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4 Hour Strategy (MACD)

  • #1,781
  • Mar 5, 2007 5:27am Mar 5, 2007 5:27am
possible counter trend for USD/JPY has started. Any1 catch on this move?
Although, the strong down trend still in play, I wonder any1 go LONG?
  • #1,782
  • Mar 5, 2007 6:15am Mar 5, 2007 6:15am
Quoting comeinvest
possible counter trend for USD/JPY has started. Any1 catch on this move?
Although, the strong down trend still in play, I wonder any1 go LONG?
I suggested to wait until price consolidates in the area of 115.70. I hope this is currently happening and MACD bar is turning green. My long plan with the pair can still be resumed.
  • #1,783
  • Edited 6:21am Mar 5, 2007 6:20am | Edited 6:21am
I was reading my notes regarding my plans for the beginning of this week.
I had made the call for the short in the cable, IF there was a TC signal in MACD. MACD gave it with the long spike down (after painting a green bar that might have been a RB). Looking at the 1 hr chart, I would probably not have taken the RB signal, but would have gone for the TC (which was the correct one). BUT I thought that after such a long fall the trend was momentarily exhausted and decided to wait for a correction.

The same thing happened with the Euro/us. I didn't see what PALMER in his excellent analysis saw. So I stayed in the sidelines.

So during the whole night I saw pips passing by, and I was not there to catch them!!!! So I start my week with frustration.

Just a note to release some vapor.

Have a great week everybody!!!
  • #1,784
  • Mar 5, 2007 6:29am Mar 5, 2007 6:29am
I meant the low on 1/13 for the fib #, not 2/13. Someone said a double bottom on the daily e$?? Or was that for another pair? Anyway, the daily is around the trendline and fib #....
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  • #1,785
  • Mar 5, 2007 6:32am Mar 5, 2007 6:32am
4hr Support Level???
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  • #1,786
  • Mar 5, 2007 6:33am Mar 5, 2007 6:33am
Quoting alcastro
I was reading my notes regarding my plans for the beginning of this week.
I had made the call for the short in the cable, IF there was a TC signal in MACD. MACD gave it with the long spike down (after painting a green bar that might have been a RB). Looking at the 1 hr chart, I would probably not have taken the RB signal, but would have gone for the TC (which was the correct one). BUT I thought that after such a long fall the trend was momentarily exhausted and decided to wait for a correction.

The same thing happened with the Euro/us. I didn't see what PALMER in his excellent analysis saw. So I stayed in the sidelines.

So during the whole night I saw pips passing by, and I was not there to catch them!!!! So I start my week with frustration.

Just a note to release some vapor.

Have a great week everybody!!!
I do the same thing Alcastro, let hope we have a better week but at least we didnt loose any pips
  • #1,787
  • Mar 5, 2007 6:39am Mar 5, 2007 6:39am
Quoting alcastro
I was reading my notes regarding my plans for the beginning of this week.
I had made the call for the short in the cable, IF there was a TC signal in MACD. MACD gave it with the long spike down (after painting a green bar that might have been a RB). Looking at the 1 hr chart, I would probably not have taken the RB signal, but would have gone for the TC (which was the correct one). BUT I thought that after such a long fall the trend was momentarily exhausted and decided to wait for a correction.

The same thing happened with the Euro/us. I didn't see what PALMER in his excellent analysis saw. So I stayed in the sidelines.

So during the whole night I saw pips passing by, and I was not there to catch them!!!! So I start my week with frustration.

Just a note to release some vapor.

Have a great week everybody!!!
Hiya!

Don't be frustrated....you did the right thing. If you missed your entry, wait for a retrace and enter then. You know this move was crazy, and it would have most likely "broken rules" (late entry) and you would have been rewarded....which down the road would have made you a crappy trader!!! You were right thinking exhaustion...and that's how we feel for watching without entering, eh? (I did the same thing, watching TL after TL get violated w/trend continuation signal on hourly and no entry on my part.)

So, lets not be frustrated....Instead, lets look to a future where we won't be tempted to take crappy trades that bite us in the bum b/c we were once rewarded for late entry....What do you think...sound good...????....Hey!!! That wasn't nice!!!

Happy Monday all!!!!
  • #1,788
  • Edited 6:43am Mar 5, 2007 6:42am | Edited 6:43am
Quoting O'Zeeke
I do the same thing Alcastro, let hope we have a better week but at least we didnt loose any pips
Yippeee!!!! We ARE off to a good start!!!!!

ps...i didn't enter either, hope my reply didn't sound sarcastic...wasn't meant too...cuz all three of us watched w/o entry, which makes us good traders for not chasing!
  • #1,789
  • Mar 5, 2007 6:57am Mar 5, 2007 6:57am
Quoting pips4uandme
Yippeee!!!! We ARE off to a good start!!!!!

ps...i didn't enter either, hope my reply didn't sound sarcastic...wasn't meant too...cuz all three of us watched w/o entry, which makes us good traders for not chasing!
thanks for the encouragement pips4uandme, but even more frustrating because its still falling, dang it
  • #1,790
  • Mar 5, 2007 7:01am Mar 5, 2007 7:01am
Quoting O'Zeeke
thanks for the encouragement pips4uandme, but even more frustrating because its still falling, dang it
O'Zeeke, one of the most important rules I learned, is to never regret passed opportunities, but to learn from them. It is always easier to tell yourself after looking at charts, what should or should not have been done, but you always say that because you see how the price developed.
It is important to see what happend and wait for next oportunity.
Endy
  • #1,791
  • Mar 5, 2007 8:02am Mar 5, 2007 8:02am
Quoting endy
O'Zeeke, one of the most important rules I learned, is to never regret passed opportunities, but to learn from them. It is always easier to tell yourself after looking at charts, what should or should not have been done, but you always say that because you see how the price developed.
It is important to see what happend and wait for next oportunity.
Endy
nicely said!
  • #1,792
  • Mar 5, 2007 8:09am Mar 5, 2007 8:09am
Quoting pips4uandme
nicely said!
Endy

That's the way to look at it. I've missed out on the nice move this morning because I didn't feel comfortable with the set-up (close to the 89MA and I had to go to work, so I was not a position to follow the trade). But look and learn. That is how you'll get a feel for the market and for your our trading style.

Many more opportunities to come!!!!!!!!!!!!!!

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #1,793
  • Mar 5, 2007 8:44am Mar 5, 2007 8:44am
I am long with usd/jpy since 115.70. SL 70 pips back. Hope I am not making a stupid decision. Wish me good luck. Yours, T.
  • #1,794
  • Mar 5, 2007 8:49am Mar 5, 2007 8:49am
Good luck, TamKras!!!! May you feed your piggy well!

Pips
  • #1,795
  • Mar 5, 2007 8:52am Mar 5, 2007 8:52am
See Post #1785:

May have a bounce at the support level. News coming out though....
  • #1,796
  • Mar 5, 2007 8:55am Mar 5, 2007 8:55am
I hope my analysis last week re EURO inside tops (aka nesting dolls helped to establish short positions in time). MACD signal supported the move. Nesting dolls have just demonstrated their strength. I suggest to be nicer with them next time, he-he . And by the way, my usd/jpy pair is moving as per my wish.
  • #1,797
  • Mar 5, 2007 9:08am Mar 5, 2007 9:08am
Long GBPUSD at 1.9244
Stop at 1.9200
Target #1 1.9323
BE: 1.9262

Trade entered at 15:01 GMT

Reasons: RB forming on 4 hour w/confirmation from 1 hour
Bullish Engulfing candle on 1 hour (4 hour candle not closed yet).
  • #1,798
  • Mar 5, 2007 9:11am Mar 5, 2007 9:11am
Quoting tamkras
I hope my analysis last week re EURO inside tops (aka nesting dolls helped to establish short positions in time). MACD signal supported the move. Nesting dolls have just demonstrated their strength. I suggest to be nicer with them next time, he-he . And by the way, my usd/jpy pair is moving as per my wish.
I Love nesting dolls! Thanks to you and Phillip, I can now see them easily...noticed them on dailies of Eur and Cable too.... Thank you so much for helping us learn to I.D. the pattern.
  • #1,799
  • Mar 5, 2007 9:14am Mar 5, 2007 9:14am
Quoting pips4uandme
Long GBPUSD at 1.9244
Stop at 1.9200
Target #1 1.9323
BE: 1.9262

Trade entered at 15:01 GMT

Reasons: RB forming on 4 hour w/confirmation from 1 hour
Bullish Engulfing candle on 1 hour (4 hour candle not closed yet).
Stop moved to BE at 15:14 GMT
  • #1,800
  • Mar 5, 2007 9:29am Mar 5, 2007 9:29am
Went short on EUR/GBP today @ 0.6813 because RT near trendline. 1h price is below 8MA moving towards 21 MA with MACD crossed zero line downward.

This is a counter trend trade, so I'll take profit quickly.

SL @ 0.6828

First target 0.6797 (8MA) - already met and moved SL to BE.

Second target 0.6770 (21MA)

My first demo trade with this pair using the 4MACD system.

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
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