Good to see you here too. For euro, I see this up leg to around 138-140 area. Just perhaps 3440-80 area would present some resistance. Dips are for longs.
Been trading ES most of last year, now that thing got a bit boring, so I am moving back to currencies again ...
There is a few books that explain the construction of Ichimoku indicator and signals to enter trades. However, all the basics in an extensive form can be found for free here: Ichimoku Discussion Forum: Forex, Stock, Commodities, Futures, Bonds
The only book dedicated to the actual trading, back testing and market analysis is by Manesh Patel Trading with Ichimoku Clouds. I have the book. It's quite expensive and one could get better info for the price, but it is still worth it, IMO.
cool. I will dig in this direction as well. Thank you!
Market is like ocean, you can not control it, but you can always adjust your sail.
It could be that I am seeing them triangles everywhere now, but given the tight trading ranges in channels here, I just wonder? If we do not get another strong impulsive move:
Last edited by Clivewaverider; 02-23-2012 at 12:28 PM.
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FXCM Retail Traders Continue to be Long Dollar and Short Yen:Possible Reasons to Fade
Here is the Speculative Sentiment Index Commentary prepared by DailyFX Quantitative Analyst, David Rodriguez
Remember to use technical signals and price action in conjunction with SSI to pinpoint entries.
EURUSD - The ratio of long to short positions in the EURUSD stands at -1.92 as nearly 66% of traders are short. Yesterday, the ratio was at -1.93 as 66% of open positions were short. In detail, long positions are 2.4% higher than yesterday and 6.2% weaker since last week. Short positions are 2.0% higher than yesterday and 11.6% stronger since last week. Open interest is 2.1% stronger than yesterday and 6.1% above its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains.
GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.15 as nearly 54% of traders are short. Yesterday, the ratio was at 1.36 as 58% of open positions were long. In detail, long positions are 19.9% lower than yesterday and 37.1% stronger since last week. Short positions are 25.4% higher than yesterday and 34.4% weaker since last week. Open interest is 0.7% weaker than yesterday and 10.5% below its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains.
GBPJPY - The ratio of long to short positions in the GBPJPY stands at -1.06 as nearly 51% of traders are short. Yesterday, the ratio was at -1.05 as 51% of open positions were short. In detail, long positions are 0.6% higher than yesterday and 16.3% weaker since last week. Short positions are 1.4% higher than yesterday and 8.3% stronger since last week. Open interest is 1.0% stronger than yesterday and 0.7% below its monthly average. The SSI is a contrarian indicator and signals more GBPJPY gains.
USDJPY - The ratio of long to short positions in the USDJPY stands at 1.50 as nearly 60% of traders are long. Yesterday, the ratio was at 1.46 as 59% of open positions were long. In detail, long positions are 1.8% higher than yesterday and 8.7% weaker since last week. Short positions are 1.5% lower than yesterday and 62.4% stronger since last week. Open interest is 0.5% stronger than yesterday and 8.3% below its monthly average. The SSI is a contrarian indicator and signals more USDJPY losses.
USDCHF - The ratio of long to short positions in the USDCHF stands at 2.59 as nearly 72% of traders are long. Yesterday, the ratio was at 3.19 as 76% of open positions were long. In detail, long positions are 6.7% lower than yesterday and 30.8% stronger since last week. Short positions are 15.1% higher than yesterday and 24.5% stronger since last week. Open interest is 1.5% weaker than yesterday and 21.4% above its monthly average. The SSI is a contrarian indicator and signals more USDCHF losses.
USDCAD - The ratio of long to short positions in the USDCAD stands at 2.24 as nearly 69% of traders are long. Yesterday, the ratio was at 1.81 as 64% of open positions were long. In detail, long positions are 12.5% higher than yesterday and 1.8% stronger since last week. Short positions are 9.1% lower than yesterday and 27.0% stronger since last week. Open interest is 4.8% stronger than yesterday and 0.5% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.
AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.68 as nearly 63% of traders are short. Yesterday, the ratio was at -1.31 as 57% of open positions were short. In detail, long positions are 7.9% lower than yesterday and 47.2% stronger since last week. Short positions are 18.1% higher than yesterday and 11.8% weaker since last week. Open interest is 6.9% stronger than yesterday and 9.3% above its monthly average. The SSI is a contrarian indicator and signals more AUDUSD gains.
NZDUSD - The ratio of long to short positions in the NZDUSD stands at -1.46 as nearly 59% of traders are short. Yesterday, the ratio was at -1.43 as 59% of open positions were short. In detail, long positions are 3.5% lower than yesterday and 16.0% stronger since last week. Short positions are 1.6% lower than yesterday and 24.1% weaker since last week. Open interest is 2.4% weaker than yesterday and 7.1% below its monthly average. The SSI is a contrarian indicator and signals more NZDUSD gains.
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Much appreciated Alejandro, once again. Always very interesting how many different way there are to trade these markets. I am learning alot from everyone here and glad to share as much as I can write.
Longs closed at 1.3332 for second time today - I have managed again to meet my monthly targets early and can not thank this forum enough for providing the right environment to challenge and confirm. Yesterday's close of a losing short and today's result were very much linked to the ongoing views of all members challenging my own thinking and helping me to nip any doubts in the bud.
I pretty much nailed every move within the waves today and hope that the elements I did manage to post here were of use to those readers interested in Elliot Waves and regression.
3368 pops on 30 mins and 2 hrs chart and make sense to clear the barrier above 3350 and then hit them light stops sitting above and slide back to 3220ish..
DX is about to hit the wedge base i have been pointing out..
the problem is that this 3365-70 is confirmation spot for break above 3325-28 main TL break on that 8 hrs median b.w the yrly lows and possibly towards the 36XX expected highs..
Hence there could be an attempt to hit higher to 3370 and surge into 34XX making the break genuine and passing and closing the day above confirmation..
However if close comes in under 3370; and esp under 3325 I would consider as failure at the top by 80% esp if close is under 3325.
A close under 3370 but above 3325 would be given a 50/50 odds whether it heads higher or falls back under...
Nevertheless hedge shorts awaits 3360ish just in case if there is a reversal...
Let the game begin ...
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
what exactly is in the FXCM Dollar index, because the traditional Dollar index traded on the ICE is showing something a bit different and a bit more bearish.
So I'm looking at where to buy and there is several breakout levels one can find. The price usually tests these before going further. The first level is 1.334 - yesterday London's high. From risk:reward point of view is the pivot better level, which is also a previous high from two weeks ago.
In general, I'm buying as long as we trade above 1.3270.
Well .. this is a EURO daily chart...... along with the weekly..
This is how I'm looking at it....... and perhaps i may be wrong, but gotta go with them charts... been good to me so far...
GL..
The first chart goes with the above post # #70216 on Feb 9th ...
The second chart is current and shows we have broken out with a daily close above 3326.
b.w 8 hrs and 4 hrs.. next resis lies at 3319 (8 hr) and 3338-43 on 4 hrs..
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
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Originally Posted by fazi
