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CHART Reading for serious traders

Gene22,

I have put it into an excel spreadsheet, but do it manually. As for starting point, as much daily data as I can get my hands on and an ephemeris.
Here's an update of the chart setup I've been using....as you can see that 50% retracement level shown has proven to be a strong resistance level for upward movement
Attached Image
Quoting ActioReactio
Oh really? Maybe I miss understand "predicting" a market. Each year, I predict where the markets I trade will be over the course of a year. In my way of thinking, prediction does not have to be 100%, 90% is just fine with me. Time-price trading is based on just this: predicting at what time a currency will be at what price whether by using cycles, fibonacci, angle projections, or chicken bones.

Attached is my yearly gbp/jpy prediction. It was completed in December of last year. So far, it has captured the movement of this currency. Most can not make such a prediction, but there are those that can with reasonable accuracy.
Very nice Actio!!
I was meaning that one cannot predict on a daily basis or hour by hour basis but your chart is very interresting. Maybe you could teach us how to predict the longer term as you have done. It could be helpful in trading to know where price may go.
Quoting MoForce
Here's an update of the chart setup I've been using....as you can see that 50% retracement level shown has proven to be a strong resistance level for upward movement
Seems like we made a new higher lo. Price just keeps inching its way up.
A little info for the chart analyst in training.....
Attached Image (click to enlarge)
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Daily Chart.
Put the 1 hr and daily side by side and evaluate.
If we buy this week we want to have tight stops.
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Quoting emm
Thanks for all the help. Had a great day both long and short. Have a nice weekend.
Glad you made pips emm
here is what i see as an inverse head and shoulder pattern on daily gbp/usd

Plus look at the nice channel in which we are currently trading
Attached Image (click to enlarge)
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Quoting iandekoker
here is what i see as an inverse head and shoulder pattern on daily gbp/usd

Plus look at the nice channel in which we are currently trading
Looks like good opportunities for the g/u!
  • Post #230
  • Quote
  • Edited at 11:10am Oct 27, 2007 10:20am | Edited at 11:10am
Chart Analyst in training note:::
On an inverse h/s, the rt shoulder should be equal to or higher than the left shoulder.

EDIT: The opposite applies for a downward h/s
Very nice post ian..this is what I see for the inverse. The number to the right is how many minutes till next candle open, not the price. Sorry for any confusion. I will remove that from my chart.
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Quoting PipChick
Looks like good opportunities for the g/u!
thx yes i agree
Quoting PipChick
Chart Analyst in training note:::
On an inverse h/s, the rt shoulder should be equal to or higher than the left shoulder.

EDIT: The opposite applies for a downward h/s
yes according to the handbook it should be...
Daily Chart

Daily chart hasnt changed much. The H/S is still intact and the price is under the 200 ema and aslo just below the 50% fib.
Longs appear risky.
Attached Image (click to enlarge)
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Price remains under the 50 and 200 ema. Scrolling back on your 4 hr chart you will notice that the 200 ema is a very important moving average. We have rate decision coming out this week so expect risk and choppiness.

I would tend to sell (more so than to buy) around the 50% daily fib area. Seems like longs could be risky until after the rate decision or until the pair opens above the 200 ema on the Daily chart.

I dont usually trade the Asian session on Sundays so I will be sitting aside until I see the possible sell opportunity.
Here it is...
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Can someone post the 1 hr H/S pattern chart? TY
Quoting PipChick
Can someone post the 1 hr H/S pattern chart? TY
Here ya go
Attached Image (click to enlarge)
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Quoting DollaBill
Here ya go
TY DollaBill
Daily: H/S, trading just under 50% fib, trading beneath 200 ema.
4 HR: Trading just beneath 200 and 50 ema
1 HR: H/S, trading just beneath the 200 ema and with in a consolidation. (green lines)

Probibility would lean towards the short side. But also be prepared for a breach of the 200 emas. Always have a short plan and a long plan and lean more towards the probility side.
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