DislikedIt's interesting how both of these scenarios happened with the same pair today. It's a crazy market sometimes.Ignored
Look at last weeks weekly PB on CAD/JPY too... another reason to have been short...
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedIt's interesting how both of these scenarios happened with the same pair today. It's a crazy market sometimes.Ignored
DislikedSince I dont get the CADJPY pair on my charts, how much higher did price go from yesterday's high?
How many pips away from the high did you guys place your entries?Ignored
DislikedAnyone know why this PB fail?
I am down 152 pips right now (luckly this is only demo)
I see a resistance around 111.17, may be I should long after price broke that level.or what I am doing is right, I just don't have luck right now.Ignored
DislikedLooks like raczek's idea of a push back towards 1.50 on EUR comes closer and closer to being true rather than fantasy....!!!!Ignored
DislikedHi All,
Just a thought about the pin bar failures.....in my opinion it had more to do with the fact that those pairs are in the middle of severe downtrends driven by much larger timeframes...go check the weekly and monthly charts....
I just prefer to trade in the direction of the prevailing major trend and then even if I make a mistake on an entry, I have a very good chance of the trend bailing out my dumb mistake etc
just my 2 pipsIgnored
DislikedHi All,
Just a thought about the pin bar failures.....in my opinion it had more to do with the fact that those pairs are in the middle of severe downtrends driven by much larger timeframes...go check the weekly and monthly charts....
I just prefer to trade in the direction of the prevailing major trend and then even if I make a mistake on an entry, I have a very good chance of the trend bailing out my dumb mistake etc
just my 2 pipsIgnored
DislikedTrading yen can be very profitable but you need to be aware of what equities are doing...., (at least I watch them...)
In many instances when they dive south, yen will strengthen vice versa.
Charts below are one of the reason why your pin failed....Ignored
DislikedHi All,
Just a thought about the pin bar failures.....in my opinion it had more to do with the fact that those pairs are in the middle of severe downtrends driven by much larger timeframes...go check the weekly and monthly charts....Ignored
DislikedWhat he's trying to say is that the DJI and futures only had a miniscule inside bar that broke down today while the JPY all displayed big big pins...this was one of the main reasons I didn't trust any of this, alongside with some personal convictions about the state of "mind" the market is in and how the whole movement "feels".
I'm getting esoteric, so suffice to say it's all not easy, but it WILL come in time.(sounding a bit arrogant and know it all here and I definitely am still wrong an infinite amount of times...I just try not to be hurt by what I do when I am and take advantage of when I am right..that's really all there is to trading, is there not? Humility, where are you..)
Personally I am getting scared that I am starting to already forget the clueless panicky days slowly and how it felt and what the biggest problems were day to day for me..I need that memory for teaching..so I will have to hurry in addressing it ASAP.
I sure hope they never do return and that I am well underway by now..I can still feel the abyss close by..I wonder if it will go away eventually.
I still blame raczekfx, he's only posting the charts to distract from his JPY selling!Ignored
DislikedAnyone know why this PB fail?
I am down 152 pips right now (luckly this is only demo)
I see a resistance around 111.17, may be I should long after price broke that level.or what I am doing is right, I just don't have luck right now.Ignored
DislikedHey SL,
anyone who thinks the bigger timeframes don't drive markets has their head in the sand....when I traded for a proprietary trading firm several years ago, my std lot was 400 CME currency contracts....you simply can't move those on a 1 hr chart basis, daily maybe, mostly weekly setups......just go ahead and jump in front of that order if you dare....and I was a small fish...
people need to wake up and realize that ultimately these pairs are driven by global money flow due to interest rates....period.....these things trend sometimes for many months at a time and the longer anyone fights that fact, the more money they will contribute to college funds for the kids of those who trade with the trend
If anyone wants to know how the big guys really trade, go do a little research and see how the largest CTA firms trade....trend following....
I see the transformation in your posts over the last few months, you are indeed becoming THAT.....a SWINGTRADER
Many PipsIgnored
DislikedCJ PB high was 110.97 on my feed.
From my journal:
"Got suckered out of CADJPY at 111.10 - exactly the spike high = my stop.
Very annoying, especially since I considered putting the stop at 112 above the s/r zone instead but then thought it wasteful. Instead I am now watching it trade 109 levels again after the touch-and-go."
I was short and planning to stay short...yet got spiked out on this pair..GJ and EJ and UJ all behaved...c'est la vie.Ignored
Dislikedwhere was your entry? In the small Weekly pb?
and why i can't find your jornal, it is private?
thanks in advanceIgnored
DislikedHi All,
Just a thought about the pin bar failures.....in my opinion it had more to do with the fact that those pairs are in the middle of severe downtrends driven by much larger timeframes...go check the weekly and monthly charts....
I just prefer to trade in the direction of the prevailing major trend and then even if I make a mistake on an entry, I have a very good chance of the trend bailing out my dumb mistake etc
just my 2 pipsIgnored
DislikedOk I'm still pretty new at this, but to me it seems like on weekly and monthly, CAD/JPY is in an uptrend not a downtrend like you guys are saying. That is why I didn't take the weekly pin (and because holiday trading was crazy last week). I'm seeing higher highs and higher lows on both timeframes. Yes it looks like a temporary down movement but the overall trend looks to be up to me. Now we have a lower high at 116, and if we get a lower low below 104-106 or so then it looks like downtrend is in full effect (head and shoulders or whatever else you want to call it. How are you guys determining that the monthly/weekly trend is down?Ignored
DislikedOk I'm still pretty new at this, but to me it seems like on weekly and monthly, CAD/JPY is in an uptrend not a downtrend like you guys are saying. That is why I didn't take the weekly pin ...Ignored