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Backing Trades Thru Charts

  • #1,201
  • Jun 20, 2010 7:03pm Jun 20, 2010 7:03pm
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
Even though it went my way I'm getting out. +230
  • #1,202
  • Jun 20, 2010 7:11pm Jun 20, 2010 7:11pm
Quoting TheLastCoke
I was about to post that chart. It is a nice retest and looks like a good sell opp but notice the broken red TL + the W formed with the retest. Im bullish because of this PA.
#926
#962

Attachment
Out + 240
  • #1,203
  • Jun 20, 2010 7:16pm Jun 20, 2010 7:16pm
Quoting aragorn123
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
Looking Good.
  • #1,204
  • Jun 20, 2010 7:18pm Jun 20, 2010 7:18pm
Quoting TheLastCoke
Even though it went my way I'm getting out. +230
I don't know anything about wedge patterns, but I am trying to understand your reasoning. Was the rising wedge a bearish pattern? And if so doesn't the fact that it gapped up 75 pips, invalidate the pattern, and make it still a good reason to stay long?

Or do you think the gap will fill, so you'd rather take your profit while it's still there?
  • #1,205
  • Jun 20, 2010 7:30pm Jun 20, 2010 7:30pm
Quoting Low
I don't know anything about wedge patterns, but I am trying to understand your reasoning. Was the rising wedge a bearish pattern? And if so doesn't the fact that it gapped up 75 pips, invalidate the pattern, and make it still a good reason to stay long?

Or do you think the gap will fill, so you'd rather take your profit while it's still there?
It does in fact look bullish now that the raising wedge broke north, I was planning to sell at the break of the wedge but I am now flat. I'm taking profit because.

1. It is close enough to my target. (230 out of 300)
2. Gap.
3. Decreasing volume.
4. I'm Bearish in other correlated pairs
5. Happy with the trade.
  • #1,206
  • Jun 20, 2010 7:32pm Jun 20, 2010 7:32pm
Quoting TheLastCoke
It does in fact look bullish now that the raising wedge broke north, I was planning to sell at the break of the wedge but I am now flat. I'm taking profit because.

1. It is close enough to my target. (230 out of 300)
2. Gap.
3. Decreasing volume.
4. I'm Bearish in other corelated pairs
5. Happy with the trade.
Thanks...great explanation.
  • #1,207
  • Jun 20, 2010 7:40pm Jun 20, 2010 7:40pm
Quoting Low
Thanks...great explanation.
Check this out, may be helpful

http://www.mataf.net/en/tools/01-01-correlation
  • #1,208
  • Edited 7:48pm Jun 20, 2010 7:48pm | Edited 7:48pm
Quoting TheLastCoke
Check this out, may be helpful

http://www.mataf.net/en/tools/01-01-correlation
Thank you. I bookmarked that.

Sometimes I've used correlations to justify early entry or exit from a trade with negative results. I am trying at this point in my trading career to stick with the plan for a trade regardless of what other correlated pairs may be suggesting.
  • #1,209
  • Jun 20, 2010 7:55pm Jun 20, 2010 7:55pm
Quoting Low
Thank you. I bookmarked that.

Sometimes I've used correlations to justify early entry or exit from a trade with negative results. I am trying at this point in my trading career to stick with the plan for a trade regardless of what other correlated pairs may be suggesting.
It is the best thing to do, trade a chart individually but in that particular trade I did not feel comfortable holding it. (gut feeling)
  • #1,210
  • Jun 20, 2010 8:09pm Jun 20, 2010 8:09pm
Quoting TheLastCoke
It is the best thing to do, trade a chart individually but in that particular trade I did not feel comfortable holding it. (gut feeling)
Give me a few more years and I'll probably trust my gut too.
  • #1,211
  • Jun 20, 2010 9:05pm Jun 20, 2010 9:05pm
Looks like a bat.

A great thread here TLC. Just saw this on 4hr usd/cad. Looks like a bat but not sure really. I am new to harmonics but it looks close and at a support level. just hit entry area. Would like some thoughts. Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: cad bat.jpg Size: 100 KB
  • #1,212
  • Jun 20, 2010 10:15pm Jun 20, 2010 10:15pm
Quoting tarco
Looks like a bat.

A great thread here TLC. Just saw this on 4hr usd/cad. Looks like a bat but not sure really. I am new to harmonics but it looks close and at a support level. just hit entry area. Would like some thoughts. Thanks.
B and C points are out of range to be a BAT but there is an AB=CD pattern where CD= 100% FE AB.

Attached Image (click to enlarge)
Click to Enlarge Name: abcd1.gif Size: 21 KB
  • #1,213
  • Jun 21, 2010 2:03am Jun 21, 2010 2:03am
Dear TLC,

Looking at A/U, I see that the gap is still open.
What's your take on this gap?

Gluck on your trading this week!
  • #1,214
  • Jun 21, 2010 3:42am Jun 21, 2010 3:42am
Quoting perstoman
Dear TLC,

Looking at A/U, I see that the gap is still open.
What's your take on this gap?

Gluck on your trading this week!
Based on current PA I wouldn't trade the gap on this pair just yet.
  • #1,215
  • Jun 21, 2010 4:52am Jun 21, 2010 4:52am
Quoting TheLastCoke
Check this out, may be helpful

http://www.mataf.net/en/tools/01-01-correlation

Thank you for share
I got : http://FINVIZ.COM and http://DailyFx.com
God bless you
  • #1,216
  • Jun 21, 2010 11:25am Jun 21, 2010 11:25am
Quoting TheLastCoke
1.2440's Looks like a nice place to short it.

Attachment
I'm waiting for this white TL to give up to keep my target open, +75 now

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Click to Enlarge Name: tlgiveup.gif Size: 15 KB
  • #1,217
  • Jun 21, 2010 11:32am Jun 21, 2010 11:32am
Quoting TheLastCoke
I'm waiting for this white TL to give up to keep my target open, +75 now

Attachment
1.25-26 R zone is tough.
Attached Image (click to enlarge)
Click to Enlarge Name: eu7o.gif Size: 20 KB
  • #1,218
  • Jun 21, 2010 11:37am Jun 21, 2010 11:37am
Quoting shahab8b
1.25-26 R zone is tough.
Nice chart, and it looks like a retest is due BUT for the sake of my short let this TL break .
  • #1,219
  • Jun 21, 2010 12:31pm Jun 21, 2010 12:31pm
Quoting TheLastCoke
I'm waiting for this white TL to give up to keep my target open, +75 now

Attachment
SL moved + 60. Reevaluating at .2240.

Attached Image (click to enlarge)
Click to Enlarge Name: t1.gif Size: 15 KB
  • #1,220
  • Jun 21, 2010 12:43pm Jun 21, 2010 12:43pm
Quoting TheLastCoke
B and C points are out of range to be a BAT but there is an AB=CD pattern where CD= 100% FE AB.

Attachment
Nice rejection + 80

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