Trend of the Day - Page 42

Gregory McLeod · #**616** (**permalink**) 07-03-2009, 06:55 AM

Quote:

Originally Posted by Kimaki

Tell me Greg, If you get stopped out, meaning you took a loss at your original stop position, do you then wait for a turn signal and re-enter, or do you go back to the daily and stay away from the pair. Considering it a done trade?

If the stop out is the result of a change in trend then I would stand aside and wait for a clear confirmation of the new trend.

If the daily trend remains the same and the momentum and oscillators are still pointing in the direction of the daily trend, then I would wait and look for a better entry at or near support or resistance on a lower time frame (4-hour or 2-hour) in the direction of the trend.

With traders going on holiday in the US, liquidity will be thin and many false moves are happening. It is difficult to make any assumptions about trend direction during this abnormal period. I suspect trends will not emerge before Tuesday or Wednesday as traders stretch out to a 3-day or 4-day holiday and only a skeleton staff may be manning trading desks.

Gregory McLeod · #**617** (**permalink**) 07-03-2009, 07:00 AM

Quote:

Originally Posted by Xiao

Hello Sir,,

could you Explain a Little how You trade to a Currency Pair by Calculate The Forex System Selector and through By the Market Movement ..

I wish I can learn From you ,,More..

thank you

Hello Xiao. We discuss only Self-Trading/Discretionary Trading in this forum. Click HERE to go to a resource page for Auto-Trading using the Forex System Selector.

I do not personally use FSS as I am a discretionary trader.

Gregory McLeod · #**618** (**permalink**) 07-03-2009, 08:35 AM

EUR/GBP continues its down trend as it was rejected from the daily trend line that extends from its December high of .9803 to its current rate of .8562. Look to short this pair with stops above the July 2nd 4-hour high of .8628 for a 1:2 risk to reward.

Gregory McLeod · #**619** (**permalink**) 07-03-2009, 08:44 AM

Quote:

Originally Posted by Kimaki

An early good morning to you Greg. Attached is a jpeg of two pairs with positions opened on them. I know that you are not allowed to tell traders what to do with existing trades and I understand that. I am trying to review the options open to me at this time. GBP/USD & AUD/CAD. been giving me trouble. Circled in the jpeg below is how its been running since positions were last opened on them. Today is Friday and they have been like this for two days. especially after the Non Farm Payroll came out. Under the circumstances, Is closing them a viable option? I know that leaving the trade is best under most situations.

From looking at your chart, you are not that far away from your stop loss. So the difference between waiting it out and cutting early is small considering that the indicators seem to be turning up mildly and support seems to be forming. Losing is not pleasant, however discipline to hold to your stop is needed.

Kimaki · #**620** (**permalink**) 07-03-2009, 10:02 AM

Thanks much Greg, Somehow the way you said it makes a lot more sense . The GBP/USD has in fact given a small spike stopped me out and went back up, she still looks bullish and the SSD is showing a signal to buy as well as a reversal hammer. I am thinking stops can go at 1.62181 and should get 1:2 at 1.65880, but I got slapped around by her a couple of times this week so I question if I am reading her right. AUD/CAD however is still in there and is around my entry point about 107pips away from stop.

Quote:

Originally Posted by Gregory McLeod

From looking at your chart, you are not that far away from your stop loss. So the difference between waiting it out and cutting early is small considering that the indicators seem to be turning up mildly and support seems to be forming. Losing is not pleasant, however discipline to hold to your stop is needed.

Xiao · #**621** (**permalink**) 07-03-2009, 11:44 AM

Hello Sir!!!

Really Interesting when you Give your Opinion About Any Single Pair, I just Do watch Your What do you say about The Currency Pair.

So Could Give your Precious Word On GBP/jpy and Eur/jpy Or USD/jpy.

So I would like to Understand.

And sir The Fx daily Plus is Very Good for Understanding the Market. I do know But I just Often spend My Time to Read some Books or Find Something Else Or Just see the charting About My Currency Pair,,'

Gbp/jpy

Eur/jpy

Usd/jpy.

Thank you sir.. Name: QO37%T@Z0{J%S]DG2[NGO.GIF
Views: 377
Size: 23.6 KB

Name: QO37%T@Z0{J%S]DG2[NGO.GIF
Views: 377
Size: 23.6 KB

Quote:

Originally Posted by Gregory McLeod

From looking at your chart, you are not that far away from your stop loss. So the difference between waiting it out and cutting early is small considering that the indicators seem to be turning up mildly and support seems to be forming. Losing is not pleasant, however discipline to hold to your stop is needed.

Xiao · #**622** (**permalink**) 07-04-2009, 01:34 AM

Quote:

Originally Posted by Gregory McLeod

From looking at your chart, you are not that far away from your stop loss. So the difference between waiting it out and cutting early is small considering that the indicators seem to be turning up mildly and support seems to be forming. Losing is not pleasant, however discipline to hold to your stop is needed.

HAPPY INDEPENDENCE OF USA , Sir!!! Name: hoho m.gif
Views: 357
Size: 11.8 KB

cprao · #**623** (**permalink**) 07-04-2009, 01:24 PM

Quote:

Originally Posted by Kimaki

Thanks much Greg, Somehow the way you said it makes a lot more sense . The GBP/USD has in fact given a small spike stopped me out and went back up, she still looks bullish and the SSD is showing a signal to buy as well as a reversal hammer. I am thinking stops can go at 1.62181 and should get 1:2 at 1.65880, but I got slapped around by her a couple of times this week so I question if I am reading her right. AUD/CAD however is still in there and is around my entry point about 107pips away from stop.

Kimaki, I am also on long on AUDCAD from .9212 (I got stopped out one time before and reentered again on Thursday). It went up yesterday little bit but retracing again. My Target 1 - .9300 and Target 2 - 9400. I belive since it is well supported at .9213 it will be trending upwards.. ..

Kimaki · #**624** (**permalink**) 07-06-2009, 08:54 AM

Cprao, Only just say this, hope you had a good weekend. AUD/CAD has been messing around, cant seem to get past that .62561 area but I am still in there. I wont venture to give much advice, but I agree with your support level that for now seems to be holding. I am trying to get to .94725.

Quote:

Originally Posted by cprao

Kimaki, I am also on long on AUDCAD from .9212 (I got stopped out one time before and reentered again on Thursday). It went up yesterday little bit but retracing again. My Target 1 - .9300 and Target 2 - 9400. I belive since it is well supported at .9213 it will be trending upwards.. ..

nomis · #**625** (**permalink**) 07-06-2009, 10:32 AM

sir, some time there is no clear trend, how should i make my trade.
this week i loss just because my trade have no trend, what indicator can i used in this kind of situation?

Romanic · #**626** (**permalink**) 07-08-2009, 12:27 AM

GBP/USD going south all the way. I see no signs of U turn for the next few days. I just gave up on this one, will have to endure losses unless I get the right U turn moment. G luck!

vietcuong_gf · #**627** (**permalink**) 07-08-2009, 05:29 AM

Hi Gregory,
I have just recognized the pair GBP/JPY has just broken the Channel.
I would like to ask you if the way I trade this pair is reasonable or not:
1, Assume a certain is going up (the same with going down): When a certain pair breaks a Channel, the measured move will be measured from the highest peak to the lower trendline of Channel. Is this right?
2, The stop loss should be put above the highest peak.
I send the image to illustrate for what I think. Please, make any comments.
By the way, with this kind of trading: "break-out Channel", the reward/risk is not so interesting, for example, in this case it is roughly 1.3 (reward) / 1 (risk). In your opinion, should we trade this? And based on your experience, how high is the possibility of trading "break-out channel" GENERALLY?
Thanks Gregory a lot in advance!!!

Gregory McLeod · #**628** (**permalink**) 07-08-2009, 06:47 AM

Quote:

Originally Posted by Xiao

HAPPY INDEPENDENCE OF USA , Sir!!!Attachment 33010

Thank you Xiao!

In the spirit of Independence Day, the market has been long the US Dollar and Yen and short any pair associated with risk. The Yen crosses have strengthened as the carry trade is unwinding. People who funded risk investments with low interest Yen are now paying it back and moving to the safety of U.S. Treasuries. So look for continued weakness in the majors as the stock market has seemed to have topped. Look for the uptrends of last week to show the early stages of becoming down trends. They have moved quite a ways down so far so waiting for a retrace to sell at a better price would be prudent. Remember to use stops and limits.

Gregory McLeod · #**629** (**permalink**) 07-08-2009, 07:03 AM

With the majors indecisive and in disarray after the U.S. Independence holiday and a G-8 Finance meeting in Italy, I have to look to the cross rates to find any semblance of a trend. The markets have seemed to declare their independence of risk as well. If EUR/AUD can get above its June 23rd high of 1.7832 it looks like it has legs to reach the 1.8600. It has recently broken its daily down trend line and MACD look bullish as it approaches its zero-horizontal reference line. A break below the yellow line means that this pair could stay in a sideways range for a little longer.

Gregory McLeod · #**630** (**permalink**) 07-08-2009, 07:14 AM

Quote:

Originally Posted by vietcuong_gf

Hi Gregory,
I have just recognized the pair GBP/JPY has just broken the Channel.
I would like to ask you if the way I trade this pair is reasonable or not:
1, Assume a certain is going up (the same with going down): When a certain pair breaks a Channel, the measured move will be measured from the highest peak to the lower trendline of Channel. Is this right?
2, The stop loss should be put above the highest peak.
I send the image to illustrate for what I think. Please, make any comments.
By the way, with this kind of trading: "break-out Channel", the reward/risk is not so interesting, for example, in this case it is roughly 1.3 (reward) / 1 (risk). In your opinion, should we trade this? And based on your experience, how high is the possibility of trading "break-out channel" GENERALLY?
Thanks Gregory a lot in advance!!!

Thanks for posting your trading idea and your chart. Ideally we would aim for a 1:2 risk reward ratio as a couple of losses could be devastating if a good sized position is traded. Moving the stop down to the last swing high or waiting for a retrace would improve the risk to reward ratio. I agree with your analysis. Great trend channel