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4 Hour Strategy (MACD)

  • #21,821
  • Jan 18, 2010 11:20am Jan 18, 2010 11:20am
Good morning all,

I just wanted to share the TC trade I made on the USD/CAD last night. The canadian dollar has been gaining strength for a few weeks now and last week we had another lower low and so switching to the 4H price retraced back to the 8 and 21ema where I waited for a TC which occured and I entered short @ 1.02853 with profit target of 1.02100 just shy of the 4th line on the fibo as Welshguy talks about in his videos. I have since moved my stop loss to break even after taking some off the table and now we will wait and see what happens. with oil prices rising I believe we might see a retest of parity with the canadian dollar against the greenback.

Also the Eur has retraced back to the 8ema and we might have a TC in the making breaking that bottom trend line...as most of you are anticipating and as we have been discussing in the last few posts, for price to finish the last wave of the down movement.
Attached Image (click to enlarge)
Click to Enlarge Name: jan 18 usdcad trade.gif Size: 28 KB
Keeping Life Simple
  • #21,822
  • Jan 18, 2010 12:43pm Jan 18, 2010 12:43pm
Quoting time1300
Good morning all,

I just wanted to share the TC trade I made on the USD/CAD last night.
I was with you on this one.
Attached Image
  • #21,823
  • Jan 18, 2010 8:59pm Jan 18, 2010 8:59pm
Quoting ira
I was with you on this one.
Hi Ira, Glad to have you back... Been reading your past posts and now you're back. I wonder if you can share an indicator showing those time GMT, Tokyo & New York? Thank you so much in advance...
  • #21,824
  • Jan 19, 2010 4:08am Jan 19, 2010 4:08am
Quoting time1300
As you guys can see I have included a big wave with an example of a small wave within a wave as that is my understanding of the wave construction and as you can see the big 1-2-3-4-5- wave up to the high has small formations as well within itself as illustrated at the beginning of the wave which has a correction of 3 waves which i have labeled a-b-c.
Time, nice analyse, I totally agree with you about the way of counting waves
Plan your trades and trade your plans
  • #21,825
  • Jan 19, 2010 4:22am Jan 19, 2010 4:22am
Quoting hammerhead
Hi Ira, Glad to have you back... Been reading your past posts and now you're back. I wonder if you can share an indicator showing those time GMT, Tokyo & New York? Thank you so much in advance...
No problem, here you go.

Ira
Attached File(s)
File Type: mq4 Clock Convertor.mq4   5 KB | 450 downloads
File Type: ex4 Clock Convertor.ex4   5 KB | 370 downloads
  • #21,826
  • Jan 19, 2010 5:44am Jan 19, 2010 5:44am
Quoting ira
No problem, here you go.

Ira
Thank you Ira...
  • #21,827
  • Jan 19, 2010 7:41am Jan 19, 2010 7:41am
I entered early on the EUR/USD. If you look at the 4 hr there are 2 dojis with the second one with a lower high, no TC yet. On the 1hr you can see the lower high on the one hr (see arrow). I enter after the close of that candle which was at the same time of the double doji on the 4hr. This was all based on the Daily which has been posted earlier. So far so good for this trade, still in it
Raymond
Attached Image(s) (click to enlarge)
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  • #21,828
  • Jan 19, 2010 9:24am Jan 19, 2010 9:24am
Quoting Morelands
I entered early on the EUR/USD. If you look at the 4 hr there are 2 dojis with the second one with a lower high, no TC yet. On the 1hr you can see the lower high on the one hr (see arrow). I enter after the close of that candle which was at the same time of the double doji on the 4hr. This was all based on the Daily which has been posted earlier. So far so good for this trade, still in it
Raymond
Raymond, I entered TC of eu as yours. I didn't do an early entry but follow 4h rhythm with 5% risk for it has cracked the channel and I thought this was a high probablity trade.

Meanwhile, I closed half postion judged from 5min chart and reduced the sl of the other position. You can see the arrow.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 5min.gif Size: 19 KB
Plan your trades and trade your plans
  • #21,829
  • Jan 19, 2010 10:09am Jan 19, 2010 10:09am
Quoting Morelands
I entered early on the EUR/USD. If you look at the 4 hr there are 2 dojis with the second one with a lower high, no TC yet. On the 1hr you can see the lower high on the one hr (see arrow). I enter after the close of that candle which was at the same time of the double doji on the 4hr. This was all based on the Daily which has been posted earlier. So far so good for this trade, still in it
Raymond
I also got into that trade as I was waiting for a retracement close to that 21ema which we got and I also got in with the 1H. My target has since been hit for a total of 110 pips. The first chart is the entry and the second is the move down to the profit target as I mentioned in my last post. Also if you go across the chart to the left you will see two long candles that could also be resistance. Anyways great for those that took the trade as the TC was a big one and some might have chose not to get it as the stop loss would have been a lot.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: close of jan 18 eurusd trade.gif Size: 33 KB
Keeping Life Simple
  • #21,830
  • Jan 19, 2010 10:14am Jan 19, 2010 10:14am
My previous USD/CAD trade was closed manually with 30 pips as I did not feel a big move to the downside and could grab better results else where hence the EUR/USD trade.

If I don't get the move I have been anticipating after a few hours then I keep the stop tight and use my discretion to close the trade because there will always be another setup and CAPITAL PRESERVATION is the name of the game.
Keeping Life Simple
  • #21,831
  • Jan 19, 2010 11:03am Jan 19, 2010 11:03am
Excellent trade for you people that took the EurUsd bounce off the 89sma resistance and the 2 dojis. I could not watch the trade live so I had to make a decision on the EurUsd and the GbpUsd. I took the GbpUsd move up on the 1Hour. I had a trendline drawn from 17/11 that seems to be not correct after all. There has been tails to both sides of the GbpUsd. We might see a move coming.
Attached Image (click to enlarge)
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  • #21,832
  • Jan 19, 2010 11:18am Jan 19, 2010 11:18am
Hey Phillip, great to see you pop in and out, it's always great to see your posts and have your presence in the forum.

I have been reading on candle sticks quite a while and am still learning. And I saw a candle pattern forming and wanted to see if my interpretation is right and would love some feedback for those that do know about candlesticks.

On the AudUsd that I have posted, if that candle(in the blue rectangle) closes the way it is now, would that be called an inside candle.
Attached Image (click to enlarge)
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Keeping Life Simple
  • #21,833
  • Jan 19, 2010 11:56am Jan 19, 2010 11:56am
We had a big move down on the Eur breaking that trend line, a big gap has been created between price and 8ema and I usually like to take a chance on the gap being filled when price has moved like it has today but i wait till around the afternoon because I notice after 1 or 2 pm eastern time people tend to take some off the table thus price retracing back to the 8ema. On CT trades I reduce my lot size because again it is a counter trend trade.

Below are the charts. R:R is 1:1 so we will take it on.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: jan 19 chf ct trade.gif Size: 27 KB
Keeping Life Simple
  • #21,834
  • Jan 19, 2010 12:32pm Jan 19, 2010 12:32pm
And I took a debt from A/U. Many of us anticipated a move to the 89 which didn't happen. Today I saw ZB signal, I liked the way the price made LH, so the move to the 89 was on the way. But I worried about previous support and 23 Fibonacci level, so I took profit there.
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  • #21,835
  • Jan 19, 2010 4:26pm Jan 19, 2010 4:26pm
Quoting welshguy2000
Good Evening Morelands,

I'm really impressed with your analysis - you are completely correct on almost everything - this is the finial 5th wave down from the daily chart - I am currently short of 1.4480, with a target area about 1.3850 zone.

Will cover more detail stuff in the trade review next week. Well done & keep up the hard work

If there are any video requests then please email me, I will be covering western technicals in lesson 5 next week.

Cheers WG
WG:

Did you ever find the script you were looking for to open multiple orders? There are scripts on the website that will open three multiple orders at once:

http://www.fxtradeblog.com/tools.html#rapidfire
  • #21,836
  • Jan 19, 2010 4:30pm Jan 19, 2010 4:30pm
I've been busy with an exercise in futility trying to code a scalping EA...

Here is the live demo test for the past two days...nice huh!
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  • #21,837
  • Jan 19, 2010 5:17pm Jan 19, 2010 5:17pm
Hi,
time1300
Morelands
saka
Palmer
and Phillip

Thanks for posting I did some wrong trades and I moved back to learn more. Nice to hear from you and see your trades to learn to observe prices rythm. I do not have much time for trading comming month so I'll be just visiting.

Take care http://cdn.forexfactory.com/images/icons/icon6.gif
  • #21,838
  • Jan 19, 2010 5:33pm Jan 19, 2010 5:33pm
I also closed my trade. I close b/c the the purple dotted line and price action on the 15 min time frame showing strong support. The purple dotted line is the 32% retracement fib from the daily dating back from April 21st of 2009 to Nov. 25 of 2009. Plus you can see on the 4 hr chart that that price level has found support there multiple times. The second chart is a 15 view of price action around that area. Once price bounce 2x off that level (see the arrow) I closed my position. Good day
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 011910-part1.gif Size: 51 KB
Click to Enlarge Name: 011910-part2.gif Size: 45 KB
  • #21,839
  • Jan 19, 2010 6:21pm Jan 19, 2010 6:21pm
lukis: We'll be here..

Morelands: Good stuff...

saka: Hey!

Well, apparently MT4 just decided to crash on me. It hangs on a re-start and changing profiles causes it to hang as well. Just lost A LOT of project code. I really hate any version of Windows with a passion. Not sure if MT5 will be Mac compatible.....wishing wishing wishing..

Fìskxawngìri tsap’alute sengi oe....of a computer.

Tranlsated = "I apologize for this moron of a computer"
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  • #21,840
  • Jan 19, 2010 8:33pm Jan 19, 2010 8:33pm
Palmer,
great to see you mate,

As far as my CT trades, this is a perfect example how risky they are and how well you need to manage them and if you are starting out, you should stay away from any counter trend trades. I moved my stop loss to Break even after price moved up slightly but was then taken out but this is to show that on counter trend trades, we are only looking for 20 or 30 pips if that because we are just trying to capture a few pips and one must be very careful and watching their live trades.
Keeping Life Simple
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