DislikedHere's the weekly chart, similar in a way to usdjpy. The long term trend is down. The intermediate term trend is up. When it's reached the longer term trendline the upwards momentum hasn't been checked, it's showing signs of carrying on.
To trade it I'm going to wait for a significant breakthrough (got it), then a pullback to the top of the trendline. Depending on the price action I'll either take a long after good quality reversal price action at the top of the trendline or (more likely) wait for it to retest the line and then break the top of...Ignored
- #8,244
- Apr 22, 2010 1:37pm Apr 22, 2010 1:37pm
- | Commercial User | Joined May 2007 | 7,685 Posts
Anyone see why i am MAD at myself? IB Fakey off RN....with the trend...........i was not on my desk coz of my EMPLOYER.................
I have been watching this today. I know the PA is not there yet, but I think it should be of interest. The USDCAD had a convincing break of parity in the last few days. Now it has gone back to 1.0 and is currently forming a pretty solid pin bar - perhaps rejecting 1.0 from the bottom now instead of the top. I will be waiting for a break of the original breakout, but just wanted to point out the possibility:
. My daily bars close at 8pm here, so I will be taking a close look at the close this evening.Good luck.
- #8,253
- Apr 22, 2010 3:47pm Apr 22, 2010 3:47pm
- | Commercial User | Joined May 2007 | 7,685 Posts
D'oh! Also I've just noted the upwards trendline that can be drawn. It's not really strong but where the two meet would be a really nice place to see a reversal candle of some sort.
You have that power, right???? lol
- #8,254
- Apr 22, 2010 4:09pm Apr 22, 2010 4:09pm
Hey traders,
Sorry I goof around alot...I just can't help it...
Ok, I did mention a soybean setup that I was waiting for and I did enter the trade. I took the trade @ $9.55 on the November contract because I need lots of time for the trade to unfold. But I will show the May chart, which is the current chart for Mt4.
What I liked about the trade is that nice pennant and the kicker for me....was the tight little channel...I just knew the bean boys were up to something. It also gives me my support/stop area right under all that stuff.
Chris always talks about these formations and how to enter etc....they happen quite alot.
So keep your ears on the grain train...let me know what you hear.
And watch that EurGbp...it could be huge my friends.
Thats all I have...oh...those poor euro guys...got clobberd again today...I might start looking at real estate in euroland...it might get real cheap!!!
good hunting,
golferfx
Sorry I goof around alot...I just can't help it...
Ok, I did mention a soybean setup that I was waiting for and I did enter the trade. I took the trade @ $9.55 on the November contract because I need lots of time for the trade to unfold. But I will show the May chart, which is the current chart for Mt4.
What I liked about the trade is that nice pennant and the kicker for me....was the tight little channel...I just knew the bean boys were up to something. It also gives me my support/stop area right under all that stuff.
Chris always talks about these formations and how to enter etc....they happen quite alot.
So keep your ears on the grain train...let me know what you hear.
And watch that EurGbp...it could be huge my friends.
Thats all I have...oh...those poor euro guys...got clobberd again today...I might start looking at real estate in euroland...it might get real cheap!!!
good hunting,
golferfx
- #8,255
- Apr 22, 2010 4:50pm Apr 22, 2010 4:50pm
- | Joined Apr 2010 | Status: The Admirable Cretin | 404 Posts
Stop pissing about.....just tell us where the pair will be in a week.
I bought sgdjpy tonight though and I reckon that will be higher next week. It closed above resistance today and there's not much above it. Also, usdjpy is going up and usdsgd is going down which to me looks good for a sgdjpy long.
Position trader - Anything intraweek is just noise...
