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Thread: DailyFX

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    DailyFX

    Hello,

    I would like to know if anyone is using the technical analysis from h**p://www.dailyfx.com/?
    The analysis is free but I would like to know if anyone has any experience with it
    and any thoughts people have on on it.

    Regards,
    Viperml

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    Re: DailyFX

    Quote Originally Posted by Viperml
    Hello,

    I would like to know if anyone is using the technical analysis from h**p://www.dailyfx.com/?
    The analysis is free but I would like to know if anyone has any experience with it
    and any thoughts people have on on it.

    Regards,
    Viperml
    I have used it for years, the pivots and SR levels are pretty much spot on......

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    Re: DailyFX

    I found DailyFX to be more bogus, don't take their trade setups, they don't work most times

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    Re: DailyFX

    Quote Originally Posted by dpgc
    I found DailyFX to be more bogus, don't take their trade setups, they don't work most times
    I agree with you, if anyone say its perfect setup that seems suspicious, now brokers arm are seen all over the forex forums.

    Never ever trust your broker analysis, especially that comes with supportive facts etc, just trade from your chart.

    It's not more bogus but it's SUPER BOGUS.

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    Re: DailyFX

    After some time testing I didn't find their entry indicators very usefull.
    Does anyone knows on wich time frame is their trend based?

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    Re: DailyFX

    I have one person in dailyfx that i kind of trust. his name is ilya spivak. his method is simple, long term, and good risk reward ratio.

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    Diamond Member Array William's Avatar
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    Re: DailyFX

    Quote Originally Posted by thewhattt
    I have one person in dailyfx that i kind of trust. his name is ilya spivak. his method is simple, long term, and good risk reward ratio.
    Could you then be kind to share his system with us?

    regards,

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    Super Moderators Array hermanhess's Avatar
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    Re: DailyFX

    dailyfx+ SSI indicator is very effective tool recently it was able to fortell the break of major support in Usd/Cad. when retail traders took record long positions I went short only because of SSI and of course fundamentals.



    SSI suggested a short (fade the public)



    the dailyfx TA isn't anything special just run of the mill type TA also in my personal view the best pivots in forex are from actionforex website.

    In gain.com the analyst there (forgot his name) his trade of the day picks are reasonably good around 70% of the time he has a good record so if you want calls my advice is to check his calls out.

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    Re: DailyFX

    Quote Originally Posted by hermanhess
    dailyfx+ SSI indicator is very effective tool
    Here's the official description and guide to using FXCM's SSI:
    Quote Originally Posted by DailyFX
    How to Interpret the SSI?
    The FXCM SSI is based on proprietary customer flow information and is designed to recognize price trend breaks and reversals in the four most popularly traded currency pairs. The absolute number of the ratio itself represents the amount by which longs exceed shorts or vice versa. For example if the EURUSD ratio is 2.55, long customer orders exceed short orders by a ratio of 2.55 to 1. Conceptually similar to contrarian analyses using the CFTC IMM open position data or COT Report, the SSI provides an alternative approach that is both more timely and accurate in forecasting currency price movement. The SSI is a contrarian indicator that tells you how the market is weighted and where the trend may head. More long positions don't necessary suggest more confidence in the direction of the current trend. In general, when traders start having adverse movements against their position, many tend to increase the size of their position with the purpose to average down their entry price in one last attempt to recover from previous losses. However, the higher the number of short orders in a bull market the more dangerous is to take additional shorts because many of those traders who just entered the markets are also leaving their protective stop losses just above the current price action.
    In futures trading there are strategies that use the CFTC's COT report as a leading indicator. The report shows the direction that professionals and speculators are biased, and the assumption is that speculators are usually wrong. Larry Williams, the long time famous futures trader, wrote a book about it. So FXCM's SSI indicator is similar - trade against the speculators. Though it assumes that most of FXCM's trading volume is from speculators.

    Oanda has a similar thing in their FXLabs section:
    Code:
    http://fxlabs.oanda.com/fxopenpositionssummary
    Quote Originally Posted by hermanhess
    the best pivots in forex are from actionforex website.
    They show many different kinds of levels on their Pivot Points page (Standard, Fibonacci, Camarilla, Woodie's, DeMark's), which one are you referring to:
    Code:
    http://www.actionforex.com/technical-analysis/pivot-points/pivot-points-summary-200603205734/
    Quote Originally Posted by hermanhess
    In gain.com the analyst there (forgot his name) his trade of the day picks are reasonably good around 70% of the time he has a good record so if you want calls my advice is to check his calls out.
    The GAIN Capital research is available via this URL:
    Code:
    http://applet.efxnow.com/WEBCLIENT/RESEARCH/researchPage.aspx?page=DailyTechAnalysis&Brand=GAIN&Lang=EN
    What do you think of the Daily Technical Analysis page with the colored arrows?

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    Super Moderators Array hermanhess's Avatar
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    Re: DailyFX

    see i said actionforex has the best pivot points in forex because they use 5pm EST and have a wide choice of pivots as you have mentioned. 5pm EST works the best. Some millionaire traders use them and told me thats how i know. In ff there use to be a member Greg Wilson he used to make almost 50k~60k a day and he used actionfores standard pivot points and he told me its the best. He had a journal of his trades in the journal section. Its not only him but others also told me actionforex is the best. But you can use any site pivot points u like they are all calculated using the same formulae but differ only coz of differnt times. I just mentioned it coz three of my forends who are very successful all told me actionforex is the best ....

    Regarding the forex.com research i have an account with them and in their forex trader pro. platform there is a strategy of the day by Todd Gordon and i noticed he's very good in the platform u can see his history and currently open positions and i noticed he gets a good success rate ...... this is my personal observation so i just mentioned it.

    You asked about the daily TA colored arrows of Brian Dolan, well once again i dont use them but someone i know who has made 250 million dollars in 16 years uses them all the time so I'm just passing on what he said but the strategy of the day (Gordon) is my personal observation.

    hope i have been able to answer ur question


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