torero

Short here from the bear flag breakdown. Next support is 6542, a bit tricky but we'll see. I'm measuring the bear flag target if it breaks next support here.

Looks like EURJPY in ascending triangle breaking out the to the other side. Watching for rally to short here.

Hi Pivot, interesting post, I trade forex myself but haven't really used MP on these. Wanted to get your feedback. How long have you been using MP on forex? Are these levels reliable?

Very nice insight, pivot, what pairs do you trade?

Excellent article! I'm now going to read up on all real tape reading posts here to get a better idea how it works. But this article is very concise and to the point, very informative.

Interesting areas here. 9621 was critical breakdown but this channel makes it a conflict. I'm going to sit tight and see how the prices leads to give me an idea which pattern it wants to follow.

Looks like this one is not taking the resistance very well and about to coming around the bend with lower high/low on 60min. It's finally rallied to the channel to confirm the reversal? I'll be looking for the next rally to short here. Not sure how in a big way the Fed will make this week on this pair. Since this one is a bit slow, I'll widen my stop a bit to give it room to breathe.

Hi tex, nice to read your insight again. Buk is a funny guy! We got to know him chat room. I just wonder if he really walks around like a circus clown LOL. thanks, buk. I enjoy hunting for profits LOL. Since this area is new to me, it's interesting to find all instruments show similar patterns. I'm a bit cautious for now as there are way too many news clips coming out today. I normally follow the charts, but these volatile bars will whip me out of my positions but better to be in sidelines and waters to calm. Curious thing is these news are the cause for these patterns to be resolved... patterns hitting their targets, confirmation of patterns in play, and of course pattern failures. They end the drifting misery so we call continue trading again. I believe virtually all the major currencies are being hit by news in their respective countries this week no?

How true it is, buk, in the end the analysis that take us to the right direction is what count eh? I see tex is MIA today, busy snipering for teenies? Must be very good if she can find opportunities everyday. For me I don't see many, still hugging at my major levels for safe plays only.

It's amazing that the EURGBP has only 20-40 pip daily range. This is nice candidate to swing trade few days to few weeks don't you think?

Ok, ok, I know this is overkill me going all over the currency landscape just to look for a meal but hey, perfect practice makes perfect as someone used to say. Plus doesn't cost anything. Here's an interesting pattern I don't get to see everyday, but the important thing is that it's converging at 2 supports, one at a major support line, and the other at bottom of the broadening pattern. I'm watching for breakout/breakdown for cues for entry. If you look carefully toward right edge, there is a small falling wedge formation. Any burst above the falling trendline would make it in play. We'll see.

Not a problem. I'm slow is all. Today seems a bit slow and I'm not committed to much action. But I'm scanning around at other pairs and found this interesting formation. I'll keep a closer eye on it to for an entry. Target for small triangle almost met. I'll wait for a rally to nearest resistance level to spot my entry.

Very nice analysis. I have to read a couple of times and see the charts carefully to get understand the analysis. Very impressive stuff!

Fantastic site. Thanks very much Buk. I haven't been away most of the morning so looks like things picked off they it was left on Friday. I won't do much today as things seem prices are nearing their targets already.

If you don't mind sharing, can you give us some insight on any correlations between pairs? I am looking at other pairs to observe and possibly trade down the road and looking to trading pairs that have no correlation whatsoever to diversify risks. Your experience and observation would be greatly appreciated. Here's what I'm watching: EURCHF, USDCHF, EURJPY, USDJPY, USDCAD, EURGBP, among my favoriate already Cable. I'm staying out of EURUSD. Somehow, I don't like EURUSD, maybe because too many are trading it, just my personal bias I guess. Thanks.

Thanks, Buk, for sharing. Very nice insight into understanding what the other types of traders are doing. So do you check the chart first for reactions to key S/R levels then check COT for confirmation or is it the other other way around?

I'll pop by since there's no pressure to buy and sell tomorrow LOL

willd, you can post it in the Articles category http://www.traderslaboratory.com/forums/f43/ It would be a great read for everyone, including me.

In hindsight, I should have left the trade because tactically when you have a bear flag, you cannot exit the position until it is broken, so it was a wrong presumption to exit on that logic. I exited anyway on the fact that it was Friday and thinking that the moves are pretty much over. But I also did the right thing not to have gotten caught on the violent move from the news cowpip mentioned. It could have gone the other way. Thanks all for great week and keep up the great insight. I'm really enjoying seeing what I myself overlook. Thanks all.

Thanks, yeah, I'm done for the week. Thanks, buk, tex and cowpip and pipmonster for the company. See you next week!

That's great to hear, now I can take 3-day weekends every weekend LOL

I got out before the chart went berserk. I got lucky again. I saw what looks to be a bear flag on 15min and it was sitting on top of the channel so decided to close seeing too much risk and not enough reward to stay in.

I can't help but think that this is a bear flag building in EURJPY. I'm watching here for an entry. Most likely I'm busy with GBPUSD so won't do much with it until next week. Interesting setup though.

Thanks for the feedback. For the moment, I still hold overnight but not over the weekend but I see there's no reason not to since checking the gaps, don't happen too often so that's a relief. The last one was first day of the New Year with a gap down. The other thing is Fridays tend to stay in the doldrums? I have in the past make Friday an early leave due to slowdown in volume. But not sure if it's the same in forex. I'm still long but if I don't get taken out, I may end up holding it over the weekend. Always the first time for everything.

Quick question: does anyone here hold over the weekend? If yes, what justifies holding it that long? I've learned from futures that holding over weekend carries some risk (and reward but I think risk first) so not sure how it is with forex. If a disaster strike somewhere in the country that is not related to the pair being trade, would it be carried over to that pair?