james16 Chart Thread

Have a 4h one on my timezone. I'm totally lacking faith in anything today however since I already got burnt and burnt again.
Also down on spirits after seeing EJ and USDJPY run 100-200 pips after I left em for 10 and 20...how silly was that?
Also closed out my cable shorts yesterday - first limit was 1.9350. Ironic.
Could have had a swell week on 3-4 trades, instead I am banging my head against the wall due to my own stupidity...

Yep!

...But took advantage of the upside momentum that created your pin-ish bar on GBP/JPY.

Zooming down to the 15-min chart I just about pee-d myself with glee....

One of my new favourite formations is the rising 'W' bottom.
Where the second bottom reverses at the 61.8% or 76.4% retracement lines. (dotted yellow line is 76.4 mark)

With an inside bar formation bouncing off of this 'W' bottom, the clincher was the LONG strong Bullish bar that followed. This bullish bar was much much longer than any other bar over the last 5 or 6 hours and closed right near it's high ...a strong sign that the momentum was still there to carry me higher. Also imortant was the fact it broke the middle of the 'W' formation convincingly.

Possible trade. Found a target FIRST.

This is the dashed white line on the chart. A 38.2% line that co-incides with the next resistance area (A previous retracement point)
This pair has a 9 pip spread on my account. On a time frame like this, you have to make sure the first bus stop is a reasonable distance away to cover spread and give a reasonable profit BEFORE taking the trade.

Got in just as the long bar closed.

The price got close enough to the target for me to keep my finger on the sell button. When it stalled for a little while I got out. Profit can dissapear quick on this time frame and at this time of the day (London open). Also with NFP coming out I only wanted to take a small chunk. (One option is to take half profit and leave the rest with a break even stop. But again, I wanted out this time.)

By the time I'd drawn all the markers on the chart below the pair had already fallen 100 Pips!!! ...A perfect example of how careful and nimble you have to be on the lower time frames. ...We can't afford to hesitate and you can only trade good setups that YOU know well, setting break evens as soon as practical.

I'm still learning this game, but one thing I've figured out already is that you need to build a repetoire of trade setups that you know ABSOLUTELY INSIDE OUT.( Pins trades for example!) ...I can see the rising 'W' becoming a strong part of mine for a long time to come.

Cheers all,
Bundy

SeekingLight!

I just wanted you cheer you up. We did some similar trades this week. Got scared with the EJ trade and also made one extra stupid mistake.
So dont you worry. You are not the only one making those ugly things.
We are still learning.

Happy Trading!

Bluefish

Hey Bluefish, thanks.

Just annoyed because every time it seems I'm past the "too afraid to press the trigger" phase then the trade management itself seems be an issue....
The irony usually is that my orders are good stuff but often my manual intervention manages to botch it. Admittedly, I've also saved a few trades by cutting them before they reversed on me(I don't have automatic trailing stops), but these pins / BEOBs at the end of swings come around every month or so and can REALLY pay off, and I simply wasted a very good opportunity. That's what's bugging me.
But oh well, live and learn. There'll always be pips to come

Best wishes,

SeekingLight

I saw the pin on 1h so I got in and now 4h is looking good too. I don't know how long I should keep this position. 230.5 is too greedy? I jumped in so that I don't have a clear strategy for this.

Saw

I meant to say 230.05 not 230.50 hehehe that would be greedy....

Saw

hey sch great one and I was just about to post a chart on this!, i traded this one also and have taken off 3/4 profit at +40 and will let the rest roll. This could potentially be a trade too hold for awhile. This was the only trade i made so far today. Good job!

Best,
Mike

I am just going to post why this was a stronger trade. First off we all know this pair is in uptrend i think thats obvious by looking at the chart(carry trades)

But here is the chart giving me a reason to play this pin. The size of it alone would have been enough but this just makes it that much stronger.


EDIT** Whoops meant to attach the one hour but the pin formed all the way down the timeframes

heres the usd/jpy 1 hour

waiting for a break

Hi guys...basically looks great that GJ setup....just a bit messy, all this yen action lately...

USDJPY drop reversed for 100 pips after that NFP, then hit the .618 retracement and made a bearish pin bar....usually if USDJPY goes down, the crosses do, too?
No? Not sure here, just a bit confuddled as usual

Edit: Lol Mike, so much for great minds think alike

hahah i think we do this all the time

:

Is G/J and U/J are the cross? Sorry for the stupid question. But if so then here is the U/J getting the pin on Daily. so I am hoping the G/J will go up too.

Hi:

I am currently short the USDJPY from 118.79 and was wondering if most of you hold trades over the weekend or close them Friday before market close?

Thanks!

Craig

I think you are asking what a cross currency is? That is just gbp/jpy in this insantace u/j is a major?

I am sorry if I misunderstand your question.

I hold positions over the weekend, if it makes sense too. For instance if you are trading off a weekly chart or daily its not uncommon too. For this trade. I would most likely close it out or move stops to b/e. Especially with the strong USD dollar and the looks of th ehigher timeframes. So it depends on how you want to play these bars. This trade is not looking great, and I will most likely close it soon and call it a weekend.

Mike

take a look at gbp and euro they doing exactly same thing and double pin bar on gbp 15 m charts both, what do u guys think?

Yea, it's a shame, here I was thinking it'd make a good re-entry into what might become a weekly BEOB and now it's a daily bullish pin bar almost. What's up with this market :/

Shame, I really don't love getting stopped / having to close for some reason :S

http://silatpusakagayong.com/iba.gifHello guys...pls help me.. i'm learning about IB now. is that valid IB on my picture?

Yup, it is.

Thanks... where should i enter short?

1. is it when new bar open and wait for retrace a litttle bit?

2. Open when new bar pass below IB?

Thanks again