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Indicator Free Trading - Skunny

  • #5,961
  • Feb 4, 2010 6:14am Feb 4, 2010 6:14am
Do you race Raptor? My nephew has won several UK karting championships.

MD.
Keep smiling
  • #5,962
  • Feb 4, 2010 6:39am Feb 4, 2010 6:39am
29 pip profit from an early exit!
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 117 KB
  • #5,963
  • Feb 4, 2010 6:56am Feb 4, 2010 6:56am
Quoting Misterdaz
Do you race Raptor? My nephew has won several UK karting championships.

MD.
Sadly no, it was a 40th Birthday pressie, F1 experience, included Formula Ford and Formula 3 cars also . . . good fun but track was too short.
20 pips a day isn't too much to ask . . .
  • #5,964
  • Feb 4, 2010 11:03am Feb 4, 2010 11:03am
EJ just dropped 400 pips in 4 hours. WTF just happened? lol
  • #5,965
  • Feb 4, 2010 11:23am Feb 4, 2010 11:23am
and GJ, UJ, etc . . . Yen has been on a rampage, I would quite like to know why also
20 pips a day isn't too much to ask . . .
  • #5,966
  • Feb 4, 2010 11:28am Feb 4, 2010 11:28am
They must of hired Godzilla
  • #5,967
  • Feb 4, 2010 11:47am Feb 4, 2010 11:47am
Found this on Reuters

http://www.reuters.com/article/idUSN...pe=usDollarRpt
20 pips a day isn't too much to ask . . .
  • #5,968
  • Feb 4, 2010 11:48am Feb 4, 2010 11:48am
There is growing concern over the eurozone as to whether certain European members will be able to find their budget deficits. The Market becomes risk averse and unwinds riskier assets which are funded by carry trades ie gbp yen goes offered.

MD.
Keep smiling
  • #5,969
  • Feb 4, 2010 1:09pm Feb 4, 2010 1:09pm
Quoting A-game
EJ just dropped 400 pips in 4 hours. WTF just happened? lol
The Yen is the second largest traded currency in the world, behind US Dollar of Course.

US Dollar (cash) is considered a safehaven and is bought heavily if Gold, sharemarket is going down, or there are concerns in other areas.

Given the US Dollar itself has been sold off heavily over the last 12 months, you are seeing the Yen strength increase as the next option to buying the USD.

The pair to keep a close eye on is USDJPY as it shows clearly, which of these two strengthening currencies is the strongest this year. So far the Yen has been winning hands down.
  • #5,970
  • Feb 4, 2010 2:24pm Feb 4, 2010 2:24pm
119 pip profit!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 113 KB
  • #5,971
  • Feb 4, 2010 2:31pm Feb 4, 2010 2:31pm
1st entry= 29.1 pip profit
2nd entry= 21.8 pip profit
Total pip profit= 59.6
Attached Image (click to enlarge)
Click to Enlarge Name: Rodneys Chart.JPG Size: 123 KB
  • #5,972
  • Feb 4, 2010 3:31pm Feb 4, 2010 3:31pm
Do you not also agree Compass that the Yen is a funding currency due to it's extremely low yield, hence the carry trade for funding equity purchases. When the stock markets go down as they currently are due to averse risk appetite. Traders chop their equity holdings and therefore reduce their funding requirements and unwind long cross yen positions.

This whole thing started happening back in July, August 07 when the credit crunch kicked off, GBP YEN was at 250 at the time. Have a look when Lehmans went under in 2008, GBP YEN dived about 4000 points in a week in tandem with a stock market crash.

MD.
Keep smiling
  • #5,973
  • Feb 4, 2010 3:34pm Feb 4, 2010 3:34pm
Quoting Checkz
1st entry= 29.1 pip profit
2nd entry= 21.8 pip profit
Total pip profit= 59.6
Hey Chekz Soros. What fibs you got on there, Monthly, Weekly and Daily?

MD.
Keep smiling
  • #5,974
  • Feb 4, 2010 4:14pm Feb 4, 2010 4:14pm
Quoting Misterdaz
Hey Chekz Soros. What fibs you got on there, Monthly, Weekly and Daily?

MD.
Monthly & Daily
  • #5,975
  • Feb 4, 2010 8:51pm Feb 4, 2010 8:51pm
I did a bit of an experiment yesterday. I went through all the major currency pairs (and a few minor ones), and then fibbed the prior day's daily candle as then added the pivot points on top of it. Then I found which of the 138 extensions was not clustered with a pivot and traded towards it as soon as the new daily candle opened.

Just about every pair hit the target, with the notable exception of the USDJPY which flung the other way and hit the opposite 138
Other than that, the EURUSD, AUDUSD, USDCAD, USDCHF, GBPUSD, GBPJPY, EURJPY all hit the 138 target. Some faster than others, but eventually they all cleared it.

I wonder if the floating 138 had anything to do with it, and why the USDJPY wanted to be different.... or maybe I'm just rambling...
  • #5,976
  • Feb 4, 2010 10:47pm Feb 4, 2010 10:47pm
Quoting Misterdaz
Do you not also agree Compass that the Yen is a funding currency due to it's extremely low yield, hence the carry trade for funding equity purchases. When the stock markets go down as they currently are due to averse risk appetite. Traders chop their equity holdings and therefore reduce their funding requirements and unwind long cross yen positions.

This whole thing started happening back in July, August 07 when the credit crunch kicked off, GBP YEN was at 250 at the time. Have a look when Lehmans went under in 2008, GBP YEN dived about 4000 points...
Totally agree Md, the bigger problem at the moment is the BOJ is heavily intervening in purchasing the USD to strengthen their own export market.

To date the plan has not worked, and if it continues the way its going, the wheels are going to come off.

USD will no doubt see a recovery this year, but the Japanese don't want the Yen strengthening either. Same reason the BOE has worked so hard to drive down GBP.
  • #5,977
  • Feb 4, 2010 10:54pm Feb 4, 2010 10:54pm
Quoting Checkz
Monthly & Daily
Checkz, how you finding the clusters ?

Crystal clear. The book I learn't from (she is regarded as the Queen of Fibs) states the more clustered fibs, the better the signal and strength.

Are you fibbing a single candle or a wave on the Monthly/weekly ?

Oh and I am keeping track of your pips won for my 10% cut at the end of the year .....
  • #5,978
  • Feb 4, 2010 10:59pm Feb 4, 2010 10:59pm
[quote=Naynay;3433629]I did a bit of an experiment yesterday. I went through all the major currency pairs (and a few minor ones), and then fibbed the prior day's daily candle as then added the pivot points on top of it. Then I found which of the 138 extensions was not clustered with a pivot and traded towards it as soon as the new daily candle opened.

Hi Naynay, can you explain what you mean by this.
I'm not quite sure what you mean.
  • #5,979
  • Feb 4, 2010 11:00pm Feb 4, 2010 11:00pm
Quoting FX Compass
The Yen is the second largest traded currency in the world, behind US Dollar of Course.

US Dollar (cash) is considered a safehaven and is bought heavily if Gold, sharemarket is going down, or there are concerns in other areas.

Given the US Dollar itself has been sold off heavily over the last 12 months, you are seeing the Yen strength increase as the next option to buying the USD.

The pair to keep a close eye on is USDJPY as it shows clearly, which of these two strengthening currencies is the strongest this year. So far the Yen has been...


Thanks compass.
  • #5,980
  • Feb 5, 2010 12:23am Feb 5, 2010 12:23am
Quoting A-game
Thanks compass.
You're welcome.

Keep an eye on Gold.

When it drops USD strengthens and AUD weakens making a great trade short for AUDUSD.
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