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4 Hour Strategy (MACD)

  • #901
  • Feb 19, 2007 10:39pm Feb 19, 2007 10:39pm
Quoting Poocher
Hope they both make you money!!!
Thanks mate, already close GU with 8 pips gain.

Good luck to you too, Happy trading
  • #902
  • Feb 19, 2007 10:41pm Feb 19, 2007 10:41pm
Quoting putratrg
I've long GU 1.9536 and Eur 1.3178.

wish me luck guys
enjoy ur pips hopefully..
  • #903
  • Feb 20, 2007 3:18am Feb 20, 2007 3:18am
Guys,

Correct me if I'm wrong :-

1. zero line reject, trend continuation pattern - Intrend trade

2. Double top, Head & Shoulder, Lower high, Higher low - Counter trend

Anyone can comfirm this?

Thanks in advance
  • #904
  • Feb 20, 2007 6:03am Feb 20, 2007 6:03am
I haven't really thought of it in terms of each signal being a counter trend or with trend. Since Phillip and I think it was either Chandra or Tamkars summed it up nicely that

-if the price is above the 89 sma it is inherently in an uptrend "mood", and any signal giving a short is countertrend, and any signal giving a long signal in with trend.

-If the price is below the 89 sma, it is inherently in a downtrend "mood", and any signal giving a long is countertrend and any signal giving a short is with trend.

-Example: the eur/usd is above 89 right now, so trending up, it just retraced to the 21 ema which would have been a short opportunity, but because it is above the 89, we "know" that it should come back up after bouncing off the 21 ema because the market is in an uptrend "mood".

Edit: The rule is currently being followed perfectly on the eur/usd - see chart 12:08 GMT

maybe didn't quite answer your question exactly, but hopefully it helps!

Quoting putratrg
Guys,

Correct me if I'm wrong :-

1. zero line reject, trend continuation pattern - Intrend trade

2. Double top, Head & Shoulder, Lower high, Higher low - Counter trend

Anyone can comfirm this?

Thanks in advance
Attached Image
DireXiv Make it happen, no one else is going to do it for you...
  • #905
  • Feb 20, 2007 6:17am Feb 20, 2007 6:17am
Quoting DireXiv
I haven't really thought of it in terms of each signal being a counter trend or with trend. Since Phillip and I think it was either Chandra or Tamkars summed it up nicely that

-if the price is above the 89 sma it is inherently in an uptrend "mood", and any signal giving a short is countertrend, and any signal giving a long signal in with trend.

-If the price is below the 89 sma, it is inherently in a downtrend "mood", and any signal giving a long is countertrend and any signal giving a short is with trend.

-Example: the eur/usd is above 89 right now, so trending up, it just retraced to the 21 ema which would have been a short opportunity, but because it is above the 89, we "know" that it should come back up after bouncing off the 21 ema because the market is in an uptrend "mood".

Edit: The rule is currently being followed perfectly on the eur/usd - see chart 12:08 GMT

maybe didn't quite answer your question exactly, but hopefully it helps!
That sums up everything! Great explanation , that is a great help.
Thanks a lot

May the pips be with you
  • #906
  • Edited 9:28am Feb 20, 2007 8:48am | Edited 9:28am
Quoting tamkras
long USD/CAD @1.1640
1 lot TP @1.1670
1 lot - free ride
All S/L @1.1616
will see tomorrow how it turns out.
How is everyone doing? Those who were long with this trade are finally rewarded. Thank you for your patience. Moving second lot to 1.1657.

Oh, this trade nicely rounded up my MACD-traded pips to 400. Waiting for the next signal. Yours, Tamkras.
  • #907
  • Feb 20, 2007 9:12am Feb 20, 2007 9:12am
If a we get a close of a 15min bar underneath 1.3125,then im going short ,target eventually would be 1.3035 .( move to b/e even after 25pips)

Sl to be placed at 1.3177
  • #908
  • Feb 20, 2007 9:17am Feb 20, 2007 9:17am
I've got a small test trade in (long) and my stop is right at 1.3125. If it breaks that, then I consider all trading on the eur/usd to be off for me until some sort of action happens to break out of this pattern. You may be good if you short when that breaks, but not sure what were seeing here. It's a little frustrating, but I'm holding onto my patience as much as possible.

Don't forget the FED is speaking in 10 minutes.

Quoting Sunseeker
If a we get a close of a 15min bar underneath 1.3125,then im going short ,target eventually would be 1.3035 .( move to b/e even after 25pips)

Sl to be placed at 1.3177
DireXiv Make it happen, no one else is going to do it for you...
  • #909
  • Edited 10:05am Feb 20, 2007 9:42am | Edited 10:05am
I just came back from work and found that the Eur has turend around. I am very surpriced to that. Got stopped out on trailing stop at 1.3259 with entry at 1.3138 for 21pips gain. I was hoping for the trend to continue. It just show the value of partial profit taking and breakeven settings.

We are back at the 21EMA. But watch the angle getting flatter on the 21EMA also finding some sort of resistance at current price levels with the gap between 8 and 21 getting closer. I will be very cautious. MACD has shown short signal the past two bars. Only time will tell.

I am going to believe the MACD giving a short as well as the evening star that formed with the turnaround around the trendline resistance.

I went short at 1.3138 with first target and breakeven setting around 1.3100. Stoploss 28pips

The current situation is not very clear. Looks like lions country. The Gbp does not help either to read some sort of direction. I might have been to quick with the short but I went with the MACD. Will wait and see.

Update
Must add my money were my mouth are.
  • #910
  • Feb 20, 2007 10:26am Feb 20, 2007 10:26am
Quoting DireXiv
I've got a small test trade in (long) and my stop is right at 1.3125. If it breaks that, then I consider all trading on the eur/usd to be off for me until some sort of action happens to break out of this pattern. You may be good if you short when that breaks, but not sure what were seeing here. It's a little frustrating, but I'm holding onto my patience as much as possible.

Don't forget the FED is speaking in 10 minutes.
It is frustrating. But the Gbp gave 20pips on the 5 min strategy at 15:15 and 16:05 GMT 10 each.
It helps with the frustration.

Good luck
  • #911
  • Feb 20, 2007 10:31am Feb 20, 2007 10:31am
Quoting Phillip Nel
I just came back from work and found that the Eur has turend around. I am very surpriced to that. Got stopped out on trailing stop at 1.3259 with entry at 1.3138 for 21pips gain. I was hoping for the trend to continue. It just show the value of partial profit taking and breakeven settings.

We are back at the 21EMA. But watch the angle getting flatter on the 21EMA also finding some sort of resistance at current price levels with the gap between 8 and 21 getting closer. I will be very cautious. MACD has shown short signal the past two bars. Only time will tell.

I am going to believe the MACD giving a short as well as the evening star that formed with the turnaround around the trendline resistance.

I went short at 1.3138 with first target and breakeven setting around 1.3100. Stoploss 28pips

The current situation is not very clear. Looks like lions country. The Gbp does not help either to read some sort of direction. I might have been to quick with the short but I went with the MACD. Will wait and see.

Update
Must add my money were my mouth are.

Phillip,

Please, have you gone thru your private message? I need you to comment on that stuff.

Thanks
  • #912
  • Feb 20, 2007 10:41am Feb 20, 2007 10:41am
Quoting tamkras
How is everyone doing? Those who were long with this trade are finally rewarded. Thank you for your patience. Moving second lot to 1.1657.

Oh, this trade nicely rounded up my MACD-traded pips to 400. Waiting for the next signal. Yours, Tamkras.
I am closing 2nd lot of usd/cad pair at 1.1694 as it is close to price level of 1.1700 and I do not know if it will break it. + 50 pips to my piggybank. I need to buy a new piggybank.
  • #913
  • Feb 20, 2007 11:19am Feb 20, 2007 11:19am
Nice work! patience paid off.

Quoting tamkras
I am closing 2nd lot of usd/cad pair at 1.1694 as it is close to price level of 1.1700 and I do not know if it will break it. + 50 pips to my piggybank. I need to buy a new piggybank.
DireXiv Make it happen, no one else is going to do it for you...
  • #914
  • Feb 20, 2007 11:50am Feb 20, 2007 11:50am
Quoting DireXiv
Nice work! patience paid off.
Thanks, Dire. There is no quick penny. Your recent post on woodchucks was excellent and I enjoyed reading it. When you position yourself in the market, observe your win and lose chances. I'd rather have more win chances to back up my entry. Please, see my post how I approached this transaction:

http://www.forexfactory.com/showthre...=14630&page=44

and then post 718.

Once I am in, I stick to the plan.
  • #915
  • Edited 12:43pm Feb 20, 2007 12:33pm | Edited 12:43pm
Well, I've been in on aud/usd since sunday evening.... stop set so it came within 3 pips several times.... still hanging in there... Confidence in S/L has kept me in this far... If it's truly hit.. then the trade is truly over for the time being... with the market the way it is right now, there is no choice but to keep with it. Stick to the plan and if it works, learn from it, if it doesn't... learn from it. I could have reversed several times and lost each time. I'll read through your setup when I'm not working

Quoting tamkras
Thanks, Dire. There is no quick penny. Your recent post on woodchucks was excellent and I enjoyed reading it. When you position yourself in the market, observe your win and lose chances. I'd rather have more win chances to back up my entry. Please, see my post how I approached this transaction:

http://www.forexfactory.com/showthre...=14630&page=44

and then post 718.

Once I am in, I stick to the plan.
DireXiv Make it happen, no one else is going to do it for you...
  • #916
  • Feb 20, 2007 1:02pm Feb 20, 2007 1:02pm
Quoting tamkras
Thanks, Dire. There is no quick penny. Your recent post on woodchucks was excellent and I enjoyed reading it. When you position yourself in the market, observe your win and lose chances. I'd rather have more win chances to back up my entry. Please, see my post how I approached this transaction:

http://www.forexfactory.com/showthre...=14630&page=44

and then post 718.

Once I am in, I stick to the plan.
Well done. Enjoyed that reading as well. One can read that at least once a month.
  • #917
  • Edited 1:36pm Feb 20, 2007 1:18pm | Edited 1:36pm
Is anyone looking at the GU? It looks like it formed another round top...

EDIT. Woops sorry I was looking at the 1 hour time frame hehehe
  • #918
  • Feb 20, 2007 1:20pm Feb 20, 2007 1:20pm
I was noticing that as well, but on the 4 hour time frame, I'm not sure where and how far it would go after it formed? The ma's are on top of each other and the last couple times, it's settled in close to where it is now. I'm in 1 trade right now, and in this current market that's enough for me until the news tomorrow morning

Quoting turk87
Is anyone looking at the GU? It looks like it formed another round top...
DireXiv Make it happen, no one else is going to do it for you...
  • #919
  • Feb 20, 2007 1:35pm Feb 20, 2007 1:35pm
Hey All,

Here is what I got on the 4 Hour pound. Im new to this strategy. Am I on the right track with the tight pennant formation. Looks like something coming soon. Any help would be appreciated. Just learning.

Thanks, Jim
Attached Image
  • #920
  • Feb 20, 2007 2:35pm Feb 20, 2007 2:35pm
Quoting hard1head1
Hey All,

Here is what I got on the 4 Hour pound. Im new to this strategy. Am I on the right track with the tight pennant formation. Looks like something coming soon. Any help would be appreciated. Just learning.

Thanks, Jim
You are absolutely right. All the MA's together plus the priceaction narrowing something is kooking.
MACD formation does not look healthy at this stage.
It is in times like this that patience is really tested.
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