Best regards, blackfriday
I don't know how useful this indicator would be, but I've attached it for anyone that might want to use it.
It's a currency strength indicator, I've removed the pairs that I'm not looking to trade (so only EUR USD JYP GBP CAD shown)
I've set it to a 100 look back period and as you can see the indicator can show whether the currencies are gaining strength or weakness (across all pairs) by the direction the lines are moving. I've been looking at the indicator for the daily chart only as faster time frames can show a lot more movement and I'm only using it for looking for longer term trends. I've uploaded an picture of what it looks like.
I'm still very new to the trading world and would like to know from the more senior members whether this indicator could be useful in this TMS strategy.
Hope it can be of some use.
It's a currency strength indicator, I've removed the pairs that I'm not looking to trade (so only EUR USD JYP GBP CAD shown)
I've set it to a 100 look back period and as you can see the indicator can show whether the currencies are gaining strength or weakness (across all pairs) by the direction the lines are moving. I've been looking at the indicator for the daily chart only as faster time frames can show a lot more movement and I'm only using it for looking for longer term trends. I've uploaded an picture of what it looks like.
I'm still very new to the trading world and would like to know from the more senior members whether this indicator could be useful in this TMS strategy.
Hope it can be of some use.
- #66,752
- Mar 9, 2016 10:01am Mar 9, 2016 10:01am
I do not like the current price swings on EUR/CAD, at one point price was a mere 15 pips from my TP,
a mere two minutes later and it was back up near my original entry [my initial tp was 100 pips from entry]
I have decided that i must move mt SL to break even, and that it would be stupid to be 85 pips in profit [with 15 pips to go] and somehow end up with a loss, but with the way price is swinging i wouldn't be surprised if knowing my luck price may touch my BE and then head straight back down to the TP
- #66,754
- Mar 9, 2016 11:29am Mar 9, 2016 11:29am
were these good trades to take as per the tms rules? just demoing it{image} {image}
It's difficult to spot your entry exactly but in general i'd say they were valid trades. Perhaps a good idea is to use the REAL OHLC price bars and set them to foreground. Then you can spot PA setups that will lead the TDI crossing.
Best,
- #66,756
- Mar 9, 2016 12:23pm Mar 9, 2016 12:23pm
{quote} I think you must be pretty happy with these trades in hindsight! It's difficult to spot your entry exactly but in general i'd say they were valid trades. Perhaps a good idea is to use the REAL OHLC price bars and set them to foreground. Then you can spot PA setups that will lead the TDI crossing. Best,
Fib(onacci) my way to glory
- #66,757
- Mar 9, 2016 12:54pm Mar 9, 2016 12:54pm
- Joined Jul 2013 | Status: Trader | 1,045 Posts
EC, H4, short, 102 pips.
AJ, H4, long, 93 pips.
GA, H4, short, 171 pips.
EA, H4, short, 152 pips.
And UC, H4, short, 99 pips. This trade is all Emm's merit, not mine.
Emm, would you still be taking swing trades tomorrow, or you would consider this week closed?
AJ, H4, long, 93 pips.
GA, H4, short, 171 pips.
EA, H4, short, 152 pips.
And UC, H4, short, 99 pips. This trade is all Emm's merit, not mine.
Emm, would you still be taking swing trades tomorrow, or you would consider this week closed?
- #66,758
- Mar 9, 2016 1:37pm Mar 9, 2016 1:37pm
- Joined Nov 2013 | Status: Trader | 2,780 Posts
EC, H4, short, 102 pips. {image} AJ, H4, long, 93 pips. {image} GA, H4, short, 171 pips. {image} EA, H4, short, 152 pips. {image} And UC, H4, short, 99 pips. This trade is all Emm's merit, not mine.
It's in fear when people show what they truly value.
EC, H4, short, 102 pips. {image} AJ, H4, long, 93 pips. {image} GA, H4, short, 171 pips. {image} EA, H4, short, 152 pips. {image} And UC, H4, short, 99 pips. This trade is all Emm's merit, not mine.
these all look like good results.
but why for the GA and EA did you make the trades?
I cannot see TDI crosses in the direction of your trade. I am most puzzled...
- #66,760
- Mar 9, 2016 2:07pm Mar 9, 2016 2:07pm
- Joined Jul 2013 | Status: Trader | 1,045 Posts
{quote} these all look like good results. but why for the GA and EA did you make the trades? I cannot see TDI crosses in the direction of your trade. I am most puzzled...
On GA there was actually a cross on the close of the second candle. See the vertical line I drew on the chart.
On EA... According to my BPP, I knew I would only be a seller this week on EA. When the candle that I entered opened, the green pierced the red, so there was a cross. But on the live candle, which means I took it aggressively, since I look to enter on the cross on the close of the candle, not on the opening of the candle. The cross on the opening of the candle is for the original rules of Big E. And I stopped trading that way, being mesmerized by the tens of thousands of pips Emm is banking every week. Back to EA... My aggressive entry was supported by price, because there was a spinning top after the first blue APB, which shows me there is indecision, so the market might turn down. The next candle confirmed that, by forming a shooting star. And where did it form? Look left, and you will see there is at R level. So that's how I took the trade.
Since you are new to TMS, I believe it is best to wait for everything to fall in place. That includes the cross/bounce, too.
I hope that helped. Many green pips to you!