Thread: Trend of the Day

Oho, I probably jumped the gun here, got in at .87464, have a 51 pip stop at .87976 with a limit at .86584. 1:2. your thoughts however puts the retrace just above my stop and she has already started to turn. Humm, when will i learn?

Originally Posted by Gregory McLeod

If we can get a retest back to the .8788 to .8800 area we can get a better risk to reward. I would see a target of the .8613 area but with a 97 pip stop located above the 8838 highs it only gives us a 1.33:1 risk to reward.

Originally Posted by Kimaki

Oho, I probably jumped the gun here, got in at .87464, have a 51 pip stop at .87976 with a limit at .86584. 1:2. your thoughts however puts the retrace just above my stop and she has already started to turn. Humm, when will i learn?

Hopefully, she'll turn and drop before your stop. Good luck!

Originally Posted by Lee Saunders

Yes, it looks like there could be a track-back to the short-term support line.
On daily; 10,20.50 MVA all below 200 MVA. However, the opposite is true on 2hr.
Also .382 fib has been tested before, which comes close to long-term resistance.

Could we see some short-term bulls sniffing the fib line or long-term resistance?

If the Bank of England doesn't increase interest rates, will that strengthen the Euro?
EUR @ 1% GBP @ .5%

Regards,

Lee.

I wish I had the short on that .382 fib line @ .88211.

I'm watching EUR/USD for retracement. I realise it's a counter trend move, but there may not need to be any high risk involved.

RSI, stochastic, and MACD are all showing divergence to the 2-hour chart data.

Originally Posted by Gregory McLeod

It may or may not if a cut from the BOE is expected but the BOE does nothing that would be the same as a rate increase. If the Eurozone is perceived as being "behind the curve" and will need to cut, then the rate differential could be tilted in favor of GBP.

Thanks for your reply Greg

Originally Posted by Lee Saunders

I wish I had the short on that .382 fib line @ .88211.

I'm watching EUR/USD for retracement. I realise it's a counter trend move, but there may not need to be any high risk involved.

RSI, stochastic, and MACD are all showing divergence to the 2-hour chart data.

Further thought, going against my rules could turn to bite me. Is there more safety with it being in a range channel?

Regards,

Lee.

Good morning sir, hope you are fine today. After asking a question that prompted the above answer. The horse bolted and I was not looking. USD/JPY moved some 127 pips between 10am yesterday and 2am this morning and has settled within the zone 91.280 to 90.000 that you suggested. what do you think is the next move here 127 pips already gone.

Originally Posted by Gregory McLeod

Lol. If the body of the daily candle fails to close below the 91.94 support line, which it did, then this is a false breakout.

GBP/USD gets lift from the Bank of England

GBP/USD uptrend continues as the 1.68000 handle is in sight. Yesterday, the Bank of England left rates unchanged which traders believed was better than a cut as it points to a strengthening economy. The US dollar is being used as a funding currency for a new carry trade and the Pound is the beneficiary.

Hey Greg,
Would you consider it a valid triangle pattern on a 30min Chart with the AUD/CAD? It's now @ .9307. Any potential breakout soon to the upside I hope. Daily Trend is strong Up.
Thx

Originally Posted by Elle

Hey Greg,
Would you consider it a valid triangle pattern on a 30min Chart with the AUD/CAD? It's now @ .9307. Any potential breakout soon to the upside I hope. Daily Trend is strong Up.
Thx

Hi Elle! I don't spend too much time on the 30 minute but it should get up to the 9338 level. It could get down to the 9288 where a 61.8% Fib is or he 9275 which is a 100% retrace of the impulse move. The daily trend is up though.

Originally Posted by Kimaki

Good morning sir, hope you are fine today. After asking a question that prompted the above answer. The horse bolted and I was not looking. USD/JPY moved some 127 pips between 10am yesterday and 2am this morning and has settled within the zone 91.280 to 90.000 that you suggested. what do you think is the next move here 127 pips already gone.

USD/JPY moves so erratically. If you see my very first post on this forum, I had it wrong then and my track record with that one seems to remain unbroken. Take a look at those wicks. I would suspect a retrace slightly higher before moving lower

Hay Greg, are we looking for a pullback on the GBP/USD while using a lower time frame as usual.

Originally Posted by Gregory McLeod

GBP/USD gets lift from the Bank of England

GBP/USD uptrend continues as the 1.68000 handle is in sight. Yesterday, the Bank of England left rates unchanged which traders believed was better than a cut as it points to a strengthening economy. The US dollar is being used as a funding currency for a new carry trade and the Pound is the beneficiary.

Many thanks.

Originally Posted by Gregory McLeod

USD/JPY moves so erratically. If you see my very first post on this forum, I had it wrong then and my track record with that one seems to remain unbroken. Take a look at those wicks. I would suspect a retrace slightly higher before moving lower

Originally Posted by Lee Saunders

Further thought, going against my rules could turn to bite me. Is there more safety with it being in a range channel?

Regards,

Lee.

See Lee, you have the correct answers to your questions. It is deceptively easy to forget the daily trend direction.

Originally Posted by Kimaki

Hay Greg, are we looking for a pullback on the GBP/USD while using a lower time frame as usual.

This baby may not give us much of a pull back. I would look to buy a 2 pip break above the 1.6741 high with a stop just below the 4 hour swing low 1.6656.

!Thanks a lot Greg!
Have a great weekend.

Originally Posted by Gregory McLeod

Hi Elle! I don't spend too much time on the 30 minute but it should get up to the 9338 level. It could get down to the 9288 where a 61.8% Fib is or he 9275 which is a 100% retrace of the impulse move. The daily trend is up though.