No the squeeze momentum was free too, just type in Squeeze Momentum Indicator and select Lazy’s Bear one. You may want to run this Lorentzian indicator next to AT’s one in TV and you will see the similiarities in the entry and exit points.
Ah nice. Thanks. So what does the squeeze momentum tell you then?
Is Eur/Jpy going to finally break above strong resistance at 143.460ish?
Yesterday’s pending buy order on Eur/Usd worked!
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Up 8 pips on Eur/Jpy. Moved SL to BE. If price gets up to current resistance, that’s at least 15 pips. Hope it gets there before high impact USD news in just under 3 hrs.
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Adjusted SL to allow up to 5 pip loss. Was up 12, but now only sitting a 1 pip profit.
I was trading based on 15M chart. In hindsight. If I had stuck to the 1M, I’d have made 12 pips on the way up and another 12 pips on the way down.
Still, my buy trade remains open, so no loss yet.
The squeeze momentum indicator show you the momentum of the buyers and sellers.
Check this out , this is just my latest charts setup. Yesterday using these I managed to make 40 pips.
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Momentum is changing as the buy volumes are coming down and changing to the darker colours, so there is an early warning on a change of direction coming. This might be a good place to think about selling your buys?
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The buys are about to change completely and then we are in looking at sells only, so you let it push out until you see the highest bars at the bottom, wait to see the change of colour to a darker shade and then think about quitting your sell.
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Another change of direction towards buys.
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From the Lorentzian Indicator take note of the numbers. -8 is maximum selling momentum going on. 8 is the maximum force behind a buy. It kind of acts a bit like Level 2 Data that AT uses in MT4. However the one in MT4 is most probably a bit better. Have a look at his indicator explanation page on Machine Learning: Lorentzian Classification — Indicator by jdehorty — TradingView. Maybe select the white background too on TV so that you can see the numbers more clearly as they are harder to see on a black background.
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The Stochastic set at 5 5 5 shows you where the price is heading towards, at this point I have highlighted on the chart it is showing the price declining as the price is nearly overbought levels, when the blue line goes under the orange line, the price is also confirmed as going down. When the price is bouncing around the bottom of the chart and keeps going back there like on this chart there is no interest from buyers at that point.
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and 7. Dynamic trends line green for buys, reds for sells.
I hope that helps? I might not have the perfect settings here but I am always experimenting with new indicators.
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This is SO helpful. Thank you. I’m learning so much from this thread and getting to grips with price action as well. Starting to put it all together and becoming more consistent. Thank you so much for taking the time to explain to me mate. I really appreciate it
No worries, we are all consistently learning as traders. I just updated the charts above with points 6 and 7 on the trends lines.
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What’s your opinion on the HIGH impact news at 13.30, are you bearish or bullish on the EUR?
@rocktrucker
I’m not good at predictions. I’ll only say that the daily chart for Eur/Jpy still looks to favor buyers.
I am staying away from the news until after it hits.
Not trying the hedging both ways then?
@rocktrucker
Since its going up now. I at least locked in SL at break even.
Seems like when price is going up before news, it goes down like a rocket when news breaks, doesn’t it?
I’m up 6 pips now. Ready to close in a heartbeat in 5 minutes.
Yes I reckon that too.
There it goes made 9 pips in 2 seconds.
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I got stopped out with 2 pips profit.
Looks like a mixed bag of news on USD. I’ll wait several minutes to see if we get a trend
Yes I reckon.
Sixth test of resistance on euro/jpy. Will it break through?