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Backing Trades Thru Charts

  • #1,181
  • Jun 18, 2010 3:06am Jun 18, 2010 3:06am
Quoting Oshawa
Hi, LastCoke and other posters here. Please would you have a look at Cable? Thanks.
I don't have a lot of time, but I am long from the channel breakout (blue arrows) but watching the formation of a new channel (green arrows) for any indication of where price is going next. Having just cleared near term resistance in the 4840-50 level I'd say the top of the smaller channel is the next likely target followed by an upside target of the width of the larger, descending channel (both levels on chart).


Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_Quick.png Size: 50 KB
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,182
  • Jun 18, 2010 9:35am Jun 18, 2010 9:35am
Quoting TheLastCoke
You can add the break of the 4H TL to the bearish scenario but like you say this current PA looks out of the picture.
Hey, it is going down now. i have an order right below those triple bottoms on 4H.

Lets see if it goes down to 1.0130
  • #1,183
  • Jun 18, 2010 9:49am Jun 18, 2010 9:49am
Quoting aragorn123
Hey, it is going down now. i have an order right below those triple bottoms on 4H.

Lets see if it goes down to 1.0130
I traded what I viewed as a channel break. Add into it this descending triangle and you've got an even more bearish scenario.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD2.png Size: 43 KB
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,184
  • Jun 18, 2010 9:52am Jun 18, 2010 9:52am
are you people referring to usdcad ?
is it going for parity ?
  • #1,185
  • Jun 18, 2010 9:55am Jun 18, 2010 9:55am
Quoting profxtrader
I traded what I viewed as a channel break. Add into it this descending triangle and you've got an even more bearish scenario.

Attachment

Hi profxtrader,
May I ask what's that EA/Indi you are using which shows the Risk/Reward,etc ... on your screen?
Thank you.
  • #1,186
  • Jun 18, 2010 9:56am Jun 18, 2010 9:56am
Quoting profxtrader
I traded what I viewed as a channel break. Add into it this descending triangle and you've got an even more bearish scenario.

Attachment
Yes, I was short from there too but that move was limited at 1.022x. I want to see a break of that level before entering.

I see a big up bounce coming but we will see 1.0125 first.
  • #1,187
  • Jun 18, 2010 10:22am Jun 18, 2010 10:22am
Quoting shahab8b
Hi profxtrader,
May I ask what's that EA/Indi you are using which shows the Risk/Reward,etc ... on your screen?
Thank you.
Just something I threw together. It's posted in this thread. Just click on attachments and check hide pictures and it'll be there.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,188
  • Jun 18, 2010 10:38am Jun 18, 2010 10:38am
GBP/CHF is right at 4H LTL, we should see a nice bounce.
  • #1,189
  • Jun 18, 2010 11:14am Jun 18, 2010 11:14am
1.2440's Looks like a nice place to short it.

Attached Image (click to enlarge)
Click to Enlarge Name: bearspot.gif Size: 15 KB
  • #1,190
  • Jun 18, 2010 11:24am Jun 18, 2010 11:24am
Quoting TheLastCoke
GBP/CHF is right at 4H LTL, we should see a nice bounce.
Yeah, price has bounced in and out of the daily channel, but respected that trendline so I got long too about 3 or 4 minutes ago.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,191
  • Jun 18, 2010 11:31am Jun 18, 2010 11:31am
Expect some volatility around 3 to 4 PM due to this triple witching hour.
  • #1,192
  • Jun 18, 2010 1:00pm Jun 18, 2010 1:00pm
Quoting TheLastCoke
Expect some volatility around 3 to 4 PM due to this triple witching hour.
OK, I'll bite. What does that mean?

Nevermind. Google is helpful http://en.wikipedia.org/wiki/Triple_witching_hour

How do you keep up with all of this dude? I can barely remember when NFP falls and that's the same day every month.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,193
  • Jun 18, 2010 1:17pm Jun 18, 2010 1:17pm
Quoting profxtrader
OK, I'll bite. What does that mean?

Nevermind. Google is helpful http://en.wikipedia.org/wiki/Triple_witching_hour

How do you keep up with all of this dude? I can barely remember when NFP falls and that's the same day every month.
just learnt a new word
  • #1,194
  • Jun 18, 2010 1:23pm Jun 18, 2010 1:23pm
Yup, a new word for me as well.

Btw, my UC short triggered on breaking that support. Lets see how it goes.

Have a good weekend
  • #1,195
  • Jun 19, 2010 8:54pm Jun 19, 2010 8:54pm
Quoting TheLastCoke
#1039 Open + 100

Attachment
I will exit this trade because of the Raising wedge, notice the apex is about to merge with the 50% fibo + the volume has been decreasing. Profit is about half from the original target.

Attached Image (click to enlarge)
Click to Enlarge Name: abort.gif Size: 18 KB
  • #1,196
  • Jun 19, 2010 9:13pm Jun 19, 2010 9:13pm
Quoting TheLastCoke
I will exit this trade because of the Raising wedge, notice the apex is about to merge with the 50% fibo + the volume has been decreasing. Profit is about half from the original target.

Attachment
Thanks for posting your thoughts on this... I too was concerned about anymore movement up in this pair. Are you suggesting a break of the LTL and do you have a TP in mind if it does?
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #1,197
  • Jun 19, 2010 9:19pm Jun 19, 2010 9:19pm
Quoting MarcVUM
Thanks for posting your thoughts on this... I too was concerned about anymore movement up in this pair. Are you suggesting a break of the LTL and do you have a TP in mind if it does?
If LTL breaks I will aim for the lowest point of the wedge, about .8500. Keep in mind that the W neck line is around that level too.
  • #1,198
  • Jun 20, 2010 8:23am Jun 20, 2010 8:23am
Here is what I was looking at on aud usd. I'll be watching PA closely.

http://img294.imageshack.us/img294/442/audusd.gif

Quoting TheLastCoke
I will exit this trade because of the Raising wedge, notice the apex is about to merge with the 50% fibo + the volume has been decreasing. Profit is about half from the original target.

Attachment
Hello.
  • #1,199
  • Jun 20, 2010 5:29pm Jun 20, 2010 5:29pm
Quoting TheLastCoke
1.2440's Looks like a nice place to short it.

Attachment
I'm in
  • #1,200
  • Jun 20, 2010 5:38pm Jun 20, 2010 5:38pm
Quoting TheLastCoke
GBP/CHF is right at 4H LTL, we should see a nice bounce.
Stopped out -40
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