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Chart patterns and trendline discussion....

  • #81
  • Feb 14, 2010 11:02pm Feb 14, 2010 11:02pm
Quoting mf036ml
seems like a pretty decent r/r ratio if it goes short ...with a tp. to that last support on the 15min. chart...
So far its following the triangles lines nicely and obeying those lines...guess will just have to wait and see where it breaks..
  • #82
  • Feb 14, 2010 11:33pm Feb 14, 2010 11:33pm
ended up taking the short after all....target..122.14....lets see how it goes and if i've made any progress interpretting chart patterns...
  • #83
  • Feb 14, 2010 11:34pm Feb 14, 2010 11:34pm
it's seem you're right. if it breaks the below line, i am too.
  • #84
  • Feb 14, 2010 11:36pm Feb 14, 2010 11:36pm
Quoting morethanezra
it's seem you're right. if it breaks the below line, i am too.

I really hope I am cause i already opened my short position...lol...will keep you posted ....
  • #85
  • Feb 14, 2010 11:40pm Feb 14, 2010 11:40pm
Quoting morethanezra
it's seem you're right. if it breaks the below line, i am too.
Here's what my 15min. chart looks like with position already opened.
Attached Image (click to enlarge)
Click to Enlarge Name: 15eurjpy.jpg Size: 185 KB
  • #86
  • Feb 14, 2010 11:43pm Feb 14, 2010 11:43pm
i have bought, . if it goes bad, i'm ready to cut loss.
  • #87
  • Feb 15, 2010 12:01am Feb 15, 2010 12:01am
Quoting morethanezra
i have bought, . if it goes bad, i'm ready to cut loss.

Well, to keep a positive attitude...one of us will walk away with a winning trade and the other with another experience under our belt and yet another lesson learned...

either way we both stand to win something...will have to wait and see how it plays out..
  • #88
  • Feb 15, 2010 12:03am Feb 15, 2010 12:03am
Quoting Ronin2002
Ok, perhaps since it has been awhile since your posts any comments I may have would be of little use, but here goes. Myself, I have low confidence on this pattern being successful. triangles are low likelihood patterns in my eyes. Add to that the fact it is counter trend and I would look elsewhere. That's just me. I see when price has tried to break through 122.80 area it has been rejected over and over. I'll admit that the selling appears to be absorbed and the lows are rising, but again, it is counter trade.

I hesitate to comment to strongly...
OMG Ronin,

am a disaster, I hadnt noticed that you had replied...so sorry, thanks again for taking the time ..and as always , regardless of the outcome and what i may or may not do it is always nice to hear your take on it...

thanks again and sorry about that..
  • #89
  • Feb 15, 2010 12:06am Feb 15, 2010 12:06am
Quoting ha-pattern
Pardon for my interruption. I noticed nice balances and interrupting falls in the last chart of post #61, and made the version below. Hope it helps.

Attachment
Ha pattern,

My apologies to you as well, i got so caught up at starring at the charts I had not noticed your post..

Thank you so much for taking the time to contribute the chart with the explanation and hope to continue to expect more in the future,

Once again, sorry guys..and its nice to have you here..
  • #90
  • Feb 15, 2010 12:28am Feb 15, 2010 12:28am
Saw this after the fact to be honest...but possible inverted cup with handle forming..? Thanks for that site again Ronin....still have much, much to learn...but finally feel like some progress is being made..
Attached Image (click to enlarge)
Click to Enlarge Name: cupinverted.jpg Size: 182 KB
  • #91
  • Feb 15, 2010 1:20am Feb 15, 2010 1:20am
still waiting...
  • #92
  • Feb 15, 2010 7:52am Feb 15, 2010 7:52am
Quoting mf036ml
OMG Ronin,

am a disaster, I hadnt noticed that you had replied...so sorry, thanks again for taking the time ..and as always , regardless of the outcome and what i may or may not do it is always nice to hear your take on it...

thanks again and sorry about that..
No problem mf. I posted my 15min chart with what I see fro S&R. 122.14 is a possibility, but with bank holidays all over who knows for sure. In any event price has fallen below 122.43 already, making 122.14 more likely, though it might take a bit as it meanders down to that level. I see you're short already so I would think you'd should be alright. Just remain vigilant should price pop back into that the channel it was in. No point in putting money on the line if it's just going to flip flop around on you. Hope all works well! Happy trades!
Attached Image (click to enlarge)
Click to Enlarge Name: GU15min.png Size: 129 KB
  • #93
  • Feb 15, 2010 8:32am Feb 15, 2010 8:32am
Well, had my trade open over night and didnt really move much through out the night ..so I closed my position this morning..at a very very small profit...

I guess a small profit is better than a bigger loss...but wasnt feeling so comfortable with the trade anymore and really didnt want to risk it...

Gefx, good to see you back..
  • #94
  • Feb 15, 2010 8:35am Feb 15, 2010 8:35am
Any trade that doesn't result in a minus sign is a win! Save the $ for the next one. Good job!
  • #95
  • Feb 15, 2010 8:52am Feb 15, 2010 8:52am
Quoting Ronin2002
Any trade that doesn't result in a minus sign is a win! Save the $ for the next one. Good job!
Thanks Ronin,

Curious, are you trading today, or staying away due to the holiday...everything seems to be a bit slow do to that...am thinking about staying away ...

Maybe the asian session going into the euro session will be better suited to find set ups? Or you think it would be best to just stay out of it all together till tomorrow?
  • #96
  • Feb 15, 2010 8:57am Feb 15, 2010 8:57am
Mostly just observing, I'm not expecting to place any trades today due to low volume (relatively speaking of course). Days like this market participants are pretty much just playing poker with each other so I sit on the side usually. If i see a nice scalp type play I may jump in, other wise not.
  • #97
  • Feb 15, 2010 9:00am Feb 15, 2010 9:00am
Quoting Ronin2002
Mostly just observing, I'm not expecting to place any trades today due to low volume (relatively speaking of course). Days like this market participants are pretty much just playing poker with each other so I sit on the side usually. If i see a nice scalp type play I may jump in, other wise not.

Thanks for such a quick response Ronin2002...good luck to you today...I think i'll take a break and enjoy my day off...

Good luck to everyone..
  • #98
  • Feb 15, 2010 9:10am Feb 15, 2010 9:10am
Guess I'm not observing too well, lol. Here's anice dbl top @6:00 am CST(US), followed buy a nice 1-2-3 set up. Oh well.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD15min.png Size: 108 KB
  • #99
  • Feb 15, 2010 9:28am Feb 15, 2010 9:28am
Quoting Ronin2002
Guess I'm not observing too well, lol. Here's anice dbl top @6:00 am CST(US), followed buy a nice 1-2-3 set up. Oh well.
lol, good luck to you Ronin2002.
  • #100
  • Feb 15, 2010 9:56am Feb 15, 2010 9:56am
Ok, so if i dont understand the price action. I said I would stay away...and this is one of those instances where i dont know if am seeing a clear picture....

but all though i am staying away would really like to put up here for interpretation as a possible...set up...

on the daily and 4hr...price is clearly in a down trend but does have room to retrace back up too...124.23

Now here's what my 15min. looks like...how would this be as a possible set up.....if price closes above diagonal blue line....long to roughly 122.80 to retest that 15min. resistance one more time..sl , just behind that other blue support level on the 15min.

the triangle is descending and it is in a downtrend....thats what would have me a bit at odds with this....and going on the 15min chart...if a short were triggered...am seeing the next level of support at around 122.09....in the 15min....

if am seeing it right that is...with my sl if it were short at around..122.62 dont know if the r/r on my short would be worth taking...

however would love to hear some feed back as far as if it broke long...
Attached Image (click to enlarge)
Click to Enlarge Name: 15min..jpg Size: 170 KB
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