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Chart patterns and trendline discussion....

  • #21
  • Feb 8, 2010 3:49pm Feb 8, 2010 3:49pm
Quoting GEfx
Here is another view of the CAD from a 4H time compression. I see an uptrend and a bull flag that is very tradable on the break if you missed the entry at the .50 fib. I trade the 60M chart and enter/exit on the 10M chart, so my approach differs from yours.

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Gefx,

Thanks again for your input....Although the trading styles are different , I had not seen the bullish flag and break out in the right directions certainly gives me another entry point versus..simply waiting for a bounce that may or may not happen or waiting for a breakout of the resistance level...

so once again , much appreciated and really hope there will be more comparisons like this on both your part and other traders as well...
  • #22
  • Feb 8, 2010 3:56pm Feb 8, 2010 3:56pm
Here I see a bit of a rising wedge as well as in inverse head and shoulders...took the trade a little more prematurely than I should have....so I either still need a lot of work on the confidence of my decisions or excersising patience...probably both....
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  • #23
  • Feb 8, 2010 4:01pm Feb 8, 2010 4:01pm
Hope my tp is gauged properly...even if it goes past this , I would be happy with the trade being a succesful one....Once I feel comfortable with my entries and sl's I could move on to managing my open postions to try and maximize profits....much, much, work and much , much learing still to go....
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  • #24
  • Feb 8, 2010 4:06pm Feb 8, 2010 4:06pm
Quoting GEfx
Here is another view of the CAD from a 4H time compression. I see an uptrend and a bull flag that is very tradable on the break if you missed the entry at the .50 fib. I trade the 60M chart and enter/exit on the 10M chart, so my approach differs from yours.

Attachment

Gefx,

Just curious...I see a break out of the bull flag...you trade on shorter time frames for your entries...so would it be safe to assume you've opened a long position on this pair...

allthough for me since I am on the longer time frames I wonder if it would be wiser to wait for a pull back once the break out has occured...maybe on the 1hr...assuming that on the pull back what was once resistance would then become support...


Just curious on your take...

thanks again.
  • #25
  • Feb 8, 2010 4:13pm Feb 8, 2010 4:13pm
Quoting mf036ml
Hope my tp is gauged properly...even if it goes past this , I would be happy with the trade being a succesful one....Once I feel comfortable with my entries and sl's I could move on to managing my open postions to try and maximize profits....much, much, work and much , much learing still to go....
Nice trade good luck with the thread
p.a. support resistance its the way I trade so will pop in every now and then .
goodluck
Temps...
  • #26
  • Feb 8, 2010 4:21pm Feb 8, 2010 4:21pm
Quoting Temps
Nice trade good luck with the thread
p.a. support resistance its the way I trade so will pop in every now and then .
goodluck
Temps...

Thank you so much Temps....Looking forward to hearing from you and your inputs hopefully soon in the near future...


Thanks again,

much luck to you too...
  • #27
  • Feb 8, 2010 6:01pm Feb 8, 2010 6:01pm
Went ahead and moved my sl to break even on this trade...would hate for it to turn around on me...but if it does would rather take the break even than a loss....hope my tp. gets hit sometime tonight or tomorrow...
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  • #28
  • Feb 8, 2010 6:20pm Feb 8, 2010 6:20pm
heres a long position I just opened.....price is above both my midterm and longterm ma's..and I see an upward wedge...which am interpreting as perhaps a continuation of the current trend....

Please, if anyone would have played this set up differently or is currently playing it differntly , would really like to hear your take on it....

thanks to everyone in advanced...
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  • #29
  • Feb 8, 2010 6:29pm Feb 8, 2010 6:29pm
Quoting mf036ml
heres a long position I just opened.....price is above both my midterm and longterm ma's..and I see an upward wedge...which am interpreting as perhaps a continuation of the current trend....

Please, if anyone would have played this set up differently or is currently playing it differntly , would really like to hear your take on it....

thanks to everyone in advanced...
Hmm very risky trade for me...
"Buy on fear, sell on greed !!!
  • #30
  • Feb 8, 2010 6:36pm Feb 8, 2010 6:36pm
Quoting Petar_Serbia
Hmm very risky trade for me...

Great Petar,

Would you mind elaborating?


thanks
  • #31
  • Feb 8, 2010 6:43pm Feb 8, 2010 6:43pm
Quoting mf036ml
Great Petar,

Would you mind elaborating?


thanks
Look this can go Up and again test Res but i see good Divergence,not confirmed from OSMA but looks promising...


Cheers
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"Buy on fear, sell on greed !!!
  • #32
  • Feb 8, 2010 6:49pm Feb 8, 2010 6:49pm
Quoting Petar_Serbia
Look this can go Up and again test Res but i see good Divergence,not confirmed from OSMA but looks promising...


Cheers

Appreciate the explanation Petar...thats exactly what am hoping for with this thread...after all, I am here to learn....Now if this trade goes bad for me...

I'll have a better idea as to why it was so risky and would have something to look for in the future before opening a postion..

Thanks again for taking the time to explain your take on this...

and look forward to hearing back from you again in the future...
  • #33
  • Feb 8, 2010 6:53pm Feb 8, 2010 6:53pm
Quoting mf036ml
Appreciate the explanation Petar...thats exactly what am hoping for with this thread...after all, I am here to learn....Now if this trade goes bad for me...

I'll have a better idea as to why it was so risky and would have something to look for in the future before opening a postion..

Thanks again for taking the time to explain your take on this...

and look forward to hearing back from you again in the future...
You are welcome my friend
"Buy on fear, sell on greed !!!
  • #34
  • Feb 8, 2010 7:03pm Feb 8, 2010 7:03pm
Quoting mf036ml
Gefx,

Just curious...I see a break out of the bull flag...you trade on shorter time frames for your entries...so would it be safe to assume you've opened a long position on this pair...

allthough for me since I am on the longer time frames I wonder if it would be wiser to wait for a pull back once the break out has occured...maybe on the 1hr...assuming that on the pull back what was once resistance would then become support...


Just curious on your take...

thanks again.
I entered my first position on the hit of the .50 fib at 1.0666, with a stop just below the .786 fib. My second trade was not on the break of the trend line, but on the hook back to the trend line at 1.0742 (also a .382 fib) about 45 minutes ago, with a stop at 15 pips below the trend line at 1.0727 (a .50 fib) My stop of the first trade is now at 1.0727, too. The hook back to the trend line after a break is another pattern that I try to be aware of when trading.

Good thread and I appreciate your positive attitude. Good luck with your trading.
  • #35
  • Feb 8, 2010 7:31pm Feb 8, 2010 7:31pm
Quoting GEfx
I entered my first position on the hit of the .50 fib at 1.0666, with a stop just below the .786 fib. My second trade was not on the break of the trend line, but on the hook back to the trend line at 1.0742 (also a .382 fib) about 45 minutes ago, with a stop at 15 pips below the trend line at 1.0727 (a .50 fib) My stop of the first trade is now at 1.0727, too. The hook back to the trend line after a break is another pattern that I try to be aware of when trading.

Good thread and I appreciate your positive attitude. Good luck with your trading....
Gefx,

Not a problem, Am the one who should be appreciative of you guys actually taking the time to post your thoughts and critics and giving such thorough explanations as the one above...in the short time I've had this going, thanks to you..I now have two new patterns to be on the look out for and learn to incorporate properly...flags..and hook backs...

Once again, thank you so much for contributing and look just as forward to hearing from all the experienced traders as well as the novices like myself , with questions that i myself have perhaps not brought up but will most definetly benifit from..

Thank you all very much...
  • #36
  • Feb 8, 2010 7:40pm Feb 8, 2010 7:40pm
Here's a link that you may find educational:
http://thepatternsite.com/
  • #37
  • Feb 8, 2010 8:00pm Feb 8, 2010 8:00pm
Quoting Ronin2002
Here's a link that you may find educational:
http://thepatternsite.com/

Ronin2002,

Thanks for the link...by all means if you guys have any good resources or websites on the subject that you recommend, I assure you I will put them to good use to the best of my ability...

Thanks again Ronin, I will most definetly check it out..
  • #38
  • Feb 9, 2010 5:46am Feb 9, 2010 5:46am
Looks like eu is in a nice trend channel/bear flag.
Looking to go long around 136.75
Or might trade the break if it happens
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  • #39
  • Feb 9, 2010 6:54am Feb 9, 2010 6:54am
Ended up going short 137.72
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  • #40
  • Feb 9, 2010 9:02am Feb 9, 2010 9:02am
Quoting Temps
Ended up going short 137.72

Temps , good luck with your trade...just checked the Eur and seemed to have bounced nicely off of that resistance.....

am getting much better at recognizing these patterns but still have much confusion on trading them effectively....


any projections on your tp for this trade....?

Thanks again...
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