{quote} I think there could be another pull back to 21ema before moving away again towards north. Maybe a pull back to around 1.3063 level. Eyeing this closely for an opportunity to buy.
4 Hour Strategy (MACD)
- #28,982
- Aug 4, 2015 11:16am Aug 4, 2015 11:16am
{quote} I think there could be another pull back to 21ema before moving away again towards north. Maybe a pull back to around 1.3063 level. Eyeing this closely for an opportunity to buy.
{quote} Hey Jonny, Did you see that? USDCAD has just pulled back to 21ema, completely.
I find that sell off very interesting just before USD news release at 3pm.
Does make me wonder if this is coming down to the 1.3064 - 1.3015 area.
I'm already long with my stop below the area mentioned above so I won't be chopped up if it does. This thing is almost certainly going up long term, maybe it will come back a little bit first.
The news at 3pm could kick start this north or it could enable a better buying position to add to.
Having said that we have non-farm payrolls on Friday which may be ultimately what breaks the USD index out of its range. Which means this pair might just bounce around until then.
It will be very interesting to see how it plays out
- #28,985
- Edited 8:53am Aug 5, 2015 8:23am | Edited 8:53am
NZDUSD
Price has pulled back to 21ema and moving away. TC on MACD. Price rejecting upper trend line, 89sma (21ema and 8ema are also next to it). sHs has formed and has breached neckline a few times. With the pull back to 21ema chances are price could ease through the neckline this time round going south.
Entry to sell. Target about 140 pips at 0.6380.
Price has pulled back to 21ema and moving away. TC on MACD. Price rejecting upper trend line, 89sma (21ema and 8ema are also next to it). sHs has formed and has breached neckline a few times. With the pull back to 21ema chances are price could ease through the neckline this time round going south.
Entry to sell. Target about 140 pips at 0.6380.
- #28,986
- Aug 5, 2015 10:22am Aug 5, 2015 10:22am
NZDUSD Price has pulled back to 21ema and moving away. TC on MACD. Price rejecting upper trend line, 89sma (21ema and 8ema are also next to it). sHs has formed and has breached neckline a few times. With the pull back to 21ema chances are price could ease through the neckline this time round going south. Entry to sell. Target about 140 pips at 0.6380. {image}
I will likely look to add to the position after the news on Friday. There could be a minor bounce from the .6500 level as well as people who got in at the 0.67 area book some profits - If so it could give another good set up from the 21ema. Hopefully it will just rip through the .6500 level though and not look back!
- #28,987
- Edited 4:56pm Aug 5, 2015 4:14pm | Edited 4:56pm
{quote} Already short the NzdUsd, I think its going down to at least the .64 level, possibly even 0.6000 from there. Non farm payrolls will cause a lot of volatility on Friday which is worth considering closer to the time. I will likely look to add to the position after the news on Friday. There could be a minor bounce from the .6500 level as well as people who got in at the 0.67 area book some profits - If so it could give another good set up from the 21ema. Hopefully it will just rip through the .6500 level though and not look back!
USDCAD: Looks like there a market divergence. I would watch it closely if I am already in trade. It could take some time before it move up north to reach the target level.
I could be wrong, do drop me a few lines on your insight. Thanks.
{quote} Excellent: I think that is a professional approach to trading !!! Since you can see clearly things or facts that backs up your plan, it is very okay to go with your plan. That is how very discipline traders do also. You are not influenced by anything except by yourself (based on well thought our facts and righteous insights, and good confirmed knowledge built over time...). FACT: I started using the MACD again recently, for a long time it has just been there on my chart, but not being applied...this is because from my early days in this...
FACT: I started using the MACD again recently, for a long time it has just been there on my chart, but not being applied...this is because from my early days in this thread, I bent on learning strictly MARKET RHYTHM price setups...and if you go that way, you will be taking lots of trades even when the MACD is not supporting your direction...
Quoting you statement from above I tried trading without using the MACD. This is my rationale for entering EURUSD -
> Price rejected trend line a few time.
> pull back to 21ema and move away from it in observed in one candle.
> candle close with a long inverted tail or spike
> previously price pull back and attempted to move away which it did.
Currently making about 26 pips gain.
Please give your comment is this what you meant by trading using market rhythm without MACD. Thanks.
- #28,998
- Edited 11:10pm Aug 9, 2015 8:38pm | Edited 11:10pm
{quote} Hi Nic73: I think seeing your chart will help me a lot. Also two traders can execute a trade on the same currency pair, at the same entry level, BUT in opposite direction and YET the two of them will WIN pips. In the eyes of every trader, the anticipation can be for a move to the NORTH, but we also know that price moves in a wave form, such that before the agreed move to the NORTH takes place, there could still be a short term bearish wave forms that can cover up to 10, 15, 25, 30, ...pips distance. So a trader (maybe a scalper) can decide...
I agree that I should learn 1-2 setups master them and learn the rest bit by bit. Have I master any one of them? I don't think so. The move away from 21ema setup is not working for me. I have lost many trades on that. Where are my problems on those trades? I am still figuring out. And I am still not trading well as a result. I feel I have the insight too but not making profit. Again I don't know what the problems are?It is frustrating to the extreme.
