Most of the traders here will take my rankings and combine it with a confirmation signal, that could be a pullback, candle stick pattern, breakout … ect. Whatever works for you, also I would not be any more then two trades at any one time. once you lock in profits or have moved enough to place a breakeven stop can you look for the next trade. When we have a strong trending market you can just take the 1&8 signals as they come, but we have been is a choppy market these last few months so in times like this you need to be more selective, and grab your profits quicker.
Absolutely not, as you can imagine, the JPY would be incredibly WEAK at that point, simply scroll back to check, September 24 was the Monday following, people oppose moving averages because they lag? this method defies all logic
you could explore some naked trading combined with any moving average of your choice, have to be on the ball though, some skill required, even trading the actual PIN BAR on any day following would produce spectacular results (none of which are reported here)
A daily pin bar is a stand alone signal, it can serve as a confirmation when the pair finally becomes a SW trade, if the pin bar is going against your SW trade that is a good signal to end the trade
If anybody say something that doesn’t make sense, clarification will be require. However, after further clarification, what has been said still doesn’t adds up. Then just ignore, it is not nice to demean others.
@The_Snowman is, of course, correct here. This thread is not designed to spot and trade pinbars. That is a very valid trading approach, but it just doesn’t happen to be what this thread is about any more than, say, spotting MA crossovers. @Dennis3450 does refer to pinbars as observations along the way, but the core purpose here is simply to select those pairs with the most potential and probability for longer term moves. @Dennis3450 has said many times that how one then trades the identified pair is entirely one’s own decision.
This purpose does also reveal the other observation that @The_Snowman makes. This method will never, by definition, identify the turning point of a currency from a point of strength or weakness to the other direction because it only identifies two currencies which are already the extremes in strength and weakness - and hoping they continue as such. As soon as the daily close starts to progressively move back towards its 4H MA its percentage starts moving down towards the middle of the table away from the ends.
No method is designed to serve all purposes and it is best to remember what this approach is designed to do as well as what it is not designed to do.
Of course, one could always try " naked trading combined with any moving average" and I am sure it could produce good results - but that is not what this particular thread is about…………
I must admit, though, that to me " naked trading combined with any moving average" sounds a bit like going to sauna with your underpants on…………….
Thanks Manxx, this is a long thread and having a very concise summary like this for those who found it late is good to have; especially relating it to other/additional approaches.
The big change for the week was a weakness in the Pound, Current Top SW Trade GBPJPY* would have been good for a fast 100 pips had you taken the trade at Thursday’s closing price
We see FOREX markets continuing to be influanced by correction is US stocks, Look for continued Yen strength until this correction ends
Did anyone notice that The Snowman’s post above was the 1984 post on this thread, That is a very Orwellian number , is it a mere coincidence that after a 2 month absence he jumped in at that point or something more?
Another ugly day for US stocks but the FOREX market hardly noticed, Top Trade GBPJPY* gave back all it’s gains from Friday but now heading lower into the close,
Some shuffling around at the top but this is still mostly about Pound weakness. GBPUSD* is our new Top SW Trade but as you can see from the chart below this has been a Top Trade going back to May 3rd and has been our top pip gainer of the year. You would have needed some nerves of steel to hold through that 600 pips pullback but as it never retraced the whole move had you put a breakeven stop after being up 200 pips and forgot about the trade you would still be in it. Now can we go lower or is this about to become a double bottom, that is the question
