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4 Hour Strategy (MACD)

  • #22,841
  • May 26, 2010 1:20am May 26, 2010 1:20am
Quoting yuan83
think e big numbers refer to 12300 12400 instead of 12351 . and u might need to add in spread depends on u are LONG or SHORT
Maybe you are right. Can Ira help to clarify?
  • #22,842
  • Edited 3:48am May 26, 2010 1:52am | Edited 3:48am
long on 1h usdcad @1,0729, r=45=sl, tp=1,5r
on 1h price bounced off 89sma and made it back through 8/21ema. it then dropped below the bundle but closed later above. this isn't quite a bounce off 8/21ema, but I'm risking this entry as an anticipation of the 4h entry in about 2h. half risk now, other half in 2h.

short on 1h eu @1,2271, r=45=sl, tp=1,5r
on 1h price bounced off 200sma and dropped below 8/21ema. it bounced off the bundle, that's why I gave it a try. also here I anticipate a short entry on 4h in about 2h, that's why I enter with half risk. other half later.

edit:
eu sl hit

edit:
cad sl hit

looks like 1h entries are not my thing yet
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eu 1h 25.5.10.gif Size: 11 KB
  • #22,843
  • Edited 3:01am May 26, 2010 2:18am | Edited 3:01am
gu 1h short@1,4362, r=45=sl, tp=1,5r
I took this short after the candle with the spike, antry at the close of the previous. simmilar picture as on the other pairs, price bounced off 89sma, made it through 8/21ema, came back to it and then fell again. not sure if I'm going to add a 4h position, but I'm half risk anyway

edit:
price has passed 0,5r, sl set to -0,5r

edit:
sl hit
Attached Image (click to enlarge)
Click to Enlarge Name: gu 1h 25.5.10.gif Size: 14 KB
  • #22,844
  • May 26, 2010 3:36am May 26, 2010 3:36am
Actually I don't understand the rationale to set sl to be. Why not set it to + 1 pip? At least you make something from the trade.
  • #22,845
  • May 26, 2010 3:39am May 26, 2010 3:39am
Quoting silverfox88
Thanks for your guidance too. I just shorted EURUSD (when H1 candle show three method) at 12285 with sl at 12351. Just learn from you to put my sl 1 pip higher big number. Hope I have done it correctly
I said round number, it means there are zeroes after the number. For euro the big round numbers are 1.3000, 1.2500, 1.2000 etc. Round numbers are just 1.2100, 1.2200, 1.2300 etc. I don't pay much attention to them unless they correlate with my trade.

1.2350 is not a round number and it is definetly not big, but it is monthly support, so it may stop the price. I would add 5-7 pips + spread. But, I see no entry short on euro even on the 1h. Actually, I am looking for long on euro. The reasons are: 4h price has made HL, daily tail.

Ira
  • #22,846
  • May 26, 2010 3:51am May 26, 2010 3:51am
Quoting AlwaysLearn
Actually I don't understand the rationale to set sl to be. Why not set it to + 1 pip? At least you make something from the trade.
Well, I agree. It looks better on the statement as well. I was being flippant. I never set to break even - on that particular trade I made a total of 4 pips on two separate trades!

While we're on the subject I also like brn's mentioned above. I have set small market orders at 1.07, 1.08, 1.09, 1.1 because I like the USD/CAD future also mentioned above, for the next few months. And what did it bounce off last month?
Gone to a better place
  • #22,847
  • May 26, 2010 3:55am May 26, 2010 3:55am
Quoting ashes
long on 1h usdcad @1,0729, r=45=sl, tp=1,5r

short on 1h eu @1,2271, r=45=sl, tp=1,5r

edit:
eu sl hit

edit:
cad sl hit

looks like 1h entries are not my thing yet
The problem is that all the European stock market indices skyrocketed up on the open. However they may pull back later like the Asian stockmarket indices did earlier. So there is a lot of whipsawing happening here.
  • #22,848
  • May 26, 2010 4:00am May 26, 2010 4:00am
Quoting ira
I said round number, it means there are zeroes after the number. For euro the big round numbers are 1.3000, 1.2500, 1.2000 etc. Round numbers are just 1.2100, 1.2200, 1.2300 etc. I don't pay much attention to them unless they correlate with my trade.

1.2350 is not a round number and it is definetly not big, but it is monthly support, so it may stop the price. I would add 5-7 pips + spread. But, I see no entry short on euro even on the 1h. Actually, I am looking for long on euro. The reasons are: 4h price has made HL,...
Now I get what you mean. thank you for taking the time to explain. You are right, my EU position is current losing about 50 pips. Might consider closing if it retrace back a little.
  • #22,849
  • May 26, 2010 4:24am May 26, 2010 4:24am
Entered a short on the EJ at 111.27. 1hr has shown a shorter tail with the 4hr chart showing retracement to 21 and back in the current candle. sl at 111.56 (above previous candle high) and tp at 110.67 (near previous low). R:R more than 1. But it is a risky trade to enter as it was a HL as mentioned by ira earlier. But the sl was small, so I took it. Comments?
Attached Image(s) (click to enlarge)
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  • #22,850
  • May 26, 2010 5:00am May 26, 2010 5:00am
Quoting AlwaysLearn
Entered a short on the EJ at 111.27. 1hr has shown a shorter tail with the 4hr chart showing retracement to 21 and back in the current candle. sl at 111.56 (above previous candle high) and tp at 110.67 (near previous low). R:R more than 1. But it is a risky trade to enter as it was a HL as mentioned by ira earlier. But the sl was small, so I took it. Comments?
Did you long or short? Your chart is showing buy.
  • #22,851
  • May 26, 2010 5:11am May 26, 2010 5:11am
Quoting silverfox88
Did you long or short? Your chart is showing buy.
Shorted it. Now +32 pips. Set trailing stop at 30 pips with a confirmed +2 pips from the trade. Actually MACD did not give the signal yet. I entered the trade early as the tails were nice both in 1hr and 4hr.
  • #22,852
  • May 26, 2010 5:32am May 26, 2010 5:32am
Quoting AlwaysLearn
Shorted it. Now +32 pips. Set trailing stop at 30 pips with a confirmed +2 pips from the trade. Actually MACD did not give the signal yet. I entered the trade early as the tails were nice both in 1hr and 4hr.
Well done!
  • #22,853
  • May 26, 2010 6:08am May 26, 2010 6:08am
Quoting silverfox88
Well done!
Trailing stop got hit at 111.05. Total of + 22 pips. Trend direction now is unclear. What will the US session bring?
  • #22,854
  • May 26, 2010 6:11am May 26, 2010 6:11am
Quoting xeneric
The problem is that all the European stock market indices skyrocketed up on the open. However they may pull back later like the Asian stockmarket indices did earlier. So there is a lot of whipsawing happening here.
I agree. Also the 4h indicates consolidation phase on most of the pairs. It's kind of dumb pressing for 1h entries here ...
  • #22,855
  • Edited 4:53pm May 26, 2010 7:08am | Edited 4:53pm
two ideas for candle close in about one hour

eu 4h
if price completes a lower high by maintaining the 21ema resistance it could fall. let's see where the actual candle is going to close. if below 8ema I would give it a try

uj 4h
price has completed a higher low. if candle closes above 8/21ema I would give it a try

comments welcome


edit:
I skipped the uj, since it came back to the ema bundle, looking flat

but I took the odds on eu, short @1,2261, r=100=sl=tp

edit:
eu has reached +0,5r. trade set to be
if it tests the previous low I will set sl to +0,5r

edit:
eu has reached the low, sl set to +0,5r
tp has been altered to 1,5r, since I have waited in hope for support break

edit:
the price could retrace to trendline and than continue to fall ...
but it could also retrace more and take sl at +0,5r
since I have to sleep now and cannot move protective sl anymore, if neccessary,
I took profit at 1r as initially planned
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: uj 4h 26.5.10.gif Size: 12 KB
  • #22,856
  • May 26, 2010 8:04am May 26, 2010 8:04am
Quoting ashes
two ideas for candle close in about one hour

eu 4h
if price completes a lower high by maintaining the 21ema resistance it could fall. let's see where the actual candle is going to close. if below 8ema I would give it a try

uj 4h
price has completed a higher low. if candle closes above 8/21ema I would give it a try

comments welcome
I think the trend is oversold now and it will take a rest before continuing.
I prefer strong price action. And the price looks boring now.
  • #22,857
  • May 26, 2010 8:58am May 26, 2010 8:58am
Quoting ashes
two ideas for candle close in about one hour

eu 4h
if price completes a lower high by maintaining the 21ema resistance it could fall. let's see where the actual candle is going to close. if below 8ema I would give it a try

uj 4h
price has completed a higher low. if candle closes above 8/21ema I would give it a try

comments welcome


edit:
I skipped the uj, since it came back to the ema bundle, looking flat

but I took the odds on eu, short @1,2261, r=100=sl=tp
I closed my EU short position opened at 12285 with 35 pips lost at 12320. After I closed the position, the price went down to 12211. I agree with Ira about the tail in daily. So better be very careful.
  • #22,858
  • May 26, 2010 9:07am May 26, 2010 9:07am
Quoting silverfox88
I closed my EU short position opened at 12285 with 35 pips lost at 12320. After I closed the position, the price went down to 12211. I agree with Ira about the tail in daily. So better be very careful.
What a waste. Trade management, as ashes mentioned about two pages back. Emotion control wasn't there for you. Now what I do is place the trade and close the MT4 for about 30 minutes. Then launch it to see the progress. If I am gaining by more than 30 pips, will set trailing stop. If not, let it run for another 30 minutes. That way, I can leave my emotions out of my trade. Perhaps you can find your own way to manage your emotions.
  • #22,859
  • May 26, 2010 9:14am May 26, 2010 9:14am
Are we looking at a possible breakout to the downside here?
  • #22,860
  • Edited 9:37am May 26, 2010 9:16am | Edited 9:37am
Quoting AlwaysLearn
What a waste. Trade management, as ashes mentioned about two pages back. Emotion control wasn't there for you. Now what I do is place the trade and close the MT4 for about 30 minutes. Then launch it to see the progress. If I am gaining by more than 30 pips, will set trailing stop. If not, let it run for another 30 minutes. That way, I can leave my emotions out of my trade. Perhaps you can find your own way to manage your emotions.
I was not emotionally affect when I close this position. The tail in daily does look strong at the point of time when I closed. Frankly, I have no regret closing this position. I managed to close my previous position at 180 pips profit and it is not possible to be profitable for all positions. I am very happy with my result for this month and will try harder to be discipline and not let emotion control me going forward. Thanks for your suggestion.
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