This is the first example. The set up was a flag on the 1 minute chart of EUR/USD. The entry was before the open of the NYSE, because this day EUR and the stock showed strong correlation. The initial stop was 5 pips and the target was 40 pips. Half of the position was closed at BE but for the rest the limit was hit. {image}
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Do you think BIG GUYS looked at the moving average or RSI when enter on the market? This is funny.
When one bank want sell currency to another they don't look at the RSI or MACD. They look for really quotation on Chicago Mercantile Exchange.
Forex market uncontrolled. That is why it is difficult to trade on it. I recommend look also at the CME currency pairs. FOREX following by CME at the same price. Tick by tick.
Another tip to find big boys - look at the volumes on CME. Volumes don't lie.
{quote} Do you think BIG GUYS looked at the moving average or RSI when enter on the market? This is funny. When one bank want sell currency to another they don't look at the RSI or MACD. They look for really quotation on Chicago Mercantile Exchange. Forex market uncontrolled. That is why it is difficult to trade on it. I recommend look also at the CME currency pairs. FOREX following by CME at the same price. Tick by tick. Another tip to find big boys - look at the volumes on CME. Volumes don't lie.
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Banks are not the only large market participants. CME currency futures are only a small part of the market. I prefer to rely on the quote reading instead. When I see that someone is buying or selling with large orders that's a good reason for me to follow.
{quote} Banks are not the only large market participants. CME currency futures are only a small part of the market. I prefer to rely on the quote reading instead. When I see that someone is buying or selling with large orders that's a good reason for me to follow.
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You are right. CME is small part of world's market. But this part have real Supply and Demand from both side and real deals, which are controlled by many government organization. How you can see big players on charts? You can see big players only when you analysing of volumes. There is no VOLUMES on FOREX, because there is no centralized market Forex.
It's no mean that you can't trade FOREX. You can. But inforamtion on charts are secondary.
{quote} You are right. CME is small part of world's market. But this part have real Supply and Demand from both side and real deals, which are controlled by many government organization. How you can see big players on charts? You can see big players only when you analysing of volumes. There is no VOLUMES on FOREX, because there is no centralized market Forex. It's no mean that you can't trade FOREX. You can. But inforamtion on charts are secondary.
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I can't see where are the orders. I can only guess and confirm by quote reading.
Look at these examples. Today EUR/USD (6E) tested big level of volume accumulation. And if you have this point of view you can sell from this level. This resistance is not line on chart - this is really big accumulation. And price pullback from it because somebody big protected this level.
