Technical Analysis and a few charts to ponder

I am offering these charts and conversation for the purpose of sharing tech in order to define the trading range, trend or possible reversals.

If you are not a technical analysis guy, this is not for you. Please spare us all opinions on rather or not technical analysis works etc.

In the spirit of focused conversation I would like this thread to focus on Price with trend lines, wave counts, patterns and maybe some gann. I would like to stay away from the myriad of indicators and "systems". There are plenty of other threads for those.

If you trade this way show us what you got. If you just want to learn this type of tech, welcome.

We can help each other see the Opportunities in the charts.

The euro:

The Franc

The pound

There is quite a few things on my chart, but the items I am offering are the channels, primarily on the euro and franc. I like to use these price action channels to tell me the likely direction for the day.

And, of course, if I am near the edge of a channel or a possible reversal point I will be looking for shorter term price action to signal a good reversal. Sometimes I swing trade them with smaller postion sizes. but mostly I use this type of analysis to give me a thought process or framework for the likely price direction for the day. Then I love to do what so many say is not possible. I time the market. In and out 20- 30 pips, or on an odd lucky day 50 - 60 pips. But, generally I am happy with 3 or 4 nice clean 20 to 30 pippers per week. Anything more than that is gravy. I can usually limit a bad trade to about 13 pip loss.

looks pretty good, what lines are those?

which lines specifically Scott?

The red ones on the euro, and green on the franc

I call them price action channels. They usually end up being common gann angles but gann means something very specific to people so we will just call them price action channels. When you look at a 4hr chart zoomed out like these alot, you start to see them. Usually I just start drwaing what is called psychotic trend lines until I see these correllations then I just refine them. Then the really cool thing happens and the price snakes though them. Like most things in trading nothing is gaurenteed. You don;t know for sure if the price will reverse there, pullback, pause or just cruise right through. But, all is not lost. when the price approaches them I watch price action and time of day to decide how to manage or take new postions near them.
My whole thing with my intra day trading is to find some type of area I can call support to base my position on. then I have the frame work for my stops and limits. I love a good support area where I can use a smallest stop reasonable. This is where good technical analysis can equal good money management.

I like the way you explain that, it sounds similar to what I do, as I don't really use any conventional "indicators" besides trendlines and fibs.

Thanks for starting this thread, TA like this is the real deal...may take more effort....but if you can time the market you are ahead of the game.


I am new to this so excuse me.

What time frames do you base your lines on? Can you apply this analysis to any pair ?

Thanks

Greetings FXopportunist,
Just wanted to let you know I just started a thread on my TA techniques(Mouteki Trading). I will be viewing your thread to see if we could possibly combine our techniques in TA. What do you think?

*Glad to see another TA guy in here...

Works on any pairs, and any time frame, however, and this is a big one, it generally is more effective on larger timeframes such as daily and up. Meaning that support/resistance lines on daily charts are usually much more "stable" or "reliable" for lack of better wording.

Hello Jarret,
These Charts are 4HR charts. You could definately apply this to any pair. However, depending on said pairs daily range, other time frames may be better for them.

Hello moutekitrader,
I will check it out. See you there !

Euro

Franc

Pound

What time frames are these on? Daily?

As you can see, we got the reaction I was looking for from the Price Channel line on the Euro and the Franc.

Both the Euro and the Franc exhibited a double bottom/top on the 15 minute charts in the asian market time zone last night allowing for sime nice entries for low risk reversal trades. Pattern players also call this price action "Dragons". I Use samller time from price action to confirm reactions to significant 4HR chart tech.

If you took this trade you are 50 to 80 pips up and waiting to see if the U. S. market in in your favor. I am a big fan of partial profit after a good reaction. But, of course, this reduces your potentikal profits if the reaction turns into a nice swing reversal.

15M

Franc 15 M