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Trading in the Direction of the Daily Trend

Trading in the Direction of the Daily Trend

2011-01-26 21:37:00
Richard Krivo, Trading Instructor

Student's Comments:All is noted on chart, the daily USD/JPY in a downtrend. There are also some RSI opportunities. I know some would say there is some hindsight here but I would appreciate any comments on my "up and down trading"--in a downtrend, based on these patterns.

Trading_in_the_Direction_of_the_Daily_Trend_body_39812d1256255453-post-day-chart-10-22-09.png, Trading in the Direction of the Daily Trend

Course Instructor's Response:Good observations and a nice job on the candlestick recognition.As far as "up and down" trading in a downtrend goes, we would not recommend it. The higher probability of success will be in the direction of the Daily trend. While there are pips to be made in "counter trend" trading, those pips will come with more risk associated with them and, therefore, would not be the most prudent trades to make. Since you are using the MACD and the RSI indicators on the chart, we could optimize the use of those indicators by only taking signals from them that would indicate bearish momentum (momentum in the direction of the Daily Trend) is in place.Also, bear in mind that a doji represents indecision and a potential change in direction is not an absolute.

If you are a live account holder with FXCM, you can learn more about both the RSI indicator and Candlesticks by clicking on the link below…

Supply the login details for you live account when prompted and then click on Trading Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.