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  • #1,199,741
  • Sep 22, 2021 5:58am Sep 22, 2021 5:58am
looks like shorts building on eu.

will fomoc be dollar positive? me thinks so.
In tea leaves we trust!
  • #1,199,742
  • Sep 22, 2021 6:51am Sep 22, 2021 6:51am
Quoting JotaP
I rely mostly on Fundamentals, Price Action, Relative Currency Strength and Correlations. I am trying to improve Price Action. I believe that 95% of popular indicators only get it right 50% of the time (I may be wrong, but 90% of traders use them and lose money very fast). Currency Strength for 4 Hour TF: {image}
How do you use currency strength, buying the stronger, or you take a contrarian aproach?
Looking for profitable short term trades ...|
  • #1,199,743
  • Sep 22, 2021 8:13am Sep 22, 2021 8:13am
Quoting Js3mwtRc
{quote} How do you use currency strength, buying the stronger, or you take a contrarian aproach?
currency strength meter calculates different values o different brokers depending on data feed

and it is taken from chart values
  • #1,199,744
  • Sep 22, 2021 8:22am Sep 22, 2021 8:22am
Quoting Js3mwtRc
{quote} How do you use currency strength, buying the stronger, or you take a contrarian aproach?
I make a top down analysis from higher TFs to lower TFs trying to figure out currencies that are likely to move up or down in the barometer to become coherent with higher TFs. It is particularly interesting currencies that move in opposite directions without a logical reason. I also look for out of synch pairs that use to have good correlation with each other. I also watch currencies that are not very correlated with commodities, the economy or the stock market but move a lot looking for financial opportunities (I would not cite the best example of such a currency).
Of course, there are differences from broker to broker because each broker is a small market maker within a small range of prices, but differences are not relevant unless we are scalping less than 15 minute TF. Who scalps must rely on Price Action only, in my opinion.
Follow your guts, if you want to lose your money...
  • #1,199,745
  • Sep 22, 2021 8:38am Sep 22, 2021 8:38am
Quoting Js3mwtRc
{quote} Yet the market is in a scalping mode, not enough volatility. I favor selling below 1750. New traders don't hang on every word I write here, I may try and do different things from what I discuss Just do your homework and you will be fine, if you dedicate enough of it.
If it is to move downwards decisively, as I believe, after the News, it is very likely a big spike upwards for stop hunt.
Follow your guts, if you want to lose your money...
  • #1,199,746
  • Sep 22, 2021 8:42am Sep 22, 2021 8:42am
Looking at EURUSD and NZDUSD, you can tell how the positions are building up to take out any sellers. Slowly moving downward, and it makes you want to sell, they are trying to trick everyone.
  • #1,199,747
  • Sep 22, 2021 9:10am Sep 22, 2021 9:10am
Dollar dropping, setting up to take out stops. good scalping action.
  • #1,199,748
  • Sep 22, 2021 9:14am Sep 22, 2021 9:14am
Quoting Nadex
Dollar dropping, setting up to take out stops. good scalping action.
TThis is why went long on both eu n gu
  • #1,199,749
  • Sep 22, 2021 9:18am Sep 22, 2021 9:18am
why does every move on here have to be interpreted as taking out stops...
  • #1,199,750
  • Sep 22, 2021 9:20am Sep 22, 2021 9:20am
Quoting PatienceFx
{quote} TThis is why went long on both eu n gu
did you base that on housing numbers(U.S.) and EU consumer confidence. or pure technical numbers...... both economics came out when the dollar moved.
if you based it on purely technicals(charts),,,,you are GOOD.
  • #1,199,751
  • Sep 22, 2021 9:31am Sep 22, 2021 9:31am
Quoting shay14
why does every move on here have to be interpreted as taking out stops...
That is how the big Players make money. years ago the SEC busted a ring of large institutions for manipulating the forex market to their advantage. and i don't care what people say, it is still being done today. usually the big boys setup and take out stops during economic releases. this attracts less attention. this could be just theory, or it could be real. you decide after watching the 1 day 1 minute chart.
  • #1,199,752
  • Sep 22, 2021 9:37am Sep 22, 2021 9:37am
Quoting shay14
why does every move on here have to be interpreted as taking out stops...
Good question. Not all, stop runs is only one of a few Smart Money Order Flow moves to seek Liquidity.
Even your broker, which is not Smart Money, does it.
Follow your guts, if you want to lose your money...
  • #1,199,753
  • Sep 22, 2021 9:38am Sep 22, 2021 9:38am
Watchout.... it may be a fakeout!
Only an idiot knows with certainty to where the market is going.
  • #1,199,754
  • Sep 22, 2021 9:48am Sep 22, 2021 9:48am
It's going to be consolidating above 1.1700 until the end of the week, won't it?
  • #1,199,755
  • Sep 22, 2021 9:49am Sep 22, 2021 9:49am
SL now at BE
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20210922-074349_MetaTrader 4.jpg Size: 388 KB
Only an idiot knows with certainty to where the market is going.
  • #1,199,756
  • Sep 22, 2021 10:13am Sep 22, 2021 10:13am
Quoting Nadex
{quote} did you base that on housing numbers(U.S.) and EU consumer confidence. or pure technical numbers...... both economics came out when the dollar moved. if you based it on purely technicals(charts),,,,you are GOOD.
Understand what is happening here what is the main event it is the FMC rate statement and are the going to increase no so when rate does not increase what will happen dollar will fall so when dollar falls what will happen
  • #1,199,757
  • Sep 22, 2021 10:21am Sep 22, 2021 10:21am
Quoting JotaP
{quote} I make a top down analysis from higher TFs to lower TFs trying to figure out currencies that are likely to move up or down in the barometer to become coherent with higher TFs. It is particularly interesting currencies that move in opposite directions without a logical reason. I also look for out of synch pairs that use to have good correlation with each other. I also watch currencies that are not very correlated with commodities, the economy or the stock market but move a lot looking for financial opportunities (I would not cite the best...
From my experience strength meter is good on Daily timeframe and above. The fundamentals should favor the currency that the slope of the strength is showing up (eur) and down for the opposite currency (usd). It is good to trade EURUSD when there is good sentiment (risk on).

CHF has the stronger correlation with EUR, but watch its bank usually manipulates it, because it wants to export cheese and chocolate cheaper and everybody can have in better prices so it may not be usefull some times. I just stick to the bigger image and read the market using the big players (institutions) as a guide.

Commodities not always favor EUR, but many times they can beat USD with the stock market so bad they are reliable.
Looking for profitable short term trades ...|
  • #1,199,758
  • Sep 22, 2021 10:35am Sep 22, 2021 10:35am
Quoting PatienceFx
{quote} long taken in both eu n gu {image}
7 hours of waiting for the fruit to ripen ;;target is Pivot level in both
Attached Image (click to enlarge)
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  • #1,199,759
  • Sep 22, 2021 11:14am Sep 22, 2021 11:14am
Quoting Js3mwtRc
{quote} From my experience strength meter is good on Daily timeframe and above. The fundamentals should favor the currency that the slope of the strength is showing up (eur) and down for the opposite currency (usd). It is good to trade EURUSD when there is good sentiment (risk on). CHF has the stronger correlation with EUR, but watch its bank usually manipulates it, because it wants to export cheese and chocolate cheaper and everybody can have in better prices so it may not be usefull some times. I just stick to the bigger image and read...
Not all Currency Strength Meters are the same, what one shows is probably not what another one shows.
I have tested all Currency Strength Meters I could. This one is not available in the market, anyway.
I am not promoting anything, as I said the software is not available in the market.
There is a whole lot to consider when using a Currency Strength Meter. But people that believe that a single tool is the secret to become rich is probably dreaming.
Follow your guts, if you want to lose your money...
  • #1,199,760
  • Sep 22, 2021 11:25am Sep 22, 2021 11:25am
Quoting JotaP
{quote} Not all Currency Strength Meters are the same, what one shows is probably not what another one shows. I have tested all Currency Strength Meters I could. This one is not available in the market, anyway. I am not promoting anything, as I said the software is not available in the market. There is a whole lot to consider when using a Currency Strength Meter. But people that believe that a single tool is the secret to become rich is probably dreaming.
They are not the same, but the same concept (buy the strongest sell the weakest) would work with a simple RSI, or just a moving average on the chart! I get rid of everything when it comes to simple price action and fundamentals.
Looking for profitable short term trades ...|
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