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  1. #1

    Default My system NL smoothed


    I am starting a trading journal here were you can see how I trade with my system NL smoothed

    forex scalping Frankfurt ,London open till pound news 28 7 2015


    Today I have recorded in video all the morning European session since Frankfurt opening and the first forex scalping signal in GBPUSD till 10 min before the gbpusd news were I have closed all orders.

    from my trading room in skype

    Goodmorning everyone ,possible short trade in gbpusd
    [09:21:34] Basil-kodikos says:

    [09:49:57] Basil-kodikos says: limit order to sell eurjpy in 136.74
    [09:50:31] Basil-kodikos says: 11 minutes to London open
    [09:51:11] Basil-kodikos says: first 10 pips in gbpusd closed
    [09:51:19] Basil-kodikos says: eurjpy order filled
    [09:53:18] Basil-kodikos says: gbpusd is trailing now
    [09:58:15] Basil-kodikos says: target filled in eurjpy eurjpy trails now
    [10:00:09] Basil-kodikos says: London open
    [10:03:54] Basil-kodikos says: eurjpy trailing closed nice scalping profit
    [10:10:51] Basil-kodikos says: gbpjpy gave signal in 193,20 limit order short in 192,37
    [10:26:29] Basil-kodikos says: news in gbpusd 11.30
    [10:36:06] Basil-kodikos says: gbpjpy 6 pips from limit order

    [10:55:40] Basil-kodikos says: cancelled the gbpjpy because it moved far away and we are approaching news time for pound
    [10:56:05] Basil-kodikos says: gbpusd still trails the morning forex scalp +32 for now
    [10:56:56] Basil-kodikos says: eurjpy formed a triangle 7 pips distance from limit order
    [10:58:06] Basil-kodikos says: increased the size of eurjpy order since I cancelled gbpjpy limit order
    [10:59:37] Basil-kodikos says: one hour after Londo o0pen 30 minutes to gbpusd news closing all orders in 15 minutes
    [11:01:32] Basil-kodikos says: +41 the trailing for pound now
    [11:16:33] Basil-kodikos says:
    [11:16:44] Basil-kodikos says:
    [11:19:03] Basil-kodikos says: closing +41 pips
    My skype username is basil.kodikos in case you want to ask something about the setup.

  2. #2

    Default Re: My system NL smoothed

    Forex scalping London -New York

    Today is an especially difficult day since we have FOMC.
    Statistically these days are ranging and difficult to predict direction since everyone is waiting the FOMC to take direction.
    We are starting early in the morning 30 minutes after Frankfurt open and we continue to scalp until London noon and then again in the New York open to see how we handle a difficult day.
    Video with the European session
    kalimera everyone possible scalps in gbpusd, eurjpy gbpjpy waiting for the best retracement
    [09:34:09] Basil-kodikos says: all shorts
    [09:42:30] Basil-kodikos says: 192,83 entered in gbpjpy
    [09:45:50] Basil-kodikos says:
    forex scalping software main and auxiliary chart

    [09:52:35] Basil-kodikos says: gbpjpy produced opposite signal I must get out in breakeven
    [09:54:05] Basil-kodikos says:

    [10:04:05] Basil-kodikos says: entered short in ej with reduced position
    [10:15:58] Basil-kodikos says: closed gbpjpy in breakeven and reversed long position now
    [10:22:39] Basil-kodikos says: price action is choppy and ranging
    [10:30:36] Basil-kodikos says: gbp news in 60 minutes
    [10:37:19] Basil-kodikos says: gu goes south gj try to go north
    [10:41:21] Basil-kodikos says: hitting the first 10 pip target in gbpjpy
    [10:41:23] Basil-kodikos says:

    [10:42:01] Basil-kodikos says: there is a falling trend line in gj it must break in order to go further north
    [10:53:43] Basil-kodikos says: gj broke the trend line we are trailing now +12
    [11:11:17] Basil-kodikos says: gbpjpy stopped out
    [11:22:05] Basil-kodikos says: opposite signal formed in eurjpy setting stop loss in breakeven
    [11:41:59] Basil-kodikos says: stop loss hit in eurjpy
    [11:48:08] makis says: possible long ej tp1=136.92 r1&yhigh
    [11:57:17] Basil-kodikos says: yep eurjpy is long now but i think it will retrace first to 55 area
    [11:57:36] Basil-kodikos says: also there is a falling trendline in this
    [12:02:36] makis says: Yes, sloss < 135.5
    [14:05:42] Basil-kodikos says: entered long in eurjpy in retracement 136,68
    [15:39:27] Basil-kodikos says: closing at breakeven +2 since opposite signal formed I have average the position to go green in this
    [15:41:15] Basil-kodikos says:

    [15:46:35] Basil-kodikos says: shorted is 65 to go along with the short signal

    [15:56:43] Basil-kodikos says: eurjpy consolidating preparing to move in the New York open ,it didn’t move for the day producing three ranging signals we are on the third short one
    [16:12:21] Basil-kodikos says: closing scalping target
    [16:13:45] Basil-kodikos says:

    [16:20:11] Basil-kodikos says: eurjpy is breaking 50 trailing is +17
    [16:20:42] Basil-kodikos says: today is a difficult day statistically FOMC days are ranging and difficult for forex scalping
    [16:35:32] Basil-kodikos says: moved trailing stop one pip to be above the micro resistance in auxiliary micro chart
    [16:37:09] Basil-kodikos says: formed support in 136,45
    trailing in eurjpy stopped out +5
    [17:47:11] Basil-kodikos says:
    Stopping for today ,have a nice evening
    My skype username is basil.kodikos in case you want to ask something about the forex scalping strategy
    My email is admin(at)forexraiders.com

  3. #3

    Default Re: My system NL smoothed

    Forex scalping in the London open

    Markets was slow and choppy today but we managed to take our daily bread and butter in gbpusd


    kalimera everyone no signals this morning market is slow
    [10:36:44] Basil-kodikos says: long signal in pound limit order 1,5600 buy
    [11:11:41] Basil-kodikos says: entered 1,5603 in gbpusd
    [11:24:51] Basil-kodikos says:
    preparing to hit the firs target in gu scalp 1 3072015.jpg
    first target hit
    [11:28:02] makis says: (cash)Â* but a little dangerous , market is too choppy like yesterday .I think most traders went to the beach….
    [11:28:42] Basil-kodikos says: follwing signals maki -10-15 pips nothing more
    [11:29:36] Basil-kodikos says: always in trend pointing the chart nothing more
    [11:30:00] Basil-kodikos says: boring but effective
    [11:30:37] makis says: yes it seems that works!
    [11:31:22] Basil-kodikos says: now entry is covered free trade just wait were the order will stop
    [11:31:50] Basil-kodikos says: no guessing were i must close let ninjatrader to do the work sentiment out
    [11:32:56] Basil-kodikos says: only some times were i see support and resistance formed in auxiliary chart I put trailing on the support or resistance to avoid stop out by a pip or tweo no more tweaking
    [11:33:12] makis says: when the signal is formed price was at 1,5610 , limit order long -10 pips (with spread) 1,56?
    [11:34:10] Basil-kodikos says: yes entered in 1.5603
    [11:34:43] makis says: if we set limit buy 10 pips less maybe order will not execute….Â*Â*Â* orÂ* yourÂ* entry was market?
    [11:35:50] Basil-kodikos says: yes it may not execute but you are safe better safe than sorry
    [11:36:22] makis says: (y)
    [11:36:58] Basil-kodikos says: the tokyo session was narrow it has the characteristics of consolidation and breakout for many pips equal to the ranging length now we are +15
    [11:37:25] Basil-kodikos says: tokyo session 23 pips
    [11:38:33] Basil-kodikos says: trailing will offer good pips as long as we have momentum if it starts ranging the trade smells
    [11:38:34] makis says: (y)
    [11:39:03] makis says: bad smell!
    [11:39:22] Basil-kodikos says: yep
    [11:42:01] Basil-kodikos says: entered the trailing 1,5611 under 2 resistances if it moves under 11 we close the trade , because some people will short the median line ema 50 , lets see if bulls will prevail over bears
    [11:44:44] Basil-kodikos says:
    trailing stopped out.jpg
    [11:46:49] Basil-kodikos says: stop filled +4 pips for the trail

  4. #4

    Default Re: My system NL smoothed

    forex scalping the New York open

    New York open was volatile today.We caught the gbpusd move south in attempt to hit 1,5600


    Hitting the first 10 pipspound forex scalping

    closing everything at 16,00 GMT

    Left some pips on the table but better safe than sorry.

    Have a nice evening

  5. #5

    Default Re: My system NL smoothed

    forex scalping on Friday 31 7 2015

    Today was a loosing day

    One of the profitable trades I made in the video


    The journal follows and in the end I am explaining the mistakes I made in order not to repeat them

    possible long signal forming in gbpusd
    [7/31/2015 09:56:35] Basil-kodikos says: 1,5589 entered
    [7/31/2015 09:56:48] Basil-kodikos says: sl 1,5569
    [7/31/2015 10:01:22] Basil-kodikos says: opposite signal formed are we entering ranging enviroment?
    [7/31/2015 10:05:19] Basil-kodikos says: http://www.forexrainbow.com/images/8...2080081105.png
    [7/31/2015 10:06:26] Basil-kodikos says: we will take all profit between 1,5590 -1,5600 in order to reverse in the resistance formed in aux chart
    [7/31/2015 10:17:46] Basil-kodikos says: first trade hit stop loss
    [7/31/2015 10:24:31] Basil-kodikos says: I had a short window to close in breakeven and reverse and didnt do it, thought it will touch 1.5600 butr the bearish momentum was very strong in the London open
    [7/31/2015 10:24:55] Basil-kodikos says: looking to take a long entry in eurjpy
    [7/31/2015 10:25:13] Basil-kodikos says: 135,85 area
    [7/31/2015 10:45:33] Basil-kodikos says: opposite signal formed in eurjpy looking to get out in breakeven
    [7/31/2015 11:02:45] Basil-kodikos says: http://www.forexrainbow.com/images/0...3527064004.png
    [7/31/2015 11:03:31] Basil-kodikos says: closed at be
    [7/31/2015 11:08:53] Basil-kodikos says: waiting for resistance to form in order to justify a short now in ej
    [7/31/2015 11:19:56] Basil-kodikos says: resistance formed in 90 in aux chart http://www.forexrainbow.com/images/6...4980875091.png
    [7/31/2015 11:23:24] Basil-kodikos says: I have very small stop loss in this if it goes above 90 4 pips i must get out cause i have doubled the quantity and because it will give long signial we are exactly in equilibrium medium line in the upper bollinger band
    [7/31/2015 11:26:11] Basil-kodikos says: 1 2 3rejection or stop loss quickly it is the third time it hits 90
    [7/31/2015 12:33:53] Basil-kodikos says: stop loss hit in eurjpy entered new trade in gbpusd retracement in 1,5570
    [7/31/2015 13:12:58] Basil-kodikos says: trailing stop in gu hit entered long in gbpjpy ,eurjpy flies up north
    [7/31/2015 13:13:10] Basil-kodikos says: 193,40
    [7/31/2015 13:24:35] Basil-kodikos says: the divergence in gbpjpy helps +10,5
    [7/31/2015 13:26:06] Basil-kodikos says: I am leaving this to run a bit gbpjpy was consolidating since 11,00-2,5 hours so according to this volatile pair 20 pips must come relatively easy
    [7/31/2015 13:26:39] Basil-kodikos says: taking some of the morning losses back
    [7/31/2015 13:29:05] Basil-kodikos says: http://www.forexrainbow.com/images/5...7003132689.png
    [7/31/2015 15:25:19] Basil-kodikos says: gbpjpy is consolidating I have secured the trade and I leave it through 15.30 news http://www.forexrainbow.com/images/8...3093396466.png
    [7/31/2015 15:30:29] Basil-kodikos says: stop loss hit

    The three mistakes a made

    1.In the first GBPUSD trade an opposite signal was made and instead of closing in the breakeven and reversing because of greed I was hopping to hit the 1,56-- to earn 5-10 pips and lost the great short ,taking the loss of 20 pips

    2, In the eurjpy I had a position in the equilibrium and while I said in chat room that my stop loss was 3 pips I have left the trade to hit 20 pips stop loss and lost the great eurjpy move of 100 plus pips.

    3, In the third trade of gbpjpy I had breakeven all losses and I was 150$ in profit and left it through American news with result to loose all profits.

    Totally irresponsible behavior by me in the end of the month.

    Have a good month all of you and good profits.

  6. #6

    Default Re: My system NL smoothed

    Don't understand how people want to change their charts into something that doesn't clearly display OHLC, but each to their own. I think you should put a disclaimer that you are offering stuff for sale in your links.

  7. #7

    Default Re: My system NL smoothed

    It is a different way of watchingf the market based in Guppy theory.

    I suppose that Nison heard equivalent things when he discovered the candlesticks

    forex scalping 3 8 2015

    kalimera everyone, waiting for proper entry long in eurjpy
    [10:43:06] Basil-kodikos says: all daily charts gbpusd gbbjpy eurjpy are long
    [10:44:18] Basil-kodikos says: Monday has the tradition of ranging so it is posible to see short signals too
    [10:58:55] Basil-kodikos says: I am buying the equilibrium in 136,17
    [10:59:02] Basil-kodikos says: eurjpy
    [11:00:05] Basil-kodikos says:
    [11:05:14] Basil-kodikos says: out -2 pips
    [11:05:58] Basil-kodikos says: waiting for short signal since it violated the equilibrium
    [11:15:08] Basil-kodikos says: short signal form waiting for entry
    [11:48:07] Basil-kodikos says: entered in new resistance equilibriumÂ* in 136,20 short
    [12:23:31] Basil-kodikos says: opposite signal again we are in range market time to close in be
    [12:24:42] Basil-kodikos says: divergence formed
    [13:46:08] Basil-kodikos says:
    closed half +11 leave the restto breakeven

  8. #8
    CanOz's Avatar
    Join Date
    Jul 2006
    Sunny Brisbane
    Blog Entries

    Default Re: My system NL smoothed

    Steve Nison wasn't even a twinkle in his father eye when the Japanese started using candles centuries ago mate....

  9. #9

    Default Re: My system NL smoothed

    Quote Originally Posted by fisher1967 View Post
    It is a different way of watchingf the market based in Guppy theory.

    I suppose that Nison heard equivalent things when he discovered the candlesticksn
    But the thing is candlesticks is the same as a ohlc/bar chart. absolutely no difference. Only educators feed retail junk that makes candles to seen as mythical.

    There can be no different interpretation by a robot on a bar or candle chart or a simply a price quote reading.

    What I see here is a maths function/formula based indicator no different to a stochastics or RSI.

    Just cautioning readers as your links contain pay now buttons.

  10. #10
    Ralph Nelson Elliott Porper's Avatar
    Join Date
    Aug 2004
    New Zealand

    Default Re: My system NL smoothed

    Quote Originally Posted by minwa View Post
    But the thing is candlesticks is the same as a ohlc/bar chart. absolutely no difference. Only educators feed retail junk that makes candles to seen as mythical.

    There can be no different interpretation by a robot on a bar or candle chart or a simply a price quote reading.

    What I see here is a maths function/formula based indicator no different to a stochastics or RSI.

    Just cautioning readers as your links contain pay now buttons.
    Yes but those charts are full of beautiful colours and patterns, they look great...surely that's worth something.

    Agree, readers need to realise what the author is trying to do...advertise.
    My posts are for educational purposes only and should not be taken as financial advice in any way.

  11. #11

    Default Re: My system NL smoothed

    It is a different way of watching the market based in Guppy theory
    Its a multiple moving average
    For Forex like entering the Melbourne Cup with an elephant.

    As far as I'm aware Guppy doesn't have a theory.

  12. #12

    Default Re: My system NL smoothed

    Thanks for your remarks about my work Northern Lights

    It took me many years to develop these charts and method.

    There are not ema's not sma.s

    It is one of the simplest ways to focus in one pair for scalping.

    You see patterns other people don't see.It is like moving three steps back of your desk and see market with a different angle.

    Signals in the main chart don't repaint.

    Control trigger chart let you optimize through microsupport, microresistance, divergence, oscillator your entry(left chart)

    Ninjatrader removes the sentiment from money management.

    Since the charts are not time based everything is smoothed and more clear.

    Finally it is the only charts you can hang in your living room as work of art,lol.

    forex scalping in the New York session

    possible entry in gbpusd
    [8/4/2015 17:08:26] Basil-kodikos says: The pair is all day in range state and we are in the bbreakout period of New York
    [8/4/2015 17:08:43] Basil-kodikos says: going long in this in 1,5809
    [8/4/2015 17:13:11] Basil-kodikos says: signal reversed looking to close and reverse
    [8/4/2015 17:28:10] Basil-kodikos says: entered in 90 and now I have added to the winning short
    [8/4/2015 17:46:34] Basil-kodikos says: forming a small bear flag here


    Something about Daryl Guppy style if you don't like the word theory

  13. #13

    Default Re: My system NL smoothed

    forex scalping 5 8 2015

    Today I was away from the office and the morning trades wasn’t well with ninjatrader free license.

    possible scalp in gbpusd short
    [10:09:11] Basil-kodikos says: goodmorning everyone
    [10:10:48] Basil-kodikos says: Today I am taking the orders on sim and execute in mbtrading manually with free ninjatrader license,
    [10:12:49] Basil-kodikos says: shorted in 1.5560 and I have very small stop loss
    [10:13:27] Basil-kodikos says: out
    [10:14:16] Basil-kodikos says: waiting for the next opportunity
    [10:25:31] Basil-kodikos says: 1.5686 is theÂ* a shortÂ* equilibrium for short, waiting for resistance to form in order to justify a new position again
    [11:06:57] Basil-kodikos says: resistance formed in 89 were the stp is ,entered in 1.5577
    [11:19:50] Basil-kodikos says: out in this too
    Lost the first two trades, then recovered in the third one and finally in the afternoon when I came back in the office I took a nice scalping in gbpjpy.
    gbpjpy was trending north all day and in the New York it retraced in the equilibrium.
    There I saw a pattern in the auxiliary scalping chart with higher lows over support in oversold oscillator and approximatelyÂ* 50% fib in previous breakout candle .
    This forex scalping technique works very nice in calm times outside news.

    A nice trade you might want to wait for a retracement for entry is audnzd

    4 Reasons To Buy AUD/NZD Targeting 1.15 – Deutsche Bank
    05 Aug 2015 00:50 EDT
    AUD/NZD offers a good buying opportunity targeting 1.15, plus low beta to uncertain Fed policy and Chinese growth prospects, advises Deutsche Bank. DB outlines 4 reasons behind this view.
    1) Labour data. DB expects Australia’s Thursday’s labor market data to beat the market consensus, with job growth of 15k in July leaving the unemployment rate unchanged at 6.0%.
    2) Rates re-pricing. While the RBA sounded less dovish at this week meeting, DB thinks market will start to re-price a 50bps of RBNZ easing at the next two meetings.
    3) Commodity prices. Although iron ore remains under pressure, DB argues that it remains a two-way market.
    4) Positioning. DB notes that while kiwi net shorts have been cut by 30% since early July, net shorts in AUD have increased by 130%, allowing for a meaningful squeeze.


  14. #14

    Default Re: My system NL smoothed

    forex scalping in Franfurt opening 6 8 2015
    Good morning everyone,
    GBPJPY was ranging in a very tide tube with 10 pips width.
    In session openings these consolidations deliver nice scalping opportunities

    goodmorning everyone check out this from Deutsche bank
    Stay Long Pound Into Super Thursday – Deutsche Bank
    05 Aug 2015 17:12 EDTIn a note to clients, Deutsche Bank advsies clients to stay long pounds going into Thursday’s same-day release of the Bank of England policy decision, minutes and Inflation Report.</p>“Speculation is growing over a split vote on the policy decision. After the July minutes highlighted that ‘for a number of members…absent [Greece], the decision…was becoming more finely balanced,’ it is possible that more than the two previous hawks (Weale and McCafferty) dissent, with Forbes and Miles possible candidates,” DB projects.
    “Dissenters or not, risks are asymmetric as market pricing is still too dovish. Less than a 20% probability of a hike is priced for year-end (versus over 80% for the Fed) and the first hike is not fully discounted until May next year. Yet growth in the UK has been stronger than over the Atlantic and the economy is actually generating wage pressures, unlike the US,” DB adds.

    [09:38:55] Basil-kodikos says: Option expiries 10am NY cut today 6 August
    Thu 6 Aug 2015 04:57:28 GMT
    Author: Mike Paterson
    Author: Mike Paterson
    USDJPY 123.00 (USD 787m) 124.00 (825m) 124.70-75 (700m) 125.00 (907m)
    EURUSD 1.0800 (EUR 2.4bln) 1.0850 (1.1bln) 1.0950 (505m) 1.1000 (402m) 1.1050-55 (820m)
    GBPUSD 1.5615 (GBP 212m)
    USDCAD 1.3050 (USD 490m) 1.3150 (400m)
    AUDUSD 0.7300 (AUD 251m) 0.7350-60 (450m)
    NZDUSD 0.6550 (NZD 329m)
    [09:39:13] Basil-kodikos says: watching the consolidation in gbpjpy
    [09:45:36] Basil-kodikos says: entered in 194,97 in gbpjpy
    [09:47:25] Basil-kodikos says: 10 pip target filled rest on trailing
    [10:00:01] Basil-kodikos says: trailing stop filled
    Lost at noon this long scalping in pound yen
    [14:02:09] Basil-kodikos says: CLOSED 72 PIPS IN SECONDS
    After I lost the second scalp I reversed on the breakout of the range and took the final trade for gbpjpy today.

  15. #15

    Default Re: My system NL smoothed

    Today we are in holidays so we took a quick scalp in gbpusd in the European morning.

    A short signal formed in our main chart so we were waiting a step back by 20 pips approximately.

    In the auxiliary chart a fake north breakout happened and then the price moved south. We wait for a short term support and then in a step back motion the price moved to the equilibrium line offering us a chance to enter with a limit order for short scalp by ten pips at least.

    The order ignited and shortly afterwards the ten pips achieved.It was so quick that the breakeven move of our third part order didn't happened.

    We did move our stop manually and the third part closed shortly afterwards by offering + pips.

    You can watch the whole move and the trade in the following video.

  16. #16

    Default Re: My system NL smoothed

    forex scalping 11 8 2015


    We are in Paros for holidays so the rythms are more relaxed.

    Yesterday a nice scalping opportunity appeared in gbpjpy.

    A divergence in the main chart, a head and shoulders in the auxilliary chart, a short signal in the main chart.

    We gave some time to a pullback of 20 pips to the equilibrium of the auxiliary chart and placed the limit order. The trade lasted approximately 30 minutes and we took 31 pips in the three part order.

  17. #17

    Default Re: My system NL smoothed

    forex scalping 14 8 2015

    Today I have record for you a one hour video of the most trending hour in the New York session.
    It contains two forex scalping trades in gbpjpy one long and one short.
    I haven’t trade at all in the European session due to obligations and I sat i front of my computer approximately 30 minutes after DOW open.
    After screening gbpusd ,eurjpy and gbpjpy I have concluded that my best chances were in gbpjpy.

    GBPJPY formed a consolidation and I was waiting for a long breakout since I had a long signal.
    Breakout happened and waited for a retracement in the breakout point in order to go long.
    Price retraced and gave me an entry.
    After almost 25 minutes the first scalping target of ten pips achieved moved the stop loss to breakeven and I was waiting to see some momentum.
    Momentum never came , the price retreated and hit the stop loss for the third part.
    Having my eyes for another opportunity I have trapped eurjpy in case it would come back in the 55 area to take my limit order to go short but in vain.
    Then I spotted the divergence in gbpjpy and placed the limit order 2 pips below the support area.
    The limit order activated, gbpjpy made some attempts to go up again and then bam the short momentumÂ* came hit my scalping target ,trailing was activated and after a brief run to +26 pips returned and close this order too.In the mean while I have add some to the position and left the remaining in to breakeven.
    Enjoy the video.

  18. #18

    Default Re: My system NL smoothed

    forex scalping 18 8 2015 European session


    Difficult day today.

    I have lost 2 scalps in the Frankfurt and London open so the third trade gave me the breakeven in eurjpy.

    Made a video for the third trade which took my losses back and some profit from my last runner part.


    The battlefield of eurjpy


    forex scalping eurjpy

    Here is also a tip from SOGEN concerning audusd

    AUD/USD: Weekly Hammer; EUR/USD: Persistence Within Triangle - SocGen

    AUD/USD has formed a weekly hammer near 0.72 which represents 76.4% retracement of 2008-2011 up move, notes SocGen.

    "It is at the upper limit of a descending channel since May and is facing immediate resistance at 0.7450. With daily RSI breaching above a resistance trend, a recovery is likely," SocGen adds.

    "A break above 0.7450 will mean a retest of recent lows at 0.7560/90 which remains pivotal for an extended rebound," SocGen argues.

    Turning to EUR/USD, SocGen notes that it has retraced after testing 34 week MA at 1.12.

    "EUR/USD is forming a triangle after retracing from 1.1450/1.1536. Weekly RSI is below 50% graphical level which highlights persistence within triangle," SocGen adds.

    "Triangle upper limit at 1.1385/1.14 should provide strong resistance to a recovery while 1.0865/1.08 decides if retest of 1.05/1.04 happens," SocGen projects.

  19. #19

    Default Re: My system NL smoothed


    Market was very choppy in the morning and we remain idle.

    American news offered some volatility and a big whipsaw in usdjpy.

    We took a* scalp after the news in calm waters in eurjpy which hold the key support.

    Currently 137.29 running into a few offers but demand into 137.00

    Offers 137.60 137.80 138.00 138.30 138.50 138.85 139.00

    Bids 137.20-25 137.00 136.80 136.50 136.00


    the Three pairs we trade main charts today




    daily chart

    The GBPUSD rallied yesterday after previous days brief rotation lower. We have been calling the GBPUSD long on pullbacks for a number of weeks now and we are still very bullish on this market. If you’re not already long, you can continue to look to be a buyer on any weakness whilst price is above that key support zone down between 1.5535 – 1.5465. We see the potential for price to break up and move higher in the coming weeks and re-test the highs up near 1.5920 area.




  20. #20

    Default Re: My system NL smoothed

    forex scalping the gbpusd 21 8 2015

    Low range. Little changed

    While the EURUSD moved higher. The USDJPY and USDCHF tumbled lower with high to low trading ranges that well exceeded the averages over the last 22 trading days, the GBPUSD traded in a 65 pips trading range (the average is 104 pips, and is just 9 pips higher from the close.

    The bullish is the pair has been able to stay above the 100 hour MA (blue line in the chart above). The bearish slant is the lack of momentum when the rest of the market was selling dollars quite freely. Also, the highs today at 1.5722 took out the August 18 high of 1.5716 by only a few pips. Where are the buyers.

    Despite that lack of momentum, the sellers are not exactly lighting the world on fire. As a result, I will defer to the bulls as those in control. Traders will keep that wary eye on failures above - just like they did today - but until the seller are able to push below the 100 hour MA and 200 hour MA (green line in the chart above), the selling is just corrective.

    We managed to take a scalp in the American session but this didn't develop in intraday trade


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