Currency meter trading - strongest v weakest

On a day where gbp has been weak the whole time its been sell any rallies. This was perhaps the last one, exited at +10 when 5575 held a few times. Gu has fallen 100 pips this session and usd is getting weaker time for turn trade coming, we'll see.

Hello traders

I´m following the posts and i can say very nice.

Well i´m using the CM but i have a different trading stile. Looking for PA and higher tf and low tf. Not perfect but almost there.

The CM can help to take decisions and see how the market changes the flow of money.

But i think that if you really know how to read charts and you know how strong and were the money is going and how price and traders behave in similares situations you get a full understanding of the market. And fundamental view is also important.

For all this i found that, information regarding Supply and Demand or support and Resistance is a very good basis for this. Also Harmonic patterns and oter tools like Fibonacci, pivot points and trend lines.

There isn´t a holly grail only probability's and experience in trading. You can have the best tools the best theory but if you can´t put it in practice you are not profitable.

What realy give me a great view of the market is NBT http://www.forexfactory.com/showthre...86429&page=917

And his non commercial site http://www.nobrainertrades.com/2009/...r-pattern.html with live trading chat.

This information for me has been the best i have found.

The Quasimoto pattern and the harmonic patterns as ABCD can be used in conjunction with the CM and 15m charts i must say it offers good market opportunity's.

I will be reading with interest the opinions of other traders giving especial atention to those that are 100% profitalbe

Good trading

An interesting day for CM. Gbp was weak all day, I have shown 2 poss hl trades that previously I would have been buying only to have taken a knock. Today the CM was saying no to buying gu, there was no hint of a turn until the hl around 5594. That wouldn't have been a big trade and more than likely a BE exit.

The point being CM highlighted the sells, hadn't turned kept me away from failed buys.

Got back from visiting my mum in hospital, brain tumour op so far scheduled for tomorrow afternoon.

From memory the earlier ej were pretty much sorted by CM but cannot recall so won't comment further.

Was making changes to first post to say that the cm like vsa is relative to what has come before.

In the above post where I say the gbp weakness and strong usd kept me out of the hl buys here we have a possible hl buy at 5575 where there was a big turn in cm. The previous strong usd fell to around 2 and the very weak gbp was around 2.

Not a great buy 2-2 but relative to what had come before a possible buy.

Turn trades are key and and what happened before with cm is key. A move of around 3 or 4 seems to give big moves in gu. So 1 - 5 with gbp weak and usd strong to 2 - 2 is a big enough turn to look to buy higher lows.

Watching turn trades and numbers with great interest.

The fact that we had a good vol hammer on 15 min followed up with a lower vol lower close that could not go below W S1 at 5567 also gave additional reasons to buy the hl on CM turn.

good luck for your mum's op tomorro

It flipped to the expected colors red blue very quickly, and changed so quickly and unexpectedly, that I don't think you could have used it at all as a confirmation to the initial move, if you get my drift.

It was that big move that came as a result of the Euro banking commitee statement, about the greek deficit situation. VERY VOLITILE.

I latched onto the trade by setting a buy stop order during a brief retracement, and the CM reflected that accurately enough, seemed to me.

However, I did use the CM to exit the trade when the CM began to level out at the top of the move. Saw the numbers "gap" begin to narrow. Still left some money on the table, but got enough to keep me happy.

Hope this makes sense

Shakey

Agree whole heartedly , Aflredo

Find out where the big money is going, and latch onto their coattails.

Wait for a big move, wait for a retracement. Set a stop for the top/bottom (a HH if long, LL if short), then let the pshycology of the market take over. The big money will jump back in and drive the price farther up or down because they like making money, the losers (sometimes that's me, i admit) will jump back in the wrong way because it is human nature to make the same mistake over and over.

It seems to me, that the CM reflects these retracements very well.

When price is ranging between supp and resistance levels, the CM can beat you up a little if you follow it too close.

I got fooled yesterday and lost a couple trades on the EU and GU and lost 1% account balance. Finally picked up that big short move on the GU and finished about 1-1 1/2 percent ahead.

I have had to make up losses the last 2 days. I hope I don't wear out my luck.

Shakey

My internet is down , so no trading for me this Friday. Trust the operation for your Mum goes ok V. Cheers.

Thanks O.

Mrs V doesn't like CM at all, she doesn't think it adds to our trading, saving some losing trades but losing other winners!!!!!!!!!!!

Whilst still too early to tell storm clouds gathering in the V household, LOL.

Mmmmh Mrs V you got some explaining to do. Gbp and usd gone nowhere and for some time they have been very close on CM.

Jpy has been strong/very strong for a nice run down on ej.

Although cadjpy pretty much the weakest/strongest ej seems to have had the bigger run down.

Well, CM does have its merits in chosing which pair to trade, ie usd or jpy. But then I also think, that someone who is already good at reading charts would be able to see it on the charts (obv not mehttp://cdn.forexfactory.com/images/icons/icon7.gif )

When I got to the desk, jpy was above 7, and eur was around 2, oscilating b/w 1.3-2.3, and usd was around 5. Pretty easy to figure out that ej would be going down nicely. But as I had already missed the first retracement, I just waited.

Eventually, eu put in a higher low, broke above the figure, and Ej started to make double bottoms, and the numbers change to eu 5.1 usd 4. That to me was a significant turn around, I got in on the retracement just below 00 and rode it to 32 which was my final level of exit being london open price.

Like I said, CM was just showing what I was already analysing on the chart, but it gives me more confidence (which is always a good thing).

Thanks once again vantage for pointing us to the CM.

Regards,
K.

Gbp strong, usd weak = buy.

Hi Vantage

Are you still using the Currency Meter?

Invisible

Looked good and still useful in picking 1 currency v another ie if jpy weakest trade that than say gbp. however Mrs V is for some reason TOTALLY against it. Not worth the aggro!!

Hello

Who is MRs V? And if you are having good results for what reason are you not using CM anymore?

Did you have bad results with it?

Alfredo

http://www.forexfactory.com/showthread.php?t=165885

She's the better half of mr. V.

Yep Mrs V the better half. Having gone through a LOT of indi's, trend lines etc etc everything in the book I experiment with things that will hopefully improve on my trading of hl's and lh's (click on my name and follow to higher low, lwer high thread). So if it'll help me spot them better I'll try it without shaking the concept of hl's/lh's the core basic of my trading.

So Mrs V is TOTALLY against changing whats working, now that I say it like this I have to wonder out loud whose the smartest in the partnership.

For info the last change, tweak, that she was happy with was bringing in 15 min charts with vsa and that was I dunno 6 months or more back.

Link here http://www.forexfactory.com/showthread.php?t=108544 hl/lh thread.

Not that we had bad results but Mrs V did feel it kept us out of some good trades.