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I have been asked that with such a 'demon' strategy why I would need to lower my standards and use a 5m chart for an entry point.
The answer to this is quite easy..........It's all about clarity.
Look at the 60m chart on the right. It's oscillating, in a non-trending market, either side of my moving averages.
Yes the 21 CCI has crossed but it's not clear-cut.
On the 15m chart in the middle it become everso slightly more obvious with my 84 & 336 (60m & 4hr) CCI's crossing the 0.0, but it's still quite daring, or at least looks that way.
However, on the 5m chart on the left its very apparent that there's a good trade to be had here.
There's even two possible entries on the 5m chart. One prior to the 60m 50 which was worth a 'punt' with a 15 pip stop and a second after the break of the 60m 50 (dark blue) which went another 80 pips.
On both occasions on the 5m my 5m20 is bove the 15m20 which is above the 60m20
This is why I use these multiple timeframe charts/indicators.
Zoom in for a closer look and the truth shall set you free (according to David Icke, anyway)
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
In response to your very useful question Gordon, let me tell you and everyone else exactly why I use a 20&50 moving average from different timeframes.
The best answer I guess would be because they work.
My 20 is always a key support or resistance no matter what timeframe. The 50 is really for overall direction. My 20 is the most important tool in My toolbox.
So on this 4 hr chart I have the 4hr 20&50, the daily 20&50 and the weekly 20&50.
The immediate 20&50 are in pink & sky blue, the daily in standard red and blue, then the weekly in thick crimsom and dark blue.
This can be a litle confusing to comprehend so to make matters easier I have highlighted the immediate support/resistance areas in grey, the mid daily in yellow and the longer term weekly in green.
It's quite evident that each of these dogs has it's day.
Wouldn't you agree ?
Anyway, enough for one day me thinks. I'm off for a couple of sherberts and will return bright and breezy at aroung 6-6:30 UK time tomorrow morning for my morning analysis.
Have a great evening.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Good Morning. I have uploaded the CCI's you provided, but am not getting the visualization effect you have. I just have lines...... Would be very helpful please. Thanks.
Hmmmmmmmmmmm. THat CCI is a nightmare sometimes.There's only one thing for it sadly. You need to drop and drag, or drag and drop the FXSniper CCI into the 2 windows where they are supposed to be on each of the 3 timeframes.
The CCI period is already displayed in the window so it's no major drama.
Plus you also get to choose your colours.
In the colours section of FXSniperCCI you need the top 2 to represent above and below 0.0. These should be thickness 2.
Then finally the bottom 3 should match the same colour as your chart background.
One last thing. When you change the period, beneath that is something called bar-width. Change that to 0 and you're good to go.
The FXSniper will cover the standard CCI outline so you'll need to add the normal one again in order to get the definition outline.
We'll come on to higher timeframes later so don't worry about them at the moment.
I hope this helps.
I'll be back in 30 mins with the morning summary.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Welcome to a new week, and a few new readers which is nice to see. Thanks for your support.
For the newer readers amongst you who are unfamiliar with my reports. I usually Start with the Crude and Gold then move on to the Currency pairs.
So lets get cracking. 60m Crude and Gold telling me that they are ready for more falls, BUT we must be very careful here or else the plan for the currencies goes pork-bellie-up.
Both Crude and Gold are actually above their pivots which is indicative that we could see some upside this morning session.
Hmmm, interesting. There seems to br so much resistance above on the Gold that a break looks difficult BUT the 21CCI is up and on Crude it is trying. Crude fell almost 2000 pips last week so a small pullback to the 60m 50 at least could be on the cards to $131.50 from the current $129.50 IF the pivot holds. It's not looking overly attractive on the shorter timeframes and would much prefer to trade with the 4hr trend but it's doubtful there will be a huge amount of action until this afternoon .
I'll be waiting for a clearer direction but we all know to do in either curcumstance.
I was long Cable last week just prior to crude dumping and I did not hesitate to take a measley 7 pips from the trade.
No less than 10 minutes later Gold followed suit and my lovely long position was now more like a short, some 50pips lower.
Forget that I want 30, I want 50. If crude starts bossing Gold about, play it safe and get your cash in your pocket.
As I slightly favour Gold & Crude to the upside this morning, I am also touting a weaker Dollar.
On the currencies that would usually mean looking for a long position on EURUSD and GBPUSD and/or shorts positions on USDJPY & USDCHF but that's not telling me anything either.
Euro looks like it wants to move a bit higher with Pound looking more likely to fall. USDJPY looks like it wants to move higher whilst USDCHF looks like it want to fall.
So a bit of a mixed impression, but if I zoom in to the 5m. I can see a little Dollar Weakness creeping in.
My 15m 20 has crossed the 50, so a fall below 106.65 might pave the way for a retracement play on the USDJPY. It's gone 300 pips in a straight line pretty much and will have to pullback at some point. Just as soom a Gold and Crude make up their minds we'll know whether that's going to be today or not, but I won't be buying into it at these levels.
Euro is looking pretty good to the upside on the 5m athough its moved a bit already. Swissie to the downside if you pick your entry right.
Also worthy of a mention is the CHF PPI numbers out in a couple of hours so be careful with the last 2 mentioned possibles.
Without GBPUSD agreeing I am tempted to leave him on the sub's bench today.
Techinally it's set for a fall, but IF Crude and Gold find support that will possibly limit the downside.
IF they don't find support then this would be my best play.
Rememeber my golden rule. Stay pro-active and trade the currencies in accordance to what the Chairman & Coach are doing.
Have a good morning all. I'll be back before Midday.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
This is the whole thing I am talking about on this thread and am so glad it has gone according to plan on Day 1.
With Gold and crude finding some support as suggested in the Morning post, USDJPY did fall a bit and EURUSD did move to the upside.
There's 4 possible trades here with over 250 pips profit had you read the charts with the correlation as I do in this way.
Notice the retracements on the 7CCI giving the signal on each play. Great little weapon !!
That's the London session out the way. I'll be back later for a New York preview.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
I'd like to make it clear from the start that I am not affiliated with any company or paid service, and will never ask you for anything other than your determination and commitment in making this happen for yourself.
Yes I used to work for a company and a few readers know who the company was.
Yes there was an involvement and yes I was on the payroll, but as my very first post makes quite clear I am no longer, contrary to what Mr T may say over on FF.
It just so happens that I enjoy this free time to trade more and with this comes free time to help others. Is altruism not a word featuring much in the FX world? Well it rates quite highly in mine, and I for one know how tough these markets are when you have limited funds and limited knowledge.
Although I am not in a habit of repeating myself repeating myself I would like to make it Crystal clear that I work for nobody. I don't have my own business either.
That's all I think I need to say on the subject.
For anyone who would like the template and all those not yet in receipt of it please send me an email, not a private message. I'm a little confused when I get a p.m AND an email from the same person and since I cannot attach it to a private message it just makes life a tad easier for me. Many thanks.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
This morning we all saw some Dollar weakness coming into the market.
Has there been a sudden change in sentiment?
Who knows. Gold is retracing, more than it is falling and the same applies to Crude. However, if these two do continue to drop, adding some je ne c'est quoi to the Dollar I'd be interested in a little go on the Swissie.
Remember the rules about the fast 7CCI? We need to wait for a retracement and for the M.A's to hold, then when the 7 crosses back from negative to positive there could be an opportunity.
Gold AND Crude need to continue to fall through their respective support levels, but worth keeping an eye on.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
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