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4 Hour Strategy (MACD)

  • #19,721
  • May 8, 2009 6:11am May 8, 2009 6:11am
Quoting xeneric
On the top left, there is Forum Links and under that there is Private Messages. Click on that. Then click on Send New Message. It is just like posting but don't forget to put in the name of the person whom you are sending the PM to. You have to be logged in first.
When I click on 'send Private Massage' I have such announcement 'You have turned off private messages. You may not send private messages until you turn them on by editing your options' ...

Sorry for offtopic!
  • #19,722
  • May 8, 2009 7:18am May 8, 2009 7:18am
Quoting mxm
When I click on 'send Private Massage' I have such announcement 'You have turned off private messages. You may not send private messages until you turn them on by editing your options' ...

Sorry for offtopic!
Click on Edit Options
  • #19,723
  • May 8, 2009 7:40am May 8, 2009 7:40am
Quoting welshguy2000
Morning everyone,

As I mentioned earlier, I mist the initial TC entry at 7:00 this morning, however i've managed to get long on a pull back on the 1H chart. Although I dont usually trade over non farms, i'm going to review the position 15 mins before the news release. Reasons for this trade are as follows:

1) Strong Bullish engulfing candle close on the 4H, yesterday after ECB rate decision. This candle closed aggressively above some serious resistance.
2) Price pulled back and found support off the 8 EMA.
3) Daily chart shows price action bottomed...
Closed this trade @ 1.3500 from news reaction. ( + 93 pips )
Review video will be posted on youtube later tonight, subscibe to my channel to receive update emails.

Will re-enter if it pulls back.

Cheers WG
  • #19,724
  • May 8, 2009 7:59am May 8, 2009 7:59am
Quoting welshguy2000
Morning everyone,

As I mentioned earlier, I mist the initial TC entry at 7:00 this morning, however i've managed to get long on a pull back on the 1H chart. Although I dont usually trade over non farms, i'm going to review the position 15 mins before the news release. Reasons for this trade are as follows:

1) Strong Bullish engulfing candle close on the 4H, yesterday after ECB rate decision. This candle closed aggressively above some serious resistance.
2) Price pulled back and found support off the 8 EMA.
3) Daily chart shows price action bottomed...
Really a great job! excellent
  • #19,725
  • May 8, 2009 8:08am May 8, 2009 8:08am
Quoting welshguy2000
Closed this trade @ 1.3500 from news reaction. ( + 93 pips )
Review video will be posted on youtube later tonight, subscibe to my channel to receive update emails.

Will re-enter if it pulls back.

Cheers WG
Lucky trade! But dangerous
THINK LIKE A FUNDAMENTALIST; TRADE LIKE A TECHNICIAN
  • #19,726
  • May 8, 2009 8:15am May 8, 2009 8:15am
Quoting Reno_gr
Lucky trade! But dangerous
I agree...but sometime we need some luck to gain profit...thats the game whether we want to take it or not...in this case...WG took the risk ahead of the NFP and he won.

Welldone for you WG......but that is still dangerous...
  • #19,727
  • May 8, 2009 8:31am May 8, 2009 8:31am
Quoting Reno_gr
Lucky trade! But dangerous
15 mins before non farms was released i moved my stop to B/E so even if it did come back to where I entered i wouldn't lost anything. Thought it was worth the gamble as I had nothing to lose. Will explain all via the video.

Cheers WG
  • #19,728
  • May 8, 2009 8:41am May 8, 2009 8:41am
Quoting welshguy2000
15 mins before non farms was released i moved my stop to B/E so even if it did come back to where I entered i wouldn't lost anything. Thought it was worth the gamble as I had nothing to lose. Will explain all via the video.

Cheers WG
BE - is our safety!
Good trade anyway!
THINK LIKE A FUNDAMENTALIST; TRADE LIKE A TECHNICIAN
  • #19,729
  • May 8, 2009 9:08am May 8, 2009 9:08am
Quoting welshguy2000
Hello,

Sorry for the late reply, right lets start from the beginning for this trade. The 1st reason why i didnt take this trade is, I didn't think there was enough upward potential for the target profit. This knowledge was based from the daily level @ 1.5067 (16:04:2009) on the 1D chart.

Reviewing the reasons why you have placed this trade, they are all very good valid reasons. A few things, The box range you highlighted, I wouldn't class this as a classic box range, its more of a rest period to allow the 8EMA to fill the gap. Please find the...
Hi, Welshguy2000:
You always give me great help!
When MAs come together or interlace each other, price was stalling around in some range, we can define these area as box range. Is it right?
My further question is, how do you measure potential of the target profit? For this example, Everything looks good in the daily chart, gambling higher high was a good choice. I thought the reason that you consider there wasn’t enough upward potential was price hit the trend line? But I review your trade carefully, I found lots of entry you taken were near previous high/resistance line, such as the 15/04 GUB/USD trade (entry below the previous high), and EUR/USD today(price closed at daily resistance line).
Thank you!
  • #19,730
  • May 8, 2009 9:11am May 8, 2009 9:11am
sorry to forget post Picture
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  • #19,731
  • May 8, 2009 9:15am May 8, 2009 9:15am
Quoting orangeRANGE
The price will either stay away from the R3 res TL, or break through it later on. This TL is very much tricky since the fib 61.8% also provide a good resistance to this pair...However, if I am right, the market still bias to the upside and will hit price level H2 @ 1.3490, and perhaps go all the way to fib 76.4% before it touch the overbought level. This is just my prediction. Time will tell the truth though.
Hello guys...

This is responding to my prediction earlier today.

The correction triangle that created R2 res TL still can hold the price from moving upside. We might see the price retrace to at least 8EMA before it continue uptrending and I think we can only be in a comfort zone once this pair break above R2 and fib 76.4%.

Comments/questions are most welcome.

HAVE A LOOK AND MAKE OUR OWN THOUGHT
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  • #19,732
  • May 8, 2009 9:29am May 8, 2009 9:29am
Quoting welshguy2000
Morning everyone,

As I mentioned earlier, I mist the initial TC entry at 7:00 this morning, however i've managed to get long on a pull back on the 1H chart. Although I dont usually trade over non farms, i'm going to review the position 15 mins before the news release. Reasons for this trade are as follows:

1) Strong Bullish engulfing candle close on the 4H, yesterday after ECB rate decision. This candle closed aggressively above some serious resistance.
2) Price pulled back and found support off the 8 EMA.
3) Daily chart shows price action bottomed...
Great job! But I confused why you didn't trade 2009/05/04 16:00?? Two candle are similar!
Attached Image (click to enlarge)
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  • #19,733
  • May 8, 2009 9:46am May 8, 2009 9:46am
Quoting welshguy2000
15 mins before non farms was released i moved my stop to B/E so even if it did come back to where I entered i wouldn't lost anything. Thought it was worth the gamble as I had nothing to lose. Will explain all via the video.

Cheers WG
Slick trade. Bravo.
  • #19,734
  • May 8, 2009 5:18pm May 8, 2009 5:18pm
I caught the same trade as most, but I closed about an hour before the news. I only pocketed 44 pips. What a bummer considering the way it moved after the news and I did not have time after the news to get back in. I took the trade b/c of the large bullish candle that closed above previous resistance. Since it was so far away from the 8 EMA, I waited for a pull back. The second chart shows approx where I entered. I used phillips 5 min to make a more specific entry.
Attached Image(s) (click to enlarge)
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  • #19,735
  • May 11, 2009 5:30am May 11, 2009 5:30am
Quoting welshguy2000
Morning everyone,

As I mentioned earlier, I mist the initial TC entry at 7:00 this morning, however i've managed to get long on a pull back on the 1H chart. Although I dont usually trade over non farms, i'm going to review the position 15 mins before the news release. Reasons for this trade are as follows:

1) Strong Bullish engulfing candle close on the 4H, yesterday after ECB rate decision. This candle closed aggressively above some serious resistance.
2) Price pulled back and found support off the 8 EMA.
3) Daily chart shows price action bottomed...
The video to review for the EUR/USD long trade I carried out on the 08/05/2009 is now available:

Inserted Video


comments and questions welcome as usual. It should answer alot of your questions.

Cheers WG
  • #19,736
  • May 12, 2009 1:58am May 12, 2009 1:58am
EURUSD:
a strong up move, form a morning star
TC off 8 EMA and support line
enter long position

GBPUSD:
TC off 21 EMA, supported by trendline
enter long position
Attached Image(s) (click to enlarge)
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Success is the small sum of efforts, repeated day in and day out.
  • #19,737
  • May 12, 2009 2:14am May 12, 2009 2:14am
Morning everyone,

I have taken a long TC (trend continuation) on the close of the 7:00 (BST) candle. I managed to get a slightly better entry from a pull back to the 8EMA on the 1H chart:

1) Morning doji star formation on the 4H, which is a strong bullish signal.
2) Price found support off the 8 EMA.
3) A higher low has formed on the 1H.
4) Old resistance on the daily has now become support around 1.3550 / 1.3600.

Entry @ 1.3607
TP: 1.3723 (Just below 100% fib retracement line)
Sl: 1.3415

I will also be posting a video reviewing this trade later this afternoon - in the mean time please take a look at the attached image.

To receive updates of my videos please subscribe to my channel in my signature: http://www.youtube.com/user/sionsmith

Cheers WG
Attached Image (click to enlarge)
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  • #19,738
  • May 12, 2009 2:17am May 12, 2009 2:17am
Quoting dhalsim
EURUSD:
a strong up move, form a morning star
TC off 8 EMA and support line
enter long position

GBPUSD:
TC off 21 EMA, supported by trendline
enter long position

Long of the EUR, the GBP seems alittle jumpy today so picked the EUR instead which i'll explain in the video review.

Cheers WG
  • #19,739
  • May 12, 2009 2:24am May 12, 2009 2:24am
Welshguy thank you very much for the videos. They are very helpful especially those new to forex like me.

Thanks again
  • #19,740
  • May 12, 2009 2:46am May 12, 2009 2:46am
Quoting welshguy2000
Morning everyone,

I have taken a long TC (trend continuation) on the close of the 7:00 (BST) candle. I managed to get a slightly better entry from a pull back to the 8EMA on the 1H chart:

1) Morning doji star formation on the 4H, which is a strong bullish signal.
2) Price found support off the 8 EMA.
3) A higher low has formed on the 1H.
4) Old resistance on the daily has now become support around 1.3550 / 1.3600.

Entry @ 1.3607
TP: 1.3723 (Just below 100% fib retracement line)
Sl: 1.3415

I will also be posting a video reviewing...
Hello,
nice trade, i also wanted to get into it but when i checked the 1hr chart i saw a bearish candel @ 0700 hrs, so avoided jumpin into it, can u also share you 1hr chart so i can compare it with mines.

regards
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