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Simple technical analysis

Discussion in 'Beginners Bootcamp' started by Ricex, Dec 16, 2009.

  1. Music Man

    Music Man Corporal

    Aug 8, 2009
    Likes Received:
    I have so far kept away from Cable, which Jamie Coleman calls "the Devil's Currency".

    My range-trade play this week has been USD/CHF, using a BB strategy on the M30 chart. It's slow, relaxing and so far quite profitable. I hope it stays in the range until the next NFP, but that's probably too much to ask.

  2. Ricex

    Ricex Sergeant

    Jun 30, 2009
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    Yes I completely understand why he would call it that, it certainly has a reputation and can be very volatile at times, a crash helmet is advisable. Another beast is of course GBP/JPY which at times has had me trying to exorcise the demons from my PC as well.

    Just as a point of interest as you mention usd/chf, this pair has a very strong correlation with the usdx (dollar index), so can be used as an indication of relative dollar strength or weakness if you don't have a usdx chart.

    usdchf usdx-correlation.
  3. Eric Alyea

    Eric Alyea Master Sergeant

    Jun 16, 2008
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    Pivot point’s Eyeball vs #Calculations

    Pivot point’s Eyeball vs #Calculations

    We all see it. The level that just goes horizontal, and the play that goes to the line, not breaking it!!! NOT the calculated pivot point line. The “Troll/banker” line just under it.

    Eyeballing the candle bodies, and wick ends (sometimes), finding the FUNCTIONAL Realtime “support and resistance” {which is now defined in the FPA glossary http://www.forexpeacearmy.com/forex-forum/beginners-bootcamp/8402-glossary-data-base.html#post28449 ).
    Daily, Weekly, Monthly “Pivot Point” calculations are good. I love ‘em, and the “Troll/banker’s” love ‘em. It’s like a coloring book and staying in the lines.
    The “Troll/banker’s” aren’t coloring the same picture we are.... We have to learn “their” picture and “their” lines to play.
    Down to the question:
    How do you use the cross hairs to determine the..... “Troll/banker’s” Picture of things.

    Functional... Support and Resistance??
    #33 Eric Alyea, Mar 4, 2010
    Last edited: Mar 23, 2010

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