montmorencyt2w
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Hadn't thought of a "Goldmeter"! Nice idea though.
Ashraf sometimes tells people to look at the various currencies they are interested in, in terms of gold, to get an idea of their "true Value", rather than just relative to each other. I guess it's another form of strength meter.
From the other side, he also looks at the price of gold in currencies other than USD (Euro and GBP for example), which I know you do too, from some of your earlier posts.
Anyway, I was going to ask you Neil, if you don't mind, do you still consider yourself a scalper, or are you taking any longer term trades these days (using FXCorrelator, that is)?
I've given myself a self-denying ordinance to stick to short-term for the time being (I used to always aim for the long-term trades). This is as much a money-management and stress-reduction issue for me as anything. (I came to realise that overnight trades were a stress factor for me; which probably should have been self-evident beforehand). I'd hoped maybe to gravitate back to longer-term trades later on, but I'm keeping an open mind.
Also, you said at one point that you never trade JPY. Is that because it is so closely correlated with USD that there would be little point? From casual observation of your FXcorrie snapshots, I've never seen it when they weren't correlated, although presumably it does happen from time to time. Last year I was sometimes seeing some good moves on EUR/JPY and made some good trades. (Spread was a fairly reasonable 2 on Tradefair at the time; not as good as 1 on EUR/USD admittedly). But I wasn't using a strength meter then, so I guess I wasn't always able to see that I might as well have just stuck to EUR/USD. It's possible that I was letting what I thought was the message of the "Fuzzymentals"(TM*) get in the way of the obvious price action.
Similarly, there seems little point in trading USD/JPY, although I was doing last year, and with rather frustrating results. EUR/GBP I also found fairly frustrating, and I almost never would trade it now. I have theories about why it is usually a pointless trade, but that's for another time.
*["Fuzzymentals" - a word I've just made up to include Fundamentals, Sentiment, Bias, News, views of ppl like Ashraf, gut feeling, experience and whatever else goes into the mix that is not of a technical nature]
Ashraf sometimes tells people to look at the various currencies they are interested in, in terms of gold, to get an idea of their "true Value", rather than just relative to each other. I guess it's another form of strength meter.
From the other side, he also looks at the price of gold in currencies other than USD (Euro and GBP for example), which I know you do too, from some of your earlier posts.
Anyway, I was going to ask you Neil, if you don't mind, do you still consider yourself a scalper, or are you taking any longer term trades these days (using FXCorrelator, that is)?
I've given myself a self-denying ordinance to stick to short-term for the time being (I used to always aim for the long-term trades). This is as much a money-management and stress-reduction issue for me as anything. (I came to realise that overnight trades were a stress factor for me; which probably should have been self-evident beforehand). I'd hoped maybe to gravitate back to longer-term trades later on, but I'm keeping an open mind.
Also, you said at one point that you never trade JPY. Is that because it is so closely correlated with USD that there would be little point? From casual observation of your FXcorrie snapshots, I've never seen it when they weren't correlated, although presumably it does happen from time to time. Last year I was sometimes seeing some good moves on EUR/JPY and made some good trades. (Spread was a fairly reasonable 2 on Tradefair at the time; not as good as 1 on EUR/USD admittedly). But I wasn't using a strength meter then, so I guess I wasn't always able to see that I might as well have just stuck to EUR/USD. It's possible that I was letting what I thought was the message of the "Fuzzymentals"(TM*) get in the way of the obvious price action.
Similarly, there seems little point in trading USD/JPY, although I was doing last year, and with rather frustrating results. EUR/GBP I also found fairly frustrating, and I almost never would trade it now. I have theories about why it is usually a pointless trade, but that's for another time.
*["Fuzzymentals" - a word I've just made up to include Fundamentals, Sentiment, Bias, News, views of ppl like Ashraf, gut feeling, experience and whatever else goes into the mix that is not of a technical nature]
