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

  • #401
  • May 19, 2018 4:39pm May 19, 2018 4:39pm
Quoting bojack34
{quote} This is why we watch the RSI to go back to the opposite side ( 65 or 35) before we "exit" our trade. Correct?
If using the candle chart close if it drops below 30 - It it goes into the 60's etc it could be just a pullback So retail sell and the big boys buy again.
If using a line break 1 chart either close if you get a closed red candle or it goes below 50.. Don't wait until 30 as you will lose a lot of profit. vise versa if selling

NOTICE.. Use tradingview and NOT MT4 for the RSI. Don't rely on MT4. I only use it for testing purposes.

Edit: Waiting on my stalker to post in another thread.
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The most violent element in society is IGNORANCE
  • #402
  • May 19, 2018 4:51pm May 19, 2018 4:51pm
Quoting neilgroom
{quote} If using the candle chart close if it drops below 30 - It it goes into the 60's etc it could be just a pullback So retail sell and the big boys buy again. If using a line break 1 chart either close if you get a closed red candle or it goes below 50.. Don't wait until 30 as you will lose a lot of profit. vise versa if selling NOTICE.. Use tradingview and NOT MT4 for the RSI. Don't rely on MT4. I only use it for testing purposes. Edit: Waiting on my stalker to post in another thread. {image} {image}
Is the Candle Chart on the left and the Line Break chart on the right? Big difference.
  • #403
  • May 19, 2018 4:52pm May 19, 2018 4:52pm
Quoting emonts
Hi, If you look to the third row, you could get the impression that all currencies are getting stronger. But be carefull, all values are related to the JPY. So if the JPY is getting weaker, then all currencies are getting implicit stronger. Now the JPY is getting weaker, compare values [0] (84.40) and values[3] (84.21). Look for instance to the GBP, the values [0](row 4) is lower then [3](row 2), but the value is in green. {image} BR
It will be. Like if the GBP falls 50 pips on the 4 hour chart.. then rises 15 pips on the 4 hourly chart then falls 30 pips the next 4 hour.. When the GBP rose 15 pips that will give you a green. Take no notice of that setting.. You use the best V the worst and according to the myfxdata.
The most violent element in society is IGNORANCE
  • #404
  • May 19, 2018 4:55pm May 19, 2018 4:55pm
Quoting neilgroom
Here is a chart with FXCM - OANDA - Forex.com and ICE data feeds for the USD/CHF in a line chart - Ice is the best as it uses a real data feed - Please note if anyone opens an Real MT4 account make sure it's a real ECN account like IC markets (Australia) and ADSS London. They won't manipulate the data feed. Edit again. Brokers have different time zones. Some GMT - GMT+1 etc. That's why there is a difference. {image}
I use FX Choice since they allow US clients and they state that all of there accounts are ECN accounts.
  • #405
  • May 19, 2018 5:03pm May 19, 2018 5:03pm
Quoting bojack34
{quote} Is the Candle Chart on the left and the Line Break chart on the right? Big difference.
Yes correct. I prefer the line break chart as it cuts a lot of pullbacks out . Plus good for pending orders.

When a new green starts forming place a sell order at the bottom of the last green and vice versa. That was perfect for the CHF in 2015

Warning: You do get large drawdown in that method sometimes until it goes the way of the color bar. Not advised to use until lots of experience in price action
Attached Image
The most violent element in society is IGNORANCE
  • #406
  • May 19, 2018 5:12pm May 19, 2018 5:12pm
Quoting neilgroom
{quote} Yes correct. I prefer the line break chart as it cuts a lot of pullbacks out . Plus good for pending orders. When a new green starts forming place a sell order at the bottom of the last green and vice versa. That was perfect for the CHF in 2015 Warning: You do get large drawdown in that method sometimes until it goes the way of the color bar. Not advised to use until lots of experience in price action {image}
This strategy you speak of currently is different then the Contrarian Strategy correct? This looks like a reversal type of strategy but using the Line Break charts instead of a Candle Chart.

EDIT: What time frame charts are you using here as reference?

EDIT #2: Go To Bed!
  • #407
  • Edited 6:02pm May 19, 2018 5:38pm | Edited 6:02pm
Quoting bojack34
{quote} This strategy you speak of currently is different then the Contrarian Strategy correct? This looks like a reversal type of strategy but using the Line Break charts instead of a Candle Chart. EDIT: What time frame charts are you using here as reference? EDIT #2: Go To Bed!
It is but where I put pending buy order on the line chart in the last post that was when retail where selling the USD/CHF.. It hit it dead on. Over 70% (myfxbook) from there. Daily on the line break chart. They thought it would continue down.. We all know it didn't and rode that nice wave up.

EDIT. I'll go bed when the cat shuts up and goes sleep. Think she missed me.
Second edit: What is it with the states and forex.. Why can't you open accounts with say ADSS based in London?
The most violent element in society is IGNORANCE
  • #408
  • May 19, 2018 6:06pm May 19, 2018 6:06pm
Quoting neilgroom
{quote} It is but where I put pending buy order on the line chart in the last post that was when retail where selling the USD/CHF.. It hit it dead on. Over 70% (myfxbook) from there. Daily on the line break chart. They thought it would continue down.. We all know it didn't and rode that nice wave up. EDIT. I'll go bed when the cat shuts up and goes sleep. Think she missed me. Second edit: What is it with the states and forex.. Why can't you open accounts with say ADSS based in London?
Because of this..........

The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173, commonly referred to as Dodd–Frank) was signed into United States federal law by President Barack Obama on July 21, 2010.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a massive piece of financial reform legislation passed by the Obama administration in 2010 as a response to the financial crisis of 2008.


Because of this only select Brokers will accept US citizens as customers now. If we use a US based broker we only get a maximum of 50:1 leverage. Once I grow my account using your strategy I will eventually go to a US based broker.
  • #409
  • May 19, 2018 6:17pm May 19, 2018 6:17pm
Quoting bojack34
{quote} Because of this.......... The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173, commonly referred to as Dodd–Frank) was signed into United States federal law by President Barack Obama on July 21, 2010. The Dodd-Frank Wall Street Reform and Consumer Protection Act is a massive piece of financial reform legislation passed by the Obama administration in 2010 as a response to the financial crisis of 2008. Because of this only select Brokers will accept US citizens as customers now. If we use a US based broker...
Oh I see.... My only advice then is to move to a cottage in Scotland.. The Scottish Borders. Very little crime. Not many people and loads of countryside. The only drawback is understanding Scottish. Even though they speak English they talk dead fast ;-)

A room with a view
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The most violent element in society is IGNORANCE
  • #410
  • May 19, 2018 6:22pm May 19, 2018 6:22pm
Quoting neilgroom
{quote} Oh I see.... My only advice then is to move to a cottage in Scotland.. The Scottish Borders. Very little crime. Not many people and loads of countryside. The only drawback is understanding Scottish. Even though they speak English they talk dead fast ;-) A room with a view {image}
I would LOOOOOOOOVE to live there!!
  • #411
  • May 19, 2018 6:36pm May 19, 2018 6:36pm
Quoting neilgroom
{quote} Oh I see.... My only advice then is to move to a cottage in Scotland.. The Scottish Borders. Very little crime. Not many people and loads of countryside. The only drawback is understanding Scottish. Even though they speak English they talk dead fast ;-) A room with a view {image}

Ahh...i do miss the homeland now that i live in Englandshire :-/
  • #412
  • May 19, 2018 6:40pm May 19, 2018 6:40pm
Quoting bojack34
{quote} I would LOOOOOOOOVE to live there!!
You will one day... Just get ready for the big USD dumping. It's due. I'm going all in with 10 lots. Pending order will be set as soon as market opens.
I just really need the retail to start buying the Dollar and buying it big.

Edit: Gone sleep ;-)
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The most violent element in society is IGNORANCE
  • #413
  • May 19, 2018 6:43pm May 19, 2018 6:43pm
Quoting neilgroom
{quote} You will one day... Just get ready for the big USD dumping. It's due. I'm going all in with 10 lots. Pending order will be set as soon as market opens. I just really need the retail to start buying the Dollar and buying it big. Edit: Gone sleep ;-) {image}
That worries me, since the contrarian strategy is showing only 2 pairs that qualify and they both are BUYING USD!

EDIT: USD/JPY...BUY.... and .....USD/CHF....BUY
  • #414
  • May 19, 2018 6:55pm May 19, 2018 6:55pm
Quoting bojack34
{quote} That worries me, since the contrarian strategy is showing only 2 pairs that qualify and they both are BUYING USD! EDIT: USD/JPY...BUY.... and .....USD/CHF....BUY
I'd see how the price action is on London open.. It's worrying me now as well as although I don't believe in the usual overbought/oversold but the USD is majorly overbought on every single currency pair. It's hitting major resistance on daily and weekly charts. There could a massive selloff. They need it lower.. It it falls a bit my theory will be that retail will buy it and keep on buying it and the big boys will then just dump it. The US economy is good though and it's done well under Trump but I think this rise will come to an end sooner rather then later.
The most violent element in society is IGNORANCE
  • #415
  • May 19, 2018 7:02pm May 19, 2018 7:02pm
Quoting neilgroom
{quote} I'd see how the price action is on London open.. It's worrying me now as well as although I don't believe in the usual overbought/oversold but the USD is majorly overbought on every single currency pair. It's hitting major resistance on daily and weekly charts. There could a massive selloff. They need it lower.. It it falls a bit my theory will be that retail will buy it and keep on buying it and the big boys will then just dump it. The US economy is good though and it's done well under Trump but I think this rise will come to an end sooner...
So should we or shouldn't we follow the contrarian strategy on USD this week? If not, what are the rules for NOT following the strategy? Is it when a currency is OB or OS on every pair?...and when it's hitting major support/resistance on the Weekly Charts? I'm still keeping notes and trying to fill in the blank spots. Txs Neil.

EDIT: For now I will just rely on the RSI and Myfxbook changing hands.
  • #416
  • Edited 7:28pm May 19, 2018 7:15pm | Edited 7:28pm
Big USD sell zones on daily. Candle chart. I've hidden the CHF/HKD from the chart. USD/CHF selloff zones. See what the RSI reads Monday. I hope it still rises as retail are still selling or in sell positions. Keep an eye on what the HKD is doing. If it falls against a few other currencies and the USD is falling then a big sell off will come.

I find it hard to teach advanced stuff.. It just comes natural to me. Anyway going off topic a bit but wanted to warn all of nothing rises forever.

Edit: Myfxbook is perfect for this strategy. Nothing comes close to it. Sometimes it does go against the contrarian method. Pullbacks even large pullbacks, even trend changes but if you use the other methods with it like the RSI PERIOD 2 HLC3 or a PROPER currency strength indicator then you will win big but still loose a few (that's life) but now and again you will hit a home run like the recent NZDUSD and the USDCHF.

Little edit: My brain has gone sleep
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The most violent element in society is IGNORANCE
  • #417
  • May 19, 2018 7:49pm May 19, 2018 7:49pm
Quoting neilgroom
Big USD sell zones on daily. Candle chart. I've hidden the CHF/HKD from the chart. USD/CHF selloff zones. See what the RSI reads Monday. I hope it still rises as retail are still selling or in sell positions. Keep an eye on what the HKD is doing. If it falls against a few other currencies and the USD is falling then a big sell off will come. I find it hard to teach advanced stuff.. It just comes natural to me. Anyway going off topic a bit but wanted to warn all of nothing rises forever. Edit: Myfxbook is perfect for this strategy. Nothing...
I understand what you're saying, but I really appreciate it because if you didn't do this it would take me years to learn and lots of $$$. Many thanks! My notebook just keeps on growing. Don't underestimate some peoples thirst for knowledge. I like the way you think/trade.

I need to learn how to read the myfxbook %% and volume and how to follow it closely to see when/where price is going to make a turn. I will try to keep an eye on USD this week along with Myfxbook %% and volume. Try to connect the dots to see if the momentum is changing.
  • #418
  • May 19, 2018 7:58pm May 19, 2018 7:58pm
Quoting bojack34
{quote} I understand what you're saying, but I really appreciate it because if you didn't do this it would take me years to learn and lots of $$$. Many thanks! My notebook just keeps on growing. Don't underestimate some peoples thirst for knowledge. I like the way you think/trade. I need to learn how to read the myfxbook %% and volume and how to follow it closely to see when/where price is going to make a turn. I will try to keep an eye on USD this week along with Myfxbook %% and volume. Try to connect the dots to see if the momentum is...
I'll try and go through that this week. Don't forget XAU/USD - As Gordon Ramsey says, "If you have a real passion for something, you will find a way to succeed"

YOU HAVE!!

I'll be back tomorrow, if the wife hasn't killed me again!
The most violent element in society is IGNORANCE
  • #419
  • May 19, 2018 10:56pm May 19, 2018 10:56pm
Hey Bojack/Neil, I'm tracking with you both. Neil, I've PM'd Bojack on some of the same questions he has. Will look forward to you getting some rest and then fill in the holes for us. I feel like we're almost there, able to walk on our own...just a little more insight. The Gold/US relationship needs some clarification as well.

Off topic..love Scotland...miss the green and water from where I am now....a solid internet connection with a solid FX strategy...and the solitude of the country...what could be better!?
  • #420
  • May 19, 2018 11:47pm May 19, 2018 11:47pm
This thread is gold. Thanks Neil and bojack.
Full Time Funded Trader. Occasionally drop by FF. Expect a delay in reply.
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