(binned per thread starter's request) Currency Strength with cont | Page 71 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

One trade per daily bar, or per X bars on current timeframe 0 replies

1 trade per pair per year 6 replies

multiple systems per pair/multiple pairs per system? 3 replies

Trading 24 hours per day, 5 days per week 14 replies

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

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

  • #1,401
  • Aug 6, 2018 2:01pm Aug 6, 2018 2:01pm
Quoting aaven
{quote} Botan626, I understand that when currency hits the roof or floor it is only an expectation and not a guarantee. In your example, GBPWCU, XAUWCU and XAUGBP hit the floor.[For a second, let's assume the floor is going to be low], GBPWCU is at the floor--> GBP Currency is weakest. XAUGBP is at the floor-->GBP Currency is strongest/Stronger compared to Gold. When GBPWCU hits the floor, to watch Money Flow XAUGBP has to hit the floor/go down, My Confusion is this contradiction... Appreciate the reply Botan. Thanks
It's just so hard to go anywhere and stay cool.... Not even a slight breeze. That is what is making it worse.. It's over 80F at night time.. Europe and U'K has never had this before.. High temps, yes but this has been going on for months and it's still getting hotter by the day.

Aaven with the GBP at the minute it is throwing all the theory out of the window... It will just on keep going down.. Just so much bad news at the minute with the Brexit deals etc... It just needs some positive news or a new Government. No one is buying the pound.. Well not in massive deals anyway. All we can do at the minute to measure the gauge of the currency against gold is to see which are moving slower then the rest... Hold on can't think....

At the minute look at it like this..... XAU/GBP +0.01%
XAU/CAD -0.37%

So the CAD is a lot stronger then the GBP.... Like the GBP at the minute will just keep falling though the floor..... Must be the heat and the floor melted ;-)

How hot is it where you live in India?
The most violent element in society is IGNORANCE
  • #1,402
  • Aug 6, 2018 2:07pm Aug 6, 2018 2:07pm
Quoting neilsdigest
{quote} It's just so hard to go anywhere and stay cool.... Not even a slight breeze. That is what is making it worse.. It's over 80F at night time.. Europe and U'K has never had this before.. High temps, yes but this has been going on for months and it's still getting hotter by the day. Aaven with the GBP at the minute it is throwing all the theory out of the window... It will just on keep going down.. Just so much bad news at the minute with the Brexit deals etc... It just needs some positive news or a new Government. No one is buying the pound.....
I just looked at the thermometer outside.... The sun is going down. No sun on it... and it still reads 100F.... It's a killer.
The most violent element in society is IGNORANCE
  • #1,403
  • Edited 3:05pm Aug 6, 2018 2:35pm | Edited 3:05pm
Quoting aaven
{quote} Botan626, I understand that when currency hits the roof or floor it is only an expectation and not a guarantee. In your example, GBPWCU, XAUWCU and XAUGBP hit the floor.[For a second, let's assume the floor is going to be low], GBPWCU is at the floor--> GBP Currency is weakest. XAUGBP is at the floor-->GBP Currency is strongest/Stronger compared to Gold. When GBPWCU hits the floor, to watch Money Flow XAUGBP has to hit the floor/go down, My Confusion is this contradiction... Appreciate the reply Botan. Thanks

Again I will disagree.

Quote
GBPWCU is at the floor--> GBP Currency is weakest.

No.

GBPWCU on the floor means GBP is just weak, and GBP can still continue its move down.


Quote
XAUGBP is at the floor-->GBP Currency is strongest/Stronger compared to Gold.

No.

XAUGBP hit the floor means GOLD was falling stronger and bigger than GBP. Look at the candles, they all have wicks on both sides.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 24 KB



Quote
When GBPWCU hits the floor, to watch Money Flow XAUGBP has to hit the floor/go down

No.

Again. When the currency hits floor/roof, it doesnt mean it will rapidly change direction and start moving 100s of pips the opposite way.

So "XAUGBP has to hit the floor/go down" is a false assumption.


Look at USDCNH. It hit the floor around JUL 20. POST (https://www.forexfactory.com/showthread.php?p=11286626#post11286626)

And then on JUL 25 CNH had a great move up. POST (https://www.forexfactory.com/showthread.php?p=11300077#post11300077)

Now look at WCU chart:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 198 KB


CNYWCU did continue to go down.

I think you just missed essential info from the Neil's post I quoted previously:

Quote
Here is the USDJPY 4H chart and around the time I closed the USDJPY sell trade just by using GOLD as the signal.... As well as on the 30 minute chart I could tell with a high degree that the money flow into the JPY was drying up... When the money flow stops going into the JPY naturally the USD/JPY will start to rise.

In short, you need to know how to read and understand Price Action.

XAUWCU hit the floor, so I was expecting a rise for GOLD, and I could see it clearly on AUG 3d. POST (https://www.forexfactory.com/showthread.php?p=11331796#post11331796)
  • #1,404
  • Edited 2:52pm Aug 6, 2018 2:36pm | Edited 2:52pm
Quoting neilsdigest
Botan626... Glad you caught the mistake because I never did... I must of copy and pasted it from a file but copied the wrong one... With this heat, if I write something, just take no notice and do the opposite ;-)

You can still edit your post.

Quoting neilsdigest
Even Moscow is in the mega red.. Not sure how hot that gets in the Summer but the whole of Europe is melting like the GBP LOL
I can tell you what else is melting.

Its TRY.

Just look at this last candle LOL:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 197 KB


2300 pips today!
  • #1,405
  • Aug 6, 2018 2:46pm Aug 6, 2018 2:46pm
Quoting neilsdigest
At the minute look at it like this..... XAU/GBP +0.01% XAU/CAD -0.37% So the CAD is a lot stronger then the GBP.... Like the GBP at the minute will just keep falling though the floor..... Must be the heat and the floor melted ;-) How hot is it where you live in India?

Where do you watch that % numbers?
  • #1,406
  • Aug 6, 2018 2:58pm Aug 6, 2018 2:58pm
Quoting neilsdigest
I'm leaving soon.. Better to get flights home and go to Iceland or the north pole.. Norway or Swedwn be nice and try and see the northern lights.
Pleeeeease do it, so we can resume our discussion on Big Boys business. Aint nothing more interesting for me right now.
  • #1,407
  • Aug 6, 2018 3:19pm Aug 6, 2018 3:19pm
Quoting Botan626
{quote} You can still edit your post. {quote} I can tell you what else is melting. Its TRY. Just look at this last candle LOL: {image} 2300 pips today!
Awesome.. Take a look at the GBPTRY.. It flew up..... It's mega, mega weak...

Put a chart up and you get the percent in the TAB. Place your mouse cursor on it...

aaven.... Just because it hits the floor or roof doesn't mean it will just reverse.... If for example the GBPCAD hits the floor... WCUGBP... CADWCU etc...

You will have to watch the price action.... It has hit a low or high point... If the GBP becomes stronger then the CAD you can expect a very nice big move because the GBP is at a low point and the CAD at a high point..

Sometime they will rise for days or weeks... Sometimes just a day or shorter.. Depending on the strength of the currencies.

Still holding GBPCAD - Might close it when New York closes or carry on through tomorrow..... But as soon as I go sleep it will do a major reversal ;-)
Attached Image
The most violent element in society is IGNORANCE
  • #1,408
  • Aug 6, 2018 3:41pm Aug 6, 2018 3:41pm
Quoting neilsdigest
Put a chart up and you get the percent in the TAB. Place your mouse cursor on it...

Got it.

And just found a better way. We can put all pairs we are interested in on the Watchlist:

Attached Image
  • #1,409
  • Aug 6, 2018 3:45pm Aug 6, 2018 3:45pm
Quoting neilsdigest
{quote} Awesome.. Take a look at the GBPTRY..
Look at it:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 62 KB


3385 PIPS.

This is how people become Forex Billionaires --- being on the right side all the time.
  • #1,410
  • Edited 8:01pm Aug 6, 2018 3:59pm | Edited 8:01pm
Quoting Botan626
{quote} Look at it: {image} 3385 PIPS. This is how people become Forex Billionaires --- being on the right side all the time.
Not sure if that was news related or not but the spread was massive.. Well it was with the GBP....

Oh yes LOL the Watchlist - Trouble working on a tablet I leave it as it takes up nearly half the screen...

Edit. I closed the GBPCAD sell trade..

Sorry but I had to mega laugh at the USD/TRY.... Sorry to say this but it just shows you how dumb retail traders are.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDTRYChart.png Size: 70 KB
Click to Enlarge Name: USDTRYCommunity.png Size: 10 KB
Attached Image
The most violent element in society is IGNORANCE
  • #1,411
  • Aug 7, 2018 7:29am Aug 7, 2018 7:29am
aaven where are you? Have you melted in the heat as well.. Today the thermometer says 120F - No one can cope in such heat. You can't eat or sleep or do anything but just sit under a large tree.

I wanted to show you with just how to quickly with the WCU and gold how to determine strength and weakness... Now if using MT4 the only broker that offers all the gold pairs is OANDA... I might be wrong though but best to use tradingview if you can..and you can easily see the percentage of which you can't in MT4.

As it was to hot to sleep last night I did the ratings quick and besides attracting another nutcase here on another thread I did a trade to show you...

DISCLAIMER... Yes big disclaimer... As I was testing the new currency unit script from DonForex I did a DEMO TRADE IN MT4 to show aaven.
I didn't do a real trade as I was that exhausted from the heat and lack of sleep and have to drive 300 miles later today in temps so hot the road melts.

GOLD V CAD +0.36
GOLD C GBP +0.50
GOLD V EUR +0.27
GOLD V CHF +0.40
GOLD V AUD - 0.03
GOLD V JPY +0.41
GOLD V NZD +0.40
GOLD V USD +0.65

GBPWCU -0.31
AUDWCU +0.05

Myfxbook community.... GBPAUD - 70% are long ;-)

So looking at that and as I have been trading GBPCAD all week. Real account.. The GBPAUD was better in strength today. This was in the early morning my time.
Yes the AUDUSD was better but I noticed the GBP was falling against gold a lot faster then the USD.. So the GBP was becoming weaker the USD.

I hope that helps in working it out...

Notice as lack of sleep... The chart is the AUDUSD and not the GBPAUD but you can check it... No time to edit it ;-)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPAUDCHARTMT4.png Size: 7 KB
Click to Enlarge Name: TestTradeForAAVEN.png Size: 4 KB
The most violent element in society is IGNORANCE
  • #1,412
  • Aug 7, 2018 8:21am Aug 7, 2018 8:21am
Quoting neilsdigest
aaven where are you? Have you melted in the heat as well.. Today the thermometer says 120F - No one can cope in such heat. You can't eat or sleep or do anything but just sit under a large tree. I wanted to show you with just how to quickly with the WCU and gold how to determine strength and weakness... Now if using MT4 the only broker that offers all the gold pairs is OANDA... I might be wrong though but best to use tradingview if you can..and you can easily see the percentage of which you can't in MT4. As it was to hot to sleep last night I did...
Re DonForex. Are the indis presented there free to use or not? Speaking about CurrencyCandles and CurrencyActivity.

Cause Im getting this when trying to open the site:
Attached Image (click to enlarge)
Click to Enlarge Name: Don1.JPG Size: 20 KB
  • #1,413
  • Aug 7, 2018 8:33am Aug 7, 2018 8:33am
Quoting Botan626
{quote} Re DonForex. Are the indis presented there free to use or not? Speaking about CurrencyCandles and CurrencyActivity. Cause Im getting this when trying to open the site: {image}
Well that's not on...... Nothing wrong with Russia..... I will upload it for you here. It's free so should be OK.... No email etc needed on the site. I will let him know anyway.. He is a good guy except for blocking Russia ;-)

The currency activity is a paid one so can't post that.. And its locked to ones account

The GBP says daily on the chart but it's the hourly.

If you can't see it install the OPERA browser, it has a free VPN....
Attached Image (click to enlarge)
Click to Enlarge Name: DonForexCurrencyCandle.png Size: 21 KB
Attached File(s)
File Type: zip DonForex CurrencyCandles.zip   25 KB | 500 downloads
The most violent element in society is IGNORANCE
  • #1,414
  • Edited 9:04am Aug 7, 2018 8:46am | Edited 9:04am
Quoting neilsdigest
{quote} Well that's not on...... Nothing wrong with Russia..... I will upload it for you here. It's free so should be OK.... No email etc needed on the site. I will let him know anyway.. He is a good guy except for blocking Russia ;-) The currency activity is a paid one so can't post that.. And its locked to ones account The GBP says daily on the chart but it's the hourly. {file} {image}
CurrencyCandles is free, CurrencyActivity not, got it.

No need for you to start conversation on this topic with him, we are already sending emails to each other, please don't do it.

And thanks for uploading the script (as I found out its a script from Don in his last email).
  • #1,415
  • Aug 7, 2018 9:07am Aug 7, 2018 9:07am
You are right Neil, currency-index is more meaningful than a single pair. For example, this type of chart gives very nice support/resistance levels.
If the 2 currencies are staying at its S/R level, the price action can give a very high probability trade. Look at these levels:
Attached Image (click to enlarge)
Click to Enlarge Name: USDDFXM777.png Size: 68 KB
  • #1,416
  • Edited 9:35am Aug 7, 2018 9:15am | Edited 9:35am
Keep the nuggets of widom coming Neil

What I want to know is the importance of Gold to determine the strength or weakness of a currency? I mean when the AUD is stronger than Gold for the current time period, what the Big Boys are doing? Buying AUD and selling gold?

Can you explain more about Gold Neil?

Im thinking this can turn into a nice system with excel, just numbers and percentages and we can track how much a currency was gaining strength over others..etc
  • #1,417
  • Aug 7, 2018 12:38pm Aug 7, 2018 12:38pm
Quoting neilsdigest
aaven where are you? Have you melted in the heat as well.. Today the thermometer says 120F - No one can cope in such heat. You can't eat or sleep or do anything but just sit under a large tree. I wanted to show you with just how to quickly with the WCU and gold how to determine strength and weakness... Now if using MT4 the only broker that offers all the gold pairs is OANDA... I might be wrong though but best to use tradingview if you can..and you can easily see the percentage of which you can't in MT4. As it was to hot to sleep last night I did...
Sorry Neil , was caught up with some errands. Thank so much for taking the time and going out of you way in giving out this example...

The southern part of India where i live in, the temp. is around 105F during summers. So it's really horrible to see temperatures cloaking nearing 120F where you are.
Not a good feeling at all. Real pity that death of animals, people of old age,kids considering that it is hot even by equator standards and i believe this is not something that Europe is used to.

Stay safe Neil for everyone's sake and do take care of your family members as well...
  • #1,418
  • Aug 7, 2018 12:39pm Aug 7, 2018 12:39pm
Quoting Botan626
{quote} Again I will disagree. {quote} No. GBPWCU on the floor means GBP is just weak, and GBP can still continue its move down. {quote} No. XAUGBP hit the floor means GOLD was falling stronger and bigger than GBP. Look at the candles, they all have wicks on both sides. {image} {quote} No. Again. When the currency hits floor/roof, it doesnt mean it will rapidly change direction and start moving 100s of pips the opposite way. So "XAUGBP has to hit the floor/go down" is a false assumption. Look at USDCNH. It hit the floor around JUL 20. POST (https://www.forexfactory.com/showthread.php?p=11286626#post11286626)...
Thanks Botan for the reply. Will revert once i had a chance to go over it...
  • #1,419
  • Edited 1:45pm Aug 7, 2018 1:18pm | Edited 1:45pm
Hi @neilsdigest,
thank you for such interesting and very valuable thread. Despite the fact I was applying many sort of currency strengths approaches in trading with various success this is first time I hear about WCU and it seems to me like the missing brick to my building set .

I'd like to ask if anyone else is experiencing same issue as me. Trading view show me old WCU data. E.g. today is 7th of Aug and I can see data from 6th Aug. I've tried to upgrade my account to Pro but it did not help. Any advice what I'm doing wrong would be appreciated.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 469 KB
  • #1,420
  • Aug 7, 2018 1:50pm Aug 7, 2018 1:50pm
Quoting mcquak
Hi @neilsdigest, thank you for such interesting and very valuable thread. Despite the fact I was applying many sort of currency strengths approaches in trading with various success this is first time I hear about WCU and it seems to me like the missing brick to my building set . I'd like to ask if anyone else is experiencing same issue as me. Trading view show me old WCU data. E.g. today is 7th of Aug and I can see data from 6th Aug. I've tried to upgrade my account to Pro but it did not help. Any advice what I'm doing wrong would be appreciated....

Same for me. Trying to open WCU chart in a different clean browser lead to nothing. Let's see how the chart will feel itself tomorrow.

And I was wondering why I didn't see anything interesting on WCU charts re EUR and CAD before after such a great straight 140 pips move today for EURCAD.

Nice observation, mcquak!
0 traders viewing now