Spider's Den

Sure short trades are in play!

Well in that case, here's a nice level on H4. Confluence of TL retest with bearish continuation @ 8764.

or 8750

nzd drop over 100 pip so far with tight SL

EURUSD is showing regular bullish divergence close to supports marked by cam levels. Regular bullish divergence is accompanied by a potential W bullish pattern. if 3500 holds 3575 is possible. This is a potential COUNTER TREND setup.

Market is not moving much. Its been a very slow market today.

Hello again Badasti,

I havent forgotten about explanation of tools i use and i will do it asap. I have a lot work to do at the moment, it will be posted very soon.

i have read you post a few days agow you mencion of correlacion can you give a explaination on this y have read but can not have a clear idea it is abaut the pair or just single coin if it is positive or negative is buy or sell alert ?

we r very near to 200 pip ++ with it
It's my black horse i been waiting for

Yes i will give an explanation dont worry.

Counter trend setup on EURUSD from yesterday, still playing out. 3520 multiple rejections for last 2 days. While 3500 holds 3575 is possible.

GBPCAD and GBPAUD quick setups.

T, what do you think about shorting GBPUSD around 7077?

Watching 15m chart it looks possible. But trail the stop once ur in.

+5 +25 respectively at this moment

3550 has been reached today. While price is holding above 3500-15 there is still a chance for 3575 where my pending is waiting

As i promised to many traders who asked me about some tools which are helpful in my ( and possibly their ) trading, I have written a summary of most useful things on my trading platform.

The TOOLS which are helping me in my trading decisions:

Because I trade my own method CAMMACD ™ the pairs which I trade are correlated to some extent. I trade extensively 24 pairs. Generally for me it is the same whether I trade ( or analyze ) EURUSD or CHFJPY. That is why I am extensively using CORRELATIONS. When two sets of data are strongly linked together we say they have a High Correlation. FX correlation is the same. When pairs are moving in the same direction we say it is a positive correlation and when they move in opposite direction it’s a negative correlation.
Perfect correlation happens when pairs are moving 100 % in the same direction but its rare. We say that correlation is high when pairs are moving above +0.80 or 80 ( depending on the calculation, it’s same thing only a decimal difference ).When correlation is negative that means the currencies move in the opposite way. Correlation is inverse when it is negative but if it is below -0.8 or -80 that means that it is highly negative ( inverse ) and the pairs are moving in totally opposite direction. Generally speaking as long as the correlation is above +50 pairs are moving in the same direction and vice versa for -50. The bigger the number the stronger direction is.
Generally Same direction moving pairs:
EUR/USD and GBP/USD
EUR/USD and NZD/USD
USD/CHF and USD/JPY
AUD/USD and GBP/USD
AUD/USD and EUR/USD
and
Inversely moving pairs are:
EUR/USD and USD/CHF
GBP/USD and USD/JPY
GBP/USD and USD/CHF
AUD/USD and USD/CAD
AUD/USD and USD/JPY

This is an USUAL fx correlation. Be SURE to check correlation once per day or week to see if there is a positive or negative correlation. REMEMBER THAT CORRELATION EXISTS on EACH TIMEFRAME. I am particularly interested in H1 timeframe as that is my intraday timeframe of choice. It is very important to watch correlation between pairs because sometimes I have 5 different positions opened and 4 more pending waiting. The tool which I use is integrated on my platform and it is called Correlation Matrix. It helps me greatly as I can spot correlations perfectly. Sometimes I need also to watch correlation trader just to be sure not to be double exposed to USD or YEN. It is directly connected to Matrix, but most of the time its enough just to watch Matrix itself.



Example of negative correlation




Another tool which I extensively use is ALARM MANAGER. It is very informative tool that can alert me when price is very close to my MARKET order level or to my PENDING order. I have been using it very extensively because if the price is close to my POC I need to either check my pending or enter a market order in my POC zone. VERY useful tool and I need to say it’s a MUST to a PRO trader. I can leave my trading station and I always get alerts, sounds or popups for price level. This example shows my pending order 3575 short for EURUSD and alert that will pop up when price gets close to 3565 zone. I can put my bid/ask level there which will automatically alert me if the bid/ask price has been hit. It also alert me for impending news, margin used , open profit and it alerts me if I didn’t put a SL which of course never happens but it’s a great add on which acts as a reminder. Of course I always check FF calendar with my alarm manager.

Alarm manager directly connects to my account and help me managing my risk ( 0.5 % total risk per trade ) as ( already posted it ) very often I have 5 simultaneous positions and 5 pending orders running. I need to say that I have currently 5 different accounts which I manage ( personal accounts- 3 BUILDING, WITHDRAWAL, INVESTMENT )



Also from time to time I check SENTIMENT TRADER EA which tells me general direction ( bias ) of trading volume. Its great for double checking COUNTER TREND setups and general trend direction for TREND setups. I mostly used it to counter the masses in COUNTER TREND setups



There are also many other useful add on which I use from time to time but those above mentioned are which help me most in my trading. And for all of you who don’t know- I have 3 monitors ( 25 inch ) and 2 laptops ( 17 and 19 inch ) running. Believe me- its enough. I could have set up 6 monitors but its not needed. I also run Mt4 on my mobile phone which is a back up scenario in the case of CABLE failure. ( UPS is installed too ).

In the era of Internet every information is gold worthy. Us - PRO traders heavily rely on trustworthy information and tools which are giving us Market Depth.

Thanks I really appreciate it! Could you please send me a PM of where I can get those tools?

Also, if 2 pairs are correlated, do you still trade both pairs or will you only trade 1? (ie positive: trade 2x the same direction and negative: trade 1x buy and 1x sell)