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4 Hour Strategy (MACD)

  • #1,801
  • Edited 9:35am Mar 5, 2007 9:33am | Edited 9:35am
Hi to all you regular contributors.
I have a question.
On my 1 hour chart below, how would you decide whether this is a pull back to the 21 before TC, or whether it's a reversal.

I saw Pips trade going long at about the same time I saw this (1.9247 ish), and I think the TP is about the 8 on the 4h, which makes sense to me.

Is that how I should treat it? I.e. exactly as Pips has done, or do I wait for a different signal.

I realise you have to find your own style, but just interested in all the views.

Cheers
Colin.
Enter Signature
  • #1,802
  • Mar 5, 2007 9:34am Mar 5, 2007 9:34am
Quoting tamkras
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.

Hi Tam.

If you don't mind me asking ,where would your 1st profit target be for this trade and why?(learning)


Cheers
  • #1,803
  • Mar 5, 2007 9:34am Mar 5, 2007 9:34am
The chart is hopefully attached
Attached Image
Enter Signature
  • #1,804
  • Mar 5, 2007 9:37am Mar 5, 2007 9:37am
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).

Very well done. Stayed aside till the right signal came. That was the better call to stay out till the trade comes to you.
  • #1,805
  • Mar 5, 2007 9:40am Mar 5, 2007 9:40am
Quoting Phillip Nel
Very well done. Stayed aside till the right signal came. That was the better call to stay out till the trade comes to you.
Thank you...but it killed me to watch the price in free fall.....

Then I thought....no more chasing...no more "emotional" trades.
  • #1,806
  • Mar 5, 2007 9:47am Mar 5, 2007 9:47am
Daily Wrapup 05March
Attached File(s)
File Type: zip DailyWrapup 05March.zip   802 KB | 1,679 downloads
  • #1,807
  • Edited 9:51am Mar 5, 2007 9:49am | Edited 9:51am
Quoting cologg
Hi to all you regular contributors.
I have a question.
On my 1 hour chart below, how would you decide whether this is a pull back to the 21 before TC, or whether it's a reversal.

I saw Pips trade going long at about the same time I saw this (1.9247 ish), and I think the TP is about the 8 on the 4h, which makes sense to me.

Is that how I should treat it? I.e. exactly as Pips has done, or do I wait for a different signal.

I realise you have to find your own style, but just interested in all the views.

Cheers
Colin.
Hi Colin,

Don't know if you wanted to know my rationale...but here it is.

I waited for a counter trend signal because of the huge free fall today (figure there will be some covering of shorts at London Fix)....the 4 hour MACD had a very sharp looking RB....I was watching the hourly too...noticing that it was rounding nicely. The Bullish Engulfing candle on the 4 hour (with the doji) was a nice sign...and the 1 hour had a bullish candle too. I actually wanted to enter this trade at 1.9210 after the 1.9180 bounce (but I was chicken b/c of ISM). After ISM release, I waited until price dropped from 1.9250 level and additional signal OKing trade on 1 hour was given. I've attached my chart for your review. PS moved my sl when a resistence level was hit to avoid bounce and continuation of downtrend.

Happy piping to you!


ps. I'm just trying to get the opportunity for a strong bounce

pps. if you draw a trend line on the macd, you'd see that the actual entry should have been 4 candles back (including the open candle...right around the rejection of 1.9180).
Attached Image
  • #1,808
  • Mar 5, 2007 9:51am Mar 5, 2007 9:51am
Quoting FOURX
Hi Tam.

If you don't mind me asking ,where would your 1st profit target be for this trade and why?(learning)


Cheers
I am shooting for 116.25 as the 1st target. Sometimes, I do not have a technical explanation for the target - just an observation from the way price is moving.
  • #1,809
  • Mar 5, 2007 9:51am Mar 5, 2007 9:51am
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).
Hi Pips.

Nice trade. Is the 4hr candle in its last hour for you? as my candle has only just started 1st hr Metatrader. If so would this have made a difference to whether you took the trade yet?

cheers
  • #1,810
  • Mar 5, 2007 9:53am Mar 5, 2007 9:53am
Quoting tamkras
I am shooting for 116.25 as the 1st target. Sometimes, I do not have a technical explanation for the target - just an observation from the way price is moving.

Thanks Tam
  • #1,811
  • Mar 5, 2007 9:58am Mar 5, 2007 9:58am
Quoting FOURX
Hi Pips.

Nice trade. Is the 4hr candle in its last hour for you? as my candle has only just started 1st hr Metatrader. If so would this have made a difference to whether you took the trade yet?

cheers

Hi FOURX,

My candle closes in 6 minutes....I don't think the time difference makes a difference as long as we follow the signals our charts give on our time frame. My four hour candles close at 4AM, 8AM, 12PM, 4PM, 8PM and Midnight (PST...Add 8 hours for GMT).

No, I was following the 4 hour chart and watching the 1 hour for confirmation...so I was planning on taking trade w/open 4 hour if right signal was given. Let's see if I capture a good move or if the trade gets closed for BE. (normally I would have closed lots w/some profit...but this time I'm looking for a move)
  • #1,812
  • Mar 5, 2007 10:02am Mar 5, 2007 10:02am
Quoting pips4uandme
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.
I am really amazed sometimes how this pattern works over and over again on daily charts. Once, you have a MACD signal you have a trade plan wrapped up as a gift. If you like, we can use them as my contribution to this nice forum - I.T. for inside top? I am not quite good at acronyms.
  • #1,813
  • Mar 5, 2007 10:08am Mar 5, 2007 10:08am
Quoting FOURX
Thanks Tam
no problem, do you see something similar on usd/cad pair at this very moment? Go to daily charts and try to identify from what point in time did the price reverse? Then, please, share your thoughts. Yours, Y.
  • #1,814
  • Mar 5, 2007 10:08am Mar 5, 2007 10:08am
Quoting tamkras
I am really amazed sometimes how this pattern works over and over again on daily charts. Once, you have a MACD signal you have a trade plan wrapped up as a gift. If you like, we can use them as my contribution to this nice forum - I.T. for inside top? I am not quite good at acronyms.
Why not ND? (nesting doll)
  • #1,815
  • Mar 5, 2007 10:11am Mar 5, 2007 10:11am
Quoting pips4uandme
Why not ND? (nesting doll)
then there is inside nesting doll (IND) for the shorting opportunity and upside nesting doll (UND) for the long opportunity. what do you think?
  • #1,816
  • Mar 5, 2007 10:13am Mar 5, 2007 10:13am
Thanks for your explanation Pips
Much appreciated.

I almost feel like a kid with a new toy as I spotted a trade that one of the 'regulars' saw!!

I will continue lurking, and come out the shadows as I start to see these trades for myself rather than relying on posts of others.

Hope the pips are with you.

Cheers
Colin.
Enter Signature
  • #1,817
  • Mar 5, 2007 10:15am Mar 5, 2007 10:15am
Quoting tamkras
then there is inside nesting doll (IND) for the shorting opportunity and upside nesting doll (UND) for the long opportunity. what do you think?
I Like it!
  • #1,818
  • Mar 5, 2007 10:16am Mar 5, 2007 10:16am
My Trade was stopped at BE...guess I was wrong about London fix covering shorts.
  • #1,819
  • Mar 5, 2007 10:17am Mar 5, 2007 10:17am
Thanks guys for helping with my frustration.
Now I am feelig better and ready to grab my dosis of weekly pips as soon as I am back home from work.
  • #1,820
  • Mar 5, 2007 10:19am Mar 5, 2007 10:19am
Quoting alcastro
Thanks guys for helping with my frustration.
Now I am feelig better and ready to grab my dosis of weekly pips as soon as I am back home from work.
please, do not torture yourself, over something which we do not have control over. It is like a gust of wind you will soon forget about!
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