Backing Trades Thru Charts

position closed.

AUD/NZD

Setup Follow up:

USD/CHF - 40



GBP/NZD - 60



NZD/USD BE

GBP/USD #4093 Looking inside the RS

EUR/CAD

AUDCAD on the watch.

A bit in the dark here but that's what the chart shows.

GBP/USD Setup Closed at BE

GBP/JPY

GBP/JPY Triggered

Hi Coke,
It goes without saying that you are one of the most surgically perfect chartists I have seen. Though I place less (not zero) emphasis on Harmonics, just like you I look for S/R, Trend, & Fib confluences. But I did want to ask you in your experience how important a role Candle & Chart Patterns play in your set-ups. In other words, when you are about to pull the trigger on a trade at confluence do you want to see Pinbars, Englufings,..etc., and do you care for Flags, Pennants,..etc.? Personally, I love Pinbars,..etc.; but often miss out on good set-ups because they just didn't show up near my anticipated trade entry area.
Thanks,

Hello Teemo, I trade patterns as long as they have a good symmetry (wave counts, TL touches etc). Candle confirmation is very useful but I tend to enter by the touch of my levels once the risk has been already determined (and accepted if it goes wrong).

Here are is Possible Flag and a Rising wedge already confirmed that I am watching.

AUD/CAD Possible Bearish Flag, Aggressive entry shown



AUD/JPY Descending Triangle + Rising wedge

Sexy Set-ups Bro!! I truly also love how you take the stress out of trading by only entering your trades at these gorgeous low-risk / high reward extremes where it doesn't take too long before you know if your trade is going right or wrong. Took me more time and losses than I dare mention to go to the beach or walk the dog when price is wandering around No Man's Land!

Don't know what you're doing and don't wan to take too much of your work time Amigo. But since I am not trading today due to Fed Rate news may I throw another one at you:

TL's are my absolute favorite tool, and I know you also use them quite religiously. So knowing there are many ways to skin the cat I wanted to zoom into the AUDUSD with a question for you. In the chart below there are two TL scenarios. Both originate at the low inside the blue/red circle. But here is the difference:
- Yellow TL: The second contact for this TL is at the low on July 6th inside the yellow box.

- Blue TL: The second contact for this one is on August 25th marked inside the blue box.

Looking at current/recent PA, both have their own relative validity. The blue line has acted as good resistance on three different occasions, while the yellow one seems to be holding price from crossing the all important 1.000!

Knowing that just like S/R, TL's can also be considered zones as opposed to strict lines, I wanted to know your opinion on the TL's on this pair and how you generally otherwise like to plot them. Fyi, for myself I have been plotting both versions on my charts and consider the valid one the one which holds. Additionally, if one of them has a parallel which looks good on the upper channel's TL I pay more attention.
Thanks Coke,

AUD/USD For TL's I like to use the extrems but there is a time when I got rid of them as well just like in this scenario. The TL was already broken, retested and still price is just consolidating into a malforemed Bearish flag. The ''Flag'' LTL was already broken and retested but still no signs of bears stepping in. Taking the following in consideration: Broken TL, bearish PA, and no relevant HH I am now waiting for the blue level to be broken (powerfully) aiming the green one.

Thanks Kindly Coke! I am also keeping my eyes peeled for a low-risk southbound set-up targeting the 9400 area (top of previous consolidation on Weekly chart.
Thanks again,

stopped out.

This answers whole lot of my questions.

what kind of fork lines you drawing here, can you give reference? It seems different than mine.

H4