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CHART Reading for serious traders

  • #21
  • Oct 24, 2007 6:34am Oct 24, 2007 6:34am
Am I the only one getting spikes on G/J data feed?
I am using Intellichart with FXCM feed.
  • #22
  • Oct 24, 2007 6:35am Oct 24, 2007 6:35am
Quoting imransait
pipchick..isnt this a HS formation in the 5min chart...ur analysis on this pls
I dont pay a whole lot of attention to the 5 min chart but if we look at the 1 hr we will see a downward h/s witin the larger inverse. That is why we have to be careful if we buy off the 233.65 area. We want a tight stop because at this point it could go either way. I will post a chart with explanations.
  • #23
  • Oct 24, 2007 6:36am Oct 24, 2007 6:36am
Quoting Mysticdiver
Am I the only one getting spikes on G/J data feed?
I am using Intellichart with FXCM feed.
I dont have spikes on IBFX
  • #24
  • Oct 24, 2007 6:46am Oct 24, 2007 6:46am
needs to break 233.35 to take a short, am I seeing that right?
  • #25
  • Oct 24, 2007 6:49am Oct 24, 2007 6:49am
We can see our larger inverse h/s with the rt shoulder forming at the 38.2 (233.65) I usually will buy into the rt shoulder every time it gets there(with a tight stop) and anticipating the NL break, but in this case we need to be very cautious because we have a downward h/s also. See chart. With the NL right about at the 38.2. So if that NL is broken (on the downward h/s) then the downward h/s will complete therefore violating the inverse set up. This is paying close attention to detail.
Attached Image (click to enlarge)
Click to Enlarge Name: Continuation of Plan B.jpg Size: 164 KB
  • #26
  • Oct 24, 2007 6:50am Oct 24, 2007 6:50am
Quoting bunky
needs to break 233.35 to take a short, am I seeing that right?
You are correct bunky and if you go that direction you need to be aware of the 1.27 and the 161.8 fib as potential targets.
  • #27
  • Oct 24, 2007 6:52am Oct 24, 2007 6:52am
for a EUR long on the 15M chart, 200EMA has provided support on the 60m chart for last 5 hours, seems to be stuck in no mans land, going to wait for confirmation on 60. Very hard to trade this pair today, maybe news will provide a driver.
  • #28
  • Oct 24, 2007 6:53am Oct 24, 2007 6:53am
Quoting bunky
for a EUR long on the 15M chart, 200EMA has provided support on the 60m chart for last 5 hours, seems to be stuck in no mans land, going to wait for confirmation on 60. Very hard to trade this pair today, maybe news will provide a driver.
I havent looked at the eur chart for a while. I think I will do that now.
  • #29
  • Oct 24, 2007 6:55am Oct 24, 2007 6:55am
NY opens in 10 min.

My ind's are pointing down on 5 TFs
The daily TL is going up.
If we do go down, I don't think it will go below yesterday low.
Attached Image (click to enlarge)
Click to Enlarge Name: 1023gj.jpg Size: 85 KB
  • #30
  • Oct 24, 2007 6:58am Oct 24, 2007 6:58am
Quoting Mysticdiver
NY opens in 10 min.

My ind's are pointing down on 5 TFs
The daily TL is going up.
If we do go down, I don't think it will go below yesterday low.
I agree Mystic and I will elaborate on that.
  • #31
  • Oct 24, 2007 7:14am Oct 24, 2007 7:14am
Are there in EUR/USD traders in here?
  • #32
  • Oct 24, 2007 7:45am Oct 24, 2007 7:45am
Maybe we can borrow karms patience meter! Seems like the 233.65 is holding so far.
  • #33
  • Oct 24, 2007 7:46am Oct 24, 2007 7:46am
Hey Hakuna and Zoran..Just wondering what your thoughts are.May not get much movement until news at 10am est.
  • #34
  • Oct 24, 2007 7:47am Oct 24, 2007 7:47am
Quoting PipChick
Maybe we can borrow karms patience meter! Seems like the 233.65 is holding so far.
I'm long biased, but wouldn't mind trading either way.
Trade what you see, not what you think.
  • #35
  • Oct 24, 2007 7:50am Oct 24, 2007 7:50am
Quoting karmostaji
I'm long biased, but wouldn't mind trading either way.
Am with you Karm..Bunky mentioned a possible short below 233.35 lo today. And maybe keep on track for now (long biased) according to the rt shoulder being held.
  • #36
  • Oct 24, 2007 8:04am Oct 24, 2007 8:04am
not biased either way--its range bound in smaller TF too

will watch out for brkouts or wait for nxt signal
  • #37
  • Oct 24, 2007 8:04am Oct 24, 2007 8:04am
Quoting PipChick
Am with you Karm..Bunky mentioned a possible short below 233.35 lo today. And maybe keep on track for now (long biased) according to the rt shoulder being held.
We now have an inverse on the 30 min so hopefull it will push us above the 100 ema on the 1 hr soon.
  • #38
  • Oct 24, 2007 8:07am Oct 24, 2007 8:07am
Quoting PipChick
We now have an inverse on the 30 min so hopefull it will push us above the 100 ema on the 1 hr soon.
If we can break this 100 ema on the 1 hr and hold then the down h/s will have been violated and we will most likely contiue up. Of course we have news in an hour so I will be taking profits along the way.
  • #39
  • Oct 24, 2007 8:08am Oct 24, 2007 8:08am
Quoting PipChick
We now have an inverse on the 30 min so hopefull it will push us above the 100 ema on the 1 hr soon.

100sma is what i use
  • #40
  • Oct 24, 2007 8:08am Oct 24, 2007 8:08am
Quoting bunky
for a EUR long on the 15M chart, 200EMA has provided support on the 60m chart for last 5 hours, seems to be stuck in no mans land, going to wait for confirmation on 60. Very hard to trade this pair today, maybe news will provide a driver.

at 4235 for 20 pips, may have further to go...
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