MACD and Hourly charts

[daiello]

I came across a great method and i am looking at past charts and see that the MACD with an hourly chart works great.

I will try it out come sunday/monday.

Everyday i am more and more excited to get out of penny stocks and enter the forex world :D

[daiello]

Going over charts with this new MACD technique and here is what i see as clear signals

USD/JPY = Short @ 118
USD/CAD = Long @ 1.0566
GBP/JPY = Short @ 240.86

Looking at a few others, i will need another few hours of data so see whether or not to short or go long.

We will see how Sunday is, even though Sundays are unpredictable.

[ForexWolf]

Originally Posted by daiello

Going over charts with this new MACD technique and here is what i see as clear signals

USD/JPY = Short @ 118
USD/CAD = Long @ 1.0566
GBP/JPY = Short @ 240.86

Looking at a few others, i will need another few hours of data so see whether or not to short or go long.

We will see how Sunday is, even though Sundays are unpredictable.

Take a look at the GBP/USD chart--hourly and daily...looks like it will test lower to 2.01 or so this week.....

FXW

[daiello]

My MACD and hourly says its going down with plenty of room to drop

I made 800$ on my USD CAD pick

[ForexWolf]

Originally Posted by daiello

My MACD and hourly says its going down with plenty of room to drop

I made 800$ on my USD CAD pick

I concur with the GBP/USD...I have a short n play already.

Good job there on the Loonie pick...

Forex is the BEST! :D

FXW

[daiello]

For sure.

I am no longer scalping for the 5-10 pips, i am getting like 30+ pips which i like better.

Also, not sure if i should be doing this, but i buy like 200k+ units so instead of 10$ pips, i get like 20$ pips, 25$ pips, and even sometimes 40$ pips.

[ForexWolf]

Originally Posted by daiello

For sure.

I am no longer scalping for the 5-10 pips, i am getting like 30+ pips which i like better.

Also, not sure if i should be doing this, but i buy like 200k+ units so instead of 10$ pips, i get like 20$ pips, 25$ pips, and even sometimes 40$ pips.

Bigger pip gains of 30 or so is a good amount to target per trade IMO. Scalping is fun--but in overall productivity and risk exposure its more hazardous then its worth. Longer plays and more stable plays are the better way to trade Forex and increase your gains IMO... I use to scalp when I started--but I found I did a lot better and had a better trade success ratio playing a 'bigger picture' move on a pair than playing in the moment...

For practice/demo accounts the actual amount of Lots you take on is not as important as learning a good solid method at first..everyone loves to try the 'big gains' and plays to see the potentials--so get it out of your system for now. ;)

Once you get a solid method down--I would suggest you look at practicing and incorporating solid firm money management techniques for your account into your trading habits. This includes lot sizes, and planning yoru trades out to plan for a possible loss you may have to endure from time to time. For example--you can demo trade using a size of play money in an account that will match your real money you plan to put into your account. That gives you a working example of how the real world trading may go. Once you begin with real $$--then by all means the Lot size WILL matter because that is your risk exposure to loss. When playing with demo money vs real money--things change and emotions that were not there will come into play--so you need to plan that into your real-world trading habits and plans. Don't get used to the big money trades unless you really do plan on the big money trades for real. You never want to expose your account to excess risk or loss--your account is your life blood--and you never want to risk bleeding yourself dry or near death on one trade. A common percentage range used by many is you never want to risk more than 2%-5% max of your trading account size on one trade. It sounds dinky and small and meaningless a size--and I know I often will push beyond that limit as I trade for real with sometimes 2 or 3 trades open at a time and many times my trades are for double-lots...but in the beginning until you get your routine down, its a good safeguard practice to keep you from getting blindsided. It helps you get a grasp on money management techniques which after you get a trading method down--is a KEY thing to survival in the Forex markets. Like everything--that is something to practice and plan to practice....

JMO... Good luck and congrats--keep up the good trading!

FXW

[ForexWolf]

GBP/USD Short was called when it was at 2.0300...hit 2.0190 today :D:D Needs to break the 2.0165-70 area to validate a continuation trade lower to 2.0100..

So far--a nice pip gain!


FXW

[daiello]

Been holding my NZD USD short for like 24 hours lol.

Was down 40 pips down only down 4

[ForexWolf]

Originally Posted by daiello

Been holding my NZD USD short for like 24 hours lol.

Was down 40 pips down only down 4

NZD/USD Short is a good trade idea IMO--there is a squeeze play goin on ahead of the FOMC comments at 2:15pm today... Take note--when Uncle Ben lets the news out things are gonna get whippy...and note--FOMC minutes could cause a big shake out in the markets today..anything can happen but the TA shows the short is the way to go and how I would play it... May wanna try a box play just in case it turns upside....

For a Short--I would target .7480 for a potential TP area....and then .7290 is the next major support area.... For a long, look for a retrace of the main drop to at least 7790-7800

good luck!

FXW