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4 Hour Strategy (MACD)

  • #21,481
  • Nov 20, 2009 6:45am Nov 20, 2009 6:45am
Quoting BenStevo
Am entering short again after another set of 3 sisters. Added bonus with tweezer tops on 2 candles, both sharing highs of 1.4934.

Entry = 1.4870
SL = 1.4945
BE @ 1.4840
Target = 1.4758 (I have potential support on Daily at this level)

Cons: Friday...don't want to be left having to hold a -ve position over the weekend.
Anyone else in?

UPDATE:
- moved to BE as per plan
Nice.

I traded it's mirror. USDCHF. 1st half closed for 25pips........2nd half trailing it up at close of hourly candles as its Friday. Currently +13pips.
  • #21,482
  • Nov 20, 2009 7:03am Nov 20, 2009 7:03am
Wow, just had a look at U/C...its pretty identical alright. Even Daily has very similar formations. Nice trade as well neilbuc!

I decided to jump ship at 1.4826 on E/U after price bounced off 1.4800 - an area tested as support 5 times already. No strong indication on Daily that price really wants to fall, so trying not to get too greedy.

Quoting neilbuc
Nice.

I traded it's mirror. USDCHF. 1st half closed for 25pips........2nd half trailing it up at close of hourly candles as its Friday. Currently +13pips.
  • #21,483
  • Nov 20, 2009 8:16am Nov 20, 2009 8:16am
Quoting BenStevo
Wow, just had a look at U/C...its pretty identical alright. Even Daily has very similar formations. Nice trade as well neilbuc!

I decided to jump ship at 1.4826 on E/U after price bounced off 1.4800 - an area tested as support 5 times already. No strong indication on Daily that price really wants to fall, so trying not to get too greedy.
Same. Swissie came off the daily TL resistance and hit my trailing 1H SL. Another +30pips in the bag so +55 in total.

Have a good weekend.

  • #21,484
  • Nov 20, 2009 12:39pm Nov 20, 2009 12:39pm
Quoting time1300
good evening all,

I see excellent posts on this forum and Phillip's presence has definitely liven up the forum and its great to see new faces and it's even greater to see how everyone is sticking within the rules and just building on price action and market rhythm.

I apologize about not updating my last trade on the USDCAD which I closed 1/3 for 30 pips and 2/3 for 60 pips and the rest got stopped out at BE so a profitable trade.

I wanted to point out an excellent price action trade. i don't know how many took this trade but I took this...
Nice trade. I missed that one. I was anticipating the move but could not trade it.
  • #21,485
  • Nov 20, 2009 4:02pm Nov 20, 2009 4:02pm
There was a big move down on GBP/USD today, and I used the 4 Hour TC early entry rules to enter at 9am GMT. At this time the 4 hour MACD was showing a TC and the 1 hour was also giving a sell signal. Nobody has mentioned it on the forum today and I was wondering if this counts according to the rules.

Unfortunately I took profit after 30 pips but the move continued for another 110 pips.

If you had waited until the end of the 4 hour candle it would not have been worth entering as it was such a big move and the stop loss too big.
  • #21,486
  • Nov 20, 2009 5:30pm Nov 20, 2009 5:30pm
Good Evening All,

Just a quick one before I leave for my monster cycle charity cycle across central America:

I managed to take on the CT short on the GBP/USD which netted me 114 pips of holiday money for me

I have just uploaded a video review of the trade:

Inserted Video


Please comment / rate the video as it helps others learn. As always if you have any questions then please pm / email me!

See you in 3 weeks! Happy Holidays!

Cheers WG
  • #21,487
  • Edited 8:34pm Nov 20, 2009 7:55pm | Edited 8:34pm
Quoting welshguy2000
Good Evening All,

Just a quick one before I leave for my monster cycle charity cycle across central America:

I managed to take on the CT short on the GBP/USD which netted me 114 pips of holiday money for me

I have just uploaded a video review of the trade:

http://www.youtube.com/watch?v=IkP2GOrkyv8

Please comment / rate the video as it helps others learn. As always if you have any questions then please pm / email me!

See you in 3 weeks! Happy Holidays!

Cheers WG
Thanks for the video. Good luck and all the best for your monster charity ride across America from all of us here.
Macmillan Cancer Support is lucky that you raised so much money for them.
  • #21,488
  • Nov 21, 2009 4:01am Nov 21, 2009 4:01am
Quoting welshguy2000
Good Evening All,

Just a quick one before I leave for my monster cycle charity cycle across central America:

I managed to take on the CT short on the GBP/USD which netted me 114 pips of holiday money for me

I have just uploaded a video review of the trade:

http://www.youtube.com/watch?v=IkP2GOrkyv8

Please comment / rate the video as it helps others learn. As always if you have any questions then please pm / email me!

See you in 3 weeks! Happy Holidays!

Cheers WG

very nice video. thanks WG
  • #21,489
  • Nov 21, 2009 4:15pm Nov 21, 2009 4:15pm
Several pairs are showing decent opportunities.
  • #21,490
  • Nov 23, 2009 4:18am Nov 23, 2009 4:18am
Morning all! My gu trade just closed. Shortly after market open I put a buy stop on at 1.6510. I was able to miss some slight drawdown by doing this. My sl was at 1.6450-just below the swing low and my tp was at 6600. The target was a round and psych number that would be near the 21 and 55 ema. This was with the overall trend because we are still in a daily channel.
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  • #21,491
  • Nov 24, 2009 3:01am Nov 24, 2009 3:01am
Here is my trade from last night, which is still open.

Longer term analysis IMHO for Cable is lower so I was looking for shorts. I waited to see what would happen after ther open yesterday. Thinking that it might run back up to the 89sma before maybe moving away from it lower. It did that, so I waited to take on a bearish candle away from the 89sma. I was a tad late, but the SL was still good at 40-50pips. As it turned out when the 4H candle closed at 19:00 (GMT) it was actually at my entry price.

Entry : 1.65995
SL : 1.66495
TP : Short Term 50Pips/ Long Term 1.6400

When I woke up I saw that 1st half had been closed for +50pips

SL has been moved to the high of the previous 4H candle.

Good Luck all.
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  • #21,492
  • Nov 24, 2009 4:06am Nov 24, 2009 4:06am
Looks like we're catching a lot of the same moves at the moment . I was in a bit earlier at 1.6620, but also out earlier at 1.6565. Hope the rest of your position goes well.


Quoting neilbuc
Here is my trade from last night, which is still open.

Longer term analysis IMHO for Cable is lower so I was looking for shorts. I waited to see what would happen after ther open yesterday. Thinking that it might run back up to the 89sma before maybe moving away from it lower. It did that, so I waited to take on a bearish candle away from the 89sma. I was a tad late, but the SL was still good at 40-50pips. As it turned out when the 4H candle closed at 19:00 (GMT) it was actually at my entry price.

Entry : 1.65995
SL : 1.66495
TP : Short Term...
  • #21,493
  • Nov 24, 2009 5:01am Nov 24, 2009 5:01am
Ben, I'm just a bit curious about your trade. I did not take that trade b/c price has been in this very long consolidation period and I'm only trading at the edges of the blue rectangle (It's the daily GBP). I'm not taking TC's in the middle b/c on the 4 hrs the the I just don't see that much angle and separation b/t the MA. Just looking for a little insight. Thanks for your reply.
Raymond
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  • #21,494
  • Edited 7:54am Nov 24, 2009 5:25am | Edited 7:54am
Here is what I'm looking at this morning for a possible trade. On the 4 hr chart look at the tail to the 200 MA. I believe it's a pin bar, but I'm not an expert on them. Based on that candle I'm looking for a long trade. However, it is not quite a TC on the 4 hr and there is a lot of resistance up there anyways. So... looking at the 5 min chart, there is support/resistance at 1.4958. The pattern I'm looking for is for price to break though that price level, come back to it, and contin on. I'll close 3/4 of my trade after 10 pips and let the rest ride. Who knows, maybe nothing will happen. Just thought I would share.
Raymond

Edit: Never quite worked out like I hoped. Sometimes that is just how it works
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  • #21,495
  • Nov 24, 2009 5:42am Nov 24, 2009 5:42am
Thought similar, thanks
Be like water.
  • #21,496
  • Nov 24, 2009 8:47am Nov 24, 2009 8:47am
Tricky week due to news and the US holiday, BOJ holiday at the start etc.
  • #21,497
  • Nov 25, 2009 1:28am Nov 25, 2009 1:28am
I traded the small round bottom on GU a little late. I took the trade for the following reasons - price was in the process of forming a double bottom on the lower trendline of the channel and there was divergence on the macd.

S/L 1.65579
Entry 1.66021
TP 1.67838
Attached Image (click to enlarge)
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  • #21,498
  • Nov 25, 2009 1:31am Nov 25, 2009 1:31am
Quoting Morelands
Ben, I'm just a bit curious about your trade. I did not take that trade b/c price has been in this very long consolidation period and I'm only trading at the edges of the blue rectangle (It's the daily GBP). I'm not taking TC's in the middle b/c on the 4 hrs the the I just don't see that much angle and separation b/t the MA. Just looking for a little insight. Thanks for your reply.
Raymond
Hi Raymond,

I’ll try and explain my reasons for entering. It is a bit difficult though because my trading style is different to the standard MACD 4hr in that I make use of nesting doll setups. If you search under Tamkras (Tamara) or Pips4uandme (Donna) posts back in this thread you will find all the info.

If you’re not aware of them, I’ve attached G/U daily with a couple of examples (this is IBFX platform which is 1hr different in closing time to Phillip’s normal charts):
-I’ve marked a top at circle 1. My horizontal line through the ‘inside’ of that top is 1.6862. The top / evening star at circle 3 found resistance off this level - this was a high probability short trade.
-A bottom at circle 2 (the 1.6475 horizontal line). The most recent morning star from a day or 2 ago found support off this level…chances are good for a test of 1.6745 level ie. circle 3 inside top level.
-I will be watching my inside top potential resistance at 1.6745 closely to see if there is PA confirming shorts (as per Phillips rules, price is below 21, so tends to return back up to 21, or just above (maybe 1.6745 level??) before continuing down).
-There are many more examples all over the charts. Like the 23rd October huge bearish engulfing – it occurred exactly at the inside top from mid-September. All places that I now pay attention to and look for trades.

Anyway, I follow the same principle of 4hr charts. My short entry was at 1.6620 where the white arrow is. This is my inside top line (blue horizontal) from circle A on the 4hr charts. I’ve found that 2-3 small candles or dojis at these levels are very high reliability entry areas. My target was 1.6535 (inside bottom as formed by PA at circle B). I was not expecting a bigger move than this as Daily timeframe had the morning star finding support off 1.6475 inside bottom level. Also, the 4hr is was not yet in a well defined downtrend with the 21ema proven as a resistance level. In fact, I had a buy order at 1.6516 yesterday after I closed that short trade (near the inside bottom resistance of 1.6535 on 4hr charts) as I was anticipating the daily morning star to gain control. Have taken profit on that one already.

Sorry for the long winded description. I was struggling to give a decent reason for my short trade without giving some background. Basically, what I’ve found is that nesting doll setups (inside tops and inside bottoms) greatly increase the chances of a trades success, and most of the time they coincide with MACD signals (RTs, RBs and TCs) or even give a bit of an early entry. I would not have entered that short trade you asked me about without that 1.6620 resistance level – like you said, I also would have been too concerned about the current ranging that the market is in.
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  • #21,499
  • Nov 25, 2009 1:36am Nov 25, 2009 1:36am
Quoting xeneric
I traded the small round bottom on GU a little late. I took the trade for the following reasons - price was in the process of forming a double bottom on the lower trendline of the channel and there was divergence on the macd.

S/L 1.65579
Entry 1.66021
TP 1.67838
Nice. Daily morning star supports the longs...should have kept my position open!
  • #21,500
  • Nov 25, 2009 5:06am Nov 25, 2009 5:06am
Good job.
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