Posted:
#26
just got in... email from forex.com says they are tightening their spreads on all currencies, up to 25% better on most highly traded... 
wow not much happening tonight
Forex Feb II
Posted:
#30
Wow, ok, I think I know why I have been making such horrid decisions as of late.
I was using a 1 min, chart,
now looking at an hr. chart I am looking at where I enter and exit, and its becomming clear to me what was going on.
Wall in another thread you were talking about the +dmi.
I am using (what I think) is the technique you guys are using could you verify on a one hour chart as opposed to a four?
also I shorted eur right around 3 or so when I noticed that the rsi started dropping below 50, and the +dmi started toward the 20 area.
ideally (i assume) you would like to find the rsi higher than 50 but I wanted to test this system.
I can see that I was playing fast an loose with my technique.
is there anywhere I can read up on this one?
I have not seen it on babypips.
thanks
Posted:
#31
rick,
That is the theory floated here..using the 4 hr chart and having the +DMI pass through 20 and have the RSI low is a good way to find a nice entry.
Ive used the other chart length but you have to be VERY VERY quick to get in and out since the numbers move easily.
I like shorter term charts for entries and exits on the fly, but finding the trades I like the longer term charts..
That is the theory floated here..using the 4 hr chart and having the +DMI pass through 20 and have the RSI low is a good way to find a nice entry.
Ive used the other chart length but you have to be VERY VERY quick to get in and out since the numbers move easily.
I like shorter term charts for entries and exits on the fly, but finding the trades I like the longer term charts..
Posted:
#32
well im in on the wrong side here looking at the daily in EUR/GBP.....looks like the +DMI is going to cross UP through the ADX and -DMI........guess all i can hope for is that it gets rejected and turns down....
Had the same thing happen in this pair like a month ago kept getting close to a cross but bounced apart every time....+DMI is now touching the ADX with the RSI close to 70...
Posted:
#35
buck,
On this -DMI theory, I just cannot see strong enough confirmation to use it as a SHORT indicator..like on your SS trade now, that -DMI has hung out down here for most of the chart..it hangs around 1 to 20 with an occasional move up, but it surely isnt a STRONG indicator for entering a short to me..especially how the two DMI's have hung together so tight.
The RSI looks like a rounding top though..
On this -DMI theory, I just cannot see strong enough confirmation to use it as a SHORT indicator..like on your SS trade now, that -DMI has hung out down here for most of the chart..it hangs around 1 to 20 with an occasional move up, but it surely isnt a STRONG indicator for entering a short to me..especially how the two DMI's have hung together so tight.
The RSI looks like a rounding top though..
Posted:
#36
Sorry Wall havent had power since just about 5pm...had some 60 mph winds come through....
Thr cross is with the +DMI line and the ADX....if its crossing to the downside with the RSI overbought its a sell....and vice versa and i dont trade the crosses of the -DMI and ADX
I have talked about not trading ones that dont come in the top/bottom third of the charts
A good example of a cross in the upper 2/3 is on 2/9 3am 4hr JPY chart......+DMI crossed down through ADX with the RSI in the 70s...good for over 150 pips
Now with EUR/GBP if you look at that chart instead of crossing it bounced 2/10 19:00......the crosses work i just shouldnt have been in this one cause it was a sell cross but the +DMI line was only at 30 with the RSI at 62ish.......from now on +DMI has to be 60 or better or im not touching it[for a sell]and 20 or lower on a buy
The crosses of the DMIs are better like the one in EUR/GBP 2/10 at 3am......coulda got in 8690s-87....and was good until .90..............300 pips
Im not going anywhere i can wait this out
Posted:
#37
No prob..
Here is a Q..why trade only the +DMI versus the -DMI for the sell side?
That is good to know though, for some reason I thought you abandoned the ADX cross and looked at when the DMI moved through 20 with a good RSI..I have no clue how I drew that conclusion..strange.
I decided to delete an order for long Lb.$$ based on the DMI being too low and the ADX being too high on the 4 hr chart..DMI is down around 6 and ADX up at almost 50. RSI is down to 30, that was what was the clincher but I will wait.
Here is a Q..why trade only the +DMI versus the -DMI for the sell side?
That is good to know though, for some reason I thought you abandoned the ADX cross and looked at when the DMI moved through 20 with a good RSI..I have no clue how I drew that conclusion..strange.
I decided to delete an order for long Lb.$$ based on the DMI being too low and the ADX being too high on the 4 hr chart..DMI is down around 6 and ADX up at almost 50. RSI is down to 30, that was what was the clincher but I will wait.
Posted:
#40
thanks,
In the past hour I have used this method to short usd/jpy and buy eur/usd
up over 100 pips so far
looking at the longer charts definatly helps with entry.
I think I am switching between the 15 min, and 5 min charts to plot an exit.
I am trying to stay away from the min charts the swings can be so dramatic.
Have you seen a program called prophet. it is essentially a 1sec chart that thing makes my head explode 
Posted:
#41
I like watching the TICK chart, which is a second chart, but it can make you prone to mistakes since the technical indicators can swing so fast and easy, if you want to swing trade it is good to watch that tick chart but not for the longer term investment.
I added a LB.CHF at 1.635 up to 3 contracts now.
Watching the longer term chart for an entry can be VERY helpful in a short term trade..you might see something in a long term chart that isnt there in a short term chart and could give you reason to enter a trade which works when if you only looked SHORT term it might not be there.
I added a LB.CHF at 1.635 up to 3 contracts now.
Watching the longer term chart for an entry can be VERY helpful in a short term trade..you might see something in a long term chart that isnt there in a short term chart and could give you reason to enter a trade which works when if you only looked SHORT term it might not be there.
Posted:
#42
my charting software allows me to have numerous charts up at a time.
so im set up with a 1hr chart
a 15 min chart
and a 5 min chart
with the buy and sell underneath.
also I can detach the charts and minimize them on my desktop so that I can maximize them quickly.
I can see why pro traders have 3-7 monitor configurations.
Posted:
#45
buck,
I saw that and noticed it moved up, but so far its 50 pips..not too bad.
On a side note it looks like the Eu.USD has the DMI moving past 20 and through the ADX now..RSI a tad high but I put in a limit order long here..it has moved a ton since earlier today, I dont like that but giving it a shot and maybe a tight stop as well.
I saw that and noticed it moved up, but so far its 50 pips..not too bad.
On a side note it looks like the Eu.USD has the DMI moving past 20 and through the ADX now..RSI a tad high but I put in a limit order long here..it has moved a ton since earlier today, I dont like that but giving it a shot and maybe a tight stop as well.
Posted:
#48
Sad thing is Wall i could tell on the daily it was going to keep moving against me and that was at 4pm yesterday
.....i shoulda bailed and just bought 4 lots and set it to break me even or go for alittle extra.....id be out now 
.....i shoulda bailed and just bought 4 lots and set it to break me even or go for alittle extra.....id be out now Nice trade in EUR looking at the 2hr its about to have a +DMI cross to the upside maybe more gains here next few hrs...
Several nice looking charts on the 2hrs i like sells of JPY 90.96 and GBP 1.4377 are the current rates ill check in the am and see how they did.....good luck in the afternoon everybody
Posted:
#49
buck,
Look at the hour chart on your trade..
High made on this trip is LOWER than the high made on the 2nd and you could say it is a triple top..a full retrace off the low back to the high on the 2nd.
If she moves past .91 though, the chart starts looking good with that maybe being a floor.
You have been in worse than this but it looks like a tough trade here.
Look at the hour chart on your trade..
High made on this trip is LOWER than the high made on the 2nd and you could say it is a triple top..a full retrace off the low back to the high on the 2nd.
If she moves past .91 though, the chart starts looking good with that maybe being a floor.
You have been in worse than this but it looks like a tough trade here.
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