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CHART Reading for serious traders

  • #101
  • Oct 24, 2007 3:46pm Oct 24, 2007 3:46pm
Quoting PipChick
Excellent Karm, see ya later.
I think I will lock in some profit and move stop to BE.
  • #102
  • Oct 24, 2007 3:46pm Oct 24, 2007 3:46pm
Quoting RVD
Do you see 235.50 coming before the Asian open?

Thanks, Still trying to learn.
I'm not good with time analysis but i've set my TP to 235.50 and whenever it hits i'll be happy, pair looks bullish to me.
Trade what you see, not what you think.
  • #103
  • Oct 24, 2007 3:50pm Oct 24, 2007 3:50pm
Quoting karmostaji
I'm not good with time analysis but i've set my TP to 235.50 and whenever it hits i'll be happy, pair looks bullish to me.
Thanks for your reply. Your analysis and expertise is much appreciated.
  • #104
  • Oct 24, 2007 4:19pm Oct 24, 2007 4:19pm
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.
Oh contrar! Any indicator that needs past price to calculate its present by definition is a lagging indicator. This includes stochastics, macd, rsi, cci, momentum, moving averages, et al.
  • #105
  • Oct 24, 2007 4:21pm Oct 24, 2007 4:21pm
Quoting ActioReactio
Oh contrar! Any indicator that needs past price to calculate its present by definition is a lagging indicator. This includes stochastics, macd, rsi, cci, momentum, moving averages, et al.
The way I read it, I can tell where price might go, anyways I'll keep my crystal ball to myself
Trade what you see, not what you think.
  • #106
  • Edited 5:19pm Oct 24, 2007 5:17pm | Edited 5:19pm
Quoting karmostaji
The way I read it, I can tell where price might go, anyways I'll keep my crystal ball to myself
karmostaji, I

am not trying to be argumentative, just stating that the momentum indicator is in the class of lagging indicators. If you can use it to trade, good for you. With the crack down my the NFA, if you ever desire to manage accounts for others or to offer any services, such a statement that "momentum is a leading indicator" would be seen as a cause for censure.

While I was working as a broker, a fellow in my office did something of this sort with a client. The client complained to the governing bodies and the broker lost his right to advise for six months. This was in the early 1980's with much more lax rules enforcement.

It may seem a technical point, which it is, but caution in the precision of language when speaking of such things is prudent.
  • #107
  • Oct 24, 2007 5:19pm Oct 24, 2007 5:19pm
Quoting ActioReactio
karmostaji, I

am not trying to be argumentative, just stating that the momentum indicator is in the class of lagging indicators. If you can use it to trade, good for you. With the crack down my the NFA, if you ever desire to manage accounts for others or to offer any services, such a statement that "momentum is a leading indicator" would be seen as a cause for censure.

While I was working as a broker, a fellow in my office did something of this sort with a client. The client complained to the governing bodies and the broker lost his right to advise for six months. This was in the early 1980's with much more lax rules enforcement.

It may seem a technical point, which it is, but caution in the precision of language when speaking of such things is prudent.
Thanks for the info bro
Trade what you see, not what you think.
  • #108
  • Oct 24, 2007 5:46pm Oct 24, 2007 5:46pm
Quoting PipChick
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.
PipChick,

There is a website by forexfactory's own Akuma99 that would be a good start to the study of time. Because of forum rules, it may be best to private message me for that information.

While most traders study price action or indicators as a basis for their trading decisions, some have ventured into the study of the other axis: time. Gann as been oft quoted, "when time is up, change is inevitable." For example, you pull your fib retrace tool on a particular significant high and low. You are given area of price s/r. But, will a currency go to the .382 and continue on its merry way, or will it retrace to the .50, how about the .618, maybe the .764 or how 'bout 1.00 or 1.27?

If you have a grasp of "time for change" the above levels become much clearer. Few master the trading of time because it is not something readily accessible. No one, that I know of, who has studied it extensively writes because it is costly to gain that knowledge. Many claim to have the knowledge, but it is easy to figure out those that do and those that don't. I have not taken away for any book an understanding of the subject and I have read thousands of them.

Gann had such knowledge, but he did not give it away. By studying that which is available you can begin to put the pieces of the puzzle together. Ultimately, you will spend time chasing many rabbits down into their holes (some of those holes are really deep), but you will end up choosing a technique from here and there to create your own. When the time is right, you will be able to trade time.
  • #109
  • Oct 24, 2007 6:11pm Oct 24, 2007 6:11pm
Quoting ActioReactio
PipChick,

There is a website by forexfactory's own Akuma99 that would be a good start to the study of time. Because of forum rules, it may be best to private message me for that information.

While most traders study price action or indicators as a basis for their trading decisions, some have ventured into the study of the other axis: time. Gann as been oft quoted, "when time is up, change is inevitable." For example, you pull your fib retrace tool on a particular significant high and low. You are given area of price s/r. But, will a currency go to the .382 and continue on its merry way, or will it retrace to the .50, how about the .618, maybe the .764 or how 'bout 1.00 or 1.27?

If you have a grasp of "time for change" the above levels become much clearer. Few master the trading of time because it is not something readily accessible. No one, that I know of, who has studied it extensively writes because it is costly to gain that knowledge. Many claim to have the knowledge, but it is easy to figure out those that do and those that don't. I have not taken away for any book an understanding of the subject and I have read thousands of them.

Gann had such knowledge, but he did not give it away. By studying that which is available you can begin to put the pieces of the puzzle together. Ultimately, you will spend time chasing many rabbits down into their holes (some of those holes are really deep), but you will end up choosing a technique from here and there to create your own. When the time is right, you will be able to trade time.
Thanks for the info Actio!
  • #110
  • Oct 24, 2007 7:10pm Oct 24, 2007 7:10pm
Here is a continuation of what I've been seeing on the charts which has worked out absolutely perfectly so far

I'm expecting G/J to rise to the top upward moving yellow line, but we may see an attempt at the 2 closest lines to the downside. I doubt there will be a break of those lines so I'll wait for a bounce off of those areas and if there is a confirmed break of those two lines then 231 is my next target (third line to the downside). Otherwise I'm seeing a stronger upside bias pointing towards 236
Attached Image
  • #111
  • Oct 24, 2007 7:12pm Oct 24, 2007 7:12pm
We started with the larger inverse h/s on the 1 hr. (see previous post) with the rt shoulder at the 32.8% fib at 233.65. We were able to buy off the rt shoulder last night for some nice pips anticipating a NL break. Through the night a downward h/s formed (represented by the peach lines) and played out during the US news sending the pair to bounce off of the 50%. Now we have formed another inverse h/s where the left shoulder is in line with the larger inverse rt shoulder and the rt shoulder is even (233.65) Probability of the longs holding is good. So lets see what Japan has to offer. All in a days work!
Attached Image (click to enlarge)
Click to Enlarge Name: Continued HS.jpg Size: 162 KB
  • #112
  • Oct 24, 2007 7:15pm Oct 24, 2007 7:15pm
Quoting MoForce
Here is a continuation of what I've been seeing on the charts which has worked out absolutely perfectly so far

I'm expecting G/J to rise to the top upward moving yellow line, but we may see an attempt at the 2 closest lines to the downside. I doubt there will be a break of those lines so I'll wait for a bounce off of those areas and if there is a confirmed break of those two lines then 231 is my next target (third line to the downside). Otherwise I'm seeing a stronger upside bias pointing towards 236
Nice! Your Trend Lines are lining up nicely. Jap will make the final decision of long or short..lol
  • #113
  • Oct 24, 2007 7:17pm Oct 24, 2007 7:17pm
See everyone tomorrow.
  • #114
  • Oct 25, 2007 3:09am Oct 25, 2007 3:09am
Its tomorrow
  • #115
  • Oct 25, 2007 3:13am Oct 25, 2007 3:13am
Hate that 100 ema!(unless its underneath my price.)
  • #116
  • Oct 25, 2007 3:45am Oct 25, 2007 3:45am
Inside candles:
Break out is when price moves above or below the candle containing the other candles.
Attached Image (click to enlarge)
Click to Enlarge Name: Inside Candles.jpg Size: 159 KB
  • #117
  • Oct 25, 2007 4:06am Oct 25, 2007 4:06am
Quoting PipChick
Its tomorrow
DO you still favor the longs?
  • #118
  • Oct 25, 2007 4:16am Oct 25, 2007 4:16am
Quoting RVD
DO you still favor the longs?
Yes, I am still holding a long
  • #119
  • Oct 25, 2007 5:02am Oct 25, 2007 5:02am
I think I will scale out a bit here and move stop up. Keeps rejecting the 100 ema on the 1 hr.
  • #120
  • Oct 25, 2007 5:04am Oct 25, 2007 5:04am
The new 4 hr candle looks good too
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