Chart of the Day - Page 26 - DailyFX Forex Forum

Thomas Long · #**376** (**permalink**) 08-20-2009, 01:48 PM

The USD/CHF has been trading in somewhat of a range for the last 10 weeks, but was moving down before that and may be ready to break out to the downside. Support is currently as the 1.0561 level with a move down through that price signifying a resumption of the downtrend. Conservative traders could wait until that move before selling while more aggressive traders can enter before in anticipation of the break down through support. Protective stops should be placed above a resistance level and I have the first level noted on this chart. Another reason to look at this pair is that the SSI or Speculative Sentiment Index on the USD/CHF is at the 3.32 level meaning that there are 3.32 buys for every sell on this pair. Since this is a contrarian indicator, that means that the odds of further movement down is good. Here is more on the SSI:

Weekly Trading Lesson: The SSI - What Everybody Else is Thinking.

Eligason · #**377** (**permalink**) 08-22-2009, 05:36 AM

I know that this is the most basic thing in the world but I can't figure it out. How do you save a chart in tradestation as a picture document? Any help is much appreciated.

lissyking · #**378** (**permalink**) 08-24-2009, 04:07 AM

Quote:

Originally Posted by Thomas Long

The USD/CHF has been trading in somewhat of a range for the last 10 weeks, but was moving down before that and may be ready to break out to the downside. Support is currently as the 1.0561 level with a move down through that price signifying a resumption of the downtrend. Conservative traders could wait until that move before selling while more aggressive traders can enter before in anticipation of the break down through support. Protective stops should be placed above a resistance level and I have the first level noted on this chart. Another reason to look at this pair is that the SSI or Speculative Sentiment Index on the USD/CHF is at the 3.32 level meaning that there are 3.32 buys for every sell on this pair. Since this is a contrarian indicator, that means that the odds of further movement down is good. Here is more on the SSI:

Weekly Trading Lesson: The SSI - What Everybody Else is Thinking.

Hey Tom,
How do you read the SSI?
let us use the example of the USD/CHF, if there is a large number on the long side, which is 3.32, should we assume that we should look for a short entry setup?
You said this report is a contrarian indicator, that means when there is a large number, over 2, on the long side we should look for short entries....likewise if there is a large number, under -2, on the short side we should look for long entries?

Thanks Tom
Kingsley

Thomas Long · #**379** (**permalink**) 08-24-2009, 09:20 AM

Quote:

Originally Posted by Eligason

I know that this is the most basic thing in the world but I can't figure it out. How do you save a chart in tradestation as a picture document? Any help is much appreciated.

This should help.

HOW TO POST CHARTS:

1. Call up the chart on your computer screen.

2. Press the Print Screen key on your keyboard. (Upper right hand corner)

3. Open up a Paint Document.

4. On a Blank Page in Paint, Paste your image by hitting CTRL+V, or right-clicking your mouse and scrolling down to PASTE.

5. Use 'SAVE AS' and name your image. Save your document as a JPEG. Save this onto your DESKTOP, so you can find it easier.

6. On the DailyFX forum, when you post, scroll down to MANAGE ATTACHMENTS and hit this button.

7. In the small window that appears, hit BROWSE, and locate your image (remember it's on your desktop) and press open in the windows box after you find it. Now press UPLOAD.

8. Wait for the image to upload.

9. Then press close window.

10. Scroll back up to your post section.

11. Press Submit Reply.

12. You now have a chart for us to see what you are seeing.

Thomas Long · #**380** (**permalink**) 08-24-2009, 09:25 AM

Quote:

Originally Posted by lissyking

Hey Tom,
How do you read the SSI?
let us use the example of the USD/CHF, if there is a large number on the long side, which is 3.32, should we assume that we should look for a short entry setup?
You said this report is a contrarian indicator, that means when there is a large number, over 2, on the long side we should look for short entries....likewise if there is a large number, under -2, on the short side we should look for long entries?

Thanks Tom
Kingsley

Exactly....there are two things to remember. The first is that we should look for extreme readings to get the most value out of this indicator. We recommend looking for a sell when the ratio moves above +3 or to look for a buy when the ratio moves below -3. Readings of +2 or -2 are good, but waiting for +3 or -3 is better. The second is that this is not a timing indicator. We should not immediately sell if we see the ratio move above +3. However, that does mean that we should start looking for a sell using our approach or another proven strategy. We simply increase our chance of success when we incorporate sentiment into our trading approach.

lissyking · #**381** (**permalink**) 08-26-2009, 04:34 AM

Hey Tom, hope you are well!
I have a chart question for you.
When I am using the Trading station II marketscope 2, and I place my trendlines and stoch on it, each time I log out and sign back in, all of those indicators are gone. Is there a way I could save the indicators settings?
Thanks
Kingsley

Thomas Long · #**382** (**permalink**) 08-26-2009, 10:06 AM

Quote:

Originally Posted by lissyking

Hey Tom, hope you are well!
I have a chart question for you.
When I am using the Trading station II marketscope 2, and I place my trendlines and stoch on it, each time I log out and sign back in, all of those indicators are gone. Is there a way I could save the indicators settings?
Thanks
Kingsley

You can.....

Krismitt · #**383** (**permalink**) 08-26-2009, 02:01 PM

Quote:

Originally Posted by Thomas Long

You can.....

Found this very useful Thomas. Thanks.

Thomas Long · #**384** (**permalink**) 08-26-2009, 02:03 PM

Quote:

Originally Posted by Krismitt

Found this very useful Thomas. Thanks.

You're quite welcome.

lissyking · #**385** (**permalink**) 08-26-2009, 05:30 PM

Quote:

Originally Posted by Thomas Long

You're quite welcome.

Hey Tom
Thanks alot!

P.S.......You haven't posted any chart of the day report, everything ok?

Kingsley

JForex · #**386** (**permalink**) 08-26-2009, 09:42 PM

Quote:

Originally Posted by Thomas Long

We use Intellicharts from FXtrek to send trading signals to our cellphone via text message, but you can also have an email sent to you. It is usually the premium charting packages that have this feature. Here is a link to some that have the FXCM price feed:

Forex Trading Charts | Currency Charts | ProRealTime | FXtrek Desktop

Hi Tom,

To receive these alerts, do I have to keep my computer on? Or, these charts run on some server and send alerts like a Stochastic Cross without us having to turn on our computers?

Thanks,
JForex.

Thomas Long · #**387** (**permalink**) 08-27-2009, 09:39 AM

Quote:

Originally Posted by lissyking

Hey Tom
Thanks alot!

P.S.......You haven't posted any chart of the day report, everything ok?

Kingsley

Not really....I don't like the current mood of the market..

..just not sure who to talk to about that. I will come up with an idea or two this week yet though. Thanks for asking.

Thomas Long · #**388** (**permalink**) 08-27-2009, 09:48 AM

Quote:

Originally Posted by JForex

Hi Tom,

To receive these alerts, do I have to keep my computer on? Or, these charts run on some server and send alerts like a Stochastic Cross without us having to turn on our computers?

Thanks,
JForex.

To the best of my knowledge, the charting package has to be open in order to send alerts.

Thomas Long · #**389** (**permalink**) 08-27-2009, 11:51 AM

The one currency that seems to have no problem with continuing strength is the NZD. It is up against every currency, including the USD. We see a pullback off of the highs while in an uptrend, so we have a potential buy. Traders can either look for a place to buy now or wait for the move up through resistance which is the 2009 high. Stops should be placed below support and targets should be set at twice that risk for our 1:2 risk:reward ratio.

JForex · #**390** (**permalink**) 08-27-2009, 02:44 PM

Quote:

Originally Posted by Thomas Long

To the best of my knowledge, the charting package has to be open in order to send alerts.

So, you keep your computer on throughout, right?

I could do that with my exisiting MT4 terminal. The problem is, I cannot keep my computer on throughout the day, and it can drop connections etc.

I was looking for some service that does not involve my computer, something that runs off a website or something, so I can set the alerts on indicators and get notified.

Thanks,
Jaspreet.