Baruch's Forex System Journal

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Quote from tykoon2:

Baruch,

I don't mean to bug you on this indicator question, but I'm just trying to understand your method. You said you go short if RSI is less than 45. But today you say you shorted GBP at 1.7995 because the RSI filter was over 60. Can you explain if it's short under 45 or over 55?

Cheers,

tykoon
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Hi tykoon,

Over 55. But maybe I will throw this indicator away, so it can't bug me anymore.
 
I worry a bit about my JPY long. It's looking very overbought and kinda toppish, plus we just kinda tested the 60% retracement level [on the daily] and it looks like a rejection. Actually probably even a good place to go short here.
 
Quote from Baruch:

Also this time, it seems.
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Only part of the time, it seems.

There was just a sell signal in GBP - but again with no confirmation from RSI. I have to make a decision: Keep RSI or thow it away? Need some time to think about it, and do some backtesting.

Stay tuned.
 
Quote from Scientist:

I worry a bit about my JPY long. It's looking very overbought and kinda toppish, plus we just kinda tested the 60% retracement level [on the daily] and it looks like a rejection. Actually probably even a good place to go short here.
More...

Scientist,

Well done - with your short Euro and GBP.

Any comments/ideas to my RSI problem? It has cost me pips, and I don't like that.
 
Quote from Baruch:

Also this time, it seems.
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Baruch, wtf are you talking about? :confused:

GBP hasn't even managed to test the 2:00 est bar high, it missed it by 4 pips and turned straight around. And we're in a downward channel. I posted the appropriate charts this morning, hours ago.

As for now, I can't complain. My EUR and GBP shorts are both nicely green already. Only thing I worry about is my JPY swing long. It's up a fair bit since Monday, just dropped below 200 pips gain. But on the daily, this looks like a great place to go short. Intraday, it looks a lot like rejection. Wonder if I should look for a place to reverse.

The tape still looks rather bullish, like a big buying wave will come in (which could directly help my EUR & GBP shorts, too...)

Any inspirations on this one? Anybody has a position in Yen?
 
Baruch,

there was what looked like a cross buy on GBP/USD at 1.8140 between 6:30 am and 7 am ET, did you take it?
I happened to buy at 1.8150 for different reasons (240m piercing line candle pattern among others)it went 10 pips higher then fell and I got stopped out at 1.8131, which also was a 50 MA cross sell signal for your system I suppose.
 
Quote from Scientist:

Currently, this is a decent down-channel in the 15m, but we're forming a massive triangle in the larger timeframes, so I'll probably take at least 1/2 or 2/3 at the 195-205 level, at 31-41 ticks gain, depending on what the market looks like then.

My stop sits at 244, 8T above entry. If you look at the 15/30/60m, you may understand why.
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2/3 of profit taken as announced, covered here at 190 (tape going green now on size, seems a bit like support), net gain on on that part is +46 pips.

Possible continuation play on rest, but stop now below BE (upper channel), so all profits locked in. Might also re-enter EUR short somewhere up higher (if it ever gets there). And if decent support builds up here, I might even play a long.

Holding GBP shorts here, it has a lot more room to go on the south side.

Holding JPY long also, still looking strong.
 
Quote from Scientist:

The tape still looks rather bullish, like a big buying wave will come in (which could directly help my EUR & GBP shorts, too...)
More...
Wow. 1,200+ contracts went long at the market on this bar, it's all over...

Holding JPY longs here with firm faith in the land of the rising sun.

Hitotsu! Makoto Nomichi-O Mamoru Koto! :D
 
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