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CHART Reading for serious traders

  • #421
  • Nov 7, 2007 7:03pm Nov 7, 2007 7:03pm
What a day! This mkt never fails to amaze me. Will have to wait a bit to decide what to trade. Maybe nothing for now.
  • #422
  • Nov 7, 2007 7:23pm Nov 7, 2007 7:23pm
The 200 ema is sitting close to the 61.8% fib of todays move down(approx 238.90). The 50 ema is just above that at 238.15 and the 100 ema is 238.29. If we look at the moving averages on the 1 hr chart, the 50 and 200 emas are not far away from crossing which would indicate more bearish movement. (well...on a normal basis and this mkt has been less than normal!) A possible trade would be a sell if the price reaches the 200 ema (61.8% fib) because there is good resistance at the 50 and 100 emas. As for a long.....If the g/j were to blow thru the 200/50 and 100 ema and then retrace back to it then a buy would be in play. For a safer long...an open above the 200 ema on the 1 hr. Just thinking out loud. Trade at your own risk and keep an eye on the Nikkei and the pending data releases before making a decision to trade.
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  • #423
  • Nov 7, 2007 9:21pm Nov 7, 2007 9:21pm
Quoting el grande
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

Thanks El Grande for the kind words!! I personally was able to book some nice profits from this short move. And now, i am trying to figure out the next move!! Seems like more downside. I will post another analysis tomorrow am. For now.....sleeeeeep.
  • #424
  • Nov 7, 2007 11:41pm Nov 7, 2007 11:41pm
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/
I just see the code. How do you turn it into a file to place in MT4.
  • #425
  • Nov 8, 2007 4:35am Nov 8, 2007 4:35am
Quoting trader07
I just see the code. How do you turn it into a file to place in MT4.
Trader,
When you click on the indicator, a box will appear. Click on "save", not "open" then save it to your mt platform under experts>>>>> indicators. Hope that helps.
  • #426
  • Nov 8, 2007 4:58am Nov 8, 2007 4:58am
lets hope for the 50 and 200 to edge a little closer in 2 min.
  • #427
  • Nov 8, 2007 6:30am Nov 8, 2007 6:30am
So miraculously our friend GJ is trying to break NORTH thru its current down channel it has been respecting since Nov1...? Wowie.. also testing the weekly pivot at 238.52. It has already moved more than 300 pips, its daily average. Can it keep flying north?
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  • #428
  • Nov 8, 2007 10:29am Nov 8, 2007 10:29am
The trendline down from the 251 is still in play! Price blew through it northbound this morning, but check out your hourly chart: we have come back to this same TL (now at 237.50) and the hourly candles cannot close below it (so far). Isn't it also interesting that 237.50 is 50% of the last up move? We are still below the 200ema on hourly, but so far I am hearing a distant bullish train in the distance...

I am trying a Long here at 237.50, hoping for break of the 200ema since we broke it earlier. As usual, depends on the DOW.
  • #429
  • Nov 8, 2007 3:52pm Nov 8, 2007 3:52pm
Well my GJ long did not work out, but look, here we are again, dancing with the trendline from 251. For now, the hour chart is forming a lovely triangle, so let's see where we break out.
  • #430
  • Nov 9, 2007 5:11am Nov 9, 2007 5:11am
I guess it's just you and me
  • #431
  • Nov 9, 2007 5:14am Nov 9, 2007 5:14am
g/j dancing with the 50% from the 7/23 high of 251.
  • #432
  • Nov 9, 2007 6:32am Nov 9, 2007 6:32am
that was almost 500 pips in 2 hours !!! waw!
  • #433
  • Nov 9, 2007 9:29am Nov 9, 2007 9:29am
GJ has touched the 38% retrace of the July down fall, 231.50. Nice bounce now. It has fallen over 600 pips today! Amazing. So now what? The Dow rules now, and with Dow down more than 100 points I do not feel great about scalping this back up. I would like to wait for possible reentry for short back down to 231.50 area. Not sure if this will happen today. Dow rules.
  • #434
  • Nov 12, 2007 8:18am Nov 12, 2007 8:18am
Look at the 4hr G/J chart. It amazes me how trendlines work so well! See how nicely the TL from the mid Oct high has now found price again way down here at 225.35 area, and price bounced. I do not think this line will hold too long, but who knows. Overall unwinding is the name of the game and now peeking up from the bottom of the chart: the trendline from the 2000 low of 149!! it is sitting near 220, also the bottom in Aug. I expect price to be sucked down to there, at least. Especially since we are now below the 23% of that Aug move, at 226.85. Lots of support for UJ at 109 going back, but cable looks like she can lead the G/J down further.

800 pips move on Friday, and so far 600+ today. Unwinding is fast and furious. I cannot even think about going long this pair for awhile.
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  • #435
  • Nov 12, 2007 4:13pm Nov 12, 2007 4:13pm
That little trendline has broken after a nice bounce that took most of NY session to work out. Now just seems like time until the 220 area is hit, where that next trendline is, the up line from 149.00. But check this out: the monthly 200ema and weekly 200ema are basicly on top of each other, at 215.80 area. Quite possible, quite possible...
  • #436
  • Nov 12, 2007 4:29pm Nov 12, 2007 4:29pm
Along with this GJ short, I am watching the Dow industrial average. I am 90% a technical trader, but i know that many fundamentals are weighing on this yen unwind. But isn't it also interesting, technically speaking, that the dow daily chart has closed 2 candles (Friday and today) beneath the 200ema?
  • #437
  • Nov 13, 2007 7:21am Nov 13, 2007 7:21am
where has pipchick been
  • #438
  • Nov 13, 2007 7:35am Nov 13, 2007 7:35am
Is anybody still long, looking for possible 230 on the Geppy?
  • #439
  • Nov 15, 2007 2:31pm Nov 15, 2007 2:31pm
Had a pc crash and finally got the pc fixed then I couldnt get into FF.
  • #440
  • Nov 15, 2007 2:33pm Nov 15, 2007 2:33pm
Quoting PipChick
Had a pc crash and finally got the pc fixed then I couldnt get into FF.
Good to have you back with us PipChick
Trade what you see, not what you think.
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