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Backing Trades Thru Charts

  • #1,381
  • Jun 25, 2010 3:28pm Jun 25, 2010 3:28pm
The daily GBP/USD chart shows that price just backtested the broken yellow trend line. Taking a small short over the weekend here (to which I will add on monday if we don't gap up).
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  • #1,382
  • Jun 25, 2010 4:14pm Jun 25, 2010 4:14pm
The 4 hour chart of the continuous Crude Oil future shows that any spike on Monday should provide a nice entry for a new swing short.
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  • #1,383
  • Jun 25, 2010 4:32pm Jun 25, 2010 4:32pm
I have done a little reading on wedges since finding this thread, does anybody here have a method to extrapolate targets from the pattern?

Thanks
  • #1,384
  • Jun 25, 2010 4:34pm Jun 25, 2010 4:34pm
Quoting profxtrader
I understand. My targets on Cable were just shy of 1.54, but I saw an opp to go the other way and I took it......
Thanks profxtrader, you make this stuff look way too easy.
  • #1,385
  • Jun 25, 2010 5:16pm Jun 25, 2010 5:16pm
Target 1: the height of the wedge at the base
Target 2: subtract/add the drop/rise before the wedge from the breakpoint

Edit:
* sorry for the bad example (rising wedge in uptrend), but it's the best I have around
* yes, I'm a 10+v type of trader, but for now I'm disguised as a 8v one
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  • #1,386
  • Jun 25, 2010 5:22pm Jun 25, 2010 5:22pm
Quoting Hell7
Target 1: the height of the wedge at the base
Target 2: subtract the drop/rise before the wedge from the breakpoint

Edit:
* sorry for the bad example (rising wedge in uptrend), but it's the best I have around
* yes, I'm a 10+v type of trader, but for now I'm disguised as a 8v one
Thank you. That's awesome.
  • #1,387
  • Jun 25, 2010 5:24pm Jun 25, 2010 5:24pm
Quoting Low
Thank you. That's awesome.
Ditto. thanks "H" "E" "double toothpicks"!
  • #1,388
  • Jun 25, 2010 10:28pm Jun 25, 2010 10:28pm
Hi, I was wondering if I could get some advice/comments on this trade idea. Thanks in advance.
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  • #1,389
  • Jun 25, 2010 11:41pm Jun 25, 2010 11:41pm
Quoting stevefx
Hi, I was wondering if I could get some advice/comments on this trade idea. Thanks in advance.
http://i50.tinypic.com/wkjtz6.png
  • #1,390
  • Jun 26, 2010 12:43am Jun 26, 2010 12:43am
Quoting Low
http://i50.tinypic.com/wkjtz6.png
Excellent thank you. I was trying to figure out where the bullish butterfly was in that chart. Thanks for pointing it out. When you say you wouldn't want the trade after T1, I assume you mean the t1 on my chart, 6750, is that correct? If not, I would have to raise my SL to make the trade viable.
  • #1,391
  • Jun 26, 2010 12:48am Jun 26, 2010 12:48am
Quoting Hell7
Target 1: the height of the wedge at the base
Target 2: subtract/add the drop/rise before the wedge from the breakpoint
Let me add that in theory rising wedges in a down trend are considered a continuation pattern, in an uptrend are considerd a bearish pattern (bearish in both cases). The contrary apply for falling wedges.

See this:
http://www.chartpatterns.com/wedgecharts.htm
  • #1,392
  • Jun 26, 2010 12:56am Jun 26, 2010 12:56am
Quoting profxtrader
I got out of it as well.
Gonna try it again at this TL.

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  • #1,393
  • Jun 26, 2010 1:03am Jun 26, 2010 1:03am
GBP/USD Still Bearish #1283

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  • #1,394
  • Jun 26, 2010 1:31am Jun 26, 2010 1:31am
Now that there is a 61% retracement of CD #825 #1146 I expect some profit taking at T2 (where we are right now 1.0930) plus there is confluence at this weekly TL retest with some support that might bring Bulls to the fight. My MM doesn't allow me to start building positions over this chart but I see an opportunity here. The only thing that worries me right now is the yellow TL that can act as a magnet.

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  • #1,395
  • Jun 26, 2010 5:47am Jun 26, 2010 5:47am
Quoting Hell7
Target 1: the height of the wedge at the base
Target 2: subtract/add the drop/rise before the wedge from the breakpoint

Edit:
* sorry for the bad example (rising wedge in uptrend), but it's the best I have around
* yes, I'm a 10+v type of trader, but for now I'm disguised as a 8v one

Hi Hell7

May I ask from where did you get the example? theoretically rising wedge in a downtrend is a continuation pattern in %69. In an Uptrend it should be a reversal pattern (an ending diagonal in EW) ,however I saw it like your example a couple of times (acting like an ascending triangle).

I'd like to take a look at your source.
  • #1,396
  • Edited 9:27am Jun 26, 2010 8:43am | Edited 9:27am
Quoting shahab8b
Hi Hell7

May I ask from where did you get the example? theoretically rising wedge in a downtrend is a continuation pattern in %69. In an Uptrend it should be a reversal pattern (an ending diagonal in EW) ,however I saw it like your example a couple of times (acting like an ascending triangle).

I'd like to take a look at your source.
Hi Shahab,

I already commented on the 'bad' example myself by editing the post, but my samples that are more correct show only T1 and not T2 (see below)

These pics originate from an Arabic website which I visited but didn't bookmark as I don't understand the language, and where posted on FF a few months ago by Hasnaa (in her/his different incarnations)

EDIT: http://www.iranbourseonline.com/forexschool/id/lessons/
or auto-translated in English


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  • #1,397
  • Edited 5:57pm Jun 26, 2010 5:36pm | Edited 5:57pm
Quoting Hell7
Hi Shahab,

These pics originate from an Arabic website which I visited but didn't bookmark as I don't understand the language, and where posted on FF a few months ago by Hasnaa (in her/his different incarnations)
It is also important to note the ABCDE count that takes place in Flags and Pennants #794

Edit: Laughing like Hell!!!!
  • #1,398
  • Jun 26, 2010 6:02pm Jun 26, 2010 6:02pm
Quoting stevefx
Excellent thank you. I was trying to figure out where the bullish butterfly was in that chart. Thanks for pointing it out. When you say you wouldn't want the trade after T1, I assume you mean the t1 on my chart, 6750, is that correct? If not, I would have to raise my SL to make the trade viable.
No, I was referring to the t1 on my chart, in the 1.6530 area. I've traded enough of these that just turn around at t1, which also is where I take 1/2 my position off and tighten stops.

I cannot reliably predict weather or not price will continue to the 2nd and 3rd targets.

Someone else here may be able to, so I'll leave it up to them to correct me if I'm wrong.
  • #1,399
  • Jun 26, 2010 6:10pm Jun 26, 2010 6:10pm
Quoting TheLastCoke
It is also important to note the ABCDE count that takes place in Flags and Pennants #794

Edit: Laughing like Hell!!!!

So tell me Coke, do you consider this pattern on A/U a bullish flag (a-e)?
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  • #1,400
  • Jun 26, 2010 6:25pm Jun 26, 2010 6:25pm
Quoting shahab8b
So tell me Coke, do you consider this pattern on A/U a bullish flag (a-e)?
Finding a parfect pattern is a bit difficult, that's why I didn't post it as a flag (see first picture #1357). IMHO it is not a flag because it has no clear pole. I see it more like a rectangle, in that case the target is the height of it. Pattern is valid now that we had a break.

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Traded it nicely #1308
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