Short Term Trading Strategies Using Market Depth

**Gregory McLeod** · 08-18-2010, 10:41 AM

Aussie Inverted Head and Shoulders? - A break above the .9050 area would open up a path back the the early August highs.

**Gregory McLeod** · 08-18-2010, 11:13 AM

Positive MACD Divergence Offers a Clue? A full-bodied candle close outside of the 4-hour trend line would be confirmation of the divergence. However, a close below 132.50 would open up the July lows in the 130.84 neighborhood. Lots of market indecision!

**Gregory McLeod** · 08-18-2010, 11:41 AM

'U.S. Oil Supplies surge to highest level in 20 years', according US Department of Energy - Since Canada is one of the largest producers of crude, the Canadian dollar could be negatively effected. MACD negative divergence indicates a possible drop.

**Gregory McLeod** · 08-18-2010, 12:50 PM

Kiwi Dollar SSI Not at Extremes But when added to chart patterns and possible higher than expected PPI, NZDUSD could rise once the 0.7200 level is taken out. This would open up the way to 72.50 and higher.

**Gregory McLeod** · 08-18-2010, 01:11 PM

USD/JPY may have a short covering rally before moving to new lows.

**Gregory McLeod** · 08-18-2010, 01:30 PM

Originally Posted by jolopino

Posting a chart, trend line from previous up movement played well and price still cannot breake it. If we will break and close below daily trend line it will be interesting and bulls will see

Looks like a bear flag is forming at the lower part of your chart. I believe we may get more of a correction before the next up move

**Gregory McLeod** · 08-18-2010, 01:49 PM

Originally Posted by PoundGuy

Finally pushing hard my heart skip a beat how do you guys scalp its like you are not in control you can get stopped out in a flash pew

Did Someone Say Scalping?----EUR/NZD is a Euro pair that could break below the 4-hour trend line that could be a good longer term or scalping trade. A docket full of Kiwi news could be the trigger needed.

**Gregory McLeod** · 08-18-2010, 02:09 PM

Someone sent me a message asking how many pips I make per week so I am attaching my trading record (demo) for the curious.

**Arthurs** · 08-18-2010, 02:35 PM

Originally Posted by Gregory McLeod

Looks like a bear flag is forming at the lower part of your chart. I believe we may get more of a correction before the next up move

It is very interesting situation for GBP/USD now as it is in some short term range. But I like positive divergence on your chart that can be seen by using MACD, because I'm still running long position with stop at 1.5488 and it was so close over the night to be stoped out, pheww. I'd rather like to be sidelined for now but what's done is done I won't step back as I had so many mistakes in past by doing so and missing great trades just because of fear and doubts.

**Gregory McLeod** · 08-19-2010, 08:46 AM

Originally Posted by Gregory McLeod

Looks like a bear flag is forming at the lower part of your chart. I believe we may get more of a correction before the next up move

Hey Arthur! GBP/USD did go down about 110 pips from my post but some UK money supply data took it higher.

**Gregory McLeod** · 08-19-2010, 08:49 AM

Active Trader Room Results-Positive UK news took broke the GBP/JPY out of its triangle up to the 134.00 area. I got short at 133.91 and again short at 133.88. I was limited out on both positions in 21 minutes for a total of 20 pips. GBP/JPY is curretnly trading at 133.32.

SEE THE ACTIVE TRADER PLATFORM/MARKET DEPTH IN ACTION AS GREG MCLEOD SCALPS THE FOREX M-F 6AM ET

CLICK HERE

**Gregory McLeod** · 08-19-2010, 11:34 AM

Originally Posted by Gregory McLeod

Active Trader Room Results-Positive UK news took broke the GBP/JPY out of its triangle up to the 134.00 area. I got short at 133.91 and again short at 133.88. I was limited out on both positions in 21 minutes for a total of 20 pips. GBP/JPY is curretnly trading at 133.32.

SEE THE ACTIVE TRADER PLATFORM/MARKET DEPTH IN ACTION AS GREG MCLEOD SCALPS THE FOREX M-F 6AM ET

CLICK HERE

I decided to stick with shorting the GBP/JPY through news and took 14 pips.

**Gregory McLeod** · 08-19-2010, 12:24 PM

EUR/GBP Breaks from Triangle - Morning Star reversal candlestick pattern at the bottom of the triangle was wiped out by a single Bearish Engulfing candle that broke the bottom of the triangle.

**Gregory McLeod** · 08-20-2010, 07:39 AM

Trading Room Results -

Good Morning and Happy Friday! I had the Active Trader Room opened a little longer than usual as the markets were moving very well. Neal, KGnets, RooFX saw some good breakouts on USD/CAD and GBP/USD.
Arthurs got 30 pips shorting GBP/JPY-Way to Go Arthurs!. I had 9 winning trades 2 losses for +17 pips - News reversal on USD/CAD worked as planned. I spread out my trades on GBP/USD and EUR/USD.

**Gregory McLeod** · 08-20-2010, 12:13 PM

Originally Posted by Colly

Darn right, am having coffee and toast

If you are eating in this thread, then you most definitely have to share!

Looks like a Head and Shoulders on Daily Euro. The break of the neckline would open a path to the 1.2200 area.

Trade FOREX with FXCM

Thread: Short Term Trading Strategies Using Market Depth

Thread Tools

Aussie Inverted Head and Shoulders?

Positive MACD Divergence Offers a Clue?

CAD May Experience Further Losses on Oil Supplies at Record

Kiwi Dollar SSI Not at Extremes But...

USD/JPY May Rebound out of Triangle

Nice Chart

Did Someone Say Scalping?

Number of Pips Per week

GBP/USD 110 pip Drop

News Fade Strikes Again!

Held through news

EUR/GBP Breaks from Triangle

Trading Room Results

Euro Head and Shoulders?

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