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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- #2,322
- Mar 11, 2007 10:12pm Mar 11, 2007 10:12pm
chandra,i share the same the same 'bear' sentiment as u too!
Well 4 more hours sitting tight based on my rules.
Another 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.
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??
- #2,332
- Mar 11, 2007 11:01pm Mar 11, 2007 11:01pm
thanks 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??
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 good
- #2,338
- Mar 12, 2007 12:56am Mar 12, 2007 12:56am
Great 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.
I don't think that my comments were about a particular trade but rather about the MACD methodology in general. I particularly found your observations about macro economics of interest. From reading the posts on this thread ( and others) there is generally a healthy pre-occupation with immediate and upcoming price movement and so it should be. However, I find myself to be equally fascinated with the entire anatomy of the Elephant just as a matter of my own curiousity and in the hope that it will make me a better trader. Part of the study of the anatomy includes knowing who the players involved are (particularly the market movers) and how they approach their trading. The Elephant leaves behind it's tracks and these tracks tell a story in that the Elephant is a creature of habit, where it has been it is likely to go again. Price pivots, your wonderfull way of observing nesting tops and bottoms and classic support/resistance are examples of this sort of thing. If I may be allowed to make another silly analogy, I guess that I enjoy studying the forest as well as the trees.
Hope you had so much fun dancing that you wore out your shoes!
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
- #2,340
- Mar 12, 2007 2:53am Mar 12, 2007 2:53am
- | Joined Mar 2007 | Status: Zoom out | 1,425 Posts
this pair has been hovering ard the 21 ema and still refuses to go bearish?? any comments?:
I got in at 3130 short, will add as it goes up, and it may go up to the trendline or 89 ma, so my sl is above there at 65. Lets see what happens
Never say never.