Support, Resistance & Chart patterns

[madwt]

That's interesting. Thanks for pointing out the w-wave structure so clearly and marking the 5 points. I am finding your charts very helpful. I see that you connected points 1 and 4 and used the trend line connecting these points as your target. Is that a general rule of thumb that can be applied to any 5 point w-wave structure to set a target?

[madwt]

With Cable, we did get the rally up from the [white] trend line I mentioned should happen, and the c-fork also held. I decided to hold the short.

cable.png

You also mentioned that CAD was at a support level. Good call. I had taken a long CAD at the support just a little while before your post.

cad.png

These are the only trades I have open at the moment.

d

[slipshod]

hi again, yes those were two excellent trades Both my "scalp" TP levels were hit (UCAD's was up at resistance) and I'm holding trailing entries in case they choose to run further. I didn't get on the bounce from the demand back to supply, was kicking myself for not doing so, but thankfully shorted again. Am also short on EU and long on EURCAD ... I'll edit this post in an hour or so with some charts.

Yes if there's a clearly defined 5 point structure to a Wolfe Wave then I like to draw the target line. Its really just a guide - sometimes the price refuses to reach it, which usually means a big move's coming in the other direction (happened recently with a bear wave on AU that didn't fulfill then the big push up), sometimes it'll hit it precisely then turn over, and sometimes it'll bust past it and keep running.

[slipshod]

Sorry I didn't get a chance to add some charts, will hopefully find time on the weekend.

But ... that was a great end to the week. GU, EU, AU (hopped on board today with a short), UCAD and EURCAD all closed out with an aggregate profit over 400 pips, to go with earlier trades in the week. Hoping for many more like it to come - and if you're interested Darren I'd be very happy to work with you sharing & discussing setups etc, seeing as we trade using similar methods.

[madwt]

Sounds good. I had a good week as well, but not as good as yours.

I would like that. Have a great weekend.

d

[slipshod]

Ok, chart time - both a recap of past action and where I'm looking to trade in the coming week. Comments, observations and alternate opinions most welcome...

Here's USDCAD H4 to get the ball rolling...

ucad-h4-20121020.gif

AUDUSD H1:-

au-h1-20121020.gif

AUDCAD H4:-

acad-h4-20121020.gif

EURAUD H4:-

ea-h4-20121020.gif

EURCAD H4:-

ecad-h4-20121020.gif

EURUSD H1:-

eu-h1-20121020.gif

GBPUSD H4:-

gu-h4-20121020.gif

NZDUSD H4:-

nu-h4-20121020.gif

Last but not least, NZDUSD Weekly:-

nu-w1-20121020.gif

[madwt]

I see this triangle on the euro that broke out. I will be looking for bounce of the trend line up, then a fall back down. Just like the pound.

It's not a upward facing or downward facing wedge though, as per your thread. As I trade similar, but not the same, please let me know if I stray from the theme of the thread. It will not offend me.

euro.png

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[slipshod]

No you're not straying at all far from it. In fact your chart perfectly illustrates why more pairs of eyes than mine are needed. Its a Symmetric Triangle indeed, could well bounce from where it is, thanks for pointing it out.

[madwt]

Ok, chart time - both a recap of past action and where I'm looking to trade in the coming week. Comments, observations and alternate opinions most welcome...

I like your charts and your analysis. You have clearly articulated your thoughts.

Edit: How do you show your trades on the chart?

Edit 2: You mention compression. E.g. On GBPUSD you say there is lots of compression in the rise, which means it could fall in a heap. Can you elaborate on that?

Thanks.

[madwt]

Hi slip...

I am going to show the same charts as you have posted. I understand your analysis. I would like to compliment them with some of my observations. Your charts have pointed out some things I missed. Mine may do likewise. What I am adding is looking (in general) for a trend line retest at your supply / demand zones to confirm (or support) the entry.

USDCAD. Nothing to add. Long as earlier post at support.

AUDUSD. Trend line retest. Could fall back down or continue up further. It it goes up, I will be looking at short the any future retests of trend line (should occur at supply).

aud.png

aud2.png

aud3.png

AUDCAD. Trend line retest.

audcad.png

EURAUD. Nothing to add.

EURCAD. Trend line.

eurcad.png

EURUSD. Previous post.

GBPUSD. Nothing to add.

NZDUSD. Potential for another bounce north of trend line.

kiwi.png

d