Reading Charts in Real Time

[Cory2679 11]

...I notice you are still posting mar contract...

 

Hey DugDug,

 

I appreciate the heads up, but I'm a little confused because I'm posting spot charts...

 

-Cory

[Cory2679 11]

I'd consider a long here, however I was expecting price to pull back a little furher before it resumes the rally up to the area of resistance...

 

Also, you can see the trade from last night that I didn't take due to my drive home made it to profit target! I should have probably entered when it pulled back to entry. Oh well...shouldawouldacoulda.

[DugDug 10]

Sorry Cory :crap: - I apologise - I saw the date at the top of the chart - and Sunday thinking led me to the conclusion as the expiry was due. I also completely forgot you are trading the spot, not futures. Still, always a good reminder for myself.

[Cory2679 11]

Sorry Cory :crap: - I apologise

 

No need to apologize.

 

-Cory

[Cory2679 11]

We're fast approaching Friday's low on the EUR/USD...

 

(The PriorDayOHLC indicator gets messed up on Monday's after the weekend, for some reason.)

[thalestrader 14]

We're fast approaching Friday's low on the EUR/USD...

 

But what are you going to do about it?

 

Best Wishes,

 

Thales

[Cory2679 11]

But what are you going to do about it?

 

Just keeping my eye out for a long sequence...I didn't feel that Friday's low was strong enough support to outright buy at that level...

 

Also, on the 4hr chart, we've reached an area of prior consolidation (support), so I'm hoping for a nice long sequence in the near future...

[DugDug 10]

also heading into a 50%-61.5% retracement of the last leg up on the hourly chart from 135.40 to 138, (using the 6E M0 contract)

[Cory2679 11]

Currently long EUR/USD...

[Cory2679 11]

Currently long EUR/USD...

 

Pulled it for -0.65R...

[Cory2679 11]

Pulled it for -0.65R...

 

The sequence was sort of tight/small to be a reversal of the move...I just thought it'd be worth a shot for a long, seeing as we were in my shaded area of prior consolidation. I set my PT fairly nearby, since I expected a pull back before a continued rally...

 

I'll really be looking to go long once price contacts either my blue horizontal line or the uptrend line...

[Cory2679 11]

I'd consider a short at the break of the blue line on my 13 range chart...

 

Looks like I should have stuck with this plan! I can't believe there's been this huge down move and I haven't taken a penny out of it...no worse...I've lost money attempting to fade it...

[Cory2679 11]

I can't believe there's been this huge down move and I haven't taken a penny out of it...

 

Look how that line of resistance and trendline converged so nicely. There couldn't have been a better time to go short. :crap::crap::crap:

 

Oh well, enough focusing on the shouldawouldacoulda. MOVING ON...

[Cory2679 11]

Looking to go long at the break of the blue line...

[Cory2679 11]

Looking to go long at the break of the blue line...

 

Long filled.........

[Cory2679 11]

Long filled.........

 

Update:

 

I've moved my stop...if I get stopped out before that high is broken, I'll have an order in for a re-entry until about 2:30 PM EDT. Other than that, I'm probably done for the day....

[Cory2679 11]

Pulled it...that's it for me until Tokyo...

 

-Cory

[Cory2679 11]

Gotta say...this PA sort of resembles a bear flag...I wouldn't be opposed to a short...

 

(Of course I still have my eye out for long opportunities...I expect price will eventually trade up to the resistance I keep talking about.)

 

But then again, who knows what might happen...tomorrow being an FOMC day...

 

EDIT: I could also see a 123 forming out of this (see my second image). So, if I took a short, I'd be cautious...

Edited March 15, 2010 by Cory2679

[Cory2679 11]

I'm looking at a short like this...

[Cory2679 11]

Up for a long or short at this point...depending on which direction this range breaks...

[Cory2679 11]

Up for a long or short at this point...depending on which direction this range breaks...

 

Took BE on the short...

[Cory2679 11]

Took BE on the short...

 

Or so I thought! I got slipped 0.1 ticks...

[MidKnight 12]

Heavy down day that seemed to come out of nowhere as Europe was starting to awaken. I planned yesterday very poorly. Giving up on the R at HOD being useful was a mistake. A better idea would have been to have a plan if that R was to hold. My long bias was too dominant, so much so that I neglected the R still in the process of being resolved. Shame on me. Moving on then, price is back to the pivotal minor S/R and would prefer this to hold for a solid case to the long side. Keep that long bias in check today and have short scenarios should this S break.

 

Attention Points

1.5240/80 refined zone within upper R just prior to exhaust low

1.5140/200 rally high R zone

++ 1.5048 ----------------

1.4980/5020 pivotal minor S

1.4940/60 minor S

1.4850/900 last S before capitulation low

1.4783 capitulation low

 

At this pivotal minor S is a good spot to look for longs, although this S/R has been used more a flip spot than a rejection spot so keep that in mind. I will take 1/4 off before 1.5060 trades, another 1/4 before 1.5090 trades, another 1/4 before 1.5140 trades and trail the rest for a move into 1.5240/80.

 

It's easy to look at the chart and see lower prices because of yesterdays heavy selling. That puts the obvious play for me to sell the flip of the pivotal minor S/R. If able to sell the upper edge (1.5020 area) then target 1/4 at the lower edge (1.4980 area), another 1/4 before 1.4940 trades, another 1/4 before the last low of 1.4873 and trail the rest for a possible move to new lows.

 

Alternatively, we may rally up and test the 2 recent pivot highs in the rally high R zone. Shorts there will target 1/2 before 1.5080 trades, another 1/4 before 1.5020 trades, another 1/4 before 1.4960 trades, trail the rest for a test of last S before capitulation low.

Edited March 16, 2010 by MidKnight
Added images

[Cory2679 11]

Currently long EUR/USD due to the break of the upper end of the range...currently with a very tight stop...I got a fill but price hasn't budged...

[Cory2679 11]

Currently long EUR/USD due to the break of the upper end of the range...currently with a very tight stop...I got a fill but price hasn't budged...

 

Pulled the long...going to bed.

 

-Cory