There is no need to be in trades all the time.. Wait until one good one lines up.
The CHF is rising against the WCU (20 largest national economies measured by GDP) - The CHF (at time of posting) is the second strongest currency today.. As we all know the JPY is the strongest.
As you see now (at time of posting) the XAUCHF is falling (Not much though) and so is the WCUCHF. That tells you the CHF is getting stronger.
There is a post somewhere in this thread that states when the JPY is the strongest currency the market sort of resets itself.. When the JPY weakens it will get back to normal.
One of the reasons why the pivot thread and traders are having a lot of bad trades and going into drawdown.
Its strange how the JPY effects the market in so many ways.
What to watch out for.. Money is going into Gold today. XAUUSD etc.. Could mean the world markets are going to have a bad day with another selloff OR the JPY will now weaken. The big money will go from the JPY into Gold.
It all depends of what the financial markets do today. The Dow Jones (pre-market) is down 0.48% and the market isn't open yet.
Update: You see the CHF goes crazy.... After posting that ;-)
At time of posting
CHF = +100
JPY = +77
See how the CHF rose against the JPY
The JPY is one of two who follow moves in nice waves. Just follow the waves. This is the GBP/JPY wave
One more update and i'll go sleep
CHF now = 124
JPY now = 76
It didnt take a genius to see how strong the CHF was becoming and how the Dow Jones fell 1.50% just after opening.. The money had to go somewhere and it wasnt the JPY for once.. It went into the CHF.
The app Download_myfxbook_outlook.exe (in the attached zip) is a quick hack that attempts to scrape relevant data from the URL https://www.myfxbook.com/community/outlook and overwrite the csv file myfxoutlook.csv with the latest data. I wrote it for a trader friend, but it's posted here in case anybody else finds it useful.
Zip file: Download_myfxbook_outlook.zip
Either (1) run the app manually, (2) schedule it to run automatically using Microsoft scheduler (free with Windows) at a certain time each day, or (3) call the app directly from your MT4 indicator or EA. Because it runs independently of MT4/5, you can install and run it from any folder you like. There are no entry or confirmation screens, as any pauses during execution would be unwelcome if the app is being run automatically. The app takes less than 3 seconds to run on my PC. If for whatever reason it fails to terminate properly, just right-click on the little green house icon in your systray, and choose 'Exit' (or kill it using Windows task manager).
The csv file will be created in the same folder as the app. It can be imported directly into Excel if you prefer. Its content should look like this:
"EURUSD","Short","65%","29435.62 Lots","89406","Long","35%","16035.76 Lots","51401","18%","97.5","52.5","27","1.1211","-23 pips","1.1376","-142 pips","1.1234"
"GBPUSD","Short","31%","7329.49 Lots","21600","Long","69%","16163.07 Lots","41848","9%","46.5","103.49999999999999","14","1.2965","-35 pips","1.3135","-135 pips","1.30001"
"USDJPY","Short","24%","6859.80 Lots","26559","Long","76%","21904.08 Lots","50503","10%","36","114","16","109.6954","-27 pips","110.6099","-64 pips","109.968"
There is one row (line) for each of the 92 instruments, and the 18 columns (which are separated by commas and enclosed in double quotes) are output in the order shown in the image below:
As always, download and run at your own risk. The app currently runs fine on my Win7 PC, but your results may differ for reasons I can't possibly know about (but it might have something to do with your internet or firewall settings, or background apps like antivirus or ad blockers; or the myfxbook webpage is temporarily unavailable (for maintenance?); or the csv file is already open/locked elsewhere; etc). Moreover, if the myfxbook developers ever move their webpage, or modify its HTML, then the app will likely encounter data that it doesn't understand, and the results will be unpredictable.
Sorry, but I won't be providing requested fixes or enhancements, nor replying to any questions or comments. I'm not even supposed to be here, remember? And this is the recycle bin, after all.
Time is running short now folks, stay safe and don't forget to floss your teeth.
[EDIT] Just an afterthought: It might be interesting to plot both the % of traders long v short, and also the lot volumes, and observe how these change over time relative to price. Also the average price that retailers are long and short at, and likewise study how this moves relative to price. Unlike the usual price-derived indicators, these values are independent of price, and who knows, they might provide some idea of (imminent) future value. (As we know, potential for bias can exist when value and price diverge sufficiently). Has anybody already tried something like this?
A MT4 indicator could be written to gather the myfxbook data whenever it changes (daily?) and plot these values graphically on a price chart. If I ever get around to writing such an indicator, I'll share it here, but no promises (I guess if I contribute only to the recycle bin, nobody can accuse me of posting for personal or commercial gain, right? lol).
Hanover RE: Your edit. That sounds interesting. Very interesting if you ever get round to it.. We hide here in the recycle bin so we don't get so many nutcases LOL
Thanks for your hard work and coming back to visit. Like me i'm not here now ;-)
For example, this week they're wanting to long AUD/JPY but with this strategy we should be shorting?? (see attached pic).
I'd appreciate it if this could be cleared up for me. Thanks guys!
The Market sentiment for AUDJPY on Myfxbook is LONG 90% (90% of traders are LONG AUDJPY) that's why Scorpionfx says go long. It has been since 6th May.. Over 85% long since the 6th May. What has it done. Fell since then with little pullbacks.
So what do you do? Go short. It you shorted after it closed the gap a little after market open you will be up $150 per lot.
Price action determines when to buy and sell under the rules.. You could just sell now and leave it until the sentiment changes but you are already in a downtrend on the JPY and it won't last forever.
The crowd wins sometimes but lose the vast majority of the time.
News: Market shrugs off China tariff hike but awaits talk results.. It could drop or rise now depending on the tariff news.
ScorpionFX and myfxbook.. NZDJPY BUY - AUDJPY BUY.. CHFJPY not on ScorpionFX but a 91% BUY on myfxbook so no trade
I did a demo to test that the NZD AND AUD will do the best out of those three tested on a demo MT4.
Click image to play GIF
P.S I posted here because it makes my psycho stalker crazy on his blog :-)
GBPNZD ScorpionFX SELL
GBPNZD Myfxbook 82% SHORT
GBPNZD - Up around 700 points since market open... and this is the worst time of day to trade.
Why do people find it so hard to do?
Just by using scorpionfx and myfxbook and do the opposite you will be up over a thousand dollars in three hours to one lot per trade.. Close now and don't trade for the rest of the week.
That will wake Stimpy up... Check it out Stimpy man. It might surprise you:-)
I always understood the core concept of this I was just slightly confused because of how the post was written, it makes clear sense now though.
Much appreciated mate.
I like how you’re wanting your stalker to see your results, the wittiness reminds me of myself a lot, nothing better than proving the know it alls wrong!
ScorpionFX + myfxbook pairs for this week so far. Sentiment on myfxbook might change through the week.
If you just traded them without using anything else you determine when to trade. MA'S - Pivots, or whatever you use.
AUDJPY - 90% LONG
NZDJPY - 95% LONG
USDJPY - 86% LONG
AUDCHF - 86% LONG
NZDCHF - 81% LONG
USDCHF - 51% LONG (no trades)
GBPAUD - 82% SHORT
GBPNZD - 82% SHORT
GBPUSD - 33% SHORT (no trades)
Contrarian trades.. Go SHORT
AUDJPY -0.56% since market opened
NZDJPY -0.48% since market opened
USDJPY -0.25% since market opened
AUDCHF -0.65% since market opened
NZDCHF -0.57% since market opened
Contrarian trades.. Go LONG
GBPAUD - +0.52% since market opened
GBPNZD - +0.45% since market opened
A total of PLUS 3.48% without using any other method and taking them all blindly and not buying and selling between pullbacks.
Work out the pips Stimpy man.. It will really surprise you.. Might make you fall off your old mans chair !
When you find some free time (just in case), can you help explain your usage/application of Order Flow more in detail? I think that was a Footprint chart. I tried to find value of using order flow tools but it looks it's useful only in very short term scalping. Indeed, many people use it for tick chart based scalping. Can it be useful when it's combined with your WCU strategy? More precisely, I want to know if I can see accurate money inflow/outflow information through this tool....
So you new today Sellers would dominate the buyers in these two examples by just looking at what the price was doing.
NZDJPY - 1 lot = £370
AUDJPY - 1 lot = £451
Or over $1,200 from two trades trading 1 lot..
See how the rest are doing and where the money is going. Where are they buying and selling. Big money, the banks, institutional investors go against the crowd the vast majority of the time. They manipulate you in doing things and they then do the opposite.
Read the first two posts in this thread to first understand why and how prices move.. Its not pivots or MA's etc but the volume leads the price. You can see how the money is flowing into the contrarian trades today.
Btw, my deepest condolence to the pivot factory people who are still holding AUDJPY long position. It's dropping like a rock again now......
It's obvious that's a flawed strategy. History repeats and time will tell....
Just an update on the contrarian trades - Not bad for someone who doesn't know anything - Says Davit and my best mate stalker Stimpy.
7 trades - 7 winners. Plus 5.2 % on all trades.
Why is the JPY so strong again... One of the answers. The Dow Jones is down 1.9% even before the market opens. Where is that money going. Into the JPY again. If the DOW starts to rise the JPY will weaken.
Looks like the ScorpionFX trades for the pound were right this week.
GBPUSD - running 230 pips
GBPNZD - running 240 pips
GBPAUD - running 195 pips
Oh well, onto the next
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