Attachments: james16 Chart Thread

james16 Chart Thread

#29,741
May 12, 2009 4:38am May 12, 2009 4:38am

simoncs
| Joined Oct 2008 | Status: Trader | 456 Posts

Quoting Jduester

Disliked

I got stopped out at B/E on this. Just very sluggish to break out higher... A lot of patterns are not shaping up like I had expected... Most have not fully failed yet though. Will keep watching, learning...

Josh

Ignored

i think it will get to 1.8 eventually but this pair seems quite choppy. I entered on the 4hr Buob as a break higher which also coincided with the daily IB after the daily pin. So there were a few factors suggesting price wanted to go higher. Initially i was going to sit on this so didn't move my stop to BE straight away, but as i saw momentum slowing i changed my mind first thing this morning when i saw the 2 hanging men, and closed for +80ish.
Looks like it is just retesting all those highs on the 4hr and then may well push higher - just didn't want to sit through the retrace again.

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#29,742
May 12, 2009 4:44am May 12, 2009 4:44am

markmm
| Joined Feb 2009 | Status: Price Stalker | 1,197 Posts

Im at work, did EUR/AUD break 1.7800? My stop is just below?

Economists have forecast 9 out of the last 5 recessions

#29,743
May 12, 2009 4:49am May 12, 2009 4:49am

alter
| Joined Jul 2008 | Status: Trader | 450 Posts

I have 1.7807 the low of the day.

#29,744
May 12, 2009 4:58am May 12, 2009 4:58am

markmm
| Joined Feb 2009 | Status: Price Stalker | 1,197 Posts

Quoting alter

Disliked

I have 1.7807 the low of the day.

Ignored

Thanks Alter. Need to get my new mobile phone so I can get MT4 on it!

Economists have forecast 9 out of the last 5 recessions

#29,745
May 12, 2009 5:14am May 12, 2009 5:14am

FxMatt
| Joined Oct 2008 | Status: Trader | 86 Posts

Quoting MinceMeat

Disliked

Hi FXMatt,

Welcome to the thread. I was slightly biased to this setup since I am currently long, but had I not been I would have been a bit concerned about the traffic around the setup. The bar highs I have marked on your chart would have most likely acted as resistance and they have.

Secondly, setting a stop above / below the 1st eye is a very aggresive approach for your SL. Not to say it can't be done but I think a lot of backtesting needs to be done on this and starting off you are prob better off placing the SL on the end end of the pin...

Ignored

Thanks guys - I appreciate your help!

I will leave a wider stop next time around.

MM, Looking at the charts I can see the resistance that has become support. I am not clear on what you mean by 'the traffic around the setup' though?

Thanks for your support.
Matt

#29,746
May 12, 2009 5:25am May 12, 2009 5:25am

fxprocessor
| Commercial User | Joined Dec 2006 | 1,085 Posts

Quoting jarroo

Disliked

Forget the Hourly for a reversal from your Daily entry, again speaking in the long term mind set. Breaking that PB on the Daily at the .6850, especailly if its a hard break is the reversal signal to me.

Ignored

Mate your charts sure are easy to read. Really like the way you mark them up

#29,747
May 12, 2009 5:29am May 12, 2009 5:29am

MinceMeat
| Joined Jan 2009 | Status: Trader | 298 Posts

Quoting FxMatt

Disliked

Thanks guys - I appreciate your help!

I will leave a wider stop next time around.

MM, Looking at the charts I can see the resistance that has become support. I am not clear on what you mean by 'the traffic around the setup' though?

Thanks for your support.
Matt

Ignored

Hey Matt,

Sorry, didn't mean to confuse you. Was just trying to say that it was a bit too busy for my liking just below the pin bar to the immediate left. A fair amount of consolidation going on. I like a bit more space when taking my trades especially on 4 hours. It worked out in the end but you had to wait a couple of bars to find out so I guess it is just a matter of personal preference.

Attached is an example of the AUDCHF setup from the other day. Preferred this setup as it had a bit more room to run before any trouble. Just makes things a bit easier not having to almost immediately move your stops to BE when traffic is only a couple of pips ahead.

Hope I'm making sense. If I'm not just ignore me

Cheers
MM

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#29,748
May 12, 2009 5:30am May 12, 2009 5:30am

MinceMeat
| Joined Jan 2009 | Status: Trader | 298 Posts

Quoting fxprocessor

Disliked

Mate your charts sure are easy to read. Really like the way you mark them up

Ignored

Yeah, I've always been a big fan of the Jarroo charts

#29,749
May 12, 2009 5:35am May 12, 2009 5:35am

MinceMeat
| Joined Jan 2009 | Status: Trader | 298 Posts

Quoting FxMatt

Disliked

MM, Looking at the charts I can see the resistance that has become support. I am not clear on what you mean by 'the traffic around the setup' though?

Ignored

Oh yeah, one more thing, if you haven't already had a look, you should go to the J16 PF website and have a browse around the guest section. Loads of videos there which are really helpful. Mbqb11 goes into more detail on traffic and the best place to play pin bars. Some excellent stuff.

#29,750
May 12, 2009 5:35am May 12, 2009 5:35am

fxprocessor
| Commercial User | Joined Dec 2006 | 1,085 Posts

Quoting the_wizard

Disliked

Jim,

Are you as excited about the retest of 121.55 from below in the Bund as I am?

-Wiz

Ignored

Didn't see anyone folllow this up with a chart so allow me. Think I have the right chart correct me if I am wrong.....

Awesome resistance area to look for PA. Also love how the BEOB gave a hint of the breakout previously. Class.

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#29,751
May 12, 2009 5:47am May 12, 2009 5:47am

PeterFM
Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts

Quoting TotalNewbie

Disliked

Please could someone advise me on where to place initial S/L on set ups like the one below? On the break of the BEOB (bear in mind the small bar at the swing high was a Sunday bar) , I could have expected a retrace to the previous bar low (around 14820) but, so far, its gone much higher. Would this have been a bad trade, or is it just a question of having stops that leave enough room for maneouver?

Thanks in advance.

Ignored

If you're talking about the bearish bar at B I wouldn't have traded this as a BEOB. I prefer to see the bar showing a greater push up above the previous bar(s). This one barely got above Friday's bar. This is typical of the sort of reaction you get after a big push up from the Pin around the 140 level to another round number at 150.
People take a breather, take profit or just chicken out. All it did at that point is retrace to the support area below (you've marked with a blue line) and then the market waits to see if buyers come back in.
Look at the BEOB I've marked as A, This is much more of an exhaustion bar. Right up to the 150; long nose above and fully engulfing the previous bar. Still hit the support area below but much more appealing from my perspective.

Take care

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#29,752
May 12, 2009 5:59am May 12, 2009 5:59am

Jduester
| Joined Jan 2009 | Status: Trader | 1,036 Posts

Quoting PeterFM

Disliked

If you're talking about the bearish bar at B I wouldn't have traded this as a BEOB. I prefer to see the bar showing a greater push up above the previous bar(s). This one barely got above Friday's bar. This is typical of the sort of reaction you get after a big push up from the Pin around the 140 level to another round number at 150.
People take a breather, take profit or just chicken out. All it did at that point is retrace to the support area below (you've marked with a blue line) and then the market waits to see if buyers...

Ignored

Thanks Peter. This is a great explanation of what specifically we should look for at a Price Pivot Zone. Simply seeing the BEOB is not enough, as we see the differences between 'A' and 'B'. Keep posting!

Josh

#29,753
May 12, 2009 6:01am May 12, 2009 6:01am

marcelnyo
| Joined Oct 2008 | Status: Getting back on his feet | 502 Posts

Quoting PeterFM

Disliked

If you're talking about the bearish bar at B I wouldn't have traded this as a BEOB. I prefer to see the bar showing a greater push up above the previous bar(s).....

Take care

Ignored

wow peter, I haven't seen you around here lately

I got inspired to tell my girlfriend not to trade without stoplosses from your beginner's section here at FF, now I finally get to say thanks

#29,754
May 12, 2009 6:07am May 12, 2009 6:07am

MinceMeat
| Joined Jan 2009 | Status: Trader | 298 Posts

Retrace of daily BEOB to weekly PPZ and 50 fib level. No clear PA. Not playing this timeframe .... just find it interesting to watch 4 now.

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#29,755
May 12, 2009 6:09am May 12, 2009 6:09am

marcelnyo
| Joined Oct 2008 | Status: Getting back on his feet | 502 Posts

Quoting fxventure

Disliked

Hi Marcelnyo

I am in right now. Thanks for your concern my friend. It is demo, ... still newbies.

Ignored

Yup I am concerned, it is because from your post I assume that you were chasing trades that is already done, the setup has already made it's initial move, and IMO, that means I've missed a trade, and there's no big deal, even the most poor-paired brokers have at least 20 pairs to choose from, and that would mean 3-4 really good trades that we can plan ahead, I dont really like the Kiwis and Aussie due to the fact that it likes to move at the beginning of the day, when I am still fast asleep or haven't sleep yet... it's like 4 in the morning here with my broker's daily close.

It is just my opinion and I think some here would agree not to try to get a second entry to that trade unless a real good and rare opportunity shows itself up in the 4H TF, but I'd never go down less than daily for now, maybe even not for a long time in the future.

I'm telling you this because when I just started I take every bar available and even chase a setup that a lot of people here is talking about and try to enter after the initial break... well for me that experience is costly... I just hope that it shouldn't have to be like that for you.

Best.

Marcel

#29,756
May 12, 2009 6:18am May 12, 2009 6:18am

marcelnyo
| Joined Oct 2008 | Status: Getting back on his feet | 502 Posts

Hey does anyone here by any chance know about an article or a good post about demo trading vs live trading, I'm trying to explain to my friend to the psychology of demo, but since fijitrader's is the best I can find but it is copyrighted material, I wonder if anyone know any writings that maybe has the same power to change views of some people.

Thanks.

#29,757
May 12, 2009 6:22am May 12, 2009 6:22am

markmm
| Joined Feb 2009 | Status: Price Stalker | 1,197 Posts

Quoting marcelnyo

Disliked

Hey does anyone here by any chance know about an article or a good post about demo trading vs live trading, I'm trying to explain to my friend to the psychology of demo, but since fijitrader's is the best I can find but it is copyrighted material, I wonder if anyone know any writings that maybe has the same power to change views of some people.

Thanks.

Ignored

My view is only use demo to learn the platform for a few weeks. Go onto live as soon as possible after that to get the feel for it and start with 100 bucks or whatever money you can afford to lose, you can trade 0.01cents on oanda etc. You will never take demo trading as serious as live in my opinion, its a different ball game. I know Jim says demo for 3 months, but I would consider a $100 account like demo.

Economists have forecast 9 out of the last 5 recessions