1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Simple technical analysis

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

  1. Music Man

    Music Man Corporal

    Joined:
    Aug 8, 2009
    Messages:
    91
    Likes Received:
    0
    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.

    MM
     
  2. Ricex

    Ricex Sergeant

    Joined:
    Jun 30, 2009
    Messages:
    359
    Likes Received:
    2
    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

    Joined:
    Jun 16, 2008
    Messages:
    365
    Likes Received:
    3
    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

Share This Page