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USDJPY Week 29 Jul 16

Tokyo bank holidays today so I do not expect much this morning but we never know what the Asian markets will do.

UJ open with small gap down which we do not see on our TMS charts because the APB/HA candle covers the real price.

Today we shall monitor the ADR High Low and see how much UJ will move the rest of today.

yup, a good match..Croatia played well ,a couple of unfair decisions but in the end France was the better team and deserved the win..talking about getting back to trading ,,I would like to but my aussie broker's server is down..what a start

Agree it was a very good games played.
My heart was with the Croatian team as they had progressed well during the qualifying games and with their new coach, they have done very well in short time. Winning the World Cup would have meant they get a bigger prize money which the Croatia FA can use to develop more young players. Their current world cup tema are mostly players playing overseas big clubs in Italy, Spain, England, etc. I think only 3 players play in their home country league.

Anyway, games are over... and there can only be one winner.

I lost money betting.

Coming up next, Euro 2020.

same with me,my heart was with the Croatian team but like I said earlier France has the edge. You should go for asian handicap betting next time round with euro 2020..Bookies make millions during the World Cup using asian handicap system..I know this for a fact

Thanks Emm for this information.

And divergence not appear.
RSI move above 60.
Continue bullish move.

Anyone have this book?
Relative Strength Index: Forecasting and Trading Strategies - Andrew Cardwell

Server down! Was that IC Market at the open? I saw some NZD pairs had no data coming in

Jumped the trade. H1 did not confirm M15 crossover with post#647.

USDJPY Jul 16 London Open candle closing in 5 mins,...

when I look at my trading charta the first thing which I look at is the price action,
then the next thing ....

and now with LO candle closed and a new candle open,

the TDI shows....



do I pull the trigger?

I trade with Gomarkets..Don't know about others

I have pulled the trigger at 112.450. will stay for 2-3 candles.

As I told you ,France has (under Deschamps ) absolutely not the most beautiful football but apparently very efficient ! You are right : let's go back to serious trading.

Andrew Cardwell LIVE at TradersEXPO Las Vegas

Are You Using the RSI Indicator Incorrectly?
12/19/2012

Andrew Cardwell explains how he uses the RSI indicator and why many traders may be using it incorrectly.

I am here with Andrew Cardwell. Everybody talks about overbought and oversold with the RSI but it is so much more than that. What do you think?

I have been using it since 1978, Welles Wilder’s original concept of RSI, overbought, oversold, bull and bear divergences in 70 and 30.
Divergences, Rob, are nothing more than overextensions. You see a bear divergence. It is not a reversal signal. It shows the market is overextended and needs to correct. Same at the bottom. You see a bullish divergence; the market corrects up, and then starts down again.
A lot of people look at them for reversal signals, put the position on, and wait for it to happen.

Yeah. I know very few people in the world, Andrew, that will look at the RSI as anything except an indicator of when the market is overextended, but that overextension can mean a whole lot more. It can mean that the freight train has left the station and it is on the way.

I am seeing the RSI go to 80, 85.

That is like 11 on the volume indicator for a rock band.

Yeah. If you are using a nine period or a seven period, it will probably register a 95.

Sure.

But, as long as I have been working with it, I never changed anything in Welles’s original work. It was still 14 periods, I use the 70 and 30, but I identify what I call range rules. People are, by nature, bullish. The market rallies, people get excited, it goes beyond 70. Then the new overextension becomes 80.
When it sells off and corrects, those that missed it just back in, the other side doesn’t come down to 30. It comes down to about 40.
And everybody says, well I missed it the first time, I’m not going to miss it this time, and it goes back up. When you are in this uptrend, you will see the upper half of the chart, 80 and 40, and when you go into the downtrend, people get very depressed when markets are going down, they are buying bullish divergences and thinking it is going to rally, and it doesn’t, and sells off again down near 20. When it rallies, it only rallies to 60. The same 40 points just shifted and we’ve had it in the euro. We’ve had it recently in the Dow.
There was a lot of loss. The momentum run early September, late September, created a bearish divergence.
The market corrected, but when it rallied into the first week of October, had trouble getting above 60, the range rules were shifting.

And I’ve heard you say that this could be an early warning sign. Nobody is really expecting it. This could be an early warning sign that this bearish correction that we have seen in late 2012, if we are talking about 2013 now, we could be seeing something even more extensive, and that takes people by surprise.

I think so. It will.

We get caught up in the story sometimes but you are saying focus on the chart.

Well, I’m saying allow the market to show you what it wants to do, not what you want it to do. If the range rules are suggesting that the market is down and has shifted, I think 2013, between here and probably June, there is going to be a lot of volatility and a lot of things that people don’t understand.
And when people are scared, they will sell. When they are excited, they buy, which is why the range rules are so effective. But, I think seeing the way the markets have reacted since September, you know we started the year off, made a high in May, sold off into July, a high in September, and then a real loss of momentum going into October.
But the market did not break really hard in October because it is usually one of the worst months of the year so maybe the market made a low in October, and I don’t really study a lot of, use a lot of seasonals, but if the high probability is for lows to be made in October and we were making highs and it is inverted, we could be going down into March and April.

Source : https://www.m*n*ysh*w.com

Good morning Tekkies,
Can you please explain the "confirmation" you are referring to?
I don't see any reference to lower (M15) time-frame confirmation on BigEs post #647?!
Thank you as always, Tekkies!
ZP

Do you think it will actually get that low?? If so where would be a good place to buy some? I found this but not sure if they are actually good prices?https://bullionexchanges.com/buy-gold Also what kind of gold would be a good buy... coins/bars and then what type?