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4 Hour Strategy (MACD)

  • #2,961
  • Mar 21, 2007 2:18pm Mar 21, 2007 2:18pm
Quoting pips4uandme
Love the red face!!!

Don't worry...we will see some profit taking and should see a retracement and a buy opportunity in Asia....perfect for you. We caught "news" move....now its time to go back to techs we've learned from Phillip!!!

Besides...you did really well the other day if I remember correctly....

remember...not every move is for me (but we want them to be...hehe)!

pips

Yeah..I guess me must wait for Asia...and London....(sigh!)
  • #2,962
  • Mar 21, 2007 2:21pm Mar 21, 2007 2:21pm
im glad I got out of swissy usd with only a 10 pip loss the smartest thing I did today was to move my stop closer to protect my capital I dont care if Imissed the move im just glad I wasnt decimated by it...

I knew this would happen, the dollar is weak right now its not even funny... take any retracement with catioun the major trends on euro and cable are still up above 200 ema on daily
  • #2,963
  • Mar 21, 2007 2:23pm Mar 21, 2007 2:23pm
the euro just broke thru the december high at 3370 level, at this point we could see a pullback or a 2b followed by a contiuation we could see the euro even make new all time highs against the dollar eventually.
  • #2,964
  • Mar 21, 2007 2:28pm Mar 21, 2007 2:28pm
Some info
Attached Image
Attached File(s)
File Type: zip News Trading.zip   477 KB | 3,148 downloads
  • #2,965
  • Mar 21, 2007 3:05pm Mar 21, 2007 3:05pm
Quoting Phillip Nel
Some info
Philip, nice info.
Let me just add for others also, that on EURUSD, price stopped exactly at R3 pivot (which was for today 1.3383) and for cable it was stopped around R1 pivot (which was for today at 1.9678).
Not to mention that on EURUSD the top from last year was around 1.3375.
  • #2,966
  • Mar 21, 2007 4:49pm Mar 21, 2007 4:49pm
Quoting Phillip Nel
Some info
Thank you Phillip, and would it be ok for you or endy to explain what pivots are and how it works? Thanks for all you do for us.
O'Zeeke
  • #2,967
  • Mar 21, 2007 5:10pm Mar 21, 2007 5:10pm
Calculation of those pivot levels is based on previous daily range:
H - daily high
L - daily low
C - daily close

Pivot point P = (H + L + C) / 3
and then resistance and support pivots are:
R1 = (2*P)-L;
S1 = (2*P)-H;
R2 = P+(H - L);
S2 = P-(H - L);
R3 = (2*P)+(H-(2*L));
S3 = (2*P)-((2* H)-L);

all of those I have in metatrader indicator. I am not going to attach here that indicator, as I am 200% sure, it is somewhere in FF and if not, just put in google "MT4 pivot indicator" and you will for sure find not only the indicator itself, but also other very useful and interesting info about pivots. I know, it takes time, but you will learn much much more.

Endy

Quoting O'Zeeke
Thank you Phillip, and would it be ok for you or endy to explain what pivots are and how it works? Thanks for all you do for us.
O'Zeeke
  • #2,968
  • Mar 21, 2007 7:13pm Mar 21, 2007 7:13pm
Quoting endy
Calculation of those pivot levels
Endy

Thanks Endy, does the daily start at 00:00 GMT?
  • #2,969
  • Mar 21, 2007 7:19pm Mar 21, 2007 7:19pm
I found the indicator and thought I would post it. You can of course, exclude either of the timeframes.
Chau,
Dionysius
Attached File(s)
File Type: mq4 Pivot Auto.mq4   14 KB | 2,606 downloads
  • #2,970
  • Mar 21, 2007 7:24pm Mar 21, 2007 7:24pm
Guys,

I see everyone here set their TP i.e. 50+ pip, 100+ pips while i just set mine at 20 pips max. I feel like im losing out in the fun, how do you guys set your TP?
  • #2,971
  • Mar 21, 2007 7:29pm Mar 21, 2007 7:29pm
Quoting HipsterPipster
I found the indicator and thought I would post it. You can of course, exclude either of the timeframes.
Chau,
Dionysius
Thanks Hipster, i'll load it up right now
  • #2,972
  • Mar 21, 2007 8:11pm Mar 21, 2007 8:11pm
Quoting Al1nn
Guys,

I see everyone here set their TP i.e. 50+ pip, 100+ pips while i just set mine at 20 pips max. I feel like im losing out in the fun, how do you guys set your TP?
Al1nn, TP levels vary from person to person depending on the life of their trade, capital used, timeframe.......etc. There are many variables people consider when they establish TP levels. Many traders use money management techniques to break their trade into multiple lots with, for example 1 lot of 40% at break even, 30% at 1st established profit level, 30% at 2nd profit level. This is only one example and the trader may consider Stop Loss levels, as well as lots traded to establish the break even level. I am a young trader and have a lot to learn, but I just wanted to share that TP levels have to do with currency pair action/price, and a traders money management profile. To speculate currency movement, one needs to examine trendlines and currency action to understand speculative movement. I am sure someone else here could answer with more wisdom than I on this topic.
Hope this helps some,
Dionysius
  • #2,973
  • Mar 22, 2007 5:20am Mar 22, 2007 5:20am
Is anybody LOng USDCAD ?
  • #2,974
  • Mar 22, 2007 6:26am Mar 22, 2007 6:26am
Quoting RemingtonTJ
Is anybody LOng USDCAD ?
Hey Remington, it looks like according to the MACD we should be but i havent traded this pair much so im waitin on it for a while
  • #2,975
  • Mar 22, 2007 6:36am Mar 22, 2007 6:36am
Hi O'Zeeke
i am quite positive on this one
looks like a double bottom in the MACD
well Countertrend trade ok
see what happens

Ciao Till
  • #2,976
  • Mar 22, 2007 8:12am Mar 22, 2007 8:12am
Anybody else seeing the eur retracing back to exactly the 50% fibo, oh... and it was also one of the projection fibos from last move, so its a strong fibo, a good place to rebound out into space or what? I for one am waiting for this dude to confirm what he said yesterday and got my finger on the long trigger, same gbp.
Attached Image
  • #2,977
  • Mar 22, 2007 8:45am Mar 22, 2007 8:45am
Chartist:

I see what you see, I got in short early before the 4hr MACD sig, just a gut feeling on the 3400 level being a barrier. I've got some pips locked in and I'll tighten the stop around that level....
  • #2,978
  • Edited 9:26am Mar 22, 2007 9:20am | Edited 9:26am
Quoting Palmer
Chartist:

I see what you see, I got in short early before the 4hr MACD sig, just a gut feeling on the 3400 level being a barrier. I've got some pips locked in and I'll tighten the stop around that level....
Palmer,

Nice short trade, I thought about shorting that as well but didn't, I still have some long pips locked in from yesterday (free trade at this point), and I'm long on some new lots at 1.3364, which is showing some gain, like 5 pips at this point, lets hope it keeps going up, atleast for one more candle, but nice stoploss strategy on that fibo meeting.

ps. Thats a 4h candle I'm talking about.
  • #2,979
  • Mar 22, 2007 9:57am Mar 22, 2007 9:57am
Is anybody going to go long on USD/CHF now? I never traded this pair but it seems there is a nice H4 Round Bottom is forming there.
http://forexbarometer.com/graph/usd-chf-070322.gif
Ben
  • #2,980
  • Mar 22, 2007 10:07am Mar 22, 2007 10:07am
Good eye, but I'd personally wait for the next candle (for me it's in an hour). If the next candle is above the zero line, then yes, I'd say that's a long signal, however if she retreats and bounces off the zero line, that could be a short signal.

All that being said, from a fundamental point of view I see short term USD strength, so that would support your idea of a long as well.

You might be okay to take the trade right now, but I'd wait just a bit longer myself. But afterwards then I might join ya....
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