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Daily GBP/JPY analysis

  • #2,801
  • Apr 8, 2007 7:58pm Apr 8, 2007 7:58pm
Quoting wep561
What settings are you using on your rsi? I just checked my daily with a RSI 14 and I'm not seeing divergence. My Rsi is hanging there at a 58 value and won't become overbought until about 235.50 or better.
I'm a divergence dumass, sorry about that... I was looking at a clean chart I keep, and actually it is the Slow Stochastic that is in overbought area not the RSI...

Divergence could be applied to Slow Stoch too?
  • #2,802
  • Apr 8, 2007 8:02pm Apr 8, 2007 8:02pm
I'm not leaving open positions until 2nd London hour minimum. But left buy limits at 233.00 and 232.20 just in case GJ falls.

Also buy limits GU and UJ.

I'd rather see what London is going to call before going in...

We must watch UJ closely, now above hard 119.00. Most likely to find strong support just below (containing GJ's fall) and GU is likely to stay choppy on the poor data slate. UJ trying 118s and finding support is a hell of a GJ long entry...

Back be London...
  • #2,803
  • Apr 8, 2007 8:12pm Apr 8, 2007 8:12pm
Quoting bravado
RSI tells you this? how? because i happen to agree.
On the daily, it takes about 275 pips to move the RSI 14 about 5 points on an average bar. Some traders consider 60 to be overbought while others prefer 70 or 80.
So at 58 the RSI needs 2 more ticks to reach bare minimum overbought status. So at 55 pips per RSI tick-235.50 is bare minimum overbought.
I hope this makes sense.
  • #2,804
  • Apr 8, 2007 8:29pm Apr 8, 2007 8:29pm
Quoting wep561
On the daily, it takes about 275 pips to move the RSI 14 about 5 points on an average bar. Some traders consider 60 to be overbought while others prefer 70 or 80.
So at 58 the RSI needs 2 more ticks to reach bare minimum overbought status. So at 55 pips per RSI tick-235.50 is bare minimum overbought.
I hope this makes sense.
i'm beginning to think that 3 million different indicators that are out there are saying the exact same thing except in 3 million different languages.
BAM BAM BOOM! -bravado
  • #2,805
  • Apr 8, 2007 8:39pm Apr 8, 2007 8:39pm
Quoting bravado
i'm beginning to think that 3 million different indicators that are out there are saying the exact same thing except in 3 million different languages.
you think correct. there are only 4 pieces of information available to everyone: open, high, low, close. different indicators manipulate that information in different ways. i think its funny when people say indicators are the "holy grail", as if they could tell you the future, but thats just me.
  • #2,806
  • Apr 8, 2007 9:02pm Apr 8, 2007 9:02pm
well one indicator can't two can't but a combination of some number of indicators can along with a good strategy, ofcourse because nothing is perfect it can have some mistakes once in a while like mine now ... but i think to cover it with an order in opposite direction,
  • #2,807
  • Apr 8, 2007 9:36pm Apr 8, 2007 9:36pm
Quoting karma729
you think correct. there are only 4 pieces of information available to everyone: open, high, low, close. different indicators manipulate that information in different ways. i think its funny when people say indicators are the "holy grail", as if they could tell you the future, but thats just me.
thanks einstein.
BAM BAM BOOM! -bravado
  • #2,808
  • Apr 8, 2007 9:47pm Apr 8, 2007 9:47pm
"What's with the negative vibes, Moriarty?"
Illegitimi Non Carborundum
  • #2,809
  • Apr 8, 2007 9:47pm Apr 8, 2007 9:47pm
i hate waiting time .... last 4 bars no movement at all , and how usually it happens move will be while i will be sleeping .... and i will be late for it
  • #2,810
  • Apr 8, 2007 9:54pm Apr 8, 2007 9:54pm
Quoting Vitaliy
i hate waiting time .... last 4 bars no movement at all , and how usually it happens move will be while i will be sleeping .... and i will be late for it
yap. it sucks.
BAM BAM BOOM! -bravado
  • #2,811
  • Apr 8, 2007 9:55pm Apr 8, 2007 9:55pm
Quoting Vitaliy
i hate waiting time .... last 4 bars no movement at all , and how usually it happens move will be while i will be sleeping .... and i will be late for it
I would think there probably won't be alot of action tonight until U.S. open 8:00am est because european markets will not be back until 3:00am est Tuesday. The only markets that are open at the present are the Japanese markets......but you can never tell it is forex you know....
  • #2,812
  • Apr 8, 2007 9:55pm Apr 8, 2007 9:55pm
Quoting bravado
i'm beginning to think that 3 million different indicators that are out there are saying the exact same thing except in 3 million different languages.
no problem captian obvious
  • #2,813
  • Apr 8, 2007 10:06pm Apr 8, 2007 10:06pm
Quoting karma729
no problem captian obvious
that's the spirit.
BAM BAM BOOM! -bravado
  • #2,814
  • Apr 8, 2007 10:23pm Apr 8, 2007 10:23pm
Quoting wep561
On the daily, it takes about 275 pips to move the RSI 14 about 5 points on an average bar. Some traders consider 60 to be overbought while others prefer 70 or 80.
So at 58 the RSI needs 2 more ticks to reach bare minimum overbought status. So at 55 pips per RSI tick-235.50 is bare minimum overbought.
I hope this makes sense.
I saw divergence on daily, but it goes far back into Feb. RSI 14 peaked at 56.89 when GBP/JPY was at 238+ back then. Now it peaked at 59.27 few days ago when GBP/JPY was at 235. Higher RSI peak, lower price. Divergence?
I suck at reading momentum indicators tho they were main reason why I lost alot money last time.
Tra-X
  • #2,815
  • Apr 8, 2007 10:40pm Apr 8, 2007 10:40pm
Hey fellas you want my 2 pips on the indicators? Calculate the range and use that # for the settings for RSI, MACD, & Stochastics. Use them for confirmation when entering and exiting trades and never use the default settings to trade because they don't fit the true price action of the market. It's all about true range with the indicators. Try it you will see it is much more accurate.
"Only when the tide goes out will we know who is swimming naked."
  • #2,816
  • Apr 8, 2007 10:59pm Apr 8, 2007 10:59pm
Pipped off,

Do you mean calculate the range for the time period you are using?
  • #2,817
  • Apr 8, 2007 11:33pm Apr 8, 2007 11:33pm
Exactly, subtract the low from the high of a candle or just look at how much it moved during the last period. The range will change of course when you switch time frames but the key here is using the current range not what it ranged at several bars prior.
"Only when the tide goes out will we know who is swimming naked."
  • #2,818
  • Apr 8, 2007 11:41pm Apr 8, 2007 11:41pm
Thanks
  • #2,819
  • Apr 9, 2007 12:54am Apr 9, 2007 12:54am
Here's a little history for ya......

[IMG]http://img398.imageshack.us/img398/2...hot3bi3.th.png[/IMG]
Same Whore .... Different Dress
  • #2,820
  • Apr 9, 2007 2:04am Apr 9, 2007 2:04am
Quoting johnedoe
Here's a little history for ya......

[IMG]http://img398.imageshack.us/img398/2...hot3bi3.th.png[/IMG]

Thanks JD, interesting.

But its taken 9 Years to get back to its August 1998 high.....I guess that is strong resistance - but the time framesīs a bit long for normal trading -lol.
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