I notice meatballs and condiments are showing up again. Stayin away from that bunch!
Looks to be an interesting trading week coming up. 
I couldnât help my self I am waiting for ketchup and mustard to make an appearance.
Enough of that to the trading.
Looking over the daily charts of many pairs I see a lot of pairs are getting close to the outer 20:2 BB after a fast moving week.
USD/JPY bounced of the center and is now at the bottom any long trade would seem to be counter the longer trend.
G/U is at the center BB after a fast bounce from the top price is moving across the center not the other way around. will it make it to the 20:1 before stalling? seems risky to me.
Guppy looks like its ready to bounce back up some
USD/CAD looks like it had quite a bull week it hit the top BB on the daily and the middle boll on the weekly a line it has not crossed in some time. A short trade would be in line with the long term trend. Did the bull run out of steam?
NZD/USD is another pair that had a dramatic week. crossed the center on the daily and the weekly. The bolls are contracting I see some consolidation in the future here.
Thats my weekly analysis based on the daily 20:2 From this my plan is to move down the time frames and look for an opportunity in line with the longer term trend(daily). The MMTT method I have been using points to overbought and oversold conditions much like a bounce off the 20:2.
My opinion does not in anyway represent the opinion of an experienced or successful trader:p.
I made about 20 pips on EU already. Oanda starts trading at 1pm Eastern. But my IBFX demo hasnât started up yet.
I dont have the patience Mike. 
That daily chart is just too long. Dropped down to 4h on EU & GU. Entry when PA outside the red 4 LWMA and green 2 LWMA. Took 37 pips on that last EU up minus the spread. Now trying a short at entry parameters.
I wanted to be a doctor, but just didnât have the patience⌠
Iâm going to try to find just the daily setups this week and try to just stick with that. Will be easier with my day job. See how it goes.
You are scalping different stuff nowâŚthatâs all
hmm scalping the daily what a concept!
Ah yesâŚdidn;t read the full post, just that you got 20 pips before that
Just jump right in with a 10 pip spread Balls TalonD
I wonder who it is thats trading before the open with big enough orders to move the price? I know its not me.
I wait for the spread to go down to 7 pips
I didnât really think about that till I made the trade (noobie mistake) but it turned out for the good. Thing is Oanda doesnât show the bid/ask lines by default that Iâm used to looking at in metatrader so when I brought up my Oanda chart I didnât even think about the spread.
Current OANDA Spreads and Pairs - OANDA FXTrade
I have learned to keep my eye on this page on Sun,Fri and news time
I like that. Thanks. I need to look around their site more. Here are two more Oanda pages. Can anyone shed some light on the usefulness of these charts?
OANDA FXLabs - FX Open Positions Summary
OANDA FXLabs - FX Open Orders Summary
Is there anybody who can help me with these questions?
Patience is a virtue Jimmy. So youve given up on a reply?
Haha.:D.No.I just like to hear from multiple points of view while expecting your response.You know two good heads are better than one.You will notice that i did not address the question to you again to avoid duplication.And some people may not be inclined to respond if i dont make it open.No disrespect to you.
I leave it to the jedi master
Headmaster111,
R Carter:cool: may have a different view of things but quite simply I use the low to see the average of the lows and the high to see the average of the highs. This provides a channel to trade within. I also use a regression line which provides a centerline and shows the trend. I actually use a couple of automatic regression channels that automatically adjust for each timeframe and shows a different color by each timeframe. This gives you trends and also the trend within the trends which I think is kind of trendy.
The hardest trading days are when trends suddenly reverse. This is why the old adage âTrade the trend of the timeframe youâre tradingâ is good advice. Although we donât care about direction as we can trade both ways, down is a much faster way of getting where we want to go and a nice cliff to fall off is what we all dream about.
Now to the question of interpretation. If the highs are getting higher then the bands are going up and if the lows are getting lower then the bands are going down. Why donât we just use the close? Well I do use the close as well and it provides a center channel but just used alone itâs just not all that exciting and the close doesnât tell the whole storey. Just watch the charts and you will see it happening.
You will miss the trend reversals more times then not without using the LRC or at the very least a LRL. The bollingers are very good at showing breadth but not all that good at showing direction of trend. Most traders misread the trend for one reason or another. If the PA is moving up then most read the trend as up when actually a countertrend is happening in a down trending market. Looking at the longer timeframes will prevent this error in trend reading.
This always gets me into the obvious question of when does a countertrend turn into a reversal and then the PA is going with the trend and no longer against the trend. Itâs not always obvious on a chart while itâs happening but if you did your homework on the fundamentals you knew it was coming. Now a lot of traders tell me they donât care about the fundamentals and I have to wonder about these types of traders.:rolleyes:
They would be the first ones to tell you donât go on vacation before checking the extended weather forecast. They wouldnât think of spending their good money on a vacation that had a chance of being rainned out. But they will put a small fortune on a chart that said the sun was shinning yesterday. Where you see clouds forming in the sky usually means rain at some point in time. Currency trading isnât much different. Enough bad news and the dang thingyâs going south and the longer it hesitates the faster itâs going to fall when it does just like the sudden cloud bursts.
Some reversals take days or even weeks to really get moving and others happen rather suddenly. It just depends on the news. Predicting the markets can be like predicting the weather such as the sudden move to the dollar which very few analyst if any predicted. With Greece in a mess and a few more close behind it shouldnât be too surprising to anybody. I never saw it coming but I guess Iâm just too close to the stink living here in the US That other places are even have a fouler stench.
The only thing you can hang your hat on is the market will go up, down or sideways. Big money is trying to move it up or down to make profit and all we can do is try to read the current trend and determine the direction big money will try to move the currency at any given moment. We donât really care the direction the bus is going, just that we are on the same bus as big money. This is all one big follow the leader game which a lot of the time is very predictable given all the information. Unfortunately we only see all the factors after itâs already happened and hindsite is always 20-20 isnât it now. Hence the ease in making theoretical fortunes in historical charts.
I donât know if this explanation will make you any better at trading but at least you will be as crazy as the rest of us here. LOL. Someday soon Iâm sure youâll have that AHHAAAA moment and everything will be as clear as the muddy Mississippi that flows through my hometown.:eek: If this doesnât work for you maybe a crystal ball will help. I hear Merlin made his fortune that way. In any event I gave you lots of ammunition so donât go shooting yourself in the damn foot. If you do shoot yourself donât go blaming me as thatâs Mr. Carterâs job here on this thread.LOL.
Trade well and prosper,
Johnny
Far be it from me Johnny to critic you or your strat.
A good and well explained answer. The only thing I would add is that PA will bounce around within the high/ low tunnel whilst trending in a direction. On the longer TF charts, 4h and up there are enough pips to actually trade the individual candles in the direction of the trend from the high/ low LWMA. If Headmaster puts up a 4h chart of EU now with a 2 & 4 LWMA high/ low he should see this quite clearly.
So for instance⌠I would now be looking for a short on EU at or round about the 1.4162-1.4166 area.
Johnnny,
Thanx so much.I am going to print this out and read it for a while.
It seems to me that you have a fair for teaching.Why dont you go and teach in business school or finance department of some schools.I am sure they will value your deep knowledge about markets and you can still have all the time as a professor to trade.
On a side note,i have hard time customise your five regression lines you posted here for someone.I could only get one line out of five lines you suggested there.Maybe i am missing something.Is there any way you can guide me how to go about it to customise the five lines?
.
Thanx once again.
Jimmy.
I dont blame peolple for helping me in any way unlike trader1000 who is ungrateful.I am the one that seeks help and it is my responsibility to seperate wheat from the chaffs.
R.Carter,
Thank you as well.Like i said earlier on,i like different point of view.
I m glad Johnny came to my aid.No offence,it seems your own linear regression is different from Johnnyâs.Yours was in original chart while Johnnyâs was in a seperate window.And they seem to be moving in different direction.
What is your take on this? Also,how do you used LWMA to trade 4rs?
Jimmy.