One further question just to make sure I have understood everything. Those a-to-d elements listed above, are they exclusive or mutually required? I mean, let's say you get a short knife signal (point b), but Vegas 3 concepts (point a) havent quite presented themselves as they should -lack of momentum or whatever-. Do you still take that short knife signal, or if point a) aint there you just drop any possibility of entering at all? What about if you dont get either point a) or point b) but you do get a sweet pin bar on the daily chart off the extreme fib line?
Sorry for so many questions. I just wanna make sure Im in the same page when reading your VWB tables.
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WTB,
I take them exclusively. I would look for them in the listed preference. I usually leave the trade to float around for a while before moving it to B/E until I feel comfortable it has started moving in my direction.
For entries:
1. First wait for the price to breach the extreme fib.
2. Look for reversal signal. All reversal signals would not satisfy vegas 3 concepts. Here is the order of preference I go with.
a. Look for vegas 3 concepts.
b. Look for Knife entry signal.
c. Look for distinct price action like nice PIN bars, Huge BEOP/BUOBs etc, in daily charts.
d. Look for very strong weekly trendline resistance/supports.
Knife is a tweaked version of Vegas' 4H tunnel system. You can find the original 4H tunnel in the beginners section, and the Knife system in the Private Forum section (US$99 a month fee).
Is USD getting stronger after Trade Balance news or just a spike?
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I am already long with the USD/CAD.
Do you see any confirmation of the reversal of this currency pair? I entered based on the slope change in the 4hour method.
I am already long with the USD/CAD.
Do you see any confirmation of the reversal of this currency pair? I entered based on the slope change in the 4hour method.
Ignored
Good catch..I'm also long with USD/CAD at 1.1489 based on knife entry. Let's see how this goes..
Good catch..I'm also long with USD/CAD at 1.1489 based on knife entry. Let's see how this goes..
Shan
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My weekly on the cad still has an error , is the momentum up on the weekly chart on the usdcad, can seem to fix the error on the stratagy builder , Looking to get involved in this pair long as well.
Is USD getting stronger after Trade Balance news or just a spike?
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Although the trade data came out a little better than expected, I think the dollar rally should be limited as the prospects for the trade deficit still aren't very good.
Furthermore; I believe that FX markets will become more concerned over the burgeoning US current account deficit and that this will contribute to a weakening dollar later this year.
With respect to the USD/CAD trade - I agree that as of last evening the Fib line was breached which presented a buying opportunity. The pair was staying in oversold territory, and in my mind there was a possibility that the pair could have declined further, and with the news coming out today, I did not take the trade, but will look at this again this evening. I think we could see a bump up, then perhaps a decline again…
Although the trade data came out a little better than expected, I think the dollar rally should be limited as the prospects for the trade deficit still aren't very good.
Furthermore; I believe that FX markets will become more concerned over the burgeoning US current account deficit and that this will contribute to a weakening dollar later this year.
With respect to the USD/CAD trade - I agree that as of last evening the Fib line was breached which presented a buying opportunity. The pair was staying in oversold territory, and in my mind there was a possibility that the pair could have declined further, and with the news coming out today, I did not take the trade, but will look at this again this evening. I think we could see a bump up, then perhaps a decline again…
Good catch..I'm also long with USD/CAD at 1.1489 based on knife entry. Let's see how this goes..
Shan
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Hi Shan i am intrigued why you went long i though it was ready a couple of days ago but got stopped out. Which aspect of the knife.
It would help me as i am working on the knife...got the VWB dayly and hourly knife is next oh a d all of james and fijis stuff....it's mind boggling.
I'm short on the cad by the way
Hope you caught some of the US acton today!
S
No Problem, and thank you all for your recommendations/comments as well….
I took a look at the USD/CAD pair: I agree that the technicals are in place for a long trade (This pair seems to only get to the first Fib level of model 2 or 144 for its extreme), however; tomorrow we have the US Sales Retail Report, and this could make things move quite a bit. A bad report could send this pair a lot lower. Perhaps I might take a long position in the morning with a very tight stop. . Any thoughts on this?
Other thoughts:
AUD/USD:
The pair is trending nicely. Anyone think we might have a set-up for a short trade soon? It is at the first fib and looks like it might start to trend down.
NZD/USD:
I have been following this pair for a little while now. .It has made a strong move up, but I am still struggling to see the upside on this currency. I thought (and it did happen) that a bounce can be justified in light of the high nominal interest rates and the rally in the commodity prices, I continue to view the balance of factors to be overwhelmingly NZD negative. Give the most recent upside move that has taken place, I would speculate that a down might be in order. It may have a little more upside, but will look for a reversal.
