Trend Line Trading - Page 11

Jewel · #**151** (**permalink**) 10-04-2008, 02:43 AM

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This pair is currently testing the critical support.7767. A clear brk will end the long bull run and may test the support at .7350. Considering the Euro/USD has broken the multi year bullish trend and GBP USD hold above the critical support of 175.36 chance for a break out is more. Chats are attached for reference. Sugestions are welcome from experienced traders, specialy from Brad to whom i have lot of respect.

Regards

Jewel

brad_1199 · #**152** (**permalink**) 10-04-2008, 03:42 AM

High there Jewel.. I constructed a road map of EURGBP for you using fibonacci measurements that should prove to be decent long term support and resistance area's. I saw the end of this run coming 6 months ago when price left the shooting star at the top of the huge run up.(That candle should have put any smart trader on alert for an approaching top) --- Followed by the Dark Cloud Cover candle just last month I knew this pair was entering a longer term bearish phase. There is major down side potential for this pair, but remember this pair moves very slowly... I think price will complete an ABC correction over the next few years and eventually come back to test a major long term support area around .7300 before returning to its Bullish move higher ...

I appreciate the kind words

Thank You

Always glad to help fellow traders

EURGBP monthly charts below -->>

Moderator · #**153** (**permalink**) 10-09-2008, 11:56 AM

Thursday, 09 October 2008 04:25:41 GMT
Written by Gregory McLeod, Power Course Instructor
Full Article

Our trend for the day is USD/SGD.

On 9/25 I posted the following daily trend:

Our trend for the day is USD/SGD. The US dollar up trend from the middle of July from the 1.3458 area up to the 1.4482 September 11th high has fallen some 240 pips before finding support at the 38.2% Fibonacci support level. Marked by a bullish Harami pattern, USD/SGD looks to re-challenge the 14482 level. Extreme dollar bearish sentiment could recoil this pair higher if and when the $700 billion financial system bailout is approved.

Today, the USDSGD has exceeded our target reaching a high of 1.4527. Stochastics has entered the overbought zone and negative divergence in MACD forecasts weakness in prices some point in the future. This may be just a minor pullback in a longer term uptrend.

For questions, visit Gregory McLeod on the DailyFX Power Course Trading Tips Forum

brad_1199 · #**154** (**permalink**) 10-09-2008, 07:23 PM

Quote:

Originally Posted by brad_1199

High there Jewel.. I constructed a road map of EURGBP for you using fibonacci measurements that should prove to be decent long term support and resistance area's. I saw the end of this run coming 6 months ago when price left the shooting star at the top of the huge run up.(That candle should have put any smart trader on alert for an approaching top) --- Followed by the Dark Cloud Cover candle just last month I knew this pair was entering a longer term bearish phase. There is major down side potential for this pair, but remember this pair moves very slowly... I think price will complete an ABC correction over the next few years and eventually come back to test a major long term support area around .7300 before returning to its Bullish move higher ...

I appreciate the kind words

Thank You

Always glad to help fellow traders

EURGBP monthly charts below -->>

Looks like I may have been wrong about EURGBP... I see a hammer forming on the monthly chart now which if the month closes leaving it in place will be a bullish continuation pattern to the up side.. The longer term structure tells me we'll see more up side too, but I thought we'd atleast see some down side first... This pair is out of hand.. I think this move higher could well still be under way ! This pair is dangerous to trade this month.. I would wait until November 1st to make a decision on this pair.. And if it closes leaving that hammer on the chart going into next month I would suggest getting long !

Ilovepippin · #**155** (**permalink**) 10-14-2008, 09:41 PM

Is anyone here using Gann for their analysis?

Bertie Stemp · #**156** (**permalink**) 10-16-2008, 06:49 PM

Hi Ilovepippin,

What is Gann, and why would you use it. I prefer to use really simple indicators, as all an indicator does is display all the info that is already on the chart, which you obviously know, i just like saying it

So i like to use RSI, and maybe Fibs, but generally i just try to establish a range and then trade it up and down like a yoyo.

I am always open to more trading ideas though, what can you tell me about Gann? Do you use it then?

Bertie

Ilovepippin · #**157** (**permalink**) 10-19-2008, 05:46 PM

I don't use Gann, other than the Gann lines to look for support, resistance, together with Fibo and Elliott Wave.
But what I like to know is how to set up a Gann grid to better forecast price targets. Elliott wave is good, but has its limitations when you are in an uncertain count, which is most of the time, because especially correctional moves are uncertain and the market is in correction 70% of the time.
Gann grids might help me in that aspect.

Blaiserboy · #**158** (**permalink**) 10-19-2008, 05:52 PM

Gann is quite an involved study, there are many areas to learn about.. perhaps a google search will take you to some Gann infornation

Bertie Stemp · #**159** (**permalink**) 10-21-2008, 08:22 PM

Thanks guys, always looking to see if i can find new tools to better sharpen my trading tool set.

I have looked at Gann a bit on the net since, and it seems quite complicated, but nothing to bad.

Does anyone else use Gann analysis, and do you have a strategy.

Ilya, any ideas?

Bertie Stemp · #**160** (**permalink**) 10-22-2008, 06:41 PM

Hi Yusufx,

I see you posted a chart, what are you trying to show on this chart? Please could you enlighten me and other traders out there.

Are you suggesting to go long in the yellow shaded area? It looks like a Eur/Usd Chart to me.

I would be very interested to hear your analysis.

thanks

Bertie Stemp

Bertie Stemp · #**161** (**permalink**) 10-27-2008, 07:50 PM

Thanks Yusufx, dont worry, youre english is understandable.

So what do you think is going to happen with USD/JPY, my own take on your chart is that it will go up, but where to??

Thanks
Bertie

blizzard · #**162** (**permalink**) 11-03-2008, 06:47 PM

Bertie.

I think it's going down. JPY.

Blizzard

Bertie Stemp · #**163** (**permalink**) 11-03-2008, 08:04 PM

I think so to.

Is that an hourly chart there? And what do you think are the chances that if it breaks that "resistance" you have drawn, of going right up?

Thing is, i dont know if it is a good time to be trading technically right now, and more concentrate on fundamentals, with longer trades in mind?

What do people think? Or are the techs still king!!!

Bertie

Sharptrader · #**164** (**permalink**) 11-03-2008, 08:07 PM

In the FOREX manual from tradinglogic it shows how to draw real trend lines. When i draw them as shown in the manual, i go in according to the rules my trades are successful 90% of the time! I've never had this much success at FOREX trading - ill be trading trendlines for life!

Good luck trading guys! Check out the site if you want to learn to draw true trendlines!

blizzard · #**165** (**permalink**) 11-03-2008, 10:16 PM

Quote:

Originally Posted by Bertie Stemp

I think so to.

Is that an hourly chart there? And what do you think are the chances that if it breaks that "resistance" you have drawn, of going right up?

Thing is, i dont know if it is a good time to be trading technically right now, and more concentrate on fundamentals, with longer trades in mind?

What do people think? Or are the techs still king!!!

Bertie

The chart is 1H. If you look at the monthly, weekly, daily and 4 -, they are all downward, so that's the way I go.

When you spend a lot of time in front of a computer, you will find that fundamental events will go in the way of the technical trends. To me it blows me away that the US can be in such a state, and the $ is gaining strength. To me that goes against everything, yet it is so.

That's all for now.

Blizz