james16 Chart Thread

Quoting SeekingLight

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Hoboy I hope I don't get in trouble for these distractions and Hobbies

Yes, I admit everything, I use that tool for visualization often.

It is however simply to show spots on the chart which have possible price projections. Things work like this:

Head and shoulder patterns(a lot of pin bars are compressed forms of these):

They have a head and neckline. Initial target for a move out once that neckline is broken and sometimes revisited is the size of the top of the head to the neckline. It is measured and then "projected" from the neckline on.

This doesn't always match up or work, but if I see it coincide with s/r or other fibs etc, it's just something I am trying to watch and learn from.

This guy here
http://www.trading-naked.com/headand...ersREVERSE.htm
http://www.trading-naked.com/HeadandShoulders.htm

uses them for example, but the page is a bit messy.

There's also info at
http://stockstoshop.com/headandshoulders.htm
and also for wedges and similiar. BUT IGNORE THE INDICATORS SECTION


This one also has a really nice essay on it.
http://www.kcifinance.com/CT01.710.html

And there's more about price projections here, too
http://www.forex-trading-software.co...t-patterns.htm

and
http://www.thestockbandit.com/Site-Map.htm
looks cool.

Other stuff is Elliot Wave, but that's far too complex. If you want to look into that sort of thing you can google "simple ABC correction" and "isolation approach", but it will not yield anything tradeable. Hobbies and pastimes, as I said.

Also, a giant word of caution: These projectons mean NOTHING on their own. NOTHING.
They are for ME just a general guide to say "hey, be careful to look what price might do once it gets here".
That's all. Nothing more.

Exiting blindly is the same as cutting your profits short and strongly advised against.

Hope this answered your question

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Quoting JoshDance

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Yes, unfortunately though this one dropped almost 100 pips before going up, so many of us (myself included no doubt) would have been faked out and lost some money here :-/

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Quoting SeekingLight

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Actually it behaved and worked perfectly even against all my original scepticism

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Quoting SeekingLight

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I just wanted to post some musings on cable which could of course turn out utter BS, but they are just some observations. Wondering whether we'll get a last stab higher to meet some of my targets on my crosses, as I am out of GBPUSD currently.

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Quoting JoshDance

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On a typical 1H chart, a new bar forms every hour, whether tons of trades were placed that hour, or if it was very light volume, like on a Friday afternoon. On tick charts, you can specify that a new bar be formed when a certain number of ticks goes by. So each bar would represent an equal amount of trading activity. So I can say, I want each bar to represent 133 ticks. Well, during an NFP news release, for example, you might get that many ticks in one minute, so a bar might represent one minute's worth of trading, whereas at 6PM EST, it might take 20 minutes to form one bar! So your charts are not time-based, they are activity-based. They are very popular in futures trading and other markets.

So all that was to say that on a time-based chart, a very small IB may be formed simply from a lack of trading activity, and the high/low are likely to be very close to each other. Whereas on a tick chart, one bar might be 2 hours worth of activity, and another might be 7, but they will represent the same amount of activity, and you would be much less likely to have "fake" IBs. Unfortunately, as an MT4 bar can only be as small as 1M, tick charts are not possible, though some not-so-good attempts have been tried. Other programs like fibonacci trader, probably trade station, and others have them.

All this was just to say that that's one reason IBs are more common on 4hr charts, not the only reason, and not to say that tick charts are really superior, as that's a matter of preference.

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Quoting ianf0ster

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Cateful,
Well caught - it took me completely by surprise. Any thought on an target price?

Ian

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Quoting ianf0ster

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lava,
Yes it look like a Pin alright. But it might still be a false one like the one 3 weekly bars back which was negated by the following weekly bar.

Ian

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Quoting lava

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Looks like a Pin forming on the Cad weekly chart? Can you confirm this for me?

I am in this trade because I saw a different setup called a Dragon's Tail that also moves Price very fast also there is the now customary wolfe wave to confirm direction and potential TP.
Also the weekly buy signal has been triggered on the FX Sniper ECCI. This is a first for me!

Entries at 1.4041,1.4039,1.4025 and 1.4016. Plan is to add more on pull backs.

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Quoting CateFul

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Can you post the chart? I didn't see any pin bars 3 weekly bars back...could be broker time difference

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Quoting lava

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Hi Cateful,

I am looking to add at around 1.0460 (61.8% expansion) or 1.0473(100%expansion) of the current move. Looking for strong ZLR opportunity from the 15M-1H WCCI. With confirmation from the MTF FX Sniper's ECCI and I may use that to time the entry. It will take some time as the hourlies are OB. The 4 HR has only just reached the Zero line so I will look for a hook back on there (Famir) and look for the confirmation of trend change.

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