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(binned per thread starter's request) Currency Strength with cont

  • #301
  • Edited 8:33am May 14, 2018 8:10am | Edited 8:33am
Quoting neilgroom
{quote} lmao I don't drink.. Right need some sleep. I'd wait until the RSI 2 moves above 70.. This is a line break 1 chart. Not a normal candle chart. If the USD/MXN is dropping like it is then the USD is very weak at the minute. Best to wait. Although it's the Asian session. See how it reacts at London Open. {image} {image}
Hi Neil, not being familiar with Line Break charts, can you briefly explain the advantage/disadvantage in using them in this approach. Are you only using them on the Daily with the RSI(2) to better view turnarounds? I do use TradingView charts and prefer them over MT4, although I still use MT4 as a reference when others reference them.

Edit: OK, so I took the time to read a couple of articles about Line Break charts, so I'm now familiar with them and know how they are constructed (looks like the typical construction is with a value of 3 rather than 1). So, I guess my question is still valid about how you have found them useful, especially with a value of 1...and I presume only on a Daily chart?
  • #302
  • May 14, 2018 9:05am May 14, 2018 9:05am
Quoting emonts
Hi, This indicator calculates the currency strength for you. First 2 rows display the values [xx] bars back. Last 2 rows display the values [0] for the actual bar. Default TF = H4 and sma period = 200. Ranking is done based on values of first row. In the calculation of USD values the USDSEK pair is used, so check if available at your broker and symbol list. Take care you have enough history bars. {image} BR {file}
Tks emonts!
  • #303
  • May 14, 2018 9:47am May 14, 2018 9:47am
Thanks for all information and indicators.
  • #304
  • May 14, 2018 10:07am May 14, 2018 10:07am
Quoting jasonckb
EURUSD position has great change today, form 32% short to 40% short and volume climbed from 74xx to 8827 now while long drop form 15xxx to 13120 now....retail are covering their losing/ small gain long position and adding short for hedging while some previous short are adding to average down. EURUSD rebound not finished yet. {image}
After running up a while, EURUSD will consolidate and short% rise to 41% with 9000 lots and long vol. dropped to 12400...typical retail behaviour--> hedge their long/ "short at high" or cut their long at relatively less loss hoping to buy back lower.....soon the short may surpass long and ending the correction of EURUSD.
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  • #305
  • May 14, 2018 10:21am May 14, 2018 10:21am
Quoting bojack34
{quote} I think I have the Chart portion of the settings correct......but i'm not sure about the RSI portion of the settings?
OH NO DON'T TOUCH THAT.. Screws every thing up. If you have it on daily chart at the top the RSI will be on daily.

Concerning line breaks I will answer when I get some time. I am away from home at the minute and can only come on for a few minutes a few times per day when I get a chance. In quick terms yes its for turnarounds etc. The lower setting sees the turnaround quicker. Bit more to it but will explain when I get a chance.

NZDUSD doing OK but the NZD is very weak. As I wasn't at a computer I'm not sure when it went through 30 on the RSI-2 HLC3. Should be a good move down.

No edits as yet ;-)
The most violent element in society is IGNORANCE
  • #306
  • May 14, 2018 12:34pm May 14, 2018 12:34pm
This could now work in our favor. When the Dollar is stronger then Gold it moves and moves fast. NZDUSD still doing OK.
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The most violent element in society is IGNORANCE
  • #307
  • May 14, 2018 12:40pm May 14, 2018 12:40pm
Quoting neilgroom
{quote} OH NO DON'T TOUCH THAT.. Screws every thing up. If you have it on daily chart at the top the RSI will be on daily. Concerning line breaks I will answer when I get some time. I am away from home at the minute and can only come on for a few minutes a few times per day when I get a chance. In quick terms yes its for turnarounds etc. The lower setting sees the turnaround quicker. Bit more to it but will explain when I get a chance. NZDUSD doing OK but the NZD is very weak. As I wasn't at a computer I'm not sure when it went through 30 on the...
Cool, THanks Neil!! I was away from the cpu. I was watering the garden with my 4 year old son and was playing with him outside when the RSI crossover happen. I am only trading these trades on Demo so I wasn't watching as if I was trading live. (this is why I like to forward test on small live account rather than playing with "fake chips") LOL. Enjoy your vacation with your family Neil. Don't worry about us! We'll be here when you get back. You better not make "the boss" upset...lol.

Edit: Looking forward to learning the rest when you get home and all settled in.
  • #308
  • May 14, 2018 2:11pm May 14, 2018 2:11pm
Had to bump it. Sorry cause of the unwanted UNOFFICIAL thread..

The NZDUSD today so far. It might pullback a bit but looks like a good week. The USDCHF is now at a high for the day. Oh the joys of Spring ;-)
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The most violent element in society is IGNORANCE
  • #309
  • May 14, 2018 9:23pm May 14, 2018 9:23pm
Im profiting now on NZDUSD.

Now waiting USDCHF to blow up bullish !!! heheh

Thanks neil! Thanks all
  • #310
  • May 14, 2018 9:30pm May 14, 2018 9:30pm
You know, it doesnt matter what the result will come up. At least we all trying our best to make this strategy works on our favour.

We're learning together.
  • #311
  • May 15, 2018 12:53am May 15, 2018 12:53am
It's my usual cynical self again but when I see a big move pre London session it's usually just to give the boys a better price for the move back up/down but we'll see!
  • #312
  • May 15, 2018 1:59am May 15, 2018 1:59am
Too many are long on EU and Short on USDCHF. Perfect percentage and Vols. I look at the overall positions from outlook, and contrarian short term trades, from pivot level to pivot level. Helps me open and close the trade on the same day, bigger lots.

USDCHF Outlook

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USDCHF Trade

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EURUSD Trade

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  • #313
  • May 15, 2018 4:21am May 15, 2018 4:21am
Today, USDCHF short went from 13k to 10k. i think we are seeing the retail sentiment shifting a little.

On the daily chart, you can see the pinbar forming yesterday(14.5.2018). IMO, i think there will a short squeeze upcoming, i am entering at the high of the pinbar.

What do u guys think?
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  • #314
  • May 15, 2018 4:37am May 15, 2018 4:37am
Quoting shettytushar
Too many are long on EU and Short on USDCHF. Perfect percentage and Vols. I look at the overall positions from outlook, and contrarian short term trades, from pivot level to pivot level. Helps me open and close the trade on the same day, bigger lots. USDCHF Outlook USDCHF Trade EURUSD Trade
Nice trading. Great to see you took the idea and put your own stamp on it. Nice way of thinking with pivot points.
Thanks for all the PM's.. I try to look a couple times a day and answer the positive ones. All positive today.

I like how your all taking the main idea and thinking of other ideas to use it. Even though it's a funny week after starting well with the USD. Let's how how the sentiment is changing.

Good luck all.
The most violent element in society is IGNORANCE
  • #315
  • May 15, 2018 4:42am May 15, 2018 4:42am
Quoting qqqqqiang
Today, USDCHF short went from 13k to 10k. i think we are seeing the retail sentiment shifting a little. On the daily chart, you can see the pinbar forming yesterday(14.5.2018). IMO, i think there will a short squeeze upcoming, i am entering at the high of the pinbar. What do u guys think? {image} {image}
Yes could be.. I think we all new the USD wouldn't rise forever. its had a few good months. Keep your eyes on the sentiment. I can't get to my data on my computer so I'm stuck on how to help.

Partial close some USD trades or close them and wait. As I'm on a tablet at the minute it's hard for me to go through all the sentiment etc. On a computer I can do it in seconds then I get the dreaded battery low warning.

Looks like I picked the best week off..

Edit. The USD is still stronger then Gold today. I think its time for chart watching and watch those trades.
The most violent element in society is IGNORANCE
  • #316
  • May 15, 2018 5:01am May 15, 2018 5:01am
It really doesn't want to go through that level. It tries and comes down again..
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The most violent element in society is IGNORANCE
  • #317
  • May 15, 2018 5:53am May 15, 2018 5:53am
Quoting neilgroom
{quote} Nice trading. Great to see you took the idea and put your own stamp on it. Nice way of thinking with pivot points. Thanks for all the PM's.. I try to look a couple times a day and answer the positive ones. All positive today. I like how your all taking the main idea and thinking of other ideas to use it. Even though it's a funny week after starting well with the USD. Let's how how the sentiment is changing. Good luck all.
This is the only thread that as a strategy that is flexible and stress free. I adapted it into intraday trading and worked for me. That's the charm of it. Thanks, Neil.
  • #318
  • May 15, 2018 7:03am May 15, 2018 7:03am
woohoo USDCHF are trending up now

hehe for now.
  • #319
  • May 15, 2018 7:09am May 15, 2018 7:09am
Ok week 2 with trying to sync my data crunch of the COT and the contrarian approach with myfxbook. Now I haven't even traded this in demo as I like to to see the results first then work out a MM plan.

AudCad >> Sell
AudUsd >> Sell
GbpUsd >> Sell
UsdChf >> Buy


Dave
K.I.S.S.
  • #320
  • May 15, 2018 7:13am May 15, 2018 7:13am
RSI 2 hLC/3 should hit USD/CHF soon (Candle chart) - It has moved out of the sell range on the Line break chart.
Just some thought and this is from an email today I received - I have edited it with my own thoughts as well.
It's sad to see where the Forex Industry is heading.

Here's why...

The problem is they want riches overnight, on top of that, they don't want to put any effort into it. Their Lazy.

But I don't blame them for thinking that way...

The industry is turning into a breeding ground for "get rich overnight" type schemes and it's frustrating to watch.

I hear on a daily basis from people that have been burned thousands of dollars by Binary Options Scams, Signal Providers, Forex Robots, and now the latest complaints i'm hearing about is Forex MLM Schemes.

"It's the blind leading the blind when it comes to trading.

Oh their is a new system in the systems thread. Oh someone has just posted a new EA. Etc.etc.etc. It really is the blind leading the blind. There is so much bad advice today. Be a tradeout breaker. Here for $99 you can get the latest breakout indi...
I'll say this once. Breakout traders never make money. They will lose there account faster then a pig falling from the sky. Have you seen how it breaks out and then falls strongly the other way.. It's them evil bankers again. Playing with you. We can't beat them at there own game but we can try and follow them..

So here's my point...

If you're new to Forex, or looking for a System to use.

Start with realistic expectations, and stop wasting time trying to take the easy route.

Actually LEARN how to trade from the beginning. But be warned as at least 95% of the stuff of there is rubbish. They just want your money or they don't even trade for a living.

Here is a real kicker.. Why are those indicators and Ea's packages with MT4?
Because they don't work. If they did do you think your MT4 broker would take them off.

You have to try and think outside the box.. No one has ever become rich with a 14 period RSI. Not even MACD.

I use the RSI but not as an overbought/oversold indi. I use it as a strength indicator.
Moving averages come in handy but why do you want to know what happened 14 candles back and average it. You want to know what is happening NOW.

Whatever way you look at it and people still don't believe this method but;

Two of the most powerful traders in the world and worth billions between them are/where contrarian traders. Be it stocks or forex etc.

I read on the BBC website this morning that the USD had hit the top. From now on it's all the way down. That tells me it's going to rise. Had you ever read an investment magazine and they tell you to buy this stock. Three days later is collapses.

Anyway I'm out of here now for a long hike up some big mountain.

Disclaimer.. I'm not here to sell anything. Never have, never will. I don't believe in it. I'm a trader and trade for a living. I have nothing to sell.
Have a nice day
The most violent element in society is IGNORANCE
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