My Basic Chart Analysis Method

[Andre Mayer]

Originally Posted by cjgranfl

Would anyone be able to post their S&R lines for the gbpjpy, so that I know I'm picking the right areas?

Cody

If nobody minds, I’ll throw my hat in the ring for what it’s worth?

Near term ceiling up at last weeks high (160.23) marries up with a couple reaction points through May & June, might be worth noting on any upside travel.

Visible downside from here bookmarks the 154.75 region, which if you dial out to end of May, was the pre-cursor to that thrust move that’s been re-tested on a couple more occasions during June’s trading activity.

In fact that shaded area I've marked up around the 153.20 to 154.75 zone would certainly get my attention next time around as it hots up.

Further out to the downside, 150.0-151.50 is another visible activity zone that attracted decent strength as it broke out.

[phil838]

Originally Posted by Andre Mayer

If nobody minds, I’ll throw my hat in the ring for what it’s worth?

Near term ceiling up at last weeks high (160.23) marries up with a couple reaction points through May & June, might be worth noting on any upside travel.

Visible downside from here bookmarks the 154.75 region, which if you dial out to end of May, was the pre-cursor to that thrust move that’s been re-tested on a couple more occasions during June’s trading activity.

In fact that shaded area I've marked up around the 153.20 to 154.75 zone would certainly get my attention next time around as it hots up.

Further out to the downside, 150.0-151.50 is another visible activity zone that attracted decent strength as it broke out.

My zones line up pretty well with Andre's.

Not perfectly, but every trader's zones/lines will be a little different. That's why we use zones instead of single point lines!

[s050399b]

Please let me know if the lines should not be there?
SL pips > TP pips

[cprao]

Originally Posted by s050399b

Please let me know if the lines should not be there?
SL pips > TP pips

I am also watching this pair and would take a long position if following happens.
1) After the break of 1.1650 and one 4HR candle closes above 1.1650. The candle can start from below 1.1650 but it has to close little well above 1.1650 ( 30 to 40 pips from 1.1650).. If this candle is LWC (Phil's strategy), then would be double confirmation for long...
2) On the start of 2nd candle I will take long and SL = 1.1630 and TP1 & TP2 would be exactly what you have specified in your charts.
3) As I cross TP1, I probably break-even my position.

Reason: it's less risky and risk:reward ratio is 1:3 or 1:2 ..

It's just my way of doing things..

[s050399b]

One thing to note, as you can see it was "ranging" previously? High = 1.1652, Low = 1.1417, and it may hit your stop loss if it decides to range for a bit longer?


ETA:
I need some hand-holding from phil838!! haha!

[phil838]

Just a quick note so no one thinks I'm ignoring them...

I'll be on vacation until the weekend. See you guys on Saturday!

[johnnykanoo]

have a great vacation phil send me a postcard lol!!!

[nutrader]

Thanks for the ebook phil. great read.

Putting all that knowledge into practice i see a possible long set up coming on gy. price is currently sitting on a rising channel support which has been in place since jan 23. we can see that price has bounced from this support area twice on april 28 & may 18.

i would post chart to illustrate but not sure how to but you can see on your daily or 4h chart by drawing a line connecting jan 23 low with todays low

is anyone else looking at gy now? Whould appreciate your views

[Andre Mayer]

Originally Posted by nutrader

is anyone else looking at gy now? Whould appreciate your views

I see your channel marker yeah. The lower line hits on c153.80, which price has acknowledged during today’s descent to current levels.

I tick-boxed this area (154.75-153.20) yesterday as a noteworthy area on continued downside momentum & 53.20 is receiving a cushioned shoulder thus far.

If price is going to get a lift, then this would a good a place as any to begin considering your move I guess.

Originally Posted by Andre Mayer

Visible downside from here bookmarks the 154.75 region
In fact that shaded area I've marked up around the 153.20 to 154.75 zone would certainly get my attention next time around as it hots up.

Personally, the short through that 154.75 marker into the bearish early London momentum, with a partial pare out at the 153.20 step appears the higher odds/lower risk deal?

If it pops down further from here you’ve got a value seat, if it breaks back up above 153.90 (minor swing high) you can cash out & maybe look to switch camps.

Depends how you’re looking to play the current flows? & what your mid-term aims are.

This is what could currently be described as "a 30minute-a-throw-market" at the moment – by that I mean the flows & bias are being contradicted virtually 2 or 3 times per day & flipping sides on the spin of a dime.

I don’t know about you, but I’m finding the keener value is to play it off highly visible intra-week levels via a shorter timeframe view until the price action stretches out a little more.

[s050399b]

This is my setup for GJ long......I am betting on it as a reversal? Not sure if I am on the right track~






ETA:
opps, it hit the entry