Kinda quiet in here...
- #103
- Apr 5, 2011 2:12pm Apr 5, 2011 2:12pm
- Joined May 2010 | Status: Straight line Fest | 3,191 Posts
Went long on the basket just now. Reason: past three weeks were bullish. This week's trend became bullish during today. For my entry: when buys lined up at the top on the 4hr, 1hr, and daily on the Orest indicator.
We'll see how this turns out.
Basket stoploss: $400
Trailing stop starts at $100 at 50%.
Good job gvc! keep it up. I still believe the basket is a very effective price action trading method. You can instantly tell when the different markets are ranging or all of them are trending harmoniously. This is definitely a discretionary method, but I have been looking at ways to automate some aspects.
1. On an indicator I have an email alert that alerts me when specific criteria is met. I can then remote access my laptop from my iphone and make a trade. (not in effect yet though lol)
2. Second is an EA. I believe that an EA can be made out of this method, and there have been attempts. But I very much prefer a discretionary approach to something as intricate as the bts.
update: While I was writing this, my buy basket has already made $130+, $50 already locked in.
Remember: this method does have a very huge stoploss for the basket. However, you need to accept that risk and use proper money management levels. The ideal risk per basket for me is 5%/basket. Once you have accepted your risk, all you have to do is wait for the setup. In the meantime, go learn something new and have a life outside of forex
.
We'll see how this turns out.
Basket stoploss: $400
Trailing stop starts at $100 at 50%.
Good job gvc! keep it up. I still believe the basket is a very effective price action trading method. You can instantly tell when the different markets are ranging or all of them are trending harmoniously. This is definitely a discretionary method, but I have been looking at ways to automate some aspects.
1. On an indicator I have an email alert that alerts me when specific criteria is met. I can then remote access my laptop from my iphone and make a trade. (not in effect yet though lol)
2. Second is an EA. I believe that an EA can be made out of this method, and there have been attempts. But I very much prefer a discretionary approach to something as intricate as the bts.
update: While I was writing this, my buy basket has already made $130+, $50 already locked in.
Remember: this method does have a very huge stoploss for the basket. However, you need to accept that risk and use proper money management levels. The ideal risk per basket for me is 5%/basket. Once you have accepted your risk, all you have to do is wait for the setup. In the meantime, go learn something new and have a life outside of forex
.
- #107
- Edited 12:29pm Apr 6, 2011 12:15pm | Edited 12:29pm
- Joined Jun 2010 | Status: Trader | 1,501 Posts
I was just thinking about currency strength today when I remembered seeing the 'Currency Meter' section in gvc's spreadsheet.
I was wondering if anyone has ever tried to plot the strength of a currency in a graph.
I'm not sure if it's correct, but I'm thinking a currency's strength will oscillate like a co/sine graph, always reverting back to the mean, or 0.
If a graph can be drawn using the data from the excel spreadsheet, the data can be studied to find the mean positive or negative levels of a currency. Once that can be achieved, then there could be potential trade opportunities found through looking at the strength graph.
Note: this regression to the mean data graphing can be best done on a statistical software such as R.
I've been searching for something like this on google, but I haven't found any currency strength indicator/software that can plot the oscillating graph. Most of them just show the numeric strength in a scale between -100 to +100. I'm sure it's not that hard to plot the data, but then I might not be looking hard enough
lol.
I was wondering if anyone has ever tried to plot the strength of a currency in a graph.
I'm not sure if it's correct, but I'm thinking a currency's strength will oscillate like a co/sine graph, always reverting back to the mean, or 0.
If a graph can be drawn using the data from the excel spreadsheet, the data can be studied to find the mean positive or negative levels of a currency. Once that can be achieved, then there could be potential trade opportunities found through looking at the strength graph.
Note: this regression to the mean data graphing can be best done on a statistical software such as R.
I've been searching for something like this on google, but I haven't found any currency strength indicator/software that can plot the oscillating graph. Most of them just show the numeric strength in a scale between -100 to +100. I'm sure it's not that hard to plot the data, but then I might not be looking hard enough
lol.
