Best Thread Correlation Trading - Basic Ideas and Strategies

[GMP]

hi mate.....

is that the 1000/1 or what setting ?

also I know hindsight is bliss but it was a gorgeous pinbar bouncing off a dynamic resistance level/Ma line
(not sure what MA though)

(us armchair traders get time to read up on all the good trading words as we dont get our hands dirty with all that yucky trading stuff) :whistling

also try fibs on any Corries on 1000/1 setting applying it to the Currency lines ...............works pretty well but Fibs not my bag man...........

N

hi N
That's a slightly insane 21/1 setting - probably not recommended on the tin, but a handy comfort blanket when things are looking a bit dodgy!
Yeah, I don't put a whole lot of faith in fibs as they're too subjective and rely on your broker's prices (which aren't necessarily the same as everyone else's)but it's nice when they converge with other stuff like that. I mostly use them to give me an idea of where a market is compared to yesterday's action.
Not alot happening s'morning. Looks like everyone's waiting for 10 o'clock

 

[NVP]

right now buy tag sell GBP....see why ?

N

 

[NVP]

oooooo.maybe called this a little early but stick with it.......cmon baby !

for those of a nervous disposition sell G/U below 5048

 

[NVP]

see how the markets are now ranging in very tight price range ?.......I thought it was game over and they were both tanking down but not yet........damn !

n

 

[NVP]

gold needs to fall below 1111.70 and (less importantly) I want DJ30 below 10641.....c'mon !

 

[NVP]

can you see now how this could be a S&R call now....DJ tanking up now but gold static.....

 

[NVP]

heres the free lesson over from your number 1 armchair trader......

I called it to early and all markets reversed.....they'll come back soon no doubt but it was toooo early......lessons learned being get the confirmation of the move a little more first....:smart:

N

 

[NVP]

DOH !!!

hope you are all enjoying this...........havnt seen this clip for a while....

later.......day job to keep by the look of my trading
N

 

[NVP]

and you know whats even funnier..............that corrie 1000/1 is the TAG verses the markets .....those other lines are not the G8 !

I had the wrong chart up .......although same principles and you were watching the FTSE, DAX and other markets starting to rise again as the Dow was .....but as you know GBP was going up as well

what am I like.....juggling to many things at once !
N

 

[NVP]

is anyone looking ?.........I think its safe to post again.....

heres the full G8 crew on a 5m corrie on a 20/1 setting
much faster but shows me whos been doing what verses a 20 moving average

see how well the Euro Tribe did this morning......GBP got above the Zero , then Euro padded in a little later....then even the swissie got a little action

you could have called Euro and CHF even earlier, but I find its better to wait for a decent push from them well over the line as they can dither and hesitate for ever on that line sometimes !

this is good advice on any similar types of indicator such as macd , rsi etc etc .....if you are looking for a confirmed movement let it cross your target entry level .....then it normally pulls back...then go in on the reconfirmation of the new direction......so in this current example dont assume that USD (green) is going positive until it pulls back below the zero and then re-enters back above with a (hopefully) stronger push ( markets are always 2 steps trendwise and 1 step back)

so why dont i ever do what i say !

anyway just to recap - the Tag team spent most of later morning below the zero line with the com dolls so its been a nice spell of euro buying .....

N

 

[jrplimited]

Hi N and anyone else,

Straight into this morning's bun fight....

GU; Caught the enevitable spring back above that bewitching 1.5 level, entered long at 50184 on open of 08:15 bar, price did nothing for two bars then went trundling northbound in a series of up and pause sideways bars, all printing higher highs with higher lows. Price got a tad overheated after 10:00 local high and let off a bit of steam which was quickly recovered but couldnt match local high, then it went into sideways range from 10:30 for 30 minutes, got a boost up at 11:00 then made a few more new weak highs, got another boost up at 11:35 and trade exited on close of 11:55 bar for 119 pip profit.

EU; Bit more of an "organised" (is there such a thing in fx?!) move this morning compared to yesterday. Buy stop at 36722 filled by weak 08:15 bar and price drifted for 10 minutes then moved upwards, then went sideways from 08:35, got a little lift at 09:10 and went back into sideways mode, got a bigger lift at 09:40 and printed new local high four bars later, then it chopped around for a while until large 11:00 bar burst upwards. Started to track price a little more closely after this as it formed a series of new local highs with weak looking bars, then 11:35 bar popped upwards to try and wake things up a bit but price seemed to have exhausted itself and 11:50 bar took out TS for 47 pip profit.

EG; Saw a great downtrend in progress from opening session bar but with no real momentum chart couldnt key into any decent setup to capture this which was annoying as there was a good 28 pips or so on the table here.

Off out to play in the garden as spring has come to the UK today so good luck to you if dabbling in the markets this afternoon - trade well and regards,
Simon.

 

[NVP]

time for 1 more post before i'm tied up rest of the day.....

if you hide all the currencies except 1 you want to watch you get this......here last 2 days or so on the GBP on a 5min 1000/1 corrie

no need for ma's or macd's or fibs or RSi's ...........just some simple eyeballing and some price action experience - in this example each Arrow shows breaches of previous highs / Lows......

Hey - create your own customised trading systems/rules for the GBP based on simply eyeballing its behaviour !

oh yeah......you do need to attach a pair partner for the trade.....:whistling....if in doubt use USD ?

endless possibilities.........endless possibilities :smart:
N

 

[NVP]

Hi N and anyone else,

Straight into this morning's bun fight....

GU; Caught the enevitable spring back above that bewitching 1.5 level, entered long at 50184 on open of 08:15 bar, and trade exited on close of 11:55 bar for 119 pip profit.
EU; Bit more of an "organised" (is there such a thing in fx?!) move this morning compared to yesterday. Buy stop at 36722 filled by weak 08:15 bar and 11:50 bar took out TS for 47 pip profit.

Off out to play in the garden as spring has come to the UK today so good luck to you if dabbling in the markets this afternoon - trade well and regards,
Simon.

Jees - JRP caught that G rise (prev post) virtually on its bounce and rode it most of the way up......thank god someone knows what they are doing on this Thread ..........

N

 

[NVP]

one more post then gone.........

see this ?......lets see if it delivers when i return.....

N

 

[NVP]

Hi all

back again for a while.............heres our solitary little cherub.......GBP what have you been up to while I was away ?

well....its bounced around a bit....but never fell below that red horizontal set earlier....so no selling offered - unless you are a range trader (and was there enough of a repeating pattern/range to justify sells ?)

then a breakthrough.....(Blue horizontal).....then you must decide....do you just buy or wait for a little retrace back before it then (hopefully) kicks in and pushes upwards again..........DOH !!!

not easy eh.......and thats before you decide what to pair with GBP as theres 7 other currencies doing their own thing as well..... [hint - use correlations to other markets as well to help]

dont dispair though as the returns are worth the time and training......if you had decided to keep GBP in a Neutral/Buy situation and batted it against something giving better signals (like Yen and USD that were solid sells) money was on the table .....G/U buy gave 50+ pips over this last 3 hour period...all USD and Yen needed were currency partners that didnt fall with them !

The more I learn the less I know :smart:
N

 

[NVP]

Hi all,

Sorry..........no time today to sort out my postings....will try to pitch in later

Regards
Neil

 

[NVP]

GBP journey continues ......hidden all the rest on a 5min 1000/1 and lookign at price action

soooo..............what would you do here....and what simple
trading strategy would you have for this setup ?

N

 

[NVP]

hey............I wasnt telling Fibs about the methods you can use.....:whistling

N

 

[NVP]

Hi all

before I dissapear off on work stuff....

the Tag had a rough night and are in divorce mode......

so lets get a little quiz going here ......riddle me this one on current forex action...and tell me what direction you would predict the tag are going next...its kinda there to see.....

c'mon we wont bite !

N

 

[NVP]

ok signing off till lunch....

hoping to hear that JRP hauled nice pips on Selling Euro as its done nothing but fall against everything since 7ish.....

later....
N