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Backing Trades Thru Charts

  • #721
  • May 19, 2010 12:40pm May 19, 2010 12:40pm
Rejection from the last major low in the downtrend + a diamond bottom has me buying GBPJPY and targeting the new descending channel's UTL.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #722
  • Edited 3:30pm May 19, 2010 1:06pm | Edited 3:30pm
Adam and Eve double bottom in GBPUSD... or triple bottom. However you want to view it. A bottoming pattern nonetheless.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #723
  • May 19, 2010 1:11pm May 19, 2010 1:11pm
The daily USD/CHF chart shows that price is getting close to the downsloping yellow trend line.

Guess who will be shorting there bigtime
Attached Image (click to enlarge)
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  • #724
  • May 19, 2010 1:18pm May 19, 2010 1:18pm
Quoting Hell7
Guess who will be shorting there bigtime
Me?
Every time you use 'hopium' in a post, God kills a kitten.
  • #725
  • May 19, 2010 1:30pm May 19, 2010 1:30pm
Quoting Hell7
The daily USD/CHF chart shows that price is getting close to the downsloping yellow trend line.

Guess who will be shorting there bigtime
Maybe that will cause the retracement to give me the long entries I have been waiting. For a long time .
  • #726
  • May 20, 2010 7:49am May 20, 2010 7:49am
Ok who's got the Crystal Ball? LOL!
In Charts We Trust!
  • #727
  • May 20, 2010 8:02am May 20, 2010 8:02am
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  • #728
  • May 20, 2010 8:58am May 20, 2010 8:58am
Quoting Hell7
AUD/USD is fighting the median line of this large fork. A daily close below and we'll visit the lower line!
Price did indeed break down hard after closing below the median line of the red pitchfork

As price is getting near my profit target (the lower band) I'm getting ready to reverse in a risky knife catching counter-trend trade hoping for a backtest of the orange resistance.
Attached Image (click to enlarge)
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  • #729
  • May 20, 2010 10:19am May 20, 2010 10:19am
Quoting profxtrader
Rejection from the last major low in the downtrend + a diamond bottom has me buying GBPJPY and targeting the new descending channel's UTL.
That didn't work.
Every time you use 'hopium' in a post, God kills a kitten.
  • #730
  • May 20, 2010 10:21am May 20, 2010 10:21am
Quoting profxtrader
Adam and Eve double bottom in GBPUSD... or triple bottom. However you want to view it. A bottoming pattern nonetheless.
Should have waited for confirmation on this one. Let this be a lesson to all. Obey your rules. I just gave back 4% of the gains this month on stupid trades. That said I've made it back at least in equity at this point, but it could have been + another 4% instead of making it back up.

I have a habit of becoming cocky after a good set of trades and the market always has a way of humbling me as soon as I do. Anyway... back to it!

I won't be posting charts for a few days as I'm going to be traveling and checking trades from airports. Be cool and trade well!
Every time you use 'hopium' in a post, God kills a kitten.
  • #731
  • May 20, 2010 10:26am May 20, 2010 10:26am
Quoting Hell7
Price did indeed break down hard after closing below the median line of the red pitchfork

As price is getting near my profit target (the lower band) I'm getting ready to reverse in a risky knife catching counter-trend trade hoping for a backtest of the orange resistance.
A slightly different take, but this sucker might be coming into play. I'm not trading it yet, as countertrend just doesn't bode well for my account balance.
Attached Image (click to enlarge)
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Every time you use 'hopium' in a post, God kills a kitten.
  • #732
  • May 20, 2010 10:51am May 20, 2010 10:51am
Short Geppy
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.png Size: 41 KB
Every time you use 'hopium' in a post, God kills a kitten.
  • #733
  • May 20, 2010 10:52am May 20, 2010 10:52am
Quoting profxtrader
A slightly different take, but this sucker might be coming into play. I'm not trading it yet, as countertrend just doesn't bode well for my account balance.
Well, I closed my short for a huge pile of pips and reversed as planned. My Stop for that trade was at -30, and the a**holes went below the line for 35! The trade would have been +60 right now, with stop break-even ...

PS: note the extra vouch next to your name, to make you feel better after giving back a bit of your profits. And because you post very nice charts off course
  • #734
  • May 20, 2010 10:56am May 20, 2010 10:56am
Quoting Hell7
PS: note the extra vouch next to your name, to make you feel better after giving back a bit of your profits. And because you post very nice charts off course
Thanks man. I hope you don't take this the wrong way... but I would have preferred cash instead

Just kidding! I appreciate your analysis. I've never figured out how to make pitchforks profitable, but I'm watching you.
Every time you use 'hopium' in a post, God kills a kitten.
  • #735
  • May 20, 2010 11:06am May 20, 2010 11:06am
Quoting profxtrader
I have 2 channels drawn. I'm targeting the smaller one, but will trade a break of the larger one if the opportunity presents itself... so... here you go:

Target approaching!
And here is the second breakout and the second target about to be met.
Attached Image (click to enlarge)
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Every time you use 'hopium' in a post, God kills a kitten.
  • #736
  • May 20, 2010 11:11am May 20, 2010 11:11am
Are you guys having a party without me? LOL....

Got G/Y stopped out #727 , I'll post some charts later today.
  • #737
  • May 20, 2010 11:21am May 20, 2010 11:21am
Quoting TheLastCoke
Got G/Y stopped out #727
Stopped out? I thought you were invincible!

That said, it's good for a lot of people reading this thread to see that they don't ALWAYS work and this is where managing risk and stop placement come into play. And hell, most of the time if it's not a bounce it's a breakout. So you take a little loss and turn the trade around and make a huge chunk of money.
Every time you use 'hopium' in a post, God kills a kitten.
  • #738
  • May 20, 2010 11:21am May 20, 2010 11:21am
Once again. #599

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  • #739
  • May 20, 2010 11:22am May 20, 2010 11:22am
Quoting TheLastCoke
Once again. #599

Attachment
I've still got the 1.8050 area as a target on my longs.
Every time you use 'hopium' in a post, God kills a kitten.
  • #740
  • May 20, 2010 11:23am May 20, 2010 11:23am
Quoting profxtrader
Stopped out? I thought you were invincible!

That said, it's good for a lot of people reading this thread to see that they don't ALWAYS work and this is where managing risk and stop placement come into play. And hell, most of the time if it's not a bounce it's a breakout. So you take a little loss and turn the trade around and make a huge chunk of money.
Couldn't put it in a better way!!!....Planning to enter short, waiting to see if this is a real break. What do you think?
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