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4 Hour Strategy (MACD)

  • #22,141
  • Mar 29, 2010 12:48pm Mar 29, 2010 12:48pm
Quoting wuming79
Hi ira, may I know the website to your blog? :-)
Sure, chack your e-mail .
  • #22,142
  • Mar 29, 2010 4:47pm Mar 29, 2010 4:47pm
I'm currently short the Eur at 1.3461 base on what I stated earlier. I'm a little off sides, -20 pips, but the trade still is valid with my rules. In previous chart the 61.8 was previous support and now (hopefully) will act as resistance
  • #22,143
  • Mar 29, 2010 5:27pm Mar 29, 2010 5:27pm
Just a reminder that this is an unusual week. If you are going to trade, be careful. Wednesday is end of month and we have Good Friday this Friday so all banks will be closed on Friday. Therefore it is likely that Thursday will be end of the week in the place of Friday. We still have ADP NFP on Wednesday and Non Farm Payroll on Friday but we don't have any interest rate decisions this week. Volume is likely to be light towards the end of the week.
  • #22,144
  • Mar 29, 2010 6:15pm Mar 29, 2010 6:15pm
Quoting Morelands
I'm currently short the Eur at 1.3461 base on what I stated earlier. I'm a little off sides, -20 pips, but the trade still is valid with my rules. In previous chart the 61.8 was previous support and now (hopefully) will act as resistance
Good luck Raymond. Unfortunately we are against that pesky long term trendline again. If history is any indication, it is going to confuse us first and then go down.
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  • #22,145
  • Mar 29, 2010 7:01pm Mar 29, 2010 7:01pm
Quoting xeneric
Good luck Raymond. Unfortunately we are against that pesky long term trendline again. If history is any indication, it is going to confuse us first and then go down.
I was a early, so lets see
Raymond
  • #22,146
  • Mar 29, 2010 10:15pm Mar 29, 2010 10:15pm
Quoting xeneric
Good luck Raymond. Unfortunately we are against that pesky long term trendline again. If history is any indication, it is going to confuse us first and then go down.
Which trend line would this be? I can't seem to place it. Would like to see a larger time frame if you can be bothered
  • #22,147
  • Mar 30, 2010 1:08am Mar 30, 2010 1:08am
Quoting xeneric
Just a reminder that this is an unusual week. If you are going to trade, be careful. Wednesday is end of month and we have Good Friday this Friday so all banks will be closed on Friday. Therefore it is likely that Thursday will be end of the week in the place of Friday. We still have ADP NFP on Wednesday and Non Farm Payroll on Friday but we don't have any interest rate decisions this week. Volume is likely to be light towards the end of the week.
Thanks for the heads up .

My trade, I think this one within the rules. TC from 21 with the trend, price closed above resistanse, 365 is a good target.
Attached Image
  • #22,148
  • Mar 30, 2010 1:12am Mar 30, 2010 1:12am
Quoting Morelands
I was a early, so lets see
Raymond
I shorted right from the resistance, so managed to bank 25 pips. I saw the tail as the price couldn't close above it. There were also tails on the 1h.
  • #22,149
  • Edited 2:07am Mar 30, 2010 1:47am | Edited 2:07am
Quoting ira
Thanks for the heads up .

My trade, I think this one within the rules. TC from 21 with the trend, price closed above resistanse, 365 is a good target.

You are welcome Ira but what made you take a long on GJ ? Thanks.
  • #22,150
  • Mar 30, 2010 1:55am Mar 30, 2010 1:55am
Quoting rsmind
Which trend line would this be? I can't seem to place it. Would like to see a larger time frame if you can be bothered
Do u get Phil's weekly anticipation. Click Here for it. The trendline that I am referring to forms the top channel of the EU chart.
If you are having problems opening it, it is better to save it as a .zip file on your desktop first.
  • #22,151
  • Mar 30, 2010 2:08am Mar 30, 2010 2:08am
Quoting xeneric
Hi Ira,

You are welcome Ira but what made you take a long on GJ ? Thanks.
hmm... the reasons I have stated above, we are in an uptrend, because the price is above 89. It pulled back to 21 and gave a TC on the MACD. It also closed above previous resistance, engulfing candle. Something like a tweezer bottom. I guess that's it.

PS one lot is already closed, the other is b/e.
  • #22,152
  • Mar 30, 2010 3:20pm Mar 30, 2010 3:20pm
Well, I'm out of the trade at 45 pips. That was a lot of work for that small amount. I stayed in the trade for 3 reasons. First, WG stays in trades when he feel like thing go against him and then looks for the best exit if he is wrong. Second, I wanted to see what would happen when the 21 on the daily was hit. Lastly, I thought I was right. The 2nd chart shows my entry and exit. I entered b/c on an evening star pattern with a lower high. I exited b/c I'm expecting a better entry for another down move, possible tonight. The 3rd chart shows what I think will happen. Price has broken thought the 55 and 21 MA. I expect it to pull back to the 8 or 21 MA and contin downwards
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  • #22,153
  • Mar 30, 2010 3:22pm Mar 30, 2010 3:22pm

http://lh3.ggpht.com/_WdCVNN-NiCg/S7...png?imgmax=800

It was an exciting day for EURUSD.Let’s look at 4Hour Chart of EURUSD.EURUSD has touched my Fibonacci 50.0 level – 1.3542(between the highest level 1.3817 and the lowest level 1.3266)and started dropping (the bigger purple circle),we can it very clearly from the picture at above.4H Chart formed a long tail then the second candlestick had a bearish signal,which gave us a first signal for bearish of EURUSD.Next,we look at the bottom MACD Indicator,we see a red pointing down arrow(at the top of “TC” word) which is another bearish signal of my MACD indicator. 4 hours later,another Strong bearish came out again,75 pips has dropped,which give me a strong signal to short the EURUSD. If you look at the bottom purple circle,you can see that,MACD will further go down below the 0 line,which mean,the uptrend has finished and downtrend is taking over,we will see MACD move further down.

In order to provide me more reasons to short EURUSD,I looked at the Daily Chart to confirm my trade.Let’s look at the Daily Chart at below.

http://lh5.ggpht.com/_WdCVNN-NiCg/S7...png?imgmax=800

Well,the latest black candlestick is the current candlestick that I’m looking at,a strong black candlestick *(bearish engulfing) has formed and MACD Indicator (at the bottom with number “3” there),has formed a TC (Trend Continuous) signal,which mean. However,the candlestick has not closed yet, therefore,we will wait and see the daily candlestick close to confirm the downtrend,and I will make another short position for the upcoming downtrend,which I estimate that the EURUSD will drop to 1.3122 and 300pips will be the estimate pips we will gain.


*Bearish engulfing is a candlestick pattern name. If you’d like to know more about candlestick study,please refer to Japanese Candlestick Charting Techniques,Second Edition by Steve Nison , or Beyond Candlesticks: New Japanese Charting Techniques Revealed by Steve Nison , it will mention a lot of techniques about candlestick.

Hope all these will help you!
Cheers
Charles BY

http://booyu.blogspot.com

  • #22,154
  • Edited 6:37pm Mar 30, 2010 6:26pm | Edited 6:37pm
Quoting Morelands
Well, I'm out of the trade at 45 pips. That was a lot of work for that small amount. I stayed in the trade for 3 reasons. First, WG stays in trades when he feel like thing go against him and then looks for the best exit if he is wrong. Second, I wanted to see what would happen when the 21 on the daily was hit. Lastly, I thought I was right. The 2nd chart shows my entry and exit. I entered b/c on an evening star pattern with a lower high. I exited b/c I'm expecting a better entry for another down move, possible tonight. The 3rd chart shows what I...
Very good trade Raymond. Your thinking was correct. You were just a little early on entry. However that was a good entry considering that you had to go to sleep. I am glad that you made some good pips. I did the same trade after the London open a little higher up and got 30 pips. I was lucky that I was awake when it decided to turn around. I closed early and went to bed and missed the rest of the move.
  • #22,155
  • Edited Mar 31, 2010 5:22am Mar 30, 2010 8:40pm | Edited Mar 31, 2010 5:22am
Quoting xeneric
Very good trade Raymond. Your thinking was correct. You were just a little early on entry. However that was a good entry considering that you had to go to sleep. I am glad that you made some good pips. I did the same trade after the London open a little higher up and got 30 pips. I was lucky that I was awake when it decided to turn around. I closed early and went to bed and missed the rest of the move.
Ahh, sleep. I've been lacking some and tonight doesn't look like I'm going to catch up. Are you looking at the EUR? It's a good short, in my humble opinion.
Edit: looks like I was wrong
Raymond
  • #22,156
  • Apr 1, 2010 1:04am Apr 1, 2010 1:04am
Quoting Morelands
Ahh, sleep. I've been lacking some and tonight doesn't look like I'm going to catch up. Are you looking at the EUR? It's a good short, in my humble opinion.
Edit: looks like I was wrong
Raymond
I was wrong too. However I should have known better since I was the one who posted that it was end of month on Wednesday and end of week on Thursday and Friday was a bank holiday. The banks are all closing their positions and since everyone was short EU, it would make sense that closing all these positions would result in EU going up.
  • #22,157
  • Apr 1, 2010 2:01am Apr 1, 2010 2:01am
Morning all,

First of all I would like to send my apologies to everyone for not responding sooner. As i'm sure you are all aware i've had a number of things going on so haven't been to send time making the video reviews. I am now back on track - the other venture has been set and I will now be concentrating on you people and teaching you how to profit fully from this system.

I have just uploaded the review of the long trade I place yesterday - as you will see it wasn't a massive winner. The main reason behind the trade was momentum and rhythm together with candle formation which I have explained in the video. I cannot say this more! LEARN THE CANDLE PATTERNS!!

As always please comment and rate the video as it helps others learn.

Inserted Video


Cheers WG
  • #22,158
  • Apr 1, 2010 3:11am Apr 1, 2010 3:11am
Quoting welshguy2000
Morning all,

First of all I would like to send my apologies to everyone for not responding sooner. As i'm sure you are all aware i've had a number of things going on so haven't been to send time making the video reviews. I am now back on track - the other venture has been set and I will now be concentrating on you people and teaching you how to profit fully from this system.

I have just uploaded the review of the long trade I place yesterday - as you will see it wasn't a massive winner. The main reason behind the trade was momentum and rhythm...
Hi WG,

Nice to see u again. Thanks for the video.
  • #22,159
  • Edited 3:37am Apr 1, 2010 3:27am | Edited 3:37am
Quoting ira
My trade, I think this one within the rules. TC from 21 with the trend, price closed above resistanse, 365 is a good target.

Congratulations Ira. It hit your target and more.
  • #22,160
  • Apr 1, 2010 5:55am Apr 1, 2010 5:55am
WG,
Great analysis as always. I missed that move but had the prior short move down for 70. The fib line on the 4hr just happened to be the weekly pivot.

Mike
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