Sunday, 19 August 2007
17h00 New York Time
23h00 South African Time (GMT+2)
00h00 Bulgarian Time (GMT+3)
Valid Parabolic SAR Entry Points (Daily Charts):
AUD/NZD - Short
CAD/CHF - Long
EUR/NOK - Long
GBP/CAD - Short
GBP/NOK - Long
Note: I am not 'comfortable' with any of these positions to be quite honest with you BUT these pairs have valid Parabolic SAR entry points so I'm getting in.
I must just mention that I have scrapped the checking of the Monthly and Weekly Charts as previously mentioned. As I suspected: out of forty four tradeable pairs there is not a single pair where Parabolic SAR on the Monthly, Weekly, and Daily Charts is moving in the same direction at the moment. Should you wish to use another timeframe as confirmation I suspect that the best that you could do is use one timeframe up (longer) i.e. if you want confirmation on the Daily Chart then check the Weekly. It appears that the number of times that the direction of Parabolic SAR on the Monthly, Weekly, and Daily Charts is the same are few and far between and as patient as I like to think that I have become this is stretching it even for me. Just going through all of these pairs tonight looking at all the different timeframes is just going to cause confusion and doubt as to when to open a position (in my mind anyway) so I'm going to stick with what has worked for me in the past i.e. looking only at the Daily Charts.
The good news is that I have a feeling that there are some MAJOR reversals coming soon particularly on AUD/JPY/NZD/CAD/EUR/GBP pairs.
Comments welcome!
Regards,
Dale.
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