Hey guys,,
Looking for going short as 4 hour candle pointing, plus
RSI showing Overbouth
CCI level above 100
.
Looking for going short as 4 hour candle pointing, plus
RSI showing Overbouth
CCI level above 100
.
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DislikedSorry to barge in like this but could someone tell me what time the MQ4 4hour candles close in EST zone? thanks!Ignored
DislikedAnother possibility, that will eventually end in a short for this pair (E/U) is that price goes up, hits descending TL and bounces back down. That will explain the RB that has been confirmed with this recent close...even though the 1 hr insists in TC short.
Well 4 more hours sitting tight based on my rules.Ignored
DislikedHey guys,,
Looking for going short as 4 hour candle pointing, plus
RSI showing Overbouth
CCI level above 100
.Ignored
DislikedURGENT, ONLY 30 mminutes left to answer this.
Has the 0:00 GMT candle on 4hr chart closed already??????
-ChandraIgnored
DislikedAnother possibility, that will eventually end in a short for this pair (E/U) is that price goes up, hits descending TL and bounces back down. That will explain the RB that has been confirmed with this recent close...even though the 1 hr insists in TC short.
Well 4 more hours sitting tight based on my rules.Ignored
DislikedAlcastro. I use IBFX. Their charting day starts at 0:00 GMT. Now, in my 4hr chart, the 0:00 GMT bar is not yet completed. It has ab=nother 17 minutes to go (Now the GMT time is 03:43:00).
-ChandraIgnored
DislikedChandra,
I use MIG. Their day starts at GMT+1. SO to me it already closed. You have a ittle more time. In my case I will hold my trade until I see a red bar completely closed. This is not yet the case for Euro. Even though I agre with your analysisIgnored
Dislikedthanks for your analysis alcastro.i have a few questions that require your further analysis,
1.according to the 4hrs system,the 1hr system is a further 'confirmation' signal and if both says its bearish,isnt it a good time to short?
2.do i actually need further and more signals before going short?
i am getting abit confused now??Ignored
DislikedFxnewbie,
What I understand is that yes, the 1 hr signal is a confirmation of the 4hrs.
So wait 1st. for the completion of the 4 hr bar (the 1st bar that draws the pattern). Usually it could be a TC or a R/TB. Since we go into the trade as soon as the 2nd bar begins, there is the possibility that we make the wrong call, and what we believed was a RB long may turn into a TC short. In order to diminish the probabilities of going wrong, we check the 1 hr bar to see if it confirms our judgement..or not.
I use other elements: TL, the distance from MA's, and distance from stops. All those have their role in my decision to trade or not.
But his is what i have learned from Phillip's documents, so don't think that I am an expert trader speaking from the heights of wisdom. I am just a guy who found Phillip's method and found it simple and effective...and has decided to give it a try. So far...so goodIgnored
Dislikedwill keep an eye out for this.....nice RB forming.....price above 89SMA, so a long would be with the trend....wont be pulling the trigger until this bar closes (approx 3 hours from now)....
http://i15.tinypic.com/2eelhrt.jpgIgnored
DislikedHi Shazz,
beware this pair does the RB fakey often! Use 1 hour to confirm up move or TC (I suspect downward move will continue based on the double top, second lower than first...whole nesting doll, double mound thing.)Ignored
DislikedGreat response. I am still trying to understand, Fxhermit, if from your comment there was a MACD short or long signal at that time of my entry. The decision is one. Thanks kindly for your clarification.Ignored
Dislikedthis pair has been hovering ard the 21 ema and still refuses to go bearish?? any comments? :Ignored