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FX Currency Charting
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FX Currency Charting

  #1 (permalink)
Elite Member
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FX Currency Charting

One of my goals was to do more manual trading but at the same time not be tied to the chart for 24 hours a day. I decided the best way to do this was to start trading higher time frames. I found the 30 minute time frame to my liking. Its not as fast as the 5 minute chart but not as slow as the daily chart.

Before I start live trading I will be testing out different currencies I want to trade by posting markup's of the chart. My method is pretty straight forward:
  • Trendlines
  • support & resistance
  • channels
  • flags, pennants, wedges etc..

I have weened myself off of indicators over the last year or so. I have found they cloud my judgment more than they help me. The one exception is bollinger bands. I use them every great once in a while to get a feel for where the market is at.

I welcome feedback and encourage other members to post charts as well.

Robert

nosce te ipsum

You make your own opportunities in life.
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  #2 (permalink)
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  #3 (permalink)
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Here are my current markup's for the EURUSD / USDCAD /AUDUSD.

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  #4 (permalink)
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Hi Silver Dragon, ditto, I do a very similar thing regarding channels, S/R and patterns. See above my daily for the EURUSD. I also have pretty much all the other lines on my chart you do (but not quite as detailed as yours) on my entry chart which is the 15 minute timescale. See below

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I'm only testing this set up presently, but... I would have gone short at 1.26 with a 40 pip stop above the double top and wanted a break of the up channel support at 1.245 to have confidence that it coudl develop into the next leg down channel.

I am working up distinct set-up(s) based on the market structure to go with my two intraday set-ups that I trade live with now.

Look forward to following your thread.

know thyself
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  #5 (permalink)
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Attached is the chart for the EURO 9-5-12

I have highlighted ellipses breaks /touches of support / resistance areas today. The big one came this morning where there was major violation of a trend line but came roaring back after an news event.

This afternoon there was a double top which pierced a upper trend line. I entered trade @.2512 on the second failure. Current target is .2560. Stop is .2636.

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I had a chance to mark the 5 minute chart up. It was a interesting chart to look at because of the volatility.

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I wanted to share this pattern. I call it Dragon Wings. It occurs when the trend line keeps getting steeper and steeper due to high volatility. Notice how they all connect to form a wing. I think the name is appropriate because riding a Dragon can do serious to harm to your trading account.

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Robert

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Last edited by Silver Dragon; September 5th, 2012 at 11:38 PM. Reason: Repeat words!
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Attached is the chart for the USDCAD 9-5-12

Nice breakout and follow through today. It touched a resistance around 5am then broke through it at 11 am. It stop right on on the next resistance and pulled back.

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Attached is the chart for the AUDUSD 9-5-12

Entered today in the middle of the wedge pattern. This was actually a decent risk because it bounce off support yesterday and is at the bottom of channel trend.

I love how the price coiled within the wedge all day and they spilled out in the next session. On the news event it touched the support and shot upwards.

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Euro spiked along with AUDUSD. Back to break even. Holding on to the position for now however, if the price reaches today's high I will close out the trade. I dont like how the chart is shaping up.

Robert



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If you are buy and hold trader you might be interested in the this analysis: https://futures.io/elite-automated-trading/12250-walk-forward-experiment-33.html#post258776

Robert

nosce te ipsum

You make your own opportunities in life.
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Silver Dragon View Post
Euro spiked along with AUDUSD. Back to break even. Holding on to the position for now however, if the price reaches today's high I will close out the trade. I dont like how the chart is shaping up.

Robert



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I ended up exiting this trade break even. I am glad I did. In the below chart you can see the upper bubble. This would have stopped me out. To add insult to injury the price then went down and hit my target of 2560. This chart illustrates the power of support and resistance. In both cases there was a reversal when the lines were touched.

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