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4 Hour Strategy (MACD)

  • #2,301
  • Mar 11, 2007 7:45pm Mar 11, 2007 7:45pm
Hi all,

Entered a trade that fit my #3 sceenario for GBPUSD.

1 mini lot long at 1.8371 (going to enter in stages b/c of signal candle size)
Move to BE at 1.8391
TP: 1.9420 (about 15 pips before TL Resistance)

1 mini lot long at 1.8342
Move to BE at 1.8362
Move to protect 20 pips profit at 1.8391
TP: 1.9420

Reasons for trade:

 

  1. signal candle closed above minor res. level
  2. signal candle "stinger" pointing downward
  3. MACD signal indicated upmove (TC of upmove also evident on hr. chart)

Now here is the reason you should not be on the phone when entering a trade: The candle dimension is skewed visually on our charts, and looking w/o "looking" leads you (me at least) to think S/L not that far away. Don't have the ability to calculate r:r and when you hang up, you realize that the s/l is too far away (for this trade the stop should be 70+ pips).

so far I'm down 55 pips on the 2 lots....

Attached Image
  • #2,302
  • Mar 11, 2007 7:51pm Mar 11, 2007 7:51pm
I've got an RB forming on the 4hr candle that closes in about 9min with a green bar = long. BUUUUUUUT, I think this green bar is a result of the higher gap open that has since fallen back to the low of the evening. I'm really hesitant to put a long position on the close of this candle because of the opening price. I'm with FXDD, talking the EURO$ here...
  • #2,303
  • Mar 11, 2007 7:55pm Mar 11, 2007 7:55pm
I saw the same thing Pips...went long and now I'm minus pips as well. Trying to decide if it will go back up at all or if I should just get out of the trade now. They say to have patience and wait for the trade to come to you...but here's where patience can cost you pips price continues to drop. To be continued...

Quoting pips4uandme
Hi all,

Entered a trade that fit my #3 sceenario for GBPUSD.

1 mini lot long at 1.8371 (going to enter in stages b/c of signal candle size)
Move to BE at 1.8391
TP: 1.9420 (about 15 pips before TL Resistance)

1 mini lot long at 1.8342
Move to BE at 1.8362
Move to protect 20 pips profit at 1.8391
TP: 1.9420

Reasons for trade:

 

  1. signal candle closed above minor res. level
  2. signal candle "stinger" pointing downward
  3. MACD signal indicated upmove (TC of upmove also evident on hr. chart)

Now here is the reason you should not be on the phone when entering a trade: The candle dimension is skewed visually on our charts, and looking w/o "looking" leads you (me at least) to think S/L not that far away. Don't have the ability to calculate r:r and when you hang up, you realize that the s/l is too far away (for this trade the stop should be 70+ pips).

so far I'm down 55 pips on the 2 lots....

  • #2,304
  • Mar 11, 2007 8:08pm Mar 11, 2007 8:08pm
Quoting Palmer
alcastro:

What version of the color MACD is on your screen? Mine is v102. Not sure why you have two numbers. Unless he posted a new indicator in his thread.

EURUSD:

Now who said that the FX was a gapless market? Either way...RB trying to form on the current 4hr candle but we also hit the 21 in a 'bear' mode so we should be looking for a TC to the downside on the 1hr. But, that short on the 1hr happened too fast. Because of where the market opened and because of Friday$ move, I'm going to let the 4hr find its way before I do anything...

Have a good week everybody. As Phillip would say, "Don't force it, let the trade come to you." I've got burgers on the grill...gotta go!
Even the 1hr is trying to form a TC now (1:07 GMT)
  • #2,305
  • Mar 11, 2007 8:10pm Mar 11, 2007 8:10pm
This is how I saw it a while back. I have entered based on the 4hr.
Price 1.9340
SL 1.9250
TP 1.9470

I am new at this so I may still be trying to capture too many pips.
Attached Image
  • #2,306
  • Mar 11, 2007 8:11pm Mar 11, 2007 8:11pm
Quoting Tw0eleven
I saw the same thing Pips...went long and now I'm minus pips as well. Trying to decide if it will go back up at all or if I should just get out of the trade now. They say to have patience and wait for the trade to come to you...but here's where patience can cost you pips price continues to drop. To be continued...
Hi Tw0eleven,

I'm going to stick it out until the indicator tells me otherwise...or i'm stopped). The S/L on lot 1 is horrible! lot 2 a bit better. Have noticed that I rush trades and exit too soon (so, this week i'm working on staying in...even if it sucks ).
  • #2,307
  • Mar 11, 2007 8:12pm Mar 11, 2007 8:12pm
Quoting pips4uandme
Looks like EURUSD retraced up to the 21 and closed back at support w/RB forming. Is anyone else waiting for TC signal from MACD for move lower?
Watching 1 hour for sign the RB morphs into TC.

Any thoughts?
EURUSD (1:10gmt)
Even 1hr is trying for a TC. 4hr is showing Tc but we wait for at least 1hr to complete TC before entering shrt. In favor of TC, remember three sisters (4,5,&6) in Phillip's MP3. Against TC, remember Sunday evening signals are less reliable.

_Chandra
  • #2,308
  • Mar 11, 2007 8:14pm Mar 11, 2007 8:14pm
Quoting HipsterPipster
This is how I saw it a while back. I have entered based on the 4hr.
Price 1.9340
SL 1.9250
TP 1.9470

I am new at this so I may still be trying to capture too many pips.
Think we are in the same boat w/wopper SL. Don't forget 1.9400 might act as a barrier (if we are lucky and get there). May want to move stop to BE and sell a lot or two for a few pips.

Nice trade....
  • #2,309
  • Mar 11, 2007 8:17pm Mar 11, 2007 8:17pm
Chandra:

That's what I'm looking at also. I've got a conservative target to about the 1.3096 area, lots of support there...
  • #2,310
  • Mar 11, 2007 8:18pm Mar 11, 2007 8:18pm
Quoting Chandra
EURUSD (1:10gmt)
Even 1hr is trying for a TC. 4hr is showing Tc but we wait for at least 1hr to complete TC before entering shrt. In favor of TC, remember three sisters (4,5,&6) in Phillip's MP3. Against TC, remember Sunday evening signals are less reliable.

_Chandra
The three sisters are in harmony w/TC....did I misread and misunderstand post? Please clarify for me. Thanks

pippy
  • #2,311
  • Mar 11, 2007 8:25pm Mar 11, 2007 8:25pm
Quoting pips4uandme
Think we are in the same boat w/wopper SL. Don't forget 1.9400 might act as a barrier (if we are lucky and get there). May want to move stop to BE and sell a lot or two for a few pips.

Nice trade....
Thanks Pips
  • #2,312
  • Mar 11, 2007 8:28pm Mar 11, 2007 8:28pm
Quoting pips4uandme
Hi Tw0eleven,

I'm going to stick it out until the indicator tells me otherwise...or i'm stopped). The S/L on lot 1 is horrible! lot 2 a bit better. Have noticed that I rush trades and exit too soon (so, this week i'm working on staying in...even if it sucks ).

I'm right there with you. My first s/l is rather big as well. But have the same problem with exiting trades too soon. We'll ride this one together. I see the gbp going up to 1.9435 area first. Maybe even up to 1.9470(89 ma) But I'd be happy with the first t/p. And glad to have you aboard with us Hipster!
  • #2,313
  • Mar 11, 2007 8:31pm Mar 11, 2007 8:31pm
Quoting Tw0eleven
I'm right there with you. My first s/l is rather big as well. But have the same problem with exiting trades too soon. We'll ride this one together. I see the gbp going up to 1.9435 area first. Maybe even up to 1.9470(89 ma) But I'd be happy with the first t/p. And glad to have you aboard with us Hipster!
Yup, Hipster, you and I all have the same idea....let's make some pips!

Now, I must follow Palmer's lead and go get the food off the grill....
  • #2,314
  • Mar 11, 2007 8:38pm Mar 11, 2007 8:38pm
Quoting pips4uandme
The three sisters are in harmony w/TC....did I misread and misunderstand post? Please clarify for me. Thanks

pippy
Pippy,
U read 3sis correctly. 3 sis are in harmony with TC, if it forms, for a short trade.
-Chandra
  • #2,315
  • Mar 11, 2007 8:53pm Mar 11, 2007 8:53pm
Quoting Phillip Nel
Info

UPDATED
MACD can also give a bounce off Zero when the down move comes.
Phillip, After U introduced the 3 sisters, I have a point here:
All these days we discussed about once a RT/RB is formed on 4hr, it may turn into a TC on the next bar. This would lead to a losing trade (RT/RB trade) and to avoid this, we go to 1hr while the RT/RB is still forming in 4hr and check for a TC on 1hr. If there is a TC on 1hr, then the probability of the still forming RT/RB in 4hr becoming a TC is high.
Now with this new wepon of 3sisD (short form to 3 sisters Down signal. It is 3sisu for 3 sisters up signal) sitting behind any RT/RB formation in 4hr., can we feel more confident that this RT/RB would convert to TC on next bar? If you agree with me, why bother trying to trade that meger RT/RB signal at all!

Of course, we have to do the ritual of looking at 1hr for TC signal if there were no 3sisD or 3sisU sitting behind the RT/RB formation.
-Chandra
  • #2,316
  • Mar 11, 2007 9:23pm Mar 11, 2007 9:23pm
EURUSD - hr.
2007-03-12; 0:00 GMT candle.

Hi all,
I feel the following points in favor of a short trade.
1. We are below 89 MA and so, in Down Trend mood (as Phillip empahsises).
2. The current candle is in the region of 21 & 8 MAs.
3. 3SISD well established and points to a short trade.
4. 1hr has already showed a TC Down.
5. If the current candle (0:00 GMT) closes red, everythig confirms a short trade.

All comments (including Phillip's) beofre the current candle closes please. (another 1-1/2 hour).
--Chandra
  • #2,317
  • Mar 11, 2007 9:34pm Mar 11, 2007 9:34pm
.
  • #2,318
  • Mar 11, 2007 9:36pm Mar 11, 2007 9:36pm
I here attach an indicator, what it is worth for. I got it form a site.
It shows daily range for today, for yesterday and average daily range over 5 days , 10 days and 20 days. It also gives SL you may use if you set it to 1/2 or 3/4 of the average daily range.
Can we use this effectively on our SL and TP?
Note there is an input in this "Risk-to-reward ratio set to 3. I do not know what is this input used for.
Many of you may already have this indicator.
Attached File(s)
File Type: mq4 adr_sl-noline.mq4   13 KB | 859 downloads
  • #2,319
  • Mar 11, 2007 9:42pm Mar 11, 2007 9:42pm
Quoting Palmer
alcastro:

What version of the color MACD is on your screen? Mine is v102. Not sure why you have two numbers. Unless he posted a new indicator in his thread.

EURUSD:

Now who said that the FX was a gapless market? Either way...RB trying to form on the current 4hr candle but we also hit the 21 in a 'bear' mode so we should be looking for a TC to the downside on the 1hr. But, that short on the 1hr happened too fast. Because of where the market opened and because of Friday$ move, I'm going to let the 4hr find its way before I do anything...

Have a good week everybody. As Phillip would say, "Don't force it, let the trade come to you." I've got burgers on the grill...gotta go!

Palmer,

I am using the same version as you: v102....but I have two numbers. Trying to figure out what they mean.

Reagriding Eur/Us:

I know everybody is talking about a gap but I don't see any. My take on this pair is similar to yours: I think it is going down. If you zoom out you will see it is forming the right shoulder of a H&S pattern. Neckline around 1.3079, and if it breks that line it will go at least down to a TL at 1.3049.
1 hr is showing a TC pattern to the short side. Based on my rules (that are Phillip's) I'll wait until the 4hr paints completely this bar, that is 30 mins. Now, if I am reading correctly Irusoh's excellent MACD indicator, price only has to fall 3 pips to change the MACD bar from green to red, creating a TC pattern. I will still hold for at least 1 more hr. And if the short trade continues valid, then, and ONLY then, I'll jump
  • #2,320
  • Mar 11, 2007 9:56pm Mar 11, 2007 9:56pm
Quoting Chandra
EURUSD - hr.
2007-03-12; 0:00 GMT candle.

Hi all,
I feel the following points in favor of a short trade.
1. We are below 89 MA and so, in Down Trend mood (as Phillip empahsises).
2. The current candle is in the region of 21 & 8 MAs.
3. 3SISD well established and points to a short trade.
4. 1hr has already showed a TC Down.
5. If the current candle (0:00 GMT) closes red, everythig confirms a short trade.

All comments (including Phillip's) beofre the current candle closes please. (another 1-1/2 hour).
--Chandra
chandra,i share the same the same 'bear' sentiment as u too!
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