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Currency Strength with contrarian approach - Q&A

  • #129
  • May 21, 2018 11:43am May 21, 2018 11:43am
Quoting stimpy
Hidden
Really sickness of you.
  • #130
  • May 21, 2018 4:50pm May 21, 2018 4:50pm
Looks like Stimpy has fallen into the trap of thinking he has the right, on a public forum, to slander another member. Shame, because he he isn't the only member who believes he has that right.
I'm not trading the contrarian idea, but I thought this thread was personal and didn't have anything really to do with contrarian trading.
It was obviously set up as a character assassination from day one.
The line has now been crossed, Forex factory will be aware of that, and under current interpretation of Trader Code of Conduct, stimpy will be welcomed back anytime now.
  • #131
  • May 21, 2018 6:38pm May 21, 2018 6:38pm
Quoting moodybot
Looks like Stimpy has fallen into the trap of thinking he has the right, on a public forum, to slander another member. Shame, because he he isn't the only member who believes he has that right. I'm not trading the contrarian idea, but I thought this thread was personal and didn't have anything really to do with contrarian trading. It was obviously set up as a character assassination from day one. The line has now been crossed, Forex factory will be aware of that, and under current interpretation of Trader Code of Conduct, stimpy will be welcomed...
Did you mean to say NOT welcomed back ?

It takes a lot for me to IGNORE you, but you can try.
  • #132
  • May 21, 2018 9:49pm May 21, 2018 9:49pm
Quoting moodybot
Looks like Stimpy has fallen into the trap of thinking he has the right, on a public forum, to slander another member. Shame, because he he isn't the only member who believes he has that right. I'm not trading the contrarian idea, but I thought this thread was personal and didn't have anything really to do with contrarian trading. It was obviously set up as a character assassination from day one. The line has now been crossed, Forex factory will be aware of that, and under current interpretation of Trader Code of Conduct, stimpy will be welcomed...
he is really unethical and ultra sickness. Totally cross the bottom line. Kind of internet bullying.
  • #133
  • May 21, 2018 10:17pm May 21, 2018 10:17pm
Quoting Erebus
{quote} Very good eagle eyes, but as you know, the week just started so small trade can still make something by Friday here is another as you are so concerned Awaiting to see your charts..... {image}
Don't encourage him. He gets ticked off if someone questions him on anything but when he has said things about other people then it is ok for him to do it.
The guru said the USD was going to tank.
I will leave it at that.

2
The US dollar appreciated against major rival currencies on Friday. The dollar rally is back on after the two of the largest parties in Italy agreed to form a coalition government and Japanese inflation retreated. Although there is no plan for Italy to exit the European Union it could put it to the test with its fiscal strategy. The U.S. Federal Reserve members have been vocal about two or three more rate hikes this year boosting the USD but concerns remain on the trade front after comments from the US President Donald Trump on talks with China and the future of NAFTA remains uncertain despite the optimism from the Canadian Prime Minister. The release of the U.S. Federal Reserve minutes from the May 5 Federal Open Market Committee (FOMC) meeting where the central bank left rates untouched will be the biggest market event on Wednesday, May 23 at 2:00 pm EDT.

  1. Fed to release notes from May meeting
  2. EUR struggles with slow EU growth and rising scepticism

Italian Drama Sinks EUR against USD
The EUR/USD lost 1.34 percent in the last five days. The single currency is trading at 1.1778 with a resurgent USD and an EUR caught in political drama. The U.S. Federal Reserve is on its way for a rate hike in June and in contrast the European Central Bank (ECB) has not made it clear what the plan is after September when the quantitive easing will end. The ECB has to be thankful for the lower EUR as it could be a factor in boosting growth in the EU and could have a positive effect to reach the central bank’s inflation targets.

  • #134
  • May 21, 2018 10:31pm May 21, 2018 10:31pm
Quoting Erebus
{quote} Did you mean to say NOT welcomed back ?
Nope, will be welcomed back. It’s how the Factory works now.
  • #135
  • May 22, 2018 1:57am May 22, 2018 1:57am
Quoting moodybot
{quote} Nope, will be welcomed back. It’s how the Factory works now.
Thanks for reply, that's as I thought first, but it didn't match the situation, so I read it over and over...

Anyway, I'm sure the modes will review the situation shortly

Carry on with normally scheduled programming

It takes a lot for me to IGNORE you, but you can try.
  • #136
  • May 24, 2018 11:10am May 24, 2018 11:10am
There is nothing to learn from that thread anymore;

Read the first post and that should be enough if you like that trading approach.
https://www.forexfactory.com/showthread.php?t=761579

All the bullshit info beyond that, like paid indicator, money in and out, are not needed and can be discarded.
newzTrader
  • #137
  • May 24, 2018 11:13am May 24, 2018 11:13am
Quoting newzTrader
There is nothing to learn from that thread anymore; Read the first post and that should be enough if you like that trading approach. https://www.forexfactory.com/showthread.php?t=761579 All the bullshit info beyond that, like paid indicator, money in and out, are not needed and can be discarded.
The Method
Resources used:
ScorpionFX: Free exhaustive fundamental analysis (remember do your own research too!)
Myfxbook: Free service provided by myfxbook to show trading volume on currency pairs
Trading view: It's overal easier and cleaner to chart on trading view charts than MT4, up to you

Scorpionfx covers 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 from scorpionfx
Attached Image
https://www.forexfactory.com/attachm...1&d=1525639210

Attached Image (click to enlarge)
https://www.forexfactory.com/attachm...1&d=1525731202


Don't trade on them 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
Attached Image
https://www.forexfactory.com/attachm...1&d=1525637294


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.

Don't forget myfxbook is a long time rating.. You need a high percent and high volume. Anything above 5000 volume.
Some pairs will have a 90% plus rating but the volume is so small it will go any way. With the crowd or against them

For something simple add an RSI period 2 to the daily chart or if you want long term add to the monthly chart. ONLY myfxbook pairs over 70% and with volume of 5000 or more.

https://uk.tradingview.com/chart/lSwgmVJD/ and add RSI period 2 hlc3

Something for you to do when the markets close. It mega filters them. Now here is the magic. We do the complete opposite of what the RSI is designed for.

The higher the rating the better for buy and the lower the rating the better for selling. Don't use the RSI trick on mt4 though

The arrow on the chart is when myfxbook were selling it big. Mega pips for us.

Daily chart USD/CHF
Attached Image
https://www.forexfactory.com/attachm...1&d=1525637544




An example of where retail traders are buying GBPUSD, we go against the heard of retail traders (contrarian).
Attached Image
https://www.forexfactory.com/attachm...1&d=1525637791


The green sloping line was when retail traders where buying it..
Attached Image
https://www.forexfactory.com/attachm...1&d=1525637660


Some last points...
Always do your own research in addition to the process outlined above! Remember, the FX-market is the most complex and unpredictable financial-market of all. And it is IMPOSSIBLE to guarantee that a currency will move in any particular direction, or in any particular manner. Therefore, it is STRONGLY RECOMMENDED that you follow proper money-management on all of your trades. Never risk more than 2% of your account. Look for a risk/reward of at least 2-1.
newzTrader
  • #138
  • Edited 8:50pm May 30, 2018 8:16pm | Edited 8:50pm
wow...had free time and read through the pages of that thread.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 72 KB


Bye Buddy...you really did well; regardless of your attitude, I should say, you really helped lot of people, good work.. Have a great life...bye, then.

Edit 1: if it sounds like a nice comment, which is not, enjoy life and let others enjoy too;
if you find this has no meaning in this edit or offensive, go and read a book.
Edit 2: if you ask what book, it makes me so mad due to precious time, the suggestion is to start with 1st grade math.
newzTrader
  • #139
  • May 30, 2018 8:40pm May 30, 2018 8:40pm
Quoting newzTrader
wow...had free time and read through the pages of that thread. {image} Bye Buddy...you really did well; regardless of your attitude, I should say, you really helped lot of people, good work.. Have a great life...bye, then
Your kidding right?
He threatens to leave almost every day.
There is as much chance of him leaving as there is of him posting a FF trade explorer showing 2 month profitable trading history.
  • #140
  • May 30, 2018 8:42pm May 30, 2018 8:42pm
Quoting azjeff
{quote} Your kidding right? He threatens to leave almost every day, There as much chance of leaving him leaving as there of him posting a FF trade explorer showing 2 month profitable trading history.
I guess, this will be "the Final Bye" from our dearest NeilGroom.

Life deserves good fun...sometimes...
newzTrader
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