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BASKET Trading

  • #1
  • First Post: Edited Mar 7, 2014 8:20pm Mar 5, 2014 1:15pm | Edited Mar 7, 2014 8:20pm
This thread is created to focus on trading the Base and Counter pairs of a currency simultaneously by looking at the currency using Pure Price Action.

The trade set up will be based on Support,Resistance, Trendline, Channel, Candle reversal patterns,Candle continuation patterns and new release.

The currencies are AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD.

When the currency stated above are strong we buy the base and sell the counter but when it is weak we sell the base and buy the counter
  • #2
  • Mar 5, 2014 2:45pm Mar 5, 2014 2:45pm
Finally, u have taken heed to my request!
Congratulations!
Subscribed!
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #3
  • Mar 5, 2014 7:24pm Mar 5, 2014 7:24pm
Quoting Opemipo
Finally, u have taken heed to my request! Congratulations! Subscribed!
Yea but not offline chart
  • #4
  • Mar 5, 2014 11:37pm Mar 5, 2014 11:37pm
Quoting IgumzFx
{quote} Yea but not offline chart
I love that. I m ready to learn massive from u.
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #5
  • Mar 6, 2014 2:26am Mar 6, 2014 2:26am
CHF UPDATE

On March 03,2014 CHF gave a weakness sign at the daily Resistance indicating that CHF is weak. Therefore we sold the CHF base and bought the CHF Counter. Today being March 06,2014, CHF is still very weak
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-03-06_0910.png Size: 28 KB
  • #6
  • Mar 6, 2014 4:09am Mar 6, 2014 4:09am
Ig,
can u explain more on ur entry and exit?
Thanks!
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #7
  • Mar 6, 2014 4:28am Mar 6, 2014 4:28am
Sharemaster,
How u dey? Long time! It is like the BTS in Kos thread doesnt work as b4.
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #8
  • Edited 4:42am Mar 6, 2014 4:29am | Edited 4:42am
Quoting Opemipo
Ig, can u explain more on ur entry and exit? Thanks!
It is normal Price action strategy that requires to check the base and counter pairs when the set up is set on the Currency. If the pairs pairs shows set up then you place position on the 7 pairs but if not place positions according to the set up of each pair.
Before you place position make new update for major news release
  • #9
  • Mar 6, 2014 4:31am Mar 6, 2014 4:31am
Quoting IgumzFx
{quote} It is normal Price action strategy that requires to check the base and counter pairs when the set up is set on the Currency. If the pairs pairs shows set up then you place position on the 7 pairs but if not place positions according to the set up of each pair.
There are many aspects of price action, if u dont mind, can u teach us the ones u have tested and proved profitable so that we can follow. Thanks!
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #10
  • Mar 6, 2014 4:56am Mar 6, 2014 4:56am
Nice thread Igz.

I will be watching this to see how it goes. Like Ope said, I think further explanations will help you create a good "followership" once more people understand "where" you are coming from.

Keep up the good work.

Regards,

Ty
My job: I speculate and manage risk.
  • #11
  • Mar 6, 2014 4:57am Mar 6, 2014 4:57am
Quoting IgumzFx
{quote} It is normal Price action strategy that requires to check the base and counter pairs when the set up is set on the Currency. If the pairs pairs shows set up then you place position on the 7 pairs but if not place positions according to the set up of each pair. Before you place position make new update for major news release
Hi there,

How do you check the base currency? Which broker gives you charts of the base?



thanks

Toni
  • #12
  • Mar 6, 2014 5:05am Mar 6, 2014 5:05am
Quoting IgumzFx
...The currencies are AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD.When the currency stated above are strong we buy the base and sell the counter but when it is weak we sell the base and buy the counter...
For example Igz...HOW do you determine IF CHF is "weak"?

Do you use a particular currency pair like say: USDCHF?

IF so, what currency pairs would you use to determine the "strength or weakness" of EACH of the above listed pairs?

Sorry if these are Noob questions but I have NEVER been afraid of asking question no matter how stupid it may make me look!

Regards,

Ty
My job: I speculate and manage risk.
  • #13
  • Mar 6, 2014 5:28am Mar 6, 2014 5:28am
Quoting forexdaist
{quote} Hi there, How do you check the base currency? Which broker gives you charts of the base? thanks Toni
In a currency pair, the first currency us the Base while the last currency is the Counter eg EURUSD; EUR =Base USD = Counter
Now of EUR is strong you look for buy set up in EURUSD but if USD is strong you look for sell set up in EURUSD.
There are so many Brokers out there that have currency index that you can use.
  • #14
  • Mar 6, 2014 5:31am Mar 6, 2014 5:31am
Quoting TyLamai
{quote} For example Igz...HOW do you determine IF CHF is "weak"? Do you use a particular currency pair like say: USDCHF? IF so, what currency pairs would you use to determine the "strength or weakness" of EACH of the above listed pairs? Sorry if these are Noob questions but I have NEVER been afraid of asking question no matter how stupid it may make me look! Regards, Ty
TyLamai,

You use the currency index to determine it.
  • #15
  • Mar 6, 2014 5:35am Mar 6, 2014 5:35am
Quoting Opemipo
{quote} There are many aspects of price action, if u dont mind, can u teach us the ones u have tested and proved profitable so that we can follow. Thanks!
The only PA that i know is to analyse then chart naked without any custom indicators. Look for reversal and continuation patterns at the swing high and low of currency chart. The tools are Support/Resistance Line. Trendline, Channels, Candle Reversal and Continuation patterns and focus on major news realeas
  • #16
  • Mar 6, 2014 5:36am Mar 6, 2014 5:36am
Quoting IgumzFx
{quote} In a currency pair, the first currency us the Base while the last currency is the Counter eg EURUSD; EUR =Base USD = Counter Now of EUR is strong you look for buy set up in EURUSD but if USD is strong you look for sell set up in EURUSD. There are so many Brokers out there that have currency index that you can use.
Ig,
Good luck, our old friends are here again. Let us expect more impact-full thread.
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #17
  • Mar 6, 2014 5:44am Mar 6, 2014 5:44am
Quoting TyLamai
{quote} For example Igz...HOW do you determine IF CHF is "weak"? Do you use a particular currency pair like say: USDCHF? IF so, what currency pairs would you use to determine the "strength or weakness" of EACH of the above listed pairs? Sorry if these are Noob questions but I have NEVER been afraid of asking question no matter how stupid it may make me look! Regards, Ty
Go to www.liteforex.com, download thier platform. Once the platform is up and running, click
file, select new chart, locate liteforex index, put everything there on ur platform.
By this, u will be able to see how each currency behaves.
Hope this helps!
Thanks!
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #18
  • Edited 6:03am Mar 6, 2014 5:49am | Edited 6:03am
Quoting IgumzFx
{quote} TyLamai, You use the currency index to determine it.
Ig,
If u really want us to follow this thread, you have to explain down to earth as kos so that we can understand u clearly. As far as I m concerned u have not explained anything that has to do with this sys expect u dont want us to know it deliberately. Pls take it one by one or prepare a pdf on ur comprehensive method or direct us to a link that explains this in clear terms.

Hope I have not annoyed u?
Thanks!
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #19
  • Mar 6, 2014 5:51am Mar 6, 2014 5:51am
Quoting Opemipo
{quote} Ig, Good luck, our old friends are here again. Let us expect more impact-full thread.
As we proceed you will understand how it works. I focus mainly on daily and weekly time frame cos the higher the time frame the stronger the swing points. I look at the chart when daily and weekly candle close and open.
  • #20
  • Mar 6, 2014 6:04am Mar 6, 2014 6:04am
Quoting IgumzFx
{quote} TyLamai, You use the currency index to determine it.
The Currency index?

Igz...what currency index?

Can you PLEASE explain further?

Ty
My job: I speculate and manage risk.
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