Trading with information and data is a different matter. I’ve stopped counting beyond 25 years. What this period has taught me is that currencies are merely shadows. And I’ve learned not to be prey to banks and funds, not to engage in their games. That’s why I don’t trade single pairs. That way, we become targets. Instead, I’ve learned to prefer pitting two or more pairs against each other.
Rather than trading in just one pair, I prefer to buy or sell USD against two different currencies. This way, I create my own pairs and charts that no one else sees. This protects me from the pressure of funds. What remains is the battle with ourselves, which is tougher yet.
Thanks for posting that; this is the advantage of sharing data, it made me check mine and I found a data entry mistake for CAD, I now have much closer to yours, and ignore the previous post of mine.
Don’t worry about the Gold rating, I just put that in for my own curiosity.
Wishing you all a great week, look out for the YEN.
I wish you a profitable week. When we look at the market with data from the last 15 days, AUD remains strong for buys while JPY remains strong for sells. In this situation, the market is focusing on AUDJPY, NZDJPY, and AUDCHF.
This morning, the demand for JPY started to decrease in the last 5 hours. Despite the strong pressure on yen pairs, they have begun to recover in the last 5 hours.
In the breakdown of the 8 major currencies in Forex,
if 1 currency is +5, the other 7 currencies are -5.
If 2 currencies are +5, the strength of the other 6 currencies is -5.
If the total strength of 3 currencies is +5, then the total strength of the other 5 currencies is -5, and so on. The reason it cannot be solved is because of this.
When you examine a currency pair, let’s say GBPJPY for instance, you see 1 GBP and 1 JPY. In reality, there are 7 GBP and 7 JPY. Therefore, analyzing one out of seven is equivalent to analyzing the pair graphically. Thus, your chance of winning is not 50%, but 1/7, which is 14%. Hence, Forex is more accurately analyzed through currency analysis rather than chart analysis. Good evening.
Yen pairs inch higher, personally, I do not like this action, after last week’s big moves down, this rally seems more like a dead cat bounce. Time will tell
Correct! You are right on the money!
I use the Internal Bar Strength (IBS) calculation/indicator as a relative strength filter/confirmation. The IBS is a leading indicator. I use some price action confluence and economic data releases for timing of my entries and exits.
If IBS is < 20 it’s a Buy. If IBS is > 80 it’s a Sell. It confirms JPY’s coming strength so I am looking to shorting the AUDJPY, EURJPY and USDJPY .
USDJPY is already at a key level ready to be short as per Dennis’ chart i.e. price is at support-turned resistance level. The IBS reading is at 93 for todays daily bar. The stochastic oscillator is overbought-- excellent level to short this pair after the PMI economic news and Jerome Powell’s speech tomorrow.
Whereas, AUDJPY and EURJPY both busy forming their last leg anchor of double top reversal M patterns. Both pairs are currently overbought. IBS readings are at 88 and 87 respectively confirming reversals. One just needs to be patient with these two
Here is a link an MT5 link Free download of the 'IBS' indicator by 'GODZILLA' for MetaTrader 5 in the MQL5 Code Base, 2012.02.03.
I personally prefer the manual computation of the IBS on the specific daily signal bar to the indicator as the calculation is relatively simple.
I have dropped the time frame to H1. There is confluence of a key level with Fibs at 156.00-156.20 zone, EMA 13/48 are about to cross down. Williams %R and Stochastics also confirm the overbought condition.
