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Price is everything

  • #7,921
  • Feb 5, 2011 11:30am Feb 5, 2011 11:30am
Quoting anthoniex
AUDUSD

Hey Red,

I strongly agree with your cable chart, will watch price action at that level.

It might be too early to do analysis using short timeframe when market closed but what do you thing of this scenario;
never mind, your previous post clearly answerd it. Thumbs up!
  • #7,922
  • Feb 5, 2011 11:30am Feb 5, 2011 11:30am
Quoting anthoniex
AUDUSD

Hey Red,

I strongly agree with your cable chart, will watch price action at that level.

It might be too early to do analysis using short timeframe when market closed but what do you thing of this scenario;

aud - we have a pole going south with flag already forming - however l like trading the flag as these sometimes gain momentum and become poles - there was an example last week it happened - the flag it has right now may rise back to the supply zone on your chart - so, we can take it north and sell it @ supply where the NEW pole came from


or it drops like your chart suggests to lower demand - then can sell the flag breakdown to lower demand - wait for PA and buy it back north


the aud zones alone can easily make good positive defined trades for this week leaving all others aside


let PA tell us


Attached Image





now l am going to get Red drunk


see you in the market




  • #7,923
  • Feb 5, 2011 11:32am Feb 5, 2011 11:32am
Quoting redsword11
aud - we have a pole going south with flag already forming - however l like trading the flag as these sometimes gain momentum and become poles - there was an example last week it happened - the flag it has right now may rise back to the supply zone on your chart - so, we can take it north and sell it @ supply where the NEW pole came from


or it drops like your chart suggests to lower demand - then can sell the flag breakdown to lower demand - wait for PA and buy it back north


the aud zones alone can easily make good positive defined trades for...
Thanks and KRAKEN UP!
  • #7,924
  • Feb 5, 2011 1:59pm Feb 5, 2011 1:59pm
nice thread
Attached Image
TRUST THE PROCESS !
  • #7,925
  • Feb 5, 2011 2:04pm Feb 5, 2011 2:04pm
Adding first batch of charts.
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  • #7,926
  • Feb 5, 2011 2:15pm Feb 5, 2011 2:15pm
http://i55.tinypic.com/rh3dwz.gif

Appears that price prefers to be lower than it is now.
  • #7,927
  • Feb 5, 2011 2:20pm Feb 5, 2011 2:20pm
http://i54.tinypic.com/21brbbs.gif

Daily supply and demand.
  • #7,928
  • Feb 5, 2011 4:10pm Feb 5, 2011 4:10pm
EUR USD daily: Looking back on last week, it penetrated supply (invalidating my shorts sighz), yet subsequently fell hard. Friday's candle closed above support. Mixed signals, perhaps not ideal to trade long term this week.

AUD USD daily: At supply. Looking good to short.

USD CHF daily. It (finally) rallied strongly out of demand. However its getting close to supply. Risk to reward may not be ideal for long term trades, but acceptable for intraday.

GBP JPY daily: At supply again (downward channel formation since Jul 2010). Got to wait for a bearish signal before entry.

USD CAD 4h: At demand.


Good trading to all.
Attached Image(s) (click to enlarge)
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  • #7,929
  • Feb 5, 2011 4:16pm Feb 5, 2011 4:16pm
http://i53.tinypic.com/15d4eop.gif

This Supply Demand is different than Puffy's. What made you pick that area?
  • #7,930
  • Feb 5, 2011 4:32pm Feb 5, 2011 4:32pm
Quoting Jenkins

This Supply Demand is different than Puffy's. What made you pick that area?
Dude no offense on your charts.. but your levels are seriously far apart, youre actually ignoring some really obvious zones there bro...
You might aswell post monthly levels at those distances...
  • #7,931
  • Feb 5, 2011 4:41pm Feb 5, 2011 4:41pm
Quoting Orbital
Dude no offense on your charts.. but your levels are seriously far apart, youre actually ignoring some really obvious zones there bro...
You might aswell post monthly levels at those distances...
http://i52.tinypic.com/257ogvt.gif

Those are daily levels. Hourly would be much tighter.
  • #7,932
  • Feb 5, 2011 4:47pm Feb 5, 2011 4:47pm
Quoting Jenkins

This Supply Demand is different than Puffy's. What made you pick that area?

Hi Jenkins

I used the candle wicks from Nov 2010, preferring to use recent candles (hence Nov) to define supply zones. Daily charts, daily candles
  • #7,933
  • Feb 5, 2011 4:58pm Feb 5, 2011 4:58pm
Quoting puffy
Hi Jenkins

I used the candle wicks from Nov 2010, preferring to use recent candles (hence Nov) to define supply zones. Daily charts, daily candles
Thanks for answering, Puffy.
  • #7,934
  • Feb 5, 2011 5:58pm Feb 5, 2011 5:58pm
Thanks for the charts Orbital, Jenkins and Puffy!
To everyone, especially Orbital, you seem to be quite good at finding the crucial levels. Please, correct mine if they are off and tell me why?

My timing says EU already made a bottom and my minimum target is 1.3670 area. Everything in my chart will be invalid if price breaks and closes below the blue lower median line. We'll see what happen!
Attached Image (click to enlarge)
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  • #7,935
  • Feb 5, 2011 7:35pm Feb 5, 2011 7:35pm
Quoting anthoniex
Thanks for the charts Orbital, Jenkins and Puffy!
Forgot to mention you Cablito, welcome!
You have more experience than me, I'm more than happy to share ideas with you. To the regulars that posted their charts yesterday, yours gave me insights in drawing my own. I'm grateful.

Till tomorrow!
  • #7,936
  • Feb 6, 2011 5:44am Feb 6, 2011 5:44am
Quoting puffy
EUR USD daily: Looking back on last week, it penetrated supply (invalidating my shorts sighz), yet subsequently fell hard. Friday's candle closed above support. Mixed signals, perhaps not ideal to trade long term this week.

AUD USD daily: At supply. Looking good to short.

USD CHF daily. It (finally) rallied strongly out of demand. However its getting close to supply. Risk to reward may not be ideal for long term trades, but acceptable for intraday.

GBP JPY daily: At supply again (downward channel formation since Jul 2010). Got to wait for a...


hey puffy, where ya been huh?


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  • #7,937
  • Feb 6, 2011 5:45am Feb 6, 2011 5:45am
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  • #7,938
  • Feb 6, 2011 8:12am Feb 6, 2011 8:12am
Agreed Red, something's cooking.
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Click to Enlarge Name: gf.gif Size: 25 KB
Hello.
  • #7,939
  • Feb 6, 2011 8:17am Feb 6, 2011 8:17am
I dream about nailing this one.
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Click to Enlarge Name: eg.gif Size: 28 KB
Hello.
  • #7,940
  • Feb 6, 2011 8:37am Feb 6, 2011 8:37am
Quoting redsword11
cable weekly view
http://i51.tinypic.com/2a4z5hz.gif

Weekly - Red, now you're talking!!
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