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Backing Trades Thru Charts

  • #881
  • Jun 1, 2010 11:21pm Jun 1, 2010 11:21pm
We'll know soon. Keep in mind that descending triangles breaks downward 64% of the time.

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  • #882
  • Jun 2, 2010 12:11am Jun 2, 2010 12:11am
S turned R on Eur/USD. Stop moved to BE +1
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Dr. C
  • #883
  • Jun 2, 2010 9:04am Jun 2, 2010 9:04am
Closely watching the blue triangle
Preferring short position at the break of the triangle

1st TP is set at 91
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  • #884
  • Jun 2, 2010 10:00am Jun 2, 2010 10:00am
GBP/CHF Broke daily channel and it is now on the retest process.

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  • #885
  • Jun 2, 2010 1:51pm Jun 2, 2010 1:51pm
GBP/JPY Channel seems to be holding

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  • #886
  • Jun 2, 2010 3:41pm Jun 2, 2010 3:41pm
Nice channel...wonder if it'll hold the dam from breaking...price keeps hugging that upper channel


Quoting TheLastCoke
GBP/JPY Channel seems to be holding

Attachment
In Charts We Trust!
  • #887
  • Jun 2, 2010 3:48pm Jun 2, 2010 3:48pm
Quoting X.Oden
Nice channel...wonder if it'll hold the dam from breaking...price keeps hugging that upper channel
I know what you mean, I don't like this PA near the TL, not good at all for my short.
  • #888
  • Jun 2, 2010 4:44pm Jun 2, 2010 4:44pm
Well according to what Protrader has taught me, volume is very low and price keeps inching upward taking little stabs at the bears. Its usually small money moving price up, or big money selling off long positions in preparation to go short..


Quoting TheLastCoke
I know what you mean, I don't like this PA near the TL, not good at all for my short.
In Charts We Trust!
  • #889
  • Jun 2, 2010 6:04pm Jun 2, 2010 6:04pm
Quoting X.Oden
Well according to what Protrader has taught me, volume is very low and price keeps inching upward taking little stabs at the bears. Its usually small money moving price up, or big money selling off long positions in preparation to go short..
I usually like to see rejection near my entries (TL, fibos, S&R, pivots, etc) let's see what this one might bring us. SL just outside the channel.
  • #890
  • Jun 2, 2010 6:32pm Jun 2, 2010 6:32pm
A/U has broken the upper trendline
Waiting for a possible retest for entering long position
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  • #891
  • Jun 2, 2010 6:48pm Jun 2, 2010 6:48pm
Quoting perstoman
A/U has broken the upper trendline
Waiting for a possible retest for entering long position
Hell7's median TL could be the target.

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  • #892
  • Jun 2, 2010 7:32pm Jun 2, 2010 7:32pm
Quoting TheLastCoke
I usually like to see rejection near my entries (TL, fibos, S&R, pivots, etc) let's see what this one might bring us. SL just outside the channel.
Ive been holding on to this trade all day as well. It has just been sitting there. Im tempted just to take BE and get out of this one.
Dr. C
  • #893
  • Jun 2, 2010 7:52pm Jun 2, 2010 7:52pm
Quoting TheLastCoke
We'll know soon. Keep in mind that descending triangles breaks downward 64% of the time.

Attachment
Would you enter a long position if E/U breaks to the upside?
With E/U, I am getting little uncomfortable shorting at this price.

Thanks
  • #894
  • Jun 2, 2010 8:05pm Jun 2, 2010 8:05pm
Quoting perstoman
Would you enter a long position if E/U breaks to the upside?
With E/U, I am getting little uncomfortable shorting at this price.

Thanks
I'm watching this TL #881. I'll enter long on the retest (if broken).
  • #895
  • Jun 2, 2010 8:15pm Jun 2, 2010 8:15pm
My short on U/J got stopped out at BE
Reversed my position to long here and going to wait & see what's happening with this pair.

A/U isn't coming down to retest the broken trendline...well will have to see what happens with the trade balance
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  • #896
  • Edited 2:12am Jun 3, 2010 12:54am | Edited 2:12am
Quoting X.Oden
Well according to what Protrader has taught me, volume is very low and price keeps inching upward taking little stabs at the bears. Its usually small money moving price up, or big money selling off long positions in preparation to go short..
Time of day or week is also a factor in volume though. During low volume times of day (eg late US, early Asia, late Friday afternoon, etc.) that has to be taken into consideration as well, and there, you'd have to look for ultra low volume to be an actual test on low volume. As you can see on the charts it was just a time of low volume and it resulted in breakouts pretty much across the board.

That said I cut my shorts pre-Amsterdam and am short Yen and USD across the board now that I'm back in Sweden (I've been traveling). Lots of pretty channel breaks but I've got to go teach young minds about the brokerage so I won't be posting much for the next 2 or so weeks!
Every time you use 'hopium' in a post, God kills a kitten.
  • #897
  • Jun 3, 2010 12:56am Jun 3, 2010 12:56am
Quoting perstoman
Would you enter a long position if E/U breaks to the upside?
With E/U, I am getting little uncomfortable shorting at this price.

Thanks
Attached Image (click to enlarge)
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Every time you use 'hopium' in a post, God kills a kitten.
  • #898
  • Jun 3, 2010 2:35am Jun 3, 2010 2:35am
Quoting perstoman
My short on U/J got stopped out at BE
Reversed my position to long here and going to wait & see what's happening with this pair.

A/U isn't coming down to retest the broken trendline...well will have to see what happens with the trade balance
I am liking how U/J is moving higher, but my concern is up to which point?
I have now moved up SL to BE and set 1st TP at 93, which I doubt that it will be hit. Well...it's a free trade for me so whatever

Now moving to G/U..
With Dollar Index touching a very important support zone, I believe G/U,A/U,etc will have to retrace little before continuing up moves..
So this is what I am looking at right now, if breaks to the downside, i will short
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  • #899
  • Jun 3, 2010 4:10am Jun 3, 2010 4:10am
I have a few moments so I thought I'd post a setup not yet taken. It's the last leg a megaphone. Normally I'd trade 4 to 5, but 5 back up looks like a decent trade and a good R:R and without any defined trend leading up to it... so I'm going to give it a shot.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #900
  • Jun 3, 2010 4:41am Jun 3, 2010 4:41am
Quoting profxtrader
I have a few moments so I thought I'd post a setup not yet taken. It's the last leg a megaphone. Normally I'd trade 4 to 5, but 5 back up looks like a decent trade and a good R:R and without any defined trend leading up to it... so I'm going to give it a shot.
That's a big megaphone
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