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4 Hour Strategy (MACD)

  • #16,581
  • Aug 12, 2008 7:39am Aug 12, 2008 7:39am
Long CFD Trade 1 EUR/USD in the morning
Countertrend, to ema(8)
Entry: 1.4882
Exit: 1.4906
Profit: +24 pips

Long CFD Trade 1 EUR/USD in the afternoon
Time: 12:07:37 (Local: 14:07:37)
Countertrend, to ema(8)
Target2 ema(21) = 1.5055
Target1 ema(8) = 1.4930 (Potential profit: 23 pips)
Price level = 1.4907
Stop loss = 1.4859

The trade was closed manually at price level 1.4934
Profit: +27 pips

Chart TF 4h for the second trade:
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd4h12082008-01a.jpg Size: 280 KB
  • #16,582
  • Aug 12, 2008 11:18am Aug 12, 2008 11:18am
Quoting cchoudhu
I am anticipating that the euro is going to bounce of the 1.4800 to the 8EMA. This is going to be a counter trend == high risk. Awaiting for signal candle. What are your takes on this.

Many thanks
Chandra
You're trying to out-think the market. Be the tick on the elephant. Don't ever try to pick the bottom in a trend like this. Wait out the retrace because another TC is most likely coming. When you catch trends like this, trend traders make a fortune and value traders get slaughtered! I'm up over 1,800 pips in the last three weeks, and it sure wasn't betting against the dollar.
  • #16,583
  • Aug 12, 2008 11:31am Aug 12, 2008 11:31am
Hookem28, did you take the TC trade this morning on the USDJPY?

I got stopped out. I didn't like the over all set-up (appeared to go flat), but I took the trade due to the long tail below the signal bar.

I only traded a miniscule amount of my account, due to the set-up. I was stopped out for a loss by the next bar.

I am just curious.

Thanks!
  • #16,584
  • Aug 12, 2008 11:52am Aug 12, 2008 11:52am
Hey unlv!
I didn't take it because it would've had to break through strong resistance near 110.38 to reach 20 profit. Also didn't like the wick at the top. If it had closed near the high of the candle (around the resistance point), I probably would've entered long on a 20 pip retrace. That way I could take some profit if it retested 110.38, and given it a chance to break through.
Sorry about the loss. The Yenner has been tough the last few days.

Quoting unlv_tj
Hookem28, did you take the TC trade this morning on the USDJPY?

I got stopped out. I didn't like the over all set-up (appeared to go flat), but I took the trade due to the long tail below the signal bar.

I only traded a miniscule amount of my account, due to the set-up. I was stopped out for a loss by the next bar.

I am just curious.

Thanks!
  • #16,585
  • Aug 12, 2008 11:56am Aug 12, 2008 11:56am
Quoting Hookem28
Hey unlv!
I didn't take it because it would've had to break through strong resistance near 110.38 to reach 20 profit. Also didn't like the wick at the top. If it had closed near the high of the candle (around the resistance point), I probably would've entered long on a 20 pip retrace. That way I could take some profit if it retested 110.38, and given it a chance to break through.
Sorry about the loss. The Yenner has been tough the last few days.
I was going to take profit at 110.38, LMAO!

It never got that high. I felt with the long tail to the bottom it might reach the resistance level one more time.

The wick that it finished with at the top was the reason I put up a very small amount, so I lost next to nothing.

I was wondering, I know you are sort of the USDJPY expert on this thread.

Thanks man!
  • #16,586
  • Aug 12, 2008 1:15pm Aug 12, 2008 1:15pm
Quoting ira
Hi Chandra, no I didn't take this CT. There was a gap, which indicated down mood to me, and a gravestone doji. Nothing here showed me enough to take this VA.
I took that gap sunday afternoon.

Gaps tend to be filled as phillip says.

I enter on the first candle after the gap.

I made around 80+ pips while price was filling the gap.
  • #16,587
  • Aug 12, 2008 1:25pm Aug 12, 2008 1:25pm
Quoting Seepiprun
I took that gap sunday afternoon.

Gaps tend to be filled as phillip says.

I enter on the first candle after the gap.

I made around 80+ pips while price was filling the gap.
I want to play the gap fills, but I am not sure where to set my stop loss.

Do you just use a general stop loss of 1:1, based on the size of the gap?
  • #16,588
  • Aug 12, 2008 1:58pm Aug 12, 2008 1:58pm
Quoting ira
Hi Chandra, no I didn't take this CT. There was a gap, which indicated down mood to me, and a gravestone doji. Nothing here showed me enough to take this VA.
thanks Ira for info =)
"Be the change you want to see in the world" - Gandhi
  • #16,589
  • Aug 12, 2008 6:43pm Aug 12, 2008 6:43pm
Just got back in town a few hours ago and looked at the EURUSD.

"The times the are a changin"...Bob Dylan.

We had satellite TV on the ship and that was it. I'd take a look at CNBC and could see how the oil market was going lower along with the $ getting stronger. The 4 hour charts look a lot like the 5 min charts, crazy. As usual it'll take me probably the rest of this week into the weekend to get back into the swing of things. That should be the last extended work excursion for me for the year unless we all can meet in Vegas at some point, hmmmmm.

I'm looking to diversify my trading 'mantra' and will more than likely be writing covered calls on stocks later this year but that's a different story. Going to go over the last week or so of posts to see what's what so I'll be around.

Hope everyone has been banking a few here and there....

Palmer

Football season is here!!!!!
  • #16,590
  • Aug 12, 2008 9:56pm Aug 12, 2008 9:56pm
unlv,
I pulled out of my Yen Short trade right before it started moving for only 5 pips. I'd be up 130+ pips now if I had the conviction to stick with my trade. That usually happens when I second guess myself.
  • #16,591
  • Aug 12, 2008 10:07pm Aug 12, 2008 10:07pm
Quoting unlv_tj
I want to play the gap fills, but I am not sure where to set my stop loss.

Do you just use a general stop loss of 1:1, based on the size of the gap?
The first 4 hr candle had made a small tail down. I put the stop loss under that tail. In this case the stop loss 30pip. If it was a long tail or long candle i might not enter or I could just use a smaller lot size.
  • #16,592
  • Aug 12, 2008 10:14pm Aug 12, 2008 10:14pm
EUR/USD emotion is building up on 4 hr and daily, possible breakout coming up?

The more consecutive candles you have the more powerful the breakout will be.
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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  • #16,593
  • Aug 12, 2008 10:21pm Aug 12, 2008 10:21pm
USD/JPY

This a great emotion setup. There is alot of emotion building up and you can see how powerful the downward movement is.

There is lower highs, great engulfing candle, and a nice TC down on the second candle.

You can enter after the tail up.
Good for 100+ pips
Attached Image (click to enlarge)
Click to Enlarge Name: 3.gif Size: 13 KB
  • #16,594
  • Aug 13, 2008 2:06am Aug 13, 2008 2:06am
Good to see you back Palmer. Was just wondering what had happened to you!
Hope to see some more 1hr entries from you

Quoting Palmer
Just got back in town a few hours ago and looked at the EURUSD.

"The times the are a changin"...Bob Dylan.

We had satellite TV on the ship and that was it. I'd take a look at CNBC and could see how the oil market was going lower along with the $ getting stronger. The 4 hour charts look a lot like the 5 min charts, crazy. As usual it'll take me probably the rest of this week into the weekend to get back into the swing of things. That should be the last extended work excursion for me for the year unless we all can meet in Vegas at some point, hmmmmm.

I'm looking to diversify my trading 'mantra' and will more than likely be writing covered calls on stocks later this year but that's a different story. Going to go over the last week or so of posts to see what's what so I'll be around.

Hope everyone has been banking a few here and there....

Palmer

Football season is here!!!!!
  • #16,595
  • Aug 13, 2008 2:11am Aug 13, 2008 2:11am
Good morning,
EURUSD is still on a pullback to the 21EMA, I'm still waiting for a TC down in the 21EMA zone , should be a high probability trade.
  • #16,596
  • Aug 13, 2008 3:07am Aug 13, 2008 3:07am
LONG CFD Trade EUR/USD Date 13/08/2008
Time: 06:24:31 (Local : 08:24:31h)

The setup for this morning:
Target 2 ema(21) = 1.5013 (Potential profit: 68 pips)
Target 1 mid BB sma20 = 1.4968 (Potential profit: 23 pips)
Price = 1.4945
Stop loss = 1.4900

Price through ema(8) with target mid Bollinger Bands sma(20).
Target reached at 1.4968

Profit: +23 pips
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd4h13082008-01a.jpg Size: 329 KB
  • #16,597
  • Edited 7:47am Aug 13, 2008 7:09am | Edited 7:47am
we have a nice RB near the weekly support.im waiting for some possible retracement to enter.
edit: bought at 108.65 sl:108.30
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 26 KB
  • #16,598
  • Aug 13, 2008 8:00am Aug 13, 2008 8:00am
Keep an eye on the oil inventory news out this morning. These have been quite volatile lately...
  • #16,599
  • Aug 13, 2008 8:13am Aug 13, 2008 8:13am
LONG CFD Second Trade EUR/USD Date 13/08/2008
Time: 12:14:44 (Local : 14:14:44h)

The setup for this afternoon:
Target 1 mid BB sma20 = 1.4943 (Potential profit: 43 pips)
Price = 1.4900
Stop loss = 1.4853

Target mid Bollinger Bands sma(20) not reached
The trade was closed manually at price level 1.4927

Profit: +27 pips
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd4h13082008-02a.jpg Size: 371 KB
  • #16,600
  • Aug 13, 2008 9:03am Aug 13, 2008 9:03am
Slaps hand. Do not use 50 pip stop loss because it is 50 pips wait for retracement to get stop loss out of the danger zone.

Short on EUR/USD Tried to get in early on the 1 hr and got burned.
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