Trend of the Day - Page 93 - DailyFX Forex Forum

Kimaki · #**1381** (**permalink**) 10-15-2009, 12:53 PM

I don't understand "1.0164 X (66)" or "1.6241 X (47)"

Quote:

Originally Posted by Gregory McLeod

USD/CHF has broken below the 1.0178 low as it is currently trading at 1.0164 X 66 so the entry is valid as SSI confirms this as well.

EUR/AUD has broken below the 1.6250 low as we are currently trading at 1.6241 X 47 so that entry short is valid as well.

lissyking · #**1382** (**permalink**) 10-15-2009, 04:43 PM

Quote:

Originally Posted by Gregory McLeod

The 2-pip breakout above the daily high seems to work well with the AUD/JPY. 90.24 is the September 2008 high.

Hey Greg,
What will the stop be?

Gregory McLeod · #**1383** (**permalink**) 10-15-2009, 10:37 PM

Quote:

Originally Posted by Kimaki

I don't understand "1.0164 X (66)" or "1.6241 X (47)"

That was the sell price (1.0164) and the buy price (1.0166) for the USD/CHF
that was displayed on my platform at the time of the writing.

supa · #**1384** (**permalink**) 10-15-2009, 10:51 PM

Hi Greg,

Pls your comment on

1. IDEAL exit zone.
2. What criteria/factors/indicators will determine that exit zone?

While under the assumption of a strategy of staying with a trend until it end.
D1 and H1 chart attached.

tnks

supa

supa · #**1385** (**permalink**) 10-15-2009, 11:12 PM

Hi Greg / long term & experienced traders

Pls Analysis + comment on ideal entry zone?

chart attached.

tnks

supa

Million$Man · #**1386** (**permalink**) 10-16-2009, 04:42 AM

Good morning all.
Got my fingers burnt with $/JPY

Was wondering what you guys think of cable at the moment...
It looks to test the TL on the daily chart, poissibly a potential short set up?
Comments welcome.
I am still short on USD/CHF, was getting a little worried this morning when there was no follow thro' and a doji on the daily chart from yesterday....however 2H charts seems to be putting in a doji so I'm hoping for it to drop a little.
M$M

CB. · #**1387** (**permalink**) 10-16-2009, 08:48 AM

Quote:

Originally Posted by Gregory McLeod

The GBP/USD daily chart has made lower swing highs and lower swing lows indicating a down trend channel in yellow. The 61.8% retracement of this most recent down move is at 1.6536 near the yellow down trend line. I would look to short this pair in the 1.6762 to 1.6536 range. Since the current price action is moving against the daily trend, I would stand aside until the counter trend runs out of steam. Using Stochastics can help us pinpoint this sell zone.

I am comfortable with your advice Gregory, it is always very clear and well presented, they could use you over on the GBP/USD thread because they are all trying to short at 1.62 thinking the no longer valid head and shoulders is still valid. I see that you set your SSD at 14,3,3 is this specific to this pair or is it a default that you prefer? Thanks,CB.

Gregory McLeod · #**1388** (**permalink**) 10-19-2009, 07:37 AM

SSI says that the Loonie Should Head Lower

USD/CAD rebound provides an ideal shorting opportunity down to the 1.0117 area. Retail traders are trying to pick a bottom by a ratio of 2.34 to 1.

Kimaki · #**1389** (**permalink**) 10-19-2009, 07:55 AM

Good morning Greg. Hope you enjoyed your weekend. UsdCad, the SSI ratio of 2.34 to 1 on Friday will still hold true? I haven't seen a report for this morning yet. Also what should we look for in the way of entry, presently she looks to be at a resistance point around 1.03714.

Quote:

Originally Posted by Gregory McLeod

SSI says that the Loonie Should Head Lower

USD/CAD rebound provides an ideal shorting opportunity down to the 1.0117 area. Retail traders are trying to pick a bottom by a ratio of 2.34 to 1.

Gregory McLeod · #**1390** (**permalink**) 10-19-2009, 09:12 AM

Quote:

Originally Posted by supa

Hi Greg,

Pls your comment on

1. IDEAL exit zone.
2. What criteria/factors/indicators will determine that exit zone?

While under the assumption of a strategy of staying with a trend until it end.
D1 and H1 chart attached.

tnks

supa

I use a 1:2 Risk/Reward ratio to exit a trade. This would mean that my limit is double the number of pips of my stop. Another method I use is to look at the next level of major resistance such as an old high. Notice in the example that price moves up and pauses at the next level of resistance before moving higher. Manually trailing a stop below the last swing low is one way of locking in profits. Trading multiple lots and closing a portion at each level while bringing stops to break even is another method:

Kimaki · #**1391** (**permalink**) 10-19-2009, 09:47 AM

Greg, a question I have been meaning to ask. I know moving your stop to break even when price has moved halfway to your limit is a good way to go, however, do you ever find it necessary to move your stop to lets say, the last swing low or swing high before price reaches the halfway 1:1 mark? When a pair may be lingering for a few days while in a tight range?

Quote:

Originally Posted by Gregory McLeod

I use a 1:2 Risk/Reward ratio to exit a trade. This would mean that my limit is double the number of pips of my stop. Another method I use is to look at the next level of major resistance such as an old high. Notice in the example that price moves up and pauses at the next level of resistance before moving higher. Manually trailing a stop below the last swing low is one way of locking in profits. Trading multiple lots and closing a portion at each level while bringing stops to break even is another method:

Gregory McLeod · #**1392** (**permalink**) 10-19-2009, 09:53 AM

Quote:

Originally Posted by Kimaki

Good morning Greg. Hope you enjoyed your weekend. UsdCad, the SSI ratio of 2.34 to 1 on Friday will still hold true? I haven't seen a report for this morning yet. Also what should we look for in the way of entry, presently she looks to be at a resistance point around 1.03714.

That area of resistance was what I was looking at as we are at the 10340 area now. The 10437 area was a strong area of resistance. We would want our stop on the other side of those sellers.

Gregory McLeod · #**1393** (**permalink**) 10-19-2009, 09:55 AM

Quote:

Originally Posted by Kimaki

Greg, a question I have been meaning to ask. I know moving your stop to break even when price has moved halfway to your limit is a good way to go, however, do you ever find it necessary to move your stop to lets say, the last swing low or swing high before price reaches the halfway 1:1 mark? When a pair may be lingering for a few days while in a tight range?

I try and wait for a swing point to move my stop as it tells me where new buyers or new sellers are located first especially in a markets that are volatile.

Gregory McLeod · #**1394** (**permalink**) 10-19-2009, 10:16 AM

Quote:

Originally Posted by CB.

I am comfortable with your advice Gregory, it is always very clear and well presented, they could use you over on the GBP/USD thread because they are all trying to short at 1.62 thinking the no longer valid head and shoulders is still valid. I see that you set your SSD at 14,3,3 is this specific to this pair or is it a default that you prefer? Thanks,CB.

Hello CB. I am glad my material is beneficial. The GBP/USD could run a little bit before a longer drop. I would just draw a trend line on a 4-hour or 2hour chart and when price closes below that line, we would know that this counter-trend rally has exhausted itself. SSI has flipped the other way so I would be careful about shorting this pair too soon. However, I would take the word "Long" out of my vocabulary when I am speaking about GBP/USD. I heard that the futures traders in Chicago use 14,3,3 and I never changed. I believe I read it in Alexander Elder's book "Trading for a Living"

Kimaki · #**1395** (**permalink**) 10-19-2009, 10:26 AM

And you would do this if it occurs below your entry or below the halfway mark?

Quote:

Originally Posted by Gregory McLeod

I try and wait for a swing point to move my stop as it tells me where new buyers or new sellers are located first especially in a markets that are volatile.