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4 Hour Strategy (MACD)

  • #19,361
  • Apr 6, 2009 4:44pm Apr 6, 2009 4:44pm
time1300:

You got in 1 pip before I did...

I'm long at 100.81. I took out 20 on one lot and just holding one more. The 4hr is having trouble closing under the 8 so when this candle closed above it (it looked like a bounce to me) so that was the trigger. What concerns me now is that there are a fewe bank announcements on the way. Using the high an low from 8/18 and 1/22 for the Fibs, we're right below the 61.8 #. A break and close above this could take us to 102.40, then around 103.00 using some previous highs, the news tonight might start this move or just take out my stop....we'll see.

Welshguy: Sorry that we couldn't hook up.

http://www.fxtradeblog.com
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  • #19,362
  • Apr 6, 2009 9:07pm Apr 6, 2009 9:07pm
Same here but mine was 101.03 (20:00hrs close on IBFX). Price closed above the 8MA on the 4hr while on the 1hr candle was closed above the 21MA and moving upward. Got stopped out....maybe they will be a another chance to upward movement...
  • #19,363
  • Apr 6, 2009 9:18pm Apr 6, 2009 9:18pm
hi time,

In the usdjpy H4, did you wait for the macd to turn green for a TC trigger. From your chart, it still in red. It seem you enter before the macd signal. Or because it is well support with the rythm and you go to 1 h for early entry.

Diveregence may be coming for usdjpy shown in your daily

reg
jin
  • #19,364
  • Apr 6, 2009 11:32pm Apr 6, 2009 11:32pm
Hello all...

I still optimistic that this pair will break below the Sup TL. My reasons are very simple :-

As in H4 below, price has been resisted by 89sma for 3 times already. See those red arrows there if you want to find out what I mean. That is already enough to give me a very strong reason to SHORT this pair.

The PA in H1 is even clearer to show that how 89sma (h4) become a strong resistance level so far. I made the blue rectangular to point out the PA in H1.

So...I made my entry @ aqua vertical line as in the charts below.

Entry details:-
SELL @ 1.1359
SL @ 1.1424 (63pips risk = 5pips above the high of previous candle in H4)

As usual, no TP decided yet. I will only use trailing stops strategy for a single entry like this one.

Your comments/critics/questions are most welcome.

p/s-either there will be a breakout or not, I'm always be prepare for it. Hopefully this one is the right one.

HAVE A LOOK AND MAKE YOUR OWN THOUGHT
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  • #19,365
  • Apr 6, 2009 11:34pm Apr 6, 2009 11:34pm
Quoting fishmen
blade runner?
Blade runner method is the method of using h1 entry when the trend is very strong and fast. You can find it out @ Palmer's site.
  • #19,366
  • Apr 6, 2009 11:38pm Apr 6, 2009 11:38pm
Quoting Palmer
If there biting it's hard to leave! It's been mainly his 15min set-up, working out very well...

Been looking at the USDJPY, it's chugging along and looks like it wants to fill the price gap. So the plan is to look for the pullback and then a signal to re-enter. For the new folks, visit the website and click on the Plan451 link for more info...
Phillip have 15min strategy now?
  • #19,367
  • Apr 7, 2009 12:23am Apr 7, 2009 12:23am
Hi Orange Range i like so much your explanations so I want to thank you for posting them about 15 min strategy i haven't heard about it too, I think Palmer get confused and he means 5 min strategy (like the one posted in plan415 )
  • #19,368
  • Apr 7, 2009 12:39am Apr 7, 2009 12:39am
Quoting jinsen
hi time,

In the usdjpy H4, did you wait for the macd to turn green for a TC trigger. From your chart, it still in red. It seem you enter before the macd signal. Or because it is well support with the rythm and you go to 1 h for early entry.

Diveregence may be coming for usdjpy shown in your daily

reg
jin
Hey Jinsen,

You are right, the H4 is still red. My entry was based on the fact that there was a gap between the price and the 8ema and the previous two candle had retraced back to the 8ema and price had been riding the 8ema for a few days now and I was waiting for a pullback before looking for an entry and when price retraced back to the 8ema, i switched to the 1H to find an entry and on the 1H the MACD gave a zero bounce which was my trigger to enter. The MACD is my last line of defence that I look at when I want to enter. I look at rhythm, price action and the longer time frames brefore I look at the MACD for entry points. I hope this helps.
Keeping Life Simple
  • #19,369
  • Apr 7, 2009 12:43am Apr 7, 2009 12:43am
Quoting Palmer
time1300:

You got in 1 pip before I did...

I'm long at 100.81. I took out 20 on one lot and just holding one more. The 4hr is having trouble closing under the 8 so when this candle closed above it (it looked like a bounce to me) so that was the trigger. What concerns me now is that there are a fewe bank announcements on the way. Using the high an low from 8/18 and 1/22 for the Fibs, we're right below the 61.8 #. A break and close above this could take us to 102.40, then around 103.00 using some previous highs, the news tonight might start this...

Hey palmer,

Yes, I was waiting for that pullback which we got and I entered on the 1H. I had to go to work so I could not manage my stop loss as after half of my position reached my first target of about 20 pips, then I see price turned around and retraced a little further which took me out of my stop at 100.40, I kept a tight stop so I lost very minimal pips.

In a nice trend like this, I usually like to put my stops just below the 21ema and depending on the rhythm sometimes just between the 8 and 21ema which I did with this currency and well got stopped out. But we might get another chance to enter as price might be bouncing off of the 21ema. As you mentioned, price did turn around at the 61.8 Fibo line and on the Daily a nice inverse hammer is formed right off of that line. We might see price retrace a little to the 8ema on Daily which happens to be by the March 5th high which was recently broken. So we might see a retrace back to that spot before heading up to break towards the 102.00 point. we'll see
Keeping Life Simple
  • #19,370
  • Apr 7, 2009 4:31am Apr 7, 2009 4:31am
Quoting monomonono
Hi Orange Range i like so much your explanations so I want to thank you for posting them about 15 min strategy i haven't heard about it too, I think Palmer get confused and he means 5 min strategy (like the one posted in plan415 )
You are welcome. Phillip use simple English as well. I got stopped out again today. Okay...no more trading this week. Market has not been friendly to my strategy lately.
  • #19,371
  • Apr 7, 2009 5:52am Apr 7, 2009 5:52am
Quoting orangeRANGE
Okay...no more trading this week. Market has not been friendly to my strategy lately.
I am so stubborn...I take back my words previously because I definitely don't want to miss this one.

Here are few reasons why I SHORT this pair:-

1) H4: potential Evening Star in blue rectangular (still developing). The recent candle has not yet closed;
2) H4: MACD shows TC pattern; &
3) Basic rules: Price < 8 < 21 < 89 in both H1 and H4 (downtrend market).

Entry details:-
SELL @ 1.3256
SL @ 1.3320 (64 pips risk @ fib 38.2%)

As usual, just one entry without TP decision yet. I still love using Trailing Stops strategy.

Your critics/comments/questions are most welcome.

HAVE A LOOK AND MAKE YOUR OWN THOUGHT
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  • #19,372
  • Apr 7, 2009 5:55am Apr 7, 2009 5:55am
Morning,

The review of the trade I did yesterday has been uploaded:

Inserted Video


Any questions / comments please ask.

I plan to do alot more if these help people? Also videos to explain the system step by step - would this be useful?

Cheers WG
  • #19,373
  • Apr 7, 2009 6:15am Apr 7, 2009 6:15am
Quoting orangeRANGE
I am so stubborn...I take back my words previously because I definitely don't want to miss this one.

Here are few reasons why I SHORT this pair:-

1) H4: potential Evening Star in blue rectangular (still developing). The recent candle has not yet closed;
2) H4: MACD shows TC pattern; &
3) Basic rules: Price < 8 < 21 < 89 in both H1 and H4 (downtrend market).

Entry details:-
SELL @ 1.3256
SL @ 1.3320 (64 pips risk @ fib 38.2%)

As usual, just one entry without TP decision...
VERY DANGEROUS!!!! be carefull, orange. You become very GREEDY!
There was better entry at 1h TC MACD confirmaiton
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THINK LIKE A FUNDAMENTALIST; TRADE LIKE A TECHNICIAN
  • #19,374
  • Apr 7, 2009 6:18am Apr 7, 2009 6:18am
Quoting mike1349
Unfortunately Phillip got banned.

Mike

why? what happen?
  • #19,375
  • Apr 7, 2009 6:48am Apr 7, 2009 6:48am
Quoting welshguy2000
Morning,

The review of the trade I did yesterday has been uploaded:
Thanks again WG. Much appreciated.
  • #19,376
  • Apr 7, 2009 7:58am Apr 7, 2009 7:58am
i can not open the www.youtube.com why???
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  • #19,377
  • Apr 7, 2009 8:08am Apr 7, 2009 8:08am
Quoting welshguy2000
Morning,

The review of the trade I did yesterday has been uploaded:

http://www.youtube.com/watch?v=pG_ZXrud4CU

Any questions / comments please ask.

I plan to do alot more if these help people? Also videos to explain the system step by step - would this be useful?

Cheers WG

Yes, this is great IDEA !!! In my opinion this videos may help for newbies and Definitely be useful. Sorry for my english, Best Regards
  • #19,378
  • Apr 7, 2009 8:30am Apr 7, 2009 8:30am
Quoting welshguy2000
Morning,

The review of the trade I did yesterday has been uploaded:

http://www.youtube.com/watch?v=pG_ZXrud4CU

Any questions / comments please ask.

I plan to do alot more if these help people? Also videos to explain the system step by step - would this be useful?

Cheers WG
Extremely useful.WG.
Thanks
  • #19,379
  • Apr 7, 2009 8:38am Apr 7, 2009 8:38am
Quoting jinsen
hi time,

In the usdjpy H4, did you wait for the macd to turn green for a TC trigger. From your chart, it still in red. It seem you enter before the macd signal. Or because it is well support with the rythm and you go to 1 h for early entry.

Diveregence may be coming for usdjpy shown in your daily

reg
jin

jin:

I got in because of the strength and the way price has been bouncing off the 8. I did manage to take out 20 on 75% of the position and the remaining got stopped out at b/e after moving the stop up.

Since I am doing more trading on the 15min I have adjusted my trading entries on the 4hr to match those. I'll just be going in with two lots and after a certain amount of pips is hit (depends on the speed of the market, targets, etc.) I will be taking out 75% of the first position there and adjusting the remaining 25% accordingly. Having orders open on the 15min and 4hr at the same time can be a lot to manage so to help keep my sanity I'm hoping this will help.

Watching the USDJPY again for a TC off the 21...don't 'see it' yet.

http://www.fxtradeblog.com
Attached Image
  • #19,380
  • Apr 7, 2009 9:10am Apr 7, 2009 9:10am
Quoting Reno_gr
VERY DANGEROUS!!!! be carefull, orange. You become very GREEDY!
There was better entry at 1h TC MACD confirmaiton
Hah? Am I?
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