i also "got in on that". tho im out now. and short 92.75
james16 Chart Thread
Here is a chart - the PB bar is not closed yet - another hour to go. But let's say it was closed.
How would you rate the trade? What would you do with it? Would you take it? What do you expect it to do when it breaks?
Disclaimer - this not a call to take it or not to. It is a call to put your thought process out there and see what we've learned.
ESPECIALLY THE NEWER PEOPLE HERE...
..
2. crappy
3. right under 1.70 with huge mess on top
4. i'm going to bed
But it could be a sneaky one, scaring sensible people away and then making huge pips for, hm, well, the others.
P
- #43,024
- Sep 3, 2009 5:31pm Sep 3, 2009 5:31pm
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
1. small
2. crappy
3. right under 1.70 with huge mess on top
4. i'm going to bed
But it could be a sneaky one, scaring sensible people away and then making huge pips for, hm, well, the others.
P
Yes. But really, we are looking for the slam dunks. So if it makes pips, it makes pips.
Lots of crap bars do.
Congrats - you win the prize. Keep that kind of thing up and you'll be a raging success.
I'm pretty much done with all this ...
- #43,025
- Edited 6:04pm Sep 3, 2009 5:35pm | Edited 6:04pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Couldn't we take 4hr PA to jump on board??
Of course something other than this bearish pin at the moment.
If I was James, I would see that the Daily closed as a BUB, but did not give a strong Bullish PA setup. That's a strong down trend on the U/J, although it did give a bounce off the 91.50-92.00 PPZ level. A strong Pitbull setup is what I would like to confirm and/or add to James' position.
As I mention earlier, if the Daily closed higher to form a BUOB then we would be looking pretty.
Since it did not, and Price reached or fullfilled itself by hitting the next S/R level or "trouble area", tighter stops and a possblie short (as you mentioned on the 4 hour, possible PB) would be my options.
Sorry I can't post charts (darn it.)
Jim
Indicators show the past. Price Action "Indicates" the future.
Hi MIKE,
Thank you for you answer.I will start reading from the first page !
Also I plan on listening to James's advice and trade on demo only daily and weekly charts.
In the mean time I paid for his website and I am a member now.
My question is :
is there any post where I can see the trades you are taking?
I mean entry , stop loss take profit and everything?
That would help me understand what you are doing.
In the chat room you take live trades?
Seeing charts and trades helps me a lot in the learning process.
Also I apologies if this is not the best place to ask this questions but I guess we are all friends here
Maybe I should watch this forum for new charts and trades?
What is the best way to use the site membership ?
I am kind of lost ...sorry about that
Thanks !
Evve
Thank you for you answer.I will start reading from the first page !
Also I plan on listening to James's advice and trade on demo only daily and weekly charts.
In the mean time I paid for his website and I am a member now.
My question is :
is there any post where I can see the trades you are taking?
I mean entry , stop loss take profit and everything?
That would help me understand what you are doing.
In the chat room you take live trades?
Seeing charts and trades helps me a lot in the learning process.
Also I apologies if this is not the best place to ask this questions but I guess we are all friends here
Maybe I should watch this forum for new charts and trades?
What is the best way to use the site membership ?
I am kind of lost ...sorry about that
Thanks !
Evve
- #43,027
- Sep 3, 2009 6:12pm Sep 3, 2009 6:12pm
i saw the pin off 92 round no but i wasnt convinced by the small size (poodle)... & now this pin with the 4hr trend of trendline telling me to short to retest 92 but ill watch and see how it plays out....
watching the daily chart, next week should be interested....looks ready to breakout
Hey squeezy, this is not directed @ you but sparked something in me..
I have a few different methods I use, so charts mean different things to me on different tf's..
I like a short here on uj to retest the low made today..
doesnt mean i would hold a short to the exact low though maybe get out @ 55% retrace..
There is a nice bullish bar to suggest turning higher & I agree with that..
Playing off nice support going higher makes sense. but long term trend is down..??????
What do we do???
ITs up to the individual trader what they do , how they trade, what methods & what tf's they use.... making it all work together is the challenge..
All the information one needs is here. Just look at Ben. He's worked it out, for now...... Wait till he gets older or he starts thinking too much, or starts trading with money he cant afford to loose.....
Not suggesting he will fail... On the contrary I think he will do great cause he has started with nothing to loose & everything to gain..
people who have no money usually think the same but they are wrong...
when you have to buy food ,pay rent/mortgage, put petrol in the car, pay for tuirion, pay taxes , by birthday gifts etc, etc..... you get the idea..
people with no money have the most to loose.....
The point of my rant I spose is what Jim allways says... This is really, really simple........... Its us (the trader) that make it hard...
How do we get around this simple Vs hard senario? Well it takes a lot of work, genuine effort, & experience... BUT the biggest help anyone here can do for themself is to create a specific set of rules for methods, entries, exits, what I do if i have to leave the house,,,.... etc..... OK. NOW write them down & sit them next to you where you trade so you can see them..
I get pm's about consistancy & getting there in trading all the time so this is why I put this here..
when you sit there about to trade, you have your rules, you can see them, at least glance at them??? If they are there all the time you will allways be reminded of your rules & hopefully are less likely to break them...
note.. If you have only 1 method, & all new traders should only have 1. then your specific rules will fit easily on an A4 sheet.
I have mine (3 methods) all noted on 1 page next to me...
Being able to stick to ones rules is the biggest problem when it comes to consistancy & forever profitability.. Think about it.. If everything we do is an average, then how do we know where we may be in 10 years if we keep changing the rules???
To be consistantly profitable we must show consistancy ourselves.. & we can only do this by developing & maintaining our rules...
You can trade off 5m charts to monthly charts... I dont care as long as you have set conditions for your entries, management & exits....
This, I think is the biggest stummbling block to all that try trading... Trading IS simple.. Its only traders that mess it up...
cheers
Jeff
- #43,029
- Sep 3, 2009 7:18pm Sep 3, 2009 7:18pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi MIKE,
Thank you for you answer.I will start reading from the first page !
Also I plan on listening to James's advice and trade on demo only daily and weekly charts.
In the mean time I paid for his website and I am a member now.
My question is :
is there any post where I can see the trades you are taking?
I mean entry , stop loss take profit and everything?
That would help me understand what you are doing.
In the chat room you take live trades?
Seeing charts and trades helps me a lot in the learning process.
Also I apologies if this is not...
I will PM you in a sec
Mike
- #43,030
- Sep 3, 2009 7:22pm Sep 3, 2009 7:22pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Hey Evve
I will PM you in a sec
Mike
Bundy's status today: "Waiting..."
- #43,033
- Sep 3, 2009 7:30pm Sep 3, 2009 7:30pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
hahahah
You've picked up a secretary haven't you?
Bundy's status today: "Waiting..."
- #43,034
- Sep 3, 2009 7:36pm Sep 3, 2009 7:36pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
You answered three posters a couple of nights ago concisely, with proper grammer and presentation. (and a chart! lol) ...all within a few minutes.
You've picked up a secretary haven't you?
but a hot secretary sounds fine too LOL
- #43,036
- Edited Sep 4, 2009 6:15pm Sep 3, 2009 7:41pm | Edited Sep 4, 2009 6:15pm
basically, there are a number of pairs that all go up and down together, so what are the implications of that?
Just look at the attached screenshot and you'll see what I mean. I could have included GBPUSD, AUDUSD plus EURUSD at a squeeze..... they all basically run the same direction as each other.
does that mean that if a good setup occurs on any one of the correlated pairs you would just take the one with the highest daily range (more pips available)?
It's good that you brought this up. Correlation is a funny thing. And it confuses some people, and it really needn't do so - there are generally only two things to remember, and those are both at the bottom.
I mean, the three you posted are always going to move together. For anyone that doesnt know why, think about it for about a quarter of a second
EURJPY
GBPJPY
AUDJPY
Obviously, any movements in the yen are going to appear on all three charts. Again, treading lightly, there are two main things at play
a)the yen is a major world currency of exchange (the aussie isnt, the pound is borderline when it comes to asia), so it will often be the driver of movements
b) these are all minors - basically constructions of AUDUSD+USDJPY, EURUSD+USDJPY and GBPUSD+USDJPY. Implications of this are pretty clear.
But the others you posted - GBPUSD, AUDUSD plus EURUSD, wont really work like this. They are all majors. Sure, they all use the USD, so will all see effects from movements in the USD, but they will have weaker relationships, and the relationships will break down more. The correlations you do see will often be other forces at work (risk seeking/aversion, resources-driven, etc).
As for
So really a buy on GBPUSD is pretty much the same as a buy on AUDJPY.....
That doesnt really follow at all. Correlation doesnt mean they are the same, just that there is some connection between their movement. Unless they have a corr co of 1, they are different instruments and should be treated as such for the purposes of what we do here.
Those two pairs, btw, move together more because of risk aversion flows. And correlations like this can (and do) change.
I do a bunch of correlationish trading and arbitrage plays based on this stuff, but it isnt really j16 stuff. And unless your trading is based on the correlations, keep it in mind if you are choosing between a couple of setups with a common base, but probably dont need to worry about it much more than that.
The thing is... in the end, it doesnt really matter. The different charts will usually move together, but you will have different PA on each, different s/r zones, etc.
No real need to trade more than one, either. It isnt terrible, but if you are adhering to a %R system and simultaneously trading every yen cross under the sun, you are smashing your volatility through the roof and could autocorrelate yourself to the poorhouse.
So what should we do?
If the trades have a common base (in this example, yen), generally just pick the one with the strongest PA. I wouldnt worry about which has the highest volatility. You want the easiest one to trade and make a profit, not the potential to squeeze a few extra pips.
As long as you dont end up doing something potentially silly like going long on USDJPY and AUDUSD at the same time, you shouldnt really worry about it any more than that. No need to complicate things.
Despite appearances, I'm a big fan of keeping things simple
(if this doesnt really answer your question, feel free to shoot me a pm and I will try and help when I am a bit less muddled)
*edit* as expected, mike already talked about this. and explained it much better
When you have to shoot, shoot. Dont talk.
- #43,037
- Sep 3, 2009 8:00pm Sep 3, 2009 8:00pm
I'm hungover and tired, so this is going to be brief... for now
As long as you dont end up doing something potentially silly like trading long on USDJPY and AUDUSD at the same time, you shouldnt really worry about it any more than that. No need to complicate things.
I really like your posts.....contains a lot of knowledge and reflects solid experience.
However I am confused about the phrase above... Please correct me if I am wrong...quite often I am.
Isn't long UJ and AU at the same time is like long AJ?
Buy ((USD and sell JPY)) + ((Buy AUD and sell USD)) = BUY AUD and sell JPY.
or may be like some use the other formula:
(USD/JPY) x (AUD/USD) = AUD/JPY
Thanks
2mas
- #43,038
- Sep 3, 2009 8:00pm Sep 3, 2009 8:00pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
spell check and coffee my friend
but a hot secretary sounds fine too LOL
Manhattan 5:05pm ....plenty to choose from.
All you need is a 'Blackjack' and a roll of duct tape.
Bundy's status today: "Waiting..."
- #43,039
- Edited 8:25pm Sep 3, 2009 8:01pm | Edited 8:25pm
!
Thanks for the info. But these PPZs are everywhere. I think when I look for a trade there is always a PPZ that is near to my PA pattern.
When you have to shoot, shoot. Dont talk.
