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Trading correlation pairs by using the other pairs

  • #401
  • May 28, 2020 5:25pm May 28, 2020 5:25pm
Quoting P.Action
{quote} thnx shabs. i am looking higher tf(i follow all tf). additional to you we must follow stock indices. when they up aud up too. for aud pairs there is no difference they are all at top. today indices are very bullish.
I dont trade correlations, they work for a while and then they dont.
There is a link with EUR - DJIA - USD relationship with money flow. Something that I watch, every now & then.
I dont use moving averages at all, except for MACD which I use for momentum and confirmation of trend.
Principally all the information is on the Price Chart, you just need to do a top down analysis routinely.
It never gets easier, you just get better
  • #402
  • May 28, 2020 5:31pm May 28, 2020 5:31pm
Everyone who has contributed to this site tonight is helping everyone else,
God bless us all. Stay safe and thank you, everyone.
  • #403
  • Edited 5:54pm May 28, 2020 5:32pm | Edited 5:54pm
Quoting redfan
{quote} This is great. I've downloaded them into the preset file, but how do I put them on my chart, thank you for this great input,
Once loaded onto MT4, drag Indicator onto chart, The indicator inputs click "Load", this will open Preset Folder, find "checklist.set , click on that, Press OK.
Now do this on every chart that you place this indicator on. You could of course, save the chart as a template and do it that way also.
I like set files because you could have different rules for different timeframes.

Attached Image (click to enlarge)
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It never gets easier, you just get better
  • #404
  • May 28, 2020 5:53pm May 28, 2020 5:53pm
Quoting Shabs19
{quote} I dont trade correlations, they work for a while and then they dont. There is a link with EUR - DJIA - USD relationship with money flow. Something that I watch, every now & then. I dont use moving averages at all, except for MACD which I use for momentum and confirmation of trend. Principally all the information is on the Price Chart, you just need to do a top down analysis routinely.


I try to find best pair with my own method. It is not only about correlation. I dont use moving avarages too. Just on graph to see trend clearly
  • #405
  • May 28, 2020 5:59pm May 28, 2020 5:59pm
Quoting Shabs19
{quote} Once loaded onto MT4, drag Indicator onto chart, The indicator inputs click "Load", this will open Preset Folder, find "checklist.set , click on that, Press OK. Now do this on every chart that you place this indicator on. You could of course, save the chart as a template and do it that way also. I like set

files because you could have different rules for different timeframes. {image}

I put it in the preset fold, but cannot find it. When I click on indicator,
  • #406
  • Edited 6:15pm May 28, 2020 6:02pm | Edited 6:15pm
Quoting redfan
{quote} I put it in the preset fold, but cannot find it. When I click on indicator,
Did you refresh MT4 ? Best way is to restart MT4
After dragging inducator onto the chart from Navigator List
You will find Presest folder by selecting the "Load" button, then click on the chklist.set file & Click "Open".

Edit:
I have tried it without refreshing MT4 and the set file does load from the Presett Folder into the indicator settings.
Did you load file into another MT4 terminal by mistake ?

Quoting P.Action
{quote} I try to find best pair with my own method. It is not only about correlation. I dont use moving avarages too. Just on graph to see trend clearly
You do as your Member ID name
It never gets easier, you just get better
  • #407
  • May 29, 2020 4:13am May 29, 2020 4:13am
Up and running.

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  • #408
  • May 29, 2020 4:23am May 29, 2020 4:23am
Move stop-loss
And moves take profit line it's moving fast

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  • #409
  • May 29, 2020 4:29am May 29, 2020 4:29am
Attached Image (click to enlarge)
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This is what you have to do when you take your trade GO to 1 minute chart. If you see it, breaking through the moving average close the trade for a small loss,
  • #410
  • May 29, 2020 4:34am May 29, 2020 4:34am
trade now close with a nice profit.
  • #411
  • Edited 6:35am May 29, 2020 5:09am | Edited 6:35am
Just like to thank Shabs19 for this great tool,
finally got it up and running. It was quite easy in the end I was just forgetting to put the indicator in the indicator folder. I got there in the end,
Again, thank you for your great input in this thread.
Here a picture of it in action,

Attached Image (click to enlarge)
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Should have got in this trade. When I mentioned it before.
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  • #412
  • May 29, 2020 6:05am May 29, 2020 6:05am
today my pair is eurgbp long. best pair is gbpsek short

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  • #413
  • Edited 7:06am May 29, 2020 6:49am | Edited 7:06am
2nd trade today
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Out with a nice profit.
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  • #414
  • May 29, 2020 9:35am May 29, 2020 9:35am
Quoting redfan
Just like to thank Shabs19 for this great tool, finally got it up and running. It was quite easy in the end I was just forgetting to put the indicator in the indicator folder. I got there in the end, Again, thank you for your great input in this thread. Here a picture of it in action, {image} Should have got in this trade. When I mentioned it before. {image}
We all have "Senior Moments" LOL.

Quoting Shabs19
{quote} We all have "Senior Moments" LOL.
Edit:
Can I ask you why, you chose GBPCHF when strength meter is saying EUR strongest & USD weakest ?
It never gets easier, you just get better
  • #415
  • Edited 1:35pm May 29, 2020 10:22am | Edited 1:35pm
Quoting Shabs19
{quote} We all have "Senior Moments" LOL. {quote} Edit: Can I ask you why, you chose GBPCHF when strength meter is saying EUR strongest & USD weakest ?
I was on the one hour chart at the time
I looked at the one hour and the candle was red
I looked at the currency strength on my screen and the GBP was bottom
and CHF was second from the top
AND THE 50MA Had just gone above 21MA a bearish signal,
  • #416
  • May 29, 2020 1:45pm May 29, 2020 1:45pm
Quoting P.Action
today my pair is eurgbp long. best pair is gbpsek short {image}
Stopped and retry 0.8995. Tp hit.
  • #417
  • May 29, 2020 2:08pm May 29, 2020 2:08pm
Quoting P.Action
{quote} Stopped and retry 0.8995. Tp hit.
It was when you put that chart picture up today, I had a look at that chart,
and everything was telling me that it was going down, so I had a quick trade on it and was out with profit
I take it you got stopped out, so this was your second trade,
good luck for next week
and thank you for posting your chart.
  • #418
  • May 29, 2020 3:07pm May 29, 2020 3:07pm
Quoting P.Action
{quote} Stopped and retry 0.8995. Tp hit.
Dangerous to trade around US market Opens. Many news events to watch out for between 13.00 - 13.30 and plenty of fake moves also.

Attached Image
It never gets easier, you just get better
  • #419
  • May 29, 2020 4:12pm May 29, 2020 4:12pm
Quoting Shabs19
{quote} Dangerous to trade around US market Opens. Many news events to watch out for between 13.00 - 13.30 and plenty of fake moves also. {image}
Yes I agree with you. This is good advice for anyone even me.
  • #420
  • May 30, 2020 1:51am May 30, 2020 1:51am
Quoting Shabs19
{quote} I dont trade correlations, they work for a while and then they dont. There is a link with EUR - DJIA - USD relationship with money flow. Something that I watch, every now & then. I dont use moving averages at all, except for MACD which I use for momentum and confirmation of trend. Principally all the information is on the Price Chart, you just need to do a top down analysis routinely.
Even if there is a lag in diffusion of news between these instruments it's highly likely that you won't be able to spot it by eye. Are you using some high-frequency feed to spot differences in how fast they price in important information?
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