Attachments: Backing Trades Thru Charts

Backing Trades Thru Charts

#581
May 2, 2010 3:51am May 2, 2010 3:51am

profxtrader
Joined Jan 2009 | Status: Trader | 885 Posts

OK here are my Sunday open trade ideas. I know I'm posting a lot of charts, but to be honest it keeps me very focused on what is important. If it's too subjective for me to share with the world than maybe it doesn't have enough validity to trade. Anyway... without further ado.

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Every time you use 'hopium' in a post, God kills a kitten.

#582
May 2, 2010 3:53am May 2, 2010 3:53am

profxtrader
Joined Jan 2009 | Status: Trader | 885 Posts

And the rest:

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Every time you use 'hopium' in a post, God kills a kitten.

#583
May 2, 2010 2:52pm May 2, 2010 2:52pm

NewbieFxFx
| Joined Jun 2008 | Status: Trader | 40 Posts

Hi all,

I am very new to harmonic trading so please correct me if I am wrong...

After reading the posts in this excellent thread, I tried to find a gartley pattern.

If USDJPY goes down, we might have a gartley pattern in the making.

The PRZ should be around 90.98 for these reasons:
- AB = CD pattern
- 0.786 retracement of the XA leg
- 127.2 extension of the BC leg
and also because there is a Daily rising trendline from november 2009, march 2010 around this level.

As TheLastCoke mentionned, I won't try to front trade the pattern (by going short now) but rather go long around the PRZ zone.

Many thanks for your comments...

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#584
May 2, 2010 4:47pm May 2, 2010 4:47pm

profxtrader
Joined Jan 2009 | Status: Trader | 885 Posts

Quoting NewbieFxFx

Disliked

Hi all,

I am very new to harmonic trading so please correct me if I am wrong...

After reading the posts in this excellent thread, I tried to find a gartley pattern.

If USDJPY goes down, we might have a gartley pattern in the making.

The PRZ should be around 90.98 for these reasons:
- AB = CD pattern
- 0.786 retracement of the XA leg
- 127.2 extension of the BC leg
and also because there is a Daily rising trendline from november 2009, march 2010 around this level.

As TheLastCoke mentionned, I won't try to front trade the pattern (by going short...

Ignored

Let me preface this with the fact that I'm pretty new when it comes to trading harmonic patterns. With that said, I'm finding that when they coincide with a support or resistance level or valid trendline then they're pretty powerful patterns in terms or risk to reward which is usually ridiculously high.

That's a valid Gartley if the pattern completes. I'm pretty undecided about the direction of the USDJPY at this point. I think it probably has another 100 pips up before it will start to fall, if it does.

EDIT, I just took a small long targeting 94.80.

Every time you use 'hopium' in a post, God kills a kitten.

#585
May 2, 2010 7:36pm May 2, 2010 7:36pm

TheLastCoke
| Commercial User | Joined Feb 2009 | 5,030 Posts

Quoting profxtrader

Disliked

OK here are my Sunday open trade ideas. I know I'm posting a lot of charts, but to be honest it keeps me very focused on what is important. If it's too subjective for me to share with the world than maybe it doesn't have enough validity to trade. Anyway... without further ado.

Ignored

Thank you for sharing!!! Great work!!!

#586
May 3, 2010 5:20pm May 3, 2010 5:20pm

TheLastCoke
| Commercial User | Joined Feb 2009 | 5,030 Posts

Quoting NewbieFxFx

Disliked

Hi all,

I am very new to harmonic trading so please correct me if I am wrong...

After reading the posts in this excellent thread, I tried to find a gartley pattern.

If USDJPY goes down, we might have a gartley pattern in the making.

The PRZ should be around 90.98 for these reasons:
- AB = CD pattern
- 0.786 retracement of the XA leg
- 127.2 extension of the BC leg
and also because there is a Daily rising trendline from november 2009, march 2010 around this level.

As TheLastCoke mentionned, I won't try to front trade the pattern (by going...

Ignored

In this particular case where B point is 50% of XA leg, the closer possible pattern is a BAT. Also keep in mind that C point can't be higher than A and the ideal level is at 38.2% of AB leg. I included all levels as reference. Hope this helps

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Let me make enphasis in this again. Do not trade C point as a pattern because at that level it is not a pattern yet.

#587
May 3, 2010 6:51pm May 3, 2010 6:51pm

Leche Mocha
| Joined Aug 2009 | Status: "Protect yo neck"- WuTang Financial | 854 Posts

Nice explanation of harmonic patterns. From gartleys to crabs, you covered it all in one chart.

Quoting TheLastCoke

Disliked

In this particular case where B point is 50% of XA leg, the closer possible pattern is a BAT. Also keep in mind that C point can't be higher than A and the ideal level is at 38.2% of AB leg. I included all levels as reference. Hope this helps

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Let me make enphasis in this again. Do not trade C point as a pattern because at that level it is not a pattern yet.

Ignored

#588
May 4, 2010 8:13pm May 4, 2010 8:13pm

TheLastCoke
| Commercial User | Joined Feb 2009 | 5,030 Posts

Bull Time?

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#589
May 4, 2010 11:17pm May 4, 2010 11:17pm

shahab8b
Joined Jul 2009 | Status: The Alchemist | 8,917 Posts

Quoting TheLastCoke

Disliked

Bull Time?

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Ignored

What I think, in fact after I got stopped at my long attempts.

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#590
May 4, 2010 11:52pm May 4, 2010 11:52pm

.PeYmAn.
| Joined Nov 2009 | Status: Price Action, Support & Resistance | 59 Posts

Quoting profxtrader

Disliked

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!

Ignored

Hi ProFxTrader
Can you share your candle timer indicator?

Regards Peyman

Follow the rules and be successful.

#591
May 5, 2010 1:16am May 5, 2010 1:16am

profxtrader
Joined Jan 2009 | Status: Trader | 885 Posts

Quoting TheLastCoke

Disliked

Bull Time?

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Ignored

That's what I'm thinking. The only thing that's got me questioning it is the recent upwards trendline break on the USDCHF. It's a trendline from back in November of 2008. It was a perfect breakout, retest, and continuation. I can't seem to locate any real resistance for the pair until 1.1130 and even that is suspect. I'll post a chart when I get to the office.

Every time you use 'hopium' in a post, God kills a kitten.

#592
May 5, 2010 8:47am May 5, 2010 8:47am

TheLastCoke
| Commercial User | Joined Feb 2009 | 5,030 Posts

Quoting profxtrader

Disliked

That's what I'm thinking. The only thing that's got me questioning it is the recent upwards trendline break on the USDCHF. It's a trendline from back in November of 2008. It was a perfect breakout, retest, and continuation. I can't seem to locate any real resistance for the pair until 1.1130 and even that is suspect. I'll post a chart when I get to the office.

Ignored

This is what I have.

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