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4 Hour Strategy (MACD)

  • #17,841
  • Nov 17, 2008 7:17am Nov 17, 2008 7:17am
Watching the yen....
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  • #17,842
  • Nov 17, 2008 8:32am Nov 17, 2008 8:32am
nice upchanell for usdchf ,maybe its intresting for u palmer
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  • #17,843
  • Nov 17, 2008 9:39am Nov 17, 2008 9:39am
It broke out of the triangle so maybe we will get an entry at a pullback to breakoutlevel.
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  • #17,844
  • Nov 17, 2008 9:55am Nov 17, 2008 9:55am
Hi people,
Is this a valid break of Zero on the EUR/USD 4hr?
I think it is and took it with stop at 1.2606. What do you think?
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  • #17,845
  • Nov 17, 2008 9:59am Nov 17, 2008 9:59am
Quoting bshadroo
nice upchanell for usdchf ,maybe its intresting for u palmer

Hey bsh...Been watching that but price has been testing the 21 a lot lately and that has me a little concerned. It is moving up but I want it to get out of the area. Looks like the euro wants to move down...watching that pair also...
  • #17,846
  • Nov 17, 2008 10:06am Nov 17, 2008 10:06am
Quoting Laja1881
Hi people,
Is this a valid break of Zero on the EUR/USD 4hr?
I think it is and took it with stop at 1.2606. What do you think?
Yes it is a Zerobreak and it was taken below the MACD zeroline by the Gap down. It can still work out for you. Stoploss could have been set to below 1.2600 but you take it a good bit out of the way. I think the 89sma will be tested and then maybe the trendline just above it..... also watch for a possible breakout to the top as EurUsd is in a triangle.
  • #17,847
  • Nov 17, 2008 10:10am Nov 17, 2008 10:10am
Quoting Phillip Nel
It broke out of the triangle so maybe we will get an entry at a pullback to breakoutlevel.
Yeah I am watching that too. Grabbed 69 and 64 on gap closures this morning on EURJPY and GBPJPY, so waiting for a high probability setup. Might have missed it at 1.4965-1.4970... we will see.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 171108.gif Size: 23 KB
  • #17,848
  • Edited 10:58am Nov 17, 2008 10:39am | Edited 10:58am
I took the odds on on the 30min for a pullback trade to the breakoutlevel of the triangle. For me that was a close enough pullback. Lets see.
Stoploss set at 60 (in the image I have it at 70 but it is set at 1.4973)

Edit 1
Set everything at Breakeven after 40pips. Might be too little for the current volatility. Lets see

Edit 2
Breakeven closedout. Volatility to high. Should have closed 50% on +40 gain and remainder set at -40. To late now.
Attached Image (click to enlarge)
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  • #17,849
  • Nov 17, 2008 11:08am Nov 17, 2008 11:08am
Quoting Phillip Nel
I took the odds on on the 30min for a pullback trade to the breakoutlevel of the triangle. For me that was a close enough pullback. Lets see.
Stoploss set at 60 (in the image I have it at 70 but it is set at 1.4973)

Edit 1
Set everything at Breakeven after 40pips. Might be too little for the current volatility. Lets see

Edit 2
Breakeven closedout. Volatility to high. Should have closed 50% on +40 gain and remainder set at -40. To late now.
why didnt close first half after 30-40 pips?maybe it was a single lot trade ?and if it was it means the trade was risky for u ?
thx in advance
  • #17,850
  • Edited 11:30am Nov 17, 2008 11:11am | Edited 11:30am
I just did something I never did before. That is re-entering a trade setup on another timeframe confirmation. I feel very strong about the breakout of the GbpUsd and the 1Hour has also pulled back to the breakout level.

This is what I called. LOOKING FOR A TRADE.

Entered at 1.5032

Stoploss 1.4972 I will also scale out of my stoploss. I will close 50% after a -35loss and the remainder I will close at -60pips

TP1 1.5100
TP2 1.5200

This time I will close 50% after +30pips and set remainder on -30.
Attached Image (click to enlarge)
Click to Enlarge Name: 4 Hour Strategy.gif Size: 25 KB
Attached File(s)
File Type: zip GbpUsd Trade.zip   816 KB | 990 downloads
  • #17,851
  • Nov 17, 2008 11:29am Nov 17, 2008 11:29am
Quoting Phillip Nel
I just did something I never did before. That is re-entering a trade setup on another timeframe confirmation. I feel very strong about the breakout of the GbpUsd and the 1Hour has also pulled back to the breakout level.

This is what I called. LOOKING FOR A TRADE.

Entered at 1.5032

Stoploss 1.4972 I will also scale out of my stoploss. I will close 50% after a -35loss and the remainder I will close at -60pips

TP1 1.5100
TP2 1.5200

This time I will close 50% after +30pips and set remainder on -30.
Hope this works out for you Phillip.

I don't like the look of that long upper shadow on the previous candle which falls almost exactly on the upper trendline that I had drawn. Who knows how accurate one can be when drawing the trend lines.

Fingers crossed!
James The Beekeeper
  • #17,852
  • Nov 17, 2008 11:40am Nov 17, 2008 11:40am
I took the GBPUSD long, as the Counter trend looked good. Good PA bars, no close resistence, break out of triangle, higher low.

I got 25 pips at 500 Units (Oanda), but it didn't go very smooth. My Limit Order then closed out with a 40 pip loss at 250 units.

So I made a very small profit. I am not sure why the GBPUSD is so volitile, it looked like a nice set-up. I will look to re-enter long, if the set-up occurs.
  • #17,853
  • Edited 12:12pm Nov 17, 2008 11:42am | Edited 12:12pm
Quoting edeyj999
Hope this works out for you Phillip.

I don't like the look of that long upper shadow on the previous candle which falls almost exactly on the upper trendline that I had drawn. Who knows how accurate one can be when drawing the trend lines.

Fingers crossed!
Thanks, I see what TL you are talking about. I have completley missed it as I was looking at the breakoutlevel and that specific TL. I will watch the position closely and close it if it turns around especially below 1.5000

Edit 1
I closed the trade at 1.5018 for -14pips loss. Not comfortable with the movement.
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  • #17,854
  • Nov 17, 2008 11:45am Nov 17, 2008 11:45am
Quoting unlv_tj
I took the GBPUSD long, as the Counter trend looked good. Good PA bars, no close resistence, break out of triangle, higher low.

I got 25 pips at 500 Units (Oanda), but it didn't go very smooth. My Limit Order then closed out with a 40 pip loss at 250 units.

So I made a very small profit. I am not sure why the GBPUSD is so volitile, it looked like a nice set-up. I will look to re-enter long, if the set-up occurs.
Cable has had a fairly big move up today (3.5 cents+). It's no surprise that it may be losing momentum at around 1.50 which I would think will be a key level.
James The Beekeeper
  • #17,855
  • Nov 17, 2008 11:56am Nov 17, 2008 11:56am
hello lads,

i had been waiting to buy the usd/cad after seeing it fill the gap and had bounced off the channel line. Was waiting for the macd signal confirmation. But instead of getting one to the upside, WE got a zero bounce to the downside with aggressive breakout.

Short @ 1.2157
S/L @ 1.2210
T/P @ 1.2060
Attached Image (click to enlarge)
Click to Enlarge Name: chart2.gif Size: 47 KB
Keeping Life Simple
  • #17,856
  • Nov 17, 2008 12:05pm Nov 17, 2008 12:05pm
Edit:

closed 0.1 @ 1.2119 +38pips
Closed remainder manually 0.2 @ 1.2154 +6pips
38+3+3=44/3 = 14pip

i closed the rest early because I was just not comfortable after such breakout without pullback confirmation to let my pips get to losses so I decided to close the rest.
Keeping Life Simple
  • #17,857
  • Nov 17, 2008 12:08pm Nov 17, 2008 12:08pm
Quoting time1300
hello lads,

i had been waiting to buy the usd/cad after seeing it fill the gap and had bounced off the channel line. Was waiting for the macd signal confirmation. But instead of getting one to the upside, WE got a zero bounce to the downside with aggressive breakout.

Short @ 1.2157
S/L @ 1.2210
T/P @ 1.2060
Hi time1300,
I saw a round top on the 4h MACD this morning and went short....other timeframes may help! Cheers!
  • #17,858
  • Nov 17, 2008 12:10pm Nov 17, 2008 12:10pm
Quoting Phillip Nel
Yes it is a Zerobreak and it was taken below the MACD zeroline by the Gap down. It can still work out for you. Stoploss could have been set to below 1.2600 but you take it a good bit out of the way. I think the 89sma will be tested and then maybe the trendline just above it..... also watch for a possible breakout to the top as EurUsd is in a triangle.
Thanks so much Phillip, I out of that trade with 60pips profit. I still think there is room for more up move but the risk is too high because of the triangle the EUR/USD is in. I sure a clearer signal will indicate the move. Thanks for the hint.
  • #17,859
  • Nov 17, 2008 12:13pm Nov 17, 2008 12:13pm
Quoting baco75
Hi time1300,
I saw a round top on the 4h MACD this morning and went short....other timeframes may help! Cheers!
Ya I saw that as well, but I also didn't know if it will bounce off the channel trend line or it will breakout below it. The last too candles were tweezer bottoms with long legs so I was little hesitant to enter until I saw the breakout. but yes you are right there was a Round Top formation as well.
Keeping Life Simple
  • #17,860
  • Nov 17, 2008 12:17pm Nov 17, 2008 12:17pm
Quoting Phillip Nel
Thanks, I see what TL you are talking about. I have completley missed it as I was looking at the breakoutlevel and that specific TL. I will watch the position closely and close it if it turns around especially below 1.5000

Edit 1
I closed the trade at 1.5018 for -14pips loss. Not comfortable with the movement.
I agree with the closing of the trade. I f you look at the 4H I think GBPUSD is at least retesting the 21 before going up. That's your rule!!
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