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Chart patterns and trendline discussion....

  • #121
  • Feb 15, 2010 10:30pm Feb 15, 2010 10:30pm
am hoping to take that short one usd/jpy on the longer time frame and call it a night...

well, i am little worry about this. other side we take a long position on eur/jpy, but the other side usd/jpy is in bearish flag.
i believe that each pair has it's trend, but i believe too, if other pair affect to another. this now, i see that daily correlation eur/jpy with usd/jpy is about 60, means 100 is exactly same direction, -100 is perfect opposite. i have a "live" correlation table on my blog by following my signature, you can see if you think it's worthy.

but i believe too, that i could be wrong 100%.
  • #122
  • Feb 15, 2010 10:50pm Feb 15, 2010 10:50pm
if price closes above 122.88 before i go to bed I will quite possibily take another long position....
  • #123
  • Feb 16, 2010 1:11am Feb 16, 2010 1:11am
i decide to quit, even only with 3pips profit. i saw a bad correlation between eur/jpy and usd/jpy.

other side eur/jpy try to push up, while usd/jpy pressed down. big effect news can change this at all, but i have no idea what change it will. there will be next time to trade again. good luck
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: uj.gif Size: 27 KB
  • #124
  • Feb 16, 2010 9:14am Feb 16, 2010 9:14am
Here's one I am currently in:
Note nice dbl top, Short from 1.3657, target is blue line. Started with 10 pip SL will move to BE+1 when it has gone 12 pips to the good.
Attached Image (click to enlarge)
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  • #125
  • Feb 16, 2010 9:33am Feb 16, 2010 9:33am
Well needless to say, I got stopped at BE+1, better luck next time.
  • #126
  • Feb 16, 2010 9:58am Feb 16, 2010 9:58am
Quoting Petar_Serbia
Hello guys,

Ronin i think you are wrong...

To many reasons for long > Industry in japan is litle higher and other countries will help that more soon.I wish you many pips but think you are wrong for selling yen but time will tell...

Cheers i am long from friday
Hit TP 100 pips for me


Cheers and trade safe
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpytp.gif Size: 21 KB
"Buy on fear, sell on greed !!!
  • #127
  • Feb 16, 2010 10:03am Feb 16, 2010 10:03am
Great job Petar!
  • #128
  • Feb 16, 2010 3:35pm Feb 16, 2010 3:35pm
Possible short for me on eur/usd 30 min. chart....
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd30.jpg Size: 159 KB
  • #129
  • Feb 16, 2010 7:48pm Feb 16, 2010 7:48pm
good morning. looks like i miss a lot of pips. well done all.
  • #130
  • Edited 9:03pm Feb 16, 2010 8:14pm | Edited 9:03pm
i will wait until it find support for today. then i go to long around 1.3695. need much time and much movement to hit there.
Attached Image (click to enlarge)
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  • #131
  • Feb 16, 2010 8:22pm Feb 16, 2010 8:22pm
hi mf036ml, it's a great thread here. i like to trade from patterns and trendlines. i hope i can gain more insight from the more experienced traders here

@morethanezra
regarding your correlation idea... i don't think you can just correlate uj with ej with only two pairs because you see ej has 3 components: eur, jpy and also usd. the three are connected because they have eur/usd and usd/jpy (where in both pairs the usd exist). so trading based on correlation is not that profitable if you're day trading the eur/jpy. I learn this from other trader

@Petar_Serbia
congrats on your TP hit.
i was in that too but got lower pips than you.


Cheers!
  • #132
  • Feb 16, 2010 8:54pm Feb 16, 2010 8:54pm
Quoting fx_disciple
hi mf036ml, it's a great thread here. i like to trade from patterns and trendlines. i hope i can gain more insight from the more experienced traders here

@morethanezra
regarding your correlation idea... i don't think you can just correlate uj with ej with only two pairs because you see ej has 3 components: eur, jpy and also usd. the three are connected because they have eur/usd and usd/jpy (where in both pairs the usd exist). so trading based on correlation is not that profitable if you're day trading the eur/jpy. I learn this from other trader...
fx-disciple,

Welcome. Great to have you here!!!!
  • #133
  • Feb 16, 2010 8:56pm Feb 16, 2010 8:56pm
Quoting fx_disciple
hi mf036ml, it's a great thread here. i like to trade from patterns and trendlines. i hope i can gain more insight from the more experienced traders here

@morethanezra
regarding your correlation idea... i don't think you can just correlate uj with ej with only two pairs because you see ej has 3 components: eur, jpy and also usd. the three are connected because they have eur/usd and usd/jpy (where in both pairs the usd exist). so trading based on correlation is not that profitable if you're day trading the eur/jpy. I learn this from other trader...
thank you for your advice. i am glad to meet you. next time i will try to connect them with larger point of view.
  • #134
  • Feb 16, 2010 9:03pm Feb 16, 2010 9:03pm
Eur/usd...short @ 137.63 sl 138.13 tp 136.48


Usd/jpy short @ 89.91 sl 91.12 tp 88.10 I took this trade based on the 4hr hour chart I posted last nite and took it quite confidently...the daily chart shows a very nice bullish flag...guess i'll just have to hold on and see what happens...not feeling quite so confident on this decision at the moment..
  • #135
  • Feb 16, 2010 10:52pm Feb 16, 2010 10:52pm
hello friends,

i am big fan of chart patterns,trendlines and moving averages,i just trade 4 hour charts,i will try to post all my trades with pics,i hope i am welcomed here.

regards.
  • #136
  • Feb 16, 2010 10:56pm Feb 16, 2010 10:56pm
there is a resistance out there on 4 hour charts
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  • #137
  • Feb 16, 2010 10:59pm Feb 16, 2010 10:59pm
Quoting swingtrader
hello friends,

i am big fan of chart patterns,trendlines and moving averages,i just trade 4 hour charts,i will try to post all my trades with pics,i hope i am welcomed here.

regards.

Hello Swingtrader,

Good to have you hear, You are most definetly very welcome here....Looking forward to seeing your charts and how you implement moving averages into the equation....

best regards,
  • #138
  • Feb 16, 2010 11:04pm Feb 16, 2010 11:04pm
Quoting swingtrader
there is a resistance out there on 4 hour charts
Thanks for the reassurance...hopefully that will hold and send price back down to my tp...that would be nice...

Any input on my usd/jpy? lol...

Thanks swingtrader
  • #139
  • Feb 16, 2010 11:13pm Feb 16, 2010 11:13pm
Quoting mf036ml
Thanks for the reassurance...hopefully that will hold and send price back down to my tp...that would be nice...

Any input on my usd/jpy? lol...

Thanks swingtrader
thankyou very much,as far as USD/JPY is concern i see it under range.not trending right now.
  • #140
  • Feb 16, 2010 11:22pm Feb 16, 2010 11:22pm
Quoting swingtrader
thankyou very much,as far as USD/JPY is concern i see it under range.not trending right now.
Thanks swingtrader,

here's what my 4hr chart looks like now...I think I might have jumped the gun and entered to quickly...hopefully that flag breaks and atleast gives me a chance for some profit..
Attached Image (click to enlarge)
Click to Enlarge Name: 4hr.jpg Size: 168 KB
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