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Looking at similar technical set-ups on /$ and /$ that give
round figure trend supports at 1.28 and 1.90 respectively.

Anyone else looking at something similar?
Or have you got scenarios that are giving $ strength?

These are the 2 Hourly set-ups I'm looking at.

Tonight's stuff to Miss Melnibone. There's some more basic stuff in here, tonight.
So again, please remember it's for someone just starting out. Not preaching
to you guys.

melnibone, i'm working to the same lines and i enjoy your posts being a newbie myself. i took the plunge and went live last week, joining the 1/point club with mixed results. today was good, though, +49 which i'm very happy with. 1.9000 has been tested a few times now and has found reasonable support but i have a difference of opinion between my rsi (9) and my macd's (19,39,9). rsi is very negative but my macd's have turned positive and cable is bouncing off my upward slopey thingie, (hope that's the correct terminology). is there any significance when indicators disagree?

Hi Bosley.
I'm probably going to commit heresy here, and open myself to attack
by an army of Chartists, but c'est la vie. :-))

I've come to believe that Indicators are a form of 'Confirmation Bias'

http://skepdic.com/confirmbias.html


To me, most indicators are derived from Price action, and are therefore just
smoothed versions of Price action that mimic the Price.

The same indicators can give different results according to whether the market
is Trending or Ranging. If you can identify if a Market is Trending or Ranging from
the Price action, then why use them.

So why not just use the Price action?
It's always up to date. :-)

I know people do use indicators, and as you say, look for divergance. So it's
a case of different strokes for different folks. Post up the chart, give your
view, and let's see how many different opinions we get from looking at the
same set of Data.

this is interesting. does anyone else use netdania? it's now showing a completely different macd chart to what it has been showing all day. is this a glitch due to the recent face-lift?

apologies melnibone, looks like i was wrong about my indicators disagreeing. i will start posting charts once i figure out how.

Morning, had a coronary this morning when I saw the Akmos header in the thread showing Cable at 1.8533/37 !!

Problem seems to be at their end. edit - working OK now

Melni - I can't thank you enough for your very helpful graphs - they are great and must take you ages. I trade cable and gold infrequently and am having reasonable success but your graphs help to sort out the strategy and I may be able to trade a bit more often! .

Trade the Pink Lots of BOJ news out today !

I just saw 1.8902/5 displayed on cmc. Anyone else? (That'll have taken a few stops out!!!)

edit - VERY fat finger

Hi Sue 42, glad that you are finding my stuff to my daughter useful
in helping you define a personal strategy.
I'm finding that listening to the more experienced Forex traders on
this thread useful in understanding what moves Forex markets.

That's what it's all about, innit. Sharing ideas and clearing up
misconceptions.
Long may it remain so. :-)

Re the business of chart indicators and confirmation bias, yes I agree that all indicators are reactive.

But...........

They are useful imo in determining whether a move might have further to go or if it's come to the end of the road. For instance the price might move down towards a significant support line and it's a fair assumption that initial buyers will emerge at that level to give it a bit of a lift. If, however, the stochs say that it's only a part of the way through a larger move, then the trader may be tempted to stay in the position.

Similarly, a combination of different timeframe charts can be used to optimise entries and exits. For instance, the slower timeframe can be used for direction and the faster chart to time entries and exits using the indicators and oscillators. Using that type of strategy, support and resistance lines can be of less benefit imo.

As an example of the above, why should cable have found some support at around 1.8955 an hour or so ago? It doesn't relate to any particular support line. There was an ma crossover on the 5-minute macd though. Not a great signal in itself, but certainly enough to invoke a bit of caution.

Incidentally, I installed IE7 last night. There seems to be a slight incompatability problem with IE7 and FX Power Charts.

Is it just me? I get a little Alert Window which won't close saying that it's opening a particular workspace

Hi Hils..I too installed IE7 last night
My power charts seem ok ...

OK, thanks D.

PC problems normally happen exclusively to me.

:o)

What Data are you all looking at to have the biggest effect?
US PPI today?
Fed Minutes on Wed?
US CPI on Thurs?

Or are you looking at something else that may or may not be cross
specific?

PPI today should move it, but the BoE Inflation Report tomorrow could be the big mover imo. The Government can doctor the CPI, PPI and RPI all they like but it's how the MPC view inflation and what they do about it that will affect if and when UK interest rates go up early in the new year.

when are minutes of recent MPC out?

2 weeks after the decision itself, so that should be next week.