Oh crap. That’s the term I used the most last week. :lol:. Man, Aussie dollar was breaking down again and again. It broke my 0.93 support, and now trading below 0.90. Holy smoke… 😆
I did not make money from shorting Aussie dollar last week. The excuse I am going to use is…I was darn busy with my day job. What a crappy excuse, isn’t it? 🙂 .. Nah, the fact is , my trading style tends to hold the position for a longer period, and negative interest position is not a good idea for me. So, I would rather stay away from the market.
Is next week a good time to short Aussie? I don’t think so. Well, at least I am not doing that. We have RBA monetary policy statement coming. But, don’t you think the on plate interest rate cut has already been priced in? Expect a volatile week, I am not trading. I would rather spend my time watching Olympics Games.
Here is the…..CHART!
[photopress:aussie_daily.gif,full,1]
Some statistics
[photopress:aussie_daily_trend.jpg,full,1]
Here is the ETF ,CurrencyShares Australian Dollar Trust (FXA)
[photopress:FXA.jpg,full,1]
Chart is generated by Tradecision.
hello Gav,
I found your blog from a search on google for Triple Screen trading system, the one that’s in Dr Alexander Elder’s book trading for a living.
I have just started to using this system with forex over that last month and so far when I follow the system and don’t become impatience, it’s really work out well.
Are you still using this system?
I have added a few extra steps to the last screen of the system the “ripples” from another really good book on trading called “Candlesticks and Pivot Point trading triggers” by John Person.
With the last screen of the triple screen system, I plotting Pivot Points and entering trades at bounces off resistance or support after a good candlestick pattern displays. And one extra step is to using a 30min (sub ripple) screen and enter when the stochastic levels cross 20% going up for a buy or cross 75% going down for a sell.
I have posted my trades for the last month on a myspace group that helps each other with forex trading ideas… the link is,
http://groups.myspace.com/forex
and the title of my thread in the group is…
Triple screen plus Pivot Point bounce
my user name is Amon-kun.
I would like to hear your experience with this system and if you look through my thread I have many charts posted with the trades I have made recently any feedback would be nice.
thanks
Hey Amon-kun,
I guess you are from Japan. Nice to hear from you.
Well, how should I start.. I used triple screen system, but now, the only thing that left in my system is the tripple screening concept. In other words, I am not using the time frame/indicators/patterns mentioned by Elder. I still do my trade selection by watching 2 to 3 time frames. I am not a big fan of MACD/RSI/Stochastics etc, in fact, I don’t know how to use them effectively.. I am more into a trend lines drawing old man.
I am not sure if I answered your question, I hope I did.
Btw, I have just joined the myspace group,looks interesting.
Have a good trading week.
hello Gav,
I found your blog from a search on google for Triple Screen trading system, the one that’s in Dr Alexander Elder’s book trading for a living.
I have just started to using this system with forex over that last month and so far when I follow the system and don’t become impatience, it’s really work out well.
Are you still using this system?
I have added a few extra steps to the last screen of the system the “ripples” from another really good book on trading called “Candlesticks and Pivot Point trading triggers” by John Person.
With the last screen of the triple screen system, I plotting Pivot Points and entering trades at bounces off resistance or support after a good candlestick pattern displays. And one extra step is to using a 30min (sub ripple) screen and enter when the stochastic levels cross 20% going up for a buy or cross 75% going down for a sell.
I have posted my trades for the last month on a myspace group that helps each other with forex trading ideas… the link is,
http://groups.myspace.com/forex
and the title of my thread in the group is…
Triple screen plus Pivot Point bounce
my user name is Amon-kun.
I would like to hear your experience with this system and if you look through my thread I have many charts posted with the trades I have made recently any feedback would be nice.
thanks
Hey Amon-kun,
I guess you are from Japan. Nice to hear from you.
Well, how should I start.. I used triple screen system, but now, the only thing that left in my system is the tripple screening concept. In other words, I am not using the time frame/indicators/patterns mentioned by Elder. I still do my trade selection by watching 2 to 3 time frames. I am not a big fan of MACD/RSI/Stochastics etc, in fact, I don’t know how to use them effectively.. I am more into a trend lines drawing old man.
I am not sure if I answered your question, I hope I did.
Btw, I have just joined the myspace group,looks interesting.
Have a good trading week.
Yes I’m currently living in Japan, so were trading the same time of the day.
I have had some good trades using the system along with the extra steps I’ve added, but the signals are few and far between.
But I think that is a good thing, it keeps you studying and waiting rather then trying to be in the market everyday. Maybe once or twice a month this system shows a signal the rest of the time is waiting and watching.
This is a very tough concept for me and will take time, but each time I enter a trade too early and lose a bit of money (not more than 2% of my account) I look back, sure enough I was not following the system 100% or did not wait for signal.
I hope you have time to leave some comments on the myspace group,
thanks
Yes I’m currently living in Japan, so were trading the same time of the day.
I have had some good trades using the system along with the extra steps I’ve added, but the signals are few and far between.
But I think that is a good thing, it keeps you studying and waiting rather then trying to be in the market everyday. Maybe once or twice a month this system shows a signal the rest of the time is waiting and watching.
This is a very tough concept for me and will take time, but each time I enter a trade too early and lose a bit of money (not more than 2% of my account) I look back, sure enough I was not following the system 100% or did not wait for signal.
I hope you have time to leave some comments on the myspace group,
thanks