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Old 10-25-2011, 05:21 PM   #6457

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Re: Reading Charts in Real Time

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
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Old 10-28-2011, 03:45 PM   #6458

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Re: Reading Charts in Real Time

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?
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Reading Charts in Real Time-251011-eua-short-pt2.gif   Reading Charts in Real Time-281011-eua-long.gif   Reading Charts in Real Time-281011-eua-zoomedout.gif   Reading Charts in Real Time-281011-gbpchf.gif  
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Old 11-01-2011, 11:07 AM   #6459

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Re: Reading Charts in Real Time

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.
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Old 11-02-2011, 10:11 PM   #6460

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Re: Reading Charts in Real Time

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.
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Old 11-03-2011, 10:49 AM   #6461

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Re: Reading Charts in Real Time

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...
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