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| Supply Demand EA https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=2060 |
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| Author: | fx800 [ Sat Jun 15, 2013 11:06 am ] |
| Post subject: | Re: Supply Demand EA |
BEFORE ANY TRADE IS TAKEN, FIRST CHECK WHERE THE NEXT SUPPORT/RESISTANCE/PIVOT IS. THIS IS WHY THE SR INDICATOR IS SO HANDY BECAUSE AT ONE GLANCE, YOU WILL KNOW IF IT MAKES SENSE TO TAKE THE TRADE OR NOT. I WILL NOT TAKE A TRADE IF THE R:R IS LESS THAN 1. I will always be on the lookout for a trade that has the potential to travel from one weekly pivot to the next. This is what I have learned from Bob. When price breaks a weekly pivot in a prevailing trend, it tends to travel to the next weekly pivot. It is much more difficult to be successful in forex compared to trading equities. The former as I said earlier is very volatile and unpredictable. The latter however follow the stock market cycle. If you are long in the bull cycle and go short (with cfd) with the bear cycle, then you cannot go too far long. |
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| Author: | fx800 [ Sat Jun 15, 2013 12:02 pm ] |
| Post subject: | Re: Supply Demand EA |
I think some of you have caught on with the idea of scalping the H1 time frame using stochs and SR indicator. The SL is much smaller than H4 time frame. I do take counter trend trades at half lot size. I use Tipster TL or Easy order to place my trades. Full lot = 2% of Equity. If you are a visual trader like many others, just use Heiken Ashi candles. |
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| Author: | fx800 [ Sat Jun 15, 2013 12:35 pm ] |
| Post subject: | Re: Supply Demand EA |
Cable is currently trading above 240ma. The new governor of BOE starts in July and the market expectations are that he favours a weak Pound. So, if you are long the Cable, just be careful. |
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| Author: | fx800 [ Sat Jun 15, 2013 12:40 pm ] |
| Post subject: | Re: Supply Demand EA |
Forest Factory is a rich source of financial news. There was an article on Thursday night that the US bond auctions went badly. That usually means bad for the Dow. So, when the Dow retraced on Friday, I was ready for a short when it broke below the 240ma. The fall was triggered by a worse than expected University of Michigan sentiment index, but the market was primed for a fall by the bond market news the day before. The US treasuries, stock market and the US dollar are all tied up together. Move in on will affect the other. See how the H1 H4 stochs and RSI all bunched up at the top, and also the dow stopped just below 0.8 ATR. |
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| Author: | fx800 [ Sat Jun 15, 2013 3:07 pm ] |
| Post subject: | Re: Supply Demand EA |
The Kiwi dollar is on the rise and the Aussie dollar is still in a DT. So, I will be looking to sell AUDNZD again next week. |
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| Author: | fx800 [ Sat Jun 15, 2013 5:58 pm ] |
| Post subject: | Re: Supply Demand EA |
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| Author: | fx800 [ Sat Jun 15, 2013 10:11 pm ] |
| Post subject: | Re: Supply Demand EA |
Just in case you think I am cherry picking, I have posted below the charts for SPX500, the NAS100, and the Nikkei225 index. All showed the same picture. Price trading under 240ma, STOCH/RSI OVERBOUGHT, sell. Price tends to bounce off pivots, trendline, moving averages, fib levels. When STOCH/RSI are overbought, I LOOK FOR A BOUNCE OFF THESE POINTS. |
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| Author: | fx800 [ Sun Jun 16, 2013 8:43 am ] |
| Post subject: | Re: Supply Demand EA |
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| Author: | fx800 [ Sun Jun 16, 2013 8:55 am ] |
| Post subject: | Re: Supply Demand EA |
The yen pairs are closely correlated the stock markets in the coming week. All of them are trading below 240ma, so the bias is down. A busy week in terms of financial calender. G8 meeting in progress on Monday. The main focus will be the FOMC MEETING ON WEDNESDAY. If the stock markets bounces following the FOMC statement, then it is very likely the yen pairs will rebound. Watch the Nikkei 225, if it rises, the xxxjpy will follow. |
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| Author: | fx800 [ Sun Jun 16, 2013 9:45 am ] |
| Post subject: | Re: Supply Demand EA |
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