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Oooooooooooh. Is it that time of week again already?
Only seems likr yesterday I was almost choking to death in the Chernobyl burger-den !
Have been tied-up with lots of other bits and pieces over the last few afternoone and this will continue for a few weeks. However, Cako will be away from next wekk so I will have to man the fort for a couple of weeks whilst he enjoys his Turkish mud-bath tour with his lovely wife.
Then I'm off to sunny Spain as many of you know.
Aaaanyways, onto today.
Gold and Crude not playing ball at all yesterday and instead having a very bad hair day, the pair of them.
Cable did the business for us though, falling 130 pips, which was good.
Today looks a little uncertain.
Gold is STILL beneath the daily 20ema we've been talking about all week but keeps knocking on the $836 door.
Crude is a mess to be honest and simple could go anywhere.
We have higher highs on the 4hr and lower lows so a little frustrating.
Really needs to break $118 for a chance of a 1-2-3 play to the top of that triangle formation at $120.
Like I say though it could go eirther way so I will be playing the currencies with caution.
If we assume that Gold and Crude are at least going to try the upside then Cable and Euro look good to R1.
Coincidentally, R1 for Euro is also the Weekly pivot so if you can squeeze 30 pips from this pair then do so and close around the 1.4780.
Put an ascendling trendline on a 60m chart of USDJPY from low of 16/7, then a descending one from the highs of mig August.
I firmly believe that this could well break to the downside very soon.
5 times in the last 5 weaks it has had a brush with the daily 20. That shows a lot of weakness and Its got to go soon.
Even draw a symmetrical triangle pattern on your 15m 84CCI connecting the peaks and troughs and wait for the breakout.
Nothing too solid to give you at the moment I'm afraid.
Updates to follow.
__________________ 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'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
Sometimes, like now we can draw patterns and trendlines on our CCI
Take a look at this 60m CCI on the 15m chart (84)
It's symmetrical triangle time.
This is the break south that I was hoping for. Will we get it?
__________________ 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
How about Ozzie and Kiwi to do the double for us this morning.
Just in the mood for throwing a few ideas about and good clean breaks of support levels coulld mean a lonely road down with Gold tiring.
Look out for a little 1-2-3 on the 5m. This is 15m to show the whole trendline
__________________ 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
It's a daily CHFJPY chart with a weekly pivot including just S1 and R1 levels.
Don't worry if you are new to trading or to this thread. I am not trying to confuse the strategy, just making a point and doing the usual Friday waffle thaaaaaaaang.
The chart is black to showm this better and i have changed the candles to a line graph so it shows up better.
Now, here's the interesting part. Remember this post from yesterday?
We established that if the daily pivot is below the weekly and monthly pivot then the trend would most likely be down and if daily pivot is above the weekly and monthly then the trend would probably be up.
Now the interesting question here is how far below the weekly will the price go?
I had a feeling that like an elastic band the daily pivot could only more a certain distance from the weekly pivot before the price and thus daily pivot move back toward the centre of gravity so to speak, the weekly pivot.
Look at the picture. It shows quite clearly that A LOT of the time the price remains with the S1/R1 boundaries.
So, what can we guage from this?
We know that in a strong downtend that the daily price movememnt can go to S3 on our intraday charts.
The More that keeps going the lower tomorrows S3 is going to be AND the further away from the Weekly pivot the daily pivot is likely to be.
Should that continure to fall each day we would have a pretty good idea of WHEN and WHERE it will stop, and that would be approximate to the Weekly S1.
Great little way of targeting profit levels and a great little way of ensuring you are not jumping in at the bottom.
I will cover this more later.
Please feel free to ask questions
__________________ 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 next shot shows the daily pivot instead of the price.
The price might move outside the weekly S!/R1 levels temporarily, but the daily pivot seldom does. It has a tendency to go find the weekly pivot again.
If the daily pivot does break weekly S1 like this FTSE chart, then theres a big chance something large is brewing
__________________ 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
Igi asked in the Boiler Room about multiple screens.
I got so frustrated with one screen. I have 2 screens for forex. Then indices and accounts on a laptop. I only got the extra screen and laptop a few weeks ago. They have made a huge difference. Consider them tools to do your job, investments in your millionaire training.
The laptop also is my back up if the power goes. With a 3G stick it is also broadband back up.
FX did a post on this before. Here's how mine looks spread across two screens.
Honest Bill
PS. I have a few cross-pairs in the background
I’ve moved over to the Pimpalicious template and here is how my 2 monitors look now. Just scroll to the right.
I believe in never wasting real estate space, so I’ve squeezed aud/usd into the top left. Besides, I only pay a 2 pip spread on it. So, why not?
As you can see I have the 5m and H1 charts up. This lets me see from 5 minutes up to 4 hours on each pair. If, as FX mentions a trade might develop, I can just step up to the higher timeframes.
Linear Mode
