[Belgrade Bobby]

David – this is It – Way better now.

Good job .

[David Shepherd]

[GVI Forex 2]

Technical analysis works best in forex because it is the only market with a common price feed so everyoine has the same set of prices on their charts.

So, there is a greater chance of a reaction if a level is violated, to a moving average or some indicator due to the common price feed.

This is certainly not true for CFDs.

There is a full update on this in Common Sense Trading.

[Belgrade Bobby]

Charlotte – Thank You 😀

That is what I am talking about . Exactly as it has to be done !

Great Job mate.

[Belgrade Bobby]

Robinson, and everyone else – Technical analysis work on any instrument.

But the best results are in Forex – because of liquidity and volume.

Rules that we find in charts, instruments behaviour and patterns that we follow are better suited for currencies ( Majors the most) , than any other market.

So I might be totally wrong when it comes to your chart, but in short words : this cannot be Bullish.

Another leg down is in order .

Also, use that support line just below current rate , make a parallel one to it and place it down there on that low .

[Charlotte Anambra Nigeria]

I took this corrections, please bobby hope i’m right now

[Robinson Izuchukwu]

US30 is looking bullish. their is my first target is the recent resistance.

[Robinson Izuchukwu]

I’m sorry boss because of the homework I tried doing it but I find it bit difficult, the Macd to choose on the on the indicator.

[Belgrade Bobby]

Hi David – let’s take this one step at the time.

Look at my EURUSD 4h chart and compare it to yours – I am not sure as I can’t see exact rate , but we might have a little problem here:

–          Different rate feed ( believe me when I say that my rate is 100% correct )

–          Different charting systems ( some are better than others )

–          And maybe you have drawn this chart free hand…

Now, you got the Upper line right , but lower one seems to me is not exactly parallel to it.

You should use “parallel” or “duplicate” in your charting system.

And then there is a problem that was my mistake – I have never mentioned what type of chart you should be using – Bar chart is what we gonna  use from now on – all of us.

As you can see on my chart, there was a clean break of Support line and perfect entry in next bar .

MA’s crossed in a Sell as well , so an easy one – but when looking at your chart with Candlesticks on it, obviously it is not clear – so I understand where the problem is.

[David Shepherd]

[David Shepherd]

Am I getting it right?

[Belgrade Bobby]

Like this Charlotte

[GVI Forex 2]

I hope you don’t mind me chiming in on GBPCHF.

There is only one level on the daily chart that matters (to me) and that is 1.1445

Above it there is still an uptrend

Below it downtrend takes over

[Charlotte Anambra Nigeria]

Please can you show me how to do it on the chart, I tried but confuse

[Belgrade Bobby]

Charlotte , do me a favour :

–          Raise that Upper blue trendline just a bit – exactly on the top

–          Make a parallel trendline based on that Upper one

–          Place the parallel line on that previous Low – Remove existing Blue support line

That would be the perfect channel.

As I can see, you are trying to find horizontal Supp/Res zones – check out Jay’s charts in Common Sense Trading – you just made manually a very good combination between Jay’s and mine approach 😀

Robinson….I’ll think what am I going to do with you for being late to submit your homework…. 😀

[Robinson Izuchukwu]

I’ll submit the home work as soon as possible please

[Charlotte Anambra Nigeria]

This is what I suggest on GBPCHF

[Belgrade Bobby]

Hi Blessing, welcome 😀

Thank you Robinson on your kind words – but…where is your homework mate ??

 

[Blessing Ejiofor]

Hello

[Robinson Izuchukwu]

We are here

[Robinson Izuchukwu]

I’m here to appreciate you bobby for this journey, I’ve learnt another secret of trendline drawing and it’s perfect for me, it’s nice teaching from you, thanks for your time and help🙏🙏

[Alan nomadic]

Yep too many Gurus out there…none of them survive as long as Jays Global View.So talking of flows, perfect example today of the relationship between Cable, Euro and EURGBP.
EURGBP dropping hard Cable rising, EURUSD static. Also look at the other GBP crosses GBP/Commodity crosses to see how GBP is being bid across the board.
But see EURAUD also rising hard, so we very weak AUD. Then glance to USDCAD and see that rising, so we have weakness across the Comm FX pairs. Its all connected.

[Belgrade Bobby]

Sitting and thinking here Alan – we have started this club to try and bring back that camaraderie that was common in trading rooms and dealing desks all over, and to exchange ideas and different views on the market.

Also, important part of it is our little school that I wanted to push forward for quite some time.

We are not Gurus , nor influencers of any kind, but real traders with real knowledge and experiences.

I would like to see a good flow of ideas exchange here, both from experienced ones and newbie’s.

If questions are not asked, answers will never see the light of the day 😀

I am very glad to see that our breed is still out there , and that none of us is alone !

[Alan nomadic]

Thanks Bobby, yes so many ways to play it….And hard to do it totally alone…sometimes the sound of your own wheels drives you crazy (;-)

[Belgrade Bobby]

And that was one full explanation Alan 😀

We all have really different methods in trading , but the preparation, analysis and triggers are common  – that cannot be avoided.

Just this early Europe, I did two trades on EURUSD , but I have someone trading with me as well – although a young blood , but promising one.

As I was nagging about grass growing, he went with GBPUSD – exactly same strategy, same trigger – and same result at the end J

That is all different ball game – it’s a team play….

[Alan nomadic]

Thank you Jay & Bobby, I hope my question, and answer helps others as that was the main point of it.Bobby is right that you need to know the pair you are trading, but I have done this for 20 years now and my Wife has more than that…so we cover many markets between us and monitor different methods, multiple strategies and communicate across the desk like in a firm. It is the only way we can stay competitive in this business.
We trade like Jay said, kind of old school some would say, see what is moving, instantly spot what that means about where the flows are, be aware of the day/week of the month regarding Options and key scheduled news, figure out if the flows are going to continue into the next session i.e. will europe to NY continue direction after a pullback or will NY reverse the direction.
If there is surprise geopolitical news or comments and the market moves quickly, you have to know if the move should be faded (usually if its just a comment and the move goes against the flow as it can be creating an opportunity to add even though they make it look like a reversal) and you have to be aware of multiple time frames, especially you have to know where the DXY is trading, where we are in Futures regarding time of month/quarter/year and also what are Bonds doing…oh and what have been the ranges this month, are they nearing their average or do they need a good move to complete their monthly move which can then be faded.
Putting all this together means we were able to jump into USDCAD Long and Short for 40 pips on Friday in what was a very small range day in Euro.Basically you have to love the game, right?Like just now, im writng this…wife says “check gold, im scalp long @2400”), I glance at it, see its at a level of interest and jump in, best signal service there is! (one of many trades so if it doesnt work out its ok, especially as we dont do much before NY session on Mondays, sometimes nothing until after London Fix (Fix is also something you need to be aware, Time of Day…)
Thank you Jay and Bobby for creating this place, I hope you get as much interest as it deserves.
CheersAlan

[GVI Forex 2]

Let me add my thoughts.

Whereas I agree with specializing in one or two currencies where I differ is that you need to look at the full spectrum. What I mean is I look at

What currency is trading strongest

What currency is trading weakest

Whether two currencies are moving in opposite directions, which tells me there are real money cross flows driving these currencies.

This tells me what currencies I should be looking at in addition to what I specialize in.

I have a program called The Amazing Trader that can identify patterns no matter what the market condition. Now, to be clear, I am just relating what I use although it is available to club members at half price as a benefit of membership.

My intention is not to promote this program but to show how I use it to indicate if there is momentum (i.e. action) in any currency or instrument to trade.

What I do is look for patterns as seen in this EURUSD (5 minute) chart on whatever time frame I am focusing on.

When I see rising red (or falling blue) what I refer to as ladder lines, it tells me after a deeper dive that I should either be trading long or short in the direction of the lines.

There is a clear strategy that I will share with club members but the takeaway is this program works in any instrument that your broker offers on an MT4 platform, in all time frames and in all market conditions.

So Alan, one way to trade in lower volatility markets is to identify where the action is and trade what the market is trading.

[Belgrade Bobby]

Alan, your question is very interesting one .

I am going to give you how I treat this issue – so not an opinion or guide !

Being a midsummer and all, it is not uncommon to watch market behaving like grass growing…

In my strategy there are only four  options :

–          I prepare myself for longer waits and much longer hours in front of the screen

–          I accept smaller profits ( like half of usual)

–          I go with the smaller time frames

–          I join the crowd and go to the beach

But I never go looking for some other pair/instrument.

To be able to achieve continuous profits, you have to live and breathe the instrument you want to trade.

Trying to get right some other pair that you find currently moving can bite you back.

Now i am not saying it is not possible to switch within pairs, but for that to be profitable you must have previously done homework, clear strategy, fixed R/R and Risk management , and that is not really possible to do seriously ad hoc.

There are significant differences between different pairs – from the spread, size of bars on any given time frame , all the way to possible slide both ways…so very difficult to apply exactly the same rules to different instruments.

They can also react on Data even opposite , but at least sometimes muted sometimes exaggerated.

In reality, you would need at least a week to prepare another pair strategy, until the move will be already done…and in the mean time your primary pair might just move again…

So I gave honestly how I deal with it – if you have any other ideas, please share it here with us…we might get to some other solutions.

[Alan nomadic]

Question – Product selection

In these times of low FX volatility, especially in the majors (EURUSD the main culprit) the system one uses is not as important as what products one focuses on.

Generally this is the problem many traders struggle with the most in the current environment. Knowing how to hunt is one thing, but knowing where the action will be is the first step, where do you hunt can be more important than what weapon you use.

Can you say something about how you choose which pair to focus on? Do you check the news calendar ie on Friday there was CAD news and USDCAD gave some opportunities long and short.
Thanks

[Belgrade Bobby]

Yes exactly Jay – we are both playing with predicting tops and bottoms, but for a different reasons.

[Author]

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