Daily EUR/USD trades

Quote from romik:

Long USD/JPY 118.00 and short EUR/USD 1.3080
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+10/+8

EUR/USD has that MACD pattern I was talking about developping on 5 min chart on the long side.
 
sorry to interrupte, might be a dumb question

romik, on page 80, you mentioned about the macd pattern. can you explain how it is used for trading?

thanks!
 
Quote from piplover:

sorry to interrupte, might be a dumb question

romik, on page 80, you mentioned about the macd pattern. can you explain how it is used for trading?

thanks!
More...

If MACD/histogram is rising (referring to that specific pattern) then when MACD crosses the 0 mark is a buying opportunity, opposite for declining MACD pattern.
 
Quote from piplover:

sorry to interrupte, might be a dumb question

romik, on page 80, you mentioned about the macd pattern. can you explain how it is used for trading?

thanks!
More...
 

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thanks romik,

does it require that 3 bounces to make it valid or just any rising/falling macd/histogram will do?

and what is the success rate like for this type of pattern?

thanks again
 
Quote from piplover:

thanks romik,

does it require that 3 bounces to make it valid or just any rising/falling macd/histogram will do?

and what is the success rate like for this type of pattern?

thanks again
More...

sometimes you will observe 5-6, subsiding buying/selling pressure, success rate is pretty good on longer time frames. Because it is a significant entry pattern, you will find that on quite a few occasions there is an initial fake move in the opposite direction, so perhaps entering with 1/2 position and adding on continuation is a better approach + scaling in.
 
Considering that most reversals/continuations are triggered by shorter time frames, perhaps we can see continuation of the uptrend in EUR, but still not clear at this stage.

IMO:

weekly - ?
daily - bearish
240 - bearish/very early signs of bottoming
60 - turning bullish
30 - as 60
15 - looking bullish
5 - nice bullish pattern from Friday, though RSI above 70, so ?
1 - topped
 
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