CHART Reading for serious traders

Sticky market through NFP Friday. Not a good time to be bold.

YOure exactly right emm. If we DO trade we need to be very precise on entries and use tight stops.

I know this price action looks tempting but be very careful. News is in 10 min. Patience. This is not a time to be in the mkt even if it races up 200 pips. Its strictly luck at this point.
Mkt is just taking out some stops before the release.

Wise words, PipChick. I am sitting on my hands at the moment. Taking bets on whether gj can break this trendline down from 251 high all the way down to here......any bets ? I am sure its just a matter of time, and then, KABOOOOM.

Could take the rate decision to break that 61.8 and TL. I think I will let this beast do what it must and plan an attack for later or maybe even tomorrow after things calm down.
Great opportunity to go out and enjoy the day today with my acct tucked nicely in my pad locked hand bag.

Probably so, probably so...

Halloween, good day to wait for less scary market.

LOL..Good point! Cause it is scary!!

Time to analyse the charts.......

Weekly CHart:
H/S (downward)pattern with the rt shoulder at 240.67. We are only about 70 pips off of that now.
238.93 is the 61.8 fib from the fall in July from 251.08 to aug 219.27


Daily: Sitting on top of the upper trendline



4 hr:
240.67 is the 100% fib of the fall from 10/15 (240.67) to 10/22 (230.27)


1 hr:
Tight range for the last 4 hrs. 238.93 is the 38.2 fib of todays move


2 important numbers:
240.67 and 238.93

Here is a possibility I will be looking at:
if the price moves down to the 238.93 (double fib) and bounces off it will be in the process of forming a rt shoulder on an inverse h/s on the 4 hr chart which would give us a lot of dip buying off of that level for 100 or more pips each time. The stop could be very small.

Another possibility:

If the price continues to climb, I would wait for a nice size break of the 240.67 and then a retrace back to that level to buy.

Be very cautious of the market right now. This pair can be unpredictable on a normal basis and the mkt is full of fundi's right now so ANYTHING can happen. This is a time to have as precise entries as possible and tight stops.
I stayed out of the mkt today because I do not forget the pain of trying to figure out which way the mkt will go with such important data releases. I finally learned that sometimes (times like today) NO position IS a position.

I will not trade for the next few days UNLESS I can be at the charts from beginning to the end of a trade unless I am positive 50 pis and can move the stop up. Will have alarms set tho. Time to trick or treat.

240.67 could be a major sell. If it gets there and stalls it could be the beginning of a nice fall (wkly down H/S) So we have many options we just really need to be precise.

G/J is hitting a a strong resistance line...I'm expecting a drop towards 238-237 if a break doesn't happen

Hi Moforce..good to see you! G/J just keeps inching its way up. We are approaching that rt shoulder on the weekly H/S.(240.67) Things should get interresting.

Seems to be a lot of price action going on at this level.(see lower time frame charts)

Hi PipChick....thought I´d post this chart here too - as I try to be a serious trader!

We´re in the 4 hour candle where we can expect a change....either an acceleration (!!) of the current move or a reversal.

So far this morning, UJ is supporting a continuation and cable a reversal.

I see that the Dow Future's -60 and UJ is held at its Daily R1 and cable's around its DP - so guess its wait for the US data in a little under 3 hours.

Very nice analysis Islander. I see you use harmonics. From what I have seen, harmonics can be very helpful. I need to study up on it more. I have a feeling the weekly h/s may hold.

Edit: But then again...feelings dont count in this business..lol

wake up all

I put in a sell at 240.55. If 240.80 is broken then I will exit. Testing the weekly rt shoulder and bounced off of it. Risking about 25 pips for possibly a good return.

Dow is down 42 so it may help out the short.

November is already 6 hours old, and heres what I see.
Not much gong to happen in the next 24 hours, till NFP on Fri.
I see ranging between 23930 and 24110.
Preliminary numbers show a good NFP,= more jobs in the US = more spending,= confidence and investors getting back into carry trades.
Last months +NFP number gave the G/J a nice spike.
If we get a good NFP number tomorrow, I see slow bullishness up to about 24220-24340
My monthly chart has just turned slightly bullish, with Oct closing above the green GANN line. Price is well above the purple 62EMA, and price is toward the upper part of the channel created by the three 5SMAs. (I have three 5mas, plotted at low, close, and high) They are @ low-23106 close-23795 high-24228.
My monthly pivots are: R1 24349 R2 24741 R3 25110 - S1 23785 S2 23567 S3 21984.
I have 2 long positions open @ 23675 and 23738, I am looking for 24100
Any new trades this week will just be scalping.

Be Careful!