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Backing Trades Thru Charts

  • #741
  • May 20, 2010 11:25am May 20, 2010 11:25am
Quoting profxtrader
I've still got the 1.8050 area as a target on my longs.
That has proven to be a very strong daily channel but no channel holds for ever!!!!
  • #742
  • May 20, 2010 11:30am May 20, 2010 11:30am
Quoting TheLastCoke
That has proven to be a very strong daily channel but no channel holds for ever!!!!
Agreed.
Every time you use 'hopium' in a post, God kills a kitten.
  • #743
  • May 20, 2010 11:32am May 20, 2010 11:32am
Those 3 tests got me thinking.

What do you guys see? Bounce or break?

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  • #744
  • May 20, 2010 11:32am May 20, 2010 11:32am
Quoting TheLastCoke
Planning to enter short, waiting to see if this is a real break. What do you think?
I got short here:

http://www.forexfactory.com/showpost...&postcount=732

I think this is going to be it. I'm targeting the 118 area. 118.50 to be safe.
Every time you use 'hopium' in a post, God kills a kitten.
  • #745
  • May 20, 2010 11:36am May 20, 2010 11:36am
I also think that if cable breaks the recent bottom we'll see about 650-675 pips downside. I'm out of here for a bit guys!
Every time you use 'hopium' in a post, God kills a kitten.
  • #746
  • May 20, 2010 11:39am May 20, 2010 11:39am
New channel?

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  • #747
  • May 20, 2010 11:57am May 20, 2010 11:57am
Gents,

Hope you are doing well.

First of all Many thanks for your precious advices and charts. I want your avice regarding a trading style. My experience in FOREX is less than 3months, and is it better to focus on single pair as I am doing now (EUR/JPY), or multi pairs?.


Thank you.
Depict history, predict future, and the area in between ...
  • #748
  • May 20, 2010 12:33pm May 20, 2010 12:33pm
Quoting TheLastCoke
Those 3 tests got me thinking.

What do you guys see? Bounce or break?

Attachment
I think break. I have this:

EDIT and if it's going to pan out, this is the sell point now (12:42 PM GMT-5).
Attached Image (click to enlarge)
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Every time you use 'hopium' in a post, God kills a kitten.
  • #749
  • May 20, 2010 12:39pm May 20, 2010 12:39pm
Quoting Al-Agha
Gents,

Hope you are doing well.

First of all Many thanks for your precious advices and charts. I want your avice regarding a trading style. My experience in FOREX is less than 3months, and is it better to focus on single pair as I am doing now (EUR/JPY), or multi pairs?.


Thank you.
Dude it goes either way. I do best trading many pairs. Right now I trade about 20, but there is another train of thought which is find a currency pair, learn it, and how it reacts to certain things (terndlines, indicators, etc.). For example GBP pairs tend to exceed trendlines and such without being actual sustained breaks, so I give it a bit of leeway when interpreting charts. It's like you can't slow it down on time sometimes. That said, if you're trading simple channels and trendlines and such I think so long as you're trading well defined setups and not drawing the setup that you want to see on a chart, I think that multi-pair trading offers you more opportunities. If you want to just trade one pair at a time, then take the best setup you see. Or take a few uncorrelated ones until you're more experienced.

That said, if you're trading a system, one where you use indicators, I find that they work better on specific pairs than others.
Every time you use 'hopium' in a post, God kills a kitten.
  • #750
  • May 20, 2010 1:00pm May 20, 2010 1:00pm
profxtrader

Very very valuable.

I deeply feel that I am not yet there to handle more than 1 pair, it requires lots of practice, skills and self control.

I will keep on learning my Bro & Pro

Thank you

Quoting profxtrader
Dude it goes either way. I do best trading many pairs. Right now I trade about 20, but there is another train of thought which is find a currency pair, learn it, and how it reacts to certain things (terndlines, indicators, etc.). For example GBP pairs tend to exceed trendlines and such without being actual sustained breaks, so I give it a bit of leeway when interpreting charts. It's like you can't slow it down on time sometimes. That said, if you're trading simple channels and trendlines and such I think so long as you're trading well defined setups...
Depict history, predict future, and the area in between ...
  • #751
  • May 20, 2010 5:42pm May 20, 2010 5:42pm
Quoting TheLastCoke
That has proven to be a very strong daily channel but no channel holds for ever!!!!
I went ahead and took profits @ 1.7000. I can always buy a breakout.
Every time you use 'hopium' in a post, God kills a kitten.
  • #752
  • May 20, 2010 6:38pm May 20, 2010 6:38pm
Anyone else looking at a short on EUR/AUD at 1.55?
Dr. C
  • #753
  • May 20, 2010 7:28pm May 20, 2010 7:28pm
Quoting cvcamper
Anyone else looking at a short on EUR/AUD at 1.55?
1.5945 here. This is why:
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Every time you use 'hopium' in a post, God kills a kitten.
  • #754
  • May 20, 2010 7:32pm May 20, 2010 7:32pm
Quoting profxtrader
1.5945 here. This is why:
Okay. When I look at my weekly chart going back many years, it seems like 1.55 has been the huge support. Should I be looking at more recent times then?
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Dr. C
  • #755
  • May 20, 2010 7:42pm May 20, 2010 7:42pm
Quoting TheLastCoke
This is a gigantic RRR trade. Crab + Channel. It is a perfect Crab where B, C, and D met the parameters.

Attachment

Keep in mind that this is a Daily signal.

Hey buddy,
What a nice call on E/Chf
  • #756
  • May 20, 2010 11:29pm May 20, 2010 11:29pm
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  • #757
  • May 20, 2010 11:36pm May 20, 2010 11:36pm
What do you guys think of GBP/AUD if it comes back to retest trend line of breakout?
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Dr. C
  • #758
  • May 20, 2010 11:39pm May 20, 2010 11:39pm
Quoting cvcamper
Okay. When I look at my weekly chart going back many years, it seems like 1.55 has been the huge support. Should I be looking at more recent times then?
No that's a great call. I honestly didn't see it.
Every time you use 'hopium' in a post, God kills a kitten.
  • #759
  • May 20, 2010 11:41pm May 20, 2010 11:41pm
Quoting profxtrader
No that's a great call. I honestly didn't see it.
Second that.
  • #760
  • Edited May 21, 2010 1:50am May 20, 2010 11:59pm | Edited May 21, 2010 1:50am
Quoting cvcamper
What do you guys think of GBP/AUD if it comes back to retest trend line of breakout?
I'll take the retest of the yellow TL to be on a safer side but white one looks good also, aiming the resistance at horizontal orange TL.

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Edit: Closer look.

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