DislikedI think GJ is good looking now. It has (imho) many ingredients for a short in a bit. {image}Ignored
As simple as possible: 00 level trading
- #33,982
- Apr 6, 2016 2:09am Apr 6, 2016 2:09am
- Joined Jan 2015 | Status: Error 404: LuXing not found | 1,586 Posts
Wisdom begins in wonder
- #33,983
- Apr 6, 2016 2:20am Apr 6, 2016 2:20am
- Joined Jan 2015 | Status: Error 404: LuXing not found | 1,586 Posts
{quote} 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...
In the "original" system currency strength was not used (nor a variety of other criteria/indis ppl are using nowadays).
IMHO you should look at the "system rules" as a line in the sand. Take the good elements, ignore/skip the rest and add criteria that make sense to you as a trader.
The livecharts currency strength is not precise enough and I don't like the fact that currency strength is calculated on a floating 24h period, rather than based on the daily open which should be NY close/Sydney Open.
I don't know if Sierra Chart supports a DDE connection, the easiest way is opening a MT4 demo account and hooking up forexgrail to that MT4 instance.
Don't open a demo account with IC Markets as they freeze the price feed on the turn of the hour.
As for specific timeframe, forexgrail will measure from the daily open of your broker only, on a tick by tick basis. Dialling down to H1 or H4 strength would require programming macros to take snapshots, store data, ...
Hope this helps.
LuXing
Wisdom begins in wonder
- #33,984
- Apr 6, 2016 2:26am Apr 6, 2016 2:26am
- Joined Jan 2015 | Status: Error 404: LuXing not found | 1,586 Posts
Wisdom begins in wonder
- #33,985
- Apr 6, 2016 2:45am Apr 6, 2016 2:45am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
{quote} No, you must not. You must think. You must think and shift your mindset. ........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
What you wrote is a mind-opener, specially the 2nd and 3rd sentence. For the rest I'm trying to build a consistent method made up by the filters you said.
My FFO trades when AUD and USD where strong and CHF weak. The USDCAD was also a matter of momentum. I closed manually EURUSD for lack of confidence one hour later it would have gone to TP, anyway probably I had not to take this and go for USDCHF, but you can't take them all.
#1 AUDCHF to TP
#2 USDCAD to TP
#3 EURUSD +1.1 pips
Porta itineris dicitur longissima esse
- #33,986
- Apr 6, 2016 3:12am Apr 6, 2016 3:12am
- Joined Jan 2015 | Status: Error 404: LuXing not found | 1,586 Posts
{quote} Yes, again you're right.
It is basic trading psychology, if you have not done so yet please read the late Mark Douglas' "Trading in the Zone".
Markets are driven by supply and demand, greed and fear.
Greed
As prices rise, more and more people jump onboard the rally and the price rise accelerates. Of course you hope that someone will keep on buying after you, at an even higher price. Essentially the psychological mechanism is greed.
Fear
When prices drop like a bomb, they awaken fear and panic. Fear is one of human being's most primal emotions.
This also explains why prices generally drop much faster than they rise.
You will need to control both of the above and get to a stage where you are as comfortable taking shorts as longs.
Hope this makes sense.
LuXing
Wisdom begins in wonder
- #33,987
- Apr 6, 2016 4:12am Apr 6, 2016 4:12am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
{quote} It is basic trading psychology, if you have not done so yet please read the late Mark Douglas' "Trading in the Zone". LuXing
Thank you,
Bubincka
Porta itineris dicitur longissima esse
- #33,988
- Apr 6, 2016 6:01am Apr 6, 2016 6:01am
- Joined Jan 2015 | Status: Error 404: LuXing not found | 1,586 Posts
Wisdom begins in wonder
Hi everyone,
For those like myself who has a hard time looking at numbers on the CSM, I came across this graphical CSM indicator that has helped me tremendously. I've attached a screenshot of how I use it. I'm currently using the M15 on the StrengthMeterSession indicator to see changes in CS. The best way to understand how it works and to understand LuXing's trades is to use a program to take snapshots every minute and review the CSM (Giraia and HeatMapModokiV1) numbers compared to the graphical one.
I'm getting better at picking the same pairs to look at as LuXing.... entries however I'm still working on but at least I'm reading the CSM properly now.
The indicator is a bit quirky, you might have to change the start time to reset it at the start of a new trading session (there is another graphical CSM....CC.ex4 that works well too but I find this one more reactive to price).
Hope this help other newbies on their way
For those like myself who has a hard time looking at numbers on the CSM, I came across this graphical CSM indicator that has helped me tremendously. I've attached a screenshot of how I use it. I'm currently using the M15 on the StrengthMeterSession indicator to see changes in CS. The best way to understand how it works and to understand LuXing's trades is to use a program to take snapshots every minute and review the CSM (Giraia and HeatMapModokiV1) numbers compared to the graphical one.
I'm getting better at picking the same pairs to look at as LuXing.... entries however I'm still working on but at least I'm reading the CSM properly now.
The indicator is a bit quirky, you might have to change the start time to reset it at the start of a new trading session (there is another graphical CSM....CC.ex4 that works well too but I find this one more reactive to price).
Hope this help other newbies on their way
Do good and disappear...
Hi everyone, For those like myself who has a hard time looking at numbers on the CSM, I came across this graphical CSM indicator that has helped me tremendously. I've attached a screenshot of how I use it. I'm currently using the M15 on the StrengthMeterSession indicator to see changes in CS. The best way to understand how it works and to understand LuXing's trades is to use a program to take snapshots every minute and review the CSM (Giraia and HeatMapModokiV1) numbers compared to the graphical one. I'm getting better at picking the same pairs...
"All will be correctly, in this world is built" - The Master and Margarita
- #33,992
- Apr 6, 2016 7:52pm Apr 6, 2016 7:52pm
Today morning trades without SL#1 GN to TP #2 EU to TP #3 CHF_J to TP {image} {image} {image} Stay Positive, Multimillion
What are the indicators at the bottom of your charts? Both the horizontal cs/heatmap and the one with all the currency buttons?
Thnx
JTurner
{quote} Hello Multimillion What are the indicators at the bottom of your charts? Both the horizontal cs/heatmap and the one with all the currency buttons? Thnx JTurner
And I am using it with 60 min settings to see CS from last hour. Hope I am right with understanding of it's logic..
One with buttons can help to switch fast between the currencies but it lagging for me..
But remember - a lot of indies in the chart it is not good. I am just experimenting with CS monitoring..
Stay positive, Multimillion
"All will be correctly, in this world is built" - The Master and Margarita
- #33,994
- Apr 7, 2016 3:00am Apr 7, 2016 3:00am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
Super powerful JPY is dominating the scene. First, when you trade LO most of the ADR is already reached, second and most important it creates "monster candles" (more than double the ABR of the current TF), that this morning prevented me to place any pending order on apparently good setup like the following on AUDJPY, CADJPY, GBPJPY, EURJPY. Simply I don't know how to deal with such big moves and stay out.
Porta itineris dicitur longissima esse
- #33,995
- Apr 7, 2016 3:43am Apr 7, 2016 3:43am
- Joined Jan 2015 | Status: Error 404: LuXing not found | 1,586 Posts
Super powerful JPY is dominating the scene. First, when you trade LO most of the ADR is already reached, second and most important it creates "monster candles" (more than double the ABR of the current TF), that this morning prevented me to place any pending order on apparently good setup like the following on AUDJPY, CADJPY, GBPJPY, EURJPY. Simply I don't know how to deal with such big moves and stay out.
- JPY pairs out, due to hefty movements.
- that leaves USD and other crosses, now wait for any other currency to "flip"
- these were my only options, which I cancelled due to too large movements at London Open
LuXing
Wisdom begins in wonder
- #33,996
- Apr 7, 2016 3:46am Apr 7, 2016 3:46am
- Joined Jan 2015 | Status: Error 404: LuXing not found | 1,586 Posts
Wisdom begins in wonder
- #33,997
- Apr 7, 2016 3:51am Apr 7, 2016 3:51am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
My trades after LO. Over super JPY the other strong currency was USD, but smoother in its moves. Despite DP on the way I took USDCHF trade because TP level was exactly on the pivot. For EURUSD I owe it to LuXing, since I copied from him this setup that places the order immediately further the DP/S/R.
#1 USDCHF to TP
#2 EURUSD to TP
Bubincka
#1 USDCHF to TP
#2 EURUSD to TP
Bubincka
Porta itineris dicitur longissima esse
- #33,998
- Apr 7, 2016 4:40am Apr 7, 2016 4:40am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
Porta itineris dicitur longissima esse
- #33,999
- Apr 7, 2016 12:01pm Apr 7, 2016 12:01pm
{quote} Hi, at the bottom is CURRENCY indi from Robinho files. {file} And I am using it with 60 min settings to see CS from last hour. Hope I am right with understanding of it's logic.. {image} One with buttons can help to switch fast between the currencies but it lagging for me.. {file} But remember - a lot of indies in the chart it is not good. I am just experimenting with CS monitoring.. Stay positive, Multimillion
- #34,000
- Apr 7, 2016 2:04pm Apr 7, 2016 2:04pm
- Joined Jan 2015 | Status: Error 404: LuXing not found | 1,586 Posts
#3 AUDUSD to TP Bubincka {image}
Textbook precision shooting.
Only 2 possibilities in the 28 pairs.
This one and NZDUSD short at the BRN at the same time (which was slightly more risky).
LuXing
Wisdom begins in wonder