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Backing Trades Thru Charts

  • #2,421
  • Aug 7, 2010 4:32pm Aug 7, 2010 4:32pm
Quoting TheLastCoke
Let me start saying that this is an acceptable ''Malformed Bearish Bat''.
thanks a lot TLC,

i'll definitely stay tuned for more great stuff !
  • #2,422
  • Aug 7, 2010 4:47pm Aug 7, 2010 4:47pm
Quoting TheLastCoke
One thing to keep in mind is that the pattern is not complete until it reaches the D point

actually, point D may be at the blue line which could be a good confirmation and then we would play range within this two trend lines
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  • #2,423
  • Aug 7, 2010 9:20pm Aug 7, 2010 9:20pm
Timeframe: 4H
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  • #2,424
  • Aug 8, 2010 1:36am Aug 8, 2010 1:36am
Thank you guys...

Quoting Low
Hey Ghadeer,

I think the answer to this is that it's best to identify and draw most patterns manually before using an indi to paint them. Indi's will show you what you want to see more often than they are there, leading you to over-trade.

I know folks who use and like zup, and I use a harmonic indi myself, but the ones I draw (or confirm) manually are often of a higher quality, and therefore produce better results.

I think it's OK to use an indi to speed up the identification process once you're comfortable determining the quality of a set-up,...


Quoting TheLastCoke
Grab a look to this post and those post inside it as well. #1096
  • #2,425
  • Aug 8, 2010 12:48pm Aug 8, 2010 12:48pm
GBP/NZD

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  • #2,426
  • Aug 8, 2010 1:45pm Aug 8, 2010 1:45pm
i'll be watching aussie this week ...... closely
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  • #2,427
  • Aug 8, 2010 1:53pm Aug 8, 2010 1:53pm
Quoting TheLastCoke
GBP/NZD

Attachment


definitely agree with your chart coke .......just in looking ahead, I think this pair is starting to make the turn. NZ economy is weakening and I think it will continue to do so in the fall. The pair is making higher highs and higher lows....I like this for an ideal entry that could possibly turn into a longer term trade. TL and 50 fib......the entry is 2.1245
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  • #2,428
  • Aug 8, 2010 2:15pm Aug 8, 2010 2:15pm
I've put this up before. It's a long term chart. Should be awhile before I find out if I'm right or wrong. Ignore the long position, it's been there for 6 weeks (this is an MT4 demo I use for charting). I also have a real position around 2.1250.

http://i34.tinypic.com/313sp6g.png
  • #2,429
  • Aug 8, 2010 2:48pm Aug 8, 2010 2:48pm
Quoting Low
I've put this up before. It's a long term chart.


i was looking at that butterfly as well, but as it is weekly i won't put that big SL

i also found this triangle on daily. look at ema 200, it has become a side of the triangle, i will be looking to buy at around 2.1ish
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  • #2,430
  • Aug 8, 2010 2:57pm Aug 8, 2010 2:57pm
Quoting johny_bravo
i was looking at that butterfly as well, but as it is weekly i won't put that big SL

i also found this triangle on daily. look at ema 200, it has become a side of the triangle, i will be looking to buy at around 2.1ish
Bear in my the volatility of the pair: average daily range is 350-400 pips. makes it difficult to get in with a small stop.
  • #2,431
  • Aug 8, 2010 3:11pm Aug 8, 2010 3:11pm
Quoting johny_bravo
i was looking at that butterfly as well, but as it is weekly i won't put that big SL
You can still use the ''same'' SL #2407
  • #2,432
  • Aug 8, 2010 6:34pm Aug 8, 2010 6:34pm
GBP/JPY

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  • #2,433
  • Aug 8, 2010 10:19pm Aug 8, 2010 10:19pm
Quoting johny_bravo
i'll be watching aussie this week ...... closely
AUD/CHF

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  • #2,434
  • Aug 8, 2010 11:13pm Aug 8, 2010 11:13pm
Quoting TheLastCoke
While the risk percentage should be the same (I prefer 0.5% to 2%) the amount of pips used for a SL should be adjustable to every trade. It is very important to note that every trade is different and presents singular conditions. Even if your account is considerably small, one can still trade Daily, Weekly or even Monthly TF’s risking the same percentage as you do in a M15 or M30 TF’s. It is also important to work with a very good RRR (risk to reward ratio); example: If you have entered in a trade based on a daily TF and you have determined that...
I made this simple table to easily find out the pip value by modifying your risk % and amount of pips. If you add the initial capital every day it will show you the % change capital on a daily and initial basis. The example starts with $10,000, risking 2% and using 80 as SL, the result is $2,50 per pip.

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  • #2,435
  • Aug 8, 2010 11:20pm Aug 8, 2010 11:20pm
Falling Wedge on CHF/JPY in H1 Timeframe.
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  • #2,436
  • Aug 8, 2010 11:22pm Aug 8, 2010 11:22pm
Quoting gta5555
Falling Wedge on CHF/JPY in H1 Timeframe.
Look at a bigger Picture

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  • #2,437
  • Aug 8, 2010 11:28pm Aug 8, 2010 11:28pm
Quoting gta5555
Falling Wedge on CHF/JPY in H1 Timeframe.

Yeah, I've been short this thing for ages (on the break of the TL)...why won't it die already?

This chart's a week or two old:

http://i34.tinypic.com/25tiwpw.png
  • #2,438
  • Aug 9, 2010 12:50am Aug 9, 2010 12:50am
Hi COKE,
whts ur opinion on the GBP USD and EUR JPY.

GBP/USD has taken support on the UTL of the channel, and forming a bump and run pattern. also it is near the 61.8 % retracement of larger move, which might cause it to reverse.

Eur/Jpy is at the UTL of Symmetrical Triangle and i think it might break soon to the upside.
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  • #2,439
  • Edited 6:29am Aug 9, 2010 4:01am | Edited 6:29am
Daily GU...

Edit: I replaced the pic.
Im attempting to post something that is clear to see.
(ahhh...still no good.)


Thanks for the encouragement TLC.
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  • #2,440
  • Aug 9, 2010 5:25am Aug 9, 2010 5:25am
Quoting gta5555
Hi COKE,
whts ur opinion on the GBP USD and EUR JPY.

GBP/USD has taken support on the UTL of the channel, and forming a bump and run pattern. also it is near the 61.8 % retracement of larger move, which might cause it to reverse.

Eur/Jpy is at the UTL of Symmetrical Triangle and i think it might break soon to the upside.
GBP/USD I got the same chart you have

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EUR/JPY While it seems bullish right now, take a look at a bigger TF

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