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CHART Reading for serious traders

  • #341
  • Nov 1, 2007 5:37am Nov 1, 2007 5:37am
Quoting Mysticdiver
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!
Thanks for the outlook Mystic! Always appreciated.
  • #342
  • Nov 1, 2007 5:49am Nov 1, 2007 5:49am
Quoting Mysticdiver
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!

BTW The 3 momentum indicators you see on the chart, is something I just started using a few says ago. So far I think they are completely useless.
On the bottom frame is the "Schaff Trend Cycle", I like that alot, used with the GANN.
  • #343
  • Nov 1, 2007 5:53am Nov 1, 2007 5:53am
Quoting Mysticdiver
BTW The 3 momentum indicators you see on the chart, is something I just started using a few says ago. So far I think they are completely useless.
On the bottom frame is the "Schaff Trend Cycle", I like that alot, used with the GANN.
Is the Schaff Trend Cycle a standard indicator on mt4?
  • #344
  • Nov 1, 2007 6:00am Nov 1, 2007 6:00am
Quoting PipChick
Is the Schaff Trend Cycle a standard indicator on mt4?
HMmmm. . .

I don't use MT4, but I have heard it is feature rich. I will look into it.

I use a stand alone chart package, Intellichart, with a FXCM feed.
  • #345
  • Nov 1, 2007 6:09am Nov 1, 2007 6:09am
Quoting Mysticdiver
HMmmm. . .

I don't use MT4, but I have heard it is feature rich. I will look into it.

I use a stand alone chart package, Intellichart, with a FXCM feed.
Thanks Mystic. Greatly appreciated!
  • #346
  • Nov 1, 2007 6:12am Nov 1, 2007 6:12am
This may be one of those pre NFP days
  • #347
  • Nov 1, 2007 6:35am Nov 1, 2007 6:35am
I will not hang onto that trade. Exited.
  • #348
  • Nov 1, 2007 6:40am Nov 1, 2007 6:40am
GBP/JPY broke daily rs now where?
  • #349
  • Nov 1, 2007 6:52am Nov 1, 2007 6:52am
Quoting PipChick
Thanks Mystic. Greatly appreciated!
PipChick....here's the Yahoo MT4 site with hundreds of MT4 indicators - I also know of a couple more sites, so if you dont find what you want here, just PM me...

http://www.forexmt4.com/mt_yahoo/
Trading Levels with WRBs
  • #350
  • Nov 1, 2007 6:55am Nov 1, 2007 6:55am
Quoting emm
GBP/JPY broke daily rs now where?
Wouldnt you love to see 241.50 break?
  • #351
  • Nov 1, 2007 7:25am Nov 1, 2007 7:25am
Quoting Mysticdiver
HMmmm. . .

I don't use MT4, but I have heard it is feature rich. I will look into it.

I use a stand alone chart package, Intellichart, with a FXCM feed.
I D/Led it, and took a look. Could not find it, but, I am not familiar with MT.
I will scronge around the MT forum a bit.
  • #352
  • Nov 1, 2007 7:33am Nov 1, 2007 7:33am
Quoting PipChick
Wouldnt you love to see 241.50 break?
I'd love a break either direction ... there's so much S/R in this area
  • #353
  • Nov 1, 2007 7:34am Nov 1, 2007 7:34am
Quoting Islander
PipChick....here's the Yahoo MT4 site with hundreds of MT4 indicators - I also know of a couple more sites, so if you dont find what you want here, just PM me...

http://www.forexmt4.com/mt_yahoo/
Many thanks Islander,

Didn't know there were that many...

Probably won't use many of them, but really nice to know this info..

Thanks for sharing.
  • #354
  • Nov 1, 2007 7:42am Nov 1, 2007 7:42am
Quoting Islander
PipChick....here's the Yahoo MT4 site with hundreds of MT4 indicators - I also know of a couple more sites, so if you dont find what you want here, just PM me...

http://www.forexmt4.com/mt_yahoo/
TY so much islander!
  • #355
  • Nov 1, 2007 7:44am Nov 1, 2007 7:44am
Quoting MoForce
I'd love a break either direction ... there's so much S/R in this area
Me too MoForce!
A good retrace would be welcomed too.
  • #356
  • Nov 1, 2007 7:47am Nov 1, 2007 7:47am
We hit 241.45. Everyone remember what happened the last time 241.50 was rejected?
  • #357
  • Nov 1, 2007 9:16am Nov 1, 2007 9:16am
Quoting PipChick
We hit 241.45. Everyone remember what happened the last time 241.50 was rejected?
Nice!

I prematurely exited a long that i'd held since last Tuesday, so I was hoping it would pull back some.
  • #358
  • Nov 1, 2007 9:22am Nov 1, 2007 9:22am
History prevails!
  • #359
  • Nov 1, 2007 9:34am Nov 1, 2007 9:34am
http://www.forexfactory.com/attachme...1&d=1193491773


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

Look at how nicely this inverse head and shoulder played out this week....
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 17 KB
  • #360
  • Nov 1, 2007 9:44am Nov 1, 2007 9:44am
Quoting iandekoker
http://www.forexfactory.com/attachme...1&d=1193491773





Look at how nicely this inverse head and shoulder played out this week....
Gotta love those h/s patterns. This bounced perfectly off the 78.6 of yesterdays lo to todays hi for about 100 pips. Fibs are great too. I pay close attention tot he 38.2 and the 61.8 and especially the 78.6. The 78.6 is a reversal fib.
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