Trades in play...

[MARKETWAVES]

DTM .... I have been watching this since yesterday ...

It's probably not on your radar .....
but its on mine becasue of the shape....

IT APPEARS TO HAVE A SOUND BASE BUILT IN


I am always looking for sound bases ... It's / where truly where I believe that opportunity is located ....
ENTRY ..............1.1750
STOP ..................1.1680

(BASICALLY A 30 PIP RISK )...........................

Minor resistance appears to beat 1.1800 , I MATCHING THIS TO BREAK ABOVE 1.1800 .... and then tighten up the stop somehow...


STAY TUNED ,,,,,,,,

 

[DTM]

Re: TRADES IN PLAY .........

G'day Market

Sorry, have been busy lately. Haven't had much chance to look at things. I will do a proper analysis tomorrow.

But just from sighting it:

Monthly shows that it is testing the bottom so next month's candlestick should be a positive signal which will give a clear sign of a reversal.

The weekly charts show a good reversal is occuring whilst daily charts show that its broken through resistance and could retest the resistance turned support line.

Nice trade Markets, up 30 pips already.

 

[DTM]

Re: TRADES IN PLAY .........

Now this is the ideal setup. Indicators have moved into oversold and looks to go up. Candlesticks say that support has been tested and has bounced off it. I have set my buy signal (an aggresive one at that) at near the close of the day of the red candlestick with the stop loss at the low of the day. I am looking for next day's price action to retest the low of the previous day (or there abouts) and start heading up and to leave a white candlestick. It could end in a white doji which will show hesitation, but a turn around. Wait for the price action to start moving up after retesting support (set your risk parameters according to your trading style) and only then I would take the trade. If it keeps falling and doesn't bounce, then dont take the trade.

Wait for the upwards movement.

 

[MARKETWAVES]

Re: TRADES IN PLAY .........

Here's how this panned out............

Price broke through the neckline of this inverted head and shoulder pattern ........ and I used it as a point to exit the trade ...
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Most text books on technical analysis will tell you to buy the break of a neckline..... which in my book by the way is a no, no

DON'T BUY BREAK OUTS..... ( IT'S TOO LATE )

THIS IS AN ATTEMPT TO SHOW THE IMPORTANCE OF BUYING SOUND BASES OR SO CALLED CONSOLIDATION......

HERE'S ANOTHER EXAMPLE ........ ( click link below )

https://www.aussiestockforums.com/forums/showthread.php?t=1831

 

[DTM]

Re: TRADES IN PLAY .........

OK. USD starting its march up. Look to use trailing stops, ie move your stops up because it will look to retest the bottom. On the long term charts, the USD rise is very significant because it looks like it has bottomed out against the board.

 

[DTM]

Re: TRADES IN PLAY .........

Long positions should be held with a trailing stop. Look for the price momentum to peak and retest former resistance changed to support.

This was a nice move.

 

[MARKETWAVES]

Re: TRADES IN PLAY .........

Here's good looking .....


Intrady charts...

Here's what the EURO is up to............

Can we close the Gap ?

Every technician with any prolonged experience is probably watching this one from this stand-point of closing this gap...

Well, we will know soon enough...

STAY TUNED .............

 

[MARKETWAVES]

Re: TRADES IN PLAY .........

Here we are ....................
a double top of resistance appears to have formed at the 38% retracement line ....
Yellow high light area .......

The question is can price break above this 1.2132 mark and close above it on a 5 min chart .....


I think this could be a low risk trade ..........
stop is at 12100

Exit strategy ......

Get out if we touch 76.4 % line posted here ....

 

[MARKETWAVES]

Re: TRADES IN PLAY .........

au:NCM ..............

A MINING STOCK

MOVING NICELY OUT OF ITS BASE AROUND 12.50

Looks like channel break-out occured afer all ...................

 

[MARKETWAVES]

Re: TRADES IN PLAY .........

Here's how yesterdays EURO trade panned out .....
( see post above )

was looking to close the gap and we did......

moved the stop up as price started to rally

bought @ 1.2123
price objective......................1.2170

1st stop @ 1.2100

2nd stop @ 1.2135
(as prices started to rally to close gap )

 

[DTM]

Re: TRADES IN PLAY .........

Nice trade market.


Nice charts as always.

 

[DTM]

Re: TRADES IN PLAY .........

Long positions should be held with a trailing stop. Look for the price momentum to peak and retest former resistance changed to support.

This was a nice move.

Update on the US/Canadian dollar movements. Break out occured and reached my first target which was the red resistance line. Look for it to retest resistance turned support ie red line.