Another interesting "quote":
Former Federal Reserve Chairman Alan Greenspan:
"Despite extensive efforts on the part of analysts, to my knowledge, no model projecting directional movements in exchange rates is significantly superior to tossing a coin. I am aware that of the thousands who try, some are quite successful. So are winners of coin-tossing contests. The seeming ability of a number of banking organizations to make consistent profits from foreign exchange trading likely derives not from their insight into future rate changes but from market making".
Well, he did not know CatFX50 or maybe he did.
Is anyone short EUR / USD ?
I entered short at 1.2064 ( delayed ...) looking for 10 pips on the first contract and second exit on either price crossing a short term Hull ema or a CCI50 style exit.
Also thanks to Nina for additional information...
Hi Nina or any Trader
I want to verify one indicator:
The use of the filter of 0.04 and -0.04 on Hist_StepMA_Stoch... = is it still in use or not?
Thanks for great thread.
Take care. I'm short from 1.2150.
To my knowledge its still in use , I'm using it, however as an additional filter on top of original entry parameters....
Short EUR /USD
Exited 1 contract at +10pips
Have moved stop right in to +1 on the second contract...
Indicators look all ok but raw price action not moving as expected, could be higher timeframe resistance.
Lets see what pans out...
Try to look at the EMA200 sometime, it's very strong support/ resistance. That level is important when you want to re-enter the market. For example if price cross EMA50, but indicator do not confirm enter signal then you can look if there is EMA200 near. If there is then you can enter market because price will go back. To use this tactic you should follow all major currency pairs to be sure it will happen.
Will start to have a look at the 200 ma's in different timeframes...
Second contract exited at + 1 pips
Managed to protect equity and still have access to a potentially good money earning trade - so happy - another day another $ ( sorry Euro ! )
Good trading everyone.
i have a question why the euro short at 2064