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CHART Reading for serious traders

  • #401
  • Nov 6, 2007 5:23am Nov 6, 2007 5:23am
Daily chart is perfect.
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  • #402
  • Nov 6, 2007 6:00am Nov 6, 2007 6:00am
Yes, up is certainly the name of the game. Dow futures up +50, no real news today....maybe she will just keep tickin higher.
  • #403
  • Nov 6, 2007 6:09am Nov 6, 2007 6:09am
Quoting jdsfx
Yes, up is certainly the name of the game. Dow futures up +50, no real news today....maybe she will just keep tickin higher.
Thats what I am thinking too. Maybe we can finally technical trade.
  • #404
  • Nov 6, 2007 7:37am Nov 6, 2007 7:37am
If we can get thru this hi....we will be in the $$$. If not, I will TP
  • #405
  • Nov 6, 2007 7:47am Nov 6, 2007 7:47am
I will protect some profits now, move stop up and shoot for 240.47 although if it does go higher, 240.19 may be strong resistance.
  • #406
  • Nov 6, 2007 12:50pm Nov 6, 2007 12:50pm
Anything to trade? lol. I see lots of good set ups
  • #407
  • Nov 6, 2007 4:37pm Nov 6, 2007 4:37pm
Quoting PipChick
I will protect some profits now, move stop up and shoot for 240.47 although if it does go higher, 240.19 may be strong resistance.
Cool .. this target would like be hit by tomorrow (hopefully) .. it's a very bullish day .. market sentiment is positive
  • #408
  • Nov 6, 2007 4:54pm Nov 6, 2007 4:54pm
Quoting mktjong
Cool .. this target would like be hit by tomorrow (hopefully) .. it's a very bullish day .. market sentiment is positive
I agree with you mktjong. Very bullish. I see set ups all over the place. I will post after dinner. Feel free to post yours too and we can compare so we can plan our attack.
  • #409
  • Nov 6, 2007 5:31pm Nov 6, 2007 5:31pm
Quoting PipChick
I agree with you mktjong. Very bullish. I see set ups all over the place. I will post after dinner. Feel free to post yours too and we can compare so we can plan our attack.
I am already in earlier @238.95
You too, right?
  • #410
  • Nov 6, 2007 6:08pm Nov 6, 2007 6:08pm
Quoting mktjong
I am already in earlier @238.95
You too, right?
No..Im out but looking for re-entries.
  • #411
  • Nov 6, 2007 6:12pm Nov 6, 2007 6:12pm
GBP/JPY
Inverse on the 5, 15, 30, 1 hr and an inverse within an inverse on the 4 hr, inverse on the daily. It doesnt get much better than that. But........... there is ALWAYS a but.....watch out for the weekly downward h/s so take profits along the way if you go long.

EDIT: Its very possible we will see the 240.47 1st target.
  • #412
  • Nov 6, 2007 6:18pm Nov 6, 2007 6:18pm
We have a trend line on the 4 hr which we are sitting right on. (triangle) but I think its gonna give. But what do I know..lol..this thing will ultimately do what it wants.

Maybe the Nikkei will help us out when it opens.
  • #413
  • Nov 7, 2007 4:23am Nov 7, 2007 4:23am
Can the dollar be beat up anymore? Looks like panic selling possibly.

Daily Report: Dollar Sharply Lower on China Reserve Diversification Talk http://www.actionforex.com/images/M_...rintButton.png http://www.actionforex.com/images/M_...mailButton.png Action Insight | Written by ActionForex.com | Nov 07 07 07:16 GMT | Forex Daily Technical Report

Dollar Sharply Lower on China Reserve Diversification Talk

Dollar has been extremely weak recently on fear that credit market problems will worsen and force Fed to continue easing. The fall in greenback accelerates today after comments from Cheng Siwei, vice chairman of China's National People's Congress, said that China will "readjust" the $1.43 trillion of foreign-exchange reserves, favoring "stronger currencies over weaker ones", suggesting that China may diversify away from the greenback. Further pressure is seen on the dollar with crude oil surging to new high above $98 a barrel, gold rising to 27 year high above $830 and silver rising . Both are crude oil and gold are expected to remain strong and continue its rally towards $100 a barrel and $850 mark. Dollar fell to new record low against Euro and Canadian dollar, 26 year low against Sterling and 23 year low against Aussie.
  • #414
  • Nov 7, 2007 5:16am Nov 7, 2007 5:16am
The analysis in this thread is helpful, but im gonna stay out for a while. The pound and the yen are both strong, so while the bias on GJ is down, you can see in the price action that it's struggling against alot of support and it only gets a bit smoother when cable pulls back. Look at GJ, Cable and UJ on the hourly chart and you see what i mean. Gold long was good to me this morning though.
  • #415
  • Nov 7, 2007 5:37am Nov 7, 2007 5:37am
Well here we are again at the trendline down from the 251 high. I can see potential today to the monthly pivot around 237. If that breaks then maybe 50% line of the 251 down move will come back to haunt us (235.25). The bollinger bands are now beginning to open down..
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  • #416
  • Nov 7, 2007 5:44am Nov 7, 2007 5:44am
It would be quite quite quite interesting if this trendline does continue to hold. I also see the M1 near here at 237.65, which is holding so far and is often a reversal point. But dow futures are -137 right now....so market seems like it will want to push this pair lower.
  • #417
  • Nov 7, 2007 5:50am Nov 7, 2007 5:50am
Quoting pipprincess
The analysis in this thread is helpful, but im gonna stay out for a while. The pound and the yen are both strong, so while the bias on GJ is down, you can see in the price action that it's struggling against alot of support and it only gets a bit smoother when cable pulls back. Look at GJ, Cable and UJ on the hourly chart and you see what i mean. Gold long was good to me this morning though.
I will remain flat at the moment also. No position IS a position.
Seems like the 4 hr and daily inverse are holding for now so I will wait to take a short unless the rt shoulder is violated. As for longs, I will see if the 1 hr chart forms a swing lo and opens above the 200 ema and evaluate it from there but I am a little leary for longs because of the fundi's at the moment. Tough mkt right now.
  • #418
  • Nov 7, 2007 5:52am Nov 7, 2007 5:52am
Quoting jdsfx
It would be quite quite quite interesting if this trendline does continue to hold. I also see the M1 near here at 237.65, which is holding so far and is often a reversal point. But dow futures are -137 right now....so market seems like it will want to push this pair lower.
You definately have a point jdsfx. The dow is not happy at the moment and the Nikkei closed down.
  • #419
  • Nov 7, 2007 4:58pm Nov 7, 2007 4:58pm
Wow, after NY close g/j decided to take the elevator ride down to the 50% fib (235.25) of that 251 down move in July. This also worked out to be the bottom of the down channel line that price has been respecting since Nov 1. So now what? Indicators look quite bearish on the 4hr and daily, now. Are we starting a new down collapse in this pair?? So far, it sure is not bouncing too much off the 50%...

BOE rate announcement early tomorrow, I'll be there to pick up the pieces.
  • #420
  • Nov 7, 2007 6:06pm Nov 7, 2007 6:06pm
Quoting jdsfx
Wow, after NY close g/j decided to take the elevator ride down to the 50% fib (235.25) of that 251 down move in July. This also worked out to be the bottom of the down channel line that price has been respecting since Nov 1. So now what? Indicators look quite bearish on the 4hr and daily, now. Are we starting a new down collapse in this pair?? So far, it sure is not bouncing too much off the 50%...

BOE rate announcement early tomorrow, I'll be there to pick up the pieces.
Hi Jdsfx.

http://www.forexfactory.com/images/icons/icon13.gif G/J 4hr
Well here we are again at the trendline down from the 251 high. I can see potential today to the monthly pivot around 237. If that breaks then maybe 50% line of the 251 down move will come back to haunt us (235.25). The bollinger bands are now beginning to open down..

Nice analysis on the break of that treandline from 251 jdsfx. I actually saw that line on 1 of my charts were I placed my EW counts. But I was too absorbed with my counts that the implications completely slipped my mind.

But now that I have read your post, I will keep a sign on my screen to have a special chart for the trendlines in front of me.

noted too that your target was the 50% level of the whole drop from 251.09 to 219.32.

That was a classic forecast and almost 100% precision. Yes... IT was more than 100% Precision.

Thanks

EG
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