Charts Heads-up for Pro Forex Trading Chat Room

eurusd made a base at yesterday's lo (fractal swing lo up to 4hr -not yet on daily so trend line joining it is a 4hr ascending trend line)....with further upside so far today...1st upside hurdle on this daily t/f is the previous daily swing lo zone and 38.2% of that daily swing down to yesterday's lo in that zone (previous support=potential resistance)

G/L

Screenshot below shos the current near-term 1hr situtation...yesterday's lo held and further early london upside to the confluence of bottom 1/2 of that previous 1hr minor swing hi , 76.4% 6090-5889 and that underside of the previous ascending 4hr trendline/channel shown in a post above...a drop here to the previous 1hr minor swing lo zone where some demand has been encountered.

From Monday 7th Nov it will be good to get views in realtime...as the new Pro Forex Trading chat room opens...details in first post of this thread.

G/L

I am sorry but I cant find this room >>> Pro Forex Trading

in pal talk...


please guide me to room

it will start from 7 nov i guess?

Just as an example of one of the types of repeating set-ups that I look for (@ pre-identified potential supp/res/sbr/rbs) that make up my own trading edge....and the most recent - the 1min set-up below developed at the previous 1hr minor swing lo zone shown in 1hr pic in post above...I will be referring to these as 'bullish divergence plays' in the chat room as they develop.

Ie this t/f was telling me that there may have been both a change in volatility, and momentum of the down move - sufficient for buyers to overwhelm sellers (howsoever temporarilly - or longer) at an area that had seen such an imbalance in the recent past.

G/L

Please read the 1st post of this thread - all details are there...it opens this coming Monday 7th November 2011.

Speaking of the set-ups I personally will be talking about in the chat room as they develop (as I was in post # 44 above.) I have several repeating set-up[s that make up my trading edge and the one in post #44 above is an example of a repeating 'Reversal set-up' ie a contra prevailing trend/move set-up - a bullish example ...so I will refer to these repeating 'Reversal set-ups' as

a. Bullish divergence plays -and- b. Bearish divergence plays. I do have one other kind of repeating Reversal set-up which is oscillator extremes based so I will refer to that setting up as an c. 'Extremes play'

Of the repeating 'with trend after a pullback' set-ups - I will refer to these as d. 'Hidden divergence plays.'

There are other pure PA based repeating set-ups that I will refer too as well in the chat room and these should be fairly obvious.

Pre-identifying potential support/resistance (levels) to watch for and the overall price action conditions on each t/f (ie ranging or trending) and intraday data releases and most likely effects will be the other stuff I will be mainly talking about.

Hoping others will also want to alert us to anything they feel is important/relevant/may be setting up on the instruments they are trading...amongst the general market based/analysis chat (tech or fundie) and support with a link to a chart (s) when applicable.

Interactivity/useful chat is what I hope to get out of it - make it a less isolating job.

G/L

By the way just to prove that set-ups do repeat across all t/f's ...the set-up below is the same as that posted to post # 44 on the 3min t/f and a 'Bearish divergence play' example.

G/L

Busy old week re data releases/speeches etc and all as the ongoing Eu/Greek drama continues to unfold. Tomorrow @ 0930am gmt Uk Services Pmi...Construction Pmi surprised to the upside today and yesterdau manufacturing pmi surprised to the downside. Services account for 80% of the Uk economy.

This is how forexcrunch.com see it: http://www.forexcrunch.com/gbpusd-tr...-services-pmi/

5 Scenarios

1. Within expectations: 51.2 to 52.7: In this case, GBP/USD may fluctuate slightly within range, with a small chance of breaking higher.
2. Above expectations: 52.8 to 53.5: An unexpected higher reading can send the pair well above one resistance line.
3. Well above expectations: Above 53.5 points: The chances of such an outcome are low. Such a scenario would push GBP/USD upwards, and a second resistance level might be broken as a result.
4. Below expectations: 50.4 to 51.1: A smaller than forecast gain would create pressure on the pound and one support level could be broken.
5. Well below expectations: Below 50.4 points: A reading close to or below the critical 50 level cannot be ruled out in the current economic climate. In this case, GBP/USD could drop below two or more support lines.

Whatever happens,

G/L

Today's current Hi (6047) @ 76.4% 6090-5889 and current pullback lo off that hi @ 76.4% of the 5889-6047 move.

G/L

hi bbmac

do you put trendlines yourself on chart or use an indicator like auto trendlines or something ?

i have searched endlessly for something which doesnt repaints trendlines once there is a break, i close mt4 & reopen after couple of hrs, old auto trendlines gone & new ones are formed which vanishes the old breaking points.

could you help

regards
.Hawk.

Hi,

No sure I can help as I put them all on manually.

BBmac.

Not a great deal to say about Eurusd daily, the ascending trend line is holding following the drop back from the previous daily swing lo zone that acted as resistance at yesterday's hi....4hr/1hr gives more detail behind this daily picture.

G/L

This is how 1hr cable looks 20mins before the Uk Services PMI data...5875 the overnight/current daily lo-nice 1hr pinbar candle on test after 1st rise from there and pullback too it, followed by a bullish thrust candle up to area of overnight/asian hi and 50% 6037-5875 where some supply has been encountered,

Daily Pivot just above current daily hi - @ 5964.

G/L

New ascending channel forminng on 4hr ? current daily lo - 5875 is a fractal swing lo on this t/f so have joined the points. You can see where the old ascending trend line offered resistance at yesterday's hi - at it's underside following the downside breech and pullback.


G/L

price yo-yo'ing between previous 1hr/4hr swing hi and previous 1hr swing hi (previous resistance turned support)

G/L

So what will happen with tomorrow's U.s NFP (etc) release ? (1230pm gmt)

Well firstly, it's not what it used to be in respect of markets' reaction that's for sure. Secondly we are 'thru the looking glass' and black is white -and- white is black, or at least it can be - ie the reliable old reaction of $ strength on a good number and $ weakness on a poor number has been skewed by the risk-on / risk off thing...ie a good number shows U.s may be growing so there may be a better apetite for riskier assets and $ sells-off as money flows into other such asset classes, and vice versa.

The main variables are of course the headline number itself, the private sector jobs number, and un-employment rate ; their relationship with the previous number, (any revisions to those,) and of course these numbers' relationship to the forecasts.

Add to the usual 'circus' the febrile atmosphere re the Eu/Greek situation and ongoing G20 and anything (or indeed nothing) can happen

For me, I will be looking for a 1min (+) momentum thrust break out candle close on the immediate release to trade (given certain repeating circumstances) -and/or- The buy the 1st lo/sell the 1st pullback -or conversely- sell the 1st hi/buy the 1st pullback classic news/data play - should there be a definite direction established on it's release, and the repeating set-ups I look for actually develop re that play. Should none of these develop I will stay flat.

Whatever your approach - Good Luck. Anything can happen and I personally don't care what it is - just as long as it does.

' with volatility comes opportunity (for gain and loss) ! '

G/L

Update: forexcrunch.com see it like this: http://www.forexcrunch.com/good-reas...rolls-preview/

Eurusd knocking on door of yesterday's hi and the 38.2% of last week's hi - this week's current lo ?..inside that previous 4hr/daily previous swing lo zone (previous support=potential resistaance) following yeterday's daily ascending trend line bounce inside the previous daily swing hi/lo zone, and the resultant daily bullish candle close yesterday.

U.s Nfp etc due soon. Anything can happen..

Price range so far this week already @ 146% of the 20 week atr.

G/L

Cable constrained to a narrow range ahead of the U.s NFP release...market consolidating on 1hr with a neutral-bullish tone intraday London session so far with a bounce from the 100sma on 1htr - being the current daily lo. Here too yesterday's daily candle was bullish. So far today price range limited to 33% of the 20 day atr. (92% of the 20 week atr so far this week on last trading day of the week.)

Current near-term 1hr screenshot below.

G/L

Uncertainty re G20 indecisions/disagreement and the Grekk and likely looming Italian thing plus a sharp fall in german factory orders earlier today can't be doing much for risk apetite ? Wonder what NFP will do for it?

forexcrunch.com summary as below:

+70K to 130K: The markets shake and quickly refocus on Greece. High probability.
+130K to 200K: The dollar weakens on a relief rally. High probability.
Above +200K: The dollar rallies on strong optimism. Low probability.
0 to +70K: The dollar strengthens on risk aversion. Medium probability.
A loss of jobs: The dollar gains a lot of ground as fear takes over. Low probability.

Time will tell,

G/L

nice little pure PA set-up on release of the data, close of the gbpusd 1230gmt 3min bull thrust b/o of recent/last LH on that t/f candle ...ie taking advantage of the initial data react momentum...entry on close of candle..quick 20 pips before the sell off from prev 1hr swing hi zone.

G/L