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4 Hour Strategy (MACD)

  • #23,921
  • Jan 25, 2011 7:46pm Jan 25, 2011 7:46pm
I will be using this 4 hr bearish engulfing candle to enter short. I posted last wk on a possible sHs pattern and I believe this is the beginning of the second shld. Either way, I'm going short on this one possibly when it touches the 8 ema
Raymond
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  • #23,922
  • Edited 3:15am Jan 26, 2011 2:55am | Edited 3:15am
I'm suspecting a reversal too. that's why I have sikpped an entry yesterday 14:00gmt. 1,3700 seems to make for good resistance.
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  • #23,923
  • Edited Jan 27, 2011 9:01am Jan 26, 2011 4:48pm | Edited Jan 27, 2011 9:01am
going long on eurusd. price bounced off 21ema / lower channel tl and it closed above 1,3700 resistance, which, after so many unfortunate attempts to bounce off of it, might indicate a further rise of price.
trade is macd supported
since I came late to the chart I placed an order at candle close, 1,3714.
r=90, 1/2tp=atr21=60, tp=120

edit:
wild moves on eurusd. the 1,3700 resistance seems to be very emotionally charged.
this morning the trade was -75pips and now at about +25 pips
it seems as 1,3700 has been conquered
however, danger of loss is not over yet
1h chart shows the extremes best

edit:
after price had bounced off upper tl on hourly chart for second time I have moved sl to be.
... and sl got hit
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  • #23,924
  • Jan 27, 2011 5:01am Jan 27, 2011 5:01am
hi ashes,

I would be interested to know where you would have set your SL for your last trade.
__Thanks__ MJ
  • #23,925
  • Jan 27, 2011 5:09am Jan 27, 2011 5:09am
Quoting M_j
hi ashes,

I would be interested to know where you would have set your SL for your last trade.
sl is below 21ema/lower channel tl at 1,3624, at -90 pips
  • #23,926
  • Jan 27, 2011 5:12am Jan 27, 2011 5:12am
Thanks
__Thanks__ MJ
  • #23,927
  • Jan 27, 2011 7:03am Jan 27, 2011 7:03am
Entry @ 1.5955 with r:r = 60pips.

My previous H4 break & closed above significant res level (see thick line) & macd also gives HH pattern. Let's see if this breakout strategy works.
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  • #23,928
  • Jan 27, 2011 8:38am Jan 27, 2011 8:38am
Quoting orangeRANGE
Entry @ 1.5955 with r:r = 60pips.

My previous H4 break & closed above significant res level (see thick line) & macd also gives HH pattern. Let's see if this breakout strategy works.
Taking my out my trade with +8pips since I don't like the current PA on lower TFs.
  • #23,929
  • Jan 27, 2011 8:56am Jan 27, 2011 8:56am
H4 macd going vice versa direction against the price. Another fake breakout? (see arrow). Time will tell.
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  • #23,930
  • Jan 27, 2011 10:26am Jan 27, 2011 10:26am
Quoting orangeRANGE
H4 macd going vice versa direction against the price. Another fake breakout? (see arrow). Time will tell.
a critical point as to which direction the price is going.
a glipse on daily chart suggests corrective move next.
  • #23,931
  • Jan 27, 2011 11:12am Jan 27, 2011 11:12am
Looking for a short on GU.

RT, plus, I think it will fall to tendline.
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"speak softly, and carry a big stick" Teddy Roosevelt
  • #23,932
  • Jan 27, 2011 12:28pm Jan 27, 2011 12:28pm
Quoting ashes
a critical point as to which direction the price is going.
a glipse on daily chart suggests corrective move next.
Maybe you're right. The monthly PA is in the making of 2nd shoulder of H&S pattern.
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  • #23,933
  • Jan 28, 2011 12:16am Jan 28, 2011 12:16am
Feeling tempted to go short for this pair. Looking for the second shoulder for a complete H&S price pattern. Also, considering the significant sup level (see line) & 89sma as key area atm.

Comment/suggestion are most welcome.
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  • #23,934
  • Jan 28, 2011 6:21am Jan 28, 2011 6:21am
Trying to get some luck here as previous H4 candle (see arrow) showing TC behaviour against 21ema & break below significant sup level (see line).

rR only 30pips. Questions/comments are most welcome.
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  • #23,935
  • Jan 28, 2011 8:59am Jan 28, 2011 8:59am
This trades are very interesting. But it would be also interesting to know, how this strategy is working in other Time Frames, especially in the mini time Frames
  • #23,936
  • Jan 28, 2011 9:18am Jan 28, 2011 9:18am
Quoting orangeRANGE
Feeling tempted to go short for this pair. Looking for the second shoulder for a complete H&S price pattern. Also, considering the significant sup level (see line) & 89sma as key area atm.

Comment/suggestion are most welcome.
There you go the second shoulder. Let's see if it able to go below 89sma or not. I'm not taking this trade since I missed the H1 entry 3hours ago.
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  • #23,937
  • Jan 28, 2011 12:36pm Jan 28, 2011 12:36pm
Quoting ForexSignale
This trades are very interesting. But it would be also interesting to know, how this strategy is working in other Time Frames, especially in the mini time Frames
http://www.forexfactory.com/showthread.php?t=11854

Another Phillip Nel's thread.
  • #23,938
  • Jan 29, 2011 7:50pm Jan 29, 2011 7:50pm
Here is a trade I took late on Fri. I know a lot of people are not comfortable taking trades on Fri, but this was too good to pass up, at least I hope. I posted a few day ago on the long term sHs pattern developing on the daily, see the 1st chart. The second chart is the bearish engulfing pattern on the 4 hr, to me indicating the conformation of going short. Now I just had to figure out when. I thought I would be taking the trade earlier than I did, but the opportunity did not present itself. The 3rd chart is the 1 hr, which also shows a sHs pattern. Price broke below the neck line and support (see fibs). Late on Fri was the pull back. One third of my tp is 40 pips away, but I'm going to let the other 2/3 go on a bit. Just on a side note, this may seem a bit unusual, but I feel like a lot of the time, candle stick patterns seem to predict events, like what is going on in Egypt. We'll see if this trade works out
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  • #23,939
  • Jan 30, 2011 4:02pm Jan 30, 2011 4:02pm
@Raymond, good luck with your gbpusd trade. there should be a good chance for it to work out
  • #23,940
  • Jan 30, 2011 4:05pm Jan 30, 2011 4:05pm
eurusd
for now 1,3700 has proven resistance. last week price hand climbed this high (and a little further) and the closer it had gotten the more emotional it became.
on daily chart we are in an uptrend and could count with a continuation after a corrective move to 89sma.
on 4h price has clearly left the upchannel. I'd expect a correction towards 21ema at some point. a bounce from here I would take short to daily 89sma.
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