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CHART Reading for serious traders

  • #261
  • Oct 29, 2007 11:50am Oct 29, 2007 11:50am
Quoting prunto
ok.... posting a chart
cross of 3 median lines (andrew's pitchforks) show that eurusd price will get to 1,4200 level within next 40 hours.....
of course it's against the trend and rather impossible....posting it just to mess up things a bit more...gl to you all
I have the same view and nothing is impossible
Trade what you see, not what you think.
  • #262
  • Oct 29, 2007 12:27pm Oct 29, 2007 12:27pm
Quoting prunto
ok.... posting a chart
cross of 3 median lines (andrew's pitchforks) show that eurusd price will get to 1,4200 level within next 40 hours.....
of course it's against the trend and rather impossible....posting it just to mess up things a bit more...gl to you all
Yes, i would tend to let it fall then buy at the 4200 level but a lot of people like to sell the retrace. Nice chart. What indicators do you use if you dont mind my asking?
  • #263
  • Oct 29, 2007 12:39pm Oct 29, 2007 12:39pm
no indicators at all....recently i experiment a bit with these pitchforks...other than that i use trend lines....support and resistance levels

i gave this trade (short) a try....but my position is really small...actually i' m doing it just to keep me concentrated on the price action...otherwise i would quickly forget about the setup....now i'm forced to monitor the situation...
  • #264
  • Oct 29, 2007 12:49pm Oct 29, 2007 12:49pm
Quoting prunto
no indicators at all....recently i experiment a bit with these pitchforks...other than that i use trend lines....support and resistance levels

i gave this trade (short) a try....but my position is really small...actually i' m doing it just to keep me concentrated on the price action...otherwise i would quickly forget about the setup....now i'm forced to monitor the situation...
When I was a noob I found that if I traded in demo that I would put the trade on and forget about it and if it went bad, I would just open a new demo..lol.That didnt teach me any hard lessons. lol. So I opened an acct with IBFX and traded micros and it helped me stay focused on the trade because it was more exciting being that it was real money. Then I became over confident and thought I could trade bigger. Well that was disasterous. It took many hard bumps to half figure it all out..lol
  • #265
  • Oct 29, 2007 12:50pm Oct 29, 2007 12:50pm
Quoting prunto
no indicators at all....recently i experiment a bit with these pitchforks...other than that i use trend lines....support and resistance levels

i gave this trade (short) a try....but my position is really small...actually i' m doing it just to keep me concentrated on the price action...otherwise i would quickly forget about the setup....now i'm forced to monitor the situation...
I also find that the less indicators you use, the easy it is to be able to see whats really going on. I like your analysis.
  • #266
  • Oct 29, 2007 12:54pm Oct 29, 2007 12:54pm
I would like to see the g/j come down to about 235.53 for a possible buy.Maybe even 235.25-30.
  • #267
  • Oct 29, 2007 1:04pm Oct 29, 2007 1:04pm
Karmo hasn't served the visitors here with any patience drink for a while... take some patience tablets folks... I'm afraid I exceeded my dose...
  • #268
  • Oct 29, 2007 1:05pm Oct 29, 2007 1:05pm
Quoting mamr
Karmo hasn't served the visitors here with any patience drink for a while... take some patience tablets folks... I'm afraid I exceeded my dose...
Youre right mamr...bring on the patience coctails Karm!
  • #269
  • Oct 29, 2007 1:21pm Oct 29, 2007 1:21pm
I've been taking those pills for the past 10 hours waiting for this thing to move down lol

http://www.scienceagogo.com/news/img/pills4.jpg

*This is a Joke!
Trade what you see, not what you think.
  • #270
  • Oct 29, 2007 1:58pm Oct 29, 2007 1:58pm
I think I will try a short here. With a stop just above the 236.76 1 hr spike.

Edit: As long as the Dow doesnt go much higher, it should be good. We need a retrace to the 50% of todays move to give it some steam for further longs.

Edit: 235.94-236.00 I will scale out a bit and move stop up . (If it gets there)
  • #271
  • Edited 2:57pm Oct 29, 2007 2:26pm | Edited 2:57pm
I neglected to observe the inverse h/s on the 15 min chart.I am currently negative a few pips. I may exit the trade very soon.

Edit: Will now wait for Asia session for possible trades.
  • #272
  • Oct 29, 2007 3:35pm Oct 29, 2007 3:35pm
Are you expecting a retracement to 235 level?
  • #273
  • Oct 29, 2007 3:36pm Oct 29, 2007 3:36pm
And my charts are still working very well for me...thankfully We currently hit strong resistance (the yellow line we just hit) and G/J is OS at the moment so I'm expecting a fall to that 50% retracement line at the least which is now major support since that has been broken to the upside...
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  • #274
  • Oct 29, 2007 3:41pm Oct 29, 2007 3:41pm
I've got some exciting news for USD/CAD! We may be close to having a reversal based on fib basics... over a long period of time U/CAD is less than 100pips away from the 262.8% level you see here... this is around 0.9485. Oddly enough... G/U is almost at its top of about 2.07 and E/U almost 1.45 each less than 100 pips away! Could this mean a huge turnaround in November?!We'll have to wait and find out...
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  • #275
  • Oct 29, 2007 3:44pm Oct 29, 2007 3:44pm
Quoting vinesh2
Are you expecting a retracement to 235 level?
There usually is a retrace after a move up such as today. Since it is close to dinner time and family time where I am at, I will most likely wait for a retrace and then look to buy. I cant say at exactly what price yet, I will need to be looking at the charts at the time but I am thinking around the 38.2 - 50% fib of todays move. And depending on what Asia brings we may even see the price come to the 200 ema on the 1 hr. So I will be watching the charts later this evening.
  • #276
  • Oct 29, 2007 3:47pm Oct 29, 2007 3:47pm
Caution and tight stops are the name of the game until after the rate decision.
  • #277
  • Oct 29, 2007 4:58pm Oct 29, 2007 4:58pm
Quoting PipChick
When I was a noob I found that if I traded in demo that I would put the trade on and forget about it and if it went bad, I would just open a new demo..lol.That didnt teach me any hard lessons. lol. So I opened an acct with IBFX and traded micros and it helped me stay focused on the trade because it was more exciting being that it was real money. Then I became over confident and thought I could trade bigger. Well that was dissasterous. It took many hard bumps to half figure it all out..lol
Excellent advise!

I always lose money on demo. Because I don't care, because it doesn't hurt.
When I started trading live, with real money, I found my account down
48% within afew months. That was pain! I decided something had to change. I have been profitable for several months now (knock on wood)
and am back in the green.
  • #278
  • Oct 29, 2007 4:59pm Oct 29, 2007 4:59pm
Quoting karmostaji
I've been taking those pills for the past 10 hours waiting for this thing to move down lol

http://www.scienceagogo.com/news/img/pills4.jpg

*This is a Joke!
And its very funny too!
  • #279
  • Oct 29, 2007 6:10pm Oct 29, 2007 6:10pm
Quoting Mysticdiver
Excellent advise!

I always lose money on demo. Because I don't care, because it doesn't hurt.
When I started trading live, with real money, I found my account down
48% within afew months. That was pain! I decided something had to change. I have been profitable for several months now (knock on wood)
and am back in the green.
Keep the profits rolling Mystic!! I have been taking Karms patience remedy today too. I really cant figure this mkt out today. When I have to TRY to come up with a trade, I know it is wrong.

Edit: If I open the charts and can see some kind of pattern, then I know the probility is greater.
  • #280
  • Oct 29, 2007 6:10pm Oct 29, 2007 6:10pm
I received a request to post my yearly projections for the usd/cad, this seemed as good a place as any. It should be self explanatory, but is not a recommendation to trade in any direction.
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