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-   -   Trading correlation pairs by using the other pairs (https://www.forexfactory.com/showthread.php?t=996596)

Shabs19 May 28, 2020 6:25pm | Post# 401

{quote} thnx shabs. i am looking higher tf(i follow all tf). additional to you we must follow stock indices. when they up aud up too. for aud pairs there is no difference they are all at top. today indices are very bullish.
I dont trade correlations, they work for a while and then they dont.
There is a link with EUR - DJIA - USD relationship with money flow. Something that I watch, every now & then.
I dont use moving averages at all, except for MACD which I use for momentum and confirmation of trend.
Principally all the information is on the Price Chart, you just need to do a top down analysis routinely.

redfan May 28, 2020 6:31pm | Post# 402

Everyone who has contributed to this site tonight is helping everyone else,
God bless us all. Stay safe and thank you, everyone.

Shabs19 May 28, 2020 6:32pm | Post# 403

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{quote} This is great. I've downloaded them into the preset file, but how do I put them on my chart, thank you for this great input,
Once loaded onto MT4, drag Indicator onto chart, The indicator inputs click "Load", this will open Preset Folder, find "checklist.set , click on that, Press OK.
Now do this on every chart that you place this indicator on. You could of course, save the chart as a template and do it that way also.
I like set files because you could have different rules for different timeframes.

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P.Action May 28, 2020 6:53pm | Post# 404

{quote} I dont trade correlations, they work for a while and then they dont. There is a link with EUR - DJIA - USD relationship with money flow. Something that I watch, every now & then. I dont use moving averages at all, except for MACD which I use for momentum and confirmation of trend. Principally all the information is on the Price Chart, you just need to do a top down analysis routinely.


I try to find best pair with my own method. It is not only about correlation. I dont use moving avarages too. Just on graph to see trend clearly

redfan May 28, 2020 6:59pm | Post# 405

{quote} Once loaded onto MT4, drag Indicator onto chart, The indicator inputs click "Load", this will open Preset Folder, find "checklist.set , click on that, Press OK. Now do this on every chart that you place this indicator on. You could of course, save the chart as a template and do it that way also. I like set

files because you could have different rules for different timeframes. {image}

I put it in the preset fold, but cannot find it. When I click on indicator,

Shabs19 May 28, 2020 7:02pm | Post# 406

{quote} I put it in the preset fold, but cannot find it. When I click on indicator,
Did you refresh MT4 ? Best way is to restart MT4
After dragging inducator onto the chart from Navigator List
You will find Presest folder by selecting the "Load" button, then click on the chklist.set file & Click "Open".

Edit:
I have tried it without refreshing MT4 and the set file does load from the Presett Folder into the indicator settings.
Did you load file into another MT4 terminal by mistake ?

{quote} I try to find best pair with my own method. It is not only about correlation. I dont use moving avarages too. Just on graph to see trend clearly
You do as your Member ID name

redfan May 29, 2020 5:13am | Post# 407

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Up and running.

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redfan May 29, 2020 5:23am | Post# 408

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Move stop-loss
And moves take profit line it's moving fast

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redfan May 29, 2020 5:29am | Post# 409

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This is what you have to do when you take your trade GO to 1 minute chart. If you see it, breaking through the moving average close the trade for a small loss,

redfan May 29, 2020 5:34am | Post# 410

trade now close with a nice profit.

redfan May 29, 2020 6:09am | Post# 411

2 Attachment(s)
Just like to thank Shabs19 for this great tool,
finally got it up and running. It was quite easy in the end I was just forgetting to put the indicator in the indicator folder. I got there in the end,
Again, thank you for your great input in this thread.
Here a picture of it in action,

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Should have got in this trade. When I mentioned it before.
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P.Action May 29, 2020 7:05am | Post# 412

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today my pair is eurgbp long. best pair is gbpsek short

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redfan May 29, 2020 7:49am | Post# 413

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2nd trade today
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Out with a nice profit.
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Shabs19 May 29, 2020 10:35am | Post# 414

Just like to thank Shabs19 for this great tool, finally got it up and running. It was quite easy in the end I was just forgetting to put the indicator in the indicator folder. I got there in the end, Again, thank you for your great input in this thread. Here a picture of it in action, {image} Should have got in this trade. When I mentioned it before. {image}
We all have "Senior Moments" LOL.

{quote} We all have "Senior Moments" LOL.
Edit:
Can I ask you why, you chose GBPCHF when strength meter is saying EUR strongest & USD weakest ?

redfan May 29, 2020 11:22am | Post# 415

{quote} We all have "Senior Moments" LOL. {quote} Edit: Can I ask you why, you chose GBPCHF when strength meter is saying EUR strongest & USD weakest ?
I was on the one hour chart at the time
I looked at the one hour and the candle was red
I looked at the currency strength on my screen and the GBP was bottom
and CHF was second from the top
AND THE 50MA Had just gone above 21MA a bearish signal,

P.Action May 29, 2020 2:45pm | Post# 416

today my pair is eurgbp long. best pair is gbpsek short {image}
Stopped and retry 0.8995. Tp hit.

redfan May 29, 2020 3:08pm | Post# 417

{quote} Stopped and retry 0.8995. Tp hit.
It was when you put that chart picture up today, I had a look at that chart,
and everything was telling me that it was going down, so I had a quick trade on it and was out with
profit
I take it you got stopped out, so this was your second trade,
good luck for next week
and thank you for posting your chart.

Shabs19 May 29, 2020 4:07pm | Post# 418

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{quote} Stopped and retry 0.8995. Tp hit.
Dangerous to trade around US market Opens. Many news events to watch out for between 13.00 - 13.30 and plenty of fake moves also.

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redfan May 29, 2020 5:12pm | Post# 419

{quote} Dangerous to trade around US market Opens. Many news events to watch out for between 13.00 - 13.30 and plenty of fake moves also. {image}
Yes I agree with you. This is good advice for anyone even me.

bottomhigh May 30, 2020 2:51am | Post# 420

{quote} I dont trade correlations, they work for a while and then they dont. There is a link with EUR - DJIA - USD relationship with money flow. Something that I watch, every now & then. I dont use moving averages at all, except for MACD which I use for momentum and confirmation of trend. Principally all the information is on the Price Chart, you just need to do a top down analysis routinely.
Even if there is a lag in diffusion of news between these instruments it's highly likely that you won't be able to spot it by eye. Are you using some high-frequency feed to spot differences in how fast they price in important information?


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