Hey, Wightpips, thank you for the input! I think your EURUSD trade might make sense. This inside bar showed some strength in bulls. But I will not jump on it, prefer to avoid countertrend.
Those strength meters seem to be really nice. As far as I get it, if we put in 1 month timeframe into them we will get smth pretty close to what Dennis does in SW thread. Or not? Anyways, I am still not sure of how to look at those. I don’t think I have the time to run more than one strat. And I would like to stick to what I have learned a bit with NF, cause it seems to me I am getting some grip of it So, my challenge then is to factor in SW analysis (any version of it) into that framework.
The only thing I have come up with so far is to use SW analysis for lower timeframe entries, off 4h or 1h charts, in good trends. But it definitely requires more attention to stuff like for how long a pair has been of top/lowest strength, how big is the percentage difference between the extreme pairs and so on. I haven’t got the understanding of it yet. What I see now is that all of the pairs are within 1.35% range which is too little to give a clue of where things are heading.
Meanwhile - my congrats to you on your Gold long trade! I regret I missed it. Hope it will go back to 1320.
I am also curious about the bullish pinbar on DJ index. If there is a handy, lower risk entry, I will be in it (will set buy limit order at 25300 with SL below daily 200 SMA, at 24995, targeting return to 26100).
If I get the basics of markets correlation right, possible surge in stocks would mean USD weakness might come back, at least for a while. So I would not take an AUDUSD trade, although it is very tempting.
There is the same bullish pinbar on oil charts. But the structure of this is not as clear to me as on DJ charts.