Could the pound be about to drop 150 points? oh dear lord
(binned per thread starter's request) Currency Strength with cont
- #1,147
- Jul 23, 2018 8:25pm Jul 23, 2018 8:25pm
- Joined May 2010 | Status: Straight line Fest | 3,194 Posts
Not to get off topic from contrarian trading, but ive added all XAU to TV, confused as hell on how to determine where the floor is.
Should I pan/ zoom out to find last floor/ ceiling?
Been reading both threads, cannot post there since there are restrictions.
Based on SSI, we should be watching for Sell (nzdjpy) , but i guess you noticed an opportunity to buy off the floor bounce.
How you have come to realize that its the floor, im still face palming myself as to how im not seeing/ reading it.
(Ive read the 3% part on chf), i understand the 1% on gold approach, but determining how the floor/ ceiling is i still do not understand my friend.
Get some rest for tonight, as the week is young.
Should I pan/ zoom out to find last floor/ ceiling?
Been reading both threads, cannot post there since there are restrictions.
Based on SSI, we should be watching for Sell (nzdjpy) , but i guess you noticed an opportunity to buy off the floor bounce.
How you have come to realize that its the floor, im still face palming myself as to how im not seeing/ reading it.
(Ive read the 3% part on chf), i understand the 1% on gold approach, but determining how the floor/ ceiling is i still do not understand my friend.
Get some rest for tonight, as the week is young.
- #1,150
- Jul 24, 2018 2:24am Jul 24, 2018 2:24am
- Joined Sep 2016 | Status: --- | 1,134 Posts
Not to get off topic from contrarian trading, but ive added all XAU to TV, confused as hell on how to determine where the floor is. Should I pan/ zoom out to find last floor/ ceiling? Been reading both threads, cannot post there since there are restrictions. Based on SSI, we should be watching for Sell (nzdjpy) , but i guess you noticed an opportunity to buy off the floor bounce. How you have come to realize that its the floor, im still face palming myself as to how im not seeing/ reading it. (Ive read the 3% part on chf), i understand the 1% on...
Those TV charts are quite adjustable and flexible.
1st off you can hide news circles, press right button on them, then you can adjust the lower scale by pressing and holding left mouse button and dragging it left and right.
So you can come up with something like this, which is similar to Neil's charts in those posts 1 (https://www.forexfactory.com/showthread.php?p=11285048#post11285048) and 2 (https://www.forexfactory.com/showthread.php?p=11289008#post11289008).
Or with this:
We can see the floor and the roof on both charts clearly, white horizontal lines and ellipses.
Not to get off topic from contrarian trading, but ive added all XAU to TV, confused as hell on how to determine where the floor is. Should I pan/ zoom out to find last floor/ ceiling? Been reading both threads, cannot post there since there are restrictions. Based on SSI, we should be watching for Sell (nzdjpy) , but i guess you noticed an opportunity to buy off the floor bounce. How you have come to realize that its the floor, im still face palming myself as to how im not seeing/ reading it. (Ive read the 3% part on chf), i understand the 1% on...
There is no guarantee that any wall will hold let me explain, it depends on the zoom out level.
The first image is zoomed in to the most recent history:
looks all fine and dandy ..but if you zoom out fully to months ago you will see the range was much wider:
which means that at any time the range can widen or shorten, so in fact the WCU isnt as safehaven as you'd think. You still have to take measures and trade with stops and adapt to the ever changing "wall"
- #1,152
- Jul 24, 2018 3:25am Jul 24, 2018 3:25am
- Joined Sep 2016 | Status: --- | 1,134 Posts
{quote} I'll try and answer quick as haven't got long..... I use GOLD V currency as a currency strength indicator.. Not like the usual AUD v CAD v USD EUR etc strength but use GOLD - As that is still the most valuable currency and not the USD; Off the top of my head, to get the true value of the USD you divide the price of gold with one USD. Or is it the other way round.... To hot to think ;-) XAUUSD - XAUGBP - XAUJPY etc etc.... Not sure if there is a currency strength indi for MT4 that does that.- But as I say Indicator. What besides having a...
Hello, Neil! Did you drive up in the mountains yet? ;-) Been giving my head a rest for a day or so, still feel like I need it.
Speaking of currency strength/weakness, taking the JPY as an example.
We've been talking about JPY WCU strength in this post (https://www.forexfactory.com/showthread.php?p=11286777#post11286777) and came up with this formula:
GBPJPY+EURJPY+CHFJPY+CADJPY+USDJPY+AUDJPY+MXNJPY+CNYJPY+KRWJPY+INRJPY
Then you said you using GOLD as a currency strength indicator as well in this post (https://www.forexfactory.com/showthread.php?p=11290561#post11290561).
And finally we just have JPYWCU chart.
So I put them all in one place:
The question is, which one of those 3 have the most value in it? But I gotta tell, it's pretty obvious looking at the chart that it's time to BUY JPY after 18/07/2018.
- #1,156
- Jul 24, 2018 4:15am Jul 24, 2018 4:15am
- Joined Sep 2016 | Status: --- | 1,134 Posts
Hi guys, Potential trade with this currency? FIT {image}
What currency? You have several of them on the chart.
We are looking for the couple of recent highs and lows to determine roof and floor. Just have a look:
CHF, NZD, GBP all reversed after hitting the floor.
I will confess, that making posts drains a lot of energy. Feel exhausted after just 2 days of posting. Time to take a break.
- #1,157
- Jul 24, 2018 4:15am Jul 24, 2018 4:15am
- Joined Apr 2011 | Status: Hoc Etiam Transibit.... | 6,088 Posts
Why do people make it sound more complicated as it really is...... Add them all and save it as a template.... Don't shift the bastard thing... You want them laid out for today not months back..... Now Twee has deleted the WCU thread for me. It's gone... and won't be posting here anymore..... Since posting the currencies...... The GBP - AUD - NZD - JPY - USD.. It all did what I said it would do.... Not wasting my time anymore. You have what you need and how to do it.... If you don't like it go try something else... I've made nearly two million pounds...
Simplicity is the ultimate sophistication - Leonardo da Vinci
- #1,158
- Jul 24, 2018 4:17am Jul 24, 2018 4:17am
- Joined Jul 2015 | Status: Trader | 2,299 Posts
{quote} I'll try and answer quick as haven't got long..... I use GOLD V currency as a currency strength indicator.. Not like the usual AUD v CAD v USD EUR etc strength but use GOLD - As that is still the most valuable currency and not the USD; Off the top of my head, to get the true value of the USD you divide the price of gold with one USD. Or is it the other way round.... To hot to think ;-) XAUUSD - XAUGBP - XAUJPY etc etc.... Not sure if there is a currency strength indi for MT4 that does that.- But as I say Indicator. What besides having a...
I hope you had a good night sleep and do drop nuggets of how your vacation is going...