@tonymand, I don’t trade any strategies on news… I designed a Bot that gives me the level of the SMA200 (Any MA, Any TF, Any periods) and Price (via a log) which has linked input continually into an Excel spreadsheet using Dennis’s formula to calculate the strengths 24/5.
It links to either the USD or JPY as a constant… so no lag associated by taking the value at a set time…
It uses an alarm via email or sound when a cross of currencies occurs… (a few BP Members have been given a similar system to trial…)
Real time… I’m in Oz too and those moves could be seen around 11-12pm (UTC11) on the 6th March…
Hi Trends. Wasnt commenting either way on what you do. If your technicals married up to the fundamentals last night happy days. I missed last night because I was watching a re-run of MAFS and had no real expectations regarding the ECB. When I looked at my charts after 10pm AWST the move was well under way. I have learnt not to jump onto a speeding train as you can get hurt. My comments were for those reading the thread who may not have your experience and may have misunderstood what the S-W rankings here can and more importantly cannot show. They are useful to add to the toolbox but are not a system as some people seem to think. Sounds like you have a real good way forward and can be closer to the real time action in a way that suits you. Excellent! That is what it is all about.
What I find is everyone is looking for an intra-day signal while Dennis is using an END of DAY signal to predict WEEKLY moves; doesn’t anyone else see the clash here?
If you want to trade intraday, use the Currency Strength Meter of your choice (CSM) and use PRICE ACTION, trade what you SEE for example break of last week’s low is pretty good
Here is a real time chart, now 01:32 GMT, work that out for your time zone
Here are other aids to use, chasing continued JPY strength here, it usually lasts until Europe, then if it picks up even more, hang on. Darn NFP later will slow the market be ready to exit day trades quickly!
Your statement that everyone is looking for an intraday signal here is based on what? I think many visitors believe it is a system when it isn’t. They are very early into their journey as they seek to make some sense of things. You obviously have much more experience and at times can be quite helpful with your insights although less than pleasant in the way you go about it sometimes. If you think back to when you started you will no doubt remember how confusing it all was unless you were an exception to the norm. Many individuals jump from method to method believing there is a holy grail when in fact they need to understand what the charts are telling them. I absolutely agree with you on NFP which can promote all sorts of chart mayhem, something else that one gets very used to over time
@tonymand, @The_Snowman… The strategy I have posted in Dennis’s thread is not directly aimed at being an intraday strategy.
The currencies are fluid, SW’s are fluid… as displayed by the charts in my posts… currencies can post huge moves within 24 hours… so if you can board the “speeding train” at an earlier point, the chance of a successful outcome is enhanced. It’s no way meant to degrade Dennis’s strategy, it’s put forward as a strategy within Dennis’s strategy…
Currency Strength Crosses are possibly amongst the most powerful drivers of market (pairs) direction.
Price and the MA200 are a very powerful pair of “Indicators”. Dennis’s system is solely based on the position / distance of the 200 and price on the 4 hour TF at a set point in time, and is a simple but brilliant measure of the market.
Data I derive from the EA is still based on the 4 hour TF, but unlike Heatmaps, Currency Meters and possibly many other utilities in the marketplace, it can be fine tuned to suit this strategy and a few other ideas I have developed…
My strategy is effectively generating an equivalent of looking at a smaller TF for entry and exits… Same as trading the 4 hour TF for overall market direction, but using the 1 hour or 15 min TF to get a better entry or exit. Seriously simple stuff…
I’m with Trendwithbenefits on this. It is one powerful method but dont take it AS IS. Develop your own methods with it. The 200 MA is very powerful and Dennis’s way of using it is the best I have ever come across…Plus I trade for a living and have done for years.
My own approach and one that I have been working on a lot just uses Dennis’s rating but it waits until the JPY is either the Strongest (No.1) or the weakest (No.8) - As Dennis has explained many times it does travel from number 1 - 8 and from 8 - 1
Then it waits until certain things happen. Like in a chart below… Yes, its a mess but you can see the power in it.
When will the JPY when it the strongest… Go weak
when will the JPY when it is the weakest - Go strong
The JPY went the weakest on Dennis’s method on the 18th Feb… Now we wait.
All JPY pairs must hit the GOLD line - So if the JPY is the weakest the GBP/JPY must hit the TOP gold line… One by one all the JPY pairs hit the top gold line… The USD/JPY was the last to hit it… I new then with a high degree of accuracy that the JPY will become strong.
And with a good chance it will go to the number one spot on Dennis’s rankings.
OK, not the best explanation as its 04.31am and ha no sleep yet. I will give proper explanation one day if anyone interested but I don’t want to sidetrack Dennis’s thread.
Keep things simple and don’t over complicate things…
Who knows what tomorrow will bring… One thing to remember is that is, for example the USD is strong doesn’t mean it will remain strong… The AUD is very weak at the minute. That doesn’t mean it will remain weak and could go strong at any time.
One simple, powerful approach and in four days resulted in this… Sorry but as I trade for a living it was a high lot trade. Stop loss is now tight as its Friday and NFP (Non Farm Payroll) day
Based on my observations of every noob joining the thread and asking how to trade the signal. No one can provide a straightforward record of trades taken as per the method, even as slow as it is, with new strong vs weak less than 1 per is it?
Of course everyone wants to trade in the NOW, little do they realize, the answer to their dreams already exists, no need to reinvent the wheel with a personal, hand draw spreadsheet on a DAILY basis.
Any cheap, currency strength meter will do the job, even the FREE ones as shown.
I shall await for the off chance posting of anyone holding an open trade, longer than 1 day, taken on this method. Now, let’s recheck the previously posted trades shall we? TIME is 06:00 GMT, still 1 hour to Frankfurt open, and 2 hour to London open, how are we doing?
Good day Dennis. Many thanks for sharing your knowledge. I would be obliged if you or one of your folowers could assist me. I am a bit confused about the SW ranking. an example is lets say GBP/JPY is at +1.0% and CAD/JPY is at -3.0%. Would the trade direction on the GBP/CAD be be a) Up as the stronger currency GBP/JPY in terms a positive value of the GBP, or down because CAD/JPY is furthest from the zero value which confers a higher strength?
Once again many thanks
Thanks Professor… I did close my JPY order before London opened and then crashed in to bed. I needed sleep… I don’t like Fridays and especially NFP day.
I will try and keep you updated on this formula with using Dennis’s ranking method…
It certainly works like a dream.
Vipz0124. My broker is based in the heart of the financial district in London… Old Bond street… Actually near the Rochchild’s london headquarters. Great place to visit if you are ever in London…
Hey snow, just wondering if you mean that you dont wait for any price action or broken support/resistance? If it gives you a good currency meter before london open, are you going to strike it? Thanks
Hi @The_Snowman, can you provide a link to that Indicator… I have it and it is an awesome set of tools from TRO. I have tried a few times to find it so I can link it here for members to download but it appears to have vanished from the MQL5 Site. Cheers
Hi @BaconSandwich, I’ve gone through and manually backtested 2018 taking any trade in 1/2 vs 7/8 position with a spread greater than 2% (been unusually quiet at work…: :)) at the closing price for that day. Using a 3x ATR as the loss (poster earlier had done something similar) and 100 pips as the TP/win. Do believe it is profitable, results came at around 75% win rate and positive pips, though losses generally are bigger than the wins when they do occur, especially on GBP pairs!
Will start looking at better ways/filter/exit indicators to identify getting out of bad trades prior to hitting the SL. Definitely believe the work Dennis has done provides a great starting platform at least to build off and strategies can incorporate this like some of the posters seem to be doing.
@Trendswithbenefits Interesting use of it mate, hopefully you get some positive results. Are you getting too many alarms from crossovers or are you mainly looking at the biggest % change in two currencies from the day before as previously had mentioned and trading that?
@MonkeyFX Nice trading. How did you identify where to put the gold line though? In my backesting above, JPY pairs did account for over half of the losses.
Hi @The_Snowman, do quite like some of the sites/material you’ve shared (35 lessons was a good read), but I’ve struggled trading some of those other CSMs. Quite like the EOD rule based trading this can offer as is time efficient and I can sometimes struggle for time to check charts during the day.
