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Joined Jul 2006
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Status: Pay the man ! !
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On the above charts we have a reaction to the midline in the price channels. Seeing this approach to the "midline" had me looking for and open to a potential dollar long. Again, once I see this I look at the 15 minute chart for price action. We got that price action conformation and I took the dollar long trade.
Here is the 15M chart and the entry trigger I used.
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Joined Jul 2006
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Status: Pay the man ! !
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Today was an interesting day. So many times the technical predict the reaction to fundementals. Everyone is asking "why did the dollar goup". My answer? I couldn't tell you for sure. But I have observed many times when the data is not significant enough to change the overall sentiment, all the ambiguous data does is give you a bargain price. This is how today played out.
Here is an update on the 4 HR Chart price channels Look at the amazing exit it predicted on the Franc.
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Joined Jul 2006
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Status: Pay the man ! !
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While I dont just buy or sell when the price touches a channel line as we I mention before, When I se a reaction like this on a double bottom, I gain big confidence in getteing long. Again, once the price action on the 15 minute agreed, I was in.
Here is the Eruo 4HR. As you can see, the euro couldn't make it past the last channel line and stuck in consolodation. Like so many times the Franc was a better mover.
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Joined Jul 2006
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Status: Pay the man ! !
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Here is a chart of the suisse 4HR.
Notice the bull channel that has developed inside of our price channels. I never ignore these because other people see them easily and play them and the reactions to them could be good opportunities. today was a good example.
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Joined Jul 2006
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Status: Pay the man ! !
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Here is the 4HR of the euro reaction to the price channel. Again perfectly coincided with the data. Obviously this is no gaurentee in predicting economic data, but it happens quite often.
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Joined Jul 2006
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Status: Pay the man ! !
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Here is a zoomed in view. I realized that it was very difficult to see the details on these posts.
Also notice how much of this move it gave back. This is why I always take partial profit after the initial momentum dies. in fact i usually close the majority of my position and sometimes all of it after the initial move.
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Joined Jul 2006
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Status: Pay the man ! !
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Quoting ScottH
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Thanks for your posts. Any specific strategy you use?
Ignored
Hello Scott,
The big picture of my strategy is stated near the beginning of this thread. I f you have any specific questions I would be glad to share that with you.
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Joined Jul 2006
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Status: Pay the man ! !
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As you can see, the very same price action channels that I began sharing on the 8th are still holding true. As I discussed yesterday the Franc has developed a bull channel within our price channels that was perfect for timing the entry and exiting yesterday's a.m. dollar long. SWEET.
Myself...I am picking up a lot from this thread, so thankyou very much and please keep the posts coming.
I would say that most people would find this type of technical analysis to be a little harder work then other methods, this is a shame as it is simple and effective analysis, but the holy grail indicator combos steal the minds.
Myself...I am picking up a lot from this thread, so thankyou very much and please keep the posts coming.
I would say that most people would find this type of technical analysis to be a little harder work then other methods, this is a shame as it is simple and effective analysis, but the holy grail indicator combos steal the minds.
Again thankyou.
Ignored
I won't try and say it better then he just did. +1
Myself...I am picking up a lot from this thread, so thankyou very much and please keep the posts coming.
I would say that most people would find this type of technical analysis to be a little harder work then other methods, this is a shame as it is simple and effective analysis, but the holy grail indicator combos steal the minds.
Technical Analysis and a few charts to ponder
