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DislikedPersonally, I think it's too early to tell. It could go up a little and then down to form the right shoulder(of inverted Head&Shoulder pattern) on MACD. Any thoughts?Ignored
DislikedPersonally, I think it's too early to tell. It could go up a little and then down to form the right shoulder(of inverted Head&Shoulder pattern) on MACD. Any thoughts?Ignored
DislikedAnyone else looking at the EUR/USD? MACD starting to show a Buy signal. Also looks like price is being supported buy the 200, 21 and 8 ma's. Anyone see the same or something else?Ignored
DislikedI took it alreay to try a zero bounce since I also saw the support forming. We'll see how it plays out. down a few pips now.... but expecting to see that support and bounce up again.
GBP/USD - Looks like it may make it to the 365 again. If that happens, and another shoulder forms. That would be a very high probability trade no?Ignored
DislikedAnyone else looking at the EUR/USD? MACD starting to show a Buy signal. Also looks like price is being supported buy the 200, 21 and 8 ma's. Anyone see the same or something else?Ignored
DislikedLook at this uptrend and see how many signals were given and why the ones marked with a puprle dot was not made. Remember the rule is that when the price goes through the 89SMA and it pulls back to the 21EMA and then continue the trend it is normally trending for some time. If a counter trend trade is made the profit target is around the 21EMA. Dont work on the exact pip as it sometimes does not goes exactly to the 21EMA. Give a couple of pips for slippage.
The green rectangle is the open of the candle next to the signal candle.Ignored
Dislikedsince euro is caught again between two SMA's - 89 & 200, let me share my thoughts on the possible continuation scenarios.
Scenario 1:
This is bearish indicator because price did not find support @ 200SMA but was pushed under it. Four consecutive candles could not drive it up enough. We might expect bounce from this resistance line towards 89SMA.
Scenario 2:
This is incomplete head-and-shoulders pattern where price may pull out slightly again above 200SMA towards 1.3025 but then retrace sharply to the level of 1.2935-45. Two previous heads bounced (sorry for the unintended pun!) from 365SMA. This head failed to reach 365SMA and we may see further decline. Again, bearish indicator.
Scenario 3:
Last week was a busted breakout towards 365SMA. Magical level 1.3050 is still intact with all the news hype around euro. All busted patterns are fairly reliable. Again, bearish signal.
These are just the thoughts and only the market (read MACD strategy) will point us to the right direction next week. Any ideas on what the future of euro holds for us?Ignored
DislikedExcellent prediction, Tamkras, If i may ask in your scenerio 2, how did you arrive at 1.2937 - 1.2945? Did you use the previous low of the 21 EMa? This is where i has trouble setting TP. Thanks Tamkras
O,ZeekeIgnored
Dislikedthanks, O,Zeeke. we all are trying for the best of Phillip's MACD strategy. If you read my previous posts, my analysis was based on mere price action last week and Phillip's lessons on critical SMA's 1.2937-1.2945 was arrived by drawing a support line from the previous two lows of the head/shoulders. Quite simple.
Last night I took a high probability short trade on cable as I confirmed 2 posts before. 72 pips gain. I will post a trade later to confirm it.Ignored
DislikedNice call Tamkras! I see exactly how that trade unfolded. Unfortunately I sleep during the London session due to my time zone and wasn't able to trade. Looking ahead, any ideas what we can look for now? Of course we need to wait for confirmation...but I'm seeing a that price bounced off a trendline down around 1.2940 and price is well below the MA's. So would I be correct in thinking that price will tend to go back to re-test the MA's? Possibly the 1.2980 to 1.3000 area? That's also if we get a "rounded bottom" on the MACD for a signal! Anyone else have any comments?Ignored
Disliked13:00 GMt
That is exactly what I'm seeing. I actually put in a small 'test" trade a little bit ago, and it's going well.Ignored
DislikedThe MACD made a run towards zero and then turn up giving a signal for long.
1. Signal was turnaround above zero
2. Direction = long
3. Where is resistance = ±20 pips away to trendline
4. Stoploss to below 200SMA or 1.3000 = ± 20 pips
5. R:R OK
6. Go long with profit target trendline = 15-20 pips
7. Not very much room to trendline so set breakeven after 10+ pips.
That would have been my way
The Gbp I said that it broke through the 89SMA and pulled back to the 21EMA so a trend is on. The scenario was a pullback to the 21EMA and then trend continue. Unfortenately the down move was sudden. Did not give MACD signal.Ignored
DislikedThanks for the feedback Phillip. That's exactly what I did and pulled out 13 pips before major downtrend. So, it was a little dangerous, but setup properly it worked out!Ignored
DislikedNice call Tamkras! I see exactly how that trade unfolded. Unfortunately I sleep during the London session due to my time zone and wasn't able to trade. Looking ahead, any ideas what we can look for now? Of course we need to wait for confirmation...but I'm seeing a that price bounced off a trendline down around 1.2940 and price is well below the MA's. So would I be correct in thinking that price will tend to go back to re-test the MA's? Possibly the 1.2980 to 1.3000 area? That's also if we get a "rounded bottom" on the MACD for a signal! Anyone else have any comments?Ignored