The pin is resting on a RN 0.9900 i will be watching to place a short trade[/QUOTE]
I believe that RN 0.9900 doesn’t count very much with chf as it is very correlated with Eur, so I think that is more important to watch closely audeur even if you want to teade audchf
Hello, on AUD/JPY D1 was formed an PB on 81.800, i can call this PB good for bearish?
yes according to me plus looking left its previous lows
Hello, dudest i got this aud/jpy too, what mean this two arrows? the first arrow is BE and second TP?
Hi,
The two arrows are where i hope price to reach (and also where the trade can be managed).
Sorry can’t discuss more on trade management than that.
Cheers!
Hi peeps,
This may give hope to someone…
Both trades ended on 31st Aug 2012 [ one against my will (GBPCHF) and one i couldn’t wait to get out of! (EURCAD) ]
Cut the EURCAD loss because price had been struggling to break through that first trouble area. After almost being stopped out, wasn’t going to wait to see if this was the time.
Cheers
Great!! Will follow too
Hey all,
sorry have not been around much of late. I will be this week as back at office and good to go. Anyone catch the BEEB on the EURAUD? Sure someone must have?
If anyone has needed anything or had questions I am now back around and will be able to help with whatever.
Safe trading all,
Johnathon
EURAUD 4HR CHART
Hey Johnathon
How much do you take into consideration the correlation part?
When considering EA, do you care how are the AU & EU doing?
I don’t understand… Why would I be worried about those charts when looking at EURAUD?
Are you saying you are already in a AUD or EUR trade? If that is the case I would hihgly advise not entering another either AUD or EUR trade until the first trade is at breakeven. If you do you are loading up and taking double the risk to one particular zone which could end badly and we always keep the risk of putting dents in our accounts low.
Johnathon
No, I am not in any trade in the major pairs yet.
I have never worked on the exotic pairs but I do plan to pay attention.
So, I should not look at the other charts at all? That is the part I need to understand. I probably pay too much attention to the correlation.
Sorry I am lost.
What correlation are you talking about?
How does correlation come into it when your not in a trade?
Please explain…
am beginning to feel like i should check out 4h charts seems like they work too i tend to like daily charts
daily and 4hr are the best!
I have an article called “How to make money trading price action” which explains a good routine to have with 4hr and daily charts and how to fit it all in. You may find this of use if your thinking of adding 4hr charts.
Johnathon
AU, EU and GU I thought were highly co-related. They all tend to go in one direction against the US Dollar.
So, that is what I was trying to ask. If these pairs are co-related how do the exotic pairs like EA plays out.
Maybe I am not able to explain myself right.
I just need to know how much is co-relation a part of trading.
Oh okay.
Basically you are complicating something that doesn’t need to be.
Yes certain pairs will move similar but they will not move the same, especially on 4hr charts. You have to remember they have difference countries and zones in the makeup of the pair. So yes the GBPUSD may move similar at time to the EURUSD but keep in mind one has the EURO and other the GBP som completely different. If the GU brings out an announcement this would do something to the GBPUSD but nothing to the EURUSD. See what I am getting at?
So the best way around this? Trade only what you see. Look at the chart in front of you and analyse that only. Do not look to other charts to make desicions. If I am looking to enter EURAUD I am not looking at the EURUSD. I am looking only at the EURAUD. Treat each chart independent and keep it simple.
Johnathon
Thank you Johnathon
I am trying to learn this thing. Co-relation was one of the very first concepts I learned about trading and seems like I have taken it too seriously.
