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4 Hour Strategy (MACD)

  • #23,981
  • Feb 20, 2011 9:40pm Feb 20, 2011 9:40pm
http://i217.photobucket.com/albums/c...eivans/eur.gif

Looking at EUR/USD this Monday Morning (I live in Jakarta).

I also use the Median Line as price channel. It seems that the price has reached the median line on my set up. Basically I wouldn't take any trade when the price is on the median line.


However:

1. The price is on psych resistance area: 1.3700
2. The price break the 89 SMA. Maybe a strong uptrend?
3. There is Round Top MACD Signal. Yet to be confirmed.


US and CAD market are closed. Better stay away ^^
Own your own mind.
  • #23,982
  • Feb 21, 2011 1:47pm Feb 21, 2011 1:47pm
thanks for sharring different view
I went short and got captured by upside move, I still believe that we are in dowtrend in EURUSD
  • #23,983
  • Feb 23, 2011 6:37am Feb 23, 2011 6:37am
Yes, the price goes down yesterday.

Have you close your position yet Lukis?
Own your own mind.
  • #23,984
  • Feb 23, 2011 2:49pm Feb 23, 2011 2:49pm
;( missed my tp
not closed yet
  • #23,985
  • Feb 23, 2011 5:28pm Feb 23, 2011 5:28pm
anyone looking at the USDCHF strong support level? both 4 hour and D confirm. Anyone looking at swinging this or looking to watch it drop to the bottom?
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Lets do this...
  • #23,986
  • Edited 9:20am Feb 25, 2011 4:11am | Edited 9:20am
shorting gbpusd. price has bounced off 21ema and broken through lower tl and 89sma. r=80, 1tp=atr21=55, tp=100 around 200sma and round number

I have wandered off to other pairs, I know, but the last weeks on eurusd have not generated 4h signals, and I lack time for 1h trading

edit:
1tp taken, sl to be
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  • #23,987
  • Feb 25, 2011 4:35am Feb 25, 2011 4:35am
http://www.forexfactory.com/%5BURL=h...G%5D%5B/URL%5D

USD/CHF is breaking down. And now it seems it is looking for a pullback before it goes down further?

I am targeting the pullback to 21 EMA.

http://i217.photobucket.com/albums/c...h4converge.gif
http://www.forexfactory.com/%5BIMG%5....gif%5B/IMG%5D

Now, since I learn more about the Market Rhythm, I've tried to trade it on XAU/USD.

The result is quite good.


@Ashes, I like your set up.
Own your own mind.
  • #23,988
  • Feb 27, 2011 12:58pm Feb 27, 2011 12:58pm
Quoting ashes
shorting gbpusd. price has bounced off 21ema and broken through lower tl and 89sma. r=80, 1tp=atr21=55, tp=100 around 200sma and round number

I have wandered off to other pairs, I know, but the last weeks on eurusd have not generated 4h signals, and I lack time for 1h trading

edit:
1tp taken, sl to be
I like your setup. I agree. I stuck with EU, looking for down move.
  • #23,989
  • Feb 27, 2011 12:59pm Feb 27, 2011 12:59pm
Quoting Arrow
http://www.forexfactory.com/%5BURL=h...G%5D%5B/URL%5D

USD/CHF is breaking down. And now it seems it is looking for a pullback before it goes down further?

I am targeting the pullback to 21 EMA.



The result is quite good.


@Ashes, I like your set up.
Did you learn gold rythm? I think it has too many geopolitical influence ;(
  • #23,990
  • Edited 8:19pm Feb 28, 2011 5:14pm | Edited 8:19pm
Here are some of the trades I have done in the last wk or so. This thread is looking a little thin, so I thought I would add something to it. I have had a very good couple of weeks. I hope it continues. The 2st one is the GBP which I'm currently in. The SL shows where I entered the trade @ 6142, the close of the candle below the arrow. (I can't show my account which I trade off of, never figured out how to do it). I sold 2/3 of the position at 6220 and I'm hold on the the rest b/c I believe the price is going to contin up considering the daily is a strong bullish engulfing candle
The 1st picture shows last wks trade of the EUR/USD. I enter at the 1st candle b/c of the morning star formation off of the trendline and the fact that price closed near the high and above the 21 MA. The second entry was a simple TC signal which close above previous 4 hr candles. Hope all is going well with other, if not persistance is the key
Raymond
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  • #23,991
  • Mar 1, 2011 6:27am Mar 1, 2011 6:27am
Hi, I am a bit new here - but I could not figure out why your 4 h e/u chart is different thaan mine. Your candles are not similar to mine. I looked at both a gmt and NY chart -- still the candles were very different in size. So what kind of chart are you using. Cheers.
  • #23,992
  • Edited 8:15pm Mar 1, 2011 7:48am | Edited 8:15pm
The 4 hr candles close at different times depending on which broker you use
Raymond

Edit: closed the 1/3 of my trade in the GBP/USD based on the U.S S & P 500 drpp today...approx 120 pips
  • #23,993
  • Mar 2, 2011 8:43am Mar 2, 2011 8:43am
Can someone tell me if 20 pips is too little for daily stop loss level? Have experience a couple of times setting to BE immediately when there is slightly more than 20 pips. However, be got triggered and it moves back towards my direction to hit tp! heartache... There are also cases whereby after be is triggered, it moves further and it be is not set, the position will turn out to be a lost trade. Any advice?
  • #23,994
  • Mar 2, 2011 9:19am Mar 2, 2011 9:19am
Took 2 trades today.

EU: Buy at .38450 (25 mins after the candle retraced). sl 56. target 1.3895

CAD: Sell at .97270 (26 mins after retrace). sl 30. target .9700
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  • #23,995
  • Mar 2, 2011 11:51am Mar 2, 2011 11:51am
Quoting silverfox88
Can someone tell me if 20 pips is too little for daily stop loss level? Have experience a couple of times setting to BE immediately when there is slightly more than 20 pips. However, be got triggered and it moves back towards my direction to hit tp! heartache... There are also cases whereby after be is triggered, it moves further and it be is not set, the position will turn out to be a lost trade. Any advice?
Same here, If I took prfit when the price stall, it moves on;
Otherwise, It moves against me (more than 20 pips) My solution is

Take partial profit when it stalls and set BE.

Also, did you notice the time when such violent move happened, I think mostly it happened during market close or open.

One more thing, I think most pairs are in difficult zone now.

Good Luck
  • #23,996
  • Mar 2, 2011 6:06pm Mar 2, 2011 6:06pm
Quoting davidwu61
Same here, If I took prfit when the price stall, it moves on;
Otherwise, It moves against me (more than 20 pips) My solution is

Take partial profit when it stalls and set BE.

Also, did you notice the time when such violent move happened, I think mostly it happened during market close or open.

One more thing, I think most pairs are in difficult zone now.

Good Luck
Hi David,

Thanks for the input. There is no specific time when this happened. I think we need to stick to our rules of moving to BE asap to avoid eaten up Guess we just need to accept the fact that we will miss some run sometimes...
  • #23,997
  • Mar 2, 2011 8:17pm Mar 2, 2011 8:17pm
Quoting silverfox88
Can someone tell me if 20 pips is too little for daily stop loss level? Have experience a couple of times setting to BE immediately when there is slightly more than 20 pips. However, be got triggered and it moves back towards my direction to hit tp! heartache... There are also cases whereby after be is triggered, it moves further and it be is not set, the position will turn out to be a lost trade. Any advice?

I believe 20 pips is way too small of a SL on the daily. Your RR should be around 1:1. To make your SL smaller wait for a better entry. An example is today. The 4 hr gave a nice TC but it closed near previous highs where people will take their profits and others are looking to go short. Once the TC has formed then go down to a smaller time frame. Remember to go down to smaller time frames after the 4hr candle closes and not before. You can see on the 2nd chart a possible entry on the 1 hr. It is at the 61% retracement and also at the 8 ema on the 4 hr. I was to busy at work today to catch this one, but there will always be another
Raymond
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  • #23,998
  • Mar 3, 2011 6:02pm Mar 3, 2011 6:02pm
Quoting Morelands
I believe 20 pips is way too small of a SL on the daily....
Hi Raymond,

Thank you so much for your help! I guess I have not phase it correctly. I have actually set sl at 1:1 when entering my position. What I am referring to should be BE and not SL. My position went as anticipated and when the profit is more than 20 pips, I quickly set the sl to be. Just wondering if this is the correctly way of doing or should I let the profit run more before setting it to be?
  • #23,999
  • Mar 3, 2011 6:25pm Mar 3, 2011 6:25pm
I am pleased with this trading system and I personally favor the MACD as my top indicator to use for trading.
My post is simply that of a newbie and would like to seek some help on this.

So I see a possible short on the EUR/USD, It looks like it has made a resistance level and I think I might sell on the next bar or two proceeding to confirm the direction.
Would anyone else say this is a decent trade? I can give you a screen shot if desired?
All posts are my personal opinion
  • #24,000
  • Edited 8:23pm Mar 3, 2011 8:10pm | Edited 8:23pm
Quoting silverfox88
Hi Raymond,

Thank you so much for your help! I guess I have not phase it correctly. I have actually set sl at 1:1 when entering my position. What I am referring to should be BE and not SL. My position went as anticipated and when the profit is more than 20 pips, I quickly set the sl to be. Just wondering if this is the correctly way of doing or should I let the profit run more before setting it to be?
Every trade is different, but I'll give an example of what I might have done yesterday. Again the 1st chart is the 4 hr TC, which would have definitely gotten my attention. I would then go down to the 1hr chart or maybe even the 5 min to see price action. On the 1 hr, the arrow indicates where I would have entered. You can see on the left where there is a price #. It is where the bodies of the previous candles closed. I'd have set my entire profit target there or maybe 1/2. The reason I might have set the whole thing there is b/c it was getting late in the trading day for price to push past that mark. Price had a high probability of going back to that level again based on the strength/ bullish engulfing candle on the 4hr. When there is only 2-3 hrs left in New York/Wallstreets market trading session and price had not moved much, I would have closed the final position if I had left one open. Again, a lot of this is what I probably would have done, but sometimes it's very easy to look back and say I would have done this when in reality it might have been a little different. However, I definitely would have entered the trade and made some pips, the question is how much.
As for 20 pips, I really think that it is too small, chances are high that you are going to get taken out whether price goes your direction or not. I would say look to the left on the chart for where price has stalled before and see what happened at those levels. Put you BE sufficiently away from that area of support/resistance or better yet see where the candle closes b/c sometimes price may just touch you BE price and the continue on in the direction you thought it was going to go. That situation can be extremely frustrating, but educational. A lesson I have definitely learned more than once
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