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CHART Reading for serious traders

  • #141
  • Oct 25, 2007 6:13am Oct 25, 2007 6:13am
Going to eval charts.
  • #142
  • Oct 25, 2007 6:21am Oct 25, 2007 6:21am
Looking at the same chart that we have been working on for a few days...1 hr chart.... Our inverse h/s came up to our 235.13 target which is also the neckline and rejected it hard. Why? 1) NL 2) 200 ema directly above 3) 50 ema ont he 4 hr......... but mostly...see next chart.
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  • #143
  • Oct 25, 2007 6:32am Oct 25, 2007 6:32am
Daily chart
Attached Image (click to enlarge)
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  • #144
  • Oct 25, 2007 6:38am Oct 25, 2007 6:38am
Options are open depending on tolerance and style. A person could buy a possible bounce off the NL or sell a break of the NL. As for me..currently I will take a nap because I want to keep the pips I have already made today and because US news seems to always be grim lately and the mkt is so unpredictable and risky at the moment.
  • #145
  • Oct 25, 2007 6:42am Oct 25, 2007 6:42am
Quoting PipChick
Options are open depending on tolerance and style. A person could buy a possible bounce off the NL or sell a break of the NL. As for me..currently I will take a nap because I want to keep the pips I have already made today and because US news seems to always be grim lately and the mkt is so unpredictable and risky at the moment.
Sounds like good advise, the nap and saving the pips you've earned. I'll wait till after the housing sales news comes out at 10EST, and see how the market reacts to that.

Thanks
  • #146
  • Oct 25, 2007 6:50am Oct 25, 2007 6:50am
Quoting RVD
Sounds like good advise, the nap and saving the pips you've earned. I'll wait till after the housing sales news comes out at 10EST, and see how the market reacts to that.

Thanks
Great idea RDV..Another secret to the forex is to plan your trade (as we have done) and trade your plan. Patience and diligence and fuel the body with the essentials (food and sleep) I dont always take the food and sleep advice,,lol
Dont pull the trigger unless it is a well thought out plan. News whacks everythng out!! Wait at LEAST 30 min to trade after the realease and recognize the recent behavior of this crazy market.
  • #147
  • Oct 25, 2007 7:09am Oct 25, 2007 7:09am
Quoting PipChick
Great idea RDV..Another secret to the forex is to plan your trade (as we have done) and trade your plan. Patience and diligence and fuel the body with the essentials (food and sleep) I dont always take the food and sleep advice,,lol
Dont pull the trigger unless it is a well thought out plan. News whacks everythng out!! Wait at LEAST 30 min to trade after the realease and recognize the recent behavior of this crazy market.

so whats the plan pipchick?

thanks for the PM
  • #148
  • Oct 25, 2007 7:14am Oct 25, 2007 7:14am
Quoting fer
so whats the plan pipchick?

thanks for the PM
For me right now the plan is to take a nap and let this thing do what it wants till about 1 pm today. Then I will see where things are once it all settles down and go back at it. There are always pips to make.
  • #149
  • Oct 25, 2007 10:12am Oct 25, 2007 10:12am
Looks like it is going to break the 78.6 fib which usually signifies more down in this case. (233.47) Fib is drawn from todays lo to todays hi.There is a TL right at that level. So if it breaks may go to 233.01.(100%)
  • #150
  • Oct 25, 2007 10:20am Oct 25, 2007 10:20am
1st 233.01 then 232.43
  • #151
  • Oct 25, 2007 10:23am Oct 25, 2007 10:23am
I will book some profits at 233.01 and move stop up
  • #152
  • Oct 25, 2007 10:24am Oct 25, 2007 10:24am
Dow is trying to bounce off its 61.8 which could possibly stall the g/j
I should prolly book some profits here and move stop because of the dow hold up.
  • #153
  • Oct 25, 2007 10:32am Oct 25, 2007 10:32am
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.
Hy ActioReactio
I finds that your post and chart it is very interesting to me !
I have also view taht Dow will go up in few days, and than go down till 12751 !
I put chart on daly whit predictions time !
Your oppinion and view wiil be very valuable to me !
Regard !
Attached Image (click to enlarge)
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  • #154
  • Oct 25, 2007 10:50am Oct 25, 2007 10:50am
I will consider saving the pips I made and exiting. Dow is having a hard time with the 61.8.
  • #155
  • Oct 25, 2007 11:03am Oct 25, 2007 11:03am
Broke the 61.8 now headed for the 78.6 so lets see if we can get the 1st target of 233.01
  • #156
  • Oct 25, 2007 11:13am Oct 25, 2007 11:13am
Quoting PipChick
Broke the 61.8 now headed for the 78.6 so lets see if we can get the 1st target of 233.01
Trade is still looking good
  • #157
  • Oct 25, 2007 11:19am Oct 25, 2007 11:19am
233.2sh is still showing support... hope it will be smashed soon...
  • #158
  • Oct 25, 2007 11:20am Oct 25, 2007 11:20am
Quoting mamr
233.2sh is still showing support... hope it will be smashed soon...
Me toooooooooo. I booked some so I can be ready to exit if the dow gets wild on us.
  • #159
  • Oct 25, 2007 11:23am Oct 25, 2007 11:23am
Quoting PipChick
Me toooooooooo. I booked some so I can be ready to exit if the dow gets wild on us.
Dow is building an inverse so I took all profits . Plus I am HUNGRY! hmmmmmmm so was that a scalp? It only gave 26 pips but was in trade more than 3 min. According to all brokers , a scalp is being in a trade less then 3 min.I hate scalps. It felt like a scalp!
  • #160
  • Oct 25, 2007 11:33am Oct 25, 2007 11:33am
The g/j seems be back on track with the u/j. In the past I have watched these charts for hours on end and a majority of the time the g/j will do only what the dow and u/j will allow it to do. It trades best when it correlates with the u/j too. Occassionally it will get off track and correlate with the g/u and that is when it becomes whacky. Just thinking out loud. Time to enjoy the day.
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