UJ Pre-FOMC
Sold @91.00 TP 90.09 or lower.Stop Loss 91.30
Support to clear 90.745.
Trade at your own risk if you decide to copy. No assurance and I expect you to have some analytical and trade management skills. For those so called "professionals" who wants logic of decision, I think the chart is self explanatory provided one know harmonics. No disputes allowed or will be entertained!.
Good Luck to me! :-))))
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Comment by Sundaram on January 30, 2013 at 6:43am -
CORRECTION! Chart was extracted from 15 minutes time frame. Sorry for the mistake!
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Comment by Sundaram on January 30, 2013 at 9:00am
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Stop Hit! Took short again @91.30, this time stop loss @ 91.45
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Comment by TONY on January 30, 2013 at 11:33am -
Good day Sundaram. Can you suggest me some readings plz in ur free time for understanding graphs. I sincerely want to learn the art of reading a graph. Thanks for ur time and good luck for ur trade :) Regards, Tony.
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Comment by Franck Max on January 30, 2013 at 11:54am
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Hi Sun!
What is your profit target here?
'Took short again @91.30, this time stop loss @ 91.45' - UJ
Cheers
Franck
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Comment by Sundaram on January 30, 2013 at 12:00pm
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Hi TONY,
Thank you for your comment. I appreciate your interest in learning and understanding graphs.
Unfortunately, I am not up to the par to teach anyone. I am just "pretending" to be a "good trader" :-D. I learned mostly from www.babypips.com, Dr.Sivarman's webminar and then by observing some posts of the traders and interacting with them. I am a member for almost two years now. I would say that I learned a lot about technical here yet complete success remains elusive, though not as often as before. There are more to trading than technical and fundamental analysis. Good mental strength and understanding of market timings and "trickery" is required.
I would suggest you head over to Fxstreet.com's education section and watch the webminars. Some are free. There is a wealth of information there.
Okay, regarding that UJ graph, that pattern is invalidated since price zoomed past ~91.04 and tad bit above 1.27%(91.239) of XA @91.418. It could try 1.618% of XA @91.50 but price has now retraced. If price breaches 91.17 I would add more to sells.
Take Care!
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Comment by Sundaram on January 30, 2013 at 12:07pm
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Hi Franck missed your comment while typing above reply.
I have not set target for the short. It is still in danger of shooting above to test 91.50! Anyway, price came close to hit my stop @9145 and set a high @ 91.412.
As i have mentioned in earlier reply, If price breaches below 91.17 I would add sell to target 90.88!
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Comment by TONY on January 30, 2013 at 12:13pm
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Thanking you Sundram for your well-informed answer. I will start attending web inars and will go through some of the stuff you mentioned. I like your posts here and hopefully will be better able to appreciate them once I do some more spadework :). Regards, Tony
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Comment by Peter jcp on January 30, 2013 at 12:43pm -
Hi Sun - your LR crosses on your 5 or 15 min chart - "out trumped" your harmonic pattern I reckon ;-))
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Comment by Sundaram on January 30, 2013 at 1:13pm
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Yes Peter, The LR too betrayed me :-D
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Comment by Sundaram on January 30, 2013 at 3:44pm
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Hello Franck, if you notice during US data release price did spike down to 90.88 but the pullback was too quick. Typical stop hunt! Anyway, price has now dipped under 91.00 and seems goin gback to 90.88 and hopefully MOREEEEEE!!! :-D
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