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4 Hour Strategy (MACD)

  • #3,301
  • Apr 5, 2007 8:19pm Apr 5, 2007 8:19pm
Is anyone else gonna enter this RT formation prior to the (big) news tommorow?
From these levels a 25-30 pip stop loss seems reasonable, if the news goes in our favour I think this pair could drop pretty heavily. 100+ Pips
Thus making the Risk/Reward excellent, why not enter?
  • #3,302
  • Apr 5, 2007 9:16pm Apr 5, 2007 9:16pm
Quoting turk87
Is anyone else gonna enter this RT formation prior to the (big) news tommorow?
From these levels a 25-30 pip stop loss seems reasonable, if the news goes in our favour I think this pair could drop pretty heavily. 100+ Pips
Thus making the Risk/Reward excellent, why not enter?
Entered at 1.3430, up +5 right now...we'll see how wise this choice was. I'm looking for price to go down to the 8ema, 21ema or the trendline it broke this morning...anywhere around 3400 area for 1st t/p. If news is good...I'm looking for 1.3350 area.
  • #3,303
  • Apr 5, 2007 9:23pm Apr 5, 2007 9:23pm
Quoting turk87
Is anyone else gonna enter this RT formation prior to the (big) news tommorow?
From these levels a 25-30 pip stop loss seems reasonable, if the news goes in our favour I think this pair could drop pretty heavily. 100+ Pips
Thus making the Risk/Reward excellent, why not enter?
I am considering this. Possible TP around .3384. 21 MA, price support as well as Fib 38.2.
  • #3,304
  • Apr 5, 2007 9:44pm Apr 5, 2007 9:44pm
Quoting Tw0eleven
Entered at 1.3430, up +5 right now...we'll see how wise this choice was. I'm looking for price to go down to the 8ema, 21ema or the trendline it broke this morning...anywhere around 3400 area for 1st t/p. If news is good...I'm looking for 1.3350 area.
Just wanted to add...be careful with this one, price might just consolidate for a bit and then head up to the 3480 area next. Especially with gbp/usd forming a RB...if it goes up, eur/usd might follow.
  • #3,305
  • Apr 5, 2007 9:58pm Apr 5, 2007 9:58pm
does anyone know the time for the big news about interest and unemployment?

Thanks !!
  • #3,306
  • Apr 5, 2007 10:01pm Apr 5, 2007 10:01pm
Quoting jogariga
does anyone know the time for the big news about interest and unemployment?

Thanks !!
Click on the "Calendar" link at the top of the screen. I think it's 8:30AM ET.
  • #3,307
  • Apr 5, 2007 10:04pm Apr 5, 2007 10:04pm
Quoting jogariga
does anyone know the time for the big news about interest and unemployment?

Thanks !!
On this page you can also set the time to your time so they correspond.
  • #3,308
  • Apr 5, 2007 10:06pm Apr 5, 2007 10:06pm
Thank you !

Weeks visiting this forum and I have never clicked on the Calendar link.

My bad.
  • #3,309
  • Apr 5, 2007 10:08pm Apr 5, 2007 10:08pm
Quoting turk87
Is anyone else gonna enter this RT formation prior to the (big) news tommorow?
From these levels a 25-30 pip stop loss seems reasonable, if the news goes in our favour I think this pair could drop pretty heavily. 100+ Pips
Thus making the Risk/Reward excellent, why not enter?
There was some news last week that was supposed to be a predictor of NFP... If I recall, the projected was 125K and the report gave 105K or something, so if this report has any accuracy, don't expect the USD to gain... that's why I'm a little hesitant on the EURUSD pair... now, EURGBP is forming a nice round top, but it's too early to tell which way it will go I think.
  • #3,310
  • Apr 6, 2007 1:18am Apr 6, 2007 1:18am
i think EURJPY pair has form a nice RT and it is right time to short
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #3,311
  • Apr 6, 2007 3:10am Apr 6, 2007 3:10am
We will have a big news event, NFP, in 4 hours time, while most markets are closed on holidays.

The biggest FX market, London, is closed too.

In this thin market, with less participants, I expect unusual choppy price movement after NFP. New York big boys have full power on FX market today.

I think we should stay away from the market today unless you are for news trading.

I went short after confirming RT on EURUSD but closed with 1 pip profit only.
Price movement is too sleepy today. I did not think my target would be met b4 NFP.

Good luck !
  • #3,312
  • Apr 6, 2007 5:31am Apr 6, 2007 5:31am
Crank it down to the 1 minute chart. The E/U is wound up tighter than the lid on a pickle jar.

J
  • #3,313
  • Apr 6, 2007 6:23am Apr 6, 2007 6:23am
Quoting kappa
We will have a big news event, NFP, in 4 hours time, while most markets are closed on holidays.

The biggest FX market, London, is closed too.

In this thin market, with less participants, I expect unusual choppy price movement after NFP. New York big boys have full power on FX market today.

I think we should stay away from the market today unless you are for news trading.

I went short after confirming RT on EURUSD but closed with 1 pip profit only.
Price movement is too sleepy today. I did not think my target would be met b4 NFP.

Good luck !
Hi all....

Kappa raises some very good points about trading today. Be very careful...London is closed, as are the US equities markets for Good Friday...and Bond Marketonly half a day. Expect thin trading that ends early...good luck all...I'm sitting out. Sure there will be lots of opportunity, but the risk is too much for me.

Have a great weekend all...see you Monday
  • #3,314
  • Apr 6, 2007 6:30am Apr 6, 2007 6:30am
Quoting kappa
We will have a big news event, NFP, in 4 hours time, while most markets are closed on holidays.

The biggest FX market, London, is closed too.

In this thin market, with less participants, I expect unusual choppy price movement after NFP. New York big boys have full power on FX market today.

I think we should stay away from the market today unless you are for news trading.

I went short after confirming RT on EURUSD but closed with 1 pip profit only.
Price movement is too sleepy today. I did not think my target would be met b4 NFP.

Good luck !
I also closed my trade for a small profit...I just have a feeling, and it by looking at the charts, that it's going up to the 3480 area. But won't find out until after news release...and I won't be trading it unless it breaks above yesterdays high.
  • #3,315
  • Apr 6, 2007 7:00am Apr 6, 2007 7:00am
Quoting HipsterPipster
I am considering this. Possible TP around .3384. 21 MA, price support as well as Fib 38.2.
I held off, did not take.
  • #3,316
  • Apr 6, 2007 7:52am Apr 6, 2007 7:52am
Quoting Tw0eleven
I also closed my trade for a small profit...I just have a feeling, and it by looking at the charts, that it's going up to the 3480 area. But won't find out until after news release...and I won't be trading it unless it breaks above yesterdays high.

I hope no one followed my thinking on this one! US news was a lot better than expected. Sorry guys&gals!
  • #3,317
  • Apr 6, 2007 8:58am Apr 6, 2007 8:58am
This is the most effective and simple system I have known.
But what do you do in important news ?
Orders stay open or closed?
Thanks in advance.
  • #3,318
  • Apr 6, 2007 9:43am Apr 6, 2007 9:43am
Well, for those of us that took the rt on the EURO$, we lucked out...period. I did take the signal yesterday and I was well aware of the NFP news that was to come out today and I had know idea which was it was going to go. If you listen to the folks on CNBC, the economists, professional bond traders...some were saying 80,000 some were saying 150,000....These are people that get paid $$$,$$$ to 'guess' what the actual number will be. They got it wrong, and they get paid to do this. So, if they don't get it right, how are we supposed to? The answer is, we're not. It's a guess on our part as well. The MACD signal just happened to be a rt at the right time. But, I only entered with a few mini lots because this could have gone either way; I could afford to be wrong if you know what I mean. I don't recommend doing this unless you are a professional gambler, have a seven figure account, or are holding on to hope to make up for a bad week. The moral to this story is simple...don't trade the news. The calendar is busy next week so keep that in mind.

There were a lot of opportunities for re-entry with tc's this week. My problem is that I really can't monitor the charts at work the way I would like to. I'm seriously thinking about getting a wireless broadband subscription for my laptop and have that at work. There were so many pips that were there for the taking this week. But as a whole this was good week, not counting today's correct 'guess' that I had. So, minus those pips today I ended up with about 60 for the week playing by the 'real rules'....with no losses. Thanks Phillip.

Happy Easter and have good, and safe weekend.
  • #3,319
  • Apr 6, 2007 10:58am Apr 6, 2007 10:58am
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  • #3,320
  • Apr 6, 2007 11:19am Apr 6, 2007 11:19am
Quoting Palmer
If you listen to the folks on CNBC, the economists, professional bond traders...some were saying 80,000 some were saying 150,000....These are people that get paid $$$,$$$ to 'guess' what the actual number will be.
I believe that's where you are wrong. Those people don't get paid to guess the actual number but rather to spin, mislead and confuse us, so that we are wrong most of the time. LOL.
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