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CHART Reading for serious traders

  • #361
  • Nov 1, 2007 9:46am Nov 1, 2007 9:46am
Quoting pipprincess
Nice!

I prematurely exited a long that i'd held since last Tuesday, so I was hoping it would pull back some.
Cool nic pipprincess!
  • #362
  • Nov 1, 2007 9:47am Nov 1, 2007 9:47am
Now that we have made some nice pips..it may be time to let the mkt do what it wants and go play.
  • #363
  • Nov 1, 2007 9:54am Nov 1, 2007 9:54am
Quoting PipChick
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.
Here might be another Head and Shoulders developing on gbp/jpy....let's so how this one plays out....
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 11 KB
  • #364
  • Nov 1, 2007 9:58am Nov 1, 2007 9:58am
May i suggest you sign up for AutoChartist. I know it is a free service on InterbankFX for live account holders. It gives you the most awesome chart formations. I have my setting on daily, 4hr and 15 mins timeframes.
  • #365
  • Nov 1, 2007 9:59am Nov 1, 2007 9:59am
Quoting iandekoker
May i suggest you sign up for AutoChartist. I know it is a free service on InterbankFX for live account holders. It gives you the most awesome chart formations. I have my setting on daily, 4hr and 15 mins timeframes.
I had that when it was first out but it wasnt very good then. They have probably updated it since then so I will get it again. Thanks ian!
  • #366
  • Nov 1, 2007 4:00pm Nov 1, 2007 4:00pm
Quoting PipChick
Now that we have made some nice pips..it may be time to let the mkt do what it wants and go play.
yep! and it looks to me like the mrkt still wants G/J to move upwards... unless G/J clears all the way through 220.00 and closes below that level G/J's overall trend is still up
  • #367
  • Nov 1, 2007 4:28pm Nov 1, 2007 4:28pm
Quoting pipprincess
Nice!

I prematurely exited a long that i'd held since last Tuesday, so I was hoping it would pull back some.
Do you mean to re-enter long again?
  • #368
  • Nov 1, 2007 5:55pm Nov 1, 2007 5:55pm
Quoting PipChick
Cool nic pipprincess!
Thanks!

Quoting pipmaster
Do you mean to re-enter long again?
Yes - if it goes that way. I was in from 234 on tuesday last week, up to 237 this week - even though my intended target was 240. It was sooo frustrating to watch price blow through it but i didn't want to chase. Still, the short made a nice consolation prize today, and ill prolly leave it at that for now and see what things look like again on Monday. NFP Fridays too crazy for me.
  • #369
  • Nov 1, 2007 10:12pm Nov 1, 2007 10:12pm
I am ready for this week full of fundi's to be over so I can get back to my tech trading. So what I am seeing is a base has formed on the daily chart around 237.80. It has also formed a nice ABC pattern and in in the making of forming an inverse h/s. If this very technical trade plays out tomorrow I think we will see a target of 244.69 very soon. I wouldnt bet too much on anything with the NFP tomorrow. Who knows if it will go UP, DOWN or SIDEWAYS!

The 4 hr chart looks perfect for longs with its inverse H/S also. We are still trading above the major MA's 50/200 and 100.

The last hourly candle opened above the 50 ema so the charts have longs written all over them.

Lets see how quickly NFP can mess this up.
  • #370
  • Nov 1, 2007 10:19pm Nov 1, 2007 10:19pm
We have to remember to scale out of any longs and move stops up the closer it gets to the 241.50.
  • #371
  • Nov 1, 2007 10:26pm Nov 1, 2007 10:26pm
Quoting PipChick
We have to remember to scale out of any longs and move stops up the closer it gets to the 241.50.
I've got STRONG Monthly resistance from 241.50-245.00 so we may see a reversal from there which is at the same level as the high on the left shoulder of the H/S pattern
  • #372
  • Nov 1, 2007 11:08pm Nov 1, 2007 11:08pm
Hi PipChick,

Just stop by to say hi
By the way, how are you going to trade Friday NFP? I would stand aside I guess and wait to gauge the market sentiment which is extremely important to form the direction of a trend.
  • #373
  • Nov 2, 2007 5:16am Nov 2, 2007 5:16am
Quoting mktjong
Hi PipChick,

Just stop by to say hi
By the way, how are you going to trade Friday NFP? I would stand aside I guess and wait to gauge the market sentiment which is extremely important to form the direction of a trend.
Have missed you Mktjong! As with any data releases I will stand aside for the initial release. Once things settle down I will enter the mkt. Usually I will fib the data release 15 min candle (lets say it goes long) and buy on a pullback to one of the major fib levels. If that scenario plays out, I will post a chart.
  • #374
  • Nov 2, 2007 7:39am Nov 2, 2007 7:39am
As you predicted
  • #375
  • Nov 4, 2007 10:17pm Nov 4, 2007 10:17pm
on a Sunday night, expecting more movement tomorrow after settling into the middle of the NFP range.
  • #376
  • Edited 5:17am Nov 5, 2007 5:07am | Edited 5:17am
Here is what we have.......
Weekly: Lst week we bounced off of the 241.50 and now are trading 350 pips below that strong resistance.
Daily: inverse h/s with rt shoulder at 237.64 and a very nice ABC pattern. Trading above the 200 ema.If this plays out and the inverse h/s is not violated the target will be 244.69.
4 hr inverse h/s with rt shoulder at 237.64.
1 hr: we are in a 265 pip range since 10/1. Plenty of room to make some pips. Trading just above the 200 ema.



One way we could trade this is to buy off of the rt shoulder with a stop just below the 200 on ema (1 hr)because if the rt shoulder on the 4 hr is violated and the 200 ema on the 1 hr then the trade would be wrong but we would only be risking minimal pips. If that were to happen then we would exit the trade and wait for a pullback to the 200 ema in order to sell.
  • #377
  • Nov 5, 2007 5:32am Nov 5, 2007 5:32am
Like your idea.
  • #378
  • Nov 5, 2007 5:35am Nov 5, 2007 5:35am
Quoting emm
Like your idea.
Thank you emm. We always need to have a buy plan and a sell plan.
  • #379
  • Nov 5, 2007 5:56am Nov 5, 2007 5:56am
We are up about 30 pips so I like to protect profits. I usually scale out a bit when I am + 30.

Edit..I will move the stop in this case to -30 so I can give it room to breath for possible larger profits but not lose any. Worse case scenario I would break even on the trade.
  • #380
  • Nov 5, 2007 6:07am Nov 5, 2007 6:07am
Bounces like this on the g/j are good for 2 - 3 rides
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