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Backing Trades Thru Charts

  • #1,581
  • Jul 1, 2010 8:18pm Jul 1, 2010 8:18pm
Quoting perstoman
Two scenarios possible.
1. Trendline broken=>Could see a move down to 1.047ish level.

2. Get a bounce from 1.057ish level and move up higher.

*Since the trendline is broken, I prefer first moving lower.
Out of curiosity, if these set-ups occur before tomorrow's nfp, will you trade them?

I'm calling it a week. No trades around the news for me.

See y'all Sunday, unless a weekly paints something worth posting after tomorrow.
  • #1,582
  • Jul 1, 2010 8:50pm Jul 1, 2010 8:50pm
Quoting TheLastCoke
I'm not saying it will or is heading that way BUT even if it goes to those levels it is just a retracement in this down trend, so, at this point IMHO it is just a pullback.

Attachment
That scenario looks very realistic now, if NFP takes us there I'll be selling at 23% Fib of Daily trend (.2640's). I will add at TL. I'm using a wide SL.

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If 100 pips represent more than 2% of your capital please disregard this chart.
  • #1,583
  • Jul 1, 2010 9:49pm Jul 1, 2010 9:49pm
Quoting TheLastCoke
Stopped out -80
got me for -50. reloaded @ 87.60 stop is +15
  • #1,584
  • Jul 1, 2010 11:07pm Jul 1, 2010 11:07pm
Quoting makefx
looking to long usdchf @1.0500 with SL @1.0430
USD/CHF Looks like the place for longs if 61%Fib doesn't stop the Bears.

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  • #1,585
  • Jul 2, 2010 4:32am Jul 2, 2010 4:32am
Quoting Hell7
The hourly GBP/USD chart shows that price is getting close to a high probability bounce point: the crossing of the lower band of the blue flag and the yellow uptrend line, and the 78% retracement level of the last upswing.

Overall I'm expecting a larger retracement lower here so I will be cautious, but we should get a nice bounce out of that cluster of support.
The 4 hour GBP/USD chart shows that the blue flag delivered nicely, and has brought price close to the upper yellow trend line and the 78.6% retracement of the last downswing.

This could be an excellent location for a swing trade short, but I'll wait until after NFP (later today) to enter.
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  • #1,586
  • Jul 2, 2010 4:40am Jul 2, 2010 4:40am
Quoting Hell7
AUD/USD - stuck above the orange resistance (now support).
Just a quick update of my daily AUD/USD chart, to show that the red pitchfork I drew several weeks ago is still acting as a nice guide for price.

If you are not in a position, best to wait for a better entry.
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  • #1,587
  • Edited 5:23am Jul 2, 2010 4:50am | Edited 5:23am
Quoting Hell7
This red trend line should be good for a nice bounce
The daily USD/CHF chart shows that price didn't give the expected bounce at the red trend line (stopping me out for -30 pips), but decided to test the area around the 61.8% retracement level of the large upswing and the backtest of the previously broken yellow trend line.

Price should reverse around here, at least to backtest the red trend line and possibly to continue it's climb.
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  • #1,588
  • Edited 5:14am Jul 2, 2010 5:02am | Edited 5:14am
Quoting Hell7
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.
Well, price spiked about half a dollar to provide a nice entry, and then dropped 10% in a few days I hope some of you got in, either directly on Monday or later when the wedge was backtested.

Price is currently testing the 50% retracement level of the last upswing.
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  • #1,589
  • Jul 2, 2010 6:59am Jul 2, 2010 6:59am
Quoting TheLastCoke
That scenario looks very realistic now, if NFP takes us there I'll be selling at 23% Fib of Daily trend (.2640's). I will add at TL. I'm using a wide SL.

Attachment

If 100 pips represent more than 2% of your capital please disregard this chart.
Hi bro
I see e/u move in the range 1.23 - 1.2640
Possible 1.2770 depends on news and how market react
  • #1,590
  • Jul 3, 2010 1:21am Jul 3, 2010 1:21am
Quoting perstoman
Two scenarios possible.
1. Trendline broken=>Could see a move down to 1.047ish level.

2. Get a bounce from 1.057ish level and move up higher.

*Since the trendline is broken, I prefer first moving lower.
I am now watching 1.067 level.
Looking back, this area has been a very strong resistance, which I think it will hold once again.
If U/C get a rejection at this level, then it will be good for almost 100pips.
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  • #1,591
  • Edited 4:12am Jul 3, 2010 3:50am | Edited 4:12am
Quoting perstoman
I am now watching 1.067 level.
Looking back, this area has been a very strong resistance, which I think it will hold once again.
If U/C get a rejection at this level, then it will be good for almost 100pips.
If I look at the cad weekly, I'd rather wait for the 100 (or 200) pip drop and look to go long if PA is there.

Just my 2 pips.
  • #1,592
  • Jul 3, 2010 4:18pm Jul 3, 2010 4:18pm
A bit off topic. For Football Lovers.

Attached File(s)
File Type: xls WC_2010_SOUTH_AFRICA2.xls   1.2 MB | 326 downloads
  • #1,593
  • Edited 7:20pm Jul 3, 2010 4:37pm | Edited 7:20pm
Just some trade ideas

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,594
  • Jul 3, 2010 4:45pm Jul 3, 2010 4:45pm
Looks like a make-or-break for the NZD against many.
Thanks profxtrader.
  • #1,595
  • Jul 3, 2010 4:46pm Jul 3, 2010 4:46pm
Quoting profxtrader
Just some trade ideas
I know you like NZD crosses. Nice bounce on this AUD/NZD daily channel.

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  • #1,596
  • Jul 3, 2010 9:27pm Jul 3, 2010 9:27pm
http://i45.tinypic.com/2e6djk4.png
  • #1,597
  • Jul 3, 2010 11:36pm Jul 3, 2010 11:36pm
usdjpy 4hr chart
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  • #1,598
  • Jul 4, 2010 1:04am Jul 4, 2010 1:04am
Happy 4th y'all.

Have fun, and try not to burn down anything you care about.
  • #1,599
  • Jul 4, 2010 9:43am Jul 4, 2010 9:43am
I've recently started looking at E/G.
Very interesting pair to trade.
Is this a valid count?
I am only planning to enter short, when the ltl breaks.
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  • #1,600
  • Jul 4, 2010 3:29pm Jul 4, 2010 3:29pm
EUR/USD 23%Fib Might bring enough Bears to keep this Daily downtrend in a good shape as it did before.

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