I will email you, don't want to pitch products on here, mainly want to showcase pullbacks in trends and support/resistance areas in this thread. The currency meter I use religiously however not a part of the method I use for the types of trades I go over mostly in here.
made +29 pips on a USD/CAD trade today...I like your "Basket" approach to trading Forex...meaning, looking at many pairs and "Seeking out" those that look favorable per your entry specs...I've increased the number of pairs I look at also...
Sometimes trends continue too far or there are signs of a reversal so in many pairs I think tomorrow the trend is likely to REVERSE. If in REAL TIME the strength of those trends are still strong then these predictions will be garbage. However if you see at highs a slowdown of momentum anticipating a TREND REVERSAL day can let you get in at FAVORABLE prices and make a LOT more pips! Score Predict USD/CAD 0.55 0.55 Buy 1.2650 to 1.2617 USD/JPY 0.51 0.45 Buy 98.22 to 97.92 EUR/CAD 0.51 0.6 USD/CHF 0.51 0.55 Buy 1.1663 to 1.1650 GBP/CAD 0.51 0.6 EUR/GBP 0.5 0.5 EUR/JPY 0.48 0.4 Sell 126.00 to 126.14 EUR/USD 0.47 0.45 Carefully sell 1.2678 and 1.2700 - 1.2730 aggressively AUD/JPY 0.47 0.45 Sell 65.37 to 65.75 GBP/USD 0.47 0.45 Sell 1.4239 to 1.4253 GBP/JPY 0.47 0.55 Sell 141.77 to 142.20 AUD/USD 0.47 0.4 Look for shorts from .6531 to .6573 CAD/JPY 0.45 0.55 Sell 78.62 to 79.00 NZD/JPY 0.45 0.4 Sell 51.00 to 51.15 NZD/USD 0.45 0.35 Sell .5134 to .5150
Amytrade...here is my "basket" currently...pairs I might trade: AUD/USD EUR/GBP EUR/JPY EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF USD/JPY ...9 pairs is enough for me to monitor...also...I like the spreads on these...I know that should not matter...but to me it does. Any comments on these pairs?...meaning: this moves over night, watch for this one when US markets open, this one leads etc...or?thanks...
Well its nice to be right but even nicer to make MONEY. I'm quick on days when wrong to adjust to REAL TIME conditions. Today luckily the market reversed like I thought and it was a tremendous day for those of us who were looking for signs of a reversal. Here's my USD/CAD long trade. Sideways consolidation, NR7 signal on the 4 hour bar and breakout. USD very strong and CAD weak as a % of currencies being compared and nice 100 pip move up. I got out of this at 1.2860 when my counter trend sell signal (red dot) showed up and it was above the statistically likely high (red band). But a nice trade. I didn't buy the pullback after that but normally do. NARROW RANGE breakouts one of my favorite trades due to the LOW RISK nature of it, HIGH WIN %, and when low volatility is happening your stop is automatically TIGHTER. Those 3 things make it one of my favorites.
Because I really felt the CAD would be one of the weakest today I also shorted the CADJPY once it broke the hourly moving average and there was so much WEAKNESS LIVE!! Always trust your LIVE readings. I got out of this one too when counter trend signals showed up. I rarely ever BUY counter trend one of the weakest pairs so missed the nice 30 to 40 pip counter trend move and again didn't re enter on pullback as I was happy with my results today. I took a few other trades in other projected pairs with about 75% wins in those too, bigger wins than losses, the KEY to trading no matter how you trade you have to have bigger wins than losses to be consistently profitable OVER TIME! Yes an 90% system that has $50 wins and $200 losses makes money for a time but will eventually BLOW UP. Been there and done that myself in experimenting with wider stops than profit targets in the past and its a dead end road!
I did NOT take this trade but also one I projected to go down and it was under last week's low (Red line) and hourly moving avg (gray line). No brainer short after a NR7 signal on 4 hour bar. I'm HUGE believer in multi time frame trading and you need to create your charts/tools/systems AROUND many different time frame trends. You can do this in Trade Station, Investor RT and TopGun Software and is CRITICAL in my opinion.