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4 Hour Strategy (MACD)

  • #22,361
  • Edited 8:17pm Apr 26, 2010 8:01pm | Edited 8:17pm
Quoting yuan83
hi xeneric

seems like a triangle forming maybe?
anw, just curious, why is the euro seem to be doing things independently yday? seems to be different from pound. is it cos of the british elections + lack of news ydaY?
Hi Yuan,

How are you ? I think euro is in the process of forming a triple bottom. It is usually a volatile time as it goes up and down. GBP has hit resistance again(orange line) and is indecisive. I haven't been trading the GBP lately. Nice to see you again.
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  • #22,362
  • Apr 26, 2010 8:18pm Apr 26, 2010 8:18pm
Quoting xeneric
If you are talking about the EU then according to the rules it is still in a downtrend. However some of us think that the trend is changing. It is a high risk trade because until the uptrend is established we are trading countertrend. See Phil's weekly anticipation for explanation of trend change.
actually i was referring to EJ. seems like a higher low and a lower high?
  • #22,363
  • Apr 26, 2010 8:22pm Apr 26, 2010 8:22pm
Quoting yuan83
actually i was referring to EJ. seems like a higher low and a lower high?
We are looking at an uptrend in EJ because IMO both EU and UJ are going up. At the moment we don't know about EU for certain. As you know they are all correlated.
  • #22,364
  • Apr 26, 2010 8:27pm Apr 26, 2010 8:27pm
Quoting xeneric
We are looking at an uptrend in EJ because IMO both EU and UJ are going up. At the moment we don't know about EU. As you know they are all correlated.
Xeneric,
You've been quite busy in the last half hour. Good to hear from you again
Raymond
  • #22,365
  • Edited 8:48pm Apr 26, 2010 8:32pm | Edited 8:48pm
Quoting Morelands
Xeneric,
You've been quite busy in the last half hour. Good to hear from you again
Raymond
Yes very busy Thanks and great to see your posts too.
  • #22,366
  • Apr 26, 2010 9:14pm Apr 26, 2010 9:14pm
Long EUR at 1.3375 with 1st profit target at 1.3435
  • #22,367
  • Apr 26, 2010 9:48pm Apr 26, 2010 9:48pm
Here is Phil's latest crash course video especially for beginners but others will also find it useful. It is called "Being successful". Click on download.
  • #22,368
  • Apr 26, 2010 10:52pm Apr 26, 2010 10:52pm
How come our charts are so different? I am using charts from Gain UK which should be on GMT timezone. Even so the 89SMA should not differ so much. Strange.
  • #22,369
  • Apr 26, 2010 10:55pm Apr 26, 2010 10:55pm
Oh I know. Your charts are EURJPY. I thought you were talking about going long on EURUSD?

From my chart, the EURJPY has been testing the 61.8% Fibo line at 125.93 and the 50.0% Fibo line at 125.39. The 4hr has been closing around this range since the beginning of the week. But I don't see the long signal in MACD. Any guidance please?
  • #22,370
  • Apr 26, 2010 11:39pm Apr 26, 2010 11:39pm
Quoting Morelands
Long EUR at 1.3375 with 1st profit target at 1.3435
Morelands
Do you believe the trend direction has changed?
It had an upmove from 1.3205 to 1.3397 . Then made a higher low on 1.3291
and then made a higher high on 1.3414 .
It seems to act like "inset No 1 from philip's Rhythm Cycle".
Is it good place for entry?
Shouldn't I wait for a new higher low?

Thanks
khashaYaR
  • #22,371
  • Apr 26, 2010 11:39pm Apr 26, 2010 11:39pm
Quoting AlwaysLearn
Oh I know. Your charts are EURJPY. I thought you were talking about going long on EURUSD?

From my chart, the EURJPY has been testing the 61.8% Fibo line at 125.93 and the 50.0% Fibo line at 125.39. The 4hr has been closing around this range since the beginning of the week. But I don't see the long signal in MACD. Any guidance please?
SORRY FOR THE CONFUSION. I am not advocating trading EJ. I thought that you asked a question about EJ because you were trading it. Then Yuan asked a question about it. Yes, Raymond and I are trading EU NOT EJ.
  • #22,372
  • Apr 27, 2010 12:26am Apr 27, 2010 12:26am
xeneric: If you are going long on EURUSD, then the 89SMA is above, which means you are doing a counter trend trading. But no MACD signal was given. Can I know how you analyse to trade long? Sorry for all the questions but I want to understand the rational behind pulling the trigger.
  • #22,373
  • Apr 27, 2010 12:32am Apr 27, 2010 12:32am
Quoting AlwaysLearn
xeneric: If you are going long on EURUSD, then the 89SMA is above, which means you are doing a counter trend trading. But no MACD signal was given. Can I know how you analyse to trade long? Sorry for all the questions but I want to understand the rational behind pulling the trigger.
Read the previous posts. I already spent some time answering that question because you asked it earlier on.
  • #22,374
  • Apr 27, 2010 12:47am Apr 27, 2010 12:47am
Thanks for taking the time to answer my questions. I believe I know where you got the signal from. It wasn't the MACD that was giving the signal, but the movement of the charts, the 'W' that is forming in the 4hr chart of EURUSD. Am I right? I think I got too focused on the MACD to give the signal to trade, neglecting other indicators.
  • #22,375
  • Apr 27, 2010 1:20am Apr 27, 2010 1:20am
Quoting AlwaysLearn
Thanks for taking the time to answer my questions. I believe I know where you got the signal from. It wasn't the MACD that was giving the signal, but the movement of the charts, the 'W' that is forming in the 4hr chart of EURUSD. Am I right? I think I got too focused on the MACD to give the signal to trade, neglecting other indicators.
Correct
  • #22,376
  • Apr 27, 2010 1:21am Apr 27, 2010 1:21am
We have to keep in mind that Bernanke is speaking today at start of US session and there will be FOMC tomorrow. It could be quite a volatile two days.
  • #22,377
  • Edited 1:36am Apr 27, 2010 1:24am | Edited 1:36am
Quoting xeneric
Correct
Thanks. Hope you get your pips. The 8MA and 21MA should provide good support against any furthur drop. Also the daily chart had a long tail which should be a reversal trend coming up.
  • #22,378
  • Edited 3:17am Apr 27, 2010 3:01am | Edited 3:17am
Seems like EU broke through the 8MA and 21MA support lines. I should have left my trade from yesterday open. Might still be able to hit the t/p. But then I let my emotions take control and closed the trade. Too many things to learn, too little time. Now, it looks like a double top in the EU 4hr chart. Is it time to short it at 1.3347? Sl can be set at 1.3358, t/p at near previous low, 1.3222. R:R ratio more than 1. Only issue is that MACD too near the 0, which may signal rebound.

Comments please?
  • #22,379
  • Edited 4:12am Apr 27, 2010 3:45am | Edited 4:12am
Quoting AlwaysLearn
Seems like EU broke through the 8MA and 21MA support lines. I should have left my trade from yesterday open. Might still be able to hit the t/p. But then I let my emotions take control and closed the trade. Too many things to learn, too little time. Now, it looks like a double top in the EU 4hr chart. Is it time to short it at 1.3347? Sl can be set at 1.3358, t/p at near previous low, 1.3222. R:R ratio more than 1. Only issue is that MACD too near the 0, which may signal rebound.

Comments please?
If I had placed the trade, my sl would have been hit already. Seems like I have to wait and see the trend develop furthur.
  • #22,380
  • Apr 27, 2010 5:07am Apr 27, 2010 5:07am
I'm out of my EUR/USD trade. I'm not on a good streak lately.
Raymond
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