Ok, here is my idea, We form a Trading Team ( and a new thread) , using the same model as the MIT Blackjack Team from the 1980’s. Brief history, Blackjack is the only game in a casino that the house advantage is not fixed, and for brief moments the odds can favor the player, The way you know when the odds favor the player is through card counting. Now it can take a long time before the odds favor the player so the purpose of the team was to place one card counter at each table playing the table minimum then when the card count favored the player they would signal the big money player to come to that table with the big bet. This is why casinos are unfriendly to card counters, and card counting teams.
So the way this would work for us is we would have one team member assigned to each of the eight major currencies ( just like the card counters at each table) They would study the Technicals and Fundamentals of their assigned currency and report to the team if they spot something that could lead to a sudden price move. An example of the way this would play out is to say the person following USD spotted some change in the Technicals or Fundamentals that they felt made USD a buy, and at the same time, the person following the CAD saw something to suggest CAD was a sell. This would give each member if they choose to, the opportunity to go short CADUSD
With such information in hand, it would enhance the conviction in our SW trades and maybe get us in the trade a day few days before they become SW trades
I don’t think this would be too hard to achieve as most of you a very aware of the events going on in your own country and how it is likely to affect your currency. So obviously the person covering AUD should live in Australia and the person coving GBP should live in Great Britten and so on.
So what is everyone’s thoughts, am I crazy or does this sound like something you would like to participate in
Definitely has merit, not crazy at all, I’m in, can do AUD on my own or as part of a down under team if there are many volunteers. At the very least we will get different views and probably learn about other trader’s concepts of strong vs weak and the all-important trend.
I had a similar idea for a group with each member having one pair to analyze; thinking about it now, the outcome probably would have been hilarious, so be interesting to see where this leads.
The format could be as a weekly outlook on Monday, daily observations, and a weekly wrap on Friday or Saturday.
This is a fine idea Dennis. Traders using the site would definitely benefit from greater perspective that greater specific knowledge would enable. They need to take into account far more than just the pin bar they see on the H1 chart for USD/TRY.
For myself, I can’t bring anything of value to the table with regards fundamentals - not even concerning my own GBP. I try to get perspective from assessing price behaviour across the spectrum of GBP pairs and the rest. I don’t read/view any financial news. But I love this thread.
This is an interesting idea Dennis. I have quietly followed your thread for a couple of years and will certainly sign up to your new thread if it gets off the ground
It has been an active week with CAD nudging out USD for number one giving us GBPCAD* as our new Top Trade. Looking at the chart for GBPCAD this has been a wild one the last several months, if you trade it be ready for a wild ride
