Tech Charts Bonanza

I don't have an intro to this thread.

This is not a journal, this is just what I see...

I'll start with second post...

Simple trend line, no more.

In my world that trend line is the reason price stopped at those levels.

Interestingly that is not what my brokers feed was showing, just look at the gap.

Im going to post this on MBT thread to see what they have to say about it.

Monthly looks sad, no break in the trend line and even shorter range then previous.

Here is another way of looking at that monthly trend line...

One week breaks the trend line, and the following week confirms the break.

Here's an idea on how to trade current situation.

Have longs open along the bottom line and shorts along the top line.

I'm biased a bit toward the long side, so I prefer bottom line gets hit first.

I will then have 3 take profit targets.
1. Along the top line (60%)
2. 1.4407 (20%)
3. 1.4430 (20%)

Daily MA20 is acting like a magnet, very annoying.

Looks like there is potentially strong support support near daily S1, it almost overlaps daily MA20

One thing I have found useful during those times when I was still trying to get a hang of all this was not to enter a trade while it is not overbought or oversold. Mostly I would follow this rule on H1 time frame. At other times it would generally be much better to get divergence, somewhat of a double top/bottom combo...

this is kind of what I was waiting for.

Since I'm biased long, just a little bias, I would rather have it bounce off bottom line first then off top.

Still waiting for the bounce.

As far as if this bounce doesn't work out, well, my stop loss is if H1 bar closes below that bottom trend line - then that's my loss.

So far I think that's the best way to go, bounce from bottom, and break through top...

Here are some levels.

Daily S1 @1.4259
Last month close @1.4257

Last month close is important simply because this is end of month tomorrow.

Ok, so the original plan was to buy at the lower trend line

but that trendline was never hit.

But I also have to say that having an entire order there would be a bad idea.

A good aproach to that situation would be to have multiple entries at mojor supports.

http://www.forexfactory.com/showpost...2&postcount=10

All these support levels including 1.4745 support trendline @ aprox 02:14 last night (eastern)

they all average 1.4262, and I think if anyone was to enter a long position in that area should have average entry limit order sitting around 1.4262, and it was HIT.

Now, even though I myself have failed to enter this position, I will paper trade exits and see how it turns out, just to see if my original plan could have perfect exits.

So,

According to my original idea - and still being biased long.
I will then have 3 take profit targets.
1. Along the top line (60%) (HIT)
2. 1.4407 (20%) (PENDING)
3. 1.4430 (20%) (PENDING)

And I recommend a hard stop at 1.4262 which should have been very close to anyone who has gone long earlier last night.

I'm going to speculate that the top line will be broken before the bottom, at least that's how I want it. Now I'm not saying that it will go up, I'm just saying that by being in a long position with entry @ 1.4262, it's very comfortable to still hold onto 40% of my original position (which again, my entry was too low and it didn't get triggered, so I'm not in this, just controlling what I would do had I taken that position.)

I'll keep updating on what's best in my eyes.

I was thinking lately about MACD and stoch divergences and have come to a small thought.

Basically, everything in trading in my opinion is being made complicated.

It's not all that hard.

Divergence is in essence a way to point out something obvious, like a double top. Sorry I don't have example handy. But many times, it's either a double top/bottom, or it's multiples. And at that point it becomes very clear when to place limit orders.

If I come across it I'll chart it.

My original plan had no hard stop loss.

The original plan was to take a loss if H1 bar was to close below bottom trend line. But I don't like to keep it like that.

You see, eventually it pays to be flexible.

Something I have been practicing was to place a hard stop at entry after my first target gets hit, first target being important resistance level usually 60% of my position.

Here is an idea, once the top gets broken on H1, place limit buy on that top line.

But that's a bad idea, i guess if you wanna scalp for - what's 5min ATR at right now? 5 pips? what a joke.

A scalp is a scalp.

But if anyone is considering entering on break of that trend line thinking that it will continue, consider this:

When it breaks the top trend line it will eventually make double top. There will be divergence and it is already oversold.

There are two reasons I can think of for trading break of top line.

1st - You just wanna scalp 5- 10 pips.
2nd, You are already in a position from much lower.

Anything else and you are vegas.

You like double tops?

Here is one for ya, right up against resistance.

You might want to know what should your TP and SL be?

TP should be nearest support, considering it is almost end of high volume for the day that support should be the daily pivot.

Your pivots are different then my. or not, regardless.

My pivot was first support, that's what got hit, another good trade idea.

yes, I'm pointing this out after the fact, but that's what everyone else does.

Does anyone wanna add something to this?

If i can get a clean bounce off daily pivot, that will be great, I'll push some major cash, but only if it's a clean bounce.

Highlighted area is the top trend line that I'm waiting (got my money on) to be broken for a further rally.

You can notice that there is a quite an accumulation of support zones @ 1.4203-08

There is Daily S1 and Weekly S1, almost overlapping each other with last week low between the two.

I think I have found the best color scheme for myself on MT4 and I want to share it with you guys.

These are very easy tones to look at for long periods of time. Similar to yellow tunnel lighting, that's designed to be easy on the eyes.

There are no sharp color changes here.

You can copy and paste the settings directly!

Background: 54,54,54
Foreground: MediumAquamarine
Grid: I dont use grid, I hate it.
Bar Up: Aquamarine
Bar Down: OrangeRed
Bull Candle: Aquamarine
Bear Candle: OrangeRed

In the little trading experience that I have I have noticed that when pivots are close to one another, results are very violent.

btw, I just updated my Monthly Pivots - something to take notice of, cause old levels are now invalid in my book.