Pips that has generated CatFX50 so far this week:
Total so far= + 427.
Wrong signals: none
Pips generated from entries ( Monday):
TOTAL= + 758 pips!!!
Isn't bad, is it?
Thanks for your explanation. To be clear, all usd pairs have to be going in the same direction otherwise trading, for example, gpbusd short based on catfx today might been a false signal.
+41 pips is not a false signal.
But it was a riskier sell, cause the selling had to do with gbp weakness against EUR and not USD. EMA120 stopped the fall. When we had the signal, cable had already fallen 63 pips with EURUSD almost stuck. That's why I said "Take care. $ is still in selling mode". If $ had been strong, you'd have seen EURUSD going the same way than GBPUSD.
BTW, I did not sell.
Thx, that has made it a lot clearer. Having arrived back from my day job, I did manage to short cable based on catfx signal for 17 pips and decided to exit the trade on reading your previous comments. Delighted with my gains though.
I want to thank you for sharing your system and also to correct your post #2685 on Catfx50 indicators. I only used "Catfx50 indicators" as a title while requesting from you or any other member a link to those indicators so that I can download it and get started. But unfortunately, I submitted that post through a wrong channel. Not a new thread at all, if you read it you will understand. I want to be part of this and make my little contribution.
forex - how it works...
Nina explained it shortly before me.
See that forex is based on pairs in several combinations. So every chart you see in forex represents a relationship between two currencies. The representation depends on what currency is the first in the pair.
Take i.e. the three currencies EUR, GBP and USD.
--> pairs in forex therefore are EURGBP, EURUSD, GBPUSD
If you have a strong EUR you can see EURGBP and EURUSD going up as it is stronger than GBP and USD, which amount depends on each strength.
If you have a strong GBP you can see EURGBP going down (because of EUR ist weaker than GBP) and GBPUSD going up (because USD is weaker than GBP).
But that is an easy explanation because of there are a lot of other pairs and so a lot of other relationships between currencies with weakness and strength.
The picture yesterday was that EURGBP was raising up, EURUSD was going up too and GBPUSD was going down. That means GBP is weaker and USD is stronger than GBP. --> What means that for the USD?
The "normal" (which means mostly) correlation is when GBPUSD ist going up, EURUSD is going up too (and for the other direction the same.)
Today's signal so far:
EURUSD, no signal.
USDCHF. no signal.
GBPUSD, level 2 buy (09:30cet) at 1.7546. Made a high at 1.7596. + 50 pips.
Today we have
13:00 BoE Rate announcement, expected unchanged at 4.50%
13:45 ECB Rate announcement, expected unchanged at 2.50%
14:30 ECB Press Conference (Trichet)
Big pockets are long EUR. Lets see what Trichet does and say.
I have a Level2 Sell for CHF..Opening Price at 1.2855, sold at 1.2847