Short-Term.....Swing Trade (Set-Ups)

[marketwavez]

This is the Australian Dollar ................

Usd/Aud


I can't believe what they are saying over at daily fx about this p

Why buy at the top ? ...............
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It's at 16 year highs yes
but it's un up so fast.. ( Looking at the Longer-Term charts )

When when will it run out of steam ?

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Heres one of many views of it !

[marketwavez]

Small update Usd/Cad

Here is the Canadian Dollar

There appears to be a very strong
Double Bottom Formation that may start to firm up even more

Toommrow should be interesting to see what happens here !....

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[marketwavez]

Originally Posted by marketwavez

HERE'S AN UPDATE ........Eur/Usd
Again

ALLL Eyes on the yellow paralell line !...........
( The Bulls need to keep Price above 3390 )

Now for the Euro
Remember 3 or 4 days ago - I explained you all about 3390 ?

Now look at this mess in the Euro

Why is it free falling ? .......Wellits simple
there were probably alot of traders with stop orders at 3390 .

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That was the number that was suppose to hold for the Bullish traders
especialy the longer term traders /////////////////////////////////////

This thing now looks like a free fall ................

maybe it gets worst -
becuse guess what ? ....... The U.S. Session isn't even open yet !

One halph of the the world is still sleeping !
will wake up to this suprise in about 2 hours or so .................


Today is going to be an emotional one !
Today watch the news for the all the sobbing stories !

P.s. ( scroll up to the post with the U.S. dollar just above )
this is an important chart as we move forward

[weissdawg]

There was mucho support at the bottom an hour ago. I'd be very surprised if this wasn't a major bottom.

Talking about EURUSD

[FxKos]

Comment to Weissdawg

I really like your comment on page 104. I personally don't really trade using EW. Like anything else it's just another tool. If it supports my trade using my main method I will just increase my risk.

I've been trading with many methods like yourself I find Pitchforks channels to be the most useful. In addition to this I find using geometric methods geometric fibs very useful. I.E. Wolfe waves all of the patterns that Larry Pesavento defined.

I can post the chart if necessary but the exact bottom of the euro to about 5 pips was an ab=cd on the 4 hour chart. That's why I really like these patterns... It gives you a great way to manage risk. Like marketwavez says trading isn't about being right all the time it's just about managing risk being consistent in the approach...

P.S. If you haven't already read "Best Trendline Methods of Alan rews" by Patrick Mikula. It's the best book on forks I've read. Anything by Tim Morge is worth a read especially when he talks about energy points.


Cheers.

Kos

[weissdawg]

Thanks FXKOS....there was soooo much support at the bottom. Yes I've read Mikula's book. It is great but some of the best things about pitchforks he either doesn't know about or doesn't mention.

[FxKos]

Posted this chart before thought I'd update it since I noticed MarketWavez has a similar wedge chart.

The dotted red line marked "4a" would be an early target if it makes it there. The solid red line marked "4" is the real target. The intermediate horizontal is red line is potential support. I like using 2 points of contact trendlines that aren't at the top or bottom of a previous move as support. I find these areas really useful for shorter term trading (i.e. if the daily bar closes there the next day take all long trades on any intra-day/scalping system.

Overall I like to watch daily bars close around these lines then combine this with shorter term analysis to determine where I can increase risk.

Cheers.

Kos

[FxKos]

Was taking a look at the USDCHF thought I'd post a chart as a heads up if anyone missed it.

Here's a simple fork support line underneath (dotted red).

It's worth noting that price has aggressively sold off at the upper parallel line on every attempt.

If today closes around these levels it will be another break above be a bullish sign IMO.

Attached: Weekly Daily chart.

Oh yeah on a side note about that group thing. I've been trying myself to form some type of group with little success. I like a smaller group since you can get together like-minded people share in the price analysis. If GolHuntSleep does the form the group I can get a goto meeting room setup so that we can see each other's desktop even a voice server if the group needs one. I find that the most effective way of sharing ideas.

Cheers.

FxKos