Well, all I’ve seen quoted here is the close of the 4 hour candle at New York close at 5 pm
Now to me, that is the close price of all time frames, is it not?
And it won’t change, will it?
The 4 hour reference is made to emphasize to take the reading of the 200 EMA using the 4 hour chart
And I don’t believe that will change either
What part of that don’t you understand?
If those price “change” then backtesting of any kind would be impossible!
All I was doing was trying to get the exact figures Dennis has on his strong/weak analysis. If that’s too noob-ish question for you then so be it. I was just asking questions here. I sense that you dont want to help and thats fine.
I am trying to help, trying to make you actually think
For instance, before the close, price is moving, how can you decide what “exact” price to use?
You can’t, read even some of the thread, it has been said use the CLOSE price
CLOSE means closed, price has stopped moving for that 4 hour space of time
Take a reading of that
Happy Thanksgiving to everyone, US markets closed today but good old FOREX never takes a mid-weekday off.
Today was a pullback day, all our top 4 were down while the bottom 4 rallied, Top SW Trade GBPNZD* is a challenging one, with Brexit in chaos prices with anything GBP is having some big sings, so far GBPNZD looks like it might be a failed trade. Look how price is following is following the 1hr chart 200ma, it is a coin toss which way it breaks from here
I always use the SMA, and depending on my day I might pull the number a few minutes before the daily close, if I am doing my rankings after the close then I will use the exact number the charting service. being a few pips off should not change things enough to matter
When I log on here and see 14 replies ( normal is 2) I know the snowman is back in town.
Snow, I thought we all agreed you should start your own thread. Until that time making sarcastic and demeaning remarks aimed at the participants of this thread is unacceptable and if it continues you will be asked to leave the thread
Thanks Dennis,
Also, as i back read your posts, i found you have what we called “Top SW Trade”
.Does that mean that at the end of the trading week the #1 and the #8 will be your top SW trade of the next trading week? And also how do you call that it isnt your top SW trade anymore?
The Top SW Trade is whatever is the #1 and #8 at days end, I will track these pairs as long as the trend continues so we could be tracking many Top Trades at any one time. These are not trade recommendation but a means to track how strong the trend is. If you do take any of my Top SW Trades make sure you have a trading plan in place and know your exit for limiting losses and taking profits
Good Luck
Thanks for the heads up Dennis, after having your top SW trade. You then would watch the trend in weekly and daily TF, if it is trending up or down? After which go down to 4H and 1H for entry, yeah? Also, your entry is for the price to RETEST or BREAK the 200SMA or the support/resistance, every time?
I would love to follow your system after I’m done reading all the posts in this thread. I hope you don’t mind hearing a lot from me in here Dennis.
Dennis,
If i may ask, what is your characteristic of a pin bar?
For the week NZD and AUD weaken but held on to # 1&2 everything else moved very little for the week. It was just one of those weeks not much is happening, we do have to be concerned that NZD and AUD have both reach a top in this run, but who is likely to take their place at the top, so far no other currency is stepping forward
Don’t forget I will be out of town all next week, so this will be my last SW ranking post until next weekend
Here is a pinbar this week in the NZDCAD, not a strong one but we did get follow through the next day. Now see how price fell back to the 200 dma and reversed again, We now have a point of strong support, as long as price stays above the 200 dma then stay long, but if price breaks below the 200 dma there is likely to be a lot of stop loss orders sitting there and this could head lower rather quickly
Will keep an eye on this. Anyway, i tried to visit your youtube channel and just wondering if you are still uploading new videos from time to time? Or if you have a new one already?
I have not done any new videos in a while, I have just been very busy this year so something had to go on the back burner, I would like to get back to regular video uploads, maybe in the up coming year we will see.
Thanks Dennis.
By the way, how can you tell that the market is consolidating or the market is tight? Because I can see that you can tell them based on just looking at your SW Analysis table. How much % difference do you base it on?
Just look at the % spread between each currency and compare to the day before or several days before, if the spreads are contracting then we are either consolidating or reversing, when you see 4 currencies with less than 1% separation and its been like that for several days that is a consolidation ( not trending) we want to see a spread of +2% and getting wider each day, then you have the making of a good trend.
I am signing off for the week, everyone have a great week and I will be back Sunday
Take care
Have fun Denis !!!
Dennis,
Been reading your thread lately and I’m half through. Just a quick question. Would this strategy be suited for a low budget live account? Say for example, 100$ Account with 1:500 leverage, risking 1-5% per trade, with stop loss for about 100-200 pips? Because this is I think the most money I can afford to lose for now.
Thank you.
you are wasting your time and money with an account like that. Stay on demo and get a reasonable stake together. Most people have little hope of making it but sorry to tell you that you have none
