Supply Demand EA

[fx800]

The daily charts of the kiwi dollar and the aussie dollar are posted below.

I mentioned in a previous post the the kiwi dollar showed signs that it wants to move higher. Note the long wicks of the pin bars at the beginning of the week and the big bar on thursday. I predict the kiwi is likely to break above the 240ma in the next week or two. I would not want to sell the kiwi dollar this coming week, but wait for it to move above 240ma, then by dips from support.

The aussie dollar also showed bullish daily candles last week. The consensus is that the bearish trend will likely persist. and that it will retrace to the 97.00 level, then reverse. Until that happens, I would not want to short the currrency for the moment.

We wouldn't want to be caught by a trend change and give back the profits we have made previously.

I have now set my Multi 10.4 trader not to short the above two pairs for the start of trading this week until further notice.

Will the person who downloaded the mod ea, please remove the "do not trade short" for AUDUSD, NZDUSD, if you want to trade them.

I did something crazy this pm. I added UseStoch to the new ea, and set both UseStoch and UseRSI to true, and UseCSS to false on my live account.

The ea sent four entries, AJ and NJ short, and GBPCHF and CADCHF short, and all four winners. IS THIS A FLUKE ?

WILL TRY AGAIN TOMORROW.

The Demo is also doing well, up 1.5% today.

A note of caution, the ea sent more than one entry for CADCHF short, presumably one for UseSTOCH and one for UseRSI.

I attach the mod ea below.

The mod ea still doing ok, up 3% equity at the moment. No DD.

[fx800]

SORRY TO KEEP ON HARPING ABOUT THIS.

I HAVE HAD A LOT OF SUCCESS WHEN THREE OR FOUR INDICATORS ARE BUNCHED TOGETHER EITHER AT THE TOP OR BOTTOM.

TRY IT AND SEE.

[fx800]

If you invest in the stock market, read this, and be prepared .......................

http://www.forexfactory.com/news.php?do=news&id=433205

You ain't seen nothing yet.

[fx800]

Latest update for 10.4 auto trader..............

profit 4.9% floating DD 0.5%

[fx800]

Mr Long has released his latest version of Multi 10.4 trader final v1.30, which you can use as a dashboard. It is the best I have ever come across.

The link is ...................

http://www.stevehopwoodforex.com/phpBB3 ... =37&t=1619

[fx800]

Nikkei falling = xxxjpy falling.

Selling xxxjpy at cross of DP.

[fx800]

Latest update for 10.4 auto trader..............

profit 4.9% floating DD 0.5%

The account was devastated by the FOMC news yesterday. It was up 3% before the news, and then down 1.5% afterwards.

Just goes to show no matter how good an ea is, fundamental news can completely destroy it.

The prospect of scaling back monetary stimulus by the Fed later this year and ending it by mid 2014 has sent the USD higher, and all the counter currencies lower. Big falls in EU, GU, AU and NU.

Despite this fundamental news, the ea was still long in EU and GU, which is responsible for the biggest damage to the account.

A stronger USD has sent USDJPY higher along with other yen pairs. Yet, the ea is still selling USDJPY because it is trading under 240ma. This is why some form of intervention is always required in running an ea.

Just as well I stop all trading long before the news.

[fx800]

Here is an auto fibonacci level indicator which I find quite useful.

How uncanny price tends to bounce off the fib levels.

[fx800]

On Monday, I will be concentrating on GBPJPY and EURJPY. The Aussie and Kiwi dollar are trading well below WS1, below my comfort zone for shorts, and GU and EU are hanging around the 240ma, which can be tricky to trade even though I think the bias is down.

The yen pairs are ranging at the moment, so waiting for retracement up to resistance and three or more indicators bunching up at the top, for a sell.

I know some of you like to trade the H1 time frame, so I am going to try it next week and see. Pending order will be resistance_lo, sl = res_hi or one pivot above plus 5 pips, tp = next pivot.

Not using H1 CSS for entry now, but may exit if the H1CSS changes colour.

Only using WP and WMP on the chart, but may overlay with fib levels for scaling in. I have observed that when price breaks a fib level, it tends to travel to the next fib level.

[fx800]

This week, I will be looking for retracements for GU, EU, AU and NU to resistance and RSI pullback for shorts.

The hugh falls in the above dollar crosses were a consequence of a strengthening dollar following the FOMC meeting last week.

Hugh sell off for gold as well last week. So, will be on the look out for retracement to resistance for a sell.