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CHART Reading for serious traders

  • #181
  • Oct 25, 2007 9:56pm Oct 25, 2007 9:56pm
Just closed my earlier long trade @234.50 for 113 pips, as because it is close to 4 hour upper trendline, as you mentioned resistance somewhere around here is quite stubborn (Pls see chart, before & after the trade)
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  • #182
  • Oct 25, 2007 10:06pm Oct 25, 2007 10:06pm
This is working out quite nicely...
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  • #183
  • Oct 25, 2007 10:17pm Oct 25, 2007 10:17pm
Quoting MoForce
This is working out quite nicely...
Good job MoForce, I have started to like trading trendline breaks and S/R .. yes patience and confidence too http://www.forexfactory.com/images/icons/icon10.gif
  • #184
  • Oct 25, 2007 10:34pm Oct 25, 2007 10:34pm
Quoting mktjong
Good job MoForce, I have started to like trading trendline breaks and S/R .. yes patience and confidence too http://www.forexfactory.com/images/icons/icon10.gif
Thanks! Yeah I used to rely on indicators, but not anymore... using simple S/R lines, fib retracements, and trend lines are the way to go.
  • #185
  • Oct 26, 2007 4:46am Oct 26, 2007 4:46am
Quoting mktjong
Just closed my earlier long trade @234.50 for 113 pips, as because it is close to 4 hour upper trendline, as you mentioned resistance somewhere around here is quite stubborn (Pls see chart, before & after the trade)
Nice trade there mktjong!
  • #186
  • Oct 26, 2007 4:47am Oct 26, 2007 4:47am
Anyone in any trades? I need to make a plan.
  • #187
  • Oct 26, 2007 4:56am Oct 26, 2007 4:56am
This may come down to the 100 or 50 ema on the 1 hr chart whcih could be a nice buy. Will have to watch to see if it bounces there or wants a larger pull back.
  • #188
  • Oct 26, 2007 5:01am Oct 26, 2007 5:01am
Quoting PipChick
This may come down to the 100 or 50 ema on the 1 hr chart whcih could be a nice buy. Will have to watch to see if it bounces there or wants a larger pull back.
be careful of DOW, it always spoils any plan
Trade what you see, not what you think.
  • #189
  • Oct 26, 2007 5:03am Oct 26, 2007 5:03am
Quoting karmostaji
be careful of DOW, it always spoils any plan
Tell me about it Karm!! Sometimes it irritates me so bad.
  • #190
  • Oct 26, 2007 5:08am Oct 26, 2007 5:08am
The 61.8 fib of the last move up on the 1 hr sits at 234.16. The 50 ema sits at about the same price. That could create a nice bounce to help it head back up to break the hi.
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Click to Enlarge Name: 10-26.jpg Size: 175 KB
  • #191
  • Oct 26, 2007 5:30am Oct 26, 2007 5:30am
234.16 is the 61.8 on the 1 hr and also close to the 50 ema.
234.21 is the 38.2 on the 4 hr from the hi on 10/15 to the lo on 10/22.
My thoughts are that it may come to those levels then bounce off to head back up in order to break the 200 ema on the 4 hr and make a shelf on the 4 hr (aka rt shoulder).If this scenario plays out it will prolly take a few days to do so. ANy comments or thoughts are welcome.
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Click to Enlarge Name: 10-26 4 hr.jpg Size: 178 KB
  • #192
  • Oct 26, 2007 5:32am Oct 26, 2007 5:32am
The daily chart we discussed yesterday or the news can invalidate this analysis.
  • #193
  • Oct 26, 2007 6:18am Oct 26, 2007 6:18am
Quoting PipChick
The daily chart we discussed yesterday or the news can invalidate this analysis.
PipChick & Karmo- First thanks for your ongoing chart analysis. It really helps us newbee's learn.
I've noticed something on the 30 min chart that I'd like you to interpret and see if I'm on the right track.
It looks like we have a perfect head and shoulders, with the shoulders being at about where we are now, 234.5x area and the head at about the 235 area.
Also the price seems to be hovering at around the 50fib of the last upward move.
I know you said that 61.8 might be a good buy point and Karmo has said in the past that we always get a 50% re-trace.
So I guess my question here is, what do we look for as a sign that this is either going higher or lower? If it breaks either the 61.8 or 38.2 fibs?
Also, could you explain the significance of the "head and shoulders"? I know you mentioned that there's is one forming on the 1hr chart also.

I know this may be alot to ask, but we seem to be in a holding pattern right now, so I'll take this opportunity to learn something.

Thanks
  • #194
  • Oct 26, 2007 6:25am Oct 26, 2007 6:25am
Quoting RVD
PipChick & Karmo- First thanks for your ongoing chart analysis. It really helps us newbee's learn.
I've noticed something on the 30 min chart that I'd like you to interpret and see if I'm on the right track.
It looks like we have a perfect head and shoulders, with the shoulders being at about where we are now, 234.5x area and the head at about the 235 area.
Also the price seems to be hovering at around the 50fib of the last upward move.
I know you said that 61.8 might be a good buy point and Karmo has said in the past that we always get a 50% re-trace.
So I guess my question here is, what do we look for as a sign that this is either going higher or lower? If it breaks either the 61.8 or 38.2 fibs?
Also, could you explain the significance of the "head and shoulders"? I know you mentioned that there's is one forming on the 1hr chart also.

I know this may be alot to ask, but we seem to be in a holding pattern right now, so I'll take this opportunity to learn something.

Thanks
Hi RVD..I will answer that soon. I am watching the charts. No h/s ont he 30.
  • #195
  • Oct 26, 2007 7:14am Oct 26, 2007 7:14am
Anyone buy that bounce?
  • #196
  • Oct 26, 2007 7:21am Oct 26, 2007 7:21am
234.97 / 235.25 / 235.52
I booked some profit and will figure a SL

Edit: SL below the lo of the current candle for now.
  • #197
  • Oct 26, 2007 7:24am Oct 26, 2007 7:24am
So protect profits as you get them.
  • #198
  • Oct 26, 2007 7:35am Oct 26, 2007 7:35am
Quoting PipChick
So protect profits as you get them.
Booking a little more profits here because we are running into some tough resistance at 234.73

Edit: Will will be at Break even now.
  • #199
  • Oct 26, 2007 7:37am Oct 26, 2007 7:37am
PipChick, you got a great handle on this market! I bought that bounce at 25, and wow, the dow futures jumped, I wonder why. But it is playin in our favor. If we can get thru all this resistance at 235.15 twill be nice.
  • #200
  • Oct 26, 2007 7:37am Oct 26, 2007 7:37am
Already took a little profit..
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