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Silent Service Method

  • #10,501
  • Aug 24, 2010 9:47am Aug 24, 2010 9:47am
Quoting femfam
This chart shows the validation of the head and shoulder on the 4hr chart. The TL1 (trend line) was broken and price moved down to test the neck line which coincide with the TL2. TL2 and the neck line were later broken and both confirmed. This chart also show the successful break of the pin bar at neck line support.

This formation could provide about 600pips. The question is could price reach the 1.2160 (S1) target area for the h&s formation? If price does reach the target, I might as well target the S2. However, since forex is full of supprises,...
Nice chart, closed my short earlier. Now I'm looking for another short opportunity. I placed a limit order higher up.
  • #10,502
  • Aug 24, 2010 10:33am Aug 24, 2010 10:33am
I saw an advertisement last night for Sprint's EVO 4G phone. I looked into it, and if you pay $110 + taxes a month, you get a smart phone, that can be used as a mobile hot spot.

Hell, that is pretty impressive.
  • #10,503
  • Aug 24, 2010 11:01am Aug 24, 2010 11:01am
Looks like the EUR/USD is going to spike on a knee jerk reaction to existing home sales. Here's the rub: Everyone knew it was bad, and this didn't change much. Once the panic settles - I will be looking for shorts.
  • #10,504
  • Aug 24, 2010 11:48am Aug 24, 2010 11:48am
AUD/CHF chart/trade.
Attached Image (click to enlarge)
Click to Enlarge Name: audchf.png Size: 57 KB
  • #10,505
  • Aug 24, 2010 1:29pm Aug 24, 2010 1:29pm
Anybody looking at UJ for a buy?
  • #10,506
  • Aug 24, 2010 1:32pm Aug 24, 2010 1:32pm
Quoting Low
Anybody looking at UJ for a buy?
I want to see how this 4hr bar closes-daily etc.
  • #10,507
  • Aug 24, 2010 1:42pm Aug 24, 2010 1:42pm
Quoting calderone
I want to see how this 4hr bar closes-daily etc.
I can't bring myself to do it without first closing my ej short....and I have suspicions about weather or not there are enough bids at this level to support a sustained upside move.

Lower lows on ej suggest holding my short a bit longer.
  • #10,508
  • Aug 24, 2010 3:04pm Aug 24, 2010 3:04pm
Quoting Low
Anybody looking at UJ for a buy?
If you like the lower lows on EJ, why don't you like the lower lows on UJ?

I'd be looking for it to hold above 85 -- maybe on a weekly signal before I got interested in going long. I saw a headline scroll by today that it had hit its strongest level in 15yrs versus the dollar. Maybe you'll get some nice PA to go long around 80? I'm sure Toyota, Canon, and the Japanese Gov't wouldn't be too happy w/ it trading there...
  • #10,509
  • Aug 24, 2010 3:11pm Aug 24, 2010 3:11pm
Quoting InfinitySL
If you like the lower lows on EJ, why don't you like the lower lows on UJ?

I'd be looking for it to hold above 85 -- maybe on a weekly signal before I got interested in going long. I saw a headline scroll by today that it had hit its strongest level in 15yrs versus the dollar. Maybe you'll get some nice PA to go long around 80? I'm sure Toyota, Canon, and the Japanese Gov't wouldn't be too happy w/ it trading there...
Agreed. This is an oversold chart. However, I won't be taking a 4 hour set up on this one.....it has to be at least daily, and I prefer weekly!
  • #10,510
  • Aug 24, 2010 3:16pm Aug 24, 2010 3:16pm
Quoting Low
I can't bring myself to do it without first closing my ej short....and I have suspicions about weather or not there are enough bids at this level to support a sustained upside move.

Lower lows on ej suggest holding my short a bit longer.
At second glance, not gonna do it. Too much momentum ATM. Yeah, Chris is right. A weekly setup is better.
Attached Image (click to enlarge)
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  • #10,511
  • Aug 24, 2010 3:51pm Aug 24, 2010 3:51pm
Quoting calderone
At second glance, not gonna do it. Too much momentum ATM. Yeah, Chris is right. A weekly setup is better.
As a general rule, weekly set ups tend to carry more weight. I think that is because there is more information in that bar?
  • #10,512
  • Aug 24, 2010 3:58pm Aug 24, 2010 3:58pm
Quoting clockwork71
As a general rule, weekly set ups tend to carry more weight. I think that is because there is more information in that bar?
Agree, less bs and more truth in direction.
  • #10,513
  • Aug 24, 2010 4:07pm Aug 24, 2010 4:07pm
Agree with everybody.
  • #10,514
  • Aug 24, 2010 4:15pm Aug 24, 2010 4:15pm
Quoting Low
Agree with everybody.
Funny!
Attached Image
  • #10,515
  • Aug 24, 2010 4:17pm Aug 24, 2010 4:17pm
Quoting InfinitySL
If you like the lower lows on EJ, why don't you like the lower lows on UJ?
I've been considering the UJ long in the context of a falling wedge, a bullish pattern. This pattern tells me to look for longs at the break-retest of the UTL, or, more aggressively, at the LTL. Today's action did not pierce the LTL, but blew completely through it. Some bullishness is still possible, as this could just be a shake-out, and were that to occur it would print something like a weekly pin, bouncing off the LTL which would IMO be a strong buy signal in conjunction with it's reaching 15 year lows. The next (and last) level of support is approximately 79.60, weather or not we'll see that I won't speculate on.

Here's a chart

http://i38.tinypic.com/x6ihzd.png
  • #10,516
  • Aug 24, 2010 5:38pm Aug 24, 2010 5:38pm
Euro stocks are now live on Ava Fx
Position trader - Anything intraweek is just noise...
  • #10,517
  • Aug 24, 2010 6:00pm Aug 24, 2010 6:00pm
Quoting Low

http://i38.tinypic.com/x6ihzd.png
What are those red lines on your chart? Is that a channel that you drew? Certainly looks as if it broke through the bottom of that. As for the wedge, I don't really draw trend lines unless I see multiple touches of the top/bottom line. So I agree with where you've drawn your top trendline (on the daily) but I guess I would disagree with that bottom trendline. You have the top point starting at the panic lows of the "flash crash" and then the other end of it at a recent point. Anyway, I guess this just illustrates that trendlines & patterns can be very subjective.

Anyway, zooming way out, I still see this as negative and if the BOJ intervenes (and fails) or simply fails to intervene altogether, I could see this thing going a lot lower than people think. Also, if Uncle Ben keeps the printing presses humming here in the states, why not put your money in yen? They haven't even sniffed inflation in ____ years...

Here's my zoomed out monthly chart...
Attached Image
  • #10,518
  • Aug 24, 2010 6:10pm Aug 24, 2010 6:10pm
This is a bit off topic, but what the heck...

Anyone else find it strange that XLU (the US Utilities ETF) yields about 150bp more than 10yr US Treasuries? No Lie, you can buy utility companies and earn a 4% annual yield (3x what my bank account pays) or you can lend money to the US Government at 2.5%. And need I remind you, they both pay you in US Dollars.

Anyway, these are some of the random thoughts that enter my head. Yeah, I know, utilities are just for widows and orphans but hey...people still pay their electric bill in a recession and they still pay for the gas to heat their houses in the winter...

No Chart/Setup, just a strange thing I was noticing today.

OK: Back to currencies!
  • #10,519
  • Aug 24, 2010 6:13pm Aug 24, 2010 6:13pm
Quoting InfinitySL
What are those red lines on your chart? Is that a channel that you drew? Certainly looks as if it broke through the bottom of that. As for the wedge, I don't really draw trend lines unless I see multiple touches of the top/bottom line. So I agree with where you've drawn your top trendline (on the daily) but I guess I would disagree with that bottom trendline. You have the top point starting at the panic lows of the "flash crash" and then the other end of it at a recent point. Anyway, I guess this just illustrates that trendlines & patterns can...
I'm not too good on drawing trendlines either but I do use them for confluence. I am still learning chart patterns but I have autochartist for free through my broker. The scary thing is I can view the pattern history and see how often they fail. It's unreal.....still use them as confluence.

Guess that's my word for the day-confluence.

This post has been sponsored by the letters A, G, L, and the number 7.
  • #10,520
  • Aug 24, 2010 7:17pm Aug 24, 2010 7:17pm
Quoting Arfer Daily
Euro stocks are now live on Ava Fx

Yeah, the account manager I deal with mentioned that it was going to happen soon. Good to know.
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