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.
- #17,481
- Oct 20, 2008 3:19am Oct 20, 2008 3:19am
- #17,486
- Oct 20, 2008 4:58am Oct 20, 2008 4:58am
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.
Hi Philip,
this is my first post on the thread! Yohoo!!
I have been studying your system with great interest and I am trying to develop the necessary skills before going live...Thank you so much for sharing your knowledge!
Regarding the EUR/USD now at 12.00 GMT + 2...it looks like there's a dojii right on the resistance line forming the triangle you drew...The MACD is near the zero line. Will it be a zero crossing or a bounce off the zero? This is the big dilemma I often encounter when the MACD is near the zero line.... How do you tell them apart? I would say it is a bounce off the zero in accordance to the dojii on the resistance line, but am I gambling or trading according to the 4H strategy?
Thank you again!
- #17,487
- Oct 20, 2008 5:09am Oct 20, 2008 5:09am
- | Commercial User | Joined Nov 2006 | 2,223 Posts
Hi Philip,
this is my first post on the thread! Yohoo!!
I have been studying your system with great interest and I am trying to develop the necessary skills before going live...Thank you so much for sharing your knowledge!
Regarding the EUR/USD now at 12.00 GMT + 2...it looks like there's a dojii right on the resistance line forming the triangle you drew...The MACD is near the zero line. Will it be a zero crossing or a bounce off the zero? This is the big dilemma I often encounter when the MACD is near the zero line.... How do you tell them apart? I would say it is a bounce off the zero in accordance to the dojii on the resistance line, but am I gambling or trading according to the 4H strategy?
Thank you again!
- #17,495
- Oct 20, 2008 5:49am Oct 20, 2008 5:49am
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.
Keeping an eye on it as the could be a 1H TC Entry that Phillip talked about last week on the cards.
Good Luck All.
I also took on the Euro break out trade but should have closed 50% after +20, but was walking the dogs and I thought it might run. I was happy enough to except the 60pips loss, which it duely hit! Oh well, thats trading, still +80 on the day overall......so far
