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Just a word of thanks for all your advice Pimp. 191 pips yesterday. These days are becoming more frequent for.... thanks to your tuition.
Great Work Bloom.
I remember a couple of months ago you were having a moan-up about what a crap week it was for you and nothing seemed to be going right.
Now look at you go ! You've put in a few hours of overtime studying, you're recognizing the set-ups and being patient.
Look back to that time and see how far you have come.
Now project that ratio of improvement 6 months ahead.
The Force is strong Luke. Congratulations.
__________________ 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
If like many you are new to correlation then I have something that could be just what you are looking for.
Courtesey of one of the guys in the free trading chat room, where we trade this strategy, we've had put together a correlation indicator which is rather neat to say the least.
You only need it on one chart, but you can see what is going on in all the markets we cover over all timeframes from 5m to daily.
Take a look at the chart.
We can see on the 60m 4hr & Daily we have perfevt correlation between all the majors and Crude & Gold.
This is represented by EURUSD GBPUSD Gold & Crude displaying RED boxes, with USDCHF & USDJPY displaying GREEN boxes.
This means that the Heiken Ashi in these boxes are of that particular direction and when the correlation matches you see the bottom box $ displaying an arrow. UP for strong Dollar or Down for weak dollar.
When there is no correlation on a particular timeframe the $ box will show an X.
The ticks and crosses in the other boxes represent the correct order m.a's.
So if the 20/50/200 from that particular timeframe are are in correct order for a long position then a tick is displayed, if not, an X.
Great little tool to help you keep track of whatas doing what without actually looking.
Many thanks for all the hard work put in creating this for us Mr W. Keep up the Sterling work.
If you'd like this indicator, then please email me: thefxpimp@hotmail.com and I will let you know where you can get it for free.
__________________ 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 hope you are all well and profiting nicely from this spate of Dollar strength.
Today I will be sitting on the sidelines I think.
There is a lot of divergence on all the 4hr CCI's apart fro USDJPY, who staged an incredible breakout and comeback yesterday after smashing the old resistance AND the weekly 50sma.
We all know where crude & Gold stand at the moment and although they might well fall further I am not getting involved at the moment.
Really, we need to look at the shorter term today to sniff out some opportunity.
Yes the 60m CCI's have retraced to 0.0 but it's awefully stretched.
If you feel the need to trade then do. Wait for the 84CCI to retrace to 0.0, then look for the 21CCI cross (all on 15m chart), switch to 5m and wait for 7CCI retrace.
Be careful of retracements though !!
I will be back with something a little more concrete in a while I hope, but for now, sorry to disappoint.
__________________ 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
A question about moving averages in particular the 50.
I attach gold charts from this morning which shows I think a fairly typical trade.
The 15min chart, when the trade triggered, shows both 15min and hourly 20MA's were below the hourly 50MA, but on the 5min chart the 5min and 15min MA's were all nicely stacked.
Question is do you wait for all of the MA's to stack nicely on the 15min, or do you simply wait for the 20MA's to be stacked and the price action to break the 50MA?
A question about moving averages in particular the 50.
I attach gold charts from this morning which shows I think a fairly typical trade.
The 15min chart, when the trade triggered, shows both 15min and hourly 20MA's were below the hourly 50MA, but on the 5min chart the 5min and 15min MA's were all nicely stacked.
Question is do you wait for all of the MA's to stack nicely on the 15min, or do you simply wait for the 20MA's to be stacked and the price action to break the 50MA?
cheers
Tony H
Tony thanks for the question.
At 3a.m on the 15m chart you have 5m 15m 60m 20's in correct order. The target area there is the 60m 50.
Now in oder to confirm a move higher you need to see the 60m 20 cross the 60m 50. Without that you must be very careful. I jumped in seeing crude take off before the cross. Sometimes it works, sometimes not.
Look also at the angle of m.a's. if they are steep they are hard to pass but if they are flat they are easy to pass.
as I said before, trading against the 4hr trend or daily trend can be costy.
I hope this helps.
__________________ 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
Linear Mode
