Backing Trades Thru Charts

Out, Clean trade 120+



#246158

Set the SL at BE too soon and I got stopped out, Didn't reenter.

What a waste!!!

Touch #695

Bounce #713

Break & Retest

TLC on my charts the TL is at 1.2691 and the High of today is at 1.2671. This is approximately 20 pips.

I missed the entry because I was waiting for a TL touch, or at least +/- 5 pips.

Could you please explain how do you manage to enter the trade?

I am frustrated I was monitoring this TL for 1 month !!

It was a perfect touch. Grab a look.



Real time (live) #756

Edit: The way I do it......plot it to a smaller TF first then put it back to the bigger one, that way you get a more precise TL.

Thank you. I checked with another charting package and it was a perfect touch as you said.

Thanks to you guys I have been trading naked for 2 months, and I love it :-)

I posted this in another thread, and while not a chart pattern analysis per se, it is noteworthy:

If the USDJPY is any indicator of the GBPJPY (and it usually is) let me just note that we've made 6 runs at a support level in the past 2 hours while putting in a series of lower tops. One thing I know about support is after you've hit it enough times and absorbed all of the demand at that level... it gives way.

EDIT: And oh yeah, it's also worth noting that the runs at support are getting closer together.

EDIT2: We just had run 7 at it AND a lower top.

EDIT3: Run 8 AND a lower top, and volume is expanding. Something is cooking!

EDIT4: Nothing is making much sense about this. The series of lower tops is over. For a while it appeared that the bulls were losing steam, but one thing is for sure...it's a battle. Ultimately it looks like the bears are winning though.

Perfect Retest & Rejection

I'm still a USD bear and a JPY bull, and while we had a close up today (profit taking maybe?, defending options barriers?), I was just doing a bit of post week wrap up and I see bear flags everywhere. Simply put I think someone is defending support levels on a lot of the pairs. Here's a chart of the GBPUSD. We move up from the to the 1.425 level on decent volume which suggests buying at that level, but after 1.435 level volume dries up and the trip to 1.45 is done on absolutely crap volume, meaning there are fewer people willing to buy at 1.435 and as it approaches 1.45... no one is willing to buy. Volume picks up at the 1.45 level on moves down however suggesting that there are plenty of people willing to sell at that level.

Due to the chart formations that I see I still think we are still in a USD and JPY bull run. That said, take GBPUSD for instance. Those 2 levels (1.425 and 1.45) are critical levels. Watch them.

This is what I'm seeing for Sunday on GY....

Markets have been trying to push up and I do believe we are nearing a bottom...but perhaps maybe one more dip around 350-400 pips in range before a bull run...

It is getting rather suspicious....

The blue rectangles represent price dips and the diagnol red lines represent breaking of flags....

A Daily perspective...

Excellent!

Perfect Channel (short term)

Nice TLC,

I'm taking a similar trade on g/j. that top blue line is the 61.8 fib of that last move down on the left of the chart..

Similar setting as G/U. This one went out of range for a little bit but since no HH was made I took the short.

Good one!!! one more reason for my short. Let's see how it develops.

Well, just came back to the computer. Got 15 locked, trade is @ +40 atm..nice clean trade with minimal dd..

Confluence.

1. TL
2. S1
3 38.2 Fibo

is it a message for those who are holding a short_losing_position to close @ 1.2469?
would you close all your short there?
to be honest, I thinking to keep my risk

ps:
i have a short with -200 pips and I am still think it goes down

I had to exit that G/J trade @ the dp there. gotta go check the bbq and eat