4 Hour Strategy (MACD)

I put on a trade for GU trading the round bottom on the 4hr chart and was surprised to see it suddenly go up and there was no news. Then I remembered that today we have the Bank of England rate decision later.

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Mjay, this is was only valid around when I entered on the evening star formation, you could have maybe taken the next TC after the hammer (12:00 - 08/07/09) however that candle didn't show much. Don't chase the market, if you have mist the chance to enter, wait until another opportunity comes by - enter the market on your terms NOT because someelse has.

I came out of this trade last night at just after 19:00 GMT, reasons for this was the 1 hour candle formation of spinners & shooting star.

Exit @ 1.3849 + 91 pips

I will be posting a video review of this trade later today.

Cheers WG

Guys,Does anyone know where Phillip is now? He never made a post?

He left forex factory and he hasnt been posting for 6 months

What rules are you using to trade ? Your trade completely against 4hr MACD system dude..

please avoid them.. go through the threads...

Does anyone know why Phil stopped posting?

http://www.forexfactory.com/showthread.php?t=144185

SSQ - I took the same trade, taking partial profit at 13950 and tightened rest so came out a little ahead. Your initial stop looks a bit tight? Not above the shadows of the spinners on the RT?... Still a tricky market.

Anyone trade USDJPY? Moving off triple bottom at 9200, waiting for a Round Top below the 89 to go short...

It could be interesting price action with UJ today. There is good resistance at 94.00 and there is their rate decision release, BOJ press conference and monetary policy statement.

Now we have Chinese news releases on the calendar. Tomorrow is Chinese GDP, Industrial Production, CPI and PPI news release. I wonder how that will affect the markets.

Its time for the Eur to show us a direction..............we have to have a breakout out of that triangle probably today or tomorrow.....it did try to breakout but it was a false one a few candles back and closed back up in the triangle...............lets wait and see

EU just broke through 1.4000 resistance with a ZB TC on the 4 hr so now will it break through the top of the triangle or will it turn around there like the previous times ?

sorry, but what does ZB TC mean? thx

ZB = zero break
It means that it broke through the zero line by a few bars (in this case it is 1 bar) but still counts as a TC.

This thread is getting quieter and quieter everyday, what's going on????

Well the Eur finally broke out and made a huge gap and now as the rules states, we have to wait and price will retrace back to the 8 or 21 ema and maybe back to the 89sma but in this instance we had a strong move up and so I am expecting price to move back to about the 8 or between the 8 and 21 before moving up again........but again we never can tell what the market can do but we can just wait and see.

When price makes a big gap like this during the US markets, when the markets close there is a high probability for price to retrace back to the 8ema to fill the gap after market close. That is when I have found your high probability trades are when taking a counter trend back to the 8ema. I usually wait until there is a big gap and from backtesting, this when the high probability trade is to fill the gap as the trade I took few hours back.

Reason for trade:
1)big gap created on 4H between price and 8ema.
2)colour indicator is yellow meaning this is where you look for your trade.
3)Price on 1H made round top

Target profit: you are not in CT trade to make a homerun. You are just looking for a few pips to the 8ema. i usually do these in real time. I am still in the trade with taking 1lot off the table already and leaving the other 2 to run to 8ema.

i sell eurusd too .

but i am too late,so my target price was 21ema.....

i think the price will go back to the channel's up line....

this is a high probability trade....

am i right???

ssq,

the market is going to do whatever it wants, we could see it go back to the 21ema or even to the 89ema before going further up. We just have to wait and see. As the 4H rules states, when price crosses over the 89sma price tends to come back to the 21ema or the 89 before resuming it's direction but if a trend or move is strong enough there is a possibility that price will retrace back to the 8ema before resuming usually confirmed with a TC on the MACD. These are your high probability trades and if you wait for these setups you will be right more than you will be wrong. I am anticipating price to retrace back to about the 8 or maybe a little further down before resuming and that again is if the market is going to resume because we have been wrong before.

Lets wait and see.