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As simple as possible: 00 level trading

  • #33,961
  • Apr 4, 2016 1:48pm Apr 4, 2016 1:48pm
Quoting Georgebaker
{quote} LuXing - What you have at the picture, is that an indicator?
No, itīs not an indicator, but you could surely program it in MQL or Excel if you wanted to.
I searched for an image on the internet and posted it to explain something about currency crosses.
The point is that USD and JPY play an important role in the triangle.
See below what happens if JPY>USD>NZD..

LuXing
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Wisdom begins in wonder
  • #33,962
  • Apr 4, 2016 2:01pm Apr 4, 2016 2:01pm
Quoting Dobbsie
LuXing, I might not be asking this question correctly but is there any kind of an indicator that measures the rate of change for currency strengths rather than "pen and paper" each half hour? Thanks for any insight you can provide. Dobbsie
I honestly don't know if there is any kind of indi that does this, but your question is very interesting.

What is important is what exactly do you want to measure ?

% change in price or in currency strength ?
on what timeframe(s) ?

From what I remember, the classic "rate of change" has a formula but you would have to take a candle OHLC based on timeframe x or y.
You could also chose one of the solutions Sevan suggested a couple of pages back (an indi or EA that takes a screenshot every x minutes of currency strength).
Another option is to use the Modoki heatmap you can find in the dashboard trading thread.

Pfff, in the end there are many alternatives available but unless you give me a very precise "briefing" / description of what you want to measure I can only give you a broad framework on to do this.

Hope this helps though.

LuXing
Wisdom begins in wonder
  • #33,963
  • Apr 4, 2016 3:08pm Apr 4, 2016 3:08pm
Quoting NewToForex14
{quote} Luxing hello. Which currency strength indicator are you talkin about? is it the same the Brazilian guys posted long time ago ProfitSupremeMeter or it it Giraia ? Looks like I have a few versions of both of them. I would like to give this system another shot, so if you can, please, post the one YOU have. Again, thank you very much. EDIT: Luxing, I just compared these indicators with each other and they all show different currency strength. can we have the one you have. Thanks.
Search and thou shall find...

This one

LuXing
Wisdom begins in wonder
  • #33,964
  • Apr 4, 2016 5:15pm Apr 4, 2016 5:15pm
Quoting LuXing
{quote} I honestly don't know if there is any kind of indi that does this, but your question is very interesting. What is important is what exactly do you want to measure ? % change in price or in currency strength ? on what timeframe(s) ? From what I remember, the classic "rate of change" has a formula but you would have to take a candle OHLC based on timeframe x or y. You could also chose one of the solutions Sevan suggested a couple of pages back (an indi or EA that takes a screenshot every x minutes of currency strength). Another option is to...
Bro LuXing, I have same thoughts as Dobbsie and will say a word first.
I have seen in your posts and comment that you have ability to comment at evening day trades of other friends here and can say what CS was at the time of entry. For example, today I observe charts from early morning an can say J is strong & Aud, NZD week all day but have no clear picture about other because of more often CS change during a day.. ( if we talking about using only RH_CCYMagic, the Giraia currency meter). Maybe Smart thing to have all CS data stored?

I think It can be used to show on some histo or diagram view CS and easily show which currency strong\week during some time in a row and it can be a part of decision making trigger when you see that it was a retrace, analize r\s levels an so on, see after that CS increases again + any candle setups ( next red M30 in a row) + MO or any other BUT you clearly understand that this 2 currencies strong\week during some time& it gives you addition positive probability. Am I right or it is not needed?
I personally had a lot of SL during 1x8 entries but SL and never 1X8 after that during a day..

How to manage currencies triangles and where to read more?

My today trades:
#1 AJ_FO TP
#2 NJ_LO SL
#3 #4 NJ_TP
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Stay positive, Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
  • #33,965
  • Apr 5, 2016 2:50am Apr 5, 2016 2:50am
Quoting LuXing
{quote} Chapeau bubincka !!!! I did not have any time for trading today, but if I had I would have taken the very same trades. Keep up the good work and may the green pips be with you. LuXing
Thanks LuXing, your opinion is greatly appreciated.
I will try to mantain discipline and to improve trade execution with practice. Just about discipline and precision, today at FFO I was distracted by USDCHF and put a buy pending order @ .950. In hindsight this was a mistake for some reasons: A) not place an order at 900/950 levels; B) pair was in a range, there was no clear trend; C) there were much better opportunities to trade, i.e. JPY extra strong against NZD, AUD, USD... All of these would have been a quick TP.
Luckily my bad setup this time was a TP.

#1 UCHF to TP
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Porta itineris dicitur longissima esse
  • #33,966
  • Apr 5, 2016 3:02am Apr 5, 2016 3:02am
Quoting Dobbsie
LuXing, I might not be asking this question correctly but is there any kind of an indicator that measures the rate of change for currency strengths rather than "pen and paper" each half hour? Thanks for any insight you can provide. Dobbsie
If I may step in. Few pages back LuXing mentioned an excel to find in the paperclip on top.
If you just search for forexgrail, you will find a website offering exactly what you are looking for.

Rgds, Max
  • #33,967
  • Apr 5, 2016 5:18am Apr 5, 2016 5:18am
Quoting bubincka
{quote} Thanks LuXing, your opinion is greatly appreciated. I will try to mantain discipline and to improve trade execution with practice. Just about discipline and precision, today at FFO I was distracted by USDCHF and put a buy pending order @ .950. In hindsight this was a mistake for some reasons: A) not place an order at 900/950 levels; B) pair was in a range, there was no clear trend; C) there were much better opportunities to trade, i.e. JPY extra strong against NZD, AUD, USD... All of these would have been a quick TP. Luckily my bad setup...
Happy you got your pips.
Well spotted, USD and JPY on top during Frankfurt (and thereafter for that matter).
Having said this, try to stay away from 950/BRN during Frankfurt. This trade might have bounced off the BRN and led to a stoploss.
There were indeed better opportunities during Frankfurt.
Unfortunately AUDJPY and NZDJPY had already made big moves during the Asian session, these were overextended and ATR was showing red I believe.
Another thought, if you know USD and JPY go hand in hand and are on top, why not trade the strongest brother JPY against the "next weakest" which was CHF ???

I took CHFJPY short during Frankfurt.
When London opened, CHF turned around and strengthened, so I shorted NZD against both CHF and USD.
Because NZD was generally overextended these took quite a while to get to TP, but in the end they did

LuXing
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Wisdom begins in wonder
  • #33,968
  • Apr 5, 2016 5:29am Apr 5, 2016 5:29am
Quoting Multimillion
{quote} Bro LuXing, I have same thoughts as Dobbsie and will say a word first. I have seen in your posts and comment that you have ability to comment at evening day trades of other friends here and can say what CS was at the time of entry. For example, today I observe charts from early morning an can say J is strong & Aud, NZD week all day but have no clear picture about other because of more often CS change during a day.. ( if we talking about using only RH_CCYMagic, the Giraia currency meter). Maybe Smart thing to have all CS data stored?...
Yes, maybe a smart thing but in the end it depends on yourself. I have given suggestions on how to do this, so did Sevan.

Regarding your NZDJPY stoploss: London Opened at 76.496 and you went short at 76.500, in other words your M15 candle was green !!!
If you had simply waited for 5 minutes after London Open, or if you had put a pending sell stop at the next possible level down (76.450) it would never have been triggered because the market clearly had different ideas from yours

LuXing
Wisdom begins in wonder
  • #33,969
  • Apr 5, 2016 5:44am Apr 5, 2016 5:44am
Quoting LuXing
{quote} Another thought, if you know USD and JPY go hand in hand and are on top, why not trade the strongest brother JPY against the "next weakest" which was CHF ??? LuXing {image} {image}
Yes, again you're right.
After having entered USDCHF trade I remained trapped and almost paralyzed looking at my bad and hurry choice.
More than that, it may sound strange, but I prefer by far to go long instead of going short. I don't know why this happens but it's a big limit i must work on.
Since I find it hard selling i didn't consider CHFJPY that was the right way to go. And didn't short NZD and AUD against JPY since they were close or reached ADR.
Porta itineris dicitur longissima esse
  • #33,970
  • Apr 5, 2016 7:59am Apr 5, 2016 7:59am
Quoting LuXing
{quote} No, its not an indicator, but you could surely program it in MQL or Excel if you wanted to. I searched for an image on the internet and posted it to explain something about currency crosses. The point is that USD and JPY play an important role in the triangle. See below what happens if JPY>USD>NZD.. LuXing {image} {image}
Thanks LuXing
Blindly following others will make you blind!
  • #33,971
  • Apr 5, 2016 8:58am Apr 5, 2016 8:58am
I spotted (unfortunately too late) a couple of very good setup on GU after previous day low was broken. They both would have given a quick TP.
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Porta itineris dicitur longissima esse
  • #33,972
  • Apr 5, 2016 9:40am Apr 5, 2016 9:40am
Quoting bubincka
I spotted (unfortunately too late) a couple of very good setup on GU after previous day low was broken. They both would have given a quick TP. {image}
Yes maybe, but not for me.

No short trade for me if the previous candle is bullish.
Average candle size on M30 is approx. 16 pips.
Look at the chart, would you short after such a monster 40 pip candle ?
Is that a high probability setup ?
This besides the fact that there was USD ISM Non Manufacturing PMI red news...

LuXing
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Wisdom begins in wonder
  • #33,973
  • Edited 9:59am Apr 5, 2016 9:47am | Edited 9:59am
Quoting bubincka
I spotted (unfortunately too late) a couple of very good setup on GU after previous day low was broken. They both would have given a quick TP. {image}
I would have gone for this one, but came just too late to take it at the .250 level.
.300 was too risky for me in view of the 127 fib extension, but even that entry would have made 7.5 pips no problem.

LuXing
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Wisdom begins in wonder
  • #33,974
  • Apr 5, 2016 10:18am Apr 5, 2016 10:18am
Quoting LuXing
{quote} Yes maybe, but not for me. No short trade for me if the previous candle is bullish. Average candle size on M30 is approx. 16 pips. Look at the chart, would you short after such a monster 40 pip candle ? Is that a high probability setup ? This besides the fact that there was USD ISM Non Manufacturing PMI red news... LuXing {image}
Agree. I must shift to M30 or at least take look at this TF to diminish noise and have a clearer picture. And then, of course ISM that I had not noticed.
Never traded EURGBP before, but now with such a falling pound with Brexit on the horizon there can be interesting moves.

Thanks again for your patience and precious teaching.
Bubincka
Porta itineris dicitur longissima esse
  • #33,975
  • Apr 5, 2016 5:53pm Apr 5, 2016 5:53pm
Quoting bubincka
{quote} Agree. I must shift to M30 or at least take look at this TF to diminish noise and have a clearer picture. And then, of course ISM that I had not noticed. Never traded EURGBP before, but now with such a falling pound with Brexit on the horizon there can be interesting moves. Thanks again for your patience and precious teaching. Bubincka
No, you must not.
You must think. You must think and shift your mindset.

There's nothing wrong at all (quite the contrary) looking at higher and lower timeframes before taking a trade.
But, do you really think institutional traders, market makers, etc. are looking at a M5 /M15 /M30 / H1, ... chart and take a trade decision based on that ?
Nah, I happen to know 1 or 2 and if they are looking at a chart at all it would be a 150 or a 300 tick chart.

What I am saying by this is that price (action) is totally independent of timeframe.
If it boosts it boosts, whether on M1, M30, H4, that's just the way it works.

What you should do IMHO is make a list of criteria and find the corresponding indis to do the "dirty and boring" filtering work for you.
Red news, candle size, trading times, trading levels, currency strength, etc. etc. etc.
You could of course focus on 2 (i.e. EU, EJ) or 4 pairs and "manually" monitor only those, but in many cases you' d be watching paint dry for a full day.

LuXing
Wisdom begins in wonder
  • #33,976
  • Apr 5, 2016 6:25pm Apr 5, 2016 6:25pm
Quoting LuXing
{quote} 1. Average M30 candle size is 23 pips, you took a trade after a massive 55 pip candle !!!! 2. GBP Manufacturing PMI high impact news around the corner (30 minutes after taking your trade) 3. See the congestion ? 4. Currency strength... Was GBP weakest ? No. Was JPY strongest ? By no means. LuXing {image} {image}
Hey LuXing

First I want to say your analysis and chart postings are greatly appreciated as I have learned alot from them.

Secondly, I was wondering what program/spreadheet are you using that marks the minute by minute currency strength value like the one referenced in your above post and pictured in the attatchment below

Any help would be appreciated.

J.Turner
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  • #33,977
  • Apr 6, 2016 1:37am Apr 6, 2016 1:37am
Quoting dunlop432
{quote} Hey LuXing First I want to say your analysis and chart postings are greatly appreciated as I have learned alot from them. Secondly, I was wondering what program/spreadheet are you using that marks the minute by minute currency strength value like the one referenced in your above post and pictured in the attatchment below Any help would be appreciated. J.Turner {image}
I use the forexgrail spreadsheet, which you can modify to your own liking.

LuXing
Wisdom begins in wonder
  • #33,978
  • Apr 6, 2016 1:40am Apr 6, 2016 1:40am
AUD, EUR, CAD & USDJPY to TP.

LuXing
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Wisdom begins in wonder
  • #33,979
  • Edited 2:05am Apr 6, 2016 1:43am | Edited 2:05am
Quoting LuXing
{quote} I see you are an intelligent person not using Metatrader4 Am I right in assuming that you placed two sell stops ? In terms of currency strength (and from my memory), I don't think the EUR and GBP were particularly weak compared to the JPY. I am pretty sure your trading platform has a DDE server feature. This means that you should be able to run the forexgrail spreadsheet and I suggest you do so. It will allow you to monitor currency strengths and have another useful element in your decision making. LuXing
Thank you very much LuXing for your time and respons. I am indeed not using MT4, but Sierra Chart ( I realize I am an exception here at FF), it has to do with the fact I started with futures trading at first but start to look at forex along the way.

That is correct, you see 2 sell stops. I will from now look more closely at the currency strenght of particular pairs, but as far as I know it was not in the original system in post#1 so I missed it. Has this system evolved a lot in that way?

I am not sure Sierra Chart has the DDE feature but I will check on that. In the meantime I stick with an online currency Strenght Meter (http://www.livecharts.co.uk/currency-strength.php). Do you suggest a specific timeframe for this meter, in relation to this trading system?

regards
BT
  • #33,980
  • Apr 6, 2016 1:52am Apr 6, 2016 1:52am
I think GJ is good looking now. It has (imho) many ingredients for a short in a bit.
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