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  • #2,241
  • Edited 2:01am Sep 15, 2010 1:00am | Edited 2:01am
Morning ladies and gents. Here's an entry I spotted last night (M5), but had to run off to my night shift where I trade an altogether different market (no charts!! )

Attached Image


Wow, great action on GBPJPY last night! Here's an oversized roadmap that might help a few:

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Click to Enlarge Name: GBPJPYroadmap.png Size: 75 KB


I've been watching the correlation between GBPJPY and GBPUSD. I think there's something to be said for doing the corresponding technical analysis on GBPUSD and using it to help with decisions on GBPJPY:

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy1on15092010.png Size: 84 KB
  • #2,242
  • Edited 2:49am Sep 15, 2010 2:29am | Edited 2:49am
I do feel like I'm posting to the nothingness here. Is anyone finding my posts helpful? If not maybe I should just go and post in the trade journal section

Anyways, hopefully we'll get the forum off the ground soon and there'll be a place where we can all discuss these things at length without our leader (stratman) being relegated to the commercial section.

Trade I just took (demo), entry on M5, exited on M1 - M1 chart below:

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy2on15092010.png Size: 55 KB


Edit: For interests sake, here's how price reacted to my level:

Attached Image


Edit: *cough* Looks like there was a potential 75 pips to the upside as of right now... argh

Ah I guess I'm on demo anyway
  • #2,243
  • Sep 15, 2010 3:03am Sep 15, 2010 3:03am
are you kidding? these are fabulous. so simple! thank you sooooo much. in reality, stratman should be doing this but ,understandably, he's way too busy. excellent illustrations.
Quoting Mindsphere
I do feel like I'm posting to the nothingness here. Is anyone finding my posts helpful? If not maybe I should just go and post in the trade journal section

Anyways, hopefully we'll get the forum off the ground soon and there'll be a place where we can all discuss these things at length without our leader (stratman) being relegated to the commercial section.

Trade I just took (demo), entry on M5, exited on M1 - M1 chart below:

Attachment

Edit: For interests sake, here's how price reacted to my level:

Attachment

Edit:...
  • #2,244
  • Sep 15, 2010 3:10am Sep 15, 2010 3:10am
Quoting stratman
I sent it directly to you via email. Sorry for the delay
Can you resend,please?
i think you sent to wrong person,
my e-mail is [email protected]
i didn't receive your e-mail.
thanks for reply^^
  • #2,245
  • Sep 15, 2010 3:11am Sep 15, 2010 3:11am
Quoting Mindsphere
I do feel like I'm posting to the nothingness here. Is anyone finding my posts helpful? If not maybe I should just go and post in the trade journal section

Anyways, hopefully we'll get the forum off the ground soon and there'll be a place where we can all discuss these things at length without our leader (stratman) being relegated to the commercial section.

Trade I just took (demo), entry on M5, exited on M1 - M1 chart below:

Attachment

Edit: For interests sake, here's how price reacted to my level:

Attachment

Edit:...
Keep them coming, dude Even though we might not be posting, we are watching.
  • #2,246
  • Sep 15, 2010 3:15am Sep 15, 2010 3:15am
Good to hear there are people out there

I thought I'd do a short write-up on the use of channels. Here's an image from the entry I just took. I've removed my 100 pip/50 pip price levels, my resistance level and the moving averages just to keep it simple.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy3on15092010.png Size: 54 KB
  • #2,247
  • Sep 15, 2010 3:48am Sep 15, 2010 3:48am
Keep posting .. you are doing some great work here. It's difficult for me to post much this week as I'm in the last week of my contract. Just finished work now (8:50 pm).

Very good analysis
  • #2,248
  • Sep 15, 2010 3:56am Sep 15, 2010 3:56am
hi MS,

does it matter what time frame you draw the channel? in the picture above its in the m5. but would it matter if you drew it in h1 instead?

meaning, are the channels valid in all tf's?


thank you
Quoting Mindsphere
Good to hear there are people out there

I thought I'd do a short write-up on the use of channels. Here's an image from the entry I just took. I've removed my 100 pip/50 pip price levels, my resistance level and the moving averages just to keep it simple.

Attachment
  • #2,249
  • Sep 15, 2010 4:08am Sep 15, 2010 4:08am
btw, SMA60 is good on all time frames ... take a look at this H4. Have a look at the Daily chart as well

Attached Image
  • #2,250
  • Sep 15, 2010 4:10am Sep 15, 2010 4:10am
Attached Image
  • #2,251
  • Sep 15, 2010 4:12am Sep 15, 2010 4:12am
hey stratman, i didnt receive your e-mail,can u check again please?
  • #2,252
  • Sep 15, 2010 4:17am Sep 15, 2010 4:17am
Quoting samk090905
hi MS,

does it matter what time frame you draw the channel? in the picture above its in the m5. but would it matter if you drew it in h1 instead?

meaning, are the channels valid in all tf's?


thank you
Hi Sam,

Actually that image is M1, sorry for not being clear. Channels work on all time-frames. Remember though, they are not always respected. They are just one of the many tools in a trader's tool-kit. We need to factor in many pieces of information before making a trading decision.
  • #2,253
  • Sep 15, 2010 4:28am Sep 15, 2010 4:28am
Hi Rob, you're working hard as usual... True about the 60 sma... i have a 1 minute chart on DUKASCOPY with weekly and daily pivots and a 60 sma... that's all.. and doing great scalping... Cheers

Jean
  • #2,254
  • Sep 15, 2010 4:38am Sep 15, 2010 4:38am
Keep posting Mindsphere, I’m watching & reading. I trade EUR/USD & AUS/USD using divergence, Fractals and the THV Dashboard for entry. But am now curious to see what movement there is on the GBP/JPY during Aussie daylight hours.

I’ve also noticed that consecutive winning trades have improved since I started using the Dashboard.
  • #2,255
  • Edited 5:33pm Sep 15, 2010 5:22pm | Edited 5:33pm
Will continue posting guys, thanks.

Here's a little something on correlation. There are many different correlations one might use, but I've just been looking at GBPJPY and GBPUSD over the last day. Questions / comments / criticisms welcome

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy1on16092010.png Size: 131 KB


Edit: Correlation opens up a can of worms.. see below

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy2on16092010.png Size: 107 KB
  • #2,256
  • Sep 15, 2010 6:25pm Sep 15, 2010 6:25pm
ms,

your illustrations and insight are fantastic. you are right about the correlations. if you watch the screen long enough you notice many similarities b/w the pairs. in fact, the crazy thing is if you look at e/u and g/u on the same time frame the price action pattern looks virtually the same. im not smart enough to make the connections b/w the correlations and causation. if you can, please share.


thank you ms
  • #2,257
  • Sep 15, 2010 6:38pm Sep 15, 2010 6:38pm
Quoting samk090905
ms,

your illustrations and insight are fantastic. you are right about the correlations. if you watch the screen long enough you notice many similarities b/w the pairs. in fact, the crazy thing is if you look at e/u and g/u on the same time frame the price action pattern looks virtually the same. im not smart enough to make the connections b/w the correlations and causation. if you can, please share.


thank you ms
Thanks for your kind words sam. As for correlation and causation... that's one thing we cannot know. A better way of looking at correlations would be to see them as an extra clue - something that helps you build up confidence in a certain trade.

Let's say you're about to enter a long on GBPJPY, but EURJPY is reaching a long-term trend-line which might act as resistance. Would you still take the trade?

Another example... let's say you're in a position already on EURJPY and it's in profit 15 pips. Your target is a support level another 15 pips away, but GBPUSD is approach a round number only 5 pips away. A good approach here might be to watch price closely and to exit if it looks like it's stalling. Going for that extra 15 pips might not be so likely if GBPUSD is running into a wall.

We need to quantify the level of correlation between these currencies. On my quick review it seems that EURJPY and GBPJPY are much more closely correlated than GBPJPY and GBPUSD. Bear that in mind. These are the sorts of things we can help each other figure out if we get our own forum off the ground. I'm sure stratman would benefit from such discussions too.
  • #2,258
  • Sep 15, 2010 8:13pm Sep 15, 2010 8:13pm
Good explanation mate, the correlation between GJ & EJ is much closer, than EJ & GU



Quoting Mindsphere
Thanks for your kind words sam. As for correlation and causation... that's one thing we cannot know. A better way of looking at correlations would be to see them as an extra clue - something that helps you build up confidence in a certain trade.

Let's say you're about to enter a long on GBPJPY, but EURJPY is reaching a long-term trend-line which might act as resistance. Would you still take the trade?

Another example... let's say you're in a position already on EURJPY and it's in profit 15 pips. Your target is a support level another 15 pips...
  • #2,259
  • Sep 15, 2010 11:01pm Sep 15, 2010 11:01pm
Just installed pipware..
Reading the manual now..
Is everything ok with my chart?
Attached Image (click to enlarge)
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  • #2,260
  • Sep 16, 2010 2:47am Sep 16, 2010 2:47am
Quoting Buildcity
Good explanation mate, the correlation between GJ & EJ is much closer, than EJ & GU
Thanks

I've just taken two trades based on this correlation. Unfortunately I exited too early in both occasions. I would appreciate if you could comment on the trade and tell me if my exits were too conservative, or right for the circumstances. If stratman's around, I'd love to hear his view too (or anyone else who cares to weigh in for that matter).

Edit: Also, I hate to ask - but could a few people vouch for me? I want to start a thread in Interactive Trading, but need 4 vouchers to do this. Instructions on how to vouch for someone on FF here - http://www.forexfactory.com/userguide.php#wvs_vouch (need 4 or more vouches already). Hm I've written the word vouch so many times it's become meaningless in my head. vouch vouch vouch vouch vouch

Attached Image (click to enlarge)
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