Trend of the Day - Page 56 - DailyFX Forex Forum

Gregory McLeod · #**826** (**permalink**) 07-30-2009, 09:58 AM

Quote:

Originally Posted by Kimaki

Hi Greg How goes it? There is a concept here that I am clearly not getting. Aud/Jpy, when I move down to a 2 hour chart for a entry point, I see that its seriously overbought. Now I understand that pairs can stay in the overbought position for a long time while pushing to higher highs but I am not sure what tells us to enter here and not when the Stochastic or even the MACD provided signals. Also, the price is near resistance. What has happened to me is, we get a little 50pip or so move then the retrace comes that may be 120, 150pips sometimes more, in a day or two, stops you out or spends another week trying to get to where you entered. I have a lot of losses this way, If I was able to have a wider stop, say 200 - 250pips OK, but then I would be expecting 400-500pip gain and most times I keep waiting for that Illusive 1:2 risk reward yet I don't see it get to halfway. Sorry for the long post, God knows I am not questioning, just trying to understand what "I" am doing wrong.

P.S The chart below is H2, is one of my problems that it would be better for me to look at a H4 chart?

Ideally, pullbacks on 4-hour and 2-hour chart against the trend is where we should get in. When everyone wanted to sell GBP/USD, GBP/JPY and the other Yen pairs (sans USD/JPY) this is when longs should have been entered. It takes courage to buy the dips and take profits during the rallies. That 77.50 area was the sweet spot for entry as the train has left the station. Using stochastics on a lower time frame chart and waiting for an oversold reading to move up above the 20 reference line is one way to get in earlier on these moves.

Kimaki · #**827** (**permalink**) 07-30-2009, 10:29 AM

Sorry Greg, I don't know if you got what I was asking.

hang in there with me, eureka will hit me in the head on day.

Quote:

Originally Posted by Gregory McLeod

Ideally, pullbacks on 4-hour and 2-hour chart against the trend is where we should get in. When everyone wanted to sell GBP/USD, GBP/JPY and the other Yen pairs (sans USD/JPY) this is when longs should have been entered. It takes courage to buy the dips and take profits during the rallies. That 77.50 area was the sweet spot for entry as the train has left the station. Using stochastics on a lower time frame chart and waiting for an oversold reading to move up above the 20 reference line is one way to get in earlier on these moves.

Gregory McLeod · #**828** (**permalink**) 07-31-2009, 05:31 AM

Dollar Yen Counter-trend Rally Still Has Legs

Though the Daily trend is down, USD/JPY continues to march against the trend toward its resistance down trend line. The 97.00 area should act as resistance to turn this pair back around. Wait for either a break of the white trend line and or a bearish candlestick reversal formation at resistance before shorting this one. Look for a 1:2 risk reward.

VINCY BALBOA · #**829** (**permalink**) 08-01-2009, 10:35 PM

Quote:

Originally Posted by Gregory McLeod

Dollar Yen Counter-trend Rally Still Has Legs

Though the Daily trend is down, USD/JPY continues to march against the trend toward its resistance down trend line. The 97.00 area should act as resistance to turn this pair back around. Wait for either a break of the white trend line and or a bearish candlestick reversal formation at resistance before shorting this one. Look for a 1:2 risk reward.

Hi Greg,, Nice to meet U ,, I am Vincy BALBOA~~

First I would like to say that U are Doing very Tremendous Job, To Just Giving Newbie's Very good Information and Guiding Them,,, that is very Good...Hands Off!!!

Okay I would Like 2 ask to u Why U are Right?.As U mentions about Your Chart of Usd/jpy that usd/jpy Follow the Trend.. yes u Can be corret Usd/jpy follows the previous Trend And’ll touch 97.00. But Greg With Doe Respect, I little Disagree with your Opinion, May be I will Gonna wrong.. because that is Forex.....But Greg Any Currency Pair shouldn't Follows the Same Previous Trend …It Just Make a New Tred... And If U see the Dollor are very Bullish about the Asian market, Like Just You can View some Other Currency Just Have a Look about the USD/HK.. But I have looked Ur chart,, Just mentioning My Thoughts Of Your Own chart.. I would Like to See some Bullish and it'll Follow New trend IN Daily Chart, And May be It Reach at The Top of 97.4. because The MACD just Want some Break Out Now MACD is Caculating the March to Augts.. Um Or If U are Right So I will Just Still Think It Will Rise At The Top of 98.4,, why Because Of the Next Trend Can be Inverted Head And Shoulder Of Usd/jpy .

so Here is Your Chart..

Gregory McLeod · #**830** (**permalink**) 08-03-2009, 06:43 AM

CAD/JPY Breakout?

CAD/JPY has surged nearly 100 pips from its July lows to break back above a failed trend line. CAD/JPY is knocking at the door of its old June highs in the 89.31 area. Resistance does not come in view until the 91.00 area. Drop down to a 4 hour chart to find entries in the direction of this uptrend.

Kimaki · #**831** (**permalink**) 08-03-2009, 09:18 AM

Good morning Greg, I had a great camping weekend, cant stop thinking about it. Cad/Jpy, got in at 88.995, placed stop at 87.390, and hoping to reach 92.038 1:2 ratio, she seems to be on the move already, hope she treats us nice.

Quote:

Originally Posted by Gregory McLeod

CAD/JPY Breakout?

CAD/JPY has surged nearly 100 pips from its July lows to break back above a failed trend line. CAD/JPY is knocking at the door of its old June highs in the 89.31 area. Resistance does not come in view until the 91.00 area. Drop down to a 4 hour chart to find entries in the direction of this uptrend.

Xiao · #**832** (**permalink**) 08-03-2009, 10:51 PM

Quote:

Originally Posted by Gregory McLeod

Ideally, pullbacks on 4-hour and 2-hour chart against the trend is where we should get in. When everyone wanted to sell GBP/USD, GBP/JPY and the other Yen pairs (sans USD/JPY) this is when longs should have been entered. It takes courage to buy the dips and take profits during the rallies. That 77.50 area was the sweet spot for entry as the train has left the station. Using stochastics on a lower time frame chart and waiting for an oversold reading to move up above the 20 reference line is one way to get in earlier on these moves.

hello Sir I think Gbp/jpy is just Touching the 162.2 level I dont know where he want to Reach?

Gregory McLeod · #**833** (**permalink**) 08-04-2009, 07:30 AM

No Yearning for the Yen

GBP/JPY continues to march higher look for the 165.03 area to come into play once the 162.57 resistance high of June is broken. Daily oscillators are overbought but they can remain that way while a currency pair continues to move higher. As always, look to a lower time frame, like the 4-hour, to find better risk to reward entries.

Xiao · #**834** (**permalink**) 08-04-2009, 07:39 AM

Quote:

Originally Posted by Gregory McLeod

No Yearning for the Yen

GBP/JPY continues to march higher look for the 165.03 area to come into play once the 162.57 resistance high of June is broken. Daily oscillators are overbought but they can remain that way while a currency pair continues to move higher. As always, look to a lower time frame, like the 4-hour, to find better risk to reward entries.

Okay Sir If that Hight Above 162.57 so Then It will Play the RANGE!!!

and Second Sir I am very much Confused about Time Frame If I am Doing Scalping So Which Time Frame is good And If I am Doing long Trade so Which!!!

and you are saying Sir See 4 hour Chart To Conform Your Deal ?

thxxxxxxxxxxxxx

Gregory McLeod · #**835** (**permalink**) 08-04-2009, 07:49 AM

Quote:

Originally Posted by Xiao

Okay Sir If that Hight Above 162.57 so Then It will Play the RANGE!!!

and Second Sir I am very much Confused about Time Frame If I am Doing Scalping So Which Time Frame is good And If I am Doing long Trade so Which!!!

and you are saying Sir See 4 hour Chart To Conform Your Deal ?

thxxxxxxxxxxxxx

Hey Xiao, this forum is dedicated to trading medium and long term trends. If you want short-term trading ideas and setup discussion, then you would need to go to the SCALPING FORUM

Krismitt · #**836** (**permalink**) 08-04-2009, 10:10 AM

Quote:

Originally Posted by Gregory McLeod

No Yearning for the Yen

GBP/JPY continues to march higher look for the 165.03 area to come into play once the 162.57 resistance high of June is broken. Daily oscillators are overbought but they can remain that way while a currency pair continues to move higher. As always, look to a lower time frame, like the 4-hour, to find better risk to reward entries.

Do you have an anslysis of USDJPY Gergory?

Regards.

Gregory McLeod · #**837** (**permalink**) 08-04-2009, 10:22 AM

Quote:

Originally Posted by Gregory McLeod

Dollar Yen Counter-trend Rally Still Has Legs

Though the Daily trend is down, USD/JPY continues to march against the trend toward its resistance down trend line. The 97.00 area should act as resistance to turn this pair back around. Wait for either a break of the white trend line and or a bearish candlestick reversal formation at resistance before shorting this one. Look for a 1:2 risk reward.

The Counter trend rally continues. I would like to see a close above 98.50 to consider the trend changed.

Kimaki · #**838** (**permalink**) 08-04-2009, 10:35 AM

Good Day Greg, Should we be looking for a full body candle to close above the 162.57 on the 4 Hr. before going long on the GBP/JPY?

Quote:

Originally Posted by Gregory McLeod

No Yearning for the Yen

GBP/JPY continues to march higher look for the 165.03 area to come into play once the 162.57 resistance high of June is broken. Daily oscillators are overbought but they can remain that way while a currency pair continues to move higher. As always, look to a lower time frame, like the 4-hour, to find better risk to reward entries.

Kimaki · #**839** (**permalink**) 08-04-2009, 10:43 AM

Me again Greg, I got about 200pips of of AUD/USD. Thanks. She retraced a little and looks to be turning again. Do you think she has the legs to get to 0.85180?

gordy · #**840** (**permalink**) 08-04-2009, 11:53 AM

Hi Greg, am a beginner and am currently holding a few positions on the Cable at 1.65 and given that today its at 1.694 needed your help in understanding the trend and data and opinion on either closing now or waiting for the cable to drop and then close. Unfortunately i have had quite a few positions around the 1.65 and 1.66 which i did close to maintain margins but am pretty close now at about 4.0
Thanks for your advice