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Backing Trades Thru Charts

  • #361
  • Mar 22, 2010 1:41pm Mar 22, 2010 1:41pm
It broke this descending broadening wedge. Tentative target is A point.

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  • #362
  • Mar 22, 2010 5:44pm Mar 22, 2010 5:44pm
Quoting TheLastCoke
Closing below the white line will show the bear intetions to get out of this range.

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All levels respected. it is a fail test.
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  • #363
  • Mar 22, 2010 7:57pm Mar 22, 2010 7:57pm
G/U out + 20 at 38.2% ret.#337, G/J out +15 at 38.2% ret #339, E/U still holding from 3505 #340.

Even though it is coming my way it did not performed as expected at the expected time. So I am out and waiting for a new signal. I held those terribles trades because they couldn't close lower that any other previous day at range #357.
  • #364
  • Mar 22, 2010 8:05pm Mar 22, 2010 8:05pm
G/U
short trade in play as expected
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  • #365
  • Mar 22, 2010 8:23pm Mar 22, 2010 8:23pm
Quoting TheLastCoke
Looks good, you went in when I get out, that's something isn't it. I'm flat with bullish bias......(building charts)
long might be good due to overcrowded bear side, but I still prefer to respect the pivot and other stuffs,
I posted this COT analysis in my thread "weekly COT analysis" and DT thread but I post it again here if you didnt look at it before.
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  • #366
  • Mar 22, 2010 9:06pm Mar 22, 2010 9:06pm
Quoting shahab8b
G/U
short trade in play as expected
Looks good, you went in when I got out, that's something isn't it. I'm flat with bullish bias. Notice daily TL as support + in my EW count wave 4th is not finish yet.

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  • #367
  • Mar 23, 2010 2:18am Mar 23, 2010 2:18am
Hi TLC,
I spotted this AB=CD pattern on GBPJPY 4hr chart last week. I took a short from point D but the challenge is where to place my TP(s). Can you kindly help me out with this as I am yet new to this harmonic trading method.
Thanks.
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  • #368
  • Mar 23, 2010 3:39am Mar 23, 2010 3:39am
Quoting forexcompoun
Hi TLC,
I spotted this AB=CD pattern on GBPJPY 4hr chart last week. I took a short from point D but the challenge is where to place my TP(s). Can you kindly help me out with this as I am yet new to this harmonic trading method.
Thanks.
We have a very similar trade on. It has also shown additional bearish properties with the ascending channel breakout and retest / rejection. 135.20 will tell us a lot on this attempt down.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #369
  • Mar 23, 2010 3:59am Mar 23, 2010 3:59am
In my haste, I forgot to add the resistance confluence at the level that it bounced. Looking miiiighty tasty.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #370
  • Mar 23, 2010 4:12am Mar 23, 2010 4:12am
Quoting profxtrader
We have a very similar trade on. It has also shown additional bearish properties with the ascending channel breakout and retest / rejection. 135.20 will tell us a lot on this attempt down.
Looks like it may be saying something already.
Every time you use 'hopium' in a post, God kills a kitten.
  • #371
  • Mar 23, 2010 6:32am Mar 23, 2010 6:32am
... if we get to 1.3464 I'll add to my longs...

David
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  • #372
  • Mar 23, 2010 6:38am Mar 23, 2010 6:38am
Quoting forexcompoun
Hi TLC,
I spotted this AB=CD pattern on GBPJPY 4hr chart last week. I took a short from point D but the challenge is where to place my TP(s). Can you kindly help me out with this as I am yet new to this harmonic trading method.
Thanks.
Drag the fibo from C to D, your T1 could be 38.2% and T2 at 61.8%.
  • #373
  • Mar 23, 2010 6:47am Mar 23, 2010 6:47am
Quoting TheLastCoke
Drag the fibo from C to D, your T1 could be 38.2% and T2 at 61.8%.
Thanks alot bro.
  • #374
  • Mar 23, 2010 7:02am Mar 23, 2010 7:02am
Quoting profxtrader
In my haste, I forgot to add the resistance confluence at the level that it bounced. Looking miiiighty tasty.
Nice chart but I remain flat.
  • #375
  • Mar 23, 2010 9:45am Mar 23, 2010 9:45am
G, it is no news that Hedge Funds are still targeting the Euro and building big short positions. the EU attacked the 1.3450 area again and got rejected though it is looking like a break is coming because of the Greek issue and German and French politicians continuing to bicker. And in typical fashion the market is reacting to their comments. It is obvious Germany does not want the EU to help greece instead they want to difer that responsiblity to the IMF and the non european countries that contribute to the IMF, the biggest being the USA.

But seeing your style of trading you are prudent to wait for a retracement back up to the Resistance line area at 1.3700 so that you can SELL into this downtrend again. It may take a few sessions to get there but it should pay off for you. And remember to keep your risk ration 1:1 so if you are profit target is 50 pips then keep your stop loss 50 as well. Or if you are looking to make a 100 pips then your stop should be 100 away from your entry...
Enter Signature
  • #376
  • Mar 23, 2010 4:22pm Mar 23, 2010 4:22pm
Quoting Hell7
No But somewhere around the NY close tomorrow that median line intersects the previous lows at 1.3580.
The timing was off by 1 session, but the median line proved too strong to break. It's a shame our other scenario didn't come true though!
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  • #377
  • Mar 23, 2010 6:05pm Mar 23, 2010 6:05pm
If we continue in this range a diamond formation is imminent. Among this diamond pattern I have some other reasons to be bullish:

1. This descending broadening wedge broke to the upside #361

2. Diamond formation at bottom (reversal pattern)

3. Last but not least we are at the bottom of this consolidation period.

Target is the length of the diamond axis or 61.8% from recent drop, both confluence at .3680.

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  • #378
  • Mar 24, 2010 2:28pm Mar 24, 2010 2:28pm
The daily chart of the USD/CHF currency pair shows that price is getting close to the median line of the green pitchfork.

Although we will probably see some profit taking there, I expect price to reach the upper band somewhere soon.
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  • #379
  • Mar 24, 2010 4:27pm Mar 24, 2010 4:27pm
Quoting Hell7
Well, I'm short from yesterday's touch of the red line, but am a bit disappointed by the reaction so far. Let's hope we get some distance tonight/tomorrow.
Now we are talking

Added on top of that wedge (http://www.forexfactory.com/showthre...20#post3577720)

And as I'm optimistic, I added a blue pitchfork to follow price should we manage to break below the green & yellow fork.
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  • #380
  • Mar 24, 2010 6:34pm Mar 24, 2010 6:34pm
Quoting Hell7
Now we are talking

Added on top of that wedge (http://www.forexfactory.com/showthre...20#post3577720)

And as I'm optimistic, I added a blue pitchfork to follow price should we manage to break below the green & yellow fork.
Good job Hell, from my part I'm still flat and evaluating my possible entries. Won't be holding any positions until my charts speak to me clearly. My last set up didn't come to a conclusion #377
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