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4 Hour Strategy (MACD)

  • #2,521
  • Mar 13, 2007 11:39pm Mar 13, 2007 11:39pm
I got this quote from the free forex ebooks website posted earlier in the thread (the quote is from Wayne Gretzky)

"The more I practice, the luckier I get."

Thought this was a great way for us to think of our trading skills and how we learn to exploit opportunities.

Also, Chandra, there were a couple of candlestick documents that looked pretty good....and they were free. Might be worth your time to check them out if you haven't already (it'll save you some cash, which is a good thing!)
  • #2,522
  • Mar 14, 2007 1:52am Mar 14, 2007 1:52am
Quoting jarroo
Those countertrend trades are tough without a clear signal. (Heck, with a clear signal there tough). Hang in there buddy.

2 lots (micros)
Entry: 6835
Stop: 6805 (below the 21 ema)
T/P: 1st 20 pips then move to 2ndB/E.

Jim

Took my 1st 20 pips move 2nd to B/E.

(EUR/GBP)
Indicators show the past. Price Action "Indicates" the future.
  • #2,523
  • Mar 14, 2007 2:42am Mar 14, 2007 2:42am
The MAs are collapsing on to each other what wll happen?

Does anyone know? I think a big move in the making.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #2,524
  • Mar 14, 2007 3:40am Mar 14, 2007 3:40am
Quoting jarroo
The MAs are collapsing on to each other what wll happen?

Does anyone know? I think a big move in the making.

Jim
I sold 7815 after the macd cross on 4hr and close of that bar. I have my sl over this mass of ma's at 41, maybe a little tight but if it blasts throgh here it could go far before dropping again...Lets have a little faith, I took some profit at the 200 ma in any case, which seems to be supporting the area along with the 365, but below that I see freefall Wouldnt that be nice?
Never say never.
  • #2,525
  • Mar 14, 2007 3:43am Mar 14, 2007 3:43am
I keep seeing you all talking about TC's what are they please? Thanks
Never say never.
  • #2,526
  • Mar 14, 2007 3:59am Mar 14, 2007 3:59am
Quoting razldazl
I keep seeing you all talking about TC's what are they please? Thanks
TC's are trend continue signals
  • #2,527
  • Mar 14, 2007 5:12am Mar 14, 2007 5:12am
Quoting supaq
TC's are trend continue signals
thanks, the little lightbulb just came on hahah
Never say never.
  • #2,528
  • Mar 14, 2007 5:52am Mar 14, 2007 5:52am
I am getting there, however, you notice that the pair formed another lower low. That next low did happen to close inside the last low also. This fact is getting in the way of my thinking. Am I missing something.

Thanks, Jim
  • #2,529
  • Mar 14, 2007 6:22am Mar 14, 2007 6:22am
Quoting razldazl
I sold 7815 after the macd cross on 4hr and close of that bar. I have my sl over this mass of ma's at 41, maybe a little tight but if it blasts throgh here it could go far before dropping again...Lets have a little faith, I took some profit at the 200 ma in any case, which seems to be supporting the area along with the 365, but below that I see freefall Wouldnt that be nice?


Razldazl, we sold at exactly the same price. My s/l is near yours, at 44. 4hr MACD is still on the short side, and the 1hr shows a TC.
The previuos two candles in my chart, in the 4hr were spinning tops and doji, bouncing from the 8MA and closing below the 21. So hopefully it could go our way.

On the other side, it may be a slow session, as tonight (my time zone, EST), AUD releases one of the most importnt reports: the employment change, and everybody may linger around until the numbers are released.
  • #2,530
  • Mar 14, 2007 6:43am Mar 14, 2007 6:43am
Quoting alcastro
Razldazl, we sold at exactly the same price. My s/l is near yours, at 44. 4hr MACD is still on the short side, and the 1hr shows a TC.
The previuos two candles in my chart, in the 4hr were spinning tops and doji, bouncing from the 8MA and closing below the 21. So hopefully it could go our way.

On the other side, it may be a slow session, as tonight (my time zone, EST), AUD releases one of the most importnt reports: the employment change, and everybody may linger around until the numbers are released.
hmm thats true alcastro and also current account coming out for USD. Your sl is better than mine, price came within 2 pips at 39 yeeks. The good news is it hasnt been able to get much beyond that mass of ma's, the bad news is it hasnt been able to drop either. Im watching this 1hr bar to see if it signals a TC (now that I know what a TC is Im going to write it a lot hahah) Suerte amigo
Never say never.
  • #2,531
  • Mar 14, 2007 7:04am Mar 14, 2007 7:04am
Quoting hard1head1
I am getting there, however, you notice that the pair formed another lower low. That next low did happen to close inside the last low also. This fact is getting in the way of my thinking. Am I missing something.

Thanks, Jim
When are you folks sleeping? Please, spare yourself. I used to wake up many times during the night worrying about my open position/s as if it was my daughter's restless sleep that turned me into zombie. You have no control over the price action. You can only control your plan. It may well be that this pair usd/jpy will move against me (and those who are long) and so be it. I noticed 5 minutes ago that the price did indeed tested the low during last night but it was still contained within the previous inside structure. So I missed this price action and spared my nerves. I am still in and I see that the price has some difficulty pushing thru 166.40 level. This is a natural barrier because, in the recent past - March 5-7, as you can see on the chart there is a huge build-up of the price stability. So, if someone wants to spare his or her nerves, your pips are already well-deserved and a partial position can be closed - and here is your bread that you won. Yours, T.
  • #2,532
  • Mar 14, 2007 7:08am Mar 14, 2007 7:08am
Quoting alcastro
TURK,

as you know a round top (short trade) may easily turn into a TC (long trade). The idea is that once you see a RT in the 4hr MACD, when the first red bar has been totally formed, before waiting for the second to complete, you can decide your entry based on the 1 hr. If the 1 hr MACD is showing a TC instead of a RT, then there is a high probability that the 4hR RT will turn into a TC. In this way you can get early into the trade with an additional confirmation.

That is the way i use it. Am I correct?
That's the way I see it as well. But, the question is, I believe, just what exactly is the TC on the 1hr? If the 4hr MACD bar has an RT and the next MACD 4hr bar has turned red, short it. But the 1hr is doing this__________so you go long on the 4hr instead. ???

DireXiv: I took the same trade you did last night onthe EUR$ but got out with about 7 pips or so because it kept having trouble going through the 8ma. All three lower ma's converging, on the sidelines for now. Price touched the 21 ma area but no 'green bar' MACD on the 1hr to get in...
  • #2,533
  • Mar 14, 2007 7:35am Mar 14, 2007 7:35am
Quoting tamkras
Hope the enclosed trade which I just entered explains a lot about my method. I was waiting for this for 3 days. I will send you PM about the aussie trade not to confuse with the MACD trades. Please, do not try it live until you can develop a strong feeling of confidence. Yours, T.
Those who are long usd/jpy, aren't you happy?
  • #2,534
  • Mar 14, 2007 7:45am Mar 14, 2007 7:45am
Quoting jarroo
The MAs are collapsing on to each other what wll happen?

Does anyone know? I think a big move in the making.

Jim
The pair is forming a classic triangle within the last five 4HR bars. The previous long bar for me is still within the triangle as it was emotional and can be a precursor sign for another leg down. If you are considering a new position with this pair watch what side of the triangle the price will move out from - it will break out soon.
  • #2,535
  • Mar 14, 2007 7:52am Mar 14, 2007 7:52am
Quoting tamkras
Those who are long usd/jpy, aren't you happy?
Would be if I had taken the trade! hehe Could have gotten in at 116.05, but didn't trust myself or the trade. Have gotten burned too many times on the u/j pair before...lack of confidence. Any way to get over that?
  • #2,536
  • Mar 14, 2007 8:22am Mar 14, 2007 8:22am
Quoting tamkras
Those who are long usd/jpy, aren't you happy?
Tam,
got in a little later, waited for the MACD confirm on the 4 hour, followed the rules, but great to see your eyeing the same thing. Went long USD/CHF and USD/JPY on the round bottoms, up on both.

Are you looking at the USD/JPY as more of a long term swing/position trade or do you have any thoughts on targets?

Pilgrim
  • #2,537
  • Mar 14, 2007 8:34am Mar 14, 2007 8:34am
As did I... took 24 pips on 1st lot and up 35 at the moment. Looking up after little pullback. Keep in it for a bit I think this pair has large moves.



Quoting pilgrim
Tam,
got in a little later, waited for the MACD confirm on the 4 hour, followed the rules, but great to see your eyeing the same thing. Went long USD/CHF and USD/JPY on the round bottoms, up on both.

Are you looking at the USD/JPY as more of a long term swing/position trade or do you have any thoughts on targets?

Pilgrim
DireXiv Make it happen, no one else is going to do it for you...
  • #2,538
  • Mar 14, 2007 8:46am Mar 14, 2007 8:46am
Quoting DireXiv
As did I... took 24 pips on 1st lot and up 35 at the moment. Looking up after little pullback. Keep in it for a bit I think this pair has large moves.

Dire,

loved your eur/jpy the other day, by the way. just took 30 on GBP/USD channel break, not phils system. This could be 1-2-3 bottom on USD/CHF and USD/JPY. I saw the drop down to 155.50 ish last night, it looked it was going to keep dumping, but turned VERY fast, making a large hammer. EUR doesn't want to come down, but look at all those spinning tops, inverted hammers, i count six on the 4 hour near 1.3200, it's time could be soon approaching.

Pilgrim
  • #2,539
  • Mar 14, 2007 9:19am Mar 14, 2007 9:19am
Hi all,
just want to share, this indicator will plot daily ma on 4 hour or lower.
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File Type: mq4 DAILYMA.mq4   3 KB | 789 downloads
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  • #2,540
  • Mar 14, 2007 9:20am Mar 14, 2007 9:20am
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