I am smart than average trader, I simply copy the best.
For me, as long as it can't break that 38.2 Fib retracement drawn from 23 Oct 2013 high, it's going down to at least 0.8916 (23.6 retracement). My methods are extremely simple I know, but it keeps me from blowing too many accounts 
.
I could of course be wrong and it goes up to 50.0 Fib. at 0.9206. That's forex, I guess. But... the R:R is what appeals to me in this scenario.
.I could of course be wrong and it goes up to 50.0 Fib. at 0.9206. That's forex, I guess. But... the R:R is what appeals to me in this scenario.
- #72,749
- Feb 17, 2014 10:46pm Feb 17, 2014 10:46pm
- Joined Mar 2007 | Status: Symbol | 2,788 Posts
{quote} Bullish because of A/J > BOJ Won't short E/A because of E/J
I took the EA short at the Aussie monetary policy news (Bullish AU). AY got a surge then and then another at Jap. Monetary statement. I took a 1/4 off at +60 and stopped out on the other. I was watching and got EY at 140.11 and still going. I've got a screenshot of your correlation equations
, but don't get not shorting EA because of EY, when the news today is Aussie and Yen driven. The Euro has been a bit of a dead duck.Can you enlighten me?
Cheers.
FF journal: Peaks and Troffs
- #72,751
- Feb 17, 2014 11:00pm Feb 17, 2014 11:00pm
- Joined Jun 2012 | Status: ケンジ | 21,416 Posts
{quote} mmmm don't know
AY got a surge then and then another at Jap. Monetary statement. I took a 1/4 off at +60 and stopped out on the other.
I was watching and got EY at 140.11 and still going.
I've got a screenshot of your correlation equations
The Euro has been a bit of a dead duck. Can you enlighten me? Cheers.
OK when E/J demand is higher (136 pips) than U/J (98.3 pips), this will drag E/U up and in turn will drag E/A up and turn A/U down because the demand for A/J (100 pips) is not as high as E/J.
EUR/USD x USD/JPY = EUR/JPY
EUR/JPY ÷ EUR/USD = USD/JPY
EUR/JPY ÷ USD/JPY = EUR/USD
- #72,752
- Feb 17, 2014 11:24pm Feb 17, 2014 11:24pm
- Joined Mar 2007 | Status: Symbol | 2,788 Posts
{quote} I closed E/A short for 50 quick pips anticipating BOJ statement later then went long and still alive now. OK when E/J demand is higher (136 pips) than U/J (98.3 pips), this will drag E/U up and in turn will drag E/A up and turn A/U down because the demand for A/J (100 pips) is not as high as E/J. EUR/USD x USD/JPY = EUR/JPY EUR/JPY ÷ EUR/USD = USD/JPY EUR/JPY ÷ USD/JPY = EUR/USD
that's given me something to think about. The first things that pop into my head are; different daily ranges. And who is the driver? I've always thought that E/U and U/J are the drivers that move E/Y. Are you taking about arbitrage? Also, the news was Aussie and Yen related.
FF journal: Peaks and Troffs
- #72,753
- Feb 17, 2014 11:40pm Feb 17, 2014 11:40pm
- Joined Jun 2012 | Status: ケンジ | 21,416 Posts
{quote} Bugga me
The driver is JPY - sell JPY then buy everything else including AUD, NZD, CAD, EUR, GBP et al
- #72,756
- Feb 18, 2014 1:52am Feb 18, 2014 1:52am
- | Commercial User | Joined Sep 2013 | 2,500 Posts
The Ozzie has been a little unpredictable lately & now the reason is starting to show. To trade the Ozzie you need to keep an eye on Eur/Aud & Gold. Even if you don't trade them. All three appear to have started retracements which could reap around 200 pips each. (that's 2000 points for gold).
Eur/Aud has formed a small inverted HnS which in turn looks to be forming a large HnS. Ozzie is likely to retrace to around 0.88 before turning back up to complete the major retracement to around 0.9340..........I say retracement because I still believe Ozzie will eventually get down to around 0.80.
Do your own research folks. I could well be wrong..................
Eur/Aud has formed a small inverted HnS which in turn looks to be forming a large HnS. Ozzie is likely to retrace to around 0.88 before turning back up to complete the major retracement to around 0.9340..........I say retracement because I still believe Ozzie will eventually get down to around 0.80.
Do your own research folks. I could well be wrong..................
Money Makes Money
- #72,760
- Feb 18, 2014 4:23am Feb 18, 2014 4:23am
- | Commercial User | Joined Sep 2013 | 2,500 Posts
Money Makes Money