Thank you Phil for all the work you have done with this strategy. I have been pouring over the form for the last month and feel like I have just scratched the surface. I will be reading through here for months to come so I can get a handle on the strategy.
I wouldn't call those rules from Phil myself.
You seem to be looking just at the double tops or tweezers on the candlesticks, but the MACD is showing more of a divergence that signals an eventual trend reversal. And as you can see today it has made that change.
The MACD signal is viable, but too rich for my blood. I'd follow Phil’s step in 20-30-50 for this one. And even at that it may be too much it'd be 100+ pips to SL if you put your SL at the first proceeding candle. Potentially it will run up to the 89 SMA which could give you 100+ pips so 1:1, but still to rich for my blood.
I'm playing on the US/JP myself with a long.
What I like about it: Showing divergence between price and MACD for the past couple of days. Broke new ground and showing oversold. I think the MACD is showing signal for a buy at this last move.
What I don't like: Broke new ground lower than before. Close to 21 SMA.
Because of the way the divergence was and the way the MACD was showing I went in a little early (breaking the rules) and am up a few pips for a safety. Goal is 89 and 200 SMA as they are on top of each other.
DislikedHi! I'm entering at short position. Only by rules from Phil. Look at pic.Ignored
I wouldn't call those rules from Phil myself.
You seem to be looking just at the double tops or tweezers on the candlesticks, but the MACD is showing more of a divergence that signals an eventual trend reversal. And as you can see today it has made that change.
The MACD signal is viable, but too rich for my blood. I'd follow Phil’s step in 20-30-50 for this one. And even at that it may be too much it'd be 100+ pips to SL if you put your SL at the first proceeding candle. Potentially it will run up to the 89 SMA which could give you 100+ pips so 1:1, but still to rich for my blood.
I'm playing on the US/JP myself with a long.
What I like about it: Showing divergence between price and MACD for the past couple of days. Broke new ground and showing oversold. I think the MACD is showing signal for a buy at this last move.
What I don't like: Broke new ground lower than before. Close to 21 SMA.
Because of the way the divergence was and the way the MACD was showing I went in a little early (breaking the rules) and am up a few pips for a safety. Goal is 89 and 200 SMA as they are on top of each other.
