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4 Hour Strategy (MACD)

  • #22,621
  • May 11, 2010 1:06am May 11, 2010 1:06am
Quoting Morelands
1st chart is the daily chart. Price on the daily appears to have made a lower high with a large shooting star. From here I'll look for a signal on the 4 hr to go short if the R:R is alright...Maybe a pull back to the 21 MA/1.2848/61% fib.
I am not sure about short, yes, there is down trend and daily looks really nice, but all these talks about € rescue... I think 4h may show us HL, but only time can tell. Waiting, waiting, waiting...
  • #22,622
  • May 11, 2010 1:31am May 11, 2010 1:31am
Quoting ira
I am not sure about short, yes, there is down trend and daily looks really nice, but all these talks about € rescue... I think 4h may show us HL, but only time can tell. Waiting, waiting, waiting...
Cant the 4hr MACD be considered as HL after a BOZ? I always thought Philips HL or LH pattern will break after MACD cross zero line.
  • #22,623
  • May 11, 2010 1:40am May 11, 2010 1:40am
Lots of lovely round tops on JPY and USD pairs.
Gone to a better place
  • #22,624
  • May 11, 2010 2:24am May 11, 2010 2:24am
Quoting wuming79
Cant the 4hr MACD be considered as HL after a BOZ? I always thought Philips HL or LH pattern will break after MACD cross zero line.
I was not talking about MACD, I was talking about price.
  • #22,625
  • Edited 8:04am May 11, 2010 5:23am | Edited 8:04am
in about 2.5h my 4h candle on gu will close. by then I might go short with a sl of about 100 pips.

the price has shown a lot of ampitude lately. now the upper shadow of the previous candle reached for the 21 and price goes down.
might make for a short entry depending on what happens during the next 2,5h.

edit:
now as the candle has closed I skip the trade. sure I could enter with a sl < 100 pips but the relatively large lower shadow of the candle confuses the setup. I wait for a better entry

I'd still consider entering during the next hours if price moved to 21, bounced off of it and closed below the 8
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4h 11.5.10.gif Size: 11 KB
  • #22,626
  • May 11, 2010 6:04am May 11, 2010 6:04am
Quoting ira
I am not sure about short, yes, there is down trend and daily looks really nice, but all these talks about € rescue... I think 4h may show us HL, but only time can tell. Waiting, waiting, waiting...
I was thinking about it last night while I was supposed to be sleeping (or maybe I was sleeping and dreaming about it...I'm not sure) and I thought that PRICE on the EUR would be in a consolidation period instead. As you said, we'll wait and see
Raymond
  • #22,627
  • May 11, 2010 2:05pm May 11, 2010 2:05pm
Looking for a possible break in support below the 1.2700 level on the EU...
  • #22,628
  • Edited 5:31pm May 11, 2010 4:28pm | Edited 5:31pm
Let's see if we revisit the low around 2500....or if I get bit by a snake...
Attached Image
  • #22,629
  • Edited 11:42pm May 11, 2010 11:30pm | Edited 11:42pm
Quoting Morelands
I was thinking about it last night while I was supposed to be sleeping (or maybe I was sleeping and dreaming about it...I'm not sure) and I thought that PRICE on the EUR would be in a consolidation period instead. As you said, we'll wait and see
Raymond
Hi Raymond,

It seems to me that all that sleeping and dreaming of yours didn't help. lol

After you posted your very good analysis which I agreed with, I took a short off the 8 EMA at 1.2767. Will hold until around the lows like Palmer.
  • #22,630
  • May 12, 2010 12:45am May 12, 2010 12:45am
Quoting xeneric
Hi Raymond,

It seems to me that all that sleeping and dreaming of yours didn't help. lol

After you posted your very good analysis which I agreed with, I took a short off the 8 EMA at 1.2767. Will hold until around the lows like Palmer.
hi, can ask u, did u just short immediately or u wait for macd to turn red? or u switch to H1? thanks
  • #22,631
  • May 12, 2010 12:51am May 12, 2010 12:51am
Quoting yuan83
hi, can ask u, did u just short immediately or u wait for macd to turn red? or u switch to H1? thanks
Hi Yuan. I don't watch the macd but I do go to the lower time frames like 15 min and 5 min.
  • #22,632
  • May 12, 2010 1:14am May 12, 2010 1:14am
What a great double bottom formation on the macd and a retest of 1.02

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad100512h4.gif Size: 25 KB
Gone to a better place
  • #22,633
  • May 12, 2010 5:21am May 12, 2010 5:21am
two possible entries if I'm not mistaken

eu short, price has bounced off around 21 and could continue its downmove. I wait for the candle to close in about 2,5h.

gu long, price has crossed 8/21 and possibly attemts to break tl. for now it has come back to 21/8. if the next candle is rising and closes in about 6,5h above 8/21 then I might get in.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 4h 12.5.10.gif Size: 12 KB
Click to Enlarge Name: gu 4h 12.5.10.gif Size: 12 KB
  • #22,634
  • May 12, 2010 6:23am May 12, 2010 6:23am
Here is a nice set up. We have just bounced off .8450 which is monthly and weekly support. Although this could be considered counter trend this is a major level and I expect a bounce towards .8600, another important monthly and weekly level. We have a bit of bullish divergence on some oscillators and more importantly, on my feed, a bullish H4 bar. Oh, and the RB on the MACD, of course.

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp100512h4.gif Size: 29 KB
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  • #22,635
  • May 12, 2010 6:45am May 12, 2010 6:45am
Quoting smikester
Here is a nice set up. We have just bounced off .8450 which is monthly and weekly support. Although this could be considered counter trend this is a major level and I expect a bounce towards .8600, another important monthly and weekly level. We have a bit of bullish divergence on some oscillators and more importantly, on my feed, a bullish H4 bar. Oh, and the RB on the MACD, of course.

Attachment
I don't trade eg but according to your 4h thoughts I'd suggest a 1h entry if candle closes with up move above 21
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  • #22,636
  • May 12, 2010 6:46am May 12, 2010 6:46am
Took a handful out of that last trade, no positions open. I'm with you ash, looks like it wants to go down again....

Trade Deficit news out soon...
  • #22,637
  • May 12, 2010 6:54am May 12, 2010 6:54am
MACD 4hr still up. Possible inverted sHs formation?
  • #22,638
  • May 12, 2010 7:04am May 12, 2010 7:04am
Quoting ashes
I don't trade eg but according to your 4h thoughts I'd suggest a 1h entry if candle closes with up move above 21
Thanks ashes, looking at the bullish divergence on your H1 chart as well.
Gone to a better place
  • #22,639
  • May 12, 2010 7:27am May 12, 2010 7:27am
Hi everyone, I am new here, I took a long position with GU base on TC. Anyone with me?

Is this trade ok? Pls comment. Thanks

March
Attached Image (click to enlarge)
Click to Enlarge Name: gu tc1.gif Size: 20 KB
  • #22,640
  • Edited May 13, 2010 1:05am May 12, 2010 8:05am | Edited May 13, 2010 1:05am
as prepared here http://www.forexfactory.com/showpost...ostcount=22633
I'm risking eu short @1,2671, sl 1,2757, tp aiming for low @1,2545
@1,2615 I set the trade be and I might take 1/2 profit

edit: set sl be @1,2618, no partial tp

edit: sl be hit 11h later
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