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Backing Trades Thru Charts

  • #901
  • Jun 3, 2010 6:11am Jun 3, 2010 6:11am
Quoting perstoman
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
Whenever I post charts on this thread...I make good pips...
I really should get into habit of posting charts here more often!
Taking half profits on U/J & G/U here!
  • #902
  • Jun 3, 2010 6:48am Jun 3, 2010 6:48am
What I am seeing right now.
Same plan as the last trade.
Once it breaks out, I will enter long positions
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  • #903
  • Jun 3, 2010 8:42am Jun 3, 2010 8:42am
Quoting TheLastCoke
GBP/JPY Channel seems to be holding

Attachment
Looks like a retest is just about to happen!
Every time you use 'hopium' in a post, God kills a kitten.
  • #904
  • Jun 3, 2010 8:49am Jun 3, 2010 8:49am
Hi guys, this is my weekly chart. As you can see we bounced from 50% fibo level of 2000 lows to 2008 highs 3 times so far...this must be some kind of level LOL!! Difficult time for large trades IMHO, but I thinkl once we have a clear brake of the fibo we an see a test of the pitchfork's low TL. On the upside, just brake the central pithfork and the two red trendlines, so we have a nice bear scenario, but price isn't ready yet.
Hope it helps! Congrats on your charts guys!!
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  • #905
  • Jun 3, 2010 9:39am Jun 3, 2010 9:39am
K, I'm going to go catch up on some sleep now, but here is my latest trade. EURGBP short. The first chart is the daily channel break. The second is an hourly chart showing what appears to be a successful retest.

Daily:
Attached Image (click to enlarge)
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Hourly:
Attached Image (click to enlarge)
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Every time you use 'hopium' in a post, God kills a kitten.
  • #906
  • Jun 3, 2010 10:00am Jun 3, 2010 10:00am
Quoting perstoman
What I am seeing right now.
Same plan as the last trade.
Once it breaks out, I will enter long positions
Nice entry the one you make! I see a lot of rroom on the downside, really like respect of the descending purple trendline to the pip. Now watching PA into the upper channell. A brake of it will load my shorts or a re test of the TL, whatever happens first.
Cheers mate!
Attached Image (click to enlarge)
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  • #907
  • Jun 3, 2010 1:39pm Jun 3, 2010 1:39pm
Quoting TheLastCoke

Attachment
Here is a zoomed in version of the break of the channel.

Attached Image (click to enlarge)
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Every time you use 'hopium' in a post, God kills a kitten.
  • #908
  • Jun 3, 2010 3:31pm Jun 3, 2010 3:31pm
EUR/CAD Testing Bottom

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  • #909
  • Jun 3, 2010 8:49pm Jun 3, 2010 8:49pm
U/J is making new high as I am writing this post.
Yesterday, I mentioned about buying at the breakout.
But today, I am going to approach it little differently.
I will place a pending sell order at 78.6% retrace level, which looks like a strong resistance on my chart.
Attached Image (click to enlarge)
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  • #910
  • Jun 3, 2010 8:56pm Jun 3, 2010 8:56pm
Quoting maurofx
Nice entry the one you make! I see a lot of rroom on the downside, really like respect of the descending purple trendline to the pip. Now watching PA into the upper channell. A brake of it will load my shorts or a re test of the TL, whatever happens first.
Cheers mate!
I do have similar trendlines on my chart,
But I am getting this weird feeling about G/U that it wants to touch 1.48level before the end of this week(today).
Unless I see a clear break of the ltl, I am going to buy dips, aiming for 1.48

Happy Trading to you!
  • #911
  • Jun 4, 2010 8:08am Jun 4, 2010 8:08am
Quoting Hell7
Time to take a step back and look at a long term chart, a zoomed out copy of the EUR/USD weekly chart.

This chart shows that price is in a hurry to reach some nice support, in the form of the 50% retracement of the entire 10 year run up and the lower line of this green pitchfork (where I will enter a massive long term swing long position).
Lower band reached -> long towards the median line (2000 pips higher).

Note: I am giving this trade a lot of room (SL >150 pips), but a RR > 10 is simply too good to pass up
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  • #912
  • Jun 4, 2010 8:41am Jun 4, 2010 8:41am
Small rock on the road.

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  • #913
  • Jun 4, 2010 8:50am Jun 4, 2010 8:50am
Quoting Hell7
Lower band reached -> long towards the median line (2000 pips higher).

Note: I am giving this trade a lot of room (SL >150 pips), but a RR > 10 is simply too good to pass up
What about the median red band? Don't you think it might get there?
  • #914
  • Jun 4, 2010 9:04am Jun 4, 2010 9:04am
Quoting TheLastCoke
What about the median red band? Don't you think it might get there?
For now that red fork is only there to track price in case the green one fails, but as that red median line intersects the 61.8% retracement level in a few days/weeks, it could be a nice short target.

But as I put some money on the green fork, I'm hoping it won't
  • #915
  • Jun 4, 2010 9:21am Jun 4, 2010 9:21am
Not a whole lot makes sense anymore, for the time being I'm long USD and long Yen across the board (but short USDJPY) and I'm going to take a break. I'll look at my trades once a day as they're based on a daily timeframe at this point. My nerves are wearing a bit thin trying to do too much at once. I'm educating our support staff for the brokerage we're launching while trying to go to meetings in another country and trading... it's all a bit too much. I've gone short on a lot of the pairs due to breaks from bear flags, with stop orders in place to hopefully catch those which have not yet broken out.

...and with that I am signing out for a while guys. I'll be back around the 20th/21st with a fresh mindset and hopefully a fresh set of profits from my shorts.

Good luck and good trading to all!
Every time you use 'hopium' in a post, God kills a kitten.
  • #916
  • Jun 4, 2010 9:23am Jun 4, 2010 9:23am
Quoting profxtrader
Not a whole lot makes sense anymore, for the time being I'm long USD and long Yen across the board (but short USDJPY) and I'm going to take a break. I'll look at my trades once a day as they're based on a daily timeframe at this point. My nerves are wearing a bit thin trying to do too much at once. I'm educating our support staff for the brokerage we're launching while trying to go to meetings in another country and trading... it's all a bit too much. I've gone short on a lot of the pairs due to breaks from bear flags, with stop orders in place...
Best of luck!!!

EDIT: Find time to post!!!
  • #917
  • Jun 4, 2010 9:28am Jun 4, 2010 9:28am
Quoting Hell7
For now that red fork is only there to track price in case the green one fails, but as that red median line intersects the 61.8% retracement level in a few days/weeks, it could be a nice short target.

But as I put some money on the green fork, I'm hoping it won't
I just wanna see this TL kissed.

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  • #918
  • Jun 4, 2010 9:32am Jun 4, 2010 9:32am
Quoting TheLastCoke
EUR/CAD Testing Bottom

Attachment
Nice short opp, since it broke the bottom.
  • #919
  • Jun 4, 2010 10:45am Jun 4, 2010 10:45am
Long signal. UTL can turn into support + the LTL in confluence.

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  • #920
  • Jun 4, 2010 11:03am Jun 4, 2010 11:03am
Im looking at 1.1850 That is where I see confluence of LTL and Weekly support line
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Dr. C
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