Thank you for this. I'll look it over.Originally Posted by ;
OK,I call the CCi the King,, Because It's never wrong over 100 or below -100, I also add a 50 and a -50 that are good for 5m,,, it would be worth back testing on those occasions when price has gone thru the pivot,,Originally Posted by ;
I respect greatly your knowledge and experience, I am in comparison a mere novice, but we can all benefit from each others experience's
Hmmm. Tricky. If anything was great then surely we would all be using it. CCI, as an oscillator, does exactly the same job as RSI or even Stochastic, i.e. it shows over-bought or even over-sold. If any oscillator remains below or above its critical line afterward price is trending. All oscillators show various degrees depending on the timeframe.Originally Posted by ;
Pgburty, please allow me to direct you with respect to my wisdom and experience. My trading isn't any where near as good as I want it to be, therefore I would not attach too much esteem. I'm a pragmatist, and ask a simple question,'Does it work'? The sad thing is that when we loe it works for a period of time. We would all be loaded, if any egy worked consistently, then after we've discovered it then. But since the markets are lively they cannot be constant, will they? Consequently, my experience teaches me this: technical indiors show us what the market has done, and also the patterns we see on the charts are an illuion of past price action. What we all are searching for is a indior that may tell us what price will do. Because we could not be certain and that is the bit.
So, my conclusion is that the only true indior is what price is really doing, or'price action', that is triggered by and preserved with the momentum of'market sentiment'. The charts are a illuion of the totality of market sentiment towards a particular currency. That being so, if international market sentiment is bullish to the Euro, (or another currency) then currency will proceed up against'all other currencies'.
This implies that if we get the direction of movement right, in accore with global market sentiment, then we could trade that currency with any of its pairs or all of them. When this has happened, from time to time, I've cashed in, so the question is,'how do we recognise a international belief in favour of one currency so we could cash in on its price action'? That this was seen by us'global opinion' phenomenon yesterday with the Euro. When it happened, price action crashed through the daily pivot and the rest of the resistance levels, driven by strong momentum. When this happens we're offered the opportunity to jump on the tendency when price retraces from time to time. Its a bit like waiting for a train before attempting to jump on it to slow down.
Today, these strong motions, powered by international belief and momentum are rare, but easy to spot when we become aware of them. They begin with a solid pub'on all pairs'. Price will retrace slightly and then proceed when other traders'jump ' the train. The breakout becomes the beginning of a strong new trend. Nonetheless, these breakouts aren't the norm. The'norm' is far more likely to be a consolidation pattern where price action moves sideways between highs and lows that show themselves from the wicks of the candles in the channel's higher and lower extremes. If that is the normal pattern then the normal egy would be to'fade' (trade against) the spike. Let's take a look at trading this egy through the first European session with the Euro. I will therefore move my remarks to that specific conversation: https://www.forexsoutheast.asia/fore...-feedback.html and put the egy to the test. Best regards to all.
This is the perfect illuion of the Daily Pivot Bounce egy on the job. Did anybody get it?
This is the perfect example of why we shouldn't trade when news releases are expected. This spike that is down is caused by poor economic news from Germany.
Any commerce that bounced off the pivot today would have suffered losses.
Hey Tellboy,
Just How are you?
Just wanted to find out when you are still using this egy? And in that case how is it moving?
I have always noticed a sudden strong trend which takes place between 7:30 and 9:00, but could never seem to determine the direction. Have looked in the method and I attempted it a few times. There is definitely something for this. It is not 100% but nothing is. When you look closely and select your pairs carefully it often works you say.
I'd note though as you say, close off before any big news, and I often discover in the afternoon things can go backwards. In my few tests I try and close off before 1pm.
Anyway, was interested to know if you still using this method and how its working out for you?
Regards
Warren
Perhaps you have noticed the Pin Bars and Dual Bar Highs/Lower Closes on these trades near or on Pivot -you notice comparable in the first posts of James16. Worth keeping an eye on imho of course.Originally Posted by ;