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4 Hour Strategy (MACD)

  • #21,501
  • Nov 25, 2009 1:18pm Nov 25, 2009 1:18pm
Hi,
Unpedictable market today (I am in Europe). I thought EURUSD around 1.5030-50 is highest high. So I put short there. Surprisingly went higher to 1.5085.
Other pairs not so rally today.

I am curious: how do you think Thanksgiving can affect the market?
  • #21,502
  • Nov 25, 2009 2:38pm Nov 25, 2009 2:38pm
Sorry for not posting lately. We had serious internet problems in our area. Upgrading has started in our local area and are down most of the time. Hopefully after this weekend it will be sorted out.
Thanks
Phillip
  • #21,503
  • Nov 25, 2009 2:45pm Nov 25, 2009 2:45pm
I hope you guys made pips today. there were lots of opportunities on EU USDCHF AUDUSD USDCAD USDJPY

lots of TC Trades.

i closed my on EU at 1.5000 level with small gain due to that 4hr TL and round number, and same with USDCHF .. i wish i would have waited for a while.

AUDUSD i am currently 100+ pips rightnow. it's free ride. i entered at 0.9195 .. few PA .. weekend morning star (not really), bounce of TL and Inverted hammer.

there is also opportunity at EURGBP .. 4 daily candles closed above 21ema and looks like 8ema will take control. Perfect entry was after bulish candles off the 200sma but missed it.

SL belove 89ema and 1st TP at previous high 9200 and second at 9400.. but this lots of patience require here, it migh takes weeks to get there.

your comments welcome.
shabbir
  • #21,504
  • Nov 25, 2009 2:48pm Nov 25, 2009 2:48pm
Quoting Phillip Nel
Sorry for not posting lately. We had serious internet problems in our area. Upgrading has started in our local area and are down most of the time. Hopefully after this weekend it will be sorted out.
Thanks
Phillip
Very frustrating I know. In the city I live in-infrastructure has been forgotten to a degree. All kinds of surprises lurking around the corner. Some thread members have been picking up some pips but I have been cautious of the volume and ranging conditions on some pairs. I'd rather take an A setup than a B or a C. Hopefully we can get a semi-normal week in before next year.

Just saying.....
  • #21,505
  • Nov 25, 2009 6:45pm Nov 25, 2009 6:45pm
Quoting lukis
Hi,
Unpedictable market today (I am in Europe). I thought EURUSD around 1.5030-50 is highest high. So I put short there. Surprisingly went higher to 1.5085.
Other pairs not so rally today.

I am curious: how do you think Thanksgiving can affect the market?
wad is surprising is all the stops are at 1.5100 causing the rally all e way up
  • #21,506
  • Nov 26, 2009 8:41am Nov 26, 2009 8:41am
Quoting gujjubond
I hope you guys made pips today. there were lots of opportunities on EU USDCHF AUDUSD USDCAD USDJPY

lots of TC Trades.

i closed my on EU at 1.5000 level with small gain due to that 4hr TL and round number,...
i closed my AudUsd trade at 0.9275 yesterday.. 75+ pips gain..

EurGbp i am currently 50+ pips .. let see if it reached to 0.9200 level..

shabbir
  • #21,507
  • Nov 26, 2009 9:00am Nov 26, 2009 9:00am
BenStevo " 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)."

I haven't had a chance to fully study the inside tops and bottoms so I did not take the trade last night. But that 6745 level hung in there and would have been a good place to short. I was looking for possible longs if price would have gone above that level but it never did. I have noticed that a lot of those horizontal lines you draw are fib levels from longer time frames. Hope you got the short last night. Time to go study inside tops and bottoms
  • #21,508
  • Nov 26, 2009 10:09pm Nov 26, 2009 10:09pm
Nah didn't manage to get in on that one unfortunately...
Following yesterdays 26th Daily close with a TC short I was hoping for a price retrace to 1.6640 (newly formed inside top on 4hr) where I had a sell order. Price has decided not to hang around though and continues dropping.

Quoting Morelands
BenStevo " 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)."

I haven't had a chance to fully study the inside tops and bottoms so I did not take the trade last night. But that 6745 level hung in there and would have been a good place to short. I was looking for possible longs if price would have gone above that level but it never did. I have noticed...
  • #21,509
  • Nov 27, 2009 1:05am Nov 27, 2009 1:05am
false breakout?
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  • #21,510
  • Edited 9:26am Nov 27, 2009 6:17am | Edited 9:26am
Have taken a long position based on:
1) pin bar and preceding doji (a strong 2 candle setup where ever it occurs, based on my backtesting)
2) Price @ my 1.6354 support level
3) Good distance to 8EMA

E = 1.6400
SL1 = 1.6330 (1/2 of position)
SL2 = 1.6256 (1/2 of position. If SL1 hit, will move TP on 2nd 1/2 to try for BE on overall trade)
TP = 1.6540
BE @ 1.6475

Waiting time now...

UPDATE:
...moved to BE as per plan
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  • #21,511
  • Nov 27, 2009 6:20am Nov 27, 2009 6:20am
Was waiting for a TC long here as well. Would have been a nice 3 sisters setup as well...
Quoting bshadroo
false breakout?
  • #21,512
  • Nov 27, 2009 1:29pm Nov 27, 2009 1:29pm
The market is just whacked right now. I am going to look closely at the daily candles when my broker closes.
  • #21,513
  • Nov 27, 2009 2:41pm Nov 27, 2009 2:41pm
I took a trade using volume and the support line of the EUR, but I used a 5 min bar to get in, so I'm not posting it here. If you are interested, check out Phillip's 5 min system. That threads needs some traffic anyways.
Raymond
  • #21,514
  • Nov 28, 2009 4:38am Nov 28, 2009 4:38am
Quoting BenStevo
Was waiting for a TC long here as well. Would have been a nice 3 sisters setup as well...
i can probably only say that fundamentals rule the day.
  • #21,515
  • Nov 28, 2009 1:17pm Nov 28, 2009 1:17pm
Quoting yuan83
i can probably only say that fundamentals rule the day.

With the Dubai situation and the flight from the markets-perhaps, not to mention the BOJ situation-we need to take care because we may not have technically sensible markets this week. Would like some feedback from anyone.

Thanks.
  • #21,516
  • Nov 28, 2009 2:51pm Nov 28, 2009 2:51pm
Quote
With the Dubai situation and the flight from the markets-perhaps, not to mention the BOJ situation-we need to take care because we may not have technically sensible markets this week. Would like some feedback from anyone.


I am a vehement believer that price is fundamentally driven but we see the effect of the movement on the chart that can be traded with huge success

Well i can say that the behind the scene of the fundies is beyond us, i have read different interpretation as to the effect of those mentioned would cause to forex currency pairs.

But you know wot, u will see it on your chart. even the fall of dollar due to september 11 attack on america still left a pattern/formation/ Price action to be traded with profit the following day.

Its all in your chart! trade wot you see.
  • #21,517
  • Nov 28, 2009 3:31pm Nov 28, 2009 3:31pm
Quoting Naijafx
I am a vehement believer that price is fundamentally driven but we see the effect of the movement on the chart that can be traded with huge success

Well i can say that the behind the scene of the fundies is beyond us, i have read different interpretation as to the effect of those mentioned would cause to forex currency pairs.

But you know wot, u will see it on your chart. even the fall of dollar due to september 11 attack on america still left a pattern/formation/ Price action to be traded with profit the following day.

Its all in your chart!...
The charts don't lie, we just need to watchout for whipsaws. Thanks for the response.
  • #21,518
  • Nov 28, 2009 11:17pm Nov 28, 2009 11:17pm
100% agree with you. It's amazing how price seems to be forced to move in a certain way no matter what the news happens to be. That is, when certain patterns and formations form, it is almost compelled to complete the pattern, whether the news agrees or disagrees with the direction. This is something that fascinates me....how technical setups often seem to be like the law of gravity - price has no choice but to follow.

In all our backtesting, we don't know what the specific news for that time was, but if we can become consistently profitable in this area then news fades into the background. That's how I see it.

Quoting Naijafx
I am a vehement believer that price is fundamentally driven but we see the effect of the movement on the chart that can be traded with huge success

Well i can say that the behind the scene of the fundies is beyond us, i have read different interpretation as to the effect of those mentioned would cause to forex currency pairs.

But you know wot, u will see it on your chart. even the fall of dollar due to september 11 attack on america still left a pattern/formation/ Price action to be traded with profit the following day.

Its all in your chart!...
  • #21,519
  • Nov 29, 2009 6:52am Nov 29, 2009 6:52am
Quote
In all our backtesting, we don't know what the specific news for that time was, but if we can become consistently profitable in this area then news fades into the background. That's how I see it.

excellent point!

fundies are not a factor when back-testing! and u have amazingly huge success with back test result ... i mean back testing manaually scanning through charts and not EA with distorted tick data.......... so why afraid of fundie forward testing

nice point
  • #21,520
  • Nov 29, 2009 6:45pm Nov 29, 2009 6:45pm
help me setup MACD for Gold chart (4H)???? thanks.
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