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Backing Trades Thru Charts

  • #2,281
  • Aug 2, 2010 4:30pm Aug 2, 2010 4:30pm
Here is my first attempt at posting a possible play. GBPCAD broke out of a rising wedge at 1.62 with a possible target of 1.6458 to 1.65 with a first resistance at 1.6350. The 1.6458 and 1.6350 are from the daily chart while the wedge is from the 1H chart. I am thinking a small play at 1.6350 to probe the possible top.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad hourly.jpg Size: 98 KB
  • #2,282
  • Aug 2, 2010 4:47pm Aug 2, 2010 4:47pm
Quoting Maxpowers
Here is my first attempt at posting a possible play. GBPCAD broke out of a rising wedge at 1.62 with a possible target of 1.6458 to 1.65 with a first resistance at 1.6350. The 1.6458 and 1.6350 are from the daily chart while the wedge is from the 1H chart. I am thinking a small play at 1.6350 to probe the possible top.

Check this out:

http://stockcharts.com/help/doku.php...th_handle_cont
  • #2,283
  • Aug 2, 2010 5:39pm Aug 2, 2010 5:39pm
So from the link, the handle should proceed to shoot upward to some target. If given that most people on the board expect GBPUSD to possibly be topping around 1.59-1.60 then base on the cup and handle pattern of GBPCAD, you could infer that USDCAD is nearing a buy signal somewhere close to here as CAD is expect to under-perform GBP relative to USD in the near term?

Thanks,

Max
  • #2,284
  • Aug 2, 2010 5:45pm Aug 2, 2010 5:45pm
I'm really determined to get the top of this swing and this pair keeps on surprising. Here's my latest analysis that pinpoints a possible entry point between 1.6 and 1.6086.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly.gif Size: 34 KB
  • #2,285
  • Aug 2, 2010 6:46pm Aug 2, 2010 6:46pm
What prompted our great trader LOW to get in at such a great price and stick with it? Those are the kind of trades you want up over your fireplace. I have never held on to a pair that long. My company that I founded that went from .25 to 5.00 on the NYSE, even there, I sold most of my paper before it went to 5.00. So hats off SIR. Do tell.
  • #2,286
  • Aug 2, 2010 7:14pm Aug 2, 2010 7:14pm
hai..
any chart on aud/usd guy?
i focusing aud/usd this morning..
coz lot news..
by there way..i long aud/usd..
hope i on right track..
Revesal Trader
  • #2,287
  • Aug 2, 2010 7:32pm Aug 2, 2010 7:32pm
Imagine IF USD fell precipitously. That would smoke EVERYONE here, on base currency that our accounts are in. Is there any way to have your account in another currency between and IN trade?
  • #2,288
  • Aug 2, 2010 7:33pm Aug 2, 2010 7:33pm
Quoting mygoldenpips
hai..
any chart on aud/usd guy?
i focusing aud/usd this morning..
coz lot news..
by there way..i long aud/usd..
hope i on right track..
I put one up on the previous page. Most other traders seem to think I must be high.
  • #2,289
  • Aug 2, 2010 7:35pm Aug 2, 2010 7:35pm
Quoting Maxpowers
So from the link, the handle should proceed to shoot upward to some target. If given that most people on the board expect GBPUSD to possibly be topping around 1.59-1.60 then base on the cup and handle pattern of GBPCAD, you could infer that USDCAD is nearing a buy signal somewhere close to here as CAD is expect to under-perform GBP relative to USD in the near term?

Thanks,

Max
I don't think about any of that. If it's a pattern I am comfortable with, and it gives me a SL and a target with decent R:R, I trade it.
  • #2,290
  • Aug 2, 2010 7:35pm Aug 2, 2010 7:35pm
Did you see my question Low? Tell me/us. And what about a big currency collapse situation with USD in our accounts? Any way of circumventing that?
  • #2,291
  • Aug 2, 2010 7:40pm Aug 2, 2010 7:40pm
Quoting steroidman
Did you see my question Low? Tell me/us. And what about a big currency collapse situation with USD in our accounts? Any way of circumventing that?

I'll give you my thoughts, but I'm at work right now and can't put together long posts.
  • #2,292
  • Aug 2, 2010 8:14pm Aug 2, 2010 8:14pm
Work? You? Doesn't that get in the way of your trading?
  • #2,293
  • Aug 2, 2010 8:33pm Aug 2, 2010 8:33pm
Quoting Low
I put one up on the previous page. Most other traders seem to think I must be high.
damm hit my SL..
look like i at there wrong way..
Revesal Trader
  • #2,294
  • Aug 2, 2010 8:38pm Aug 2, 2010 8:38pm
Quoting steroidman
Imagine IF USD fell precipitously. That would smoke EVERYONE here, on base currency that our accounts are in. Is there any way to have your account in another currency between and IN trade?
How about taking some short USD positions to hedge? Otherwise you could change the base currency your account is in.
  • #2,295
  • Aug 2, 2010 9:00pm Aug 2, 2010 9:00pm
Quoting Rgali1
So would the aud/usd trade been stopped out for you guys? It moved over 40 pips against you. Trying to understand SL and take profit points. Thanks!
Yes it would have stopped me out, had I taken the trade. I was waiting for confirmation, but none came. These patterns, imo, are most reliable when they indicate a trade that is consistant with the trend.....in such cases they are preet reliable. They do show counter trades, but, as with anyother analysis, you can't rely on any single pice of information.

For instance, if the pattern agrees with the trend, and (say) the rsi, and (say) the trendline, stochastic or whatever, then the trade should be a high probability setup. But, you can't rely on a single factor....there needs to be confluence, and this is even more important when going counter to the trend.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #2,296
  • Aug 2, 2010 10:57pm Aug 2, 2010 10:57pm
Quoting mygoldenpips
hai..any chart on aud/usd guy?
i focusing aud/usd this morning..coz lot news..by there way..i long aud/usd..
hope i on right track..
Here you go
Attached Image (click to enlarge)
Click to Enlarge Name: audusd h4.gif Size: 21 KB
  • #2,297
  • Aug 2, 2010 10:59pm Aug 2, 2010 10:59pm
EUR/AUD

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  • #2,298
  • Aug 2, 2010 11:00pm Aug 2, 2010 11:00pm
EUR/CHF

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Click to Enlarge Name: eurchf h4.gif Size: 19 KB
  • #2,299
  • Aug 2, 2010 11:05pm Aug 2, 2010 11:05pm
Quoting TheLastCoke
GBP/JPY

Attachment
Range still in play
  • #2,300
  • Aug 2, 2010 11:08pm Aug 2, 2010 11:08pm
heres a wedge that ive spotted on au.....when it breaks ill look to short on retrace. These wedges usually break on the 5th touch. RBA rate statement is in 30 min well see what they say. Im not gonna take any trades based on this data, however price will probably take sometime to develop a trade with this wedge. I think we are getting very very toppy on risk. This is just my view and i could be completely wrong, but this is how I see things atm......Im still bearish on risk. Ill post some other charts as well.
Attached Image (click to enlarge)
Click to Enlarge Name: auaug3.jpg Size: 115 KB
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