CHART Reading for serious traders

Quoting PipChick

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Can someone post the 1 hr H/S pattern chart? TY

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Quoting Mysticdiver

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Excuse this post as it is not "Chart Reading", just based on last months history.
G/J did nothing but range a couple of 3 days before the Fed's rate announcement last sept 18th.
Although my charts have a bearish bias, I see the same ranging movement leading up to the 10/31 rate announcement.
(to be honest I made pips scalping, which I don't usually do)
Last months 50 basis point cut surprized, as most expected a 25 basis point cut. And we saw several nice bullish days. I remember Jim Kramer on CNBC
practically jumping up and down. Then a drop to 23030 last week.
If we get the expected 25 point cut, we will probably see a couple of mildly bullish days then a nice drop. If we don't get a cut, I see the drop happenning during the NY session on wed.
I am not afundamental trader, But history has proven, that history repeats itself.


BTW I was in Boston most of last week. Got a chance to watch The SOX slaugter the Rockies.

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Quoting emm

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where is pipchick?

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Quoting effilang

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http://img87.imageshack.us/img87/223/reviewvy8.jpg


"Bearish corrective price action has terminated at the 61.8% retracement from 251.121 to 219.23 at 239.00. Price retreat has developed steadily breaking through daily support at 235.50, promoting the continuation of the fall started at 251.12 in a bearish impulse.

As long as price action maintains progressive bearish ground below 235.50 further decline is expected to continue to minor support of 232.50 from which two scenarios will possibly branch into existence:

BEARISH
1.Profit taking bearish impulsive correction (minor) starting at the 232.50 (D of corrective ABC) expected to terminate around the 236.70 area before the resumption of another bearish impulsive wave (minor) in perspective to impulsive fall from 240.68/238.00 (major) which should proceed towards Daily Support around the 229.00 area.

BULLISH
2.Bearish impulsive corrective retracement progresses higher than expected and terminates the current fall.

Price action above 235.50 >> 237.42 will conccur to this sentiment.

Corrective retracement from 251.00 resumes breaking 240.63 in (E) of regular ABC corrective pattern confirming a new Bullish trend."

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Quoting effilang

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This is my take on the GBP/JPY



Considering the nature of the consolidation we've had in the past week, im inclined to technically assume a retracement much larger than expected and its extremely possible that Bearish scenario 2 as stated last week comes into play and the bulls run for 240.63 in an attempt to establish a new bullish trend.

Regards,
E. Lang

A correction seems to be starting now on the lower time frames, but all in all we should have a nice climb back up to test the highs.

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Quoting Mysticdiver

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Excuse this post as it is not "Chart Reading", just based on last months history.
G/J did nothing but range a couple of 3 days before the Fed's rate announcement last sept 18th.
Although my charts have a bearish bias, I see the same ranging movement leading up to the 10/31 rate announcement.
(to be honest I made pips scalping, which I don't usually do)
Last months 50 basis point cut surprized, as most expected a 25 basis point cut. And we saw several nice bullish days. I remember Jim Kramer on CNBC
practically jumping up and down. Then a drop to 23030 last week.
If we get the expected 25 point cut, we will probably see a couple of mildly bullish days then a nice drop. If we don't get a cut, I see the drop happenning during the NY session on wed.
I am not afundamental trader, But history has proven, that history repeats itself.

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Quoting jdsfx

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Glad u r back PipChick.

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