koolaid - USD/JPY - not confirming for me - but I think my currency lines are a bit off. Anyone see CL testing near Quarterly lines ? That is confirmed bearish and did a monthly ADown ... (my lines for what they are worth).
Mav, I am using a midnight - (London open) for OR and 60 minutes .. and I dont think I am capturing the action correctly - it moves around a lot during a 24 hr session. Maybe my OR is too large or set at the wrong open.
Oil confirmed for me. It never was able to generate a positive number line on the rally up to 107. Good sign it was going to fail.
Mav, To elaborate - on USD/JPY - I have a 5 day of -3 and and a 30Day of -4 . Nowhere near a confirm for me. Also - its weekly ADown for me ... so I dont see what you are seeing .. hence my "not working" statement -
Number lines show price action. They also are slow and tend to show potential moves. They are NOT buy signals. I trade currencies very differently then I would trade say AAPL. Currencies don't double in a month like stocks do. A big move in USD/JPY could be from this level to 104. That's it. So if I get long at 103.75 when it's on fire, I'm probably the last guy on the train. So with currencies I tend to like 30 day confirms on pairs that have not yet moved. If my stop is tight, and for me it's the monthly A down, it's a nice risk/reward. You cannot buy currencies when they look good. They just don't move like that. AAPL on the other hand, I'll get long after it moves 30% in a week. I'll pay the high tick. This falls under the thing I've been saying on here for a long time, you have to trade every product differently.
Mav, I am not using the NLs for entry - a you have pointed out before. I admit I have not traded currency - but am trying to build NLs for currency and follow along ... so I can get comfortable with the product enough to trade it. I have primarily only traded stocks and to a much lesser extent a couple commodities (occasionally) using ACD. I stared at my 30NL on USD/JPY and cannot find a confirmation (+9 on 30NL). In fact I am so far off - that either my levels are way off (possible) or my OR is in the wrong spot. In the early stages of doing the stock NLs - this took some time to jell out. I guess I have to do more experiments to get a handle on currencies. Thanks for the information, it took a while for the stock stuff to shake out .. I expect this will take more effort too ..