Thanks for link, reading with interest.
Have been looking at the eur/usd thread on here trying to pick up some news tips. Here's an interesting post from this morning re: the good euro news but no e/u rally - post 281592
http://www.forexfactory.com/showthre...372&page=18773
I can see how the weak euro helps european exports which is the main reason for the good figures (esp Germany) so the Euro governments will have no interest in buying the currency today good news or not? Having said that UK is not in the euro so why didn't London jump on the euro and buy? Well yesterday there was warning in mainstream news here that our coalition governments harsh public spending cut are creating consumer fear and a double dip recession so no appetite for buying euro over say Gold (another safe haven) which has risen strongly over past 2 days?
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The problem with looking for 15m support and above as I see it is you can be waiting round all day for it to come out of consolidation and give a clear trend and have no trades in a frustrating long wait. I only look for 5m suppport now esp if seeking only 10pips. Agree when larger TF support IS there a big move and certainly more relaible position can be taken.
Are we calling ma's indis? Not sure if they count? Anyway the RSI shows oversold/bought as you know so yes it can be used to help confirm trend turns but I would think for longer term trend analysis a cci would be better?? What do you think? I've only ever used rsi on 5m or 1m for entry signals never seen it as accurate enough on higher TF. Have you tried a cci set to similar input?
Have a look at this double cci indi. When I first got it as part of the FX Prime system the input settings were Trendcci 170, Entrycci 30 I believe. Set them to that and see how it looks. The filled coloured line shows longer term trend (170 - red trend down, gree trend up) while the yellow line (30) will give a buy/sell signal when crossing the zero line into a good trend (ideally above 100). See how that fits in or could replace your current rsi. Could be interesting.
Have been looking at the eur/usd thread on here trying to pick up some news tips. Here's an interesting post from this morning re: the good euro news but no e/u rally - post 281592
http://www.forexfactory.com/showthre...372&page=18773
I can see how the weak euro helps european exports which is the main reason for the good figures (esp Germany) so the Euro governments will have no interest in buying the currency today good news or not? Having said that UK is not in the euro so why didn't London jump on the euro and buy? Well yesterday there was warning in mainstream news here that our coalition governments harsh public spending cut are creating consumer fear and a double dip recession so no appetite for buying euro over say Gold (another safe haven) which has risen strongly over past 2 days?
---
The problem with looking for 15m support and above as I see it is you can be waiting round all day for it to come out of consolidation and give a clear trend and have no trades in a frustrating long wait. I only look for 5m suppport now esp if seeking only 10pips. Agree when larger TF support IS there a big move and certainly more relaible position can be taken.
Are we calling ma's indis? Not sure if they count? Anyway the RSI shows oversold/bought as you know so yes it can be used to help confirm trend turns but I would think for longer term trend analysis a cci would be better?? What do you think? I've only ever used rsi on 5m or 1m for entry signals never seen it as accurate enough on higher TF. Have you tried a cci set to similar input?
Have a look at this double cci indi. When I first got it as part of the FX Prime system the input settings were Trendcci 170, Entrycci 30 I believe. Set them to that and see how it looks. The filled coloured line shows longer term trend (170 - red trend down, gree trend up) while the yellow line (30) will give a buy/sell signal when crossing the zero line into a good trend (ideally above 100). See how that fits in or could replace your current rsi. Could be interesting.
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