USDJPY 30m
Updated
I'm getting a bit limited with my free account as to what I can put on my charts . . . just 3 MAs and that's it, so I've managed to hunt down Chris Moody's dual MA from the public library to pack everything in . . . thanks Chris :)
Yesterday was a bit of a disappointment if you were a BULL but not to worry, as there were opportunities to trade the BEAR side. My working charts are the 30m with the 5m for precise entry/exit. My first rule of thumb is only look for qualified BUYS if PRICE is above the 100SMA 30m and qualified SELLS if PRICE is below the 100SMA 30m . . . simple but it's keeps me disciplined in my trading.
When PRICE failed yesterday with a move above the 100SMA (blue) it was clear it was not being qualified by other information and I make no apologies for using the ADXDM . . . ADX was not on a positive slant and DM- remained above DM+ during the negative slant bar a short cross over which has to be ignored if ADX is heading down. Come 1pm GMT the charts indicate a SELL on its way with PRICE below the 100SMA / ADX going positive again / DM- back in charge / 10/20EMA cross over to the downside . . . the target is clear from the 5Day AvDaRa. I know it's never easy to swap camps but if you've done your homework and know the road map, then fear can be put to one side.
Today's chart (I've put yesterday's 5 Day AvDaRa on there too): Expanded regression channel to Pearson's max count (this is stuck in time on the chart but the end point could be stretched out if Pearson's increases by doing so). PRICE is now banging on the door of the original channel and top of the RegCh. ADX is down and DMs are bunched. 10/20SMA a fraction positive on these charts but not on my working ones.
As I write PRICE is in no-mans land until the BULLS and BEARS sort out who is the stronger. I can't see anything on the news front that's going to make a huge amount of difference but there's always room for a caveat in that department in the current climate :)
PRICE is currently below the 100SMA . . . whilst it's below, I can only responsible look for qualified SELLS . . . I'm a conservative trader after all . . . you may be different.
GL - DYSWIS
Yesterday was a bit of a disappointment if you were a BULL but not to worry, as there were opportunities to trade the BEAR side. My working charts are the 30m with the 5m for precise entry/exit. My first rule of thumb is only look for qualified BUYS if PRICE is above the 100SMA 30m and qualified SELLS if PRICE is below the 100SMA 30m . . . simple but it's keeps me disciplined in my trading.
When PRICE failed yesterday with a move above the 100SMA (blue) it was clear it was not being qualified by other information and I make no apologies for using the ADXDM . . . ADX was not on a positive slant and DM- remained above DM+ during the negative slant bar a short cross over which has to be ignored if ADX is heading down. Come 1pm GMT the charts indicate a SELL on its way with PRICE below the 100SMA / ADX going positive again / DM- back in charge / 10/20EMA cross over to the downside . . . the target is clear from the 5Day AvDaRa. I know it's never easy to swap camps but if you've done your homework and know the road map, then fear can be put to one side.
Today's chart (I've put yesterday's 5 Day AvDaRa on there too): Expanded regression channel to Pearson's max count (this is stuck in time on the chart but the end point could be stretched out if Pearson's increases by doing so). PRICE is now banging on the door of the original channel and top of the RegCh. ADX is down and DMs are bunched. 10/20SMA a fraction positive on these charts but not on my working ones.
As I write PRICE is in no-mans land until the BULLS and BEARS sort out who is the stronger. I can't see anything on the news front that's going to make a huge amount of difference but there's always room for a caveat in that department in the current climate :)
PRICE is currently below the 100SMA . . . whilst it's below, I can only responsible look for qualified SELLS . . . I'm a conservative trader after all . . . you may be different.
GL - DYSWIS
Note
There we go again . . . chart with updated 5Day AvDaRa lower boundary from the later HIGH after I first posted this morning. My working charts differ modestly from Tradingview with a slightly earlier tick up on the ADX but the DM- was in control with 10/20EMA negative and the road map of where PRICE was and where it could go all plotted. In and out now that the boundary has been hit . . . yes it can go further, a lot further but I have my plan and that plan has now completed for this pair.NB: As I said in the original post, I use 30m for the road map and 5m for entry . . . layer cake as I call it for finer entry points and signals. Exactly the same indicators on both.
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