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CHART Reading for serious traders

  • #81
  • Oct 24, 2007 11:46am Oct 24, 2007 11:46am
Quoting imransait
the 30 min chart is showing a formation of HS, to complete it has to go to 230.96, do you think if DOW Closes badly today...will it go there or bounce from the montly pivot of 232.80
thanks
imran
hmmmmmmmmm you have a point. We need to get above and hold above 233.70 area. I do see that down h/s on the 30 min now that you mention it ,so it may hold up our larger inverse.
  • #82
  • Oct 24, 2007 11:55am Oct 24, 2007 11:55am
The Dow has hit a time-price point and from the looks of the cycles and patterns around it, should move to the north. I will be looking for the low 13800 area over the next several days.

Time- price points will give one of three outcomes: reversal, entry into consolidation, or rapid acceleration. Patterns and cycles leading into the time-price points are the clue to which of the three is more probable. This is not a recommendation to place a trade in any direction, but for educational purposes only.

Gbp/Jpy time price point is about an hour away, as a result, I am continuing to build a long position. Average entry is 233.17 as of this writing.
Attached Image (click to enlarge)
Click to Enlarge Name: dow.png Size: 28 KB
  • #83
  • Oct 24, 2007 11:58am Oct 24, 2007 11:58am
Quoting ActioReactio
The Dow has hit a time-price point and from the looks of the cycles and patterns around it, should move to the north. I will be looking for the low 13800 area over the next several days.

Time- price points will give one of three outcomes: reversal, entry into consolidation, or rapid acceleration. Patterns and cycles leading into the time-price points are the clue to which of the three is more probable. This is not a recommendation to place a trade in any direction, but for educational purposes only.

Gbp/Jpy time price point is about an hour away, as a result, I am continuing to build a long position. Average entry is 233.17 as of this writing.
I would love to learn more about the Time price points. Can you point me in the right direction with a website or something?It seems very interresting.
  • #84
  • Oct 24, 2007 11:59am Oct 24, 2007 11:59am
30 min macd is coming up off the bottom so our longs may be safe as long as we can stay above 233.70.
  • #85
  • Oct 24, 2007 12:10pm Oct 24, 2007 12:10pm
Quoting PipChick
30 min macd is coming up off the bottom so our longs may be safe as long as we can stay above 233.70.
Positive divergence on the 1 hr stochs.
  • #86
  • Oct 24, 2007 12:52pm Oct 24, 2007 12:52pm
Lately, I have tried to study the trendline breaks in correlation with number of pips movement. It is quite interesting as this can a promising trading strategy .. see chart
Momentum indicators is a secondary tool which sometimes is very helpful. It is a quarantee thing anyway. As you know from other thread (Auslanco) has extensively use it. I have gained some knowledge from him which I see as beneficial.
Attached Image
  • #87
  • Oct 24, 2007 1:00pm Oct 24, 2007 1:00pm
Quoting mktjong
Lately, I have tried to study the trendline breaks in correlation with number of pips movement. It is quite interesting as this can a promising trading strategy .. see chart
Interresting MKT. What have you noticed about it? Anything specific? Also, are there any special setting for the momentum indicator? I was always afraid to ask that question in the other room..lol
  • #88
  • Edited 1:34pm Oct 24, 2007 1:16pm | Edited 1:34pm
Quoting PipChick
Interresting MKT. What have you noticed about it? Anything specific? Also, are there any special setting for the momentum indicator? I was always afraid to ask that question in the other room..lol
Quite a bit, the time frame can be scaled dowm to 30 min, 1 hr, and max 4 hr for intra-day trade. If the trendline breaks on 30 min, can expect a potential 50-70 pips move to direction of broken trendline, 1 hour around 70-120 pips. On 4 hour, is a bit tricky sometimes, if applied over-bought or oversold indicator like Stochastic, CCI is safer. If the price breaks upper trendline and the over bought indicator below the middle line (say 50), the movement to upward could be around 100-200 pips on this GBP/JPY.
  • #89
  • Oct 24, 2007 1:20pm Oct 24, 2007 1:20pm
Quoting mktjong
Quite a bit, the time frame can be scaled dowm to 30 min, 1 hr, and max 4 hr for intra-day trade. If the trendline breaks on 30 min, can expect a potential 60-70 pips move to direction of broken trendline, 1 hour around 70-120 pips. On 4 hour, is a bit tricky sometimes, if applied over-bought or oversold indicator like Stochastic, CCI is safer. If the price breaks upper trendline and the over bought indicator below the middle line (say 50), the movement to upward could be around 100-200 pips on this GBP/JPY.
I will definately keep a watch on that. We are about to break the upper trendline on the 1 hr g/j.
  • #90
  • Oct 24, 2007 1:21pm Oct 24, 2007 1:21pm
Quoting mktjong
Quite a bit, the time frame can be scaled dowm to 30 min, 1 hr, and max 4 hr for intra-day trade. If the trendline breaks on 30 min, can expect a potential 60-70 pips move to direction of broken trendline, 1 hour around 70-120 pips. On 4 hour, is a bit tricky sometimes, if applied over-bought or oversold indicator like Stochastic, CCI is safer. If the price breaks upper trendline and the over bought indicator below the middle line (say 50), the movement to upward could be around 100-200 pips on this GBP/JPY.
Does it need to close above the trendline or just break?
  • #91
  • Oct 24, 2007 1:23pm Oct 24, 2007 1:23pm
Quoting PipChick
Does it need to close above the trendline or just break?
Good one, it has to close below or above it .. just breaking is not a confirmation
  • #92
  • Oct 24, 2007 1:25pm Oct 24, 2007 1:25pm
Quoting mktjong
Good one, it has to close below or above it .. just breaking is not a confirmation
Ok..good to know.
  • #93
  • Oct 24, 2007 1:27pm Oct 24, 2007 1:27pm
Im thinking that after the TL break then the next bump for longs will be the 100 ema at 234.58 on the 1 hr.
  • #94
  • Oct 24, 2007 1:30pm Oct 24, 2007 1:30pm
I saw some interresting patterns on the g/u too. Maybe analyse that after dinner. I love the weekends because I actually have a life once the mkt closes on fri.
  • #95
  • Oct 24, 2007 1:31pm Oct 24, 2007 1:31pm
Quoting mktjong
Lately, I have tried to study the trendline breaks in correlation with number of pips movement. It is quite interesting as this can a promising trading strategy .. see chart
Momentum indicators is a secondary tool which sometimes is very helpful. It is a quarantee thing anyway. As you know from other thread (Auslanco) has extensively use it. I have gained some knowledge from him which I see as beneficial.
It meant it is not a guarantee thing (typo, see above)
  • #96
  • Oct 24, 2007 1:34pm Oct 24, 2007 1:34pm
Quoting mktjong
It meant it is not a guarantee thing (typo, see above)
Got it. No guarantees in this forex world thats for sure.Yes, Aus has very good knowledge of the forex.
  • #97
  • Oct 24, 2007 1:37pm Oct 24, 2007 1:37pm
Quoting PipChick
Got it. No guarantees in this forex world thats for sure.Yes, Aus has very good knowledge of the forex.
Are we gonna break that TL this time so I can go get dinner..lol
  • #98
  • Oct 24, 2007 1:40pm Oct 24, 2007 1:40pm
Momentum is a leading indicator, I use it and it works like a charm when you combine it with everything else.

235.50 will come soon.. go get dinner and have no worries chick.
Trade what you see, not what you think.
  • #99
  • Oct 24, 2007 1:42pm Oct 24, 2007 1:42pm
Quoting karmostaji
Momentum is a leading indicator, I use it and it works like a charm when you combine it with everything else.

235.50 will come soon.. go get dinner and have no worries chick.
Excellent Karm, see ya later.
  • #100
  • Oct 24, 2007 1:45pm Oct 24, 2007 1:45pm
Quoting karmostaji
Momentum is a leading indicator, I use it and it works like a charm when you combine it with everything else.

235.50 will come soon.. go get dinner and have no worries chick.
Do you see 235.50 coming before the Asian open?

Thanks, Still trying to learn.
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