Sweet Pip's Journal

Not anymore…now I’ve got 6 trades open:
Long: USDCHF & NZDCAD
Short: EURNZD, GBPAUD, GBPNZD, EURAUD

Great to see that you’ve widened your selection criteria, hope you’re rewarded with pips!

From an almost instant -300, to +300 in 24 hours. Gotta be happy with that.

Who you or me? I suppose I was -300 judging by some of the wicks, but I slept through that…lol. Now they’re up to almost +500… happy, happy, happy! :slight_smile:

2 trades closed:
GBPAUD +118. Had set a t/p for support (lime line) and it hit. Originally took the trade based on a pullback and high volume bearish piercing line setup, anticipating a retest of support.


EURNZD +16 After reaching over +100, set a stop at just better than BE…which ended up getting hit. Trade based on a pullback and wide-range bearish engulfing, also anticipating a restest of support (lower orange lines). Candle has about a 1/2hr to go, but looking like a bullish hammer, although lower volume than last visit to this zone.


4 trades still open:
USDCHF Long +50
NZDCAD Long +20
GBPNZD Short +90
EURAUD Short +50
All have stops at just better than BE

All trades now closed.
USDCHF Long +10
NZDCAD Long +20
GBPNZD Short +60
EURAUD Short +10
Total +$10

There were several high impact news releases this week that bounced price around a bit leaving a few hundred pips behind…whether it’s just a blip or longer term affect, it’s hard to say at this time. Probably done for the week.
:slight_smile:

Was on the edge of my seat today when I woke up and saw the euro lol

This week I’m going to use the daily timeframe to calculate the Strength Table to find out how that works (subject to change):


Longs: AUDJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGPB, EURJPY, NZDCAD, NZDJPY, USDCAD, USDJPY
Shorts: AUDNZD, GBPCHF, GBPNZD, GBPUSD

(The one below was the 4 hour analysis.)


Last night entered a long trade on CHFJPY. A bull elephant bar after a pullback, with all three ducks up, an upward channel and looks to want to retest resistance (lime line). Above that is a monthly high (dark green line) that is a potential target area. Currently +50ish


I had also put a pending buystop on EURJPY at the break of yesterdays high, which triggered early this morning with basically the same price action. Currently +50ish.


Entered long on EURCAD (6/2). Reached lower line of upward channel (pullback) and formed a doji with slightly higher volume. Looking to target upper channel area. No major news coming out for awhile.


Orders still open:
Long CHFJPY: +50ish
Long EURJPY: BEish
All week in -ve pips (reached -200 pips/$20 area)

Mind Sharing the indicator sweet? thanks in advance

Sure… strength table zip… it has a glitch and won’t display when first attached to the chart, so you have to go in as if to edit, but then just exit and it should display ok after that. One day I’ll fix it :wink:

Here’s something that may interest you SP…

Www.currencynewstrading.com

It Provides a score for each country’s fundamental prospects based on recent economic releases… Automatically updating, the site explains how the scores are generated… But i think it’s a number between 0 and 100 with 50 being neutral… Not sure as I haven’t had a chance to look at it too closely though

May be something you could incorporate with the strength meter reading…

Worth checking out

Example… Usd has a score of 63 and NZD has a score of 46 right now… Pairing strong vs weak you want to only short NZDUSD… As this score is independent of price action it could be pretty useful filter or confirmation to your strong vs weak trades based on the price action strength index

thanks a bunch :wink:

Oh nice… I think this website is pretty knit. I could use this one…I know this is addressed to our SweetPip :wink: but I’ll take whatever information I can get…lol. Thanks for sharing.

Yeh I figured she needed all the help she could get… Looks like she’s struggling over there lol

Here’s a thought…why don’t you look at it a little more closely and incorporate it into however you trade…and then get back to me on how it worked out for ya :wink:

Lol oh I thought you liked trading random methodologies. Sowry

Hey, no problem :slight_smile: I would say that some kind of currency strength analysis would help …whether it’s price action or fundamental based I guess depends on what kind of trader one is. If fundamentals are already factored into price, then using a price action based strength analysis should be good enough, otherwise they may start to contradict each other and then I’d really struggle, or they’d match and then what’s the point. That’s my story and I’m stickin to it …at least until my test is complete…lol.

If it’s supposed to complement my analysis, how’s that a random methodology?

(Random guys can’t help but say random things…:54:)