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  • #863,581
  • Dec 15, 2013 11:52am Dec 15, 2013 11:52am
Quoting istanbul
Daily Chart RSI touched the 70 level a few days ago. But it started to fall under 70 again. What does it mean? {image}

RSI 70/30 works best when market is in a range and on strong trends such as on Yen pairs price can remain 70+for hundreds of pips.
Trick is to combine RSI with another Tool.I prefer Bollinger Bands.Its my favorite indicator
Set 2 BB bands
1 deviation 2
2 deviation 3
When RSI is in 70/30 on daily look to see if price is inside 2-3 BB deviations then you might have a trade.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.daily.png Size: 44 KB
In trading, you have to be defensive and aggressive at the same time
  • #863,582
  • Edited 12:47pm Dec 15, 2013 12:12pm | Edited 12:47pm
Quoting Likerty
Here we go again with new “insane” levels against the dollar across the board and taper is right behind the corner to give us a trade of the lifetime. Or is it? While many planning their big long dollar of the lifetime, market movers already in their big short of their own record. Let’s take a look to what happened trough out the year. The first wave of taper expectations started to gather momentum in June, but with unexpected Bernanke’s assurance “for foreseeable future” EUR/USD printed a record 400 pip daily candle and kept going until September....
Interesting way of thinking !

Edit : Chart added
Attached Image (click to enlarge)
Click to Enlarge Name: W1 15-12-13.JPG Size: 261 KB
FX is a Bitc*h!, No one keeps me wake all night but FX does!!
  • #863,583
  • Dec 15, 2013 12:51pm Dec 15, 2013 12:51pm
Using indicators as tools is perfectly fine.
Using BB method its obvious in this example price is at neutral zone. RSI at 50 and price is in the middle of BB
Most likely scenario is up on UC and sell zone at .700
This is a great filtering tool.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.daily.png Size: 40 KB
In trading, you have to be defensive and aggressive at the same time
  • #863,584
  • Dec 15, 2013 12:56pm Dec 15, 2013 12:56pm
Quoting Avir
{quote} Interesting way of thinking ! Edit : Chart added {image}

Avir
Just curious why you are using tips of monthly candles on TL but not the closed body.Difference is significant.
If you change the candle to line chart which is based on close price then true TL can be accurately drawn.
regards
In trading, you have to be defensive and aggressive at the same time
  • #863,585
  • Edited 1:17pm Dec 15, 2013 1:00pm | Edited 1:17pm
Quoting Ken A
{quote} If so, do you expect E/C to go down?

Canadian dollar is highly influenced by Aussy dollar.If Aussie stops falling then all comodity pairs will stabilize and regain strength.If you see Aussie continuously fall below 90 heading 88 stay away from buying Canadian dollar .
Furthermore US dollar strengthening means weaker Euro which could bring EC down but not always.To me Aussie is the key.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #863,586
  • Dec 15, 2013 1:02pm Dec 15, 2013 1:02pm
Quoting Davit
{quote} Avir Just curious why you are using tips of monthly candles on TL but not the closed body.Difference is significant. regards
It's weekly, i was thinking the same but thought to do it as this to make it easier for some, very hard to draw pasterns correctly on larger TF.
Tnx
Regards
FX is a Bitc*h!, No one keeps me wake all night but FX does!!
  • #863,587
  • Dec 15, 2013 1:12pm Dec 15, 2013 1:12pm
Quoting Avir
{quote} It's weekly, i was thinking the same but thought to do it as this to make it easier for some, very hard to draw pasterns correctly on larger TF. Tnx Regards

I don't understand what purple line is at 39.I am just trying to understand your thought process.
thanks
In trading, you have to be defensive and aggressive at the same time
  • #863,588
  • Dec 15, 2013 1:17pm Dec 15, 2013 1:17pm
Sorry, i couldn't draw that line from where that crosses the red one from this chart provider - i just meant that the point where it touches the TL( Edit: this week) - Apologies

One of my broker is open now and looks like this
Attached Image (click to enlarge)
Click to Enlarge Name: Saxo.JPG Size: 221 KB
FX is a Bitc*h!, No one keeps me wake all night but FX does!!
  • #863,589
  • Dec 15, 2013 1:20pm Dec 15, 2013 1:20pm
Quoting Avir
Sorry, i couldn't draw that line from where that crosses the red one from this chart provider - i just meant that the point where it touches the TL - Apologies One of my broker is open now and looks like this

That's fine.No apologies needed.
Based on closed body of candles upper TL and current TL intersect at 3780 which to me is significant number.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.monthly.png Size: 39 KB
In trading, you have to be defensive and aggressive at the same time
  • #863,590
  • Dec 15, 2013 1:22pm Dec 15, 2013 1:22pm
Quoting Avir
... One of my broker is open now and looks like this {image}
may i ask which broker that is, if you please ?
  • #863,591
  • Dec 15, 2013 1:37pm Dec 15, 2013 1:37pm
Quoting Davit
{quote} That's fine.No apologies needed. Based on closed body of candles upper TL and current TL intersect at 3780 which to me is significant number. {image}
I see that u r building ur short position, & expecting the price to come down
How long will u be holding this & at what point u will close if the price keep going against u
Just trying to understand ur thought process
Thanks
A good trader follows his rules, but great trader knows when to break them
  • #863,592
  • Dec 15, 2013 1:42pm Dec 15, 2013 1:42pm
Quoting ill_be_back
{quote} I see that u r building ur short position, & expecting the price to come down How long will u be holding this & at what point u will close if the price keep going against u Just trying to understand ur thought process Thanks

My lots are all small.Keeping my bigger troops in reserve for higher up.
I will exit if only fundamentals change.I don't see Euro zone performing better then US coming next 3months.
regards
In trading, you have to be defensive and aggressive at the same time
  • #863,593
  • Dec 15, 2013 1:44pm Dec 15, 2013 1:44pm
Quoting Davit
{quote} My lots are all small.Keeping my bigger troops in reserve for higher up. I will exit if only fundamentals change.I don't see Euro zone performing better then US coming next 3months. regards
Davit look at GBP/CHF I see good upside
  • #863,594
  • Dec 15, 2013 1:48pm Dec 15, 2013 1:48pm
Quoting Darkforce
{quote} Man, that doesn't make sense, 1.49 was last achieved when Claudio "The Vigilant" Trichet stupidly hiked rate from 1.0% to 1.5% between 2 crisis, can't see any reason how we are going to get there when current ECB rate is at 0.25% with no hope to go higher anytime soon.
Sorry….

The projection of the depth of the cup……..now that the handle is completed….
Wherever you go, there you are.
  • #863,595
  • Dec 15, 2013 1:50pm Dec 15, 2013 1:50pm
Quoting iNSIELD
{quote} Davit look at GBP/CHF I see good upside

thanks brother for heads up.Will look for sure
In trading, you have to be defensive and aggressive at the same time
  • #863,596
  • Dec 15, 2013 1:55pm Dec 15, 2013 1:55pm
Quoting serdarsil
{quote} may i ask which broker that is, if you please ?
just move your mouse onto the chart i posted it should say a 4 letter word - name of my chart.jpg
FX is a Bitc*h!, No one keeps me wake all night but FX does!!
  • #863,597
  • Dec 15, 2013 2:06pm Dec 15, 2013 2:06pm
Quoting Avir
{quote} Interesting way of thinking ! Edit : Chart added {image}
By the way, friday's PA for euro was quite bullish - some interesting levels holding.. Thinking about sneaky long against fridays lows + a few, and short U/J against the highs... If no-taper is on the agenda, it would be ideal to hold euro at the highs, as when bull impulse starts - cautious new buyers will close their positions early thus giving the necessary oposing liquidity (selling) for it to push higher...
69
  • #863,598
  • Dec 15, 2013 2:18pm Dec 15, 2013 2:18pm
Quoting Avir
{quote} just move your mouse onto the chart i posted it should say a 4 letter word - name of my chart.jpg
I was considering them for an option account ... their premiums are pure theft ! The fuckers take a 110 pips on a monthly Vanilla option while FENICS provide them liquidity & intermarket pricing for at least half of that.
"It's the Margin, Stupid."
  • #863,599
  • Dec 15, 2013 2:31pm Dec 15, 2013 2:31pm
Quoting Vachus
{quote} I was considering them for an option account ... their premiums are pure theft ! The fuckers take a 110 pips on a monthly Vanilla option while FENICS provide them liquidity & intermarket pricing for at least half of that.
Pls Dont.
i follow this fookers just coz, some or most retail Hard currency ppl in london follow their rates including some bank ( now i think just one - rest got fecked or withdrew due to HMRC pressure )

I dont trade with them
FX is a Bitc*h!, No one keeps me wake all night but FX does!!
  • #863,600
  • Dec 15, 2013 2:56pm Dec 15, 2013 2:56pm
Quoting iNSIELD
{quote} Davit look at GBP/CHF I see good upside

Sorry guys this is not Euro related but trading related
Looks like PA has room to go down further like another 50pips and then we should wait to see if support develops if breaks then next significant area is 1.42
On my Bollinger system price shows room to downside
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf.weekly.png Size: 38 KB
Click to Enlarge Name: gbpchf.daily.png Size: 42 KB
In trading, you have to be defensive and aggressive at the same time
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