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

  • #2,321
  • Jul 30, 2019 7:54pm Jul 30, 2019 7:54pm
Just watch what you read and don't blame them for your losses.

Investors sue Barclays and RBS in £1bn forex lawsuit

Barclays and RBS are among five banks being sued in the UK over allegations of rigging the foreign exchange market.

The banks are facing a class action claim by investors understood to be in excess of £1bn, alongside US giants JP Morgan and Citigroup and the Swiss Bank UBS.
Blar blar blar... So when retail herd keep posting oh that's why the GBP is falling take no notice. Real news but fake.

The rigging went on between 2007 and 2013.. and are only being sued by investors now.

It's not rigged. You're manipulated ;-)
The most violent element in society is IGNORANCE
  • #2,322
  • Edited Jul 31, 2019 12:06am Jul 30, 2019 8:25pm | Edited Jul 31, 2019 12:06am
Quoting neilsdigest
Just watch what you read and don't blame them for your losses. Investors sue Barclays and RBS in £1bn forex lawsuit Barclays and RBS are among five banks being sued in the UK over allegations of rigging the foreign exchange market. The banks are facing a class action claim by investors understood to be in excess of £1bn, alongside US giants JP Morgan and Citigroup and the Swiss Bank UBS. Blar blar blar... So when retail herd keep posting oh that's why the GBP is falling take no notice. Real news but fake. The rigging went on between 2007 and 2013.....
Its incredible how is retail buying AUD and NZD. All net long in myfxbook. Im speechless.

Neil seriously man, you are a god. You cannot be more right. Its unbelievable.

***EDIT***
AUD CPI came positive. AUD going with the herd. I gotta practice more on how to better time my entries.
Attached Image (click to enlarge)
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  • #2,323
  • Jul 31, 2019 12:54am Jul 31, 2019 12:54am
Quoting neilsdigest
The RSI indicator as posted by fxbarwise - post 2,310 For any one new who missed the part of using the RSI The RSI is used as a strength indicator and NOT for overbrought/oversold conditions The higher the rating the more the pair is moving up and trending up. The lower the rating the more the pair is moving down and trending down. Notice: The rating can stay high or low on pullbacks as it's using two settings from five timeframes!
I have added it to my arsenal together with some price action indicators. Let's see how we can use it to make plenty pips like @frostypips.
  • #2,324
  • Jul 31, 2019 5:14am Jul 31, 2019 5:14am
Sorry to be a pain, does anyone have the line break chart + RSI indicator?

Keen to give it a test. Assuming it’s already been shared in here but cannot see it.

Thanks
  • #2,325
  • Jul 31, 2019 5:21am Jul 31, 2019 5:21am
Quoting frostypips
{quote} Its incredible how is retail buying AUD and NZD. All net long in myfxbook. Im speechless. Neil seriously man, you are a god. You cannot be more right. Its unbelievable. ***EDIT*** AUD CPI came positive. AUD going with the herd. I gotta practice more on how to better time my entries. {image}
I’ll give you my little nugget of gold re timing:

1) Mean reversion
2) What goes up must come down and vice versa
3) An RSI typically won’t go over 100 / below 0 in a short term trend reversal
4) The market seems to run to a schedule - this is something I wanted to discuss privately with Neil for the EA
5) Use Neil’s line breaks. I just plot the levels myself on trading view with horizontal lines. This helps you determine a short term reversal / institutional traps vs trend breakouts

Play with the above and watch the charts. Timing becomes second nature.

  • #2,326
  • Jul 31, 2019 5:21am Jul 31, 2019 5:21am
Quoting fxbarwise
{quote} I have added it to my arsenal together with some price action indicators. Let's see how we can use it to make plenty pips like @frostypips.
The winners will heavily subsidize the losers. That is gold wisdom. Today is a no trade day. Red news for Dollar. Plenty of profit taking and reversals. They will wait until the non farm employment news.

------

Watch the RSI strength indicator by the genius fxbarwise :-). Yes, it's hard to keep a watch if you have a lot of trades but see how the EURAUD had a strength in the 80+% in the nice large up move and dropped quickly with the RSI moving to to around 60% in the Asian session last night. Close it around 65%.

It is now showing a reading of 54 which is a no, no trade. It tells you to keep out of that pair at the minute.
I will update later in the day.. Not many worthwhile trades at the minute..
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The most violent element in society is IGNORANCE
  • #2,327
  • Jul 31, 2019 5:23am Jul 31, 2019 5:23am
Quoting Neogenesis
Sorry to be a pain, does anyone have the line break chart + RSI indicator? Keen to give it a test. Assuming it’s already been shared in here but cannot see it. Thanks
I havnt come across one yet for MT4 that's free and worthwhile im afraid.
The most violent element in society is IGNORANCE
  • #2,328
  • Jul 31, 2019 5:31am Jul 31, 2019 5:31am
Quoting fxbarwise
I have coded a RSI trend strength indicator according to Neil's definition for those interested.... {file}

Thanks fxbarwise.
  • #2,329
  • Jul 31, 2019 5:33am Jul 31, 2019 5:33am
Quoting Neogenesis
{quote} I’ll give you my little nugget of gold re timing: 1) Mean reversion 2) What goes up must come down and vice versa 3) An RSI typically won’t go over 100 / below 0 in a short term trend reversal 4) The market seems to run to a schedule - this is something I wanted to discuss privately with Neil for the EA 5) Use Neil’s line breaks. I just plot the levels myself on trading view with horizontal lines. This helps you determine a short term reversal / institutional traps vs trend breakouts Play with the above and watch the charts. Timing becomes...
I will be back later today........ :-)
The most violent element in society is IGNORANCE
  • #2,330
  • Jul 31, 2019 6:05am Jul 31, 2019 6:05am
Quoting neilsdigest
{quote} The winners will heavily subsidize the losers. That is gold wisdom. Today is a no trade day. Red news for Dollar. Plenty of profit taking and reversals. They will wait until the non farm employment news. ------ Watch the RSI strength indicator by the genius fxbarwise :-). Yes, it's hard to keep a watch if you have a lot of trades but see how the EURAUD had a strength in the 80+% in the nice large up move and dropped quickly with the RSI moving to to around 60% in the Asian session last night. Close it around 65%. It is now showing a reading...
Will see how it aligns with my trigger when its 80 and above for a buy and sells when its 20 and less.
  • #2,331
  • Jul 31, 2019 6:30am Jul 31, 2019 6:30am
Quoting neilsdigest
{quote} ------ Watch the RSI strength indicator by the genius fxbarwise :-). {image}
Funny man you are Neil ....
  • #2,332
  • Edited 8:22am Jul 31, 2019 7:22am | Edited 8:22am
Quoting fxbarwise
I have coded a RSI trend strength indicator according to Neil's definition for those interested.... {file}
Cannot get this indicator to show up on my screen. Any one else?

OK I see it now. One of my other indicators was blocking it . Any way to apply a shift and font size to better see it? Otherwise great idea!
Trade what "Is", not what "If".
  • #2,333
  • Edited 8:37am Jul 31, 2019 8:26am | Edited 8:37am
Quoting fxbarwise
{quote} Funny man you are Neil ....
My psycho stalker is the funny one, not me. He says Im running a publishing empire through forex factory..

Not sure what drugs he is on but I WANT SOME ;-)

P.S Why are some now going the retail traders way.... Because they are clever. They are not trading.. Three more red news for the USD to come..
The most violent element in society is IGNORANCE
  • #2,334
  • Jul 31, 2019 8:42am Jul 31, 2019 8:42am
Gbpnzd priming itself

Wait til it shows signs of exhaustion.
  • #2,335
  • Jul 31, 2019 9:21am Jul 31, 2019 9:21am
Quoting fxbarwise
I have coded a RSI trend strength indicator according to Neil's definition for those interested.... {file}
This shows the same values as the standard 2 period RSI with MA that I’m using on Tradingview. Is there anything special here that I’m missing?
  • #2,336
  • Jul 31, 2019 9:26am Jul 31, 2019 9:26am
Quoting neilsdigest
{quote} The winners will heavily subsidize the losers. That is gold wisdom. Today is a no trade day. Red news for Dollar. Plenty of profit taking and reversals. They will wait until the non farm employment news. ------ Watch the RSI strength indicator by the genius fxbarwise :-). Yes, it's hard to keep a watch if you have a lot of trades but see how the EURAUD had a strength in the 80+% in the nice large up move and dropped quickly with the RSI moving to to around 60% in the Asian session last night. Close it around 65%. It is now showing a reading...
Still bullish on the weekly timeframe.

I took profit at 85 pips but reopened a fresh position knowing it would fall today. I want to see how the weekly timeframe plays out with a bullish RSI2.

Although I use the weekly for macro analysis, I’ve never tended to execute trades off it for fear of being caught in a position. Took a position on crude recently that took me 2 weeks to close, but it played out beautiful for 300 pips. I do wonder whether swing trades are easier...
  • #2,337
  • Jul 31, 2019 9:35am Jul 31, 2019 9:35am
Quoting neilsdigest
The RSI indicator as posted by fxbarwise - post 2,310 For any one new who missed the part of using the RSI The RSI is used as a strength indicator and NOT for overbrought/oversold conditions The higher the rating the more the pair is moving up and trending up. The lower the rating the more the pair is moving down and trending down. Notice: The rating can stay high or low on pullbacks as it's using two settings from five timeframes!
RSI as far as I remember (too many Heinekens) was used originally in this mode, as a gauge of a strength of an underlying asset, later someone saw that +70 and -30 are overbought/sold conditions and started a career of RSI as a reversal indicator. It would be interesting for example to use RSI on several TF as a gauge of a trend and then at the smallest one as a reversal (indicating the possible end of correction), technically I believe it is a sound approach.
  • #2,338
  • Jul 31, 2019 9:36am Jul 31, 2019 9:36am
Quoting Neogenesis
{quote} Still bullish on the weekly timeframe. I took profit at 85 pips but reopened a fresh position knowing it would fall today. I want to see how the weekly timeframe plays out with a bullish RSI2. Although I use the weekly for macro analysis, I’ve never tended to execute trades off it for fear of being caught in a position. Took a position on crude recently that took me 2 weeks to close, but it played out beautiful for 300 pips. I do wonder whether swing trades are easier...
Hi Neo, is there a post, a thread or a book where can I read about your approach, please?
  • #2,339
  • Jul 31, 2019 10:20am Jul 31, 2019 10:20am
It’s most certainly not my strategy. We have Neil to thank for the thread, but if you start on page 1 and read til the end it’ll be worth it.
  • #2,340
  • Jul 31, 2019 11:43am Jul 31, 2019 11:43am
Quoting Neogenesis
{quote} I’ll give you my little nugget of gold re timing: 1) Mean reversion 2) What goes up must come down and vice versa 3) An RSI typically won’t go over 100 / below 0 in a short term trend reversal 4) The market seems to run to a schedule - this is something I wanted to discuss privately with Neil for the EA 5) Use Neil’s line breaks. I just plot the levels myself on trading view with horizontal lines. This helps you determine a short term reversal / institutional traps vs trend breakouts Play with the above and watch the charts. Timing becomes...
Hi Neo,

Thanks for the tips. Will take them in consideration. Regarding the RSI indicator that fxbarwise so genereously shared, it uses the readings of the monthly, weekly, daily and 4 RSI to show the true trend. I will indeed help a lot to determine the entries along with exits.
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