Trend of the Day - Page 40

abro · #**586** (**permalink**) 06-29-2009, 10:11 AM

Quote:

Originally Posted by Gregory McLeod

GBP/JPY is extremely bullish above 158.00 and bearish below 156.00. The convergence of support and resistance on a 4-hour chart has formed a triangle. With the Employment number coming out Friday (NFP) this range may persist up until the announcement.

yes mr mcleod i see the pair like this ...... and will go long if it make a higher then its previous high ( 1.5825 )

Gregory McLeod · #**587** (**permalink**) 06-29-2009, 10:13 AM

Quote:

Originally Posted by abro

yes mr mcleod i see the pair like this ...... and will go long if it make a higher then its previous high ( 1.5825 )

Only time will tell which direction the market will take this pair. Be careful of false breaks.

abro · #**588** (**permalink**) 06-29-2009, 10:17 AM

Quote:

Originally Posted by Gregory McLeod

Only time will tell which direction the market will take this pair. Be careful of false breaks.

hehe i have seen too many false breakouts in my life ( when a support is broken then the pair turns and break the resistance quickly ) is known as a fake break out .... i really enjoy your posts its full of knowledge .... you are one of the best traders in the world .....

Kimaki · #**589** (**permalink**) 06-29-2009, 11:53 AM

Good day Greg, How have you been? Looking at GBP/JPY to go long, seems to be able to get up to 165.887 without much problem what do you think. Thanks.

Gregory McLeod · #**590** (**permalink**) 06-29-2009, 12:01 PM

Quote:

Originally Posted by Kimaki

Good day Greg, How have you been? Looking at GBP/JPY to go long, seems to be able to get up to 165.887 without much problem what do you think. Thanks.

Yen seems to be weak across the board combined with sterling strength makes for a nice trend. Could try for the 162.00 area.

abro · #**591** (**permalink**) 06-29-2009, 12:34 PM

Quote:

Originally Posted by Gregory McLeod

Yen seems to be weak across the board combined with sterling strength makes for a nice trend. Could try for the 162.00 area.

ummm ........ what do you think where gbp usd is heading ?

Gregory McLeod · #**592** (**permalink**) 06-29-2009, 01:03 PM

Quote:

Originally Posted by abro

ummm ........ what do you think where gbp usd is heading ?

According to SSI, the GBP/USD is headed higher as retail traders are shorting this pair. GBP/USD look like it may break higher to the 1.6700 area.

Gregory McLeod · #**593** (**permalink**) 06-29-2009, 01:45 PM

Cable looking to Breakout

After spending much of June confined in an 800 pip range, GBP/USD look ready to move higher. A daily close above the 1.6661 June 3 high would confirm this move.
Cable is currently trading above its daily 200 SMA and the daily uptrend seems to be firmly entrenched. Drop down to a 4-hour chart to look for better risk to reward entries. Limits may be set for a 1:2 risk to reward with stops in the 1.6200 area.

abro · #**594** (**permalink**) 06-29-2009, 02:49 PM

Quote:

Originally Posted by Gregory McLeod

Cable looking to Breakout

After spending much of June confined in an 800 pip range, GBP/USD look ready to move higher. A daily close above the 1.6661 June 3 high would confirm this move.
Cable is currently trading above its daily 200 SMA and the daily uptrend seems to be firmly entrenched. Drop down to a 4-hour chart to look for better risk to reward entries. Limits may be set for a 1:2 risk to reward with stops in the 1.6200 area.

nice chart and thanx for the info . 1 question that why joel kruger always say to sell the pound when you people think thats its in an uptrend .

Kimaki · #**595** (**permalink**) 06-29-2009, 04:41 PM

Thanks Greg.

Quote:

Originally Posted by Gregory McLeod

Yen seems to be weak across the board combined with sterling strength makes for a nice trend. Could try for the 162.00 area.

Gregory McLeod · #**596** (**permalink**) 06-29-2009, 11:39 PM

Quote:

Originally Posted by Kimaki

Thanks Greg.

You are very welcome! How have you been doing? I hope all is well. I saw that one was about to break north, so I posted it early to give everyone a heads up.

Gregory McLeod · #**597** (**permalink**) 06-29-2009, 11:51 PM

Quote:

Originally Posted by abro

nice chart and thanx for the info . 1 question that why joel kruger always say to sell the pound when you people think thats its in an uptrend .

There are many ways up the same mountain. I can't answer for any trader, however, my hopes are that the readers here question everything and everyone, including me, so they can be confident and independent thinking traders. If you look through my posts, you will see losers there as well along with some winners. But I try to show you my approach at coming to a trading decision so you can replicate the thought process; look for the strongest daily trends and then fade the 4-hour or 2-hour counter-trend moves.

Kimaki · #**598** (**permalink**) 06-30-2009, 09:28 AM

Good morning Greg, going to do a two in one post here. (1) [b]GBP/JPY [b] I entered Long yesterday at 158.880 on a 2hr chart with stops at 157.389 and limit at 162.000 but she did not quite make it to the half way mark so the stop did not move and she worked her way down to 158.486, has moved back up some but not sure what to think of her. (2) GBP/USD, I entered at 1.66876 the stop position that you recommended was a bit steep for me so on the 2 hour chart went with a stop of about 153 pips at 1.65339 and trying to reach 1:2 on the reward. She only spiked a little then went south and just hit my stop. What is the next step here should I wait and see, looking for her to get closer to your recommended stop location with a turn signal? Long post sorry. If you can, tell me what you think.

Quote:

Originally Posted by Gregory McLeod

Cable looking to Breakout

After spending much of June confined in an 800 pip range, GBP/USD look ready to move higher. A daily close above the 1.6661 June 3 high would confirm this move.
Cable is currently trading above its daily 200 SMA and the daily uptrend seems to be firmly entrenched. Drop down to a 4-hour chart to look for better risk to reward entries. Limits may be set for a 1:2 risk to reward with stops in the 1.6200 area.

Gregory McLeod · #**599** (**permalink**) 06-30-2009, 09:45 AM

Quote:

Originally Posted by Kimaki

Good morning Greg, going to do a two in one post here. (1) [b]GBP/JPY [b] I entered Long yesterday at 158.880 on a 2hr chart with stops at 157.389 and limit at 162.000 but she did not quite make it to the half way mark so the stop did not move and she worked her way down to 158.486, has moved back up some but not sure what to think of her. (2) GBP/USD, I entered at 1.66876 the stop position that you recommended was a bit steep for me so on the 2 hour chart went with a stop of about 153 pips at 1.65339 and trying to reach 1:2 on the reward. She only spiked a little then went south and just hit my stop. What is the next step here should I wait and see, looking for her to get closer to your recommended stop location with a turn signal? Long post sorry. If you can, tell me what you think.

Break outs usually retrace back to the point of entry and re-enter the channel. 1.6422 is the 61.8% Fibo support level of the swing from June 25th 1.6231 low to the June 30th high of 1.6743 on a 4-hour chart. Prices could rebound from that level.

GBP/JPY has just bounced from a 23.6% Fibo with a very long wick. This means there was not a great deal of follow through in the sell off which is a bullish indication. The long-legged doji on the 4-hour looks bearish and could correct into the 157.88 38.2% Fibo before moving higher.

Kimaki · #**600** (**permalink**) 06-30-2009, 09:57 AM

Thanks Greg, I guess I am in look see mode. Thanks again.

Quote:

Originally Posted by Gregory McLeod

Break outs usually retrace back to the point of entry and re-enter the channel. 1.6422 is the 61.8% Fibo support level of the swing from June 25th 1.6231 low to the June 30th high of 1.6743 on a 4-hour chart. Prices could rebound from that level.

GBP/JPY has just bounced from a 23.6% Fibo with a very long wick. This means there was not a great deal of follow through in the sell off which is a bullish indication. The long-legged doji on the 4-hour looks bearish and could correct into the 157.88 38.2% Fibo before moving higher.