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4 Hour Strategy (MACD)

  • #16,921
  • Edited 9:08am Sep 10, 2008 8:56am | Edited 9:08am
Quoting edeyj999
Hello Saka,

Just getting to grips with this system myself so I may be incorrect here, so bear with me.

I don't see a HL on your 4H chart where you have placed the arrow.If you check Lesson 9 MACD Signals then a HL looks more pronounced than the MACD pattern displayed on your chart.

However, looks like your trade was successful which is what counts at the end of the day!

I wonder what other, more experienced, traders than myself think about your set up.
At 9th September, 20:00 GMT+1, there is a red bar of MACD, then is a green one, in my mind, this is HL, even thoug price didn't divergency yet, but 1h and 5min all showed some signals, I choose this one to enter. It is really hard to jump into a trade when price is so choppy like this!
Plan your trades and trade your plans
  • #16,922
  • Edited 9:23am Sep 10, 2008 9:01am | Edited 9:23am
Sell EURUSD 1.4126
Reason: 3 small candles with lower highs near the 8 EMA. These often precede large bear candles. 1 Hour reverse hammer off the trendline.
TP1: 1.4106
SL: 1/4158
Attached Image (click to enlarge)
Click to Enlarge Name: eur 910.gif Size: 21 KB
  • #16,923
  • Sep 10, 2008 9:45am Sep 10, 2008 9:45am
Quoting Hookem28
Sell EURUSD 1.4126
Reason: 3 small candles with lower highs near the 8 EMA. These often precede large bear candles. 1 Hour reverse hammer off the trendline.
TP1: 1.4106
SL: 1/4158
I have never heard of this pattern before, it seems that it worked, could you give some more details?
Plan your trades and trade your plans
  • #16,924
  • Sep 10, 2008 9:57am Sep 10, 2008 9:57am
Quoting saka
I have never heard of this pattern before, it seems that it worked, could you give some more details?
Sure Saka.
It's really nothing that you don't already know. The three previous candles had made lower highs (and lower lows), forming a down trendline. Since we are in a bear EUR bear market, I was taking the odds on that another bear rally would occur. The MACD was rounding back down into a TC pattern, but the bear move was most likely to occur in the next four hours before the European banks closed.
Sorry for the scattered answer. Does that help?
Attached Image (click to enlarge)
Click to Enlarge Name: eur 910 4h.gif Size: 22 KB
  • #16,925
  • Sep 10, 2008 10:14am Sep 10, 2008 10:14am
Quoting Hookem28
Sure Saka.
It's really nothing that you don't already know. The three previous candles had made lower highs (and lower lows), forming a down trendline. Since we are in a bear EUR bear market, I was taking the odds on that another bear rally would occur. The MACD was rounding back down into a TC pattern, but the bear move was most likely to occur in the next four hours before the European banks closed.
Sorry for the scattered answer. Does that help?
A good lesson!
Plan your trades and trade your plans
  • #16,926
  • Sep 10, 2008 10:25am Sep 10, 2008 10:25am
Sold at 4062 but I did use a 5min for entry. However, the 1hr and 4hr both look weak so I had a short bias. Just dropped like a rock. Might bounce right back up from this pivot...
Attached Image
  • #16,927
  • Sep 10, 2008 10:42am Sep 10, 2008 10:42am
Quoting Hookem28
Sure Saka.
It's really nothing that you don't already know. The three previous candles had made lower highs (and lower lows), forming a down trendline. Since we are in a bear EUR bear market, I was taking the odds on that another bear rally would occur. The MACD was rounding back down into a TC pattern, but the bear move was most likely to occur in the next four hours before the European banks closed.
Sorry for the scattered answer. Does that help?

You are seeing the rythm around the 8ema. Three small candles making lower highs finding resistance against the 8ema is a high probability trade with stoploss simetimes very small.

I took the GbpUsd short at 12:00-16:00 candle at 1,7580 and target 1.7500 more or less.
Sold 50% for 20pips and remainder on 30trailstop
  • #16,928
  • Sep 10, 2008 1:03pm Sep 10, 2008 1:03pm
Quoting Phillip Nel
You are seeing the rythm around the 8ema. Three small candles making lower highs finding resistance against the 8ema is a high probability trade with stoploss simetimes very small.

I took the GbpUsd short at 12:00-16:00 candle at 1,7580 and target 1.7500 more or less.
Sold 50% for 20pips and remainder on 30trailstop
Thanks Phillip.
I learned that from studying your old posts.
  • #16,929
  • Sep 10, 2008 3:05pm Sep 10, 2008 3:05pm
I am in this trade with you Hookem also. It is the first trade I have taken in about 3 weeks or so. I was trading too much and now I am looking for the right ones to trade. Anyway plus 30 pips and stoploss at even.
  • #16,930
  • Sep 10, 2008 4:44pm Sep 10, 2008 4:44pm
Quoting vette1974
I am in this trade with you Hookem also. It is the first trade I have taken in about 3 weeks or so. I was trading too much and now I am looking for the right ones to trade. Anyway plus 30 pips and stoploss at even.
Nice job Vette!
What is your exit strategy?
  • #16,931
  • Sep 10, 2008 6:29pm Sep 10, 2008 6:29pm
hey vette:

are your windows all boarded up yet?
  • #16,932
  • Sep 11, 2008 3:17am Sep 11, 2008 3:17am
Any of you guy took the TC Yen sell 0400-0800hrs

Entry= 107.33
Stop loss = 107.77
Take profit = 106089
Attached Images
  • #16,933
  • Sep 11, 2008 3:18am Sep 11, 2008 3:18am
USDCHF. Firstly sorry at the moment I'm unable to post charts as at work....

I'm short on USDCHF 1.1380. 4HR MACD producing an RT at the close of the 8amGMT candle. I know this may be a bit premature but with the 38.20% fib line (1.2487 high - 96.25 low) at 1.4 this should act as some pretty good resistance. 4hr also has divergence with a lower high on MACD and higher high on price.
The 1 hr seems to be in a TC also......

SL 1.1425, 1st TP 1.306, 2nd TP around 1.1226 (will review)

GL, B
  • #16,934
  • Sep 11, 2008 3:34am Sep 11, 2008 3:34am
Quoting Al1nn
Any of you guy took the TC Yen sell 0400-0800hrs

Entry= 107.33
Stop loss = 107.77
Take profit = 106089
Yes I took this one also, but my SL is 106.65, and TP 106.35

GL
  • #16,935
  • Sep 11, 2008 7:08am Sep 11, 2008 7:08am
Palmer,
Thanks for your 1hr entry posts...looking for a break of the box is nice and simple and easy to understand.
Cheers,
Ben
  • #16,936
  • Sep 11, 2008 7:21am Sep 11, 2008 7:21am
Thanks Ben:

I think I was getting a little ahead of myself here, again. The heart of this method is on the 4hr charts and I was deviating from that. I know I've done that in the pat and it might have confused some folks who have not been here for a while (by commenting too much about the 1hr) so I'll bring it all back down to earth. These runs (up or down) like what is happening in the EU right now are just too good to pass up on the shorter timeframe. Looking at the daily EU, can't plot a longer term Fib on the 4hr because of the trend, probable downside targets look like 3550 and 3350. This sounds like a long way off and it is, but those look like the next support areas. Take a look at the 4hr as well with the RB's in the MACD. The last few (vertical lines) took price action back to the 21 area and we may be working on another rise in price right here. There is a trade balance report due out in about 10 mins so keep an eye on that, as usual it could push things either way...
Attached Images
  • #16,937
  • Sep 11, 2008 7:48am Sep 11, 2008 7:48am
The trade balance news is -ve, GU when up & then why it continues to deep ? Anybody can explain technically ?

Thanks
  • #16,938
  • Sep 11, 2008 8:15am Sep 11, 2008 8:15am
Hi!

Nice trades guys

It's fantastic how strong the trend is on the euro market. It has dropped more than 2000 pips without a significant correction. As I'm still learning the system I didn't trade, but seeing the potential supports near 1.3830, today I bought very out-of-the money calls. I bought 1.50 eurusd call for ten pips for october. I'm not brave enough to buy directly and wait for the correction, so I chose the safer way.
  • #16,939
  • Sep 11, 2008 8:15am Sep 11, 2008 8:15am
Hookem28, I just got out after 85 pips. I just wanted to lock in my profit especially with this Hurricane.

Palmer,
This thing turned right at the last minute it is pretty much a lost cause now. That is why I have insurance. I am taking my boat and leaving.

Good luck in trading the rest of this week and watch out for speculation in oil there are a lot of platforms where "Ike" is.
  • #16,940
  • Sep 11, 2008 8:23am Sep 11, 2008 8:23am
Good luck vette, you can leave your boat at my place

Gabor: who do you trade options through?
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