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Backing Trades Thru Charts

  • #561
  • Apr 26, 2010 3:31pm Apr 26, 2010 3:31pm
Quoting TheLastCoke
H&S Tentative Target
Right on the upper red trend line
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  • #562
  • Apr 26, 2010 3:37pm Apr 26, 2010 3:37pm
Quoting Hell7
Right on the upper red trend line
Just noticed that, thanks for pointing that out!!!!!

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  • #563
  • Apr 26, 2010 5:51pm Apr 26, 2010 5:51pm
I see what you did there. Nice.
Quoting TheLastCoke
H&S Tentative Target

Attachment
  • #564
  • Apr 28, 2010 1:49am Apr 28, 2010 1:49am
One of the latest trades. Perfect bounce from UTL of 4 hour channel where a bearish bat also occurred (to the the pip I might add). My target is the psych level of 1.0000 rather than the bottom of the channel due to a probable bounce for that level and I just don't feel like riding it out. It's Wednesday I"m getting lazy because it's the end of the month and I'm just banking profits to get paid.

Footnote - Thanks to TheLastCoke for renewing my interest in naked trading. A few years ago I developed a mechanical system and while profitable, it was never wildly so. This last month, I've ditched every indicator except for volume indicators and done better already then the previous 7 months. Ultra high R:R and minimal (if any) drawdowns have my clients very, very happy. TLC, where do I send you the check?
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Every time you use 'hopium' in a post, God kills a kitten.
  • #565
  • Apr 28, 2010 5:21am Apr 28, 2010 5:21am
Here's another one I just took. I think it's pretty self-explanatory. Gartley + intersection of 2 channels = good support and reason for me to go long.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #566
  • Apr 28, 2010 10:49am Apr 28, 2010 10:49am
Quoting profxtrader

Footnote - Thanks to TheLastCoke for renewing my interest in naked trading. A few years ago I developed a mechanical system and while profitable, it was never wildly so. This last month, I've ditched every indicator except for volume indicators and done better already then the previous 7 months. Ultra high R:R and minimal (if any) drawdowns have my clients very, very happy. TLC, where do I send you the check?
Really happy you are doing great, keep up the good work!!!! sorry I haven't been able to post lately.
  • #567
  • Apr 28, 2010 11:45am Apr 28, 2010 11:45am
GPNZD trade stopped out.

http://www.forexfactory.com/showpost...&postcount=565

Will look to buy again @ 2.0920.
Every time you use 'hopium' in a post, God kills a kitten.
  • #568
  • Apr 28, 2010 11:46am Apr 28, 2010 11:46am
Quoting TheLastCoke
Really happy you are doing great, keep up the good work!!!! sorry I haven't been able to post lately.
And thanks. You've truly inspired me to be a lot less lazy about trading and ditch the training wheels.
Every time you use 'hopium' in a post, God kills a kitten.
  • #569
  • Apr 28, 2010 12:39pm Apr 28, 2010 12:39pm
hey coke
waiting to see your analysis.
here is my one.
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  • #570
  • Apr 28, 2010 5:34pm Apr 28, 2010 5:34pm
Here is my EURUSD analysis. I'm kind of discounting the area in the blue triangle where the LTL was breached. It was the FOMC release today and all of the long wicks on high volume to me means that big money is absorbing all of the selling. Once it's all bought up, it will rise again. I am targeting the next obvious level of resistance as depicted by the white lines and all of the red arrows.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #571
  • Apr 28, 2010 5:40pm Apr 28, 2010 5:40pm
I just saw this as I drew the triangle above. It kind of looks like we may have a diamond bottom forming as well.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #572
  • Apr 28, 2010 7:55pm Apr 28, 2010 7:55pm
Quoting profxtrader
Here is my EURUSD analysis. I'm kind of discounting the area in the blue triangle where the LTL was breached. It was the FOMC release today and all of the long wicks on high volume to me means that big money is absorbing all of the selling. Once it's all bought up, it will rise again. I am targeting the next obvious level of resistance as depicted by the white lines and all of the red arrows.
Hi I'm with you on that one. Except that I don't see any breach of the lower channel trendline. I think it was posted on this thread but I'll post it again. And yes there seems to be accumulation going on using the panic caused by the downgrades....
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  • #573
  • Apr 29, 2010 4:09am Apr 29, 2010 4:09am
Here is my latest trade. The GBPCAD broke it's ascending channel and came back up to retest it. I took the longer term LTL's break and retest but have drawn the shorter term one as well and would consider it a valid breakout as long as there was no close above the shorter term channels LTL. Currently +40 pips with 360 to go!
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Every time you use 'hopium' in a post, God kills a kitten.
  • #574
  • Apr 29, 2010 10:45am Apr 29, 2010 10:45am
Some more charts for the day. I think they're pretty well marked and explained. And with that I'm out of here. Hopefully close these sometime early euro session tomorrow and be done for the month.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #575
  • Apr 29, 2010 12:21pm Apr 29, 2010 12:21pm
I cut my EURUSD trade @ 50 pips.

http://www.forexfactory.com/attachme...7&d=1272494428

Sloppy sideways price action and the inability to close above the confirmation point have me questioning my LTL channel bounce.
Every time you use 'hopium' in a post, God kills a kitten.
  • #576
  • Edited 4:25pm Apr 29, 2010 2:05pm | Edited 4:25pm
This short has 3 very strong aspects to it:

1) Upper trendline of downward channel which has been well respected.
2) Bearish bat completing at the same level.
3) Monthly R1 at a few pips from that level.

I"m not one to say take my trades, but have a look for yourself.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #577
  • Apr 29, 2010 2:13pm Apr 29, 2010 2:13pm
And another one. Setup is explained on the chart. Gartley also formed exactly @ 61.8.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #578
  • Apr 29, 2010 2:14pm Apr 29, 2010 2:14pm
Quoting profxtrader
I've also noticed that the short level has 3 things going for it:

1) Upper trendline of downward channel which has been well respected.
2) Bearish bat completing at the same level.
3) Monthly R1 at a few pips from that level.

I"m not one to say take my trades, but have a look for yourself.
Nice chart. I used today's rally to reverse my long from the lower band of the yellow fork, but as I am not sure that this little gray trend line will keep containing price forever I am using a smaller position as usual.
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  • #579
  • Apr 30, 2010 3:32am Apr 30, 2010 3:32am
The simplest of trades... a trendline bounce. Notice how volume has dried up as the trendline is approached. I'm targeting the next obvious level of resistance as I will get flat for the end of the month, and hey, it's the OBVIOUS next level of resistance.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #580
  • May 1, 2010 8:49am May 1, 2010 8:49am
Hi Coke, I thought you might like to see this
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