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james16 Chart Thread
- #21,222
- Feb 12, 2009 10:58am Feb 12, 2009 10:58am
- | Joined Mar 2007 | Status: Fundamentally Technical | 4,446 Posts
Patience + Humility + Study = Success
- #21,224
- Feb 12, 2009 11:17am Feb 12, 2009 11:17am
- | Joined Mar 2007 | Status: Fundamentally Technical | 4,446 Posts
Patience + Humility + Study = Success
- #21,228
- Feb 12, 2009 11:34am Feb 12, 2009 11:34am
For me, a newbie, I will wait for a convincing breakout, followed by a retracement with it proving to turn R into S... See chart.
I don't know how realistically this will play out on a daily chart though.
For the time being (Ie, until I get some good experience), I think playing the retrace after a breakout will be how I play them...
Josh
Could well happen. . .
- #21,229
- Feb 12, 2009 11:35am Feb 12, 2009 11:35am
- | Joined Mar 2007 | Status: Fundamentally Technical | 4,446 Posts
Patience + Humility + Study = Success
- #21,230
- Feb 12, 2009 11:39am Feb 12, 2009 11:39am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ghous, I should clarify, I day trade equities for a living, so my point of view is liable to change every 5 minutes or so ^^
The chart I threw up in that post was a daily chart and was pointing out at the long term support level for the index, (it's already showing intentions of a bullish move via a possible Pin bar, again it's the daily I am talking abt
)Anyways yeah I agree with Jig we'll like to know what specific equities are you trading, and is it the conventional Jims' style or some other?
Regards,
Ghous.
I believe . . .
- #21,231
- Feb 12, 2009 11:43am Feb 12, 2009 11:43am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Good analysis Josh, Jigsaw.
Jig's already a great chartist and Josh has been improving tremendously over the days....Keep it up guys we want this thread to stay like this forever
Regards,
Ghous.
I believe . . .
- #21,233
- Feb 12, 2009 11:57am Feb 12, 2009 11:57am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #21,234
- Feb 12, 2009 12:00pm Feb 12, 2009 12:00pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
something for u guys....
going to observe and see whether it closes as a dlhc first
then whether it reaches 117.3 area
cheers
It may still be tradable but it's certainly not A+
ps don't see the formation on my chart so no chart this time
Regards,
Ghous.
I believe . . .
- #21,235
- Feb 12, 2009 12:16pm Feb 12, 2009 12:16pm
I am long biased on the Eur/Jpy, but looking at this DBLHC it does'nt look too great a setup even if it closes as a DBLHC, the reason obviosuly geing the immediate resistance it might face at the 117.3 level you marked on your chart...
It may still be tradable but it's certainly not A+
ps don't see the formation on my chart so no chart this time
Regards,
Ghous.
maybe i should start from the begining, retrace my steps
anytime i feel ,im making progress, it reverses on me
men! im going to crack dis thing.....if its the last thing i do
aaaaaaaaaaaaaaaaargh!!!
Simplicity is the key to success
- #21,236
- Edited 12:40pm Feb 12, 2009 12:28pm | Edited 12:40pm
Wondering, would anyone consider a play on this pin on a break of 91? Looks to me like it would have some room to run up 150 pips, before any real resistance comes a long. Bounced off the 50 fib line of the retrace I have drawn up. Don't really have much more analysis then that, though I wish I did. Wondering what you guys think, please.
Ty btw Josh, you were right about that resistance, its been battling it pretty hard all day. Would not have wanted to be in on that mess.
Squeezy I would not worry, I think theres a good reason James highly recommends demo trading for such a long period of time, as its probably not THAT easy. I am going at it pretty slow myself, but I plan not to give up... just not going to risk real $ myself until I know I have this down, otherwise I'd probably end up quiting early out of frustration. (besides the free 25 from FXCM I got)
Edit: the 91 level seems to very well respected, I would think a break of that would be pretty strong, and a very safe entry. The consolation to the far left of the chart is giving a lot of respect to the 91 level, and when it did finally break, it was strong then. Sort of a stab in the dark with that last edit.... please let me know, I am really unsure.
Ty btw Josh, you were right about that resistance, its been battling it pretty hard all day. Would not have wanted to be in on that mess.
Squeezy I would not worry, I think theres a good reason James highly recommends demo trading for such a long period of time, as its probably not THAT easy. I am going at it pretty slow myself, but I plan not to give up... just not going to risk real $ myself until I know I have this down, otherwise I'd probably end up quiting early out of frustration. (besides the free 25 from FXCM I got)
Edit: the 91 level seems to very well respected, I would think a break of that would be pretty strong, and a very safe entry. The consolation to the far left of the chart is giving a lot of respect to the 91 level, and when it did finally break, it was strong then. Sort of a stab in the dark with that last edit.... please let me know, I am really unsure.
- #21,237
- Feb 12, 2009 12:28pm Feb 12, 2009 12:28pm
im not happy wit myself, still not grabbed wat i showed hav by now
maybe i should start from the begining, retrace my steps
anytime i feel ,im making progress, it reverses on me
men! im going to crack dis thing.....if its the last thing i do
aaaaaaaaaaaaaaaaargh!!!
Plenty of opportunities for a good trade next week.
- #21,238
- Feb 12, 2009 12:33pm Feb 12, 2009 12:33pm
im not happy wit myself, still not grabbed wat i showed hav by now
maybe i should start from the begining, retrace my steps
anytime i feel ,im making progress, it reverses on me
men! im going to crack dis thing.....if its the last thing i do
aaaaaaaaaaaaaaaaargh!!!
Take it easy / Chill a bit. People spend years flat broke in University to do something that provides an average enough standard of living.
You cannot expect to have it conquered in a few weeks. . .
EDIT: or even months . . even years probably . .
- #21,239
- Feb 12, 2009 12:34pm Feb 12, 2009 12:34pm
This would be a good time to step away from the charts and call it a day/week....
Plenty of opportunities for a good trade next week.
going to go call my girlfriend now
@ ghous, check ur inbox, just sent u a msg
later guys
Simplicity is the key to success
- #21,240
- Feb 12, 2009 12:35pm Feb 12, 2009 12:35pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
hey ghous ,pls cld u show me an example of a bullish/ bearish inside bar...
might hav mixed it up ....
umm...as far as IBs go I really don't treat them in pairs just like a BEOB and it's cousin the BUOB, the bullish pin bar and the bearish pin bar...
An IB given that it has a proper shape (the smaller the Ib relative to the previous bar the better) get's traded upon location...
You can trade an IB which closes higher than the open (i assume this is what you're referring to as a bullish IB) on the long side and on the short side, it really depends upon where it occurs...
(look at the following charts)A bearish IB i.e one which closes lower than it opens can also be traded both ways once again depending on the location...(some more charts...)
The basic concept that one needs to grasp is the logic behind it's formation and why it's a signal so good that it can be traded (even by traders like James)....i.e....
It is a clear indication of a halt in momentum, now this hault could be a temporary stall as price tries to catch it's breath i.e pulls back or it can be a good indication of a trend bottoming out,
Note however that just because an Ib can be traded both ways it is'nt a smart idea to actually place pending orders at the high and the low at the same time, pondering over it's location the bias has to be decided...it's like you don't want to keep your feet in 2 boats just so you can feel added safety, a strong current can take the boats in opposite directions throwing you exactly where you did'nt want to be
Regards,
Ghous.
I believe . . .