King of the Micro - Hot Trader Spotlight - Page 10

Terri Belkas · #**136** (**permalink**) 05-21-2009, 11:49 AM

One of the top 5 traders bought GBP/JPY the other day following its bounce from trendline support. The pair has been consolidating within an increasingly tight range. What are your thoughts?

Terri Belkas · #**137** (**permalink**) 05-22-2009, 10:48 AM

One of the top 5 traders has bought AUD/USD on multiple occasions since the start of the month. Today, the pair is running into resistance just below 0.7900, where there is historical congestion (September '08 lows, August '07 lows). Anyone think the AUD/USD rally has been exhausted?

Terri Belkas · #**138** (**permalink**) 05-27-2009, 10:26 AM

As we near the end of this month's King of the Micro contest, I figured I would point out a pretty daring trade: long EUR/USD. One of the top 5 traders bought EUR/USD early this morning upon a bounce from trendline support, but now we see that the pair is testing 1.3900 again. Any views on EUR/USD?

piyushppppp · #**139** (**permalink**) 05-27-2009, 11:43 AM

Quote:

Originally Posted by Terri Belkas

As we near the end of this month's King of the Micro contest, I figured I would point out a pretty daring trade: long EUR/USD. One of the top 5 traders bought EUR/USD early this morning upon a bounce from trendline support, but now we see that the pair is testing 1.3900 again. Any views on EUR/USD?

13850 is 61.8% fib on daily. if holds could move up to 14250 level.

Terri Belkas · #**140** (**permalink**) 05-28-2009, 10:53 AM

EURUSD has continued pulling back, establishing a series of lower highs and on the hourly charts, we see a short-term falling channel formation. Likewise, daily RSI has come down from overbought levels, but daily charts also showing a rising channel formation that has contained price for the entire month of May. Based on both the hourly and daily charts, it looks like 1.3800 is the proverbial 'line in the sand' for the EUR/USD outlook.

piyushppppp · #**141** (**permalink**) 05-29-2009, 07:48 AM

Quote:

Originally Posted by piyushppppp

13850 is 61.8% fib on daily. if holds could move up to 14250 level.

its at 127% fib on daily chart now at 14100, if breaks could possibly see 14250 which is 78% fib of the down move from december top till march low of this year.

If this level holds could be big drop coming.

piyushppppp · #**142** (**permalink**) 06-01-2009, 08:47 AM

Quote:

Originally Posted by piyushppppp

13850 is 61.8% fib on daily. if holds could move up to 14250 level.

Price has now reached 14250 level which is 78% fib on daily and 50% fib on weekly.
If holds here then huge drop will be on cards, if breaks then 14650-14700 level looks good.

Terri Belkas · #**143** (**permalink**) 06-02-2009, 11:30 AM

One of the top 5 traders has been buying GBP/USD as the pair has steadily climbed higher, typically doing so during periods of consolidations or breaks above resistance levels.

Now, we all know the old saying of "the trend is your friend," but I think it could be useful to share theories on trend trading. What do you use as a trigger to buy/sell? Do you trend trade, or do you prefer to wait in order to sell/buy the turn?

alvaro161 · #**144** (**permalink**) 06-02-2009, 12:15 PM

I usually feel more at ease trading with the large trend. However, the Gbp/Nzd may be a good buy against the larger trend as well as the Gbp/Aud

red · #**145** (**permalink**) 06-03-2009, 08:59 AM

I like to trend trade when price brakes over a 200 sma. Then sit back and hold on !

Red

imported_Bigpips · #**146** (**permalink**) 06-08-2009, 02:49 AM

Quote:

Originally Posted by red

I like to trend trade when price brakes over a 200 sma. Then sit back and hold on !

Red

Systematically buying breakout or selling breakdown, without any filter - assuming you can mathematically define what a breakout is in the first place - is a losing proposition in the long run.

The pros usually fade (bet on the opposite direction of) the (perceived) breakout...

Terri Belkas · #**147** (**permalink**) 06-09-2009, 11:40 AM

Since we're talking about trends, I figured I would talk about a trade that highlights the benefits of catching a turn. One of the top 5 King of the Micro contestants sold USD/CAD back in March and is still holding on.

imported_Bigpips · #**148** (**permalink**) 06-09-2009, 10:19 PM

Quote:

Originally Posted by Terri Belkas

Since we're talking about trends, I figured I would talk about a trade that highlights the benefits of catching a turn. One of the top 5 King of the Micro contestants sold USD/CAD back in March and is still holding on.

This disciplined trader caught THE mega move that everyone is hoping to capture once or twice a year.

Just 10 standard lots and that's nearly a quarter of a million profit right there on this short USD/CAD trade alone, in less than 2 months, with almost zero drawdown from the start!

And who says you cannot make some serious money in the forex market?

qsx · #**149** (**permalink**) 06-10-2009, 10:20 AM

Quote:

Originally Posted by imported_Bigpips

This disciplined trader caught THE mega move that everyone is hoping to capture once or twice a year.

Just 10 standard lots and that's nearly a quarter of a million profit right there on this short USD/CAD trade alone, in less than 2 months, with almost zero drawdown from the start!

And who says you cannot make some serious money in the forex market?

amazing trade indeed.. i had sold at the high, too, but got out after 400 pips, didnt see THAT coming.. alot of patience and forecasting skills - big up

i wonder if those guys read & post here?

Terri Belkas · #**150** (**permalink**) 06-10-2009, 10:43 AM

@ imported_Bigpips, qsx: Absolutely agreed. A trade like that takes serious patience, some skill, and a bit of luck as well. The "rules" of trading sound so simple (cut your losses short and let your profits run, etc etc), but when it comes down to your own money, it can be very difficult to cast your emotions aside.