Practical Exercise #2

[Andy Small]

Hi,

Firstly, does anyone else have trouble selecting the properties for a horizontal line? I move my cursor until it reads the line, but when I right click, I get the chart menu almost all of the time – sometimes it can take at least a couple of dozen attempts to get it right 🙁    Maybe this is a problem with FXCM?

As for the exercise –

EUR USD MOR –  Low 1.08902, High 1.09779

The buyers took control at first, but now the sellers have it, although still trading above the MOR, giving a weak BUY signal. I would stand aside and await developments.

GBP USD MOR –  Low 1.51959, High 1.52708

After trading in the MOR, the buyers took control, but the sellers have taken over as the price moves back into the MOR. Wait for a stronger (sell?) signal to develop.

[Rich Fitton]

Hi Andy,

When you’re selecting the line do you see the little white boxes at each end? If not, try double clicking on the line to get them to appear first and then right click.

Your MOR lows look fine, the highs look a little bit out in both markets. Would you mind checking the time window you have used to get your price data (I’d expect somewhere around 1.52857 for GBPUSD and 1.09536 in EURUSD, to within a pip or so).

[John Murphy]

Andy, you can also try using CTRL+B as that should bring up all the line on the chart and you can select which one to edit

 

John

[Andy Small]

Hi Rich, thanks for your reply – and on a Sunday!

I’ve attached screenshots so that you can see where I’ve gone wrong.

I never had any luck double clicking on lines to get the two little boxes, but John’s answer has got me sorted.

Thanks to you both!

 

Andy

Attachments:

You must be logged in to view attached files.

[Rich Fitton]

Hi Andy, glad John’s tip got you sorted (thanks for that one, John!). If you check the time on the 60min bar that is currently printing on one of your FXCM charts, and then check it against current UK time can you tell how many hours ahead/behind it is?

[Andy Small]

Hi Rich, I’ve just grabbed this a few minutes ago, at around 19:52

Andy

Attachments:

You must be logged in to view attached files.

[Rich Fitton]

Hi Andy, it looks like your FXCM MT4 runs an hour behind London time, I guess they are using GMT and not allowing for BST (I’ve attached a screenshot of your data window with the time info arrowed).

Can you please try using the 07:00, 08:00, 09:00, 10:00 60 min candles to define your MOR in, say, EURUSD. This should correspond with 08:00 – noon London time. Post your new MOR prices on this thread and I’ll take a look.

Attachments:

You must be logged in to view attached files.

[Andy Small]

Hi Rich, here is a shot using 0700 – 1000, and as you suggest, I’m just 1 pip out now – Thanks!

Hopefully I’m back on track now and can move onto the next lesson?

Andy

Attachments:

You must be logged in to view attached files.

[Andy Small]

For some reason the prices changed as I was moving my mouse to post the screenshot, this one is better

Attachments:

You must be logged in to view attached files.

[Rich Fitton]

Hi Andy,

Yep, all looks good now 🙂

[Nigel Southon]

Hi all,

Attached is my Practical Exercise 2.

How I see this is:

For EURUSD the price action is above MOR, and has pulled back off MOR. Because the price has not taken out the previous swing high, I would consider this as stand aside.

As for the GBPUSD, this is a similar situation, a weak buy, until the previous swing high is taken out.

Attachments:

You must be logged in to view attached files.

[Rich Fitton]

Hi Nigel, that’s good analysis of these charts 🙂

[Ronald Williams]

Hi All

I attach my charts for the EURUSD and GBPUSD for practical exercise 2. The monthly opening ranges (shaded in yellow) for June are:
EURUDSD: H 1.09531, L 1.08909
GBPUSD: H 1.52848, L: 1.51962
Both pairs are currently strong buys.

Ron Williams

[Rich Fitton]

Hi Ron, looks like there was an error on the chart upload. Would you mind trying again? Many thanks.

[Ronald Williams]

Hi Rich,

I now attach revised screenshots of my charts for practical exercise 2, I hope you are able to download them.  Despite the recent downward movement in the EURUSD and GBPUSD both pairs remain strong buys.

Ron

Attachments:

You must be logged in to view attached files.

[Author]

Posts