[quote author=FOREXMARTS]From next week i will be posting possible daily strength of currency pairs for intra-day traders. And will be taking trades on those directions. The idea is that every currency pair has its day or days. So i believe knowing which pair to watch is as important as trading itself. This is not a trading system but a heads up on pairs to concentrate on. Been quiet for a while let's do this. Who is this for? Its for intr-day traders like me. Examples of what you will get are: EU= BUY ON
Copy that! Tango yankee.

FOREXMARTS: From next week i will be posting possible daily strength of currency pairs for intra-day traders. And will be taking trades on those directions. The idea is that every currency pair has its day or days. So i believe knowing which pair to watch is as important as trading itself. This is not a trading system but a heads up on pairs to concentrate on. Been quiet for a while let's do this. Who is this for? Its for intr-day traders like me. Examples of what you will get are: EU= BUY ONLY, UJ= BUY ONLY, NJ= BUY ONLY and so on. Only pairs with high probabilities will be posted. Where you will choose to take ur trades from depends on you. Hope it helps.

That will be most welcome.

EUR/AUD; 4th testing of resistance (pink line), we should see another plummeting of price or upside violation. I don't know how exactly to trade off the scenario as I'm just learning the ropes, but I think it less risk to ride 60 pips to that pink line. If Sunday evening does not open with a gap.

Meanwhile, we seem to be welcoming Forexmarts intra-day alerts, let nobody blame him hereafter for losses incured via any of his calls, you should know that alerts naturally come with caveats.

Those that trade gold should understand that it'$ actually XAUUSD. I have analyzed USD news on Monday. It's expected to be bullish. So I would expect gold to be bearish and would expect to place a sellstop at 1290 when market opens but a break of 1301 should invalidate this view.

For the past few days, many here have been using the ATR as an additional tool to help them make better trading decisions. Here's a little explanation on what ATR really is. I do hope that understanding ATR, how it is computed and what it measures etc will help traders develop a better way of using the indicator.

I posted this on some other forum a few minutes ago and just thought it wise to share the information with those on Nairaland.

Average True Range (ATR) simply measures the range (high-low) for each period and then averages them over a set number of periods. For instance, ATR (14periods) on daily time frame will measure
yesterday's (high-low on daily tf) + day before yesterday's (high-low on D1 tf) + . . . all the way to fourteen days back and then find the average of this number.
Let's take a simple but REAL setting to clarify this:
ATR (3) for EURJPY (daily tf)
=[(131.89-130.53) + (131.34-130.29)+(130.81-130.03)]/3
=(1.36+1.05+0.78)/3
=3.19/3
=1.06

This means EURJPY has an average true range of 106 pips for those three days. A trader using this information would be right if he starts looking for an opportunity to sell EURJPY after it does 106 pips on Friday but quite amazingly. price did only 87 pips on that day. The trader would have been expecting a probable short anywhere above 132.28

Also note that, the value of the ATR will keep varying because it uses the data from the most recent candles. Its reading will also vary depending on the number of periods used for the calculation (e.g ATR 10 periods (123 pips) will most like give a different reading when compared to ATR 75 periods (175 pips)) so I advise that you should never get caught up in waning to see an EXACT value for the ATR.

Hope this helps?

Enjoy your weekend.
Meshach

@oga Meshach, thanks for the insght. My question is can i use the ATR that comes with mt4 platform with its default setting or custom ATR? Which period would u recommend and on what timeframe?

Pls. The gurus, what lot size shud someone who's starting with $200 trade with?

.

From my observation, most heavy traders here are TREND traders(that is why they are successful), but they often cry when the market is RANGING. The last time i gave this advice am about to give now, it was ignored and "THEY" paid dearly for it. From fundamental point of view, week 22 to 26 July is a RANGE trading week(except Thursday) No breakout. My advice is this...Take as little pips as you can and reverse the market if it persist in that direction.THERE WILL BE NO CONVINCING BREAKOUT this week except on Thursday. NOTE; this advice will be invalidated by any NATURAL disaster such as EARTHQUAKE,ACCIDENT etc. Tell me thanks by Friday 26t July if this piece of advice helps you preserve your account.REMEMBER MARKET CONTINUES indefinitely.at least till December.2013.

achi_cares: Pls. The gurus, what lot size shud someone who's starting with $200 trade with?

start wt 0.01 where 1 pip = 10 cents. when u're profittable in a number of trades, switch to 0.02 .

Happy Sunday All......pls what do you guys think about this? DAILY TF + MM = HOLY GRAIL

Meanwhile,i'm shorting USDCAD any opinion?

kasonud: this is my major challenges in this business,(fundamental analysis)news,news,news...can any one here educate me with small small grammar abeg? mean why i am singing with Ej now,

increase in growth and more ingredient in the soup.those in my category should check babypips blog and look deep into forexfactory every morning before trading...with this you are at the greener part,..my gj and ej longs since on Friday are still on hence there are no much news..though will commence with market this morning,happy trade house.

endfx1:

Please bro watch your intended sell also..My chart tells me its heading up.the only probs i have now is the monthly resistance i have around 130.89 but as for the trend am north biased and this is Price Action also considering the bullish pin bars rejecting the 21ema layer.remember PA respects the higher TF like the daily

Trade responsibly..all the best

Remember this post?

MY TRADE PLAN FOR MONDAY

SINCE USD IS DEEMED STRONG
I EXPECT TO

SELL EURUSD
SELL GBPUSD
SELL NZDUSD
SELL AUDUSD
SELL GOLD

All is set for a long term ( daily chart) EURAUD buy

nice to steady again after a long offline week

Kirinwa: MY TRADE PLAN FOR MONDAY

SINCE USD IS DEEMED STRONG
I EXPECT TO

SELL EURUSD
SELL GBPUSD
SELL NZDUSD
SELL AUDUSD
SELL GOLD

WATCH THIS CAREFULLY,THANK ME LATER.

Forex is not a business of certainty but probability. We strive to attain the highest probability on trades with sound management. Will post my trend view for Monday once the market opens.

Kirinwa:

WATCH THIS CAREFULLY,THANK ME LATER.

bro i will say becareful of EU and GU toward your prediction on "south move" am not completely write off lit retrace on those pair but they are going north. bullish RUN written all over the pair good to buy on any pull back.
my i cent sha.

endfx1:

Remember this post?

Yes. i remember

I made a deal with God this sunday . i believe it will only get better. Good luck to everyone

My Analysis on Gold for this week.

From my fridays trade, i took a sell @1296 area with 50pips which is still valid and expect it to move lower
this new week.
Now straight to the analysis of the pair..
From the blue shaded area, you will see that gold has been in a range for quite for time...
If you have been conservant with the pair, you will notice that during this time of the year
there is always a range before gold start buying towards the end of this year...
But for now, i still expect the pair to continue movement down and once 1290 is broken,
i would definitely add another position to the pair and monitor the trade down back to 1266
area which is the end point of the range on gold...

the only thing that can invalidate this position is if we see a nice break above 1300 area which
is likely to suggest that the bearish movement of the pair is getting over...

Well that is it for now.

Well i can just say here is that now there is need to really monitor the movement because of the
monthly level at 1279 area..

catch ya all later..

NOTE: there was an earthquake this morning in australia, so those of you trading NZD should take note..

Silver: Sell at the line

Gartley pattern below


Frawzey

rozayx5: All is set for a long term ( daily chart) EURAUD buy

nice to steady again after a long offline week

...yo sir, and even EURNZD better. The last day is a pin bar rejecting 50 day EMA.

Theyjih: guess its gon be another round of $FXY (yen)smackdown/ Bashing thanks to Abenomics upper house victory! ... to a good week hunting!!

Just saw the 'Abecalpyse' on Bloomberg. Yen's smackdown is gonna be massive.


Frawzey

endfx1: Happy Sunday All......pls what do you guys think about this? DAILY TF + MM = HOLY GRAIL

Meanwhile,i'm shorting USDCAD any opinion?

looks ok from here on the 30 min and 1hr charts

hmmm GOld smashed the resistances so the bulls are still at it

rozayx5: hmmm GOld smashed the resistances so the bulls are still at it

yes... my stop was swallowed in dt move...
will wait for a clearer entry now

what usually happens after a breakout is that price should retest the resisitant now support..
that is wgat i will be looking at to base my next entry...

I woke up to see gold already broken the resistance so I placed my buystop at 1320 which hasnt been triggered yet.Apart from that am skeptical about placing other trades cos they go against my prediction.Daybreak will tell.

I woke up to see gold already broken the resistance so I placed my buystop at 1320 which hasnt been triggered yet.Apart from that am skeptical about placing other trades cos they go against my prediction.Daybreak will tell.