WOW Greg, that is a great video, especially the first introduction with the checklist. Im sure that will be an excellent tool for all newbies and I really encourage all to watch the video and absorb it all in. Great work and keep it up.

On the charts I agree with Lissy mine was showing the same as Lissy.

I have got in @1.25600 with a stop at 1.2462, i will move my stop to BE and close half once I am 96pips in profit to eliminate risk...
Regards and GL to all
M$M

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Hey Greg Clearer on all counts great, thanks.

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Kimaki [Robert]

Good work Greg, nice video. Was just about to type there is support at a 38 Fib but then you beat me to it by mentioning it at the end!. The proposed entry on the EUR/USD looks to have changed again (in my opinion), the likely bounce off the 38 level now due at 1.4887, perhaps a buy order at the round number 1.49 might see good support depending on what the usual indicators are showing.

Also, keep an eye on GPB/CAD. We are just about to reach the 38 level on the daily chart around the 1.7260 zone, might see a bounce here too. We could see a retest of the 1.78 level or so, looks a decent shout from a money management point of view. The trend has been up for a month but only really a retracement of a long term downtrend, so there are strong arguments against it, but i'd be surprised if we don't see some sort of bounce at the 38 as it was a strong rise.

Thanks, Missing. You resurrected the Fibonacci trader in me! In fact, there was a little pop in that GBP/CAD when it touched the 38.2% Fibo. If we could get that pair above the 200 SMA. I would be more confident in the trade long. But playing these short term bounces from the 38.2% can be good for 20-30 pips in a hurry.

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Gregory McLeod moderates the Trend of the Day thread as well as the Short Term Strategies Using Market Depth.

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Thanks, King you made her day very special!

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Gregory McLeod moderates the Trend of the Day thread as well as the Short Term Strategies Using Market Depth.

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Thanks M$M! I am glad you enjoyed it. Repeating the check list in the beginning is also a way to keep me conscious of the reasons for getting into a trade. I hope it is not too redundant for everyone. Your entry was identical to mine! lol

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Gregory McLeod moderates the Trend of the Day thread as well as the Short Term Strategies Using Market Depth.

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The Euro continues to battle out at the 1.5000 handle. It makes it over for a few hours and then drops below and then tries again. It is hard to keep a strong currency down. With that in mine, The Euros third attempt is rebuffed again forming a familiar Head and Shoulders formation. This is a bearish chart pattern that we wouldn't necessarily use to get short, but rather to wait in anticipation down to the 1.4888 level. This represents the 38.2% Fibonnacci support level established by connecting the 1.4626 November 3rd low and the the recent 1.5047 November 11th high. This was a significant resistance zone earlier this month. Remember old resistance becomes new support in an uptrend. SSI is favoring Euro longs as retail traders are betting that the 1.5000 rejection is more or less permanent. The 61.8% Fib level is also near the 200 SMA on a 4-hour chart at 1.4788. If we get the bounce we are looking for at that 1.4888 or 1.4788 level look for 1.5309 as a first target. However a break below 1.4626 would invalidate this trade.

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Gregory McLeod moderates the Trend of the Day thread as well as the Short Term Strategies Using Market Depth.

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Gregory McLeod moderates the Trend of the Day thread as well as the Short Term Strategies Using Market Depth.

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Hey Greg
I want to place my first vote for which chart you should use. I vote for this current charting package you are using : )

Greg, if you are in a strong uptrend trade and you are in plus pips and now it is doing a short term retracement, would you collect your plus pips and enter back after the retracement finished? Or would you stay in the trade until the retracement finished?

For example the Eur/USD pair.

Thanks

lissyking

Good morning Greg, looks like I got in just in time with GbpCad so heads up to Missing also. Where the charts are concerned, clarity is most important to us the viewer. and I guess by changing the chart view options, back Grnd colour, etc. you can get any of them to look good. The Intellicharts package that you are using now is fine like that.

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Kimaki [Robert]

Greg, I would like your opinion on something. It's a leverage question. Ok all things being equal, lets say you are working with a small amount of capital, you understand that you don't put more than 5% of your capital at risk which is approx $400. You want to enter a trade with a well placed stop at 50 pips, do you then open the position with 2 mini lots (20) making risk 2.5% and then look for another trade to enter with another 2 mini lots? Or, do open the position with the full 4 mini lots (40) and see how that goes? Remember now, that all things being equal, you have assessed the trade and are seeing all the signals you need to get in.
What is best in terms of leverage, especially since correlation can work for or against you? Also, diversifying is fine but may be better served when you have a larger capital. I look forward to your answer.
I think others may also appreciate this question.

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Kimaki [Robert]

Hey guys, GBP/CAD trade now 140 pips to the good. Will move stop to breakeven now and see how it goes.
EUR/USD trade now up and running too. I have bought at 1.49, down a bit for now but we'll give it time. I will definately buy at the 61.8 level with this pair regardless.

Nice clear charts. I don't know which you were using before. The current charts are fine. I am in yesterdays trade and in the money as well.


The GBP/CAD trade looks promising. I must say, I trade too often short term. I like having more stable trades with healthier Limit targets rather than Volatile small time frame trades. It is much harder and nerve racking at times. The trade from yesterday and the GBP/CAD look extremely promising, compared to my usual trades...

This a very important part of this forum i have been missing. I'm glad to have scoped it out. Keep up the good work fellas!!!!

Missing, I got in a little later @ 1.73811 and she has been very volatile + & - 30-40 pips back and forth kind of scary, in a neg position now but I don't know what's up with her. ???

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Kimaki [Robert]

Good afternoon gentlemen,
I got in a little late on this too Kimaki 1.7377, theres a prefect doji on the 4H followed by a large bullish candle. Be patient i think it should play out well, stochs have crossed up too and just about over the 20 mark.

Uber this is a great part of the forum you will learn alot and its not as "busy" as some of the other parts.
EUR/USD is not behaving today....there still seems to be room for dropping looking at the 4H chart..il try to keep an eye on it.
AUD NZD is in profit but it seems to be pulling back at the moment, stop is still at 1.2462.

Kimaki going back to your risk management I think its personal preference. If you're willing to risk 5% whether you risk it on two trades or one doesnt make a difference. If you have one position open and its in the profit and you're risking 5%, perhaps move stop to BE so there is no rick element and then open a new position risking the 5%. I personally try not to risk more that 3% and will open 2 (i have on occasions opened 3)...but will then try to move stop to BE eliminitaing all rsk at least on one of the positions...
Hope it makes sense mate.
Regards & GL to all
M$M

__________________
Remember to stick to your trading rules.
Break the rules and the rules will eventually break you!!!