Slowkeys Intraday Setup Using Slope Strength and Diff

[fire580]

Thanks for the updates - very informative

[slowkey]

A risk off afternoon did materialize. It was not to dramatic but notice the JPY and USD strength against major crosses by the sort of the 4 hour Power number with absolute values turned on. Love this Dash Board.

chart.gif

[traderduke]

SK
Great postings! Any chanse you can share the dashboard indicator with us?

A risk off afternoon did materialize. It was not to dramatic but notice the JPY and USD strength against major crosses by the sort of the 4 hour Power number with absolute values turned on. Love this Dash Board.

chart.gif

[slowkey]

SK
Great postings! Any chanse you can share the dashboard indicator with us?

It is from the Itsaquestion thread under the 10.2 section/indi .

The Dashboard version I use is from later in the thread by JimDandy. I added it below.

[slowkey]

I wonder if this 3 point weekly trend line will be broken this week.

weekly.gif

[slowkey]

Monday and start of a new trading week. Daily looks to be forming a double top formation. Good position on the SDC to indicate a Bearish move this week. Daily slope negative. EUR news a little more pessimistic this week. Doubt from a fundamental point of view there will be momentum to go much higher.

eurusd d.gif

The weekly shows just where we went from both the last weekly and monthly top which are the same in 2011. We retraced the weekly exactly back 38.2 percent of the total move from 2011. From the most recent high on the weekly it would be a 78.6 percent retrace at exactly the same area which I have showed before but just mark by the arrow on the Weekly chart. It does not appear that the trend-line on the weekly will get broke either.

eurusd w.gif

So I look to take a short with the crossing of price down over the Weekly pivot. Daily slope is now negative and the 4 hour SDC is now flat reflecting a change in overall price movement.

eurusd 4.gif

So looking at the hourly it is easy to see that the Daily pivot could cross down over the Weekly pivot and eventually the monthly if we get real movement. There are suppose to be strong bids at around 2950 - 2960. So if I were to put in a Sell Stop for a Swing trade I would want to put it in below those orders around 2935-40. I could get some momentum off of offers and stops in that area. So the weekly pivot area seems to have strong bids per sources. So an intraday long off of this area would be a more immediate strategy. So a mixed strategy which makes sense because the bids around the pivot are suppose to be real money. That is Sovereigns. The Daily SDC is still bullish. So a market trade if the EUR/USD dips and triggers the big money to push a high intraday. Hopefully a Swing trade if we get under the Weekly pivot with good momentum. You must do your own trading but this just illustrates how I am using the setup for two different types of trades. It also show you how intraday trading can inform your longer Swing trades. The EUR/USD could well continue in a range. It needs to get below the weekly and monthly pivots with good momentum. The 30 minute slope for intraday slope seems to be a lot more informative because it is not too reactive but shows really nice angles and also divergence as a guide to trading. I am experimenting with greater than 1.2 as overbought and less than -1.2 as oversold but many times divergence seems to be the better use of the 30 minute line.

eurusd h.gif

[slowkey]

eurusd 15.gif

Blew down through 2950 but more bids were reported between 2920 and 2930. EUR under pressure it is reported because of a pending speech by the ECB chief to the EUR parliament. Maybe something leaked. Real test now is if the EUR can drop below 2880 and than we should have a nice move on downward. Would not be surprised though for the real money to be dumped in now and lift the EUR intraday. The move down seemed more reactionary than real but who knows. Is there real news happening driving it. Anyway staying short until proven other wise. It is about time for a nice swing down.

[slowkey]

Here is something you do not see every day. A 50 pip drop between 2000 gmt and 2200 gmt. It is a strong Risk=Off event. A strong move to the JPY and USD is occurring. US DOW closed down 136 points and look for this to carry over to the asian markets when they open. The DOW had closed down 110 points yesterday and is down for the week. Corporate earning out looks are being forecast-ed lower. It could have been the closing of the DOW down at 4 pm US eastern time that triggered a sell off of the EURUSD as the DOW reacts to global growth concerns and China. The EUR is being sold off even showing weakness against the AUD and NZD with the EUR presently the weakest currency on the Four Hour Baluda slope-strength indicator at -.58 ...
Generally a poor week for news out of the EUR zone. Any news out of the EUR zone makes for a poor week it seems. No news is good news for the EUR zone.

eurusd 15.gif

Strong move to the USD and JPY as per the chart at a time when this chart usually sleeps. EUR is hit hardest. Gold at a 2 week low which means USD is stronger. Inverse relationship between gold and USD.

chart.gif

It will be interesting if we see the sell off of the EUR carry over to the Asian sessions and London sessions. We are looking at a move now of price and the daily pivot under the monthly pivot this week. If price can get under the monthly pivot than we could see good momentum short.

Just an edit... Late today Standards and Poor downgraded the credit rating of Spain to just above Junk Bond grades !!! Probably along with the DOW a major setback for the EUR gaining any strength today or for that matter possibly the rest of the week.

[slowkey]

There is high coorelation between EURUSD and EURJPY. EURJPY is about to close this hour below the monthly pivot. The daily pivot may move below the Monthly pivot. There is on the daily MACD a cross. Looks to be setting up for an ideal move down especially with risk=off trading occurring as the present mood.

Seems like a no Brain-er trade setup. So have entered below weekly support and monthly pivot with a tight stop at 100.65. Very low risk with a likely large move down. A double top similar to what we see on EURUSD also present. EUR/JPY generally moves farther than EURUSD with a larger daily range. I hope to let this trade cook the rest of the week if my stop does not get hit. It would make an easy 10.2a trade too.

eurjpy.gif

[slowkey]

Below is the hourly EURJPY.

eurjpy h.gif

My stop is above the 2100 hourly candle with just a 25 pip risk and with the slope negative from daily to the 30 minute. Over all the EURJPY is strongly bearish. MACD on the hourly chart never got above the zero line and is also showing a bearish cross. The key to a strong move will be the EURJPY dropping below the 100 psychological level and intraday bids in that area.

The Daily pivot did not open below the monthly but is close as seen below at the start of 0001 gmt new day being just 5 pips above Weekly S1. I think I can get away with such a small stop because of the combined resistance in this area from weekly support and 2 pivots. If the stop gets hit than it would certainly invalidate the trade plan.

eurjpy h h.gif