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Backing Trades Thru Charts

  • #1,861
  • Jul 17, 2010 2:05am Jul 17, 2010 2:05am
Quoting Buai
Man, you have just brought me back from the brink...I am an indicator addict.
No matter what I do to limit the addiction, my charts have a sinister compulsion to invade the trade...and that sabotages my bottom line, which is now a dotted squiggle.
Im now going to pay more (proactive) attention to TLC's thread, charts and traders.
Ive been watching and paying attention, but my addiction...LOL

thanks for sharing that info profxtrader

Awsome

Now I'm really not ALL anti-indicator. I made a respectable profit using them and built up a decent client base but without boring you to death, in the end it was just a mess, overly complex, hard for me to interpret (and I'm the one who designed it) and most of all mildly profitable when compared with this style of trading. I came across this thread and realized that this is how I started trading 8 years ago. But I believe we all get lazy (indicators help you be lazy by buying on a cross or when an arrow appears, or the line crosses 80 or whatever...) and then we all go searching for the holy grail that's gotta be out there, then we get back to our roots.


Anyway, welcome to the dark side. Glad to have you back.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,862
  • Jul 17, 2010 2:48am Jul 17, 2010 2:48am
So I'm doing my analysis as I have to be in the office today (got some remodeling going on and they need supervision ) and I thought I'd post a trade idea or two.

First off is a diamond bottom in the AUDCHF. the text on the charts is just something I do and would recommend for any of you doing analysis before a session. Make notes and record ideas on the chart. I trade 22 pairs and as soon as I'm on the next chart I'd forget what I put on the previous chart and my thoughts while that chart had my full attention if I didn't write it down.

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And here is is zoomed out:

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,863
  • Jul 17, 2010 2:54am Jul 17, 2010 2:54am
AUDJPY with 2 possible scenarios. Neither is ready, but I'm just on the lookout for. Again, with notes, which may only make sense to me

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,864
  • Edited 3:10am Jul 17, 2010 2:56am | Edited 3:10am
Quoting profxtrader
Now I'm really not ALL anti-indicator. I made a respectable profit using them and built up a decent client base but without boring you to death, in the end it was just a mess, overly complex, hard for me to interpret (and I'm the one who designed it) and most of all mildly profitable when compared with this style of trading. I came across this thread and realized that this is how I started trading 8 years ago. But I believe we all get lazy (indicators help you be lazy by buying on a cross or when an arrow appears, or the line crosses 80 or whatever...)...

Glad to hear that, and be welcomed back to the dark side...however, I think I will need to have a few still functioning (feeding my addiction) till I am totally weened off. I take great pride in my arsenal of 'indi's-for-any-occasion'.

As a consequence of trolling the web for 12 months looking for that..."all rise"...'Holiest of Grails'...I did recently find a combo of 3 that I doubt make it to the screen all at the same time, (without the clutter of a zillion other indis fighting for attention) but work pretty well together when they do, to me anyway lol.
They first look like MA's, but they're not. I have no idea how they are created, but to me they say more than anything I've ever seen before.
(ahh the adrenalin from just talking about them!!)
All that is a flashback for you, no doubt lol. But THAT is going to be a tough withdrawal for me. I THINK Ive just found the Grail...and already I have to let it go!
How sad is that?!?!?
To my credit though, I have been pretty fussy about the application of my trend-lines, and am pleased to at least have that as a ready-to-use tool to help get me through my looming withdrawal.
Bring it on...
  • #1,865
  • Jul 17, 2010 3:09am Jul 17, 2010 3:09am
AUDUSD Broadening Top. This is at a critical place. If it breaks below support, I will short it, but there exists the possibility that it will push up to the UTL once more. In which case I'll target resistance rather than the true technical target of the UTL.

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,866
  • Jul 17, 2010 3:12am Jul 17, 2010 3:12am
Quoting Buai
They first look like MA's, but they're not. I have no idea how they are created, but to me they say more than anything I've ever seen before. .
Which indicators? VWAP bands? Midas? VWAP bands are actually one of my favorite indicators and like the fat kid sneaking a piece of cake... sometimes I throw them on the chart for old times sakes

Quote
To my credit though, I have been pretty fussy about the application of my trend-lines

Well then you and TLC will get along famously. That guy is laser precise. I'm a bit rougher in my application. I think they need a bit of wiggle room.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,867
  • Jul 17, 2010 3:17am Jul 17, 2010 3:17am
Quoting profxtrader
Which indicators? VWAP bands? Midas? VWAP bands are actually one of my favorite indicators and like the fat kid sneaking a piece of cake... sometimes I throw them on the chart for old times sakes
I have no idea. Send me a PM with your email addy and I ll send them to you no probs, happy to share my toys/cake.
  • #1,868
  • Jul 17, 2010 3:18am Jul 17, 2010 3:18am
Quoting Buai
I have no idea. Send me a PM with your email addy and I ll send them to you no probs, happy to share my toys/cake.
What the hell... who knows? PM Sent.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,869
  • Jul 17, 2010 3:38am Jul 17, 2010 3:38am
Quoting profxtrader
What the hell... who knows? PM Sent.
Done.
  • #1,870
  • Jul 17, 2010 3:50am Jul 17, 2010 3:50am
hey Profxtrader

when you talk about TLC thread do you mean this one? or others?

also, Im new to all this and blew an account a few months ago - like Im some have - anyway mostly through ignorance stupidity.. So the last 2 weeks Im back in it, only with small amount but this week I got 100% return - which is cool but I get alot of help from a signal service which a friend of mine uses.. I tend to check it out, make the deduction myself if to go for it or now..

anyway, Im trying to do it all myself hence me being on here and wanting desperately to learn - Ive posted a chart - have I drawn on it correctly? are there any tips you or others can say about my chart as I sometimes find it hard where to start and put the trend lines as sometimes the highs go too high and lows too low to make it neat?

Also with this, are we expecting it to continue up to hit trendline (if not stopped by ema or other resistances)?

thanks and well done by the way!
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"Millionaires don't use astrology, billionaires do"
  • #1,871
  • Jul 17, 2010 4:47am Jul 17, 2010 4:47am
CADJPY proposed long.

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,872
  • Jul 17, 2010 5:01am Jul 17, 2010 5:01am
CHFJPY channel bounce + daily support zone

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,873
  • Edited 5:54am Jul 17, 2010 5:18am | Edited 5:54am
EURCAD inverted H&S

I can't believe I missed this. This is one of the best performing patterns. Hopefully we'll retest the neckline and that's where I'd get long. It's about a 1000 pip target.

EDIT: Or it could be a rounding bottom. Just draw a curved line from the beginning of the left shoulder, around the head to the end of the right shoulder. Actually that's most likely what it is. Luckily the measurements are the same. Still 1000 pips.

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,874
  • Jul 17, 2010 5:51am Jul 17, 2010 5:51am
Quoting profxtrader
CHFJPY channel bounce + daily support zone

Attachment
hey bro me again - Ive spent the whole day looking at all this and trying to understand - may I say its much appreciated you posting all this as it means I, and Im sure loads others can learn more from it!

a quick question here though.. lets say in hindsight you didnt draw your trend lines where they are now.. lets say you drew this chart a few days ago - then surely is would look like its broken the LTL and on its way further down?

or am I mistaken? Please understand I have limited knowledge but thats what made sense to me when I was drawing it today

any feedback most welcomed.. thanks!
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"Millionaires don't use astrology, billionaires do"
  • #1,875
  • Jul 17, 2010 5:51am Jul 17, 2010 5:51am
I'm not sure how much I like this one and I'll label it as a maybe and I'll watch it.

The channel is there and I won't normally short a rising channel unless there is something else telling me that it's a good point for reversal. The diamond top does that, but it's an ugly one and I don't think if it is one, that it's complete at this point.

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,876
  • Jul 17, 2010 6:10am Jul 17, 2010 6:10am
GBPCAD is at resistance. With 3 good institutional moves in the background (red, blue and green arrows) there isn't much support on the downside for a while and no resistance for an even longer way to the upside.

Trade 1. Sell resistance with stop just above resistance zone.

Trade 2. If trade 1 doesn't work out buy a break and retest of the resistance zone.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,877
  • Jul 17, 2010 8:20am Jul 17, 2010 8:20am
Hi profxtrader
I am looking at your great charts...
I can probably see something else :
1. AB=CD that have exceeded by only 40 pips (M)
2. Psychological level 1.3000
3. D = a few pips from 161.8% EX Ret of swing 1-2
* Dow + S&P around -2.5% on Friday (?)

Quoting profxtrader
I won't normally short a rising channel unless there is something else telling me that it's a good point for reversal.
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  • #1,878
  • Jul 17, 2010 8:37am Jul 17, 2010 8:37am
profxtrader
Even though it does not make any change in the potential target , can we call also the pattern Cup with Handle ?
Tks
David
Quoting profxtrader
EURCAD inverted H&S
Attached Image (click to enlarge)
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  • #1,879
  • Jul 17, 2010 9:05am Jul 17, 2010 9:05am
Quoting david4u
profxtrader
Even though it does not make any change in the potential target , can we call also the pattern Cup with Handle ?
Tks
David
I saw that but typically the cup with handle is viewed as a continuation pattern (in an uptrend), and not a reversal pattern and price has been moving down oh.. for a few years. Since it's after a downtrend it'd have to be an inverted cup and handle if it were going to be a cup and handle.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,880
  • Jul 17, 2010 3:01pm Jul 17, 2010 3:01pm
Quoting profxtrader
...... The information is freely available. Get Thomas Bulkowski's "The Encyclopedia of Chart Patterns" if you don't already have it.
I have this book in electronic form, if anybody wants it shoot me a pm with a (junk) email.

Last time I offered this on a forum, I got pounded with emails, so if you ask, just be patient.
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