Best Thread Correlation Trading - Basic Ideas and Strategies
Forexmospherian
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Morning N
Only around for a few hrs this morning ( unfortunately) so will miss most of action - but might be back to catch 7 00 pm red dollar news
With regards to that GU sell you took at 6290 at around 8 12 /13 am - which then had you for minus 3 - heres how I saw it etc - although in isolation - not correlating it with any pair
The key levels are 6270 -75 area. From 7 am onwards its been a scalp buy - with us knowing high yesterday was 6310/11. So if its a buy above say 75 and normal R's would be at 6300 ish and then in theory it might stop under last high of 6310 - ( purely to set up more doubt in traders decision making)
So at 8 00 am - we had a HL from 7 00 am - and then we needed a HH above 6299 to confirm futher tries up
At 8 10 am to 8 40 am - we were trying for that HH - above 6290 with goal over 6299
We managed it at 6307/8
That was next clue - we know more than likely we will not just go past 6311 of yesterdays high - so around say 6305 to 6310 is definitely sell time - with us then knowing last HL's are 6289 and 6300 will be supports
So above 6290 and 6300 - we should be able to buy again to try over 6311 - which we need to breach by 3-5 pips before another pullback - needing to stay above 6300.
For me now - i would only be holding scalp sells on under 6300 - say 6297 and 6290.
Above 6300 and 6290 - you have to favour higher - but dont forget news in say 40 mins
Hope to be around then - and will be looking at pullbacks staying then above 6275 trying up again - and only thinking the up session is over if price goes under 6275 and 6265
GL - have a good day and remember those TW's as well
Regards
F
Only around for a few hrs this morning ( unfortunately) so will miss most of action - but might be back to catch 7 00 pm red dollar news
With regards to that GU sell you took at 6290 at around 8 12 /13 am - which then had you for minus 3 - heres how I saw it etc - although in isolation - not correlating it with any pair
The key levels are 6270 -75 area. From 7 am onwards its been a scalp buy - with us knowing high yesterday was 6310/11. So if its a buy above say 75 and normal R's would be at 6300 ish and then in theory it might stop under last high of 6310 - ( purely to set up more doubt in traders decision making)
So at 8 00 am - we had a HL from 7 00 am - and then we needed a HH above 6299 to confirm futher tries up
At 8 10 am to 8 40 am - we were trying for that HH - above 6290 with goal over 6299
We managed it at 6307/8
That was next clue - we know more than likely we will not just go past 6311 of yesterdays high - so around say 6305 to 6310 is definitely sell time - with us then knowing last HL's are 6289 and 6300 will be supports
So above 6290 and 6300 - we should be able to buy again to try over 6311 - which we need to breach by 3-5 pips before another pullback - needing to stay above 6300.
For me now - i would only be holding scalp sells on under 6300 - say 6297 and 6290.
Above 6300 and 6290 - you have to favour higher - but dont forget news in say 40 mins
Hope to be around then - and will be looking at pullbacks staying then above 6275 trying up again - and only thinking the up session is over if price goes under 6275 and 6265
GL - have a good day and remember those TW's as well
Regards
F
NVP
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thanks F
my current major weakness is I am trained purely on currency indexs and their behaviours / patterns
that trade (without giving too much away) was playing a potential GBP retrace south into a USD I thought would rise............it was appalling and a gamble
I need to seriously revisit my pairchart analysis notes and will take a look though your threads again re LR
it wasn't a catastrophe though but very very frustrating given my experience and years of screentime
thnks mate
N
my current major weakness is I am trained purely on currency indexs and their behaviours / patterns
that trade (without giving too much away) was playing a potential GBP retrace south into a USD I thought would rise............it was appalling and a gamble
I need to seriously revisit my pairchart analysis notes and will take a look though your threads again re LR
it wasn't a catastrophe though but very very frustrating given my experience and years of screentime
thnks mate
N
NVP
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NVP
Guest Author
- Messages
- 37,936
- Likes
- 2,144
NVP
Guest Author
- Messages
- 37,936
- Likes
- 2,144
morning all
well heres the 1 hour ....20ma default setting on the FXCorrelator available FREE below in the links areas .
the usd is as usual swinging between buys (above zero) and sells (below zero).........
5 changes this week for our trading pleasure..and more to come I suspect..........
so are you selling usd or have you already decided its retracing fast and you are buying it on lower TF's ?
your money your call :smart:
N
well heres the 1 hour ....20ma default setting on the FXCorrelator available FREE below in the links areas .
the usd is as usual swinging between buys (above zero) and sells (below zero).........
5 changes this week for our trading pleasure..and more to come I suspect..........
so are you selling usd or have you already decided its retracing fast and you are buying it on lower TF's ?
your money your call :smart:
N
