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4 Hour Strategy (MACD)

  • #16,721
  • Aug 21, 2008 5:16pm Aug 21, 2008 5:16pm
The Force is strong in this thread...
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  • #16,722
  • Aug 21, 2008 6:09pm Aug 21, 2008 6:09pm
Quoting unlv_tj
Ah ha!

Phillip, I have found the correct weekly trend line, so you do not need to post your weekly EURUSD chart for me. Thank you for your help!

Hookem...

I am still PO'ed about missing the over all move. I correctly called it, but was taken out by the damn tail (and only by a few pips). I did not see a good re-entry on the 4 hour charts (and I was sleeping so I missed any 1 hour entries). One bar broke through the 89 MA (where I thought the move would stall) and then the next 3 bars have long tails to the bottom (warning me to stay out).

I should have taken a long entry on the last 4 hour bar, due to it being a nice Pin Bar, and it was off of a horizontal line I have drawn (where the move did finally stall). I could have scalped it for an easy 15 or 20 pips, and I chickened out. Damn.

Good trading my man!
Ah yes. The frustration of the tails. Luckily, I had my stop high enough not to get taken out. After the tail on the 4 Hour candle off the upper TL, was another good opportunity to enter. I thought about adding another lot, but wimped out.
  • #16,723
  • Aug 21, 2008 8:47pm Aug 21, 2008 8:47pm
Quoting bshadroo
my h1 trade today :
and... if neckline broken we could have a good chance to go long there.
Nicely done, again. Great trend lines
Raymond
  • #16,724
  • Aug 22, 2008 2:39am Aug 22, 2008 2:39am
Looks like a sHs forming on the 1hr charts for EU. Interesting that the price has been hovering at the same level most of the day (Typhoon in Hong Kong closed the market all day taking away volume ,so who knows). Close to breaking the neckline. Wait and see. Patience required again.

Sorry no 4hr MACD analysis, and sorry no graph.
  • #16,725
  • Aug 22, 2008 2:44am Aug 22, 2008 2:44am
Got stopped out on a bullish TC on GBPUSD, -31 pips. TC might have been too far from EMA8..21, SL not under EMA21. Though, a bearish TC from 04/08/08 04:00 (the one the last bearish rally started on) had similar features.
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  • #16,726
  • Aug 22, 2008 2:47am Aug 22, 2008 2:47am
1hr chart so not official 4hr strategy, but looks oh so good. Close to the neckline now about to cross , about to cross the 21, could pull all the way back to the 89, or even just the 200.
MACD has a series of lower highers and about to BOZ.

stop loss 1.4900 (plus a couple of pips?)
currently 1.4862
tp 1.4800 (or thereabouts)
risk 40 pips
reward 60 pips
trade looks good

Comments please
(while writing this, price just dropped to 1.4852!!!!!!!!!)

got to go...
  • #16,727
  • Edited 4:27am Aug 22, 2008 4:26am | Edited 4:27am
Quoting Yorik
Got stopped out on a bullish TC on GBPUSD, -31 pips. TC might have been too far from EMA8..21, SL not under EMA21. Though, a bearish TC from 04/08/08 04:00 (the one the last bearish rally started on) had similar features.
Hi Yorik, I'm only an amateur on this thread at the moment, but on your chart, it looks like price was too far from the 8 ema and you should have been looking for a "contra" move instead.
If it's too good to be true, it probably is.
  • #16,728
  • Aug 22, 2008 4:33am Aug 22, 2008 4:33am
Hi guys

Man trading is such a psychological roller coaster. I had gone long on the UJ yesterday after the wonderful tail and that it was near the 365 MA. As soon as the trade started going against me i got out with a 10 pip loss and o/n the UJ rallied.

The more i play this game, it really tests my patience and i am getting better at it slowly . Did all you guys go through this or is it just me?

This is such a great system and its so much fun!

Anoop
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  • #16,729
  • Aug 22, 2008 4:54am Aug 22, 2008 4:54am
Quoting SimonK
Hi Yorik, I'm only an amateur on this thread at the moment, but on your chart, it looks like price was too far from the 8 ema and you should have been looking for a "contra" move instead.
Hi, SimonK. I'm far from being a profi as well I'm trading only "from EMA21" (TCs) so I won't consider opening against EMA21. But as for that TC being too far from EMA8 - I must agree with you. What makes it more difficult, such setups (not close to EMA8..21) sometimes work quite well - for example, as I've mentioned, the bearish TC on GBPUSD on the 04/08/08 04:00 bar - it was also not in the EMA8..21 zone.
  • #16,730
  • Aug 22, 2008 5:40am Aug 22, 2008 5:40am
Quoting Morelands
Nicely done, again. Great trend lines
Raymond
thx. and take a look at phillips m5 thread:http://www.forexfactory.com/showthre...=1#post2178936

i have done a trade in uj today and itas very simillar to my yesterday's eu trade,u may like it
  • #16,731
  • Aug 22, 2008 5:49am Aug 22, 2008 5:49am
Hi Guys

What do you think going long on the GU? Nice tail on the I Hour charts. Near support!

Is this a high probability trade??

Anoop
  • #16,732
  • Aug 22, 2008 5:57am Aug 22, 2008 5:57am
Here is the chart
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Click to Enlarge Name: gu220808.jpg Size: 87 KB
  • #16,733
  • Edited 6:37am Aug 22, 2008 6:03am | Edited 6:37am
ok.its breaked the neckline ,backed to it and starts to go away from it.and i tooked the long trade after H1 close

edit:it jumped 20pips very fast in 7 minutes ,i took my first profit
edit:BE hitted on second one
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Click to Enlarge Name: eu.gif Size: 27 KB
  • #16,734
  • Edited 7:47am Aug 22, 2008 6:47am | Edited 7:47am
Went short €/$ at 4 gmt exactly, for 35 pips. Set my limit profit few pips above my Fibo level at 1.48350.
  • #16,735
  • Aug 22, 2008 7:00am Aug 22, 2008 7:00am
Quoting bshadroo
thx. and take a look at phillips m5 thread:http://www.forexfactory.com/showthre...=1#post2178936

i have done a trade in uj today and itas very simillar to my yesterday's eu trade,u may like it
I already saw. I just don't trade that pair, just the EU right now. Keep posting, looks great
  • #16,736
  • Aug 22, 2008 7:19am Aug 22, 2008 7:19am
Quoting Snoop Dogg
Hi guys

Man trading is such a psychological roller coaster. I had gone long on the UJ yesterday after the wonderful tail and that it was near the 365 MA. As soon as the trade started going against me i got out with a 10 pip loss and o/n the UJ rallied.

The more i play this game, it really tests my patience and i am getting better at it slowly . Did all you guys go through this or is it just me?

This is such a great system and its so much fun!

Anoop
It's definitely not just you. It took me a few years, and a few accounts, to realize that I am not the master of the markets. It can be very hard to take the emotion out of a trade; winners and losers. Now I am at the point where a loss is really just a loss and a winner is just a winner. Sure, it feels good to make a few $$ but I think the payoff is actually seeing your account grow month after month and finally be successful year after year. The discipline comes in by recognizing the high probability set-ups and not take a trade just because you want to or think that you have to be in a trade. It takes time to see the big picture and to know when to enter, when not to enter, or to just shut down for a little while. But always, always have a plan...Stops, targets, trendlines, support levels, and reasoning for a trade.

Patience young Skywalker
  • #16,737
  • Aug 22, 2008 8:23am Aug 22, 2008 8:23am
I've got a few things to do with this storm coming so I'll see you guys on Monday....
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  • #16,738
  • Edited 8:33am Aug 22, 2008 8:31am | Edited 8:33am
well,

I was about to post charts of trades i made today at 4:00 GMT, but unhappily my broker closed my demo account b4 it reached its target (especially EU).
First was short GU entered @1.8753 , SL @1.8003, TP 1.8686
reasons : top trendline resistance @1.8 level tested on 14. aug
MACD RT and almost doji evening star formed
second EU short @ 1.4882 , SL @ 1.4930, TP 1.4815
reasons: top trendline and fibo 38.2 resistance
MACD RT and also not ideal doji evening star
GU closed (22 + 63) /2 = 42.5 pips
EU closed (18 + another half i lost control) pips

The reason why i am posting these trades is that i was waiting for such opportunity from monday.This is how patience pays off.Instead haveing plenty of trades with some pips (if any) per week i found better have 2,3 or none, but resulting positive pipage.
For those using GMT+0 platforms hope you see those trades setups
  • #16,739
  • Aug 22, 2008 8:34am Aug 22, 2008 8:34am
Quoting Palmer
I've got a few things to do with this storm coming so I'll see you guys on Monday....
take care palmer
  • #16,740
  • Aug 23, 2008 2:05am Aug 23, 2008 2:05am
Quoting Palmer
I've got a few things to do with this storm coming so I'll see you guys on Monday....
We shall remember you in prayer. Do take care and decide your STOP LOSS area for the storm.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
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