10.4 A Complete System

[etheldreda]

It is Monday so i expect weak moves, UNLESS people in Europe are lining up to take money out of the banks and then watch out. I dont think that is going to happen so we go line to line with our trades. Take profit when you can. SO what I have done is placed big SL in case the market goes crazy and will look to Take Profit half way through the euro session like I normally do. Go euro currencies and do your down thing, AUD and USD do your up thing like last week and I will be a happy camper.

Bob,
perhaps this is just because we are using different server time broker. My USD strength is 0.0, should we still look up for this currency?

-ethe-

[nanningbob]

It is Monday so i expect weak moves, UNLESS people in Europe are lining up to take money out of the banks and then watch out. I dont think that is going to happen so we go line to line with our trades. Take profit when you can. SO what I have done is placed big SL in case the market goes crazy and will look to Take Profit half way through the euro session like I normally do. Go euro currencies and do your down thing, AUD and USD do your up thing like last week and I will be a happy camper.

Bob,
perhaps this is just because we are using different server time broker. My USD strength is 0.0, should we still look up for this currency?

-ethe-

You got it. The USD/JPY, USD/CHF, and the USD/CAD have all retraced to the 240 line so one of two things will happen. They are all on the strong side of the 240 So I will play the bounce north. If I am wrong I will either not be in or have a very short SL. If I am right I have a low risk potentially high reward trade. I am not touching aud/usd or nzd/usd but will try eur/usd as a sell.

[nanningbob]

OF the aud I aud/nzd and aud/jpy buys. Lots of euro and gbp sells so pick and choose what you think is best. Not touching CHF. So sets my day up.

Sorry my mistake taking aud/chf not the aud/jpy.

[cjthomson]

Err.. it's me again after doing some simulation.... Any comment would be appreciated.
Here is my (trial) analysis using CSS for pairs that having RSI above 95/below 5 as per previous closed bar using GMT+2 broker:
1. The most extreme level between currencies SELL EURAUD. EUR DT-weakening, AUD UT-weakening.
2. Next extreme SELL EURGBP. EUR DT-weakening, GBP UT-flat.
3. SELL EURCAD: EUR DT-weakening, CAD UT-flattening.
4. SELL EURUSD: EUR DT-weakening, USD UT-nearly flat.
5. SELL EURCHF: EUR DT-weakening, CHF DT-weakening.

Well... but I think they are all not having a strong move, so the plan supposed to be trade from line to line. The only currency with stronger move to the direction is only JPY.

Bob, do you consider extreme currency strength as pair with better probability setup? In this case it would be AUD(strongest)/JPY(weakest) but no RSI setup yet. The one with setup as I mentioned above is EURAUD.

Thank you,
-ethe-

It is Monday so i expect weak moves, UNLESS people in Europe are lining up to take money out of the banks and then watch out. I dont think that is going to happen so we go line to line with our trades. Take profit when you can. SO what I have done is placed big SL in case the market goes crazy and will look to Take Profit half way through the euro session like I normally do. Go euro currencies and do your down thing, AUD and USD do your up thing like last week and I will be a happy camper.

Hi bob, 2 quick questions on taking profit:

1)...you say above that you'll look to take profit half way through Euro session, although do you look to take profit across all pairs or only for the EUR / GBP / CHF crosses? In which case you would look to leave a USDJPY position in play and only look to take profit for this one during the US session (or Asian session)?

2) If your EURUSD position enters but is not in profit during your TP time, would you look to leave it in place and wait until the next TP time to see if its in profit, at which time you'll exit if it is?

Thanks, Chris

[nanningbob]

Err.. it's me again after doing some simulation.... Any comment would be appreciated.
Here is my (trial) analysis using CSS for pairs that having RSI above 95/below 5 as per previous closed bar using GMT+2 broker:
1. The most extreme level between currencies SELL EURAUD. EUR DT-weakening, AUD UT-weakening.
2. Next extreme SELL EURGBP. EUR DT-weakening, GBP UT-flat.
3. SELL EURCAD: EUR DT-weakening, CAD UT-flattening.
4. SELL EURUSD: EUR DT-weakening, USD UT-nearly flat.
5. SELL EURCHF: EUR DT-weakening, CHF DT-weakening.

Well... but I think they are all not having a strong move, so the plan supposed to be trade from line to line. The only currency with stronger move to the direction is only JPY.

Bob, do you consider extreme currency strength as pair with better probability setup? In this case it would be AUD(strongest)/JPY(weakest) but no RSI setup yet. The one with setup as I mentioned above is EURAUD.

Thank you,
-ethe-

It is Monday so i expect weak moves, UNLESS people in Europe are lining up to take money out of the banks and then watch out. I dont think that is going to happen so we go line to line with our trades. Take profit when you can. SO what I have done is placed big SL in case the market goes crazy and will look to Take Profit half way through the euro session like I normally do. Go euro currencies and do your down thing, AUD and USD do your up thing like last week and I will be a happy camper.

Hi bob, 2 quick questions on taking profit:

1)...you say above that you'll look to take profit half way through Euro session, although do you look to take profit across all pairs or only for the EUR / GBP / CHF crosses? In which case you would look to leave a USDJPY position in play and only look to take profit for this one during the US session (or Asian session)?

2) If your EURUSD position enters but is not in profit during your TP time, would you look to leave it in place and wait until the next TP time to see if its in profit, at which time you'll exit if it is?

Thanks, Chris

Not all of them will move at the same time so there will usually on be a handfull to take from. If there are a lot then something big has happened. See my next post.

[nanningbob]

25% Take of deposits. Tell you what, if they do that those Cypress banks would have a lot B......... Look at this headline.

Fears are growing of Russian reprisals against European businesses as EU authorities desperately seek a deal to save the Cypriot economy by imposing a 25% levy on bank deposits of more than €100,000. As the island scrambled to put together a rescue programme, its finance minister, Michalis Sarris, said "significant progress" had been made on the latest levy plan in talks with officials from the European Union, the European Central Bank and the International Monetary Fund.

Are Spain's banks open on Sunday?? If they are not how could he say this??

The crisis in Cyprus has not prompted any flight of bank-deposits from Spain, the country's economy minister said in an interview on Sunday.

All I know is I have some euro sells ready with big TP just in case things go crazy.

[rebyte2]

EURAUD off to a good start.

[nanningbob]

eur/jpy bombs away.

[TraderDesk]

eur/jpy bombs away.

If price continues south then I am look at a higher probability PA touching WS1 today and even WMS2... ADR is averaging 182 last ten days and it is above 190 for the last 30...

Currency Slope is showing Euro and JPY almost at a cross.... And look at those railroad tracks....

[nanningbob]

The only issue I see left is some big hidden behind the scene decides to support the Euro out of the blue. Much like SNB support the CHF and refused to let it rise. So watch the fun, this doesnt happen that often.