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  • #10,301
  • Mar 31, 2009 5:32am Mar 31, 2009 5:32am
Tori , thanks you mean different timeframes on cad or correlation with other currencies.
  • #10,302
  • Mar 31, 2009 5:38am Mar 31, 2009 5:38am
Quoting c49
Tori , thanks you mean different timeframes on cad or correlation with other currencies.
I think Tori means looking at correlation and currency strength by comparing your own charts rather than just focusing on one pair.

At the GMT 4hr close I was deciding which one of 4 possible set ups to get into and chose AUDJPY which in hinesight wasn't as promising as AUDUSD or EURUSD. Still I made my choice and I'll do the best I can with it.
  • #10,303
  • Mar 31, 2009 5:38am Mar 31, 2009 5:38am
Quoting c49
Tori , thanks you mean different timeframes on cad or correlation with other currencies.
correlation with other currencies. If other currencies are hitting their major lines at same time as what ever I am trading, I have a very low failure rate. If they are not doing that or things are jammed going sideways, I will have a big failure rate. My task is to only trade in what I am comfortable and have patience the rest of the time. Others will find they have a good hit rate trading differently. The trick is to learn what suits your intuitive style and master that, instead of trying trade all styles. It is easy to get caught up in trying to do what others do when there are many different ways to trade, and people with many different ideas. Part of discipline comes from knowing your style and not deviating from that. If someone has a tip that helps you with your style, great, but dont change to someone elses way of trading and lose your edge.
  • #10,304
  • Mar 31, 2009 5:41am Mar 31, 2009 5:41am
Quoting Tori
correlation with other currencies. If other currencies are hitting their major lines at same time as what ever I am trading, I have a very low failure rate. If they are not doing that or things are jammed going sideways, I will have a big failure rate. My task is to only trade in what I am comfortable and have patience the rest of the time. Others will find they have a good hit rate trading differently. The trick is to learn what suits your intuitive style and master that, instead of trying trade all styles. It is easy to get caught up in trying...
Nail

Head
  • #10,305
  • Mar 31, 2009 5:42am Mar 31, 2009 5:42am
Here is a good example of how I trade. I got into pound trade earlier, it didnt go much against me, but stalled. I didnt get out of it though based on the fact that the usdcad trade I exited earlier was also not going anywhere, and in fact dropped a little.While it was dropping my pound started to move up again. No real correlation for any reason, just that this is how it is moving tonight, and my confidence in the trade is there because of the other charts.So I am in pound, and in pips. Last trade for me tonight. getting late here.
  • #10,306
  • Mar 31, 2009 5:47am Mar 31, 2009 5:47am
Thanks RedC and Tori I see your points and I see that there are different interpretations for a no brainer which sometimes needs alot of brains.
  • #10,307
  • Mar 31, 2009 5:57am Mar 31, 2009 5:57am
I reckon the whole thing comes down to one word, awareness, and you are open to that awareness if you trade without stress, and without trying to overdo the analysis and get into the flow. That is why my charts are so simple. I used to have every indicator going on my charts, just so I could be "on top" of everything, then I had another screen with news, and another site I popped up for announcements. So much stress. Then I got rid of the lot and unlearned everything. Now I am very careful not to get involved with any "great new idea" that someone may have. S/R is all I need. Now the skill is to just put the lines in, and watch all my charts and their lines, and most of all relax.
  • #10,308
  • Mar 31, 2009 6:06am Mar 31, 2009 6:06am
Is the level .6945 a NoBrainer SEll , what do you think guys?
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  • #10,309
  • Mar 31, 2009 6:12am Mar 31, 2009 6:12am
Quoting Tori
I reckon the whole thing comes down to one word, awareness, and you are open to that awareness if you trade without stress, and without trying to overdo the analysis and get into the flow. That is why my charts are so simple. I used to have every indicator going on my charts, just so I could be "on top" of everything, then I had another screen with news, and another site I popped up for announcements. So much stress. Then I got rid of the lot and unlearned everything. Now I am very careful not to get involved with any "great new idea" that someone...
Agreed Tori , I still have the same problem with NBT Too much lines sometimes , questio stays which line is the right one.
Sometimes I delete all lines and restart with a fresh mind drawinf supp/dem levels
  • #10,310
  • Mar 31, 2009 6:16am Mar 31, 2009 6:16am
No Brainer Buy level ?
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  • #10,311
  • Mar 31, 2009 6:37am Mar 31, 2009 6:37am
I am currently still short in this pair...seems like the orders got placed slightly higer then my entry....

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  • #10,312
  • Mar 31, 2009 6:41am Mar 31, 2009 6:41am
It has started to sell of .. we migh see some more dollar strenght
  • #10,313
  • Mar 31, 2009 6:55am Mar 31, 2009 6:55am
I am just curious if anyone here looks at Currency Futures to help gauge sentiment more accurately?
  • #10,314
  • Mar 31, 2009 6:55am Mar 31, 2009 6:55am
No Brainer Sell area ?
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  • #10,315
  • Mar 31, 2009 7:05am Mar 31, 2009 7:05am
Quoting Concept
I am just curious if anyone here looks at Currency Futures to help gauge sentiment more accurately?
yep I look at S&P...and the stock market and oil as well
  • #10,316
  • Mar 31, 2009 7:13am Mar 31, 2009 7:13am
Quoting c49
Is the level .6945 a NoBrainer SEll , what do you think guys?
The market just used this area, so the odds of success are against you.

Still the level is a nobrainer, that's for sure.

LJ
1st step stop loss in the green 2nd step play with the free money
  • #10,317
  • Mar 31, 2009 7:17am Mar 31, 2009 7:17am
Quoting c49
No Brainer Sell area ?

I like that level ....odds are I will be looking to partcipate around it
  • #10,318
  • Mar 31, 2009 7:17am Mar 31, 2009 7:17am
Quoting Concept
I am just curious if anyone here looks at Currency Futures to help gauge sentiment more accurately?
I am an avid follower of the commitments of traders data.
  • #10,319
  • Mar 31, 2009 7:17am Mar 31, 2009 7:17am
Quoting RedCabbage
Earliest USDCAD buy for me was 4hr support at 12514.

I'm currently short in AUDJPY from 6825
CAD has made 80 pips on the oil price drop.

I'm still In AUDJPY short as it still looks good from a 4hr and Daily chart
  • #10,320
  • Mar 31, 2009 7:21am Mar 31, 2009 7:21am
Quoting LeveragedJoe
The market just used this area, so the odds of success are against you.

Still the level is a nobrainer, that's for sure.

LJ
You consider this level used and abused ? If I look at a 1hr its already the third or fourth time its testing this level now.
Am I on the right way.?
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