Hello,
The EUR/USD looks like it's about to close higher than it has closed since early May. If this happens then that will be a new four and a half month high which is where (according to my tests) new highs and lows start to become pretty significant (statistically speaking). Higher highs and lower lows really start to matter around 4 to 6 months.
Large and sudden price movements are also statistically significant and the last large bearish weekly candle was 6 weeks ago, which is probably far enough in the past not to matter to much.
Sentiment is also important and according to OandA's open position ratio, 57.4% of retail forex traders are short, which is also a bullish signal.
If anyone is interested in trend following then they might be interested in following this thread.
For the sake of this thread, I'm going to trade micro lots on an account I have with GFTUK. I'm going to use a combination of the first two mechnical trading systems I have on my blog, Strange Curriencies I and Strange Currencies II: http://www.myforexdot.org.uk/Strange...iesSystem.html and http://www.myforexdot.org.uk/StrangeCurrenciesII.html
I'll be using the exit critieria in the first system, exiting when the market fails to make a new high for around 12 days and I'll add to positions if I start getting into profit as suggested in the second system.
Hopefully this will be the start of a long-term movement and will see new yearly highs
The EUR/USD looks like it's about to close higher than it has closed since early May. If this happens then that will be a new four and a half month high which is where (according to my tests) new highs and lows start to become pretty significant (statistically speaking). Higher highs and lower lows really start to matter around 4 to 6 months.
Large and sudden price movements are also statistically significant and the last large bearish weekly candle was 6 weeks ago, which is probably far enough in the past not to matter to much.
Sentiment is also important and according to OandA's open position ratio, 57.4% of retail forex traders are short, which is also a bullish signal.
If anyone is interested in trend following then they might be interested in following this thread.
For the sake of this thread, I'm going to trade micro lots on an account I have with GFTUK. I'm going to use a combination of the first two mechnical trading systems I have on my blog, Strange Curriencies I and Strange Currencies II: http://www.myforexdot.org.uk/Strange...iesSystem.html and http://www.myforexdot.org.uk/StrangeCurrenciesII.html
I'll be using the exit critieria in the first system, exiting when the market fails to make a new high for around 12 days and I'll add to positions if I start getting into profit as suggested in the second system.
Hopefully this will be the start of a long-term movement and will see new yearly highs