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Trading correlation pairs by using the other pairs

  • #541
  • Edited 9:05am Jun 10, 2020 8:12am | Edited 9:05am
Quoting tiborf71
i see that this thread is not of much interest to people. this is not a coincidence. lol.
You cannot show me one thing you have contributed to any site In the forex factory,
You cannot even show me where people have engaged in a conversation with you,
you can show me where you engaged in a conversation with yourself like the last one,
You need to get on with your day job at the circus,
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  • #542
  • Jun 10, 2020 8:23am Jun 10, 2020 8:23am
Quoting redfan
{quote} You cannot show me one thing you have contributed to any site In the forex factory, You cannot even show me where people have engaged in a conversation with you, you can show me where you engaged in a conversation with yourself like the one, You need to get on with your day job at the circus, {image} {image}
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I am waiting.......................

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It never gets easier, you just get better
  • #543
  • Jun 10, 2020 8:40am Jun 10, 2020 8:40am
Quoting Shabs19
{quote} {image} I am waiting....................... {image}
you are still students.
lol.
  • #544
  • Jun 10, 2020 8:45am Jun 10, 2020 8:45am
Quoting tiborf71
{quote} you are still students. lol.
What a chicken,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Go back to your Farm Or

You need to get on with your day job at the circus
It never gets easier, you just get better
  • #545
  • Edited 9:14am Jun 10, 2020 8:59am | Edited 9:14am
Strength Meter, this is today at 14:56 Hourly:

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It never gets easier, you just get better
  • #546
  • Jun 10, 2020 9:18am Jun 10, 2020 9:18am
This is what I've got on mine 15.18
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  • #547
  • Edited 10:44am Jun 10, 2020 9:22am | Edited 10:44am
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Well I don't think you could trust this Currency strength metre 100%
Even when you see CAD Completely red,
And JPY was completely Green apart from 11 boxes,
CAD was at the bottom of the Currency strength metre, And JPY was third from the top,
The moving average was bearish, for 60 minutes it went up,
Lesson learnt,
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  • #548
  • Jun 10, 2020 12:13pm Jun 10, 2020 12:13pm
View From London Session & NY session
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  • #549
  • Jun 10, 2020 12:37pm Jun 10, 2020 12:37pm
Quoting MQLTrade
View From London Session & NY session {image}

YOUR STRENGTH SESSION START IND,
It's showing CAD weak at session start time at 9.00
and at 14:00 hours showing CAD strong,
CAD was red all day, In fact, I took a picture at 15.18 hours SEE POST 547
And it was the bottom of the list,
I'm just wondering what indicators your strength meter use to support it,
because my got it completely wrong because cad went up against the Japanese yen in that final trade today,
Which to me is evidence enough that your indicator was right and my was wrong

Thanks for the input great work.
  • #550
  • Edited 1:33pm Jun 10, 2020 12:51pm | Edited 1:33pm
Quoting redfan
{image} Well I don't think you could trust this Currency strength metre 100% Even when you see CAD Completely red, And JPY was completely Green apart from 11 boxes, CAD was at the bottom of the Currency strength metre, And JPY was third from the top, The moving average was bearish, for 60 minutes it went up, Lesson learnt, {image}
The currency strength meter only tells you what is happening at that moment. It is only one part of the picture, the signal may have been for the bar preceding the one you entered on, so you entered late. You need a little more analysis than just watching a currency meter.

Did you know price level 79.95 was support 9th June, 3rd June, 2nd/3rd & 4th March, & from 3rd October. You Sold into Support. Check the History.

I use MACD to show Selling & Buying Pressure, MACD on 1hr, Selling pressure reducing. Pin Bars on M15. MACD divergence on both Timeframes.
It never gets easier, you just get better
  • #551
  • Jun 10, 2020 1:17pm Jun 10, 2020 1:17pm
Quoting redfan
{quote} YOUR STRENGTH SESSION START IND, It's showing CAD weak at session start time at 9.00 and at 14:00 hours showing CAD strong, CAD was red all day, In fact, I took a picture at 15.18 hours SEE POST 547 And it was the bottom of the list, I'm just wondering what indicators your strength meter use to support it, because my got it completely wrong because cad went up against the Japanese yen in that final trade today, Which to me is evidence enough that your indicator was right and my was wrong Thanks for the input great work.
Probably u opened trade when CAD lost inversed correlation with JPY....green box
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  • #552
  • Jun 10, 2020 1:30pm Jun 10, 2020 1:30pm
Quoting MQLTrade
{quote} Probably u opened trade when CAD lost inversed correlation with JPY....green box {image}
If you can decipher that spaghetti indicator during a trade decision, well frankly I would be amazed.

What is relevant here is Historically significant levels where price was supported or rejected, not on one occasion but repeatedly.
I would prefer evidence like that over a currency meter anyday, and this is not hindsight, this is on your chart in "black & white" as they say.

Trying to trade 28 currency pairs is madness, you cannot possibly do it. Specialise, I will watch only 8 pairs, even that should be only 4 pairs I must admit.
A bank trader would only be assigned to trading one pair at his desk all day. Why do you think that is ?
It never gets easier, you just get better
  • #553
  • Jun 10, 2020 1:35pm Jun 10, 2020 1:35pm
Quoting Shabs19
{quote} If you can decipher that spaghetti indicator during a trade decision, well frankly I would be amazed. What is relevant here is Historically significant levels where price was supported or rejected, not on one occasion but repeatedly. I would prefer evidence like that over a currency meter anyday, and this is not hindsight, this is on your chart in "black & white" as they say. Trying to trade 28 currency pairs is madness, you cannot possibly do it. Specialise, I will watch only 8 pairs, even that should be only 4 pairs I must admit. A bank...
Spaghetti shows Currency Strength base on a FIX candle ( i choose London start session & NY start session) so it should help trader to know how is moving currencies.

Correlations do the other half work..... match this 2 informations and it's easy to find what cross is better to trade
  • #554
  • Jun 10, 2020 1:48pm Jun 10, 2020 1:48pm
The more simple cross to trade UJ:

USD & JPY have a direct correlation..... so for trade it trader should have:

LONG TRADES: USD stronger than JPY & correlation >50%

SHORT TRADES: JPY stronger than USD & correlation >50%

Today JPY was always stronger than USD and from NY session strong correlation....result: DOWN 30pips
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  • #555
  • Edited 4:21am Jun 11, 2020 3:49am | Edited 4:21am
UP AND RUNNING.
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Trade closed small profit
  • #556
  • Jun 11, 2020 5:39am Jun 11, 2020 5:39am
Quoting redfan
UP AND RUNNING. {image} Trade closed small profit
Currency meters are only good for the timefarme they are used on and often the price move is already underway, so potential of late entries.

Only way to avoid this is to understand where support & resistance zones are in the market ie. where Buyers & Sellers are likely to be sitting with orders.
Without Market structure you are trading almost blind.
It never gets easier, you just get better
  • #557
  • Jun 11, 2020 6:24am Jun 11, 2020 6:24am
Quoting Shabs19
{quote} Currency meters are only good for the timefarme they are used on and often the price move is already underway, so potential of late entries. Only way to avoid this is to understand where support & resistance zones are in the market ie. where Buyers & Sellers are likely to be sitting with orders. Without Market structure you are trading almost blind.
Sorry I never got back to you last night.
but I'm glad you kick me up the backside,
I've only just started using the Macd to trade I think it was last week I started when you suggested using it, so I've spent all morning going back to see how it works,
I've been putting a lot of support and resistance lines on as well, I've decided to take the FIB tool off. when I put my trade on my stop loss and take profit are set at 30 Pips automatic the fib tool just gets in the way I'm trying to keep my chart clear,
Again thank you for your input.
  • #558
  • Jun 11, 2020 7:11am Jun 11, 2020 7:11am
Very simple market structure basics:

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It never gets easier, you just get better
  • #559
  • Edited 10:51am Jun 11, 2020 10:17am | Edited 10:51am
Quoting Shabs19
Very simple market structure basics: {image}
it looks very simple can you just answer this question
price break with increased momentum on the MacD chart,
you can't draw that line until it is complete,
so I take it your entry point is price retest.



Just an update, Why can we NOT see the 9 moving average on the MacD?
  • #560
  • Edited 12:06pm Jun 11, 2020 11:02am | Edited 12:06pm
Quoting redfan
{quote} it looks very simple can you just answer this question price break with increased momentum on the MacD chart, you can't draw that line until it is complete, so I take it your entry point is price retest.
You take your pick where in the retest, depending on how agressive you are with Entry.

Quoting redfan
{quote} Just an update, Why can we NOT see the 9 moving average on the MacD?
It is there, but seriously I could take it off altogether. I look at rising & falling Histograms on the MACD.

Dont Sell with rising MACD and don't Buy with falling MACD. Should keep you out of trouble.
This is all simplified, there are nuances & techniques to be applied.

Edit: Look at the same CADJPY Chart draw a horizontal line @ 79.219 Strong support 23 X 15m candles before Break & Retest
It never gets easier, you just get better
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