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Backing Trades Thru Charts

  • #2,841
  • Aug 20, 2010 7:47am Aug 20, 2010 7:47am
Quoting TheLastCoke
Usd/chf

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USD/CHF it is about 1/3 of initial target. Moving the SL to BE

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  • #2,842
  • Aug 20, 2010 8:17am Aug 20, 2010 8:17am
Quoting TheLastCoke
Answer is very simple: NZD/JPY Is a completed and confirmed pennat. AUD/JPY is not (please read posts carefully). GTA I would gladly answer any questions if you PM or E-mail me thanks.
TLC, I don't agree with your view on NZDJPY. We are in a larger formation then the one you have drawn. I see a fundamental flaw in your labeling of waves. Here are some rules which must be adhered in terms of Elliott Wave Theory:

1) Wave C never moves beyond the end of Wave A
2) Wave D never moves beyond the end of Wave B
3) Wave E never moves beyond the end of Wave C

I assure you I am not here to get the thread off topic on things such as EW. I am here to present an alternative view (The larger contracting triangle I see). I want to thank you so much for all of your analysis as I have learned a great deal from you. Please feel free to critique my view as this is the best way for one to learn.
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  • #2,843
  • Aug 20, 2010 8:28am Aug 20, 2010 8:28am
Quoting bioscript
TLC, I don't agree with your view on NZDJPY.
I assure you I am not here to get the thread off topic on things such as EW. I am here to present an alternative view (The larger contracting triangle I see). I want to thank you so much for all of your analysis as I have learned a great deal from you. Please feel free to critique my view as this is the best way for one to learn.
This is why we are here for (share ideas), I made emphasis on my E point as a shake out, I usually expect this in PA patterns #2012 #1962 #1987 #1968
  • #2,844
  • Aug 20, 2010 8:35am Aug 20, 2010 8:35am
Quoting TheLastCoke
AUD/USD H&S to be confirmed

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AUD/USD Rejected at Neck Line

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  • #2,845
  • Aug 20, 2010 8:57am Aug 20, 2010 8:57am
Quoting TheLastCoke
USD/CHF it is about 1/3 of initial target. Moving the SL to BE

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Where's the yellow TL coming from?
  • #2,846
  • Aug 20, 2010 9:37am Aug 20, 2010 9:37am
Quoting TheLastCoke
AUD/CHF

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AUD/CHF Did not reveresed it but green TL might be a possible target. Fib + Support

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  • #2,847
  • Aug 20, 2010 9:40am Aug 20, 2010 9:40am
GBP/AUD Back to range

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  • #2,848
  • Aug 20, 2010 9:40am Aug 20, 2010 9:40am
Quoting stevefx
Giving this one a shot. Profit target is more theoretical/tentative than anything else.
Quoting steroidman
Bag it and tag it Steve, I think you are right.
Quoting forex_growth
hey bro agreed... looking at last bullish movement up yest though was due to bad figures from CAD, and the big figures come out later today/well tonight for me so they may well play a role... Im not normally fundie orientated.. but yesterdays climb came straight from that, esp when USD got smashed by CHF... something mustve driven USDCAD up...

just food for thought..
How I traded this setup. To me this is one of the most interesting setups...so I made a video on it. Decided to throw it up on my youtube channel.

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  • #2,849
  • Aug 20, 2010 9:50am Aug 20, 2010 9:50am
EUR/JPY LL's Expected

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  • #2,850
  • Aug 20, 2010 9:53am Aug 20, 2010 9:53am
Quoting Ace284
How I traded this setup. To me this is one of the most interesting setups...so I made a video on it. Decided to throw it up on my youtube channel.
Great job on the vid Ace! I got stopped out a little over the UTL. Had my eye on that pennant too, the little pennant that could. But didn't think to take the long after I was stopped. Should have known since I was bearish EU anyway. Live and learn...
  • #2,851
  • Aug 20, 2010 12:42pm Aug 20, 2010 12:42pm
Quoting stevefx
Great job on the vid Ace! I got stopped out a little over the UTL. Had my eye on that pennant too, the little pennant that could. But didn't think to take the long after I was stopped. Should have known since I was bearish EU anyway. Live and learn...
Hi Steve,

Thanks for the encouraging words on my video. Do you have a skype? I'm always looking for traders to bounce ideas off and skype is just more convenient than posting on forums at times.
Anyone else have skype? Add me up: ace.forex
  • #2,852
  • Aug 20, 2010 1:16pm Aug 20, 2010 1:16pm
Quoting TheLastCoke
This is why we are here for (share ideas), I made emphasis on my E point as a shake out, I usually expect this in PA patterns #2012 #1962 #1987 #1968
TLC, thanks for the links. I reviewed each one and I understand what you mean by shakeouts. I notice this a lot in ending diagonals especially. One way to tell if there is going to be a "shakeout" as you call it (I call it throw-over but its all the same) is to watch the volume (which may not be most suitable but works in markets where volume is more reliable such as equities) during the final wave up. If it is heavy as it approaches the UTL then there could be a possibility of this occurring. This throw-over is confirmed by an immediate reversal back below the line. If the final wave approaches the UTL on declining volume then it is an indication that the end of the wave will meet or fall short of the line.

Thanks again! Have a great weekend!
  • #2,853
  • Aug 20, 2010 2:46pm Aug 20, 2010 2:46pm
Quoting Maxpowers
looking for a test of 1.0287-84 for a possible buy.

Hit my buy order at 1.0289 (I give myself 2-3 pips leeway) last night. Took partial profit at T1 (1.0370). SL moved to break even. Will add to position at 1.0312 on Sunday night.
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  • #2,854
  • Aug 20, 2010 2:48pm Aug 20, 2010 2:48pm
Paid 1% for shorting gbpcad early.
  • #2,855
  • Aug 20, 2010 2:53pm Aug 20, 2010 2:53pm
Quoting Maxpowers
Possible sell at 1.6310 for small amount or 1.6440 for big amount. On hourly
I am in this trade for a small amount but not really liking it. Too many bullish signals with the pairs looking at 1.6440 target. Will probably move stop to BE before market close.

Moved stops to BE. Have a good weekend guys.
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  • #2,856
  • Aug 20, 2010 3:03pm Aug 20, 2010 3:03pm
Not my thing but there is a possible sell on hourly.
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  • #2,857
  • Aug 20, 2010 5:25pm Aug 20, 2010 5:25pm
Quoting TheLastCoke
GBP/AUD Back to range

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on 15 min chart.
If 100% fib holds at confluence point it may go to the 161.8 which is the range line.. this will be a nice selling point. Will look for confluence there.
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  • #2,858
  • Aug 20, 2010 5:50pm Aug 20, 2010 5:50pm
confluince at 83.29
Close to big 50% fib.
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  • #2,859
  • Aug 20, 2010 6:00pm Aug 20, 2010 6:00pm
Since my beloved round bottom got broken, it looks bearish.
But maybe retest of white line possible at 34.2 fib level.
The green channel got violated before.
Anyways if 34.2 hits i go short.
Its got confluince with possible new yellow channel.
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  • #2,860
  • Aug 20, 2010 6:00pm Aug 20, 2010 6:00pm
Good morning eurusd guees shes biased to the down side target month s1 12458..
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