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Can someone fix this currency strength indicator? 37 replies

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Bank Currency Strength

  • #281
  • Apr 30, 2018 2:38pm Apr 30, 2018 2:38pm
Awesome stuff mrdfx. Nice going. Nice to see not one indicator on the chart lol.. Jeez I hate indicators on charts.
The most violent element in society is IGNORANCE
  • #282
  • Apr 30, 2018 2:40pm Apr 30, 2018 2:40pm
Quoting mrdfx
Today testing SFX is going well for a Monday. Still early days, so we will see. Need to figure out when is a good time to exit and take profits. {image} {image}
Since these are Weekly Signals I'm curious when is a good time to enter and exit also. I know that they are basing their trades off of FA but I would assume that you must use your own TA for entry and exits. I also am trying to find a site that shows "Average WEEKLY ranges" for all forex pairs. This might help us with our SL's and TP's
  • #283
  • Apr 30, 2018 2:45pm Apr 30, 2018 2:45pm
Quoting bojack34
{quote} Since these are Weekly Signals I'm curious when is a good time to enter and exit also. I know that they are basing their trades off of FA but I would assume that you must use your own TA for entry and exits. I also am trying to find a site that shows "Average WEEKLY ranges" for all forex pairs. This might help us with our SL's and TP's
That's the part I'm working on now... I left my one trade last week, the NZD/USD open all week and closed it just after New York opened (Friday) when there was big profit taking. Sentiments change through out the week and scorpianfx don't update it like bankersfx does.
The most violent element in society is IGNORANCE
  • #284
  • Apr 30, 2018 2:50pm Apr 30, 2018 2:50pm
I'm just curious to see who is going to win the USD/CAD fight... Both currencies are strong at the minute. The power of currency strength. Who needs indicators to see that the USD and CAD are STRONG at the minute.
The most violent element in society is IGNORANCE
  • #285
  • Apr 30, 2018 3:21pm Apr 30, 2018 3:21pm
Quoting bojack34
{quote} Where do you find out what the retail traders are doing? I know there are tons of trading sites out there, just curious where you're getting your info?

Hi
I'm curious as to how one can find out the true fact about which way the banks are positioned. How long have you been subscribed to those services (bankersfx and scorpionfx)? Are you very happy with the info provided?
  • #286
  • Apr 30, 2018 3:29pm Apr 30, 2018 3:29pm
Quoting jmtini
{quote} Hi I'm curious as to how one can find out the true fact about which way the banks are positioned. How long have you been subscribed to those services (bankersfx and scorpionfx)? Are you very happy with the info provided?
Sorry but I just found out about them today. I have not used them at all. You might want to ask this question to neilgroom. Sorry I can't help.
  • #287
  • Apr 30, 2018 3:43pm Apr 30, 2018 3:43pm
Hi,

I personally have Eikon, which helps me with real time FX data, the issue in Eikon is that the data overwhelming, as it's way too much to go through. Data will only help you with the fundamental analysis part, the technical analysis is up to. For success in Forex, you have to be good with fundamental and technical, just technical won't help achieve success in forex. Just my $0.02.

I am strictly a day trader. I did contact EFX, and according to them "We define Short-term trades with those with stops up to 100 pips." For me 100 pips stops is definitely not short term. Plus, these data's give out weekly analysis. So you would know the direction of a pair for a given week, but there are many pull-backs and hence you should know when to do multiple entry and exists in a given week. If you got a big account, a big lot size is fine as there won't be a margin call, but with a small account be very careful. You should have deep pockets to blindly copy bank positions. You have to have a trading system of your own to even implement what and where banks are trading. Like EFX, FXWatcher also provides this data, but in PDF format only.
  • #288
  • Apr 30, 2018 3:54pm Apr 30, 2018 3:54pm
Quoting shettytushar
Hi, I personally have Eikon, which helps me with real time FX data, the issue in Eikon is that the data overwhelming, as it's way too much to go through. Data will only help you with the fundamental analysis part, the technical analysis is up to. For success in Forex, you have to be good with fundamental and technical, just technical won't help achieve success in forex. Just my $0.02. I am strictly a day trader. I did contact EFX, and according to them "We define Short-term trades with those with stops up to 100 pips." For me 100 pips stops is definitely...
What I would recommend is figure out your Risk% and then break that down into about 4 or 5 different entries.......this will allow you to gradually enter into a trade. If price goes against your "direction" right away your only in for 20%-25% of your "total" risk%. Once you see the trade start to go in your intended direction you can then start to add the rest of your entries. This will allow you to have a wider SL....potentially up to 100 pips or more depending on your risk% and your account size.
  • #289
  • Apr 30, 2018 4:16pm Apr 30, 2018 4:16pm
Quoting neilgroom
{quote} https://www.myfxbook.com/en/community/outlook - The volume is more important then the percentage though. You need high volume. The bigger the volume the better that is opposite what the banks are buying/selling. I keep track of the volume to see if it is rising or falling. Myfxbook uses REAL accounts in there data and not any demo accounts so it is reliable.
What is in your opinion big volume in LOTs?
Anything above the line is an uptrend, below the line is a downtrend.
  • #290
  • Apr 30, 2018 4:58pm Apr 30, 2018 4:58pm
Quoting Degolep
{quote} What is in your opinion big volume in LOTs?
I use 5000 lots or more.. The more the better..

I will be away now until Tuesday night (U.K time)

All the best with your trades and mega pips ;-)
The most violent element in society is IGNORANCE
  • #291
  • May 1, 2018 2:09am May 1, 2018 2:09am
Quoting neilgroom
{quote} I use 5000 lots or more.. The more the better.. I will be away now until Tuesday night (U.K time) All the best with your trades and mega pips ;-)

Wow!

One would certainly need to make the right call on direction when one is staking that much!
  • #292
  • May 1, 2018 2:49am May 1, 2018 2:49am
Quoting jmtini
{quote} Wow! One would certainly need to make the right call on direction when one is staking that much!
Lol, he is not staking 5000 pips . Read again.
Anything above the line is an uptrend, below the line is a downtrend.
  • #293
  • May 1, 2018 2:51am May 1, 2018 2:51am
Quoting jmtini
{quote} Wow! One would certainly need to make the right call on direction when one is staking that much!
He is talking about Myfxbook outlook volume, if its 5000 lots and above, he considers that trade to look into.
  • #294
  • May 1, 2018 4:12am May 1, 2018 4:12am
Ding dong!

Sorry, of course!
  • #295
  • May 1, 2018 11:09am May 1, 2018 11:09am
Quoting jmtini
{quote} Wow! One would certainly need to make the right call on direction when one is staking that much!
I would of got nearly six Million British Pounds on my last trade with that amount woooop :-) So glad you got it in the end :-)
The most violent element in society is IGNORANCE
  • #296
  • May 1, 2018 11:13am May 1, 2018 11:13am
Thanks for all the Pm's

First I would like to say that if your first language is not English. NEVER apologize for it. I know it’s hard to translate but I know some Asian people who speak better English then actual English people. So please never apologize for it. That’s the trouble with us English and Americans. We speak one language and you can speak and write two. Your native language and English, so you have nothing to apologize for. In fact you're clever then us LOL

Now a few have asked what I do to get the trades and a few are confused. So I will do my best to explain. One thing though I like to tell people if something works but I AM A DOER and NOT A TEACHER.'[

I do these trades myself and will never ever sell the knowledge. I am a trader and not a marketer.
So let's get on with the method.
At this time I am NOT recommending Bankerfx as NOT one member who has joined has joined the thread to say if it's good or bad. So at this time I am not joining and don't recommend that you do. But it's up to you.

The Method

Scorpionfx cover the 8 following currencies: USD, JPY, EUR, GBP, CHF, AUD, NZD and CAD. And For this upcoming week, our research concludes the following as the EXPECTED relative-performance for these currencies. You can go to their website on a Sunday before the markets open and get there trades or sign up by email and you get an email with just the trades on a Sunday evening. Or Monday morning depending on your time zone. I'm in the Wet and cold U.K.

Top trades this week equals. (Sorry pic at bottom of post)



Don't trade on them trades blindly. From my research these trades are very good but some do go the other way. No magic solution here.

Now go to https://www.myfxbook.com/community/outlook

Look up the pairs scorpionfx gave you as there top trades for the week. We follow them as if they say BUY we BUY and not SELL.

Now look through each pair and you want the opposite direction to scorpionfx at.

https://www.myfxbook.com/community/outlook

At the top of the list where it says community outlook click the more button and click off all the exotic pairs. Makes life easier and makes it clearer.

Take for example scorpionfx have AUD/USD as a sell signal for the week.
Find the pair and place your mouse curser over it and it will display the following



We want THE OPPOSITE direction to what scorpionfx says. As in the example scoropionfx says the AUD/USD will go down through the week.

As in the example retail traders are LONG the AUD/USD. Look at the volume level. We want a percentage over 70% with a volume lever of at least 5000 LOTS. This one is perfect and an excellent trade.

If one matches wait until the markets open and wait half hour to one hour to see if in fact it's going the way scorpionfx says. If it is then TRADE IT.

I have only been trading this way for two weeks so nothing is really proven but In 12 trades I have done in those two weeks I have only closed one trade for a small loss. The USD/CAD. It is going in the direction now, so maybe I shouldn’t have closed it. Another reason I did was cause the USD and CAD where very strong currencies at the same time.

I hope this helps... One thing I like about it is you haven’t got ONE bloody indicator on the chart.

I do admit I use the RSI indictor sometimes but for not what it is intended to do. That will be another thread one day. HINT: Never use the default setting on any indicator on MT4. Use 2 or 3 or 5.

I wish you all the best and success.. After all that writing, I need my dinner.
Attached Images
The most violent element in society is IGNORANCE
  • #297
  • May 1, 2018 2:14pm May 1, 2018 2:14pm
Quoting neilgroom
So at this time I am not joining and don't recommend that you do. But it's up to you. The Method Scorpionfx cover the 8 following currencies: USD, JPY, EUR, GBP, CHF, AUD, NZD and CAD. And For this upcoming week, our research concludes the following as the EXPECTED relative-performance for these currencies. You can go to their website on a Sunday before the markets open and get there trades or sign up by email and you get an email with just the trades on a Sunday evening. Or Monday morning depending on your time zone. I'm in the Wet and cold U.K....
Results so far with similar strategy using sfx, BankersFX and myfxbook data. This is still my demo acct.

Attached Image (click to enlarge)
Click to Enlarge Name: scorpionfx contrarion.PNG Size: 14 KB
  • #298
  • May 1, 2018 2:20pm May 1, 2018 2:20pm
Quoting osjoe2
{quote} Results so far with similar strategy using sfx, BankersFX and myfxbook data. This is still my demo acct. {image}
Awesome results and same trades as me.... That USD/CAD is driving me nuts though. I closed one and opened another a few hours later.. Up and down like a yoyo.

Please keep us updated.

Neil
The most violent element in society is IGNORANCE
  • #299
  • May 1, 2018 2:22pm May 1, 2018 2:22pm
Quoting osjoe2
{quote} Results so far with similar strategy using sfx, BankersFX and myfxbook data. This is still my demo acct. {image}
I suggest still trying out it in a live account is the real deal, as pull backs always happens before continuing the trend, correction happens, and it has effects on the margin level. Many open big lot size trades thinking the trade will go to their desired direction, but never consider pull backs which can drastically affect the margin. So money management is key, which one can learn only through a live account.
  • #300
  • May 1, 2018 2:28pm May 1, 2018 2:28pm
Quoting shettytushar
{quote} I suggest still trying out it in a live account is the real deal, as pull backs always happens before continuing the trend, correction happens, and it has effects on the margin level. Many open big lot size trades thinking the trade will go to their desired direction, but never consider pull backs which can drastically affect the margin. So money management is key, which one can learn only through a live account.
My advice on money management is in his thread somewhere.. Never risk more then 2% on any one trade and don't open to many trades with the same currency.. Bad news, war, earthquakes etc etc can impact that currency.

I use a real account and risk up to 8 lots a time but when I do that I have ONE TRADE only. One that I have absolute faith in..

Last week one trade. NZD/USD Sell 8 lots
This week one trade USD/JPY Buy 5 lots

I always test my ideas on a demo first though.
The most violent element in society is IGNORANCE
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