My Basic Chart Analysis Method

[Andre Mayer]

Originally Posted by s050399b

..I am betting on it as a reversal? Not sure if I am on the right track~

Depends if your track is a short-range one or a long-range one.

I think it needs to base around here & attract a little more (upside) participation before laying any money down on a kickback punt.
I don’t see any value in it just yet a while.

I’d certainly want to see some serious higher high-higher low peak/trough behavior taking place above this 153.20 floor, or clear basing activity at the very least before considering playing the ‘long’ card, even via the smaller timeframes.

The clear bias today is to the short side. The only saving grace that prices might just hold their lower limits into the New York action is the fact this pairs 10 day average daily range of 220 pips & 20 day range of 250 pips has been well stretched.

Today’s top to bottom shuffle has so far printed 345 pips, which appears to confirm the 153.20 level as a reasonable take-profit zone off the earlier short orders through 154.75.

See what kind of pressure the New York volumes bring to bear on it. That stretched average daily range might encourage a little profit taking. If it does you might just get your lift.

The higher odds were to roll with it this morning though. I’ve always found that London volumes are a better bet if you’re seeking to catch a ride on a momentum train.

I'd sure rather have my shorts in the bag than try pick a "long" cherry at current levels, but that's just my view - yours might well be entirely different.

[cprao]

Originally Posted by Andre Mayer

Depends if your track is a short-range one or a long-range one.

I think it needs to base around here & attract a little more (upside) participation before laying any money down on a kickback punt.
I don’t see any value in it just yet a while.

I’d certainly want to see some serious higher high-higher low peak/trough behavior taking place above this 153.20 floor, or clear basing activity at the very least before considering playing the ‘long’ card, even via the smaller timeframes.

The clear bias today is to the short side. The only saving grace that prices might just hold their lower limits into the New York action is the fact this pairs 10 day average daily range of 220 pips & 20 day range of 250 pips has been well stretched.

Today’s top to bottom shuffle has so far printed 345 pips, which appears to confirm the 153.20 level as a reasonable take-profit zone off the earlier short orders through 154.75.

See what kind of pressure the New York volumes bring to bear on it. That stretched average daily range might encourage a little profit taking. If it does you might just get your lift.

The higher odds were to roll with it this morning though. I’ve always found that London volumes are a better bet if you’re seeking to catch a ride on a momentum train.

I'd sure rather have my shorts in the bag than try pick a "long" cherry at current levels, but that's just my view - yours might well be entirely different.

I am of the same opinion of Andre.. Currently the bias is downward. I have my short currently initiated at 154.00 with a TP for 153.10. I heard that 153.07 is very critical support. If this fails, the price will see below 152 level.

[nutrader]

My pending order on GY on the upside break of the 8 am gmt 4h candle plus 10 pips was hit at 154.10, My first target will be 155.50 area where congestion begins from last last months price action. if price breaks through this area will look to stay in longer. Hopefully my stop is safe at 152.90

[s050399b]

Originally Posted by nutrader

My pending order on GY on the upside break of the 8 am gmt 4h candle plus 10 pips was hit at 154.10, My first target will be 155.50 area where congestion begins from last last months price action. if price breaks through this area will look to stay in longer. Hopefully my stop is safe at 152.90

your stop is safe!! how did u get that stop? i got stop out!

[nutrader]

Originally Posted by s050399b

your stop is safe!! how did u get that stop? i got stop out!

to early to be safe yet

if you placed your stop just below the previous low bar you would of been hit by the big spread in gy, therefore should be at least 10 pips below but as that was right on a big number i moved 10 pips further to 152.9

[mumpips]

Hi All, a noobs question. I realised that I am not good in drawing trendlines. Can anyone guide me and post your chart on the forum so that I can compare mine with yours.

Thanks A lot

[jgadefelth]

What i like about indicators is that there is no thinking behind it from me they just cross or they go over 50 or whatever. Whit trendlines and support reesistance i must find them my self i draw different trendlines just like my 10 friends they all draw them differently and they all find support / and resistance at different places from eatch other and from me.




That is what i hate about it just like Elliots Wave Theory 10 different people with 10 different wave counts. Is there away around this so i get god at spoting the right support and resistance areas and draw trendlines better ? it is so subjective.




best regards

[nutrader]

Originally Posted by s050399b

your stop is safe!! how did u get that stop? i got stop out!

not safe enough, Price reached 6 pips short of my target today before retracing back down to stop me out

[mumpips]

Hi Phil,

I know you are away, pls help when you are back. Thanks.

(1) Is there any specific pips for Stop Loss which placed below S&R zone?

(2) I am trying to place the S&R zone but my zone is always base on current month? will there be any problem?

[KENNETH LEE]

Just read your E-Book.. Great explanation of basic trading ideas, Why people look for to much information to trade is beyond me. Simple is better.. Again Great stuff ,sure it will be around a good while.. Thanks for taking the time to put this together.. Price Action is the only way to trade..