Trade What You See - Almost Naked Trading
- #1,565
- Oct 18, 2010 8:05am Oct 18, 2010 8:05am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
Good night LG21. For us traders in Japan (I live just east of Tokyo, I'm an American), it's 2pm, Monday afternoon. And I've got nothing better to do today 'cept watch the charts and old Cheers episodes on You Tube. (At the same time of course.) Pleasant dreams.
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I'd rather make money than be right.
- #1,568
- Oct 18, 2010 8:42am Oct 18, 2010 8:42am
Hi Lawgirl,
Following your recent posts I have seen you mention if there was any correlation between weekly and monthly charts. Having run a few extensive tests from this years data it provides interesting results:
Weekly/Monthly Correlation
It appears that if price is above the opening price for the month, two weeks into the month it will stay above the open price and vise versa, however this does not indicate that half way through the month it will continue in the direction of the trend for example, price might be 200 pips above the open price but fall to only being 20 pips above the open price by the end of the month. The only month where this corrolation did not apply was Janauary, which is always a odd month!
Also during my testing I also found that the opening price for the week is always a nice price to take note of as often price comes to retest this area and can provide some nice entries.
Todays Trading
It looks like today was an interesting day for trading, im glad people managed to grab some pips, however my trading strategy usually keeps me out of trading Mondays so I am looking forward to getting stuck in tomorrow.
Many Thanks,
TheDell
Following your recent posts I have seen you mention if there was any correlation between weekly and monthly charts. Having run a few extensive tests from this years data it provides interesting results:
Weekly/Monthly Correlation
It appears that if price is above the opening price for the month, two weeks into the month it will stay above the open price and vise versa, however this does not indicate that half way through the month it will continue in the direction of the trend for example, price might be 200 pips above the open price but fall to only being 20 pips above the open price by the end of the month. The only month where this corrolation did not apply was Janauary, which is always a odd month!
Also during my testing I also found that the opening price for the week is always a nice price to take note of as often price comes to retest this area and can provide some nice entries.
Todays Trading
It looks like today was an interesting day for trading, im glad people managed to grab some pips, however my trading strategy usually keeps me out of trading Mondays so I am looking forward to getting stuck in tomorrow.
Many Thanks,
TheDell
- #1,576
- Oct 18, 2010 9:39am Oct 18, 2010 9:39am
- Joined Dec 2009 | Status: Trader | 6,603 Posts
lawgirl,
I got in on AUDUSD trade and still on it. I was expecting reversal on round number, fib level, ppz and trendline bounce. Entry on round number with stop at -30 pips. Currently it is -6 pips so it looks like I will drop -30 on this as well. It still looks like good setup but we never know.
I can't see any other setup at the moment. It's a waiting game now. But I have good hope for tomorrow as the pairs that moved today could provide some good setup's tomorrow.
- #1,578
- Oct 18, 2010 9:46am Oct 18, 2010 9:46am
- Joined Dec 2009 | Status: Trader | 6,603 Posts
Yes. Made 15pips ut from it
- #1,580
- Oct 18, 2010 9:48am Oct 18, 2010 9:48am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
lawgirl,
I got in on AUDUSD trade and still on it. I was expecting reversal on round number, fib level, ppz and trendline bounce. Entry on round number with stop at -30 pips. Currently it is -6 pips so it looks like I will drop -30 on this as well. It still looks like good setup but we never know.
I can't see any other setup at the moment. It's a waiting game now. But I have good hope for tomorrow as the pairs that moved today could provide some good setup's tomorrow.
I'm still in as well, got in a bit higher than lg so my stop has not been hit. Could get lucky .. there is a bear flag on the 15 & need to see how the 1 hr candle ends. I'll try to get out at b/e. In the meantime, I took a short on GBPCHF earlier & that one is paying.
*******************
I'd rather make money than be right.