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4 Hour Strategy (MACD)

  • #1,741
  • Mar 4, 2007 5:03pm Mar 4, 2007 5:03pm
Thanks OZ.

That 1hr close gave me no direction to enter a short. Off to a friends for Sunday dinner for now...
  • #1,742
  • Mar 4, 2007 6:09pm Mar 4, 2007 6:09pm
Wait for the sign, waaaaaait for the sign. Patience is a good thing.
  • #1,743
  • Mar 4, 2007 6:12pm Mar 4, 2007 6:12pm
Quoting comeinvest
I don think the RB is forming, instead it might go further low.
Nice! Did you all see the trend continuation signal given on the 1 hour that negated the RB? On my charts the signal was given a few hours back w/a bounce between 21 and 8. Wish I had been able to access market then. Oh well!
  • #1,744
  • Mar 4, 2007 6:13pm Mar 4, 2007 6:13pm
Quoting alcastro
Hey Tamkras,

great to see you back!!!
Your charts and explanations are excellent. Thanks a lot for them.
Looking forward to a profitable week!
I second Alcastro's thoughts!
  • #1,745
  • Mar 4, 2007 6:15pm Mar 4, 2007 6:15pm
this pace of pound sell-off is really scary. Do not jump in yet to buy it.
  • #1,746
  • Mar 4, 2007 6:22pm Mar 4, 2007 6:22pm
Quoting tamkras
Agree, Palmer. This is a very strong move down.
And, it has just bounced off the bottom of a downward channel from the daily at 1.9269
  • #1,747
  • Mar 4, 2007 6:23pm Mar 4, 2007 6:23pm
Hey Ev,

GBP/JPY dove 240 pips in 1 1/2 hours.



Lol
  • #1,748
  • Mar 4, 2007 6:24pm Mar 4, 2007 6:24pm
May be testing Jan 08/07 support line at .9260.
  • #1,749
  • Mar 4, 2007 6:30pm Mar 4, 2007 6:30pm
Dont know how they do it, however, Interbank closed a 4 hour candle at 7 and no entry is evident. I got 2 platforms running FXDD & Interbank. 1 candle closes at 5,9,1 EST and the other closes at 7,11,3. Looks like on the FXDD the Euro may be turning south, but like I said, no entry evident.

Jim
  • #1,750
  • Mar 4, 2007 6:33pm Mar 4, 2007 6:33pm
Quoting hard1head1
Hey Ev,

GBP/JPY dove 240 pips in 1 1/2 hours.



Lol
vow! usd/jpy also bounced off the previous inside bottom. What a beginning of the week!
Attached Image
  • #1,751
  • Mar 4, 2007 6:36pm Mar 4, 2007 6:36pm
Wow, Tam,

Ever seen a 120 pip long wick, check out the 15 min TF GBP/JPY

Jim
  • #1,752
  • Mar 4, 2007 6:37pm Mar 4, 2007 6:37pm
Sorry, 30 Min TF
  • #1,753
  • Mar 4, 2007 6:39pm Mar 4, 2007 6:39pm
That was crazy!!! I pulled about 75 pips off the eur/jpy and the gbp/usd on the way down.. i traded on the downtrend of the gbp/usd after it crossed price level and broke trend line... so felt ok about it... don't make it a habit to trade like that, but when since we all had it going up... and it dove... i thought it was going way down...

In anycase, the eur/usd was unaffected...I'm in at 1.3187. It hit the upper t/l previous candle and closed down. I waited for small up movement and entered at beginning of current candle.

1st tp: 1.3160 27 pips above next price level, above the 200, above the lower tl.
2nd tp: 1.3110 77 pips If it breaks the lower tl... this is good and is above the lower price level

s/l: 1.3219

Quoting tamkras
vow! usd/jpy also bounced off the previous inside bottom. What a beginning of the week!
DireXiv Make it happen, no one else is going to do it for you...
  • #1,754
  • Mar 4, 2007 6:51pm Mar 4, 2007 6:51pm
Quoting hard1head1
Sorry, 30 Min TF
A paradise for momo traders, he-he. BTW, euro is starting to move into a red zone on MACD bouncing off the zero line.
  • #1,755
  • Mar 4, 2007 6:57pm Mar 4, 2007 6:57pm
Quoting DireXiv
That was crazy!!! I pulled about 75 pips off the eur/jpy and the gbp/usd on the way down.. i traded on the downtrend of the gbp/usd after it crossed price level and broke trend line... so felt ok about it... don't make it a habit to trade like that, but when since we all had it going up... and it dove... i thought it was going way down...

In anycase, the eur/usd was unaffected...I'm in at 1.3187. It hit the upper t/l previous candle and closed down. I waited for small up movement and entered at beginning of current candle.

1st tp: 1.3160 27 pips above next price level, above the 200, above the lower tl.
2nd tp: 1.3110 77 pips If it breaks the lower tl... this is good and is above the lower price level

s/l: 1.3219
Dire,

Just curious...wht did you enter a short in the Euro/us if there was no MACD confirmation yet? Of course i am not saying it was a wrong call...so far it is playing very well. I just want to understand and learn.

Thanks
  • #1,756
  • Mar 4, 2007 7:03pm Mar 4, 2007 7:03pm
This is my "perfect" setup... hit off a pretty good slanting trendline, combined with a 1-2-3 candle pattern, upward taile candle, and macd turning around after it already broke through the 21 ema previously... retested and is now "suppose" to turn down. I traded solely resistance/support for a while... and did very good, but not consistent enough. When I see a t/l resistance/support play with the MACD.... I consider it to be gold.... which I was hoping to see on the jpy pairs... oh well "it's ok to miss a trade"

Perhaps the most important... my candle closed an hour after your's probably did... and that candle gave me confirmation to go... because it split the long downward candle you are seeing into two candles.

I look at MIG demo for MACD signal... and take it when it shows it, but if my broker shows it before.... I have found it can be a good "early" entry... although it's only early entry relative to the other broker's out there on differnt GMT streaming data.

Quoting alcastro
Dire,

Just curious...wht did you enter a short in the Euro/us if there was no MACD confirmation yet? Of course i am not saying it was a wrong call...so far it is playing very well. I just want to understand and learn.

Thanks
DireXiv Make it happen, no one else is going to do it for you...
  • #1,757
  • Mar 4, 2007 7:09pm Mar 4, 2007 7:09pm
Quoting oztrader
Thanks for the reply.I only posted because I thought you were busting to trade the pullback.Unless we are on strong support I will not go near it.I think we are in for a great week. All the best.
You are right, Oz. My plan has been crushed by this continuous fall. Now, I will be waiting for the consolidation at this bounce level from the previous inside bottom - 115.70, some bullish candle and MACD. My focus now is on euro.
  • #1,758
  • Mar 4, 2007 7:13pm Mar 4, 2007 7:13pm
Quoting jarroo
Picture perfect trade in my book. RB and bounce off the 89 sma with the trend. Why can't they all be like this. I entered at 1.3152 (bounce of the 89 sma). S/L below the 89sma and trend line on the 4 hour 1.3122. Exited 50% at the 21 ema (4 hr) 1.3192. Move 50% to B/E. Going againt the rules and holding over the weekend.


Jim
Still holding on at 1.3152

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,759
  • Mar 4, 2007 7:31pm Mar 4, 2007 7:31pm
Stole 20 from the EURUSD while 'at dinner'....Gotta go for dessert now
  • #1,760
  • Mar 4, 2007 7:36pm Mar 4, 2007 7:36pm
I believe earlier in this thread someone talked with some bitterness about european zone better positioned for market swings. There we have it now, just within a couple of night hours. What a night!
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