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thalestrader

Reading Charts in Real Time

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GBPCHF:

 

Dashed trade:

 

Stopped for full loss when price pulled back to the top of the sideways range it was in for a couple of weeks.

 

Bold trade:

 

Still open, stop still in the middle of the range at 1.39636. Will price continue sideways and break out of the upchannel? Will it move up towards resistance (and TP1)? Or will it drop back towards the trading range, using it as support or even re-entering?

 

If we print another LL I'll consider moving the stop up to 1.407. Currently 436 ticks/0.47 R locked in.

5aa710a9c02fb_061011GBPCHFupdate.thumb.gif.a3a462623cd958e922834cc0a9031996.gif

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EUA

 

Of course if price doesn't breakout above the dashed blue long entry, then it would be a good setup for a short (123 reversal of pullback against the downtrend). Approximate entries as per the non dashed lines.

5aa710a9c9d5b_061011euashort.thumb.gif.efbafe4a3affe13d7eeb5774ad2eb544.gif

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Eua:

 

Price broke above the entry threshold then dropped back down to form a new support at 10.32. It then moved back to within a tick of TP1 then pulled back to make another HH . The big question is will price test, and breakout above 10.70, or will it pullback from the resistance again and head back down to the 10.32 support area again? Price is generally making HH but of course this is not proof that the downtrend is now reversing or just retracing.

 

GBPCHF:

 

Price broke out of the trading range between 1.3703 and 1.4122 and moved up but has kept testing the top of the range. Having hit resistance around 1.4432 it has pulled back to the top of the range again. Will price carry on back down towards 1.3963 support area, or even 1.37034 support area. This potential reversal of the recent upmove also suggests a 123 short setup, marked in dashed lines. TP1 is a little lower than the 161.8 fib but still above the 1.3963 potential support. TP2 is in a prior resistance zone so could become a support zone. Even if you were in the bold lined long trade you could take this short trade, assuming your trading rules allow for this sort of thing - some people would stop and reverse, others would let the short mitigate the loss of open trade equity on the long.

5aa710abdbdca_111011eua.thumb.gif.eb315a548e2b5f13b357a05d15b8b927.gif

5aa710ac06745_111011gbpchf.thumb.gif.3046cb210c12bfb7d5213255a51188a0.gif

Edited by iwshares

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Eua update:

 

Price moved up through TP1 pulled back to the 10.71 support then pushed up again to the TP2 resistance of 10.89. It then pulled back through the 10.71 support. Will it keep dropping to find new support in the 10.49 band, or even continue down to the 10.32 support band or lower? If it does break through the 10.71 resistance will it go up to the 11.22,11.53 resistance

 

GBPCHF:

 

Dashed short triggered but almost straightaway reversed, I would probably have closed that trade had I been actively managing it. Bold long trade would still be open as price hasn't dropped into the trading range again, taking out the stop situated there

5aa710acee194_121011euapt2.thumb.gif.d2e7d038a64cfc01047c93257483b4fd.gif

5aa710acf3fb7_121011gbpchf.thumb.gif.a0e6a631593b924e5b7596ac8e512c50.gif

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GBPCHF long update:

 

After htting resistance at 1.44 price dropped down into the blue congestion zone. Broke out, hit resistance at 1.427 and dropped down through 1.412 band to 1.3997. Will price find support there - HL yesterday - or will it continue down; we're now in what was a sideways channel between 1.37 and 1.412 so will price carry on down to that old support? Stop on the long @ 1.35 remains at 1.396

 

EUA:

 

Drawn some TP etc for a long setup following the pulback around the 10.36 resistance. Last time it hit it price dropped back down to 9.81, just higher than the 9.78 support it found at the bottom of the last down move. Is this higher high an indication of an uptrend, if so I would look for price to break through 10.9 and carry on up.

5aa710af53df3_221011gbpchflong.thumb.gif.910c5b5d5fa6359dd227ba328f0e29a4.gif

5aa710af59bc3_211011eualong.thumb.gif.d917c73a0e73c10e18aa3a81a148e1d6.gif

Edited by iwshares

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EUA:

 

Previous trade stopped out for full loss. Here's a missed entry that would have hit TP1 then stopped out. Having tested the 10.52 resistance area will be interesting to see if price breaks through or pulls back to the 10.26 support.

5aa710afa83c6_251011eualong.thumb.gif.e25939b5df97cfdc1ac586e3a1c48662.gif

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EUA update:

 

Potential short (shown) or if price breaks above 10.53 could be a setup for a long

 

GBPCHF:

 

Price hitting resistance at 1.4122, will it carry on down maybe towards 1.3903 or even 1.3703. Either way stop remains 1.3963 (below the 28/09/11) swing low. Potential short marked in dashed lines

5aa710afc317a_251011euashort.thumb.gif.2c73e242fc443b910edc089413dfb0dc.gif

5aa710afcd4a7_251011gbpchfshort.thumb.gif.a4dba8312a8da99c247d2734d3cfa0f8.gif

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EUA:

 

TP1 hit on short then price pulled back up, entered a sideways range. Have drawn a potential long, with TP2 in the 10.65 resistance band. Have also posted a zoomed out view of the market. Interesting how's it's spent most of the last 2 months in a range between 9.78 and 10.90. I wonder if this is an accumulation period (and if so which way will it break out of congestion) or if this represents a new narrower trading range? Trading the long pullback of a bounce off support still makes sense, though I wouldn't normally trade a security that is range bound (e.g. avoiding USD/JPY at the moment). Will mull this over the weekend...

 

 

GBP/CHF:

 

Price has dropped through the 1.3963 SL of the bold line trade (banking 437 points, though concerned about the RR on the trade), through the 1.39 support towards the 1.376 support before pulling back up and closing below the 1.39 resistance. For the dashed short trade this means I've hit TP1 and stop is now at BE. Will price drop again following the pullback today possibly moving through the 1.37 support at the bottom of the previous sideways range, or will it pull up through the 1.39 resistance back towards the 1.412 top of the previous sideways range?

5aa710b0ad099_251011euashortpt2.thumb.gif.49b3de7a04e881114f8b1046ff318eaf.gif

5aa710b0b1d23_281011eualong.thumb.gif.5b8c15f73c2e253f63b5f9b3a811efcc.gif

5aa710b0b62ee_281011euazoomedout.thumb.gif.1cd94b893a3c61da320988a04b43d7f2.gif

5aa710b0baa0a_281011GBPCHF.thumb.gif.4e77d335c242acbd09939043775e28b2.gif

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GBP/CHF:

 

As said previously TP1 hit, so SL to BE, price then retraced to entry

 

EUA:

 

Long never triggered, price broke out of sideways congestion to the downside. Will be interesting to see if it bounces off the 9.78 support or breaks through to new lows.

5aa710b14eebd_311011gbpchfupdate.thumb.gif.bfe4c2a0aa60560ae9e61636ee7e8e0b.gif

5aa710b157b01_011111eua.thumb.gif.47629472a34e914818b2a85792e7090b.gif

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EUA:

 

As stated yesterday price broke out of congestion zone marked in blue, by gapping to the downside. It printed a L, LH then continued moving down, today breaking below the 9.78 support. It will be interesting to watch how far this continues down; price has been in a downtrend since breaking out of the congestion shown by the blue band in the second picture.

5aa710b1b8862_021111eua.thumb.gif.4e3d9674527d668f8a731edcb705a4b5.gif

5aa710b1c148e_021111euazoomedout.thumb.gif.01408421df4d47eb889f5681f25291f7.gif

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EUA:

 

Price moved down on open and found support at 9.32. With the new H and HL, possible long. I've drawn TP2 the lower side of the gap down that happened before the short term downtrend. However as this makes the RR on leg 2 almost 1:1 I would probably pass on this trade. Of course I'm not saying price will hit resistance at 10.05, just that it might...

5aa710b24c8a5_031111eualong.thumb.gif.54cc108a49c1c0f1a9084b42a7ff968d.gif

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Hi Folks,

 

Just posting a "bump" for no other reason than to say Hello to old friends and see if any of the old gang still lurks from time to time.

 

I hope you all are doing well.

 

Best Wishes,

 

Thales

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Well, i just came across this thread for the first time, and though I'm pretty new here, i'd be happy to get involved if some others do the same. looks like a great bit of work over all, and a thread I think would be well worth reviving :)

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Hi Folks,

 

Just posting a "bump" for no other reason than to say Hello to old friends and see if any of the old gang still lurks from time to time.

 

I hope you all are doing well.

 

Best Wishes,

 

Thales

 

I still pop back from time to time when I get a notice that a thread I subscribed to has been updated and looks interesting, (like now). I pretty much gave up on all forums for the most part and decided to go about this as a solitary pursuit...

The interaction is sometimes interesting but takes a lot of time and the value is uncertain.

:missy:

What ever happened to the "Speculator King"?

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Hi Folks,

 

Just posting a "bump" for no other reason than to say Hello to old friends and see if any of the old gang still lurks from time to time.

 

I hope you all are doing well.

 

Best Wishes,

 

Thales

 

Hello, Thales!

 

I'm still around and still trading, believe it or not! I did take some time off since I last posted, though. I'm doing fairly well...the best I've ever done on a consistent basis. I mostly attribute that to focusing on only one market and just genuinely chilling out a bit. I lurk TL in general from time to time, but I read and study this thread often.

 

I hope you're doing well!

 

Cory

Edited by Cory2679

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Hello, Thales!

 

I hope you're doing well!

 

Cory

 

Hello Cory!

 

You quite made my day seeing your name and hearing that you are doing well!

 

Thank you, and know that I think of you and our other friends from this thread often.

 

Best Wishes,

 

Thales

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Hello Cory!

 

You quite made my day seeing your name and hearing that you are doing well!

 

Thank you, and know that I think of you and our other friends from this thread often.

 

Best Wishes,

 

Thales

 

Hi Cory and Thales,

 

We do still lurk - in fact, I have copied most of Thales's charts and comments for review.

 

Cheers,

fxT

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Hi Chaps,

 

I still lurk here from time to time. Good to see you are still keeping at it Cory, absolutely anyone can make it in trading if they persist. I strongly believe that.

 

I've had the worst year since 2008 this year. The quick summary is my city was pretty much destroyed by 2 major earthquakes in Sept 2010 and Feb 2011. The ongoing aftershocks has kept me on edge and frequently knocking out power and water services. Dealing with the government bureaucracies to get my insurance covered has been highly stressful. In the end I got sick of it all and moved 3/4ths of the way across the country. The insurance still has not been resolved over 2 years later. I sold the house with cracks in walls you could fit your fingers through. Not much fun living in a house like that when you are getting snow outside - heating was an absolute waste. When I moved the aftershock count was over 12,300 and still rising nearly every day. Anyhow, enough of that....I've now moved to a near sub-tropical climate and am hoping to get back to more normal things again.

 

We should get back to posting content in this thread.....

 

All my best guys and take care. Hope to see some posts here - I'll play too!

 

With kind regards,

MK

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adding to FX thunder...

I had support down at the 128.05 level and when it enters here I looked for a break through that and then any first bounce. This occurred 1.2790.

 

(This is a bottom picking exercise and something i dont recommend be done without some confidence or experience.....however its also a good way to look at ways of taking profits if already short and have been hanging on.)

 

Stop initially at the lows, take profit on this will be a partial take profit at approx 1.2815, and or 1.2835. The congestion just above from where it broke 90 mins previous.

 

Plus I will move the stop to BE if there is a pullback that makes a higher low in the 1.2782-90 region, and then rallies. This is also a reasonable level to be abe to enter if it does so, however, due to the type of selloff, this might be one of those rare times that a V bottom occurs and hence i have gone early - you could also build a position and partially enter. (watch very closely as it requires some finesse - or just leave as is)

 

Otherwise, I am much the same - thinking that rallies should now be sold again, bias is to the downside and so long and short amounts will be adjusted.

(its been a while for this thread - thanks Fx for the reminder)

 

EDIT - stoppped out - quick as a flash - thats about par for course for every trade i have posted in this thread. :) But now I will stick largely with the Fxthunder analysis of selling decent rallies)

http://www.traderslaboratory.com/forums/attachment.php?attachmentid=32618&stc=1&d=1352103033

5aa711720aab2_EURUSD_bottompick.thumb.jpg.5abc8088b0ed67455d16792fe4e76656.jpg

Edited by SIUYA

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A look at the weekly chart indicates a rise to resistance which in itself means nothing.

 

Subsequent price action on the daily has now confirmed that a swing short is in order.

 

Cheers,

fxT

 

The weekly short has now triggered and we can only follow price along as it goes.

 

Cheers,

fxT

5aa71172ed43b_5Novweekly.thumb.png.4b76f17791c5f413b9cdc0f9042a1843.png

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A little belatedely but EURUSD just triggered a swing short on the daily charts.

 

As per convention, red is stop, blue is entry and green indicates potential targets.

 

Cheers,

fxT

 

And the daily is also chugging along in the right direction.

 

 

Cheers,

fxT

5aa71173000b0_5Novdaily.thumb.png.35b1ba7ba435c1d679040cea9781d6d5.png

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