Thread: Trend Line Trading

Daily MACD Divergence Indicates Further Losses in Oil Down to Possibly 102.00

Originally Posted by Gregory McLeod

Daily MACD Divergence Indicates Further Losses in Oil Down to Possibly 102.00

That's an interesting oil chart there, I need to start watching oil since it has an affect on the U.S. dollar, any recommendations for good and free oil charts??

metatrader has oil charts

Originally Posted by tradingmaestro

That's an interesting oil chart there, I need to start watching oil since it has an affect on the U.S. dollar, any recommendations for good and free oil charts??

You can use free java-based charts from Forex Charts | Currency Charts - free or you could register for an FXCM CFD demo and then use the MarketScope oil charts.

Originally Posted by Gregory McLeod

You can use free java-based charts from Forex Charts | Currency Charts - free or you could register for an FXCM CFD demo and then use the MarketScope oil charts.

Thanks a lot, I will definitely check that out. I want to start following oil more closely. Do you feel trend-lines work well in the oil market?

Originally Posted by Gregory McLeod

Long EUR/JPY Appears to be a Good Carry Trade if it can Remain Above 116.49

EURJPY Pushing Higher: Next Stop 127.58

Hello tradingmaestro. I believe that trend lines work especially well in oil since we are in a raging bull market (up trend) driven by geopolitical unrest.

Originally Posted by Gregory McLeod

The GBP/JPY Upmove May Resume After Testing the 38.2% Fibo

GBP/JPY Up Move Continuation: 145.14 Next Stop

Rollover Earned is Triple on Wednesdays but 76 cents a day is good additional profit to collect while USDTRY Trends Lower

Aussie Could Get Boost Toward 1.0900 if CPI is Higher than Expected- Higher consumer price inflation would prompt the Reserve Bank of Australia (RBA) to move into action to hike rates.

Originally Posted by Gregory McLeod

EURJPY Pushing Higher: Next Stop 127.58

I'm actually long the EURJPY right now, so I like to hear this, but 127.58 is a pretty far away target, how did you get that level if you don't mind me asking??

Originally Posted by thegreengoblin

I'm actually long the EURJPY right now, so I like to hear this, but 127.58 is a pretty far away target, how did you get that level if you don't mind me asking??

Hello greengoblin. I looked at the old April 8th high as the first level of resistance after a major break out from a triangle to 127. My longer term target is th 136.49 and beyond. There are fundamental reasons that should keep the Yen weak for years including an earthquake, aging population, and huge debt to GDP larger than the U.S. Remember, before the Global Financial Crisis, EUR/JPY traded at 170.00 and even a 38% retracement form the highs of 170.00 to the lows of 105.41 takes EUR/JPY to at least 130.00.

EUR/JPY will probably not hit these targets tomorrow. There is usually some choppy price action in the early stages of the move.

On the other hand, nothing is for sure and a break below the August 2010 low of 105.41 would mean the global economy or at least the Japanese economy is under siege once again.

EUR/USD 4-Hour Chart: Thin Holiday Trading Could See a Quick Push to 1.5000

Hi!
I've started to learn forex trading and i have some Qs regarding the EUR/USD 1 minute chart.
The price has been going sideways for days no, when there happened a big fall the whole day.
I have drawn a few lines please take a look at them.



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1. There is a small resistance line at 1.45200. When the price broke out of it, i would have went long.
2. There is also a support line here at 1.45130. If the price broke down of it i would have wen long.
3. There is a smaller resistance line at 1.45300. I would have went long when the price broke out.
4. There is a stronger resistance line at 1.45380. I would go long if the price broke out of it.

What do you think of this? Is there any point in going long considering the price was falling the whole day?
Where should i place the stop lines?

Thanks,
Balint

Trend lines do not have to be vertical or horizontal

Try connecting tops to tops and bottoms to bottoms

there is no minimum or maximum length to a trend line

Trend lines can indicate trend change. eg up sloping line is crossed by the price bar

experiment with a gazillion lines on different charts until you discover the lines that work for you.

I have some pdf's re trend lines that i want to upload but the site does not accept them, perhaps Greg will fix.

Enjoy the lines, they will tell you a lot once you get the hang of it