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Chart patterns and trendline discussion....

  • #181
  • Feb 18, 2010 4:21pm Feb 18, 2010 4:21pm
Just curious, am not giving up nor deviating from the subject at hand and most definetly want to continue to learn these patterns and behaviors...

but would like to know the opinion on some of the more experienced traders out there on how they feel about trading systems which are totally mechanical and therefore taking out mis judgement and human emotion...

To be quite honest I dont beleive that there would be such system but then again, to be quite honest I dont know the first thing behind the mechanics of trading the forex or any other market for that matter...


Thanks in advanced.
  • #182
  • Feb 18, 2010 5:55pm Feb 18, 2010 5:55pm
Never used one, don't know that I would. I only know one person who has tried one, and he lost a bunch.
  • #183
  • Feb 19, 2010 12:58am Feb 19, 2010 12:58am
Wkly- Uptrend looks like price is retracing / Perhaps to retest that trendline? long term ..short

4hr- double top with bottom support broken...so should go test next level of support...

hrly- bearish pennant with support possibly broken if price closes under support...

Using this as an entry with a sl just above that bearish pennant @ 1.3520 and scrolling back on the charts the next most significant level of support seems to be around 1.2920 which would be tp target..

weekly down
4hr down
1hr down..

Would this be and accurate analysis?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 4hr.gif Size: 14 KB
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  • #184
  • Feb 19, 2010 2:13am Feb 19, 2010 2:13am
nice triple screen,
for technical analisys that would be. it takes longer time to watch weekly chart.
  • #185
  • Feb 19, 2010 4:34am Feb 19, 2010 4:34am
I'm a newbie and want to share with another trader here.
When I see UJ now, there is a rising trendline that seem to reject chart to move up, and then there is a Shooting star + candlestick confirm bearish. I guess its a good time to sell position.

CMIIW
Attached Image (click to enlarge)
Click to Enlarge Name: uj-4h-19feb2010.gif Size: 18 KB
  • #186
  • Feb 19, 2010 8:15am Feb 19, 2010 8:15am
Quoting kurosano
I'm a newbie and want to share with another trader here.
When I see UJ now, there is a rising trendline that seem to reject chart to move up, and then there is a Shooting star + candlestick confirm bearish. I guess its a good time to sell position.

CMIIW

Kurosano,

Welcome, Its good to have you here..
  • #187
  • Feb 19, 2010 1:30pm Feb 19, 2010 1:30pm
Ok, since its obvious that the first few trades of the week were basically just dumb luck ...I'd like to go back to the very basics and not even worry about entry points at the moment...but put up what I see one step at a time and get some input from the more experienced traders as to if what am seeing is correct or not...

Daily - price obviousy moving downward and a down channel is the pattern I see...

On the weekly - there are the lines for my down channel and the white line is what I interpret as the next level of support...

Remember, am not looking for any entries at the moment , not on the weekly or the daily....

but thus far...would I be correct to be inclined that the area of support shown on the weekly is the next area that would be tested?

I want to take this in parts...if am correct then i'll move forward with the smaller time frames and discussing possible entries...but want to take one step at a time...

as always, thanks in advanced...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: weekly.gif Size: 12 KB
  • #188
  • Feb 19, 2010 2:11pm Feb 19, 2010 2:11pm
I would like to do the same thing as above and take it one step at a time both with the Eur/usd and usd/jpy and stop there till I get some feed back and then continue on down to other time frames for possible trades and enrties and exits....

Daily....yellow line is my down trend line but I see an inverse head and shoulders formation which could be a sign for a possible reversal red line through the neck...

weekly- an even longer down trend line and inverse head and shoulders formation there as well....just shifted the red line up a bit on the right shoulder...so possible sign of reversal on this time frame as well..

awaiting comments
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: weekly.gif Size: 16 KB
  • #189
  • Feb 19, 2010 10:46pm Feb 19, 2010 10:46pm
updates on EU
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  • #190
  • Feb 20, 2010 6:55am Feb 20, 2010 6:55am
Quoting kurosano
I'm a newbie and want to share with another trader here.
When I see UJ now, there is a rising trendline that seem to reject chart to move up, and then there is a Shooting star + candlestick confirm bearish. I guess its a good time to sell position.

CMIIW
nice chart and yes could be correct.
  • #191
  • Feb 20, 2010 10:58am Feb 20, 2010 10:58am
Quoting mf036ml
I would like to do the same thing as above and take it one step at a time both with the Eur/usd and usd/jpy and stop there till I get some feed back and then continue on down to other time frames for possible trades and enrties and exits....

Daily....yellow line is my down trend line but I see an inverse head and shoulders formation which could be a sign for a possible reversal red line through the neck...

weekly- an even longer down trend line and inverse head and shoulders formation there as well....just shifted the red line up a bit on the...
yeah, if we see USD/JPY at time frame Daily and Weekly, there is an Inverted Head and Shoulder pattern.

thanks for your comments, mf036ml. and then if I were you, maybe I will wait until 90.60.
at Daily, there is a Shooting Star as a good signal to know price will go down to 90.60. hope there will be Bullish Hammer or Bullish Engulfing there. at Weekly, price will go down to 90.60 means candlestick create lowest point and maybe it's highest point is neck of Inverted Head and Shoulder (blue line).

it's only possibilities and my opinion if I see the chart like that.
Attached Image(s) (click to enlarge)
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  • #192
  • Feb 20, 2010 12:57pm Feb 20, 2010 12:57pm
In continuation to the weekly and daily eur/usd chart above...here's what my 4hr chart looks. like.....

So I know that in the weekly it is in a downtrend with next level of support there around 1.3008...

The daily is also in a downtrend in that nice down channel..

Now the red line is my 4hr trend line..lets say I were looking for a good entry here....Price can either continue downward following that 4 hr trendline or go back up to test the resistance diagonal trendline of the daily...

would it be wise to say , that if price breaks that 4hr resistance I should be thinking long....but if price does not break that area and breaks that short red support line I should be thinking short?
Attached Image (click to enlarge)
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  • #193
  • Feb 20, 2010 2:55pm Feb 20, 2010 2:55pm
I am new and would like to know if you trade from the 4 hr chart or some of the others as well. Do you get confirmation of other charts before you trade?
  • #194
  • Feb 20, 2010 10:57pm Feb 20, 2010 10:57pm
Quoting Jdd123
I am new and would like to know if you trade from the 4 hr chart or some of the others as well. Do you get confirmation of other charts before you trade?
Hi Jdd123,

Welcome , nice to have you hear...to be honest with you...right now I dont consider myself as trading on anything to be honest with you...I started the thread hoping to learn and find my own style of trading....

but for me to give any advice or say that I strictly trade one time frame would be misleading....

hopefully we could get some more experienced traders on here like Ronin who's been very generous with his explanations....to kinda open our eyes atleast as to what am missing to pull all the pieces together and develop our own style and time frame to trade off...

but honestly I am still a bit loss and trying to pull everything together and learn how to read charts properly...one thing is to read books and websites and another is to have real experienced succesful traders opening our eyes to what were missing and helping one pull it all together...

Nice to have you and hope you stick around...
  • #195
  • Feb 21, 2010 2:40pm Feb 21, 2010 2:40pm
Is this a bullish flag on the weekly?
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  • #196
  • Feb 21, 2010 3:03pm Feb 21, 2010 3:03pm
Quoting mf036ml
Is this a bullish flag on the weekly?
Let me rephrase the question...would I be correct as to interpret this as a bullish flag on the weekly?

Thanks in advanced...
Attached Image (click to enlarge)
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  • #197
  • Feb 21, 2010 9:14pm Feb 21, 2010 9:14pm
@ mf036ml

i think it's too big and too long to be a flag. it doesn't look like a flag in the monthly chart also. maybe the more experienced traders may shed some light regarding this.

now then..., what about this ej? i noticed that the lows were getting higher and higher and recently it broke the upper boundary of ascending triangle. any insight on this?
Attached Image (click to enlarge)
Click to Enlarge Name: ej h4.gif Size: 11 KB
  • #198
  • Feb 21, 2010 10:46pm Feb 21, 2010 10:46pm
Quoting fx_disciple
@ mf036ml

i think it's too big and too long to be a flag. it doesn't look like a flag in the monthly chart also. maybe the more experienced traders may shed some light regarding this.

now then..., what about this ej? i noticed that the lows were getting higher and higher and recently it broke the upper boundary of ascending triangle. any insight on this?
Here's what I see on the daily..that blue line keeps rejecting price which is in a downtrend and seems to be forming a bearish flag....just my take...ofcourse I've been wrong many a times...
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 18 KB
  • #199
  • Feb 21, 2010 11:41pm Feb 21, 2010 11:41pm
updates on EU
Attached Image (click to enlarge)
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  • #200
  • Feb 22, 2010 6:17am Feb 22, 2010 6:17am
@ mf036ml

I don't trade off daily bar, it's too big for me to handle. I base my trade on h4 and then I drill down to h1 and m15. even so, I still look on daily and weekly and also monthly to peek the general outline.

managed to pull a scalp trade to the down side on h4 ej. +34 pips
Attached Image (click to enlarge)
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