I would only trade it that way if i were an aussie !
LOL
OK — cant see a single thing wrong with that picture - - - -
[B]
MUCHO CONGRATS !![/B] a CLASSIC run on news with the price DROPPING LIKE A ROCK, and then the upside move ----- and dont forget to take the short on the downside !
LOVES IT WHEN A PLAN COMES TOGETHER !!
mp
Good Job Skeebo. Even the learning is a lot of fun isn’t it.
Militia Members,
Any new inputs on the ZZ Semaphores? I know we were starting the week out hyped to test the little buggers out. What about you MP did you play with them this week? I know that you had an ephiphany concerning them last weekend and you were rarin to go to try them out. We didn’t really discuss the results much though. We got sidetracked by the Starc band, auto lrc, and price channel.
My take on them is pretty much what I thought at the beginning of the week. Good confirmation indicator, but not to be totally trusted. When used with the multitude of [B]Thingies[/B] you gave us they are very usefull especially when paired with barry s/r in determining tp points and micro trend reversals.
Sandpiper, I put them back on my charts, and while not the end all be all, to me its a good indication of where we are at. I put no trust in them on the m1, but the m15 seems to be a good reference for shorter time frames.
A great addition to the utility belt, just not the main weapon of choice for me.
and fully correct you are not to trust them on the one minute as that timeframe shifts current s+r like a rich woman does her shoes — you just cant keep up !
especially useful on the higher timeframes (except when they arent) for showing trend direction changes, during high momentum news driven times, they have to be read with caution as the WILL present a PRESENT reversal point, but if its a small reversal, BACK comes the price in the same direction — other words, while normally they can be considered as strong medicine, there will be times (and you should be able to read the charts to see it happening) when the END of a move is really NOT the end of a move, and that is not good if one has placed their trust in them completely.
Thanks MP
Yeah it’s good when things go your way. The little light bulbs in my head keep going off. It’s all coming together.
Hey guys sent a reply to the question below just want to know if I gave the right answer?
[B]Post by [/B]Morbidbubba [B]Thread [/B]Non major pairs - Please help!!!
Hi,
Im in a bit of an unusual dilema. I need to calculate the rate of and place a trade for several pairs which are not available at all on any forex trading platform I have come across. For example I need to calculate the rate of the usd/eur, usd/gbp and gbp/eur. The “inverse” of the pairs are available on all platforms i.e. the eur/usd, gbp/usd and eur/gbp.
So for example if I want to convert usd to pounds and I dont have access to the usd/gbp rate so I cant go short on that, then would it be equivalent to say that I can go long on the gbp/usd pair. So basically would it be the same thing? Furthermore, If I want to calculate the rate of the usd/gbp pair, would it be equivalent to 1/(gbp/usd buying rate) i.e. taking a mathematical inverse of the gbpusd buying rate??? Lastly, If i want to convert from usd to gbp, then would it be correct if I used the math inverse technique mentioned above to calculate the rate and then open a buy position on the gbp/usd? Or is this whole method fundamentally wrong? If so what would be another way to calculate the usd/eur, usd/gbp and gbp/eur and place appropriate trades?
Sorry for the trouble, as I am a complete newbie to forex and any help would be greatly appreciated.
Thanks a ton
[B]My Reply [/B]
As far as I know pairs are only displayed one way. So there is no inverse you just trade the opposite direction.
I am going to make the assumtion that your account is in $US which may be causing some confusion. You don’t need to convert your account equity to the other currency as such. When you short a currency other than that which you have in your account it is automaticly converted to the currency you want to short. It is as though your account equity is available in all currencies(at the relative exchange rate). The idea of selling something you don’t have can be confusing.
Hope this helps.
Cheer
makes perfect sense to me Griffin
GOOD answer !
mp
[B]just posted on another thread — prob repeating myself for some, but for others, well . . . . . . . . [/B]
Originally Posted by [B]doggie01[/B] [[IMG]http://forums.babypips.com/images/buttons/viewpost.gif[/IMG]](http://forums.babypips.com/forextown/19370-scalping-risk-reward-1-1-a.html#post91681)
I want to put this out there and know your opinion/thoughts. Let me paint the picture ...
Scalping the Cable using 15, 5, and 1 minute charts. 15 minute chart for trend, 5 minute chart for short term trend, and 1 minute chart for entry and exit. Using Bollinger Bands to trade fades (bounces from outter Bands to the SMA and/or through SMA). RSI is there to show likely reversals when 30 or 70 is touched
[B]may i suggest you use the CCI either in conjunction with, or seperately from the RSI ? what i find most beneficial is actually a combination of the DSS with the accumulation/distribution indicator on one panel (cannot beat it for trend spotting) and the CCI and fast stoch on another panel — one identifies TREND one the one minute and 5 minute (or the 15 should you desire) with the DSS and trades the cross of the acc/dist as a confirmed buy and sell, although one can easily take the cross of the acc/dist and its SIGNAL LINE as an entry also !
Exits are performed by opposite crosses or the use of "barrys s+r overlay and the CCI will show some very interesting stuff — it follows the price down, hits bottom and you can take profit there or HOLD if you see the trend holding on the longer timeframes.
as the price retraces, the CCI follows it up and finally TOPS at/or near the top of the retrace, where you can now ADD to your existing short and double your fun. the CCI is a delicious way of seeing tops and bottoms, but picks up on VERY small intraday moves on the one minute chart wonderfully, giving you clean signals and the ability to enter and re-enter during retraces.
I MUST disagree muchly with your bollinger play, as the bols are EASILY moved during the gyrations and rapidly changing momentum of the one minute trade — essentially, except in rather static situations, they end up FOLLOWING the price once theyve been violated ---- of course, im speaking about the price moving down to the bols which it finds as support, and then CONTINUING DOWN which you will ONLY see in advance on the DSS and CCI !
Starc bands will react exactly as does the bollinger bands, but they provide a method of gauging retraces that the bols lack.
most of this should be clear, but the use of the starc bands in scalping is new to me and presently under study, BUT has so far proven to be a rather amazing little tool that i have rapidly taken a shine to !
Now, in ALL trading i never use a stop loss, BUT i would add the word “ABSOLUTELY” to “never” when scalping the one minute — if one locks onto the trend, you can (essentially) NEVER lose a trade as long as the trade is WITH the trend, and thats just that. Of course, the direction (although usually not the trend) changes many times during the day, but these times are easily learned and play out day after day after day.
Almost every loss i see people having in scalping is due to a stop loss being hit, and then the price continues right to your expected take profit point — I would HATE if that happened to me, so i simply eliminate that situation.
on risk/reward I have not a clue ---- i DONT look at a trade as something with risk, but rather its either a good opportunity, or the spread is too high to try for a profit, and therefore its a BAD opportunity — IF i were to try to figure risk, etc — i would NEVER trade, but working on a calculator all day !
a few hundred pips a day from just scalping does NOT come from working with rules or a calculator ![/B]
sandpiper, a thousand apologies
i DID in fact get so excited about the STARC stuff for scalping that all else left my alleged mind, took up a seat at the other trading desks and left me alone for the week.
my problem was i placed the STARC’s on my Quotetracker charts, which have NO zigzags and therefore could not watch them both ---- heck, i hardly traded my MT4 platform at all except for the overnites and a few trend plays.
so i apologize muchly because i DO want to settle this situation soon, BUT please have mercy on me cause those wee little STARC thingies perform tricks even the McG’s havent heard about.
I wont say much for them on the longer timeframes, except they leave a LOT of money on the table, so they may just be the ideal play for those who are against greed or feel guilty about making TOO much profit, a problem i DONT share fortunately !
REMIND me please and i shall transfer TRO’s starcs to MT4 and see if i can make anything out of it, but my QT charts are SO much prettier, that its hard to tear myself away !
speak on ya when i speak on ya
mp
Lol…no need to apologize…I’m not even trying to hold your feet to the flame. In fact I just was mostly curious, believe it or not you have given us so much to digest so far in this thread that i’m just chewing the proverbial forex cud.
Woke up this morning with a slight “crick” in my neck and a note pinned to my chest ---- unfortunately it was a real pin and my real chest, so it got my attention quickly — the silly sisters had decided to shop for Easter outfits even though no stores were open, so if you see a pearlescent pink hummer with gold trim rumbling up and down your shopping area, hold up a chart of the cable, and they may stop to chat !
[I]Andre
one additional piece of information ---- i find the LRC (or its computer derived MT4 indicator, the SHI channel) to be one of the best things since sliced bread BECAUSE it takes into account ALL of what Tessa relates.
the top of the channel, on ANY timeframe, represents historical resistance FOR THAT TIMEFRAME, and as such goes along with Tess’s concepts of triggers — normally the price will BOUNCE back down once it hits the top (which is nothing more than MAJOR RESISTANCE) and its movements can pretty accurately be figured by the accompanying movements of the CCI, but in the event of a breakout, there are auto-fib and auto s+r indicators (theyre actually chart overlays since they dont have their own panel alongside the indicators proper !) that will simply SHOW YOU where the price is heading, based on the current momentum and trend — this momentum “can” and “will” die at some point, but the 15 minute chart will show you where to expect to end up and take profit.
While there is absolutely nothing wrong with what Tess teaches, computers have programs that pretty much handle ALL of that for you, so we simply USE THAT INFORMATION for its speed and accuracy in a moving market as no human can ACCURATELY keep up with the variations, but guess what the COMPUTER is designed to do (aside from showing movies, that is !)
when accompanied by readily available and extremely accurate intraday support and resistance chart overlays, having to MANUALLY look back and select resistance points becomes another one of those 1990’s ANCIENT technology things.
the technology is well in place to help a trader using Tess’s teachings, and has proven to be absolutely spot on every time — [B]if that technology is available for free, why go back to washing clothes by hand ?
[/B][/I][B]so what im trying to say here is what Tess teaches about “resistance triggers” is fully covered by using the LRC on higher timeframes, BUT we have the advantage.
by using our tools, we pretty much KNOW where and what the price is doing, while (her ?) exits are left a bit undisclosed from everything I’ve seen.
[/B]while i dont know what its all about, Tess still insists that drawing these LINES be done by hand, and yet we live in an age where a dumb machine will handle all the silly stuff — seems to me its best to let the machine do what IT DOES, and we do what WE DO !
Or maybe we should try hard to complicate our lives, huh ?
enjoy and trade well
for scalpers, these STARC thingies are soooooper fun and for the longer term players, we got some nice things happening in that realm also !
have to go out later cause setting up another trading station, and happened on someone who is closing down a home office, and theyve got GREAT stuff at great prices, so its the truck and some assistants, and when i get back, there should be monitors and desks and files and junk all over the place for my ferret to examine for the whole day !
Remember, SUNDAY is nothing more than the second part of fridays moves, so treat accordingly while you remember that “what goes up, must come down !”
Loves ya all and wants to see you stinkin rich !
mp
I posted this on FF, and was wondering what gang here thought. I know this leans on the side of Fundamental analysis, and not the TA that we love here so much :).
[I]I was looking at OandA’s FXcorrelations chart and it seems the USD pairs correlation was completely out of whack this past week, as compared to longer term time frames for the same pairs. Generally, it looks like the USD is be held at a higher level than it should be.
Is this some market shift in correlation, or should we expect to see the USD drop value in the upcoming weeks? [/I]
Hi Husky, This certainly does get into the realm of fundy and nothing I would like more than to see a good old fashion sparing match break out between the two advocates. It is great sport. That being said, this is just my 2 cents worth of the past few weeks. The US markets have been shedding points faster than madonna does her undergarments. For sure we have witnessed a direct correlation between the drop in dow and s&p, and the strength of dollar against major pairs. The bounces of these currencies against the dollar seem to also correlate with the brief interludes when the bulls get a brief upper hand and the market stages a half hearted rally. So, again I would say that the dollar continues it’s gains until the us markets find a bottom.
You know, it almost scares me that I stated the above. Sounds almost like I have a clue. 
TRO supplied me with this chart pertaining to my price channels vs the STARC on the one minute chart ----- while not the way i play the game, the comparison is VERY interesting and points out what ive been thinking about how the channels DO NOT give you the full move, although TRO’s channels use a different value than the ones being “taught” on other threads, and therefore come CLOSER to reality than simply using arbitrary numbers pulled from a non researched method.
enjoy at your leisure and THANKS to TRO for the graphic !
enjoy and trade well
we approach nearer and nearer to the ultimate each day where I hope you ALL to join me in the land of 350 pips per day !
mp
thank you husky, and as youre so aware, fundamentals is a religious group as far as i am concerned and seems to have no truly lasting bearing on the market, except when it does (LOL)
BUT, a really simple check of UJ shows that we are toppy on the daily, BUT shows A HECK OF A LOT OF UPSIDE on the weekly and monthly charts, and i would put my money in that direction, allowing for the daily charts retrace once it tops (the LRC on the charts should show you the numbers, since it represents nothing more than previous highs, which we figure the currency will seek to attain and probably retrace from for a bit before starting back up to where it REALLY wants to go, which is UP and at least into the neighborhood of 105 !
my opinion after all
enjoy and trade well
mp
I am usually reluctant to add indicators to my chart setup but the discussion on Starc bands intrigued me enough to put them on for a test. I have them on 5m and daily and I seem to have the settings to my liking for the 5 m (7,21,1.7) However, I am not satisfied with the daily settings. Could someone recommend a preferred setting for the daily?
SCARES ME that we agree ----
maybe this fundamental stuff is easier than it looks, as long as you dont spend much time on it !
HECK, all you gots to do is say “something” cause by the time it happens, no one remembers what you said anyway !
LOL
mp
always seems that if i zip a chart first, it becomes much easier to look at — why i dont know, and maybe its me only, but sending that TRO chart a second time, but zipped this time
hopefully it gives forth some ideas !
as you can see, even with TRO having reworked the values to adjust them to the one minute chart, [B]we ALREADY had the answers some time ago.
MY question will always be, why teach a method that leaves so much money on the table (the STANDARD STARC), when we already know how to get the most out of each move ?
I speak constantly of the “proof of the pudding” which really means to go ahead and try ANY decently presented system as i dont hold a patent on how to trade well, BUT when it becomes obvious that “something” can be improved easily, WHY NOT IMPROVE IT ?
[/B]
mp
!!nla.zip (17.5 KB)
others may be able to help you, but I believe we have FAR superior tools to use on something like the DAILY chart then a band that gives away SO much of a move ---- I agree (without knowing i was) with Tess, dealing more with trade triggers based on breakouts which the STARC bands do NOT identify until well AFTER the fact, but which support and resistance and definitely the LRC (which is nothing but a set of trend lines showing the same thing Tess does with horizontal lines) will actually PREDICT — STARC bands with nothing else, do not have that prediction ability, but s+r (and remember that the LRC is NOTHING ELSE !) combined with the CCI and just a few other indicators, will show you conclusively what is to be expected as that price comes near a prior resistance level, be it a previous HIGH, the pivot, the Previous LOW, or any of a number of wonderful team players !
I ask that you WATCH the STARC in REALTIME, and not on a chart AFTER THE FACT when its happily set in and showing that it ALMOST told you the real take profit price ---- THAT will give you more information than any post could ever do !
I just DONT like leaving money on the table in that large an amount, and STARC’s creator freely admits that the bands were designed ONLY to get the “meat” (can you say average) amount of any move, which doesnt help me one bit in satisfying my clients.
my opinions, of course !
mp
