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Your lessons have been most helpful, and I know patience is KING in this world, however I am anxiously awaiting steps 10-12. LOL Really appreciate your time and effort.
Can we talk more about correlation...You mentioned how to trade gbp/jpy
What about eur/usd?
When we wont to trade eur/usd what all pairs should we check before we take a position. I know that negative correlation is usd/chf...what more.
Ok, I am looking at trading just the M5 window, when the MA's are in line and the cci are in the proper direction. Do I need to look at the H1 window for MA's as resistance or support. That is the hard part for me because it seem when the M5 tf lines up, the H1 window pricing is in a traffic jam.
In addition, the usdjpy got me for 32 pips because everything was going good and the H1 had free air for a long, price bounced off the 160. 20 over 60 over 240 yet the 160 in the way. So my lesson I just paid for, They all have to be in line.
Good morning all.
sorry for the absence of yesterday's lesson.
Today let's talk about pivot points.
I use the daily, weekly and monthly pivots and they are a great way of reading these charts with relative ease.
They are also a good tool for identifying possible support and resistance and also for ascertaining when a market is oversold or overbought.
Very much like the moving average lesson these pivots can work in a very similar way. what I mean by this is that when stacked neatly in correct order and in close proximity they can be very powerful indeed.
Also very much like the 'box' play that some of you may be familiar with with the averages, the pivots can be played in a similar way.
I will cover the 'box' in the lesson avbout different types of trade we look for but let us begin by calculating the pivot.
The pivot is a very simple calculation, based on open, close, high, low price of a given 24hr period and simply divided by 4.
the FX markets don't officially open or close during the week so those two figures are derived from midnight usually.
Take a look at screenshot 1.
The daily pivot is in pink (like me most weekends)
The weekly is olive green
The monthly is dark green
See what happens when the daily is just below the weekly which in turn is just below the monthly. This move went 2500 pips in under a month !!
It's important you get a grasp of how these indicators work so please backtest just this theory on your own charts.
Now take a look at a longer term chart with just the weekly and monthly pivots.
Whilst the monthly is headed down with weekly below the trend will continue.
Once the weekly has crossed back up through the monthly and then we see the monthly move up, that's when we see the reversal and as long as the weekly then remains above the monthly, this new trend will continue.
Try this out for the time being. I don't want to bombard you with too much information and will cover each lesson in greater detail later on after I have completed the 12 lessons.
Patience is a big thing in this game. Learn it well and you will find it hard to fail!
Next I will cover Money Management and Psychology, which plays more of a role in trading than reading charts so pay attention !!! lol
Watch GBPJPY go 2000 plus pips now !!!
__________________ 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
One of the biggest forex "secret" revealed !!!....
It's all about sharing the pips & sharing the love, my friend !
__________________ 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
