I’ll heed that advice. During the weekend I always look at the weeklies and I should have done that before that silver idea.
I’ve seen and tried the CCI in the past. I’ve heard that it’s in common use among commodity traders so I’ll apply it for gold and silver in the future.
I think I may have underestimated the difference between forex pairs and a commodity. Will have to think a bit about that.
I’ll focus on forex until I know through proof of time that I’m consistent there and commodities will have to wait (unless a spectacular setup yells at me).
Include the monthly as well for Commodities. Even yearly.
I’ve seen and tried the CCI in the past. I’ve heard that it’s in common use among commodity traders so I’ll apply it for gold and silver in the future.
It’s an essential tool for commodity traders. But you gotta get under the hood of CCI so to speak in order to use it to it’s fullest potential.
It’s beyond me how people can trade USDCAD, AUDUSD, CADJPY [B]without[/B] CCI.
I think I may have underestimated the difference between forex pairs and a commodity. Will have to think a bit about that.
There was a reason that I jumped into your thread.
Yes, that’s a text book example of ranging. I have lines at 1.50 and 1.5350.
I’m in the process of looking over the charts, but I’m not sure I’ll put any trades on even though I’ve found some setups that look interesting at a glance. There’s a family thing tomorrow so I have other stuff I have to do also.
Autochartist just came up with an alert for a head and shoulders completed on USDJPY 4H. Haven’t gotten that far yet going through my charts, but a quick look says it might fit onto the list of possibles.
I know these are counter trend, but look at monthly (we’ve just closed October) charts for NZD vs CHF, JPY and USD.
What with the rate cut by the NZ Reserve bank and the PPZs it’s bouncing off of, I feel that it might be worth the risk to see if the trend may be turning for NZD.
Not sure yet but I may take these trades. I’m going to check for some confluence and think for a while.
There was also a weekly inside bar on GBPUSD. Probably going to break out south, but I’ll just watch that from the sidelines.
It’s going to run into heavy resistance just above where it’s at right now, plus there’s that head and shoulders suggesting north isn’t where we’re going.
Let’s wait and see if it’s still a pin bar when it closes.
I’ve had a look and both NZDCHF and NZDJPY are showing nice confluence with the 150 and 200 EMAs, plus they’re turning just ahead of the 50 fib retrace of the 2007 highs - 2009 lows.
Since Oanda doesn’t have NZDCHF I’ll just trade NZDJPY with a 0.25% risk. Spread is a bit unattractive right now though, so I’ll have to wait with my entry. 40 pip spread… yuck.
At the same time IBFX has an 8 pip spread, Oanda doesn’t rule during the least liquid hours huh.
Well, what I did was place a pending order to sell at a retrace to 64.80 with a SL well above 67 at 67.80.
I’m not absolutely sure that the order will get hit, but I’m not interested at executing at the current spread. I’m hoping price will retest this old resistance level. Usually I’ll trade at the break of the candle but today I’ll be aggressive and try to enter on a retrace.
Risk is somewhere on the low side of 0.25%. Still trading to learn, not for the money.
Yes, the GBPUSD pin bar had roughly a 30 pip upper wick to a 120 pip bar, that’s an upper wick of 25% of the whole bar.
I have my PPZ at 1.67… but some resistance was probable at around 1.6480. It was the shape of the pin bar that decided for me though plus my short bias, not the PPZs.
Just checked, seems that the upper wick on GBPJPY was also around 25% of h/l range.
I’m just glad that someone other than me brings some life to it!
In ten years you’re going to have everything you ever dreamed of if you stick with James16 and follow him to the letter. I rarely make claims like that, but I do feel very strongly that this is true.
No doubt there’s some interesting PA tonight, but I’m skipping it for some of that extremely well needed beauty sleep.
I’ve spent the evening plowing my way through the J16 thread, copying and pasting. I’ve come as far as post 563 I think. Just 46800 or so to go… and then edit it all together into something useful. OMG! Well, it’s going to be worth it.
Yeah, those news, they mess our plans up from time to time.
When the new-ness of the news wears off prices may very well again start moving towards the levels you suggested. I know you know what you’re doing - that’s not what I meant.
