which way will it go? Not sure yet, by tonight or in the morning we will see.

If the 1.5525 is broken I suspect it will by at least 60pips to the next resistence point at 1.5465.

  • #16,473
  • Aug 5, 2008 3:37am Aug 5, 2008 3:37am
hi,
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I enter EU short yesterday at 1,5566.First TP was +20pips, but when i woke up it was already +38 pips.Seeing tweezers near price level 1,5519 I closed 2/3, b/c it could be support.Now I have 1/3 still open and i am looking for 1,5519 become resistance this time.Otherwise, iŽll close it.
  • #16,474
  • Aug 5, 2008 5:02am Aug 5, 2008 5:02am
GBPUSD has reached (my) inner trendline, and having found support there, retraced - 08-12:00 bar is closing black with a long lower shadow from resistance area. If it were a white candle, I could think of buying, but at the moment I read it only as "weakening of the downmove", no trade.
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  • #16,475
  • Aug 5, 2008 5:04am Aug 5, 2008 5:04am
EURUSD crossed support line and seems to slow down at 1.55 at the moment. On 1H one can see some consolidation forming. According to the rhythm rules, after crossing a price level price tends to retest it before moving away. Will be watching for such a setup, consider entering from 1H in case of a nice TC down there after the possible retest. If no retest - will let it go, no trade for me.
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  • #16,476
  • Edited 9:22am Aug 5, 2008 9:07am | Edited 9:22am
Hi

I am new to this trading system. Is it giving a buy GBPUSD @1.9560???

thanx

Adriaan
  • #16,477
  • Aug 5, 2008 10:36am Aug 5, 2008 10:36am
I took that signal at 1.9565. It doesnt look any good right now. Should I wait for another candle? Anyone please.

enit
  • #16,478
  • Aug 5, 2008 10:57am Aug 5, 2008 10:57am
I took the GBPUSD at 1.9565 as well. Well, I planned to buy at 1.9650, but Oanda jumped a few pips right when I clicked OK.

Anyway, I feel it was a good decisions. Extended MACD (very low), Green MACD signal, tweezer bottoms.

I set my stop loss below the tweezer bottoms at 1.9520 and my first TP is 1.9579, then after that 2nd TP is 1.9595.

You don't win them all, it is part of trading. If you are correct 60% of the time, you are doing good. This might just be a good trade that doesn't work out.
  • #16,479
  • Edited 12:11pm Aug 5, 2008 11:17am | Edited 12:11pm
Info

Closing remainder at 19:10 due to FOMC at 20:15

Total gain (25+95)/2 = +60pips
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  • #16,480
  • Aug 5, 2008 11:38am Aug 5, 2008 11:38am
Quoting mike1349
No ..but there is a new one.what is your skype id?

Mike
hi Mike

this is mine: desadmilano can you add me?

thank you
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