I am reading Secrets of the Underground Trader by Yu/Lockhart. I am trying to adapt their trading system to the forex market.
A major problem I am having is that they use the mini-nasdaq futures(noodles) as a leading indicator for trading a basket tier 1 stock.
Basically when the noodles start breaking out on 1/5 min charts- look for your stock to start breaking out in tandem etc.. i am not rying to start a discussion about watching future contracts for scalping stocks.
I am wondering if a leading indicator exists for the spot forex market?
Do traders start buying spot contracts after the futures contracts start lighting up??
Do they fx futures for the euro start going off just prior to a breakout in the eur/usd??
Does the dollar index take off before you see a breakout in the spot market??(i doubt it)
I am just trying to expand my fx market knowledge and I am hoping that a leading indicator exsists for the eur/usd or anything similar to the mini-nasdaq for equities!!
MRippy
A major problem I am having is that they use the mini-nasdaq futures(noodles) as a leading indicator for trading a basket tier 1 stock.
Basically when the noodles start breaking out on 1/5 min charts- look for your stock to start breaking out in tandem etc.. i am not rying to start a discussion about watching future contracts for scalping stocks.
I am wondering if a leading indicator exists for the spot forex market?
Do traders start buying spot contracts after the futures contracts start lighting up??
Do they fx futures for the euro start going off just prior to a breakout in the eur/usd??
Does the dollar index take off before you see a breakout in the spot market??(i doubt it)
I am just trying to expand my fx market knowledge and I am hoping that a leading indicator exsists for the eur/usd or anything similar to the mini-nasdaq for equities!!
MRippy