Gertje wrote:Funny thing, this currency strength indicator.
I try to get my head around it, to put it to use but till now no 'aha-erlebnis' so to speak.

See the GBPUSD.
GBP = 0.01
USD = 0.35
GBPUSD = -0.32 indicating to me the pair is going down so looking for sell options.
On the current daily- and weekly-charts however, the pair is going up.....

Also the EURUSD,
EUR = -0.29
USD = 0.33
EURUSD = -0.55 indicating selling. The pair is up all week and day.

Is there some more info about how to 'read' these numbers?

nanningbob wrote:I dont play around waiting for home runs. I trade and I pocket profits. My total for all trades the last two days was 23-11 for a total of 311 pips net. That was from winning 506 pips to losing 195. I am out of Monday's hole and now looking at a profitable week.

nanningbob wrote:

Gertje wrote:Funny thing, this currency strength indicator.
I try to get my head around it, to put it to use but till now no 'aha-erlebnis' so to speak.

See the GBPUSD.
GBP = 0.01
USD = 0.35
GBPUSD = -0.32 indicating to me the pair is going down so looking for sell options.
On the current daily- and weekly-charts however, the pair is going up.....

Also the EURUSD,
EUR = -0.29
USD = 0.33
EURUSD = -0.55 indicating selling. The pair is up all week and day.

Is there some more info about how to 'read' these numbers?

Quit looking at individual pairs. AUD and USD is strong, JPY is week. Eur/USD just hit 240 line and I am loaded on every line for the bounce. If it doesnt then I am not in. The STO 5 on 1H and RSI 2 on 4H now qualify for a sell trade. So hopefully off to the races we go.

nanningbob wrote:Quit looking at individual pairs. AUD and USD is strong, JPY is week. Eur/USD just hit 240 line and I am loaded on every line for the bounce. If it doesnt then I am not in. The STO 5 on 1H and RSI 2 on 4H now qualify for a sell trade. So hopefully off to the races we go.

Nipponho wrote:Bob, i remember u had a AU short which was entered last week based on SR, not 10.4. I also entered. That trade had turned bad by now.

Gertje wrote:

nanningbob wrote:Quit looking at individual pairs. AUD and USD is strong, JPY is week. Eur/USD just hit 240 line and I am loaded on every line for the bounce. If it doesnt then I am not in. The STO 5 on 1H and RSI 2 on 4H now qualify for a sell trade. So hopefully off to the races we go.

You mean GBPUSD?

Gertje wrote:

nanningbob wrote:I dont play around waiting for home runs. I trade and I pocket profits. My total for all trades the last two days was 23-11 for a total of 311 pips net. That was from winning 506 pips to losing 195. I am out of Monday's hole and now looking at a profitable week.

Here I find my problem, I'm waiting for the 2nd/ 3th level to TP. I end up with SL's or BE's at most this week. Need to lower my expectations and banking the profits I give away with BE.

2nd I noticed and you told several times already is lotsizes. I tend to make them higher near to the 240MA, loosing the max. 2% always. Keeping the same lotsize makes a lot of sence, choose a size small enough to not over-leverage when far away from the 240MA.

nanningbob wrote:Since price is ranging I am basically taking profit from line to line or two lines. I close with that because price just isnt going anywhere right now. Basically means I am scalping off of the 4H chart. In Feb. when prices were ranging with 10.4 I was pocketing on average almost 50 pips a trade. In ranging I closing closer to 25 pip average. Why? price isnt going any where. The most volatile pair, gbp/nzd which goes over 300 pips a week 90% of the time has stayed within a 200 pip range. That is unbelievable so far. eur/usd has moved 112 pips this week, aud/cad 76 pips and so on. There just isnt much room to grab big profits soooooooooooo I grab lots of little ones.