Forex Feb II

rick,

yeah that is a RISKY trade on the CHF because there is no confirmation of a sell yet. Same goes for the YEN pair, just a big fat candlestick up. In fact on the Yen pair there are 4 bullish candlesticks in a row on the 4 hr chart. The Yen DMI is almost at 40, RSI at 72 on the 4 hr chart.

If I were gambling I would go for the very overheated Yen pair, if I wasnt trading on the ADX/DMI strategy.

got a quick 17 pips on sell  usd/chf  but closed it out the first green line I saw.

rick,

That adx/dmi is what pop and buck use..

They and I like to use the +DMI moving THROUGH the ADX line over the 20 area and I am not sure on the up side, but I would estimate anything over 35 dropping down through the ADX for a sell..

That YEN trade is crazy..chart looks like AMZN back during the .com bubble.

i tihnk (hope) this usd/yen pair has run its course.  right now rsi higher than its been in well over a month.  also if you draw some trendlines on the 4hr, it forms a nice channel that it has been trading within since the 11th.  right now it is having trouble breaking through the upper resistance of the channel and i hope it will close this candle at or below the line at 3pm.  also, it seems as though it is hitting the second top of a double top pattern right now (the other top coming in at jan 6th -ish).  as long as it doesnt have a strong candle breaking through the low 94's we might see a nice downward move. (hope)

pop,

That US.JPY is dangerous for a longer term trade no doubt, I think rick got one in, but the pair moved right back to the high again.

rick, the links that are above? if so I havent yet..lazy me for sure..lol

97 pips in one day is awesome. I racked up some serious pips when I was swing trading that first month..to the tune of I think 30k in profits. It is possible but higher risk.

Yeah I have been looking for BIG trades and the last three days or so I had good small winners lined up that reversed, I probably should try to swing trade them and take profits when they are in my hand rather than setting higher level limit orders.

I got within like 20 pips of hitting a +100 pip trade on both of my pairs, only to have them reverse 100 plus each.

JPY has been consolidating for two hours, it looks like it might breakout.

Looks toppy based on the chart, but look at the back and fill strength over the last few hours. If she fails to break the highs and goes below 73.80 it would be a failed move and might be good for 100 pips on a short.

Same here.

Check out a 4 hr chart on that pair though..this move is NOTHING compared to where it was November or December.

The +DMI on the 4 hr chart isnt oversold at all, but the -DMI is way low which makes me think there will be a retrace, that and a moderately high RSI.

Another interesting thing, the RSI on a 4 hr chart hasnt dropped much below 30 at all, looks like a 30 RSI has been a great entry on the 4 hr chart, and if she gets over 70 RSI it would be a good sell.

I agree regarding the -DMI crosses, I dont have as much confidence in trading off the -DMI at all, rather the +DMI extended and crossing down through the ADX, that seems more of a sell indicator than waiting for the -DMI to meet with the ADX. How often does the ADX drop to be able to cross with the -DMI with a higher moving +DMI anyway?

What I REALLY need is just a charting screen..a full size chart screen with 15-20 pair that I can look at because I miss MANY opportunities fixating on the 5 or so I have on my screen.

eur/chf maybe another good buy.... looks likke cross coming on usd/jpy also

Good luck with the trade.

it looks like a declining range bound chart going back to the Dec peak, lower lows and lower highs so far.

I thought you waited for a cross over 20? I have ADX at 16 and DMI at 15?

The -DMI and +DMI are congested here and the RSI is moderately low.