An idea would be that the fundamental score would be the direction… And then you wait until the technical was opposite to the fundamental score… Thereby indicating an optimal time to enter in the fundamental direction.
Basically… The fundamental would indicate trend direction… Technical would indicate when a retracement is occurring and at its peak…
Thanks! I just don’t want to clatter your thread ;). I think your test is doing good so far… Maybe you can buy a “yacht” when you all figured this thing out. I will then come by and visit you then we will have a PARTY!!! (haha…Listen to me. I am already inviting myself to your party )
That’s “basically” what I’m doing now…price action strength analysis “indicates” trend direction…price action “shows” a retracement occurring and when to enter…same diff.
Kinda but not really… Price action retracements and your strength analysis are not independent of each other… Whereas the fundamental score and technical strength score are much more so.
Just thought you may find it interesting since it fits in the same idea of what you are doing… Take it as a compliment I thought of your thread when I saw the site
Since I am looking for a directional bias for fundamental (for me), I think this is a good start to look for indicator since the fundamental outlook score is base on the results of the past news releases (I think) that have a high impact on that specific currency. By using this, I will have a better idea of what the sentiment of the market is and the possible trend of that currency. I am sure everything changes from time to time but I think it will be interesting to know what is the current and maybe future sentiment of the market…
I will look into this and try to incorporate it of what I know and what I have so far… This will be interesting for me…If this Outlook score can give me an edge to predict the directional bias correctly, it will save me some time to do my analysis…Hopefully
The downside for what I can see of the Outlook Score that present in “Currency News Trading” website is that it only limits the currency pairs to major once (atleast that is what I am seeing on the site).
In SweetPip’s case, I think her strength meter (I believe) is not limited into the major pairs. Her strength meter can read any currencies and not limited on a few pairs only though she will have a choice to reduce them as she choose to. This will serve as a big advantage for her (if done right) to look at various currency pair at the same time that will give a higher probability of the strengths and or maybe weakness too…more opportunity for her… (I hope I got that right SweetPip).
It all comes down to each individual trader of what he/she is looking for to incorporate that into his/her strategy…It might not work for some but it could be viable to someone…
The site gives a table of the 8 currencies and their “fundamental” scores. Then, like mine, you’d just select out the 28 pairs, those which have best strong/weak correlation. The table is on the front page of that link:
Oh nice… Who me starting a journal? It’s too much work. I’m lazy…lol. I would prefer clattering other people’s journal ;).So much fun that way… j/k. I am not ready yet…Maybe in a few months or maybe a year. Will see…Goodnight!
I tend to go off topic in a journal. I’ll be talking about the trade then wonder what I ate, then thinking about my 4 legged friend back home, then I’ll be remembering the time when he was a puppy, then I’ll think about that meme I saw about how they get blamed for all your farts and still loves you more than your girlfriend, and what were we talking about again?