My Basic Chart Analysis Method

[benji533]

Attached is the chart identifying the this week Scalp lines. Also shown S+R lines…

Phil, Does it match to your analysis… I am not sure I can’t identify more than 2 scalp lines.

Your thoughts, please ?

PS: When I attach a chart, it appears as a thumbnail and poster has to open the file… why it’s not appearing directly on the post ? any setting changes ?

I think there are only two scalp lines right now on 157.60 for long, and 153.30 for short. The 156.4 isn’t a scalp line anymore cause it was broken and scalp lines are good only for one time. Right, Phil?

PS - you can post your pics on the body of the post by using the “insert image” button (Next to the qoute button).

Ben

[benji533]

OK I see three more scalp lines a bit farther at 160.25 , 162.60 and 146.74.
Hope I am right
Let’s wait to hear what Phil says.

Ben

[phil838]

I think there are only two scalp lines right now on 157.60 for long, and 153.30 for short. The 156.4 isn’t a scalp line anymore cause it was broken and scalp lines are good only for one time. Right, Phil?

PS - you can post your pics on the body of the post by using the “insert image” button (Next to the qoute button).

Ben

Ben is right, 156.40 has already been broken and needs to come off your chart.

My current scalp lines are 146.73, 152.30, 157.59, and 160.36.

[cjgranfl]

Phil,

Are you concerned about a long entry at 160.36 with the stronger psych level of 160.50 only 14 pips away?

Cody

[emmaforlife2003]

Hello, i need someone to tell me how to install exponential moving average on my chat.

[cprao]

Ben is right, 156.40 has already been broken and needs to come off your chart.

My current scalp lines are 146.73, 152.30, 157.59, and 160.36.

Thank you Phil for this update. How about your S+R Zones ? Where are they placed ?

[cprao]

Phil, I Have some questions on Scalp lines. Can you please clarify them ?

1. I agree with 156.40. Should be taken off since broken last week.

2. 152.30 - This is also broken on 07/14/2009. Shouldn’t this also be taken off. Also for me this seems to be more on S+R zone… rather than scalp line or could be both.

3. Don’t you consider 152.15 (07/23/2009) is a scalp line since there is a reversal of the trend followed by preceeding more than 4 candles ?

4. on 157.59 (07/02/2009), I don’t see a reversal trend… Yes. There was LWC ,Tried to go up ,but couldn’t and the downtrend continued… How can this be a scalp line ?

5. on 160.36, are you referring the price reveral happened on 06/30/2009 ?

Am I missing anything here ?

My determination of scalp line is on the following qualities (NickB Manual)

1. Any scalp line is supported by precceding trend (by 3 or 4 candles. )
2. There should be a Bounce candle
3. There should be a reversal from the scalp line (I don’t see this for 157.59 & 160.36).
4. Need not to have history for those scalp lines.
5. Should not be broken before (I missed this in my analysis)

Thank you Phil for all your help… I want to make sure I have the ability to identify scalp lines…

[johnnykanoo]

hey phil your baby the gj looks good on the daily for a short

it is an inside bar bouncing the upper trendline

its aprox 61% retrace of the previous swing high

zoom out and its between the 38%-50% fib retracement from the massive selloff that began last aug.

the low of the ib is the 155.40 area if it breaks away it will become resistance again so it has excellent r:r or at least 1:1 if you eye the 154.50 area but i think it has better potential maybe down to 152ish

anyway just my 2 pips worth

[cprao]

@johnnykanoo

hey phil your baby the gj looks good on the daily for a short

it is an inside bar bouncing the upper trendline

its aprox 61% retrace of the previous swing high

zoom out and its between the 38%-50% fib retracement from the massive selloff that began last aug.

the low of the ib is the 155.40 area if it breaks away it will become resistance again so it has excellent r:r or at least 1:1 if you eye the 154.50 area but i think it has better potential maybe down to 152ish

anyway just my 2 pips worth

Jhonny, I think… I agree with you… On my dailyfx chart, I don’t see IB but I do see IB in IBFX chart. But 155.41 seems to be S+R line… on break of this line short can be applied. Also Currently it is also breaking 4H upward trend line… means both 4H and daily chart will be in sync fron the prospective of down trend…

[o990l6mh]

Phil

I’d just like to say that I’m also eagerly awaiting your initiative with a trading room.

If it’s a matter of just a few dollars I might also be willing to share the cost. Googles version is probably better (I like Google!), and an interesting free option, but like you said the disadvantage is that it doesn’t exist yet.

My only concern is that I’m not sure if I’ll be able to join in on live meetings due to my work hours and such, also I trade dailys and weeklies so I don’t need sessions all the time. Just one or a few per week would be fine with me. Sunday evening/night GMT time would be schweet

Anyway, I’d really like to be able to share thoughts and discuss charts with you and other room members that focus on price action trading.

Sometimes it would be nice to have some input on where I place a S/R zone for instance. The life of a trader can be quite lonely.

[s050399b]

Is anyone looking at the reversal at GBPJPY?

[o990l6mh]

Is anyone looking at the reversal at GBPJPY?

Yes, I’ve set a pending sell order to try for a slightly better entry price, but so far it hasn’t been hit.

[s050399b]

Is anyone looking at reversal (long) on GBPUSD and GBPJPY ?

[Roberto_Dinero]

@s050399b

Is anyone looking at reversal (long) on GBPUSD and GBPJPY ?

Already posted this on another thread but it bears repeating (for me at least )

[s050399b]

Hi Phil,

Am I on the right track? It’s GBPUSD

ETA:
actually it’s more like what did i do wrong?

[superdude]

Hey Phil! Is part 2 of your guide still happening?

Thanks

[s050399b]

Is anyone looking at GBPUSD? looks like it hit the ceiling and not moving up anymore…I am thinking a reversal is about to come?

[mastergunner99]

Is anyone looking at GBPUSD? looks like it hit the ceiling and not moving up anymore…I am thinking a reversal is about to come?

i agree. I’ve been sitting short on this and AUD/USD for nearly 24 hours now.

[SanMiguel]

I think spreading your entries might be a really good idea!! Spreading exits is common but to be honest the though had never occurred to me to spread entries before!

I can’t say for sure if it will help raise profits, but it seem to me that it might. I’m going to try this out next week and see what happens. I think 25 pips might be a bit much. I think I’ll start with 10 pips and see what happens.

For your question #2 I would normally go with the reversal candle nearest the S+R/trendline.

Any thoughts?
It gets a little confusing having entry lines all over the place but if you have the stops in exactly the same place then makes it easier to manage.
Think 10 pips is about right?

[flast150]

i liked your Basic chart Analyses phill , Actually after 3 year of trading Forex i discovered that the Best thing to do is trading the H4 charts , Avoids you from all the noise on the smaller time frames and its so nice if you want the daily too and the H4 is in the same direction too , this week i took around 500 pips from G/Y , i found Pin bar on trend line and Support , i took it long , the day closed and made another pin bar i left it open until this R now it was so nice

if i take every month 2 trades like this would be enough , Less stress , Less setting in front of the pc and the chart .

What do you think about the E/Y , If you look on the daily chart you will find nice pin bar under nice Resistance

i uploaded the chart Daily and 4 Hours chart