Hi,
Is this GU 1H chart ? Have you started experimenting photobucket to load bigger charts ? I am sure it will be of great use and wonderful learning for all of us to see bigger clearer charts. Thanks for the charts.
Regards,
Muthu.
Hi Gravitas,
I also had a similar trendline setup for cable. It is just that i used different peaks to draw it for pre london trade. PA was consistently forming lower high before it briefly broke up. Please have a look.
To have a Zoomed in Look at Jan 28 based on the trendline setup. This is how the trade went. A small but quick trade based on trendline, fib and price action. The trendline that you see at the intersection of R1 is the one seen on previous chart.
Regards,
Muthu.
Trend lines are better and strong when it connects more peaks/valleys on its way. Just my little contribution to this cool thread.
Regards,
Muthu.
Chennai.
India.
Hi,
A rare day today with almost no news coming and thus giving technical trading a free hand without fundamental news coming and messing around.
Its been a while since we had any posts in this thread. Today we had this setup on Euro that looked like a possible double top to me. Price action was unable to break previous high of Feb 18 last week and started to go down. I placed my trade at the area marked. (Sell order# is on the left side of the screen). It was a tight stop just above where price stalled and turned (1.3653). Sold Euro and lets see how the trade went.
The trade went in our way and it gave a decent profit and the exits are marked as shown in the chart.
Regards,
Muthu.
Chennai.
India.
I did not trade this double top. I failed to make note of this one as it was close to my work hour rush. However, I wanted to post this to show the beauty of price action respecting previous areas of support/resistance. Looking at our EU 1H chart. A possible double top pattern appeared at 1000 GMT candle of Feb26. Price action exactly turned after reaching this point which also happened to be the high of Feb 24. Although price action broke this top after few hours; It is worth noting there was 75 pips to take after price turned at the top and also it gave a good risk/reward ratio as we could have traded it with a very tight stop just above the tops. I wonder if anybody took this trade off this setup.
Regards,
Muthu.
Chennai.
India.
For those trading daily charts, this is how price action was before Euro open of Feb 26. A doji formed off Feb 25 settting up a possible Morning star pattern. Coming from a strong down trend we get this setup.
Price action continued its way up getting close to pipholic resistance close to high of feb 23 and retraced. It did gave us an opportunity to go long just before euro open on daily chart. A better entry was there at Tokyo open though. Definitely a risky trade as it is against the trend.
Regards,
Muthu.
Chennai.
India.
I have avoided the double pin bar setups as you show in the above; 1st one down, 2nd up. This to me is indecision and as you correctly point out a risky trade. I suppose one could drop down to the 4H and monitor action. thanks for posting. d.
Yes you are right. The first pin bar setup (almost a gravestone doji)showed selling pressure very much existed (long upper wick) and this was followed by the second dragon fly doji (long lower wick). Ideally a bear candle instead of the first doji would have given traders more confidence than what the pattern showed up. Yes a risky trade. Lets see what monday holds…A trend change may be ?? Lets keep our fingers crossed.
Regards,
Muthu.
Chennai.
India.
Eu has reached our Target area.
Regards,
Muthu.
Muthu,
What are those indicators on your charts? I’ve seen them before.
Gravitas
Hi,
Those are Pipholic dots. Visual dynamic support/resistance plotted real time. Here you go. Credit to the creator and a friend of mine who shared with me.
Regards,
Muthu.
Euro made some big moves both ways and it is interesting to see if euro reaches the area marked (oval) which happens to be prev day’s high. If the resistance holds, probably a good area to short the pair. If price action manages to break above this; Another area to watch for shorting this pair is marked in horizontal line. Lets see what tomorrow holds for us.
Regards,
Muthu.
Chennai.
India.
Euro reached the area marked in the previous chart and it looks like the resistance is holding, giving us a potential for a possible short trade.
Fixed trendlines and shorted euro at area marked entry. It formed a grave stone doji at close of 0500 GMT prior to candle of euro open and subsequently, the three candle “Evening Star” pattern developed as marked in the box. Entered short at break of trend line. Lets see how the trade goes. Target area is marked with a thick white line.
This is how the trade went and we exited in the area marked in the previous chart with the white line. Another double top trade here with a tight stop just above the tops giving good risk reward ratio.
Regards,
Muthu.
Chennai.
India.
Hi Muthu,
I have been following your trading ideas for some time and see that you have been making some good trades. Is there any way we can get to see your trades around the time you are entering? I mean can you post your trade entries at the same time you are taking them? With entry, SL and TPs? Many thanks.
And Vanakkam.