Newtron Bomb
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now that is a spike and a half on gbp low = 1.6148..... euro/$ high = 1.1932 low = 1.1305
Currency Trading; October
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Newtron Bomb
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Newtron Bomb
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Just a couple of charts of the eur/usd for your comparison, taken form this morning's spike up. The left one from cmc, right from Refco.
I think it highlights the importance of viewing the correct chart and the difference the quotes make to the appearance of the chart.
both 5 min charts. But the left one clearly shows where the first major turn would be, and signals the next up move quite clearly some 20 or so minutes later. Would you have been able to spot that on the right hand chart? Probably not, but the fib line showed in advance where the possible turn point would be.
I think it highlights the importance of viewing the correct chart and the difference the quotes make to the appearance of the chart.
both 5 min charts. But the left one clearly shows where the first major turn would be, and signals the next up move quite clearly some 20 or so minutes later. Would you have been able to spot that on the right hand chart? Probably not, but the fib line showed in advance where the possible turn point would be.
Newtron Bomb
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very interesting... so which chart do you believe:?: refco or the micky mouse club:?:
While refco takes the real data the micky mouse club has its own version of events which i always pay attention too as sometimes like your example they do give you clues to possible turns or direction....
Spikes for example tend to give me a good clues as to the possible potential size of an upcoming move.
very interesting... so which chart do you believe:?: refco or the micky mouse club:?:
While refco takes the real data the micky mouse club has its own version of events which i always pay attention too as sometimes like your example they do give you clues to possible turns or direction....
Spikes for example tend to give me a good clues as to the possible potential size of an upcoming move.
Hi Newtron.
Which one?
Both m8, though I have to admit to only recently runing the 2 side by side. Some very interesting sights get shown up.
I like the 2 clear turning bars on the micky mouse one. (My type of bar ) sadly the Refco one doesn't unfold like that. but I prefer the beauty of the clarity that refco/fxcm show; as the runs are more consistent. Only just changed to that chart from the net dania one this week as well, because for some reason it wouldn't load on Monday morning.
Watching both unfold shows the games cmc play and quite often the Refco chart will be showing a couple of bars without the cmc price even moving. Of course the reverse is also true, as they seek to cover the price.
I did ask cmc how they did 'it' once. The guy explained it was down to complex delta's and greeks etc etc.
Left me no wiser though.
Which one?
Both m8, though I have to admit to only recently runing the 2 side by side. Some very interesting sights get shown up.
I like the 2 clear turning bars on the micky mouse one. (My type of bar
) sadly the Refco one doesn't unfold like that. but I prefer the beauty of the clarity that refco/fxcm show; as the runs are more consistent. Only just changed to that chart from the net dania one this week as well, because for some reason it wouldn't load on Monday morning.Watching both unfold shows the games cmc play and quite often the Refco chart will be showing a couple of bars without the cmc price even moving. Of course the reverse is also true, as they seek to cover the price.
I did ask cmc how they did 'it' once. The guy explained it was down to complex delta's and greeks etc etc.
Left me no wiser though.
Newtron Bomb
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when i checked it against my mytrack feed it showed a slightly different picture again
I asked cmc a similar question once at least i got a more clearer answer "this is our version of events" , its laughable sometimes
i went through a spate of having several prices from different brokers and it just made things so much worse to look at but at least it shows you the games they all play between themselves. i just have my data feed and my broker prices now and looking for clues from any brief bias that cmc may show
reversal short for a scratch @1.6690
However all this information isnt helping my strat. atm!!!! this sideways action is playing a mockery with my ma's... perhaps its time to recoup some on a shorter time frame... i'll see what today brings me firsts...
when i checked it against my mytrack feed it showed a slightly different picture again
I asked cmc a similar question once at least i got a more clearer answer "this is our version of events" , its laughable sometimes
i went through a spate of having several prices from different brokers and it just made things so much worse to look at but at least it shows you the games they all play between themselves. i just have my data feed and my broker prices now and looking for clues from any brief bias that cmc may show
reversal short for a scratch @1.6690
However all this information isnt helping my strat. atm!!!! this sideways action is playing a mockery with my ma's... perhaps its time to recoup some on a shorter time frame... i'll see what today brings me firsts...
Newtron Bomb
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was homping for support at 1.67 which at the time rsi was on its low of teh day showing support.
I can see a channel forming now low of the day showing support which is also near channel support and rsi making new lows at 27
i'd like to see it make it to what could be the channel support and maybe take a long, contrary to my usual method of trading in light of the conditions over the last few days
I can see a channel forming now low of the day showing support which is also near channel support and rsi making new lows at 27
i'd like to see it make it to what could be the channel support and maybe take a long, contrary to my usual method of trading in light of the conditions over the last few days
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Newtron Bomb
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sorry goober i cant be bothered to take them off every time i see something and then put them back on... just lazy i suppose
But sometime when you put a trend line on an leave it the prices catch up... like yesterday high is contributing to the bottom of this channel along with todays high an the last peak from yesterday
The upward trend line coming from the bottom left to the high of today come from the low of the 1st oct to the low of the 2nd oct which also coincides with a horizontal trend line from the lower top on the 30th sept.
These are just what i see as the main s/r points when i put on all the little minor trend lines you should see it then! lol however where they all converge i see as probable key s/r level's remove the lines that dont and the minor trend lines and what you see above is the end result... they then need fine tuning with new information but they mostly het left where i put them originally as i use them as watch area's as oppose to a pip point accurate level
Hope this explains why there are a few line sometimes
But sometime when you put a trend line on an leave it the prices catch up... like yesterday high is contributing to the bottom of this channel along with todays high an the last peak from yesterday
The upward trend line coming from the bottom left to the high of today come from the low of the 1st oct to the low of the 2nd oct which also coincides with a horizontal trend line from the lower top on the 30th sept.
These are just what i see as the main s/r points when i put on all the little minor trend lines you should see it then! lol however where they all converge i see as probable key s/r level's remove the lines that dont and the minor trend lines and what you see above is the end result... they then need fine tuning with new information but they mostly het left where i put them originally as i use them as watch area's as oppose to a pip point accurate level
Hope this explains why there are a few line sometimes
NB
Please don't apologise - I was pulling your leg.
I am a great believer in trend lines for S/R, and, in particular, SR and RS switches. In fact, my earliest trading system included candlesticks, hooks, and trendlines only. Eventually, I added RSI for negative/positive divergences.
I am currently trying to develop a system for trading Cable using alerts as often as possible, in an attempt to distance myself from the noise.
I certainly enjoy your posts and am looking to emulate your system on a bigger time frame.
Keep up the good work.
Goober.
Please don't apologise - I was pulling your leg.
I am a great believer in trend lines for S/R, and, in particular, SR and RS switches. In fact, my earliest trading system included candlesticks, hooks, and trendlines only. Eventually, I added RSI for negative/positive divergences.
I am currently trying to develop a system for trading Cable using alerts as often as possible, in an attempt to distance myself from the noise.
I certainly enjoy your posts and am looking to emulate your system on a bigger time frame.
Keep up the good work.
Goober.
I have used a demo account to trade a methodology based around NB's set up, I was 300pips up after 4 days but today has been a wake up call.I have been whipsawed out for 100pips this morning already,it is a steep learning curve but I am getting there.Thank you NB and everyone who has contributed to this thread.
regards newboy
regards newboy
Newtron Bomb
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Nice one goober & good luck with the system development
I was looking at the daily chart with the same ma method,stop size 30 pips using say the high of the bar that crosses the ma as entry trigger, compounding in avery 100 pips seems good... I already do something similar with euro/$ and FTSE
newboy
glad you've done well with the demo account... am being whipped silly this past week, which in different circumstances would be quite nice!!
I was looking at the daily chart with the same ma method,stop size 30 pips using say the high of the bar that crosses the ma as entry trigger, compounding in avery 100 pips seems good... I already do something similar with euro/$ and FTSE
newboy
glad you've done well with the demo account... am being whipped silly this past week, which in different circumstances would be quite nice!!
NB
I've also been testing the daily chart with entry BO of crossover bar's H/L and 30 pips stop. My initial observation is that 30 pips may not be enough for this timeframe.
Another system I'm testing involves a 200 sma and 14,3,3 slow stochastic on a 15 min and hourly chart.
Identify trend on both charts. If long (price is consistently above 200 sma on both charts), switch to 15 min chart and enter when:
1. market is within sma + 20 pips; and
2. fast stochastic line crosses above slow stochastic line below 20.
Set initial S/L at 200 sma -10 pips.
Trail stop 25 pips below new peaks.
Reverse the above for shorts.
So far, it looks promising but requires more rigorous back-testing.
Newboy - hang in there! One of the advantages of trading Forex is consistent trends. Learn to identify ranges and go to cash.
Goober.
I've also been testing the daily chart with entry BO of crossover bar's H/L and 30 pips stop. My initial observation is that 30 pips may not be enough for this timeframe.
Another system I'm testing involves a 200 sma and 14,3,3 slow stochastic on a 15 min and hourly chart.
Identify trend on both charts. If long (price is consistently above 200 sma on both charts), switch to 15 min chart and enter when:
1. market is within sma + 20 pips; and
2. fast stochastic line crosses above slow stochastic line below 20.
Set initial S/L at 200 sma -10 pips.
Trail stop 25 pips below new peaks.
Reverse the above for shorts.
So far, it looks promising but requires more rigorous back-testing.
Newboy - hang in there! One of the advantages of trading Forex is consistent trends. Learn to identify ranges and go to cash.
Goober.
Cheers Goober just got it back with that drop- shows the difference between making money is good money management as you guys have shown.Still trying to hone my exits,enter a trade pretty much as per NB's method but still learning.Thanks to you guys for answering what might seem like stupid question i am getting there.Will be using cash in 2 weeks time.
Cheers newboy
Cheers newboy
Newtron Bomb
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This is just for the entry and you may get whipped a few times before the market makes its move but it will move and you will be on it then you compound in in the same way say on a pullback or s/r levels
Move stop to be when feasible and sit back
Nice trading idea, let me know how the testing goes...
personally i dropped all the math indicators i found i kept adding another and another and it was just clouding the picture. If you can make it work then that what its all about, this is what suits me and i hope you find what works for you :cheesy:
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