Day 3 of the Santa rally, Yen looks headed to #8, Both S&P 500 and DOW 30 finished just below their all-time high. Can we get one more day and make this a true Santa rally
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making nice pops on audjpy and eurjpy long !!!
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i’m in profit with nzd usd buy 
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so your not trading this method, why bother posting?
or at least provide a chart with some trade analysis details
Merry Christmas
@FOK are you talking to me? I didn’t think it was a trading method? was a post on currency strength . Merry Christmas to you too
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Yeah, Dennis takes trades so yes, it is a trading method. From the 1st post, he says
“I do my own unique version of a strong weak analysis where I identify the strongest down to the weakest of the 8 major currencies, the idea being to match the strongest with the weakest and trade that pair.”
So your post was about currency strength by telling us about a trade position in profit
Can you elaborate on that with a chart or explain the basis of strength?
Thanks
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I mean, NZDUSD ‘buy’?!!! Is he a contrarian trader?
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its not a contrarian trade, NZD USD is bullish. There is value right now even in a nzd usd buy, it will shoot up you watch
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As long as you are winning, I dont care bud…good on you man!!!
With US markets closed the Santa rally looks to have stalled, but this could just be profit-taking and we could continue the rally next week,
Note: January is normally a strong month for US stocks , this should mean positive returns for Yen pairs, it is just a matter of picking the right pair
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No I’m not a NZDUSD trader or forex trader for than matter. Just wanting to add my 2 cents.
Looking on bigger 7 year chart I have red lines for past support and resistance . Now back to a 7 month chart with some exponential moving averages that all have crossed the 20 day moving average and that very Bullish. Looking at the lowest support line from that 7 year chart on a 7 month chart and RSI 14 was in extreme oversold while bouncing off that old support line is a great example of a price bouncing off old levels.
Here’s the 7 year chart showing old support and resistance levels. Those levels are not pinpoint but just areas.
Give or take areas are
0.6955
0.7200
0.7400
and maybe a little higher.
Just my 2 cents!!!
IMHO!!!
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A Blessed Christmas to all my Christian friends!
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For the week we saw the gap between 1 and 8 cut in half, a continuation of the Santa rally sure looks likely next week
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Hi, do you also take weekly and monthly strength readings? Would this be a good idea? I know you have probably done this before so thought I would ask.
Also, is it a case of the market is strong if its above the JPY in rankings and weak if the JPY is in 1st posistion with everything else behind it?
Thanks
Taking too many strength readings is just going to confuse you with conflicting signals, I have found the 4hour wth a 200 ma works best for my trading
Yen and US dollar are both considered safe havens and will weaken during a stock market rally ( most of the time)
AUD, CAD and NZD are all risk on currencies and tend to do well when stocks rally. That being said, actions by Reserve Banks can turn the markets upside down and make everything I just said useless
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Thank you for replying, that all makes great sense.
May I just ask are you taking your 4H/200ma readings at a specific time each weekday?
I am in the UK, so if I wanted to take the readings myself would I take them all on the 4H chart at say 5pm UK time or once the 4H candle has finished forming around that time?
Thank you
200 ma you say on a 4hour chart. Years ago I read somewhere on another forum on using intraday charts that the 8 ema and the 34 ema was best used. Also a 10 ema cross of 60 ema was talked about a lot.
I guess what ever one can use to make a profitable trade. Then good !!! I like that 200 ma idea.
My 2 cents.
FOREX is tied to the New York eastern standard time, so the daily candle ends at 5 pm est, what is that 10pm UK. I generally will put on new trades during the Asian session to take advantage of markets waking up to first the UK then later NY