Did you reload the boot when the news was in the direction of your trade or just ignore the whole thing?
Better pips are on the way
All the best
Better pips are on the way
All the best
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DislikedAt 0200GMT.
Take a look at AUD/USD. I think it will go South... (against trend):
1. MACD Round Top almost complete.
2. Strong Resistance from 4 candle back.
3. Dojis and TL at Resistance level.
4. SL = 0.7849 just above recent high.
5. TP = 0.7790 at 21EMA.
6. RR = 1:1.95 good.
7. If candle closed and MACD confirms, deal is on.
8. Barriers: i. 200SMA at 0.07708.
ii. Price level at 0.7700.
Any comments?Ignored
DislikedDid you reload the boot when the news was in the direction of your trade or just ignore the whole thing?
Better pips are on the way
All the bestIgnored
DislikedI was asleep at that point. I only get up at 3:00 eastern to feed my new little girl. So I get to check trades then.
Unless I really feel amazingly good about a trade, I do not reverse or get back in. Take the loss, accept it and move on trying to catch the next trend.Ignored
Dislikedit is free to fly within this upper beam (post 601), I agree.
ADDITION: maybe I am wrong this time but after such long price channelling, this released force may create 2 daily bullish candles in a row above the channel, or diamond figure, whatever one prefers to see.Ignored
DislikedI've backtested a few months back and found that best stoploss should be 60pips or more, if you dare to put such stoplosses. The other not bad alternative about 35pips. You'll be taken out a few more times more often, but maybe you'll sleep better. I tested EURUSD only. I still have to forward test this technique. It seems most times what happens is that there was stop chasing and then price goes your way, like it happened last night with gbp or in the end the candle closes with a loss but better than than your stoploss.
On the other hand if in the end macd shows a new opposing signal, like for axample you had a round top and then it turned against you, so you might be showing a continuation of opposing trend you just sell losing trade and reverse it. Overall it seems to work better than having tight stoplosses.Ignored
Disliked.
Me too. Does anyone see a reason that we shouldn't have taken this trade?Ignored
DislikedWhen is the 8MA the strongest? what are some indications that it will hit it and bounce off?Ignored
DislikedPhillip.
I try to bring forth the conflict of views we (at least I) experience when evaluating a possible trade.
1. When you taught us MACD signals in the early stage we simply used to take a position based on the MACD signal.
But, later on, you introduced us to more advanced/accurate approach by using MAs, Price barrier and Trend lines. And, later on you further introduced us to counter-trend trades (pull down / bounce up to 8MA- 21 MA range).
We earnestly learned all levels of your trading approach, step by step.
Now, with these sophistications intorduced, it has brought up one or two new issues that needs to be addressed. The Million Dollar question that comes up to me when I have to make a trading decision is:
(i) When MACD gives a signal, do we wait for the other barriers to be removed (such as, the price has to break the MA or the Trend Line or whether the price is inside the 8 & 21 MA range or the price has to break the price barrier)?
OR
(ii) When the other things happen (such as the price has broken the MA or the Trend Line or the price is inside the 8 & 21 MA range or the price has broken the price barrier), then we wait for MACD Signal to trigger before we enter a trade?
It may be pretty simple issue for you, but, trust me, it is not so to us (at least me). So, beconsiderate and explain your approach.
My second question refers to GBP/USD chart. While I am writing this, the chart is plotting its Feb. 15th, 12:00-4:00 candle. (All times are in GMT).
If we go back 4:00-8:00 candle, there was a mild "Trend Continues" signal. It means we could have bought next open. We assume we did go long because the next opening (opening of 8:00-12:00 candle) was above all MAs and also above the long term trend line. But, the completion of this candle (8:00-12:00 candle) tells us to go short ("aggressive approach' signal. I hope you got the picture of my conflict. To be long as per the '"Trend Continues" signal that triggered at the completion of 4:00-8:00 candle or to go short at the completion of 8:00-12:00 candle ("'Aggressive approach" signal).
Please guide us with your experience. Please refer to GBP/USD chart.
Thank you.
-Chandra.Ignored
DislikedHi Superdezign!
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....hmmmmmIgnored
Dislikediruosh, I agree with your observations, i got stopped out after entering short on eur/usd on the signal from macd 4 hr. I was a little reluctant to take it short especially with the bullish mood the price is showed. Did it look like it was the right signal at 0400 GMT or did i mistake it? Thanks to everyone for this great forum.
O'ZeekeIgnored
DislikedIruosh,
In my opinion, you were right as per MACD 'Round Top" signal when you entered a short on 4:00 candle, but you seems to have stopped out because of the trechorus "TAIL" (as Phillip emphasises its importance). The solution of giving bigger stop loss provision as suggested in the previous posting seems to be a good idea. Sure you lose more by giving bigger s/l but at the same time, you get hit fewer times.
I hope I am right. Phillip to comment please.
-Chandra.Ignored