wished I had found this thread earlier. Question, Do you ever plot these percentages? If so can you post one for the month?
You mean like this
Yep thanks Dennis, I’m gonna convert this to a line graph and see how it looks.
Hi Dennis, i still confuse which Frame to entry ( D or H1) , sorry i am a baby in forex , tks.
My weekly look at the markets, we have some really good trends and new setups, life is good for us trend traders
My Strong Weak ranking is based on the 4hr chart with 200 moving average, as far as entry that is all up to you, I take trade setups on Daily, 4hr, 1hr and sometimes weekly charts, key is to trade with the trend and match a strong and weak currency. One of my favorite entries is on pullback to the 200 ma on the 1hr chart
Here is 1hr chart of USDCAD, look at all those short entries on pullbacks to 200ma,
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Year to date the Yen is the hot currency, even before thursday’s selloff of yen pairs, yen has been the top currency most of the year. Until something changes yen pairs should only be shorted
close behind, on the strength of raising oil prices is the Canadian dollar, as long as oil is rising, being long CAD is a good alternative to the volatile Yen
on the short side both GBP and USD remain weak and should not be owned. For my own trading I will be looking for setups to short both USDJPY and USDCAD
Yen gave some back today, a bounce in over sold Aussie
US stocks had a good day so maybe we get one last rally before summer, that would be good for the AUD
By far USDCAD is our best trend, it all started early January with a final big lunge higher followed by an engulfing candle down. In the last 15 weeks only one up candle and we are starting off week 16 red, from the high this move is already 2000+ pips and I have no idea how much lower it goes
USDCAD weekly chat
another beautiful trend is EURUSD, we have a very strong double bottom and current up trend started last week of November with an engulfing candle coming off support, not as fast moving as the USDCAD but I love that stepping pattern giving us higher highs and higher lows. We are now trying to breakout of the consolidation, a weekly close above 1.1500 should clear the way for price to move higher, that 200 week moving average up near 1.2500 looks like a good first target
price is extended so I need to see a pull back to get long
EURUSD weekly chart
we had some big counter trend moves today, all the comdolls got slammed, moving markets mean new setups.
if you had been in the top Strong Weak trade AUDJPY, you would had scored 200 pips today
we finally get that breakout move and follow it up with a pinbar reversal. This is why I do not buy breakouts and never trade against daily chart pinbars. Price was extended so I am going to let this one pull back and wait for a good price action signal to get long
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I saw this yesterday and should had posted it, when you get this nice stepping pattern lower like we see in the grey box, that is a great looking trend and what we want to see. Then look at the yellow box, we are still trending lower but no longer stepping, instead we start getting a bunch of red doji’s grinding lower. when you see this a pullback is likely to happen soon. If you use indicators this is when you would see price divergence from the indicator. I will watch for these in the future and try to post them before the big reversal hits
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Thanks Dennis!
hi Dennis great material thanks mate.
Tks Dennis for valuable guidance, so we wait for buy entry from H1 Frame , is it correct ?Tks
NZDUSD is not a pair I normally trade but this has a great stepping pattern, since February we have had no less then a dozen chances to buy 50 pips below the 200 ma and sell 100 pips above the 200 ma ( on 1hr chart), we are 60 pips below the 200 ma as I type this so not a bad place to buy, a safer entry might be to wait for a 1hr candle close back above the 200 ma. , this way if price keeps moving lower you don’t get in the trade.
not much happening today, yen pulled back a little, I am a yen buyer but it needs to be on an ideal setup with reasonable risk
You can use any time frame you like, I like buying on pullbacks and the 200 ma on the 1hr chart has worked for me. the chart I posted for NZDUSD is about as good as you can gets. Just make sure your buying the strong and selling the weak. For long term trades taking entries at the 200 ma on the daily chart can keep you in a trade for months.
I noticed that the 1hr chart for USDCAD looks broken, with USD breaking the 200ma. Do you still plan to trade long CAD and wait till it reverses to the 200ma?