Day Trading Idea 10-11-2008

Posted in Forex Trading Tips

Mizuho’s technical analysis:
Market is sideways. Suggested strategy is to attempt long (buy) at 1.5700; stop below 1.5400. First target 1.6000. Points to watch: 3rd support (1.5535) and 3rd resistance (1.6200)

Danske’s technical analysis:
Market is in a downtrend. Suggested strategy is to attempt long (buy) if price breaks 1.6201 with first profit target at 1.7235. Place the stops at 1.5530 or change trade direction if price breaks it. Profit target for this sell (short) entry is 1.5400.

Ino MarketClub’s Trend analysis:
Strong Down Trend (score -100)

Points to watch from my pivot-calculation are the 3rd resistance (1.6207) and 1st support (1.5533)

At the time I wrote this, gbp/usd price was ranging around 1.5770. My plan is to place long order if price breaks 1.6200. Anticipate-stops will be at 1.6100. I will place short order if price breaks 1.5530. Anticipate stops will be at 1.5630.

Please note that this is just a trading idea, I do not execute trade solely based on this. I write this in purpose to show you (especially novice traders) about how I make use of the free technical analysis data for my intraday trading.

RSS Feed | Email Feed | Leave a Comment

November 10, 2008

Traders Who Read This Also Read

10 Comments

#

Mike Johnson
February 1st, 2009 at 9:46 pm

Just found your blog through Google, and I have to say I thoroughly enjoy it. I’ve subscribed and I can’t wait for your next post!
Reply to this comment
#

David Succaria
February 24th, 2009 at 9:27 am

While I whole heartedly agree and am myself in the TA camp, for what it’s worth, my experience has taught me the following lessons. You cannot follow a system unless you are it’s creator and have tested it extensively. When systems suffer their eventual adversity and drawdown period, and they all do, it will tests your metal and “stick to it ness” to no end. To stop trading in these tough times usually always means ending in failure. To be the developer, quant and creator on the other hand is the only way to get this strength. Get yourself a good porfolio level backtesting engine like Amibroker Pro
and a high quality historical dataset like from these guys http://www.forextickdata.com and begin your journey.

Best of luck with your trading endeavors.

Cheers – David
Reply to this comment
#

shemais
March 22nd, 2009 at 1:07 am

thank you more
Reply to this comment
#

Forex Guide
March 27th, 2009 at 10:14 am

Thanks for the great tips, i will use it on my next trading session.
Reply to this comment
#

forex
October 6th, 2009 at 7:25 pm

The USD is sliding, amazing
Reply to this comment
#

forex
October 6th, 2009 at 7:26 pm

thx again
Reply to this comment
#

jimmy
October 13th, 2009 at 8:19 pm

I agree with you. Keep up the good work.

Cheers

Jimmy
Reply to this comment
#

alexandria
October 17th, 2009 at 1:42 pm

found this site via google. Great.
Following your RSS right now.
Reply to this comment
#

OmniForex Signals Membership Review
November 2nd, 2009 at 7:42 pm

Hey, I came across your post from the search engines, am new to Fx trading and i can say this information is very helpful
thanks and God Bless
Reply to this comment
#

buddiez forex
December 28th, 2009 at 10:40 pm

thanks for tips.
Reply to this comment