Backing Trades Thru Charts

Can't believe that G/U is still going up!
Well...I should have kept my earlier longs for little bit longer..lol;;
I don't want to add longs at the moment, but it might go up another 200ish pips higher to touch the long-term trendline.

re #1475

I would take profits at the 50% mid channel line and at channel bottom on this one.

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AUDCHF short + opp to add or enter. Explained in Chart.

Profx,

I've got a similar trade on the usdjpy, I thought for triangle's you measure the base and make that # your target. On your chart you're targeting the bottom of the base (obvious resistance). Is this a discretionary aspect of triangle trading? Or would I be wise to adjust my target on the yen?

Yeah, I had my trendline drawn wrong. I reversed about 30 minutes ago. IT goes well with my AUDCAD and EURCAD shorts as well.

To my eye this looks like a perfect bullish butterfly. A-B 78.6 of X-A. X-D is 127.2 of X-A. A-D is 161.8 of A-B (which coincides with the 127.2 of X-A). I'm taking it!

Will it hold?

Wow nice catch... I just closed my shorts. Let's reverse :-) What is your stop?

re #1479

More false strength in cable leading to price popping back under upper TL, will watch for shorter term upsloping TL to give direction. A fall back under long term blue channel top will be quite bearish.

Well on symmetrical triangles there are statistics to note. Those being that upwards breakouts reach the apex 66% of the time and downwards breakouts reach the apex 48% of the time. So given a height of 764 pips the target would be around 366 from the point of the breakout. (48% of 764) I chose the obvious spike base which was the apex to target. If it breaks the support area I'll trade is just like a breach of a support zone trade and short the retest.

head and shoulders + flag

re #1495

Someone wanted a better look at the cable long term channel, here it is.

0.8075 and I will move stops to BE @ 100 pips. That said I'm not completely in love with the trade because of all of the gloom and doom (which is well deserved) about the Euro. And with cable being as strong as it is... at any rate. I hope to pull a few pips out of it and will reassess as time goes on.

EA looking to retest break of channel.

CHFJPY Resistance + VSA

This may not be the perfect VSA scenario, but there is weakness in the background with multiple signs of weakness and it's at a resistance level so I shorted it. This is what I mean by using VSA as a compliment to pattern trading. I really will only look at what VSA is saying if it coincides with a tradeable pattern.

I think volume analysis is the next step in getting higher accuracy rates in pattern trades and I think VSA is a great way to do it. You can do all the VSA you want without a single indicator except for volume, but for me, in the beginning stages of learning VSA (I've only been studying for about 5 months now, but I'm getting a decent handle on it) it's nice to see confirmation of my VSA suspicions directly on the chart.

Anyways, here's my latest trade in the CHFJPY. It was at a resistance level and had multiple signs of weakness, so IMO it will retreat at least to the channel bottom.

Last thing... I don't have time to chart it, but USDCHF had a beautiful bounce from the daily TL. Check it out.

Very nice test indeed. I don't believe in a sudden reversal though.
Maybe a retest in a couple of days?

Sry for not bringing a naked chart to the party (EMA's and stuff)

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