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4 Hour Strategy (MACD)

  • #20,161
  • Jun 23, 2009 9:29am Jun 23, 2009 9:29am
I had something to do at 12:00 GMT+1 today and miss a good opportunity at EJ, what a pity!
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Plan your trades and trade your plans
  • #20,162
  • Jun 23, 2009 9:42am Jun 23, 2009 9:42am
Hi all,

Since everyone is talking japanese this morning, just wanted to through my two cents in.

Price has broken through a trend line and has since retested it and seems to be making a inverse hammer off of the trendline after filling the gap to the 8ema.
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Keeping Life Simple
  • #20,163
  • Jun 23, 2009 9:44am Jun 23, 2009 9:44am
the Eur/Usd has come out of the triangle and might be filling the gap before heading higher. Will be watching it today as well.
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Keeping Life Simple
  • #20,164
  • Edited 10:55am Jun 23, 2009 10:27am | Edited 10:55am
Quoting saka
I had something to do at 12:00 GMT+1 today and miss a good opportunity at EJ, what a pity!
actually the 365ma is such a strong support over there (correction it's the 365)
  • #20,165
  • Jun 23, 2009 10:33am Jun 23, 2009 10:33am
Quoting xeneric
Morning WG or shall I say Morning SENSEI (since everyone is speaking Japanese)
It sounds like you are expecting a big pullback.
just a after action thought, I didn't place the trade nor look at EUR USD pair previously but on H4, the formation of the few candles around the support line, together with a slight bullish divergence is probably a reason to enter the trade
  • #20,166
  • Jun 23, 2009 11:05am Jun 23, 2009 11:05am
Jumped in for TC's in EU and GU.
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  • #20,167
  • Jun 23, 2009 11:37am Jun 23, 2009 11:37am
Quoting nasir.khan
Jumped in for TC's in EU and GU.
Closed the trades cause so many trend lines, MA's and fib level's.

That was worth my day.
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  • #20,168
  • Jun 23, 2009 1:42pm Jun 23, 2009 1:42pm
I took a short here on the usdjpy.

reasons:
broke trend line, retested it and bounced off of it forming inverse hammer.
gap to 8ema filled.
macd TC signal
nice separation between the 8, 21 ema

will explain more why i took the trade in a few hours.
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Keeping Life Simple
  • #20,169
  • Jun 23, 2009 3:19pm Jun 23, 2009 3:19pm
My trade from yesterday, a loss of 65 pips. One mistake I can see. I should have set my first TP higher, closer to where price turned around earlier, see the 1st x mark. If I would have set my 1st TP a few pips higher my 1st TP would have been hit and I could have set my SL so worst case scenerio would have been BE. In order to set my 1st TP at minimum of 25 pips, my entry would have to be 3-5 pips higher.
As for whether it was a good trade... that is for the individual to decide. I knew price was in a ranging period, but it looked alright to me.
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  • #20,170
  • Jun 23, 2009 3:45pm Jun 23, 2009 3:45pm
this thread is so old my GOD
  • #20,171
  • Jun 23, 2009 8:57pm Jun 23, 2009 8:57pm
Quoting carlosaslie
this thread is so old my GOD

Yes, Oldies but goodies...That is why people are still using it.
Starting to see instead of just looking.
  • #20,172
  • Jun 24, 2009 2:29am Jun 24, 2009 2:29am
Quoting nasir.khan
Closed the trades cause so many trend lines, MA's and fib level's.

That was worth my day.
a nice trade. I really didn't dare to enter at that case
Plan your trades and trade your plans
  • #20,173
  • Jun 24, 2009 3:49am Jun 24, 2009 3:49am
Thank's Saka.

Does this situation qualifies as Double Top think that would be a good short.
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  • #20,174
  • Jun 24, 2009 3:54am Jun 24, 2009 3:54am
A round top on eur/usd. Any thoughts?
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  • #20,175
  • Jun 24, 2009 4:07am Jun 24, 2009 4:07am
Quoting fxlan
A round top on eur/usd. Any thoughts?
I am already in the trade cause it's a TC in 1h Macd.
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  • #20,176
  • Jun 24, 2009 4:24am Jun 24, 2009 4:24am
Quoting nasir.khan
I am already in the trade cause it's a TC in 1h Macd.
Closed all positions on 21 EMA hit.
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  • #20,177
  • Jun 24, 2009 5:23am Jun 24, 2009 5:23am
Quoting nasir.khan
I am already in the trade cause it's a TC in 1h Macd.
I think you may be a bit confused about this TC pattern... the MACD is above zero so TC's would be in the long direction.
  • #20,178
  • Jun 24, 2009 5:39am Jun 24, 2009 5:39am
Quoting hndymann
I think you may be a bit confused about this TC pattern... the MACD is above zero so TC's would be in the long direction.
No i am not "confused" what you are saying is correct in a sense that trend is upward so TC should be a long trade but i am just naming the MACD signal as TC.
  • #20,179
  • Jun 24, 2009 5:51am Jun 24, 2009 5:51am
Quoting nasir.khan
No i am not "confused" what you are saying is correct in a sense that trend is upward so TC should be a long trade but i am just naming the MACD signal as TC.
I have not been around in a while, I know things have changed regarding Mr. Nel's journeys onward but the method has been working well and has been practically unchanged since the beginning. Calling TC's on patterns that are not actually TC's might confuse someone learning (as yourself).
I am not trying to be a mean guy here, just trying to lead you toward the basics of the system. 4hr chart is used for basic signals then if you please, look at the 1hr 5min or whatever for confirmation.
This method has done me well by following the basic rules, looking for patterns, looking at price action - harmony. Stick with it and you will do well.

Luke
  • #20,180
  • Jun 24, 2009 6:22am Jun 24, 2009 6:22am
Quoting hndymann
I have not been around in a while, I know things have changed regarding Mr. Nel's journeys onward but the method has been working well and has been practically unchanged since the beginning....
Thank's there is no point in arguing with you and i have been warned of that mistake before by Xeneric i think i should work on that.
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