Trend of the Day - Page 37

Gregory McLeod · #**541** (**permalink**) 06-19-2009, 09:04 AM

Quote:

Originally Posted by jcole252

Where can we access this Heat Map?

Click HERE and then click the "%change" title to sort.

jcole252 · #**542** (**permalink**) 06-19-2009, 09:13 AM

Quote:

Originally Posted by Gregory McLeod

Click HERE and then click the "%change" title to sort.

When I work my account up to 25K, I'll get the Gold Account. In the meantime, I'll use your latest link. Thank you!

Gregory McLeod · #**543** (**permalink**) 06-19-2009, 09:19 AM

Quote:

Originally Posted by jcole252

When I work my account up to 25K, I'll get the Gold Account. In the meantime, I'll use your latest link. Thank you!

Anything is possible! You are very welcome.

A couple of tips: The top 3 or 4 are good buying candidates, the bottom 3 or 4 are good selling candidates and the middle ones usually are choppy. It's not 100% but it is just tool to see some larger themes as you see the groups rotate.

Kimaki · #**544** (**permalink**) 06-19-2009, 04:40 PM

Hey Greg, I was not complaining about the length of the post, i was thrilled that you took of your time to write it. Keep it coming, I want to learn, and its clear you enjoy teaching. Thank you very much.

Quote:

Originally Posted by Gregory McLeod

The great thing about position trading is the little time required to manage the position. Over managing and watching the position trade could be the worse possible thing to do. Think of a jet liner flying from Los Angeles to New York. Aside from the incidental turbulence, the flight feels like you are sitting still until the final destination is reached. On the other hand flying a fighter jet would be more akin to day trading as you would feel the swings and the gyrations of the aircraft as it dodges in and out. A constant watching of controls and indicators is required and looking away could spell sudden doom.
I find that my best position trades have a stop and limit and I forget that its there.

My apologies for the long post.

Gregory McLeod · #**545** (**permalink**) 06-22-2009, 07:12 AM

Our trend of the day is the GBP/CAD. GBP/CAD has closed above its January 16th high and there is not any resistance into 1.90000 area. Look to place a stop below the June 21st low of 1.8659 with a Limit of 1.9241 just below the November 21st high.

Kimaki · #**546** (**permalink**) 06-22-2009, 09:27 AM

Hi Greg, Good morning. I waited to then went long on the EUR/JPY with 3 positions, but she is giving trouble and retraced almost 100% on fib. My stops are just below at 132.313. How do you see EUR/JPY behaving from here?

Gregory McLeod · #**547** (**permalink**) 06-22-2009, 10:38 AM

Quote:

Originally Posted by Kimaki

Hi Greg, Good morning. I waited to then went long on the EUR/JPY with 3 positions, but she is giving trouble and retraced almost 100% on fib. My stops are just below at 132.313. How do you see EUR/JPY behaving from here?

EUR/JPY put a low in at 132.47 and looks likes it is forming a Hammer reversal on a 4- hour chart (we would have to wait until 12:00 pm EDT for a closed candle to call it a hammer).

If the Hammer holds, then we could get up to the 136.06 level before moving lower.

billh · #**548** (**permalink**) 06-22-2009, 03:56 PM

Quote:

My apologies for the long post.

Hey Greg, long posts welcome from course instructors and moderators!

When going through charts today, I noticed the USD/INX had a lonnng wick, like 200 points, which I didn't in EURUSD, USDJPY, or other majors. Why?

jcole252 · #**549** (**permalink**) 06-22-2009, 11:38 PM

You're not always right, buy I always read and respect your analysis.

Gregory McLeod · #**550** (**permalink**) 06-23-2009, 08:43 AM

Quote:

Originally Posted by billh

Hey Greg, long posts welcome from course instructors and moderators!

When going through charts today, I noticed the USD/INX had a lonnng wick, like 200 points, which I didn't in EURUSD, USDJPY, or other majors. Why?

I see an extremely long red candle on the USD/INX using the 4-hour time frame. It appears to be a bad tick.

Gregory McLeod · #**551** (**permalink**) 06-23-2009, 08:48 AM

Quote:

Originally Posted by jcole252

You're not always right, buy I always read and respect your analysis.

Long would be the play as we have not broken below the second trend line. 74.00 area may be a good place for a stop.

Gregory McLeod · #**552** (**permalink**) 06-23-2009, 08:50 AM

GBP/CHF rallied some 460 pips on the back of Swiss National Bank intervention from 1.7466 to 1.7928. However, it was retraced back to almost were it started. The trend remains up and the retrace provides a good entry at or near the daily 200 SMA at 1.7450. Another strategy would be to have a manually trailed entry order a few pips above the last 4 hour high in order to be stopped into the trade with a 1 ATR stop below an entry and a 2 ATR Limit. This could be a volatile trade in anticipation of a possible intervention repeat, so position size should be scaled down.

Gregory McLeod · #**553** (**permalink**) 06-23-2009, 08:52 AM

Quote:

Originally Posted by Gregory McLeod

EUR/JPY put a low in at 132.47 and looks likes it is forming a Hammer reversal on a 4- hour chart (we would have to wait until 12:00 pm EDT for a closed candle to call it a hammer).

If the Hammer holds, then we could get up to the 136.06 level before moving lower.

That 4 hour hammer didn't hold as the pair got down to a low of 131.40 before moving higher. Currently, EUR/JPY at 134.21

Kimaki · #**554** (**permalink**) 06-23-2009, 10:41 AM

Good Morning sir how are you today? Forgive me but I am not sure what you are saying about the entry for the GBP/CHF pair. "1 ATR & 2 ATR"?. I tend to place my trades off of a 2hour chart, should I use a 4hour for this ???

Quote:

Originally Posted by Gregory McLeod

GBP/CHF rallied some 460 pips on the back of Swiss National Bank intervention from 1.7466 to 1.7928. However, it was retraced back to almost were it started. The trend remains up and the retrace provides a good entry at or near the daily 200 SMA at 1.7450. Another strategy would be to have a manually trailed entry order a few pips above the last 4 hour high in order to be stopped into the trade with a 1 ATR stop below an entry and a 2 ATR Limit. This could be a volatile trade in anticipation of a possible intervention repeat, so position size should be scaled down.

Kimaki · #**555** (**permalink**) 06-23-2009, 10:48 AM

Oho yes, I took a good hit on three positions yesterday, waited for the turn around and re-entered with two positions at 132.698, Stops have mover to just above break even and there is some retracing taking place at this time, not sure what to expect though because the retrace has happened quickly.

Quote:

Originally Posted by Gregory McLeod

That 4 hour hammer didn't hold as the pair got down to a low of 131.40 before moving higher. Currently, EUR/JPY at 134.21