Trend of the Day - Page 44

Xiao · #**646** (**permalink**) 07-09-2009, 06:47 PM

Quote:

Originally Posted by KP FX Trader

Hi Greg,

Things are OK, thanks for asking. I have been focusing on Trading Well NOT often as Elder says. I lost a chunk of change over several months, I was sloppy. I think thats what it had to take in order to really experience in reality the necessity of being disciplined. Its one thing think you 'know' it theoretically and another to know that you know through experience. When it hits you where it hurts, the wallet

I read Trading in the Zone by Douglas, actually I got through half of it and it really stopped clicking for me, too much Zen mentality for my taste. I think that mentality may be conducive to getting caught up in mass psychology, I like the plain facts and figures. Maybe I will give his other book you recommend a shot. I am about to dig into The Way of the Turtle next. Ever read that? Thoughts? and how are you feeling about the GBP/USD, turning back up today with a stoch crossover on the 16h? I like to wait for the MACD to cross on h4 and the stoch on the daily, the backtests on this for the GBP/USD yielded success, but I think the pair is in a retracement. A break of 1.6664 June 3rd high is the most conservative long play, its the waiting thats the key. Who knows, it may stay in a range between that and yesterdays low for a while. Make sense?

Um YES, You Said Right about When It Hurts, into THE WALLETs. It so Painful and You Just Dont want to Trade So And you Feel Very Lonely. Very Much Dishearten Just Recommend me a Good Book And so I can Download and Can Have To Read...

or If you have Could You please Send it to Me...

Xiaozhang21@yahoo.com....

thank you

Izumi · #**647** (**permalink**) 07-10-2009, 03:26 AM

Quote:

Originally Posted by Gregory McLeod

A break of the red trend line would be added confirmation that the downtrend has returned. See the attached chart:

Hi Gregory,
Sorry for going back 6 pages and making the red line green. USD/CAD is breaking the support line. Highest high was 1.17231. I remind you that my entry order is placed at 1.18.
I'm a little confused now, because oil price is going down, but in the same time economic data from Canada was good and support line is broken. Do you think that USD can still make it to 1.18 following the oil price and the general drop in commodities, or will it drop after breaking the support line? Wednesday examples of AUD/USD and AUD/JPY are still fresh in my mind.

Xiao · #**648** (**permalink**) 07-10-2009, 05:02 AM

Quote:

Originally Posted by Izumi

Hi Gregory,
Sorry for going back 6 pages and making the red line green. USD/CAD is breaking the support line. Highest high was 1.17231. I remind you that my entry order is placed at 1.18.
I'm a little confused now, because oil price is going down, but in the same time economic data from Canada was good and support line is broken. Do you think that USD can still make it to 1.18 following the oil price and the general drop in commodities, or will it drop after breaking the support line? Wednesday examples of AUD/USD and AUD/JPY are still fresh in my mind.

Hi Gregory, Hi Izumi...

Little Interesting,You Not believe in me But Just I dont Believe Either Gbp/jpy Is Just As Your following of USD/CAD ...

see hourly GBP/JPY

Izumi · #**649** (**permalink**) 07-10-2009, 05:28 AM

Quote:

Originally Posted by Xiao

Hi Gregory, Hi Izumi...

Little Interesting,You Not believe in me But Just I dont Believe Either Gbp/jpy Is Just As Your following of USD/CAD ...

see hourly GBP/JPY

Attachment 33358

Hello Xiao,
GBP is getting weaker towards USD and USD is getting weaker towards JPY, therefore GBP should get even more weaker towards JPY. However, BOJ said they are not comfortable with the strength of the Yen and if they start selling trillions of JPY again, we could see a blue candlestick like the red one on wednesday. I preffer to look for an entry point to buy GBP/JPY if price goes lower rather then to sell at these levels. USD/CAD is a different story.
Let see what Gregory says. He's the God around here, I'm just the doorkeeper.

Xiao · #**650** (**permalink**) 07-10-2009, 09:44 AM

Quote:

Originally Posted by Izumi

Hello Xiao,
GBP is getting weaker towards USD and USD is getting weaker towards JPY, therefore GBP should get even more weaker towards JPY. However, BOJ said they are not comfortable with the strength of the Yen and if they start selling trillions of JPY again, we could see a blue candlestick like the red one on wednesday. I preffer to look for an entry point to buy GBP/JPY if price goes lower rather then to sell at these levels. USD/CAD is a different story.
Let see what Gregory says. He's the God around here, I'm just the doorkeeper.

Hi Izumy,,

Okay Very Good You have Mention About The Strengthen Power Of All Currency Over Around Gbp., Usd., Jpy., So And I Have Seen The Two Time Break Down Of the Gbp/jpy HAve you can see on My Hourly Chart Do I am Mentioning. And Basically um Okay So you would Like to Buy The Gbp/jpy So Maily What would be Your Profite target And Losse... Ummm.. Okay Just Wait Little Coz I m also Waiting What Gregory Sir Would Said about those Currency pairs...

houly

thank you

KP FX Trader · #**651** (**permalink**) 07-10-2009, 10:56 AM

Quote:

Originally Posted by Xiao

Um YES, You Said Right about When It Hurts, into THE WALLETs. It so Painful and You Just Dont want to Trade So And you Feel Very Lonely. Very Much Dishearten Just Recommend me a Good Book And so I can Download and Can Have To Read...

or If you have Could You please Send it to Me...

Xiaozhang21@yahoo.com....

thank you

Hi Xiao,
The best I ever read, actually I listened to it on tape, is Trading for a Living, you must get it.
I recently downloaded a free book offer from here, some very basic information, I'm half way through, it appears to be getting better, more in depth. Its great for a beginner. I have only been trading for a year, so I am no expert, but no beginner either. Ill try and email it to you.

nomis · #**652** (**permalink**) 07-14-2009, 02:53 AM

i found a program "forex killer", it is a program that auto analysis the forex pair. but can it be trust? it is using the trend analysis.

Gregory McLeod · #**653** (**permalink**) 07-14-2009, 05:58 AM

It seems like we've seen all this before in the Euro; the 13900's, the 1.4000's, and th 1.4100's. Although it is trapped in a seemingly endless range, the Euro is nearing a rising daily support trend line which we can use to trade from. Look to buy on a pullback down to the 1.3820 for a push back to 1.4300 or a 1:2 risk reward.

Xiao · #**654** (**permalink**) 07-14-2009, 06:17 AM

Quote:

Originally Posted by Gregory McLeod

It seems like we've seen all this before in the Euro; the 13900's, the 1.4000's, and th 1.4100's. Although it is trapped in a seemingly endless range, the Euro is nearing a rising daily support trend line which we can use to trade from. Look to buy on a pullback down to the 1.3820 for a push back to 1.4300 or a 1:2 risk reward.

yes sir I Agree of your Charting Basically We Miss Your Chart!!!

It is so so So Very Much Clear that You should Right Any thing, We can just View Your Chart And Understand What in your Mind...

thank you sir...

KP FX Trader · #**655** (**permalink**) 07-14-2009, 05:30 PM

Hi Greg,

You mentioned Pivots the other day. Could you post a link that might provide some insight on Pivots. I have general idea of what they are but haven't been using them. Illl surf the web and sure Ill find more there as well. Thx!

also do you speak of Forex Pivot points or pivot points generally? Apparently there is a difference, I am reading about it now.

Here it is: Forex Pivot Point = (High + Low + Close) / 3

The cable is at its pivot point right now on daily chart. The PPMA in marketscope.

I recall looking at Pivot Points in Marketscope last year and they were displayed as dots...??? Whats up with that? ThX!

crossleyjuan · #**656** (**permalink**) 07-14-2009, 07:56 PM

Hi KP, you can put the pivots in the marketscope doing a right click on the graph and using the option: "Chart Elements / Show Pivot Levels (for all periods or for the last one)"

hope that help

Gregory McLeod · #**657** (**permalink**) 07-15-2009, 04:29 AM

Quote:

Originally Posted by KP FX Trader

Hi Greg,

You mentioned Pivots the other day. Could you post a link that might provide some insight on Pivots. I have general idea of what they are but haven't been using them. Illl surf the web and sure Ill find more there as well. Thx!

also do you speak of Forex Pivot points or pivot points generally? Apparently there is a difference, I am reading about it now.

Here it is: Forex Pivot Point = (High + Low + Close) / 3

The cable is at its pivot point right now on daily chart. The PPMA in marketscope.

I recall looking at Pivot Points in Marketscope last year and they were displayed as dots...??? Whats up with that? ThX!

FXtrek intellicharts does a great job at drawing pivot lines also Netdania does a fine job as well. In Forex, the time pivots are calculated is often a source of controversy; calculate them at midnight to mark the new day or calculate them at the 17:00 (5pm) New York close. I find pivots useful in tight small range trading. Price usually stays confined between S1 and R1. However, I have found them completely useless when the markets are trending strongly. Price could exceed the R1 to the upside for hundreds of pips or blow through S1 for hundreds of pips.

Gregory McLeod · #**658** (**permalink**) 07-15-2009, 04:34 AM

Euro is down but not out against the Canadian Dollar

Euro has been staging a come back versus the majors. A bullish Harami pattern appears to be forming on the daily chart at a 50% Fibonacci support level formed from the 1.5342 June 1st low to the 1.6326 June 30th high. Look for a retest of the 1.6200 area. Stops could be place below this Fibonacci support zone and a 1:2 risk to reward objective can be set.

Gregory McLeod · #**659** (**permalink**) 07-15-2009, 04:35 AM

Quote:

Originally Posted by Xiao

yes sir I Agree of your Charting Basically We Miss Your Chart!!!

It is so so So Very Much Clear that You should Right Any thing, We can just View Your Chart And Understand What in your Mind...

thank you sir...

Thank you for the nice words. I wish you much success!

Gregory McLeod · #**660** (**permalink**) 07-15-2009, 04:39 AM

Quote:

Originally Posted by nomis

i found a program "forex killer", it is a program that auto analysis the forex pair. but can it be trust? it is using the trend analysis.

Usually, these type of trend identification programs sell very well when markets are going through long and boring ranges. Placing a 200, 100, and 50 moving average is a low cost way of identifying trend. When these lines start to fan out and separate, then the trend is strong. If the lines are twisting and flat, then there is no trend to trade.