[dc]O[/dc]ne of the longer-term trades I am watching is, what I believe to be, good upside potential in the USDCHF. Waverly Advisors caught a nice long a few months back and recently closed it out on weakness, but there is still considerable room to run on weekly/monthly timeframes. However, this daily chart shows a market where the next leg is more likely down than up: tight consolidation near the low of a recent swing is usually more indicative of the bears being in control. In a case like this, short-term traders are better off waiting for the resolution of the short-term cross currents before trying to trade with the longer-term setup. Longer-term ideas are excellent reinforcement and can lead to fantastic trades, but, if you’re going to be using reasonably tight stops, timing is everything–and that requires a keen awareness of shorter timeframes and patience to wait until the stars align perfectly.
Hi Adam, long time fan of your work (although I don’t comment on your posts, I know). I have a few questions for you if you don’t mind. I know that you use Tradestation for strategy development, backtesting etc., but have you tried other platforms as well (Ninjatrader, Amibroker etc.)? What do you think about them? I am interested mainly in strategy development, indicator development and I don’t know what to choose between Ninjatrader and Tradestation. A lot of people say that Ninjatrader is more powerful, but I don’t know if I need too many capabilities for a platform. So…what do you recommend: Ninjatrader or Tradestation? Thanks for your time.