Technical Analysis and a few charts to ponder

I also like to trade breaks and momentum plays intra day. Here was my really nice play this a.m. on the USD/CHF.

The price action is what gave this set up away. The market really showed its hand so when the technical trigger was broken, confidence in the trade was high. And, as you can see this one is still going. with the price at 1.2617 as I type this.

My technical Analysis for GBP/USD daily.


QS.

anotherone...

Hello Quicksilver,

Are you trading off of these lines or just experimenting with the corrollations?

I trade within the inner line (support & resistance)

Check out the 4HR of the Franc.
A simple trend line and the perfect entry...............................

Euro 4HR

Pound, while not as obvious, created a consolodation area in a price action channel. If not bought at the trend line, the pound offered a 2nd chance trade on a break out of the consolodation channel.

I'm using andrew pitchfork setup. Enter on retest from low/high forkline. target median line. Watchout area around 618-786 retracement if its exist between entry and target, for price usually bounce, and sometimes it doesn't reach target. Put tight stop few pips below retest bar.

http://img179.imageshack.us/img179/5...pyfork1ye1.gif

Here some of few days back picture of pitchfork use. Been using it to validate TDTL.

http://img150.imageshack.us/img150/8807/gbpusdmy9.gif

http://img247.imageshack.us/img247/5581/usdjpyfq8.gif

I have done some andrews analysis myself dutdot.

I especially like your last example. The bounce was a forkin' favorite

fresh chart! if price bounce at lines in marked area, it will be a good entry for short.

http://img205.imageshack.us/img205/3...jpy1027pr3.gif

hmm, im blind.... the retest already happen just after the break bar.

lines drawn with fibbonacci channel. red are bear channel, blue are previous bull channel. there were some obvious price action when price hit channel lines. if next few week price clear break of highest bear channel, could be a bull continuation from prev bull. currently price sit between 618-786 retracement area.

http://img120.imageshack.us/img120/8...sdweekzsl2.gif

FXOpportunist,

brilliant thread. just discovered it, just subscribed. I trade typically off the lower timeframes, but have started to go back up to longer timeframes.

Dont really use channels as you do, and end up using patterns, trendlines and breakout-pullbacks, but starting to see the power of them prior to reading your thread.

Currently trying to understand the Pitchfork which seems excellent for trending markets.

Will try to post charts too, but honestly dont want to be redundant with what and others already post.

good job.

G.

With the likely EU rate increase pending, there was some obvious commercial buying of the euro and selling of the dollar today. Here is a little clue I call a "lazer move" (also known as a slow feed). These occur because a larger player buys a currency slowly, a little at a time. This allows them to put in a large position without causing a spike. This helps them because it does not cause a buying panic that would diminish liquidity and create a higher buying price for them.

This is a stellar example:

Here is what happened once the lazer move was over. This is one of two common scenarios. Lets call this scenario 1. In scenario 1, the price breaks the support line as in this screen shot. I sometimes sell the break of the support channel line with a target of 50% of the lazer move. This trade is almost to that target. Scenario 2 is when there is a strong "blow off" or exhaustion move at the end breaking the upper resistance line. Those are nice when you are in this move long and usually a premium place to exit.

Here is scenario 1 screen shot.

Here is the same set up happening right now on the yen.
The big boyz are in play.

Oh, and these are most notabale on 5 minute and 3 minute charts

Here is another on the USD/CHF right now too. The fact that these are on the yen and the franc and very similar on the euro and pound is firm indication that this is absolutely a dollar play.

How often do you see price action like this???
Usually before significant data is the answer........

GBP. Sorry, but this is as large as this site will allow me to post.