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4 Hour Strategy (MACD)

  • #2,701
  • Mar 16, 2007 6:28am Mar 16, 2007 6:28am
Quoting hard1head1
Any comments on this H/S formation? Any ideas where its going next?

Jim
Jim,

the 4 hr chart also has a H&S. It looks like it might drop. Will watch it closely.
Thanks for the heads up

As a matter of fact I entered a short trade when MACD crossed the zero line. My t/p is just above the neckline in the 4hr chart. Hopefully I'll get my 20 pips here!!
  • #2,702
  • Mar 16, 2007 6:31am Mar 16, 2007 6:31am
Quoting hard1head1
Any comments on this H/S formation? Any ideas where its going next?

Jim
Did you collect your 20 daily pips?
  • #2,703
  • Mar 16, 2007 6:32am Mar 16, 2007 6:32am
Quoting jarroo

One thing I do (which may burn me soon) is that once a signal is given, I don't pull the trigger right away. I see if price falls a little (long trade). In this case it did fall a little right down in between the 8 ema and 21 ema and then it went up.

Man, this is fun.

Jim
Hi Jim, i noticed that too that the price retraces some on the next candle before going back up(long as in your case) Do you have any specific way to tell how long to wait befor entering on that next candle after the signal? Thanks Jim and Nice trade !
  • #2,704
  • Mar 16, 2007 6:38am Mar 16, 2007 6:38am
I did not monitor aud last night and saw that it made another high, along with euro. What is chasing them? Anyway, hope you did not short it around 0.7920 because the strong trend continued and price pushed thru the resistance levels easily. I just imagine how many positions of impatient traders burned over this night. Now what? I am still in game. The price is trying to push thru the high made on January 2nd this year and all the rules are in place. If you have ability to convert your chart to 8HR, then you could see it. Good luck.
  • #2,705
  • Mar 16, 2007 7:20am Mar 16, 2007 7:20am
Quoting tamkras
I did not monitor aud last night and saw that it made another high, along with euro. What is chasing them? Anyway, hope you did not short it around 0.7920 because the strong trend continued and price pushed thru the resistance levels easily. I just imagine how many positions of impatient traders burned over this night. Now what? I am still in game. The price is trying to push thru the high made on January 2nd this year and all the rules are in place. If you have ability to convert your chart to 8HR, then you could see it. Good luck.
I just watched this from the sidelines T. I'm not familiar with this pair and I'm currently only trading 2 pairs...eur/usd and gbp/usd. Until I get some consistent trading results, I'll continue with only 2 pairs and just monitor some others for pattern recognition. Glad you save your pips for another day!
  • #2,706
  • Mar 16, 2007 7:37am Mar 16, 2007 7:37am
Quoting Digitaldean
Hi,



It should have a second alert that you can set for when price comes within so many pips of the 21 ema to alert you of a possible trend continue signal.

DD

Thanks DD!!!
  • #2,707
  • Mar 16, 2007 7:48am Mar 16, 2007 7:48am
I got 20 on u/j & 24 on eur/cad

44 total, still sticking with the plan though
  • #2,708
  • Mar 16, 2007 7:54am Mar 16, 2007 7:54am
I caught 24 off the bounce of the bottom of the 100 pip channel on the EUR/CAD
Attached Image
  • #2,709
  • Mar 16, 2007 8:44am Mar 16, 2007 8:44am
Quoting younes55
thanks Philip for share your good strategy.I'd like to translate it to Persian with your permission.
Go ahead. With pleasure.
Good luck
  • #2,710
  • Edited 9:10am Mar 16, 2007 8:47am | Edited 9:10am
Quoting hard1head1
I caught 24 off the bounce of the bottom of the 100 pip channel on the EUR/CAD
It appears as though from your chart, USDCAD is slowly trending upwards. Is this the consensus here as well? Just curious...

Edit: Sorry, realize ow that was EURCAD, not USDCAD. I asked because I thought USDCAD might have some weakness, but obviously that was the wrong chart!
  • #2,711
  • Edited 11:17am Mar 16, 2007 9:06am | Edited 11:17am
The 5 min strategy gave 3 trades between 10:00 and 12:00 GMT on the EurUsd for 30 pips.


Update:06:17
Currently +38pips on the GbpUsd on 5min strategy.
Attached File(s)
File Type: zip DailyWrapup 16March.zip   810 KB | 1,310 downloads
  • #2,712
  • Mar 16, 2007 9:23am Mar 16, 2007 9:23am
Doesn't everybody just love rippin' the market a new one!
  • #2,713
  • Mar 16, 2007 10:11am Mar 16, 2007 10:11am
Quoting O'Zeeke
Hi Jim, i noticed that too that the price retraces some on the next candle before going back up(long as in your case) Do you have any specific way to tell how long to wait befor entering on that next candle after the signal? Thanks Jim and Nice trade !
Good question. I don't have a specific way of telling how long to wait. That's why I said that it will probably burn me soon. Much like entering a trade to early, anticipating the signal, is not a smart thing to do.

If I get a signal. My favorite (obviously) is the Trend Continuation signal. I look to see where the 8 ema, 21 ema, trend line, S/R levels, etc. are in relation to that signal. If price immediately drops (in a long trade) I'll wait to see if it will bounce off those MAs, trendlines, etc. The problem is that price may just take off and there I am waiting, as pips pass me by. So, waiting to long I may miss a trade that would have been a no brainer.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #2,714
  • Edited 11:08am Mar 16, 2007 10:54am | Edited 11:08am
Quoting jarroo
Good question. I don't have a specific way of telling how long to wait. That's why I said that it will probably burn me soon. Much like entering a trade to early, anticipating the signal, is not a smart thing to do.

If I get a signal. My favorite (obviously) is the Trend Continuation signal. I look to see where the 8 ema, 21 ema, trend line, S/R levels, etc. are in relation to that signal. If price immediately drops (in a long trade) I'll wait to see if it will bounce off those MAs, trendlines, etc. The problem is that price may just take off and there I am waiting, as pips pass me by. So, waiting to long I may miss a trade that would have been a no brainer.

Jim
Look at history using 20%-38% Fib retrcement.
  • #2,715
  • Mar 16, 2007 10:56am Mar 16, 2007 10:56am
nice system , thanks
  • #2,716
  • Mar 16, 2007 12:27pm Mar 16, 2007 12:27pm
Quoting Phillip Nel
The 5 min strategy gave 3 trades between 10:00 and 12:00 GMT on the EurUsd for 30 pips.


Update:06:17
Currently +38pips on the GbpUsd on 5min strategy.
Hi Phillip

That's the way to do it. Don't you just love the 5 min system? So simple and also so easy to trade. I am so jealous, I drove down to George today and now I don't have access to my broadband for trading. I am watching the thread on my mobile/GPRS. no trading possible, I'll join you again next Wednesday.

Willem
Willem Forex recipe for success = Patience, discipline & hard work.
  • #2,717
  • Mar 16, 2007 1:29pm Mar 16, 2007 1:29pm
This looks good. GBP is trending down, 365, 200 and 89 sloping down. 8 & 21 are flating or maybe turning down. I am now waiting for the MACD to confirm this with a Aggressive Reversal. To me, it is following the trend. If confirmed signal, I will see how price acts around the 9400 level. We'll see.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #2,718
  • Mar 16, 2007 1:49pm Mar 16, 2007 1:49pm
Okay, finally the eur/usd is giving a round top signal...
Anyone taking this as a short?

I usually don't go into positions on fridays... I have a feeling if I enter short now, it will open up 50 pips against me on monday and continue the upwards trend hehe

  • #2,719
  • Edited 2:23pm Mar 16, 2007 2:03pm | Edited 2:23pm
Quoting jarroo
Got to love following that Trend (89 sma) YEEEE HAAAA.

In at 1.3185 at about where the trend line and the 21 ema crossed paths, which was at the T. C. signal!!!!!!!!!!!
Played 3 lots (micro) took two lots off at the upper trend line at 1.3238. Letting the last one ride.

Go Baby Go!!!!

Man, I'm liking this strategy more and more.

Jim

Closed out my last lot at 1.3312. What a ride. 127 pips.

Have a good weekend everyone. Drink plenty of Green Beer on me.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #2,720
  • Mar 16, 2007 2:21pm Mar 16, 2007 2:21pm
Quoting jarroo
Closed out my last lot at 1.3312. What a ride. 127 pips.

Have a good weekend everyone. Drink penty of Green Beer on me.

Jim
Very good run. Will give you the confidence.
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