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4 Hour Strategy (MACD)

  • #721
  • Feb 15, 2007 12:13pm Feb 15, 2007 12:13pm
EurUsd

1. MACD gave signal end of 8:00 to 12:00 candle at 1.3133
2. Stoploss = above resistance = trendline = 50+ pips or 1.3200 = +70
3. Target1 = 1.3100 = 33 pips
4. Target 2 = 21 EMA1.3067 = 66 pips

Action.
If you want to take the trade on to make R:R worth it it must go to target 2 and stoploss +70. If you have done that you would still be in the trade.
I never use stop above 48 pips.

Skip for the time being my action

I took the trade after the 16:00 candle at 1.3145 and stoploss 1.3173 with first target 1.2320. Risking 28pips of yesterdays 60+ gain. There money not mine. It is also a risky one as it havent test the longtermtrend at 1.3180

Update
Price reached 1.3125. Set stoploss to breakeven. Reason for that is that the price have not tested the upper trendline. I have at least a free ride should it turn against me. If it goes my way i will take some profit around 1.3100
  • #722
  • Feb 15, 2007 12:13pm Feb 15, 2007 12:13pm
Quoting superdezign
Philip,
This tail you keep mentioning, what exactly is it. Excuse me if I am being nieve, for I may know what it is, I just may call it something else

Thank you
The tail is simply the bar that extends either from the top or from the bottom of the candle itself. If the candle is the "body" then the line is the "tail".
  • #723
  • Feb 15, 2007 12:28pm Feb 15, 2007 12:28pm
Hi Phillip,

Thanks for the pre-flight checklist! You have made some very interesting metaphors for us to apply to our trading. The images are so vivid and it really helps us stick to disciplined plan. A thousand thanks for your efforts. Now, it is our responsibility to take the tools and apply them like proffessional traders!

Love that you brought up the business plan element too. We all need to remember trading is our business and not our hobby. Businesses have blueprints for success and so should traders!
  • #724
  • Feb 15, 2007 12:34pm Feb 15, 2007 12:34pm
Quoting ~Shard~
The tail is simply the bar that extends either from the top or from the bottom of the candle itself. If the candle is the "body" then the line is the "tail".

Shooting stars is what I learned they are called and I have noticed some names like adam for the opposite ones.
  • #725
  • Feb 15, 2007 12:40pm Feb 15, 2007 12:40pm
[quote=Phillip Nel;219047]EurUsd

first target 1.2320.

Phil, did you mean 1.3120? Looks like a typo. I am in short @1.3135. I can risk 50 pip of my yesterday's cable gain.
  • #726
  • Feb 15, 2007 1:13pm Feb 15, 2007 1:13pm
[quote=tamkras;219079]
Quoting Phillip Nel
EurUsd

first target 1.2320.

Phil, did you mean 1.3120? Looks like a typo. I am in short @1.3135. I can risk 50 pip of my yesterday's cable gain.

YeboYes. 1.3120
  • #727
  • Feb 15, 2007 2:02pm Feb 15, 2007 2:02pm
I don't think a round top will work until uptrend is in progress
http://www.forexfactory.com/showpost...&postcount=662
I keep a EUR/USD long position since this morning (EST). Also Goldman-Sachs's opinion.
Ben
  • #728
  • Feb 15, 2007 2:06pm Feb 15, 2007 2:06pm
Just got stopped out on 1.3145. Breakeven.

1. MACD might give a continuation pattern should this bar goes up to the trendline. Be carefull. Give it rope to show its colours.
  • #729
  • Edited 2:13pm Feb 15, 2007 2:08pm | Edited 2:13pm
Quoting ~Shard~
The tail is simply the bar that extends either from the top or from the bottom of the candle itself. If the candle is the "body" then the line is the "tail".
ohhhhhh
I call that the shadow!
well anyways, I know they have some significance such as forming reversal spikes and doji stars.
Do they have any other meaning that I am unaware of? Apparently Philip follows them with a magnifying glass... so, they must be much more important then what I believe them to be
  • #730
  • Feb 15, 2007 2:25pm Feb 15, 2007 2:25pm
Quoting superdezign
ohhhhhh
I call that the shadow!
well anyways, I know they have some significance such as forming reversal spikes and doji stars.
Do they have any other meaning that I am unaware of? Apparently Philip follows them with a magnifying glass... so, they must be much more important then what I believe them to be

If you work through the Exercise.pdf you will see their importance
  • #731
  • Feb 15, 2007 2:27pm Feb 15, 2007 2:27pm
Philip what do you think about my trade of the EUR.USD??

I shorted this at 1.3127 when it first broke below 1.3130. Was this a bad trade?? I mean, there was a round top, and it broke below the support of 1.3130. I got stopped out at 1.3163.
  • #732
  • Feb 15, 2007 2:45pm Feb 15, 2007 2:45pm
Quoting Phillip Nel
If you work through the Exercise.pdf you will see their importance
Great!
where do i find this exercise.pdf?
  • #733
  • Feb 15, 2007 2:51pm Feb 15, 2007 2:51pm
Just looking at the Daily chart for the EUR, if this candle closes today similiar to this. Should we start thinking to short? Perhaps it's run out of steam for now?
Attached Image
  • #734
  • Feb 15, 2007 2:51pm Feb 15, 2007 2:51pm
Does anyone else think that the AUDUSD is set for a fall?

Any thoughts on the cable?
  • #735
  • Feb 15, 2007 2:53pm Feb 15, 2007 2:53pm
Quoting Tw0eleven
Just looking at the Daily chart for the EUR, if this candle closes today similiar to this. Should we start thinking to short? Perhaps it's run out of steam for now?
I have also been following the BB Method for fun and, for what it's worth, it appears to be giving a sell signal on the EURUSD as well. Consensus isn't a bad thing...
  • #736
  • Feb 15, 2007 3:06pm Feb 15, 2007 3:06pm
Quoting Phillip Nel
Sum reading stuff about Trade your PLan and Papertrading
You will see I refer to market conditions that determine the type of ride it is going to be. See the conditions as supp/res , news, chart patterns etc.
Hi Phillip, This does make a lot of sence to me as you have a very good way of explaination. Thank you again for your strategy and could you please explain what the significnce of tails are. Thanks to everyones on this forum for helping us all.

O'Zeeke
  • #737
  • Feb 15, 2007 3:08pm Feb 15, 2007 3:08pm
Quoting Benf
I don't think a round top will work until uptrend is in progress
http://www.forexfactory.com/showpost...&postcount=662
I keep a EUR/USD long position since this morning (EST). Also Goldman-Sachs's opinion.
Look at the MA's on the chart. They are about to cross in perfect order. I use another system for hourly trades, and it started trending too a few candles back (system is very similar to Phils 4 hour).

Be wary of round top in a strong trend! Use MA's and s/r...MACD could whipsaw you if used alone!!

Then again, I could be wrong : ) But, be careful with shorts...use tight stops!
  • #738
  • Feb 15, 2007 3:11pm Feb 15, 2007 3:11pm
Quoting Tw0eleven
Just looking at the Daily chart for the EUR, if this candle closes today similiar to this. Should we start thinking to short? Perhaps it's run out of steam for now?
I exactlly see it from the same Point of view

But >>>>>>>> tomorow's news on usd isn't looks good
so I think it will take eur and gbp more up
If you count on hope in any trade ……. Get out of it
  • #739
  • Feb 15, 2007 3:14pm Feb 15, 2007 3:14pm
Round top may only be consolidation pattern....before the next run.
  • #740
  • Feb 15, 2007 3:18pm Feb 15, 2007 3:18pm
Quoting mandoaddam
I exactlly see it from the same Point of view

But >>>>>>>> tomorow's news on usd isn't looks good
so I think it will take eur and gbp more up
Yeah, but the news reports have had a tendency to be off lately... I wouldn't set my watch by them...
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