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4 Hour Strategy (MACD)

  • #21,981
  • Feb 22, 2010 7:42am Feb 22, 2010 7:42am
Hey folks...watching the cable and yen..
  • #21,982
  • Feb 22, 2010 7:44am Feb 22, 2010 7:44am
Newbie learning...
USDCHF based on the 4hr MACD system would this be OK?

20 min left on the 4hr candle....
if stays the way it looks now would you condsider this a good trade?

buy at 1.07712
stop loss 1.07360
1st tp 1.08260
2nd tp 1.08950
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  • #21,983
  • Feb 22, 2010 8:22am Feb 22, 2010 8:22am
social:

I've got about 1:45 before the bar closes.

The Swissie is in a very well defined uptrend and there is only one direction that I would be thinking about which is long. The 4hr MACD does look like it's trying to form a bounce of zero as well. There isn't a whole lot of movement right now with the uneventful calendar and I have the 5min kind of rangebound too. I'd like to see a little more movement with the lower timeframes before getting in here.
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  • #21,984
  • Feb 22, 2010 9:03am Feb 22, 2010 9:03am
Palmer - I see that you use 10,22,1 for your settings on the MACD. I was reading about that and read that it smooths out some of the noise. I thought I also read that some don't use this setting. Am I wrong about this? Should I be using this setting?

Thanks, Socaliforex
  • #21,985
  • Feb 22, 2010 11:59am Feb 22, 2010 11:59am
It does seem to smooth things out. What you can do is just plot the MACD twice with both settings and see how they look with the same chart....
  • #21,986
  • Feb 23, 2010 7:31am Feb 23, 2010 7:31am
watching swissie and cable...
  • #21,987
  • Feb 23, 2010 7:23pm Feb 23, 2010 7:23pm
Hi,

I'm confused. It I short EURUSD on MACD double top reversal, do I exit the position now because of MACD turning up now?http://img682.imageshack.us/img682/3518/eurusdi.gif
  • #21,988
  • Feb 23, 2010 10:46pm Feb 23, 2010 10:46pm
Daily has given 3 lower lows (3 sisters). Signal candle nice engulfing TC with tail to the topside.
I'll be watching for that TC on the 4hr (actually, I have an entry order to short based on daily signal) to really boost my chances. Can't beat convergence of signals with a higher timeframe

PS to Wuming: If I were you I would be holding the trade if your stops are suitable (placed above the Daily levels). BUT this is just how I would trade it - make sure you stick to your own plan as nothing is ever guaranteed.
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  • #21,989
  • Feb 23, 2010 10:50pm Feb 23, 2010 10:50pm
Quoting wuming79
Hi,

I'm confused. It I short EURUSD on MACD double top reversal, do I exit the position now because of MACD turning up now?
Hi, it really depends on your style. For example, I don't like to leave the position overnight and prefer to close it on the nearest support/resistance. Then I wait for the signal again. I took the same trade as you, partially closed at 1.3535, the rest was closed by trailing stop.

In any case we are in a down trend, so watch area around 21, because the price might retrace there, and if you are still in a position put your stop above it. If the 21 broken you will know that it may not cont. in a down trend. Untill the 21 is not broken it is ok.
  • #21,990
  • Feb 23, 2010 11:18pm Feb 23, 2010 11:18pm
Thanks guys. I'll guess I'll place the stop loss above 21 in case it shoot back up like the last mini rally. Got phobia when I took the continuation pattern on the 19th Feb...
  • #21,991
  • Feb 24, 2010 4:49am Feb 24, 2010 4:49am
BenS:

Watching the EU as well along with the swissie. Cable is stuck and the Yen needs some kind of push as well.
  • #21,992
  • Feb 24, 2010 7:48am Feb 24, 2010 7:48am
Quoting xeneric
Hi Andy,

On the other hand UJ is at resistance right now and if we are lucky and it falls to support at around 90 or 89 level then some of us will be able to go long with good R/R. We'll have to wait and see.


I'm wathing now...
  • #21,993
  • Feb 24, 2010 9:56am Feb 24, 2010 9:56am
Quoting booyu
Well guys,I have developed one money management system,actually most of the part of this spreadsheet is modified from Phillip Nel,i forgot which posted it was,probably some previous pages.Then i changed something inside,make most of the things automatically,it will auto calculate your R/R,gain/loss,and etc.

Hmm,well,basically this is just a simple P/L Sheet to provide yourself to have a better way to record your money management.I still have to improve with this spreadsheet,however,i do hope you guys to help me as well,to find out if there is any...
Many thanks booyu...just saw this..


Watching for a break in support here...Daily trend is down.
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  • #21,994
  • Feb 24, 2010 10:02am Feb 24, 2010 10:02am
...a 'potential' break in support....
  • #21,995
  • Feb 24, 2010 5:05pm Feb 24, 2010 5:05pm
Quoting andy1969


I'm wathing now...
I am watching too. Lots of consolidation going on - big battle between the bulls and the bears.
  • #21,996
  • Feb 24, 2010 5:24pm Feb 24, 2010 5:24pm
Classic 4 hr macd trade with EU bouncing off the 21 EMA (and the 50 SMA) and closing below the 8 EMA with a TC on the macd.
Unfortunately there is a lot of support at the 1.3500 level. I entered really late at 1.35240 (after I woke up) with SL at 1.35655 and closed at 1.34919 for 32 pips.
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  • #21,997
  • Feb 24, 2010 10:44pm Feb 24, 2010 10:44pm
Nice to see us all making pips on E/U.
I'm still holding 1/2 position based on Daily 3 sisters setup. Target for me is 1.3400 level.
  • #21,998
  • Feb 24, 2010 10:56pm Feb 24, 2010 10:56pm
Quoting xeneric
Classic 4 hr macd trade with EU bouncing off the 21 EMA (and the 50 SMA) and closing below the 8 EMA with a TC on the macd.
Unfortunately there is a lot of support at the 1.3500 level. I entered really late at 1.35240 (after I woke up) with SL at 1.35655 and closed at 1.34919 for 32 pips.
Yes, a very good signal. I usually don't trade after 9 p.m. my time, but the signal was so nice that I couldn't resist. Partially closed at 1.3500, some is still in the trade, watching the area 1.3450 for possible support.



Wuming79 - you were closed by the tail, but don't feel bad, you can aalways re-enter the trend.

Ira
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  • #21,999
  • Feb 24, 2010 11:41pm Feb 24, 2010 11:41pm
Quoting ira
Yes, a very good signal. I usually don't trade after 9 p.m. my time, but the signal was so nice that I couldn't resist. Partially closed at 1.3500, some is still in the trade, watching the area 1.3450 for possible support.



Wuming79 - you were closed by the tail, but don't feel bad, you can aalways re-enter the trend.

Ira
Great to see you back here Ira and you too BenStevo. Now where is Saka ?
  • #22,000
  • Feb 25, 2010 5:00am Feb 25, 2010 5:00am
xeneric: pips in the bank are pips in the bank..

UJ finally broker the support but I was in zzzzz land so that's that.

All pairs seems to moving long now , jobs number out soon...
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