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4 Hour Strategy (MACD)

  • #17,461
  • Oct 16, 2008 11:50am Oct 16, 2008 11:50am
Quoting Phillip Nel
EurUsd. Nice tail from the 21ema. Target is bottom TL.

Entry 1.3450
SL 1.3480(The tail has done the damage therefore my stoploss of 30.)
TP as from 1.3410

Close at 1.3410 for +40pips
Hi Phillip,

Great trade - well done.

Saw it but didn't take it as I computed the SL from the top of the tail. Interesting to see that you didn't but took a 30 pip SL - how did you determine the number of pips?
James The Beekeeper
  • #17,462
  • Oct 16, 2008 2:00pm Oct 16, 2008 2:00pm
Hi, people.
Could anyone, please, explain, why one maybe shouldn't enter on this TC on EURUSD at closing of 16-20:00 bar (as I did) - entry 1.3400, SL - 1.3447 (at the opening price of the prev. bar). Resulted in stoploss (-47 pips) in 50 minutes I do see the support line drawn on Phillip's chart, but it was >30 pips away, enough to be in BE.
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  • #17,463
  • Oct 16, 2008 2:23pm Oct 16, 2008 2:23pm
Quoting Yorik
Hi, people.
Could anyone, please, explain, why one maybe shouldn't enter on this TC on EURUSD at closing of 16-20:00 bar (as I did) - entry 1.3400, SL - 1.3447 (at the opening price of the prev. bar). Resulted in stoploss (-47 pips) in 50 minutes I do see the support line drawn on Phillip's chart, but it was >30 pips away, enough to be in BE.

Hi... I alwayas try to be carefull when price is around 3400, 3500, 3600 etc... Maybe it is some kind of psychological support level. I don't remember exactly but seems like Phillip talked about these kind of levels before.
  • #17,464
  • Oct 16, 2008 2:27pm Oct 16, 2008 2:27pm
this was not a high probability trade for me for two reasons:
1.the price didnt make a lower high and ist about to continueto fall but just retest the bottom of the previous low, it looks for me like a small sHs formation or a tripple bottom.
2.the price is still ranging since 6.10 and there doesnt exist a real trend with emotion, only a lot of indecision

i am sorry for you and i hope this wasnt on a live account
  • #17,465
  • Oct 16, 2008 2:34pm Oct 16, 2008 2:34pm
Quoting Yorik
Hi, people.
Could anyone, please, explain, why one maybe shouldn't enter on this TC on EURUSD at closing of 16-20:00 bar (as I did) - entry 1.3400, SL - 1.3447 (at the opening price of the prev. bar). Resulted in stoploss (-47 pips) in 50 minutes I do see the support line drawn on Phillip's chart, but it was >30 pips away, enough to be in BE.
hi
i know its always easy to say something after fact and i really dont know is it right to follow a H4 trade with M5 chart or not .
i really dont know why ur trade didnt worked out (only thing comming to my mind is it was not a very nice smooth TC ) but i used to follow my trade in samller TF if i feel it doesnt go in my way to decrease my SL.if u followed ur trade with M5 chart/system u could have a smaller stoploss after the down TL broken up.(this time smaller stoploss maybe next time a BE trade wich is always better than a full stoploss )
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  • #17,466
  • Oct 16, 2008 3:29pm Oct 16, 2008 3:29pm
Quoting million
But the MACD does not confirm the set up?
Would you explain why you decided short?

Tails have been discussed many times in the thread. They offer good oppertunities when they are formed on support/resistance and in this case from the 21ema. Stoploss should be just above the body of the tail and I have decided that 30 is a good number in this case as the body was only a few pips. It is part of the emotion (candle formation) that was discussed in the thread. Tails when traded correctly can be very profitable.
  • #17,467
  • Oct 16, 2008 3:32pm Oct 16, 2008 3:32pm
Quoting Yorik
Hi, people.
Could anyone, please, explain, why one maybe shouldn't enter on this TC on EURUSD at closing of 16-20:00 bar (as I did) - entry 1.3400, SL - 1.3447 (at the opening price of the prev. bar). Resulted in stoploss (-47 pips) in 50 minutes I do see the support line drawn on Phillip's chart, but it was >30 pips away, enough to be in BE.
The risk:reward ratio as to profit against stoploss was not 1:1 and better. There was about 35pips to TL for profit and stoploss was over 55. Not good.
  • #17,468
  • Oct 16, 2008 3:42pm Oct 16, 2008 3:42pm
Hi,

I was not here for a long time, but I would like to participate again.
Would consider the following trade as a RB, it is supported by the bottom TL also.
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  • #17,469
  • Oct 16, 2008 3:59pm Oct 16, 2008 3:59pm
Here are trades for the last 3 weeks that was tradeable by TC signals only. Stops was manageable.
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  • #17,470
  • Oct 16, 2008 4:18pm Oct 16, 2008 4:18pm
Quoting Phillip Nel
Here are trades for the last 3 weeks that was tradeable by TC signals only. Stops was manageable.
Hi
a question about the last EURUSD trade:

i thought we're putting the stop loss at the high before the MACD turn, that would result in 1,3537??

Thx, Till
  • #17,471
  • Oct 16, 2008 4:44pm Oct 16, 2008 4:44pm
Quoting RemingtonTJ
Hi
a question about the last EURUSD trade:

i thought we're putting the stop loss at the high before the MACD turn, that would result in 1,3537??

Thx, Till
Read back a few posts to see the reason Phillip placed the SL where he did (due to the tail of the signal candle).
James The Beekeeper
  • #17,472
  • Oct 17, 2008 8:20am Oct 17, 2008 8:20am
nice triangle breakout with a TC ,still can goes down i think
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  • #17,473
  • Oct 17, 2008 8:35am Oct 17, 2008 8:35am
USDJPY has nice rhythm. Bearish engulfer on 30M chart, and reverse hammer on 4 Hour.
Sell 100.82
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  • #17,474
  • Edited 9:44am Oct 17, 2008 9:26am | Edited 9:44am
Quoting Hookem28
USDJPY has nice rhythm. Bearish engulfer on 30M chart, and reverse hammer on 4 Hour.
Sell 100.82
Using MIG as my broker my charts look nothing like yours!

No signal on H4 or H1 (or M30) that I would be interested in.
James The Beekeeper
  • #17,475
  • Oct 20, 2008 1:32am Oct 20, 2008 1:32am
a critical point for eu.break down or up? lets see
(a TC signal could be very intresting )
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  • #17,476
  • Oct 20, 2008 1:44am Oct 20, 2008 1:44am
I might have missed a nice bullish ZB on GBPUSD from the lower border of consolidation. Was a bit late to prepare. If traded, entry could be 1.7372, SL 1.7322 (50 pips, opening of the prev. 4H bar), TP1 1.7392 (20 pips, high of the signal bar), TP2 - 1.7490 (120 pips, under upper border of consolidation), av.TP 70 pips.
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  • #17,477
  • Oct 20, 2008 2:01am Oct 20, 2008 2:01am
Quoting Yorik
I might have missed a nice bullish ZB on GBPUSD from the lower border of consolidation. Was a bit late to prepare. If traded, entry could be 1.7372, SL 1.7322 (50 pips, opening of the prev. 4H bar), TP1 1.7392 (20 pips, high of the signal bar), TP2 - 1.7490 (120 pips, under upper border of consolidation), av.TP 70 pips.
Very well spotted. Not just the MACD signal but the rhythm here was very important. Look at the nice move away from the bottom support. A shorter timeframe could have been used to get a less stressfull entry in terms of stoploss placing.
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  • #17,478
  • Edited 3:04am Oct 20, 2008 2:17am | Edited 3:04am
This was a breakout trade and handled according to the rules. Wait for a pullback to the breakout level and then enter on a nice bullish candle either on 1H or 30min chart.


50% closed after 25pips and set remainder at -25 because of the breakout trade it could test the breakout level again and I want at least something in if it runs.

Edit 1
1.3500 level tested again. Will see if it holds.

Edit 2
Looks like it wants to come down. Lets see if 1.3475 holds
Just got stopped out on breakeven.
At least I had a chance if it did run.

Conclusion
It still did not retraced back into the triangle so the chances are still there that it might go up. this might be some stophunting. I will watch very closely.
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  • #17,479
  • Oct 20, 2008 3:07am Oct 20, 2008 3:07am
EURUSD has pullback to fibonacci 23.6 Probably will swing back?
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  • #17,480
  • Oct 20, 2008 3:12am Oct 20, 2008 3:12am
Is this the correct line that i've drawn? USDJPY has already reached around 89EMA,and broke resistance 102.08. Probably would pull back to 8&21 area?
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