CHART Reading for serious traders

Thank you Karm

I will probbly wait until monday to post anything. I do see a simple trade tho.........I will most likely go short below the lo and long above the hi of today. No brainer huh? lol..But as always, if the hi is breached it would be best to let it go and wait for a retrace back to the hi again before entering long.But if it breaks the lo, I will not wait for a pull back.

We may get a 50% retracement of yesterdays move to about 226.96 which is also the 50 ema on the 1 hr.

is the 4 hr h/s still intact?

is the store open?

well after some thought I've placed another short targeting 223.50 with an S/L of only +1. I've noticed we are currently in a bullish wedge formation AKA: Falling Wedge(as you can see on the chart below) so pretty soon we're gonna have a HUGE breakout to the upside with the next failed attempt to break the 223-224 level

NOTE: This isn't totally confirmed yet...only time will tell, but a break above that wedge resistance line would most likely signal a long

Great call, Moforce. Hope you filled up your pip wagon with the up move you predicted!

If i were to draw the bottom trendline, it would be flat (horizontal). It then looks to me like a descending triangle which would indicate the price could move down. Can you tell me why the bottom trend line isn't flat? Thanks in advance.

Gandy

MoForce,

This pattern on the 4 hr was so "distinctive" that when my system said to short it again, i was scratching my head. I also was thinking 3 touches and up. But obediently, I placed my short as well. Interestingly, what helped me do that with confidence was that i looked at the daily which confirmed that their was NO indication of the market turning long on a sustained basis.

SUre as shootin, it dropped.

Good trading

Jimno

WOW! I was getting great info from pipchik here, anyone know where she is or if she is gonna back?

I remember info I got from her last November regarding indicators, they worked great. Unfortunatley since then I have had my computer blow and lost all. If anyone could help it would be helpful for all.

Thanks

Watch, Gold, Oil, Dow, 10 year t's both price and yield along with Libor.
Chart these each day open and close on the US. Read as much as you can on the all news events. Directions will become much more clear. Concentrate on only a few (couple of ) pairs.
Also track your pairs pricing in regards to the listed commodities and the news.
Remember for some of you this IS your job.

Best of Luck!

Hi guys,
I would like to invite you to my new thread where I post everyday new intraday trading levels. I know you are interested in price action. I use it also to make my levels (also with market profile and orderflow).
Here is the thread:http://www.forexfactory.com/showthre...14#post9162014
You are all welcome there!

Happy trading
Dale

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