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GM pennies..am sooooo glad I have stayed patiently on the side all this time...could smell this crap coming but so far its worse than I expected..gimme some firm bottoms and I will get back to work...but from the look of things not yet!
GM jav...Renko has seriously changed my trading habits...am not much of a scalper anymore so trading a lot less but staying in a lot longer..kinda miss scalping tho
GM pennies...I'm trading rather spareingly lately...got a lot on the plate and stretched kinda thin..also my home computer power supply went south and finally gonna be back on tomorrow..ordered another one to be built as well as hopefully getting old machine fixed which would be great and have a solid backup.Hope it was only the power supply but usually something causes supply to conk out so I'm not holding my breath on the repair.
LMAO..GM jav...just not trading much right now..not seeing an end to selling on NZ and AUD and I'm patiently waiting for dollar bulls to give swissie a hard correction to the downside so I can take longs on the yield pairs.As it stands it looks to me like theyre gonna take swissie back above 100 but you cant second guess these clowns...the trends are too strong on those 3 to make me feel warm and fuzzy about trading against the trends so I'm patiently sitting things out.
Got an off topic tale to share with you guys...2 or 3 days back I had a few random ants in master bathroom but didn't want to spray antkiller all over so decided to try terro liquid ant bait..after a few hours I had ants out the wazoo..I mean the 2 or 3 turned into thousands...I thought OMG what have I done to deserve this(LOL)...anyway the wife just sent me a text from home and said she now cant see even one ant in there..looks like that stuff actually kills the whole nest but before it does it gets spooky!Took about 2 days.Wild huh?
Nutz aint it pennies...I posted in error earlier when I said last was 3.5...that was the forecast...last was negative GDP but they conveniently raised last report to .06(LOL)...I wish I could believe this report at 2.3 considering so many other counties below that figure...if ours really is factual then it can only be attributed to that hellish obamacare and the cash flow as a result of having it rammed down our throats.
The initial claims wasn't bad but the annualized GDP took a nosedive..last reported was 3.5 which of course was sugar coated BS IMO but this one came in at 2.3!!Still lofty but a helluva drop!
Well guys swissie was pushing .97 after fed minutes hit...mighty strange bunch pulling the purse strings..even if they do raise rate by 25 bp its still at 50 which still makes it vulnerable to being shorted in a carry trade situation.I'm beginning to hope they DO raise rates so it can crash what little economy we have and show these idiots that our economy is far to fragile to stumble it even with a meager rate increase.They need to get rate increase glory out of their systems once and for all by doing it then seeing the aftermath of a bad call on that issue.Oh well..what will be will be(LOL)
Good going pennies....I went back to not enabling the renko to set brick size after fooling with it a bit..I prefer the way I was doing it
jav..I am trying the ATR method on Swissie after you pointed it out to me...I saw the option but failed to try before...swissie uses a 16 pip brick by this method and am gonna stick with it for a while and see if I like it better
pennies...it bases on ATR..average true range...bricks are calculated 3 different ways...high/low..points or ATR
GM jav..haven't done that...will give it a looksee
Looks good jav...one thing you might want to do is set param on zigzag w value to 3,1,1 ...by doing that it will mark every reversal value...makes chart a bit noisier but worth it.On E/AUD it seldom has less than 75 pip flips on consolidation areas...any one of those is nice pippage even if you miss the big moves on it.
I think my 25 pip brick idea has merit..think of it kinda like fibs...23.6 fib is significant...50% is also and 76.4 ....so with that in mind 25,50 and 75 are sort of milestones for normal trade action and usually see some action around those numbers.I used to mark charts with horizontal lines at 0 25 50 75 and 100 because market tends to react near those numbers.
Yep jav...moocho better to me..I chose 25 pips per brick because it is a sort of round number and psychologically significant...IOW it breaks a 100pip move up into 4 equidistant pieces...also I think less than 25 pips might not get attention from bank traders or retail traders either for that matter.I find that if a move gets up around 25 or more pips that countertrend moves might give us little guys a few pips for our piggy banks.
GM jav..the channel is hand drawn...I hand draw most of my channels
One thing I might add to my previous posted chart pennies is notice how since I am using 25 pip bricks the reversals are always showing multiples of 25...that's a deceptive thing about Renko but no problem...renko seldom marks max pippage or IOW high/lows...the zigzag hit 223 pips on latest rise and after it crossed about 220 pips and top of channel I started with a small short there...channel top held nicely again and I've been nailing nice shorts over these last several hours...as soon as it printed a red brick I started shorting bounces at/near top of that brick which I marked with horizontal red line.BTW after a while the zigzag changed to a peak value of 200 pips instead of its earlier print of 223....multiple of 25 again...I expected this and was not disappointed(LOL)On one of those scalps I got busy and didn't TP and it bounced back to the top of brick at which time I doubled my short and later had my best payoff of the day.
Ok pennies heres the renko chart...25 pip bricks...zigzag with value and the channel I've been watching for a some short opportunities ...notice the "measured moves" in the channel and how easy it is to anticipate some very nice trades with expectancy of minimum 50 to 75 pips with much greater pippage on full channel swings..
Congrats pennies...I've been scalping swissie short all morning and doing quite well..I need to try to post a chart and explanation as to why I'm taking the short side for now...using 25 pip bricks BTW..will show chart when I get a few spare minutes
Renko is a whole different ball game..its strictly price based and has nothing to do with time...I'm presently using a 25 pip brick size...a new brick wont print til its exceeded 25 pips then chart shifts over to show the new red or green brick...that could happen in seconds or could take hours to print a new one.Time is meaningless..its pure price action based.I really like it.
Thanx for the info sdc...wouldn't be worth the effort for me then...have finally started back to trading a bit and am pleased with my setup as is...during my break from trading while letting the market settle down I started messing around with my own version of measured move trading...am still using Renko charts but with 25 pip renko bricks and find pairs working in a renko channel....this gives me a potential trade of 100 to 250 pips per trade and ability to trade both ways using the channel.Some pairs are much higher in potential...E/U presently has renko swings of between 250 and 450 pips...U/C has 100 to 250 pip channel swings...oddly enough G/USD is not really good for this at present..its kinda all over the place whereas Cable is usually very respective of tech conditions.Anyway the concept of measured moves coupled to 25 pip renko chart has a lot more potential than I've tapped into yet.
GM sdc..guess you need to be more careful who you follow!!(LOL)...is the compassfx sentiment meter a free download?..if so do you have a link..if not then how did you get it?looks interesting.
Been a draught for sure pennies..still sitting it out and not seeing anything that's tickling my taste buds..you would think by now the expected rate cut on kiwi would be well priced in but chart tells me no..oh well..one of these days I'll get back into the action but for now I still don't like what I see.
Well the Greece deal passed parliament 229 of 300 so a deal for bailout is struck...but now I'm in phase 2 of sitting on the side to find out where all currencies are going to settle down at...kiwi looks tempting but the bears are still stomping it..especially since dairy auction showed a 10.7% drop in milk..kiwi is bound to find support sooner or later but as it stands its likely to be later so I'm staying out a while longer
Hey sdc..good to hear from you...that toy looks interesting and am gonna check it out..havent been trading for probably 2 weeks now due to too much uncertainty on the Greece deal...I worked too hard too make my gains so dont see any reason to chance a nasty blindsiding heat.I will patiently sit it out til the dust settles from a deal struck..or grexit.
Well..hopefully something will be firmly agreed on and signed before too many more days on the Greece crap.I'm sick of my accts sitting stagnant and bored stiff waiting on the side.I was born to boogie!!(LOL)
LOL aint it the truth..FOREX is nutz when its "normal"!Sure getting antsy here with no trading..I think its been about 2 weeks or better for me..last trade was a long N/U I closed for a small loss when I started smelling a rat...sure glad I did cause its dropped considerably since that day and angle of trend still decidedly down.If I were to trade anything it might be U/J because it pits 2 "safe haven" currencies against each other giving some opportunity for swing trades on that pair.Other than that everything else looks loaded with to much risk now til something is firm on Greece.
GM pennies...I've been thinking the same thing on a miracle cure..I figure creditors will write off a large chunk of the debt so they might at least get something out of it...in the meantime the USD..Yen and CHF will likely get all the loving...especially the traditional "safe haven" Yen.If they do strike a deal the markets probably still gonna be pretty nutz for a while.Should be some good trades once the dust settles tho.
Looks like the markets developed a nasty case of risk aversion...the Yen is playing king of the mountain...so called safe haven trading.Be glad when this crap gets back to normal!
Dang I sure miss trading ...just sitting on the side til something of substance happens with the Greece crap.If great news hits theres still no way to guess the direction pairs might take off in...don't see how news on it can be much worse than it already is...I figured the vote would be no but even so its hard to believe 61% of the Greek people wanted to basically commit suicide by voting no.Real stupid move...they only THOUGHT they had it bad before this crap took place!
Its a total mystery these days as to who is included stargate
Its definitely a worthless report with seldom a believable number but I swear they have to think that people are brain dead to believe a 5.3% rate.Also Kermit the NFP numbers sure get spun in funny ways...several years ago before most of Mexico came to the US it was estimated that it would take at least 275,000 new jobs every report just to break even with population increase...now they act like 200K reported for consec months is great!!Nutzzz!!
I see the US is still determined to report BS numbers...jobless claims worse than expected..NFP less than expected and unemployment rate ticks down to 5.3%!!.. 53% I could believe but 5.3% Naaaaa!!(LOL)
Tsipras is trying to make good on campaign promises to save face IMO...they were in a helluva mess before him but look at em now!Kinda like us in the US...we only THOUGHT it was bad before Obama ...everyone wanted change and they damned sure got it..the US is now changed into the worst mess we've ever seen and daily getting worse!The masses deserve the mess they get themselves into by voting in these idiots..its just a shame that we ALL have to suffer for the foolish votes cast by a foolish majority.
Must be a living hell over there pennies...seems to me that robberies and breakins would be happening since what little money those folks have is either on their person or stuffed in a mattress at home and everyone knows that.Those folks need our prayers.Looks like the prime minister is talking about cancelling the sunday referendum but EZ leaders talk like it cant be cancelled legally and acting like they are going to ram the PMs bluff down his throat by not negotiating til the votes have been cast.The PM is trying to back down this AM gut EZ leaders are in no mood to negotiate now the way it sounds.
Well pennies its a really sad situation for the Greek people...deadline is past and if they get no bailout help and according to news reports this puts Greece in the same category as Zimbabwe...Sudan and Somalia....what a mess!
Only one hr and 12 minutes til midnight in Athens!
I'm thinking about going short on Drachma/USD (LOL)
S&P downgrades Greece to CCC-.....certainly to be expected I would think.
I agree...utterly retarded decision and a huge waste of money stargate....after this many years its obvious they will never learn!