james16 Chart Thread

agreed.

aud/usd too. Time to pick some cherrys...

CHART

True. Kiwi and Dollar Yen looking ripe too. Gotta love what Jim teaches.

Agree with AU cherry pick... but worry with the resistance that it will be facing going UP.

guys what do u think of thIs one?

That's NOT a A+++ set-up by a long shot Ghous. ...no offense.

I agree with the trend line you drew and it totally disagrees with the direction of your price bar.
It should also be at an obvious swing high , where as this one's just part of a small pause.

It's a very low grade position in my opinion.

Look to see a lot more space around your pin. The current one's nearly a direct neighbour to the preceding string of bearish bars.

EURUSD PB...

hey ezz, this is what my daily chart looks like:

i think mbqb discusses how to trade these gaps earlier in the thread ...

My take...

Hi fubifx,

I'm just wondering if you are thinking that last bar is a pin, when it's clearly closing right smack bang in the middle of the bar.

Closes in 15 mins here.

The conflicting thoughts from both ghous and you guys suggests that there's no clear trade here ....yet.

Or that their daily closes at different times.

How's it going bundy!

I was wondering, how different charts looks at the same time.
Thats it, maybe

Yes, it´s overwhelming, and so simple. I use this method only for a few weeks, but it works perfect, from my observation.

Hi Bundy, there is no offending matter here you have all the right in the world to disagree, however i would like you to hear my end of thought as well...

i think it was a good short on Au because it was basically a breakout trade, a trade that i was (and still am) anitipating to break the trendline.

let me show you an example...(refer to the attatched chart)

here is Uj a couple of days ago. the price got stuck between two PPZ's and then broke to the north, i am basically trying to outline how i trade the breakout trades. Many traders will look to trade on point 2 where the candle closed above the PPZ, whereas i take the trade on instance 1, and yes that's within the traingle. let me explain why i do this. the trade i take was on the basis of PA and recent momentum before that last green candle the price was showing no momentum either on the bull nor the bear side, but the then we noticed that around the southern PPZ started to appear some tails and then a very good sized green candle indicating the bulls pinning up on the bears, we thus enter when we see the close of this signal candle (that is on the basis of PA) and will look to ride the wave atleast to the northern PPZ. now at first this is just a normal trade for me in the ranging markets, and there is still no proper confirmation that the range may break out to the north even though i anticipate it. my first signal of a breakout is when i see the price close beyond the ppz, and the next thre candles price was not able to make it back below the line, and the breakout occured, we bag in the pips from 106.6 approx while another trader who took the trade upon the break of the ppz would have missed all the pips between point 1 and 2. the differnece is not only when it comes to pips entry 1 is alos much much more safe in my opinion becaue we are not risking the uncertainity that the price may not break the range atall because we know that sometimes wicks and even entire candles close beyond the range and th price shoots back below it, so i therefore try to be a bit safe and take the trade early (if there is a PA confirmation only) and then simply close out the trade if i see that the price is bouncing back from the PPZ and dance around if the pair breaks out of the range.

a wise trader on this forum only advised this kind of a strategy to me, he told me "That money from range breakout trading lies within the range only". he convinced me by asking me to take note of a few range breakouts and see how the momentum starts building within the range much befoe the actual breakout, it's where the big guys and the big money is being played on...

now the whole point of this long post is to let you guys know of just another way i manage trading uring ranging or important PPZ's although Au was a diff case in the sense that the market was clearly trending and the price was'nt trapped but it was still a avlid case for this kind of a trade as the momentum was clearly in favor of the breakout of this trendline. i traded off those tails when i clearly saw that all the resisatnce that the price got off the trendline was a bull candle and a few tails on great red candles, it thus convinced me that the short was on and would have taken it straight away around the 0.96 region i can see that the price went 60 pips from there and now seems to be consolidating (rather than going up) now even if it decids to go up a trader who had taken the trade the way i do will still end up a winner, and consider a trader who took the trade on the close of the 4H candle below the ppz, DAMN! the price would have gone 50 pips against him, see what i mean??

these are the reasons why i straight away mentioned this trade as a A+++ trade for me, it might not be for you but according to my trading method it was... i might have hesitated though if the bearish momentum would not have been this strong.


lolz! that'sa nice way to determine where price is going... haha!

oh i almost forgot the Uj chart lol...

I like it too soeasy.

the best part abt Eu Pb is that it'ss on with a confluence with the 50% fib which is the most important fib number there is... took it?

Somebody's been studying PA and Confluences. Nice ghous.

50% is not a fib number, its a retrace favorite.

Hi everyone,

I just wanted to say hi, and thanks for some of the best forex content i`ve seen in a long time.

I was one who used be moving on from one indicator to the next, until i started to look at candle sticks and support and resistance.

I`ve got to admit the pin bars have to be one if not the best trade signal to watch out for.

Gbp/Jpy

Price Action Rules!