james16 Chart Thread

You mean like this?
Looks interesting, but no, I don't use it. It's important for me to see the wicks..
.

Can be nice

Hey guys

Got a question: You setting up a trade lets say on Gbp/Usd !! Do you look at other crosses with pound to, what is going on, to establish how strong Gbp is at that moment??
Or do you watch only current chart with a signal on and don't care if you get oposite signal on other gbp pairs?

Thanks

Hey Gasgas

I don't really watch other pairs all that much. Some pairs I do that though are the xxx/jpy pairs. But it is sort of hard to avoid knowing what say the USD is doing, or the JPY, or the CAD since I look at a lot of charts. But I stick to the chart is a chart more times then not

Just my thoughts
Mike

Hey Mike

I do it to! If I'm on to trade jpy pair, I go threw few jen pairs to see how strong jen really is, but I'm thinking now, I don't need this habbit.
Actually I was short on E/J on 23.9 and kill the trade B/C I saw BUOB on G/J. So I missed that big move on Jen last week . The signal was fine, so it was stupid of me to kill it so soon.

Well keep on learning right

Regards,

On my feed i have Daily Beob at 76Fib with PPZ confluence and 1.09 round number....
Does it worth to take this trade with first tirget at the doble bottom 1.0650??

I would be very gun shy to trade right into this area(marked in blue). Sideways markets you have to be nimble, or move your stops very quick.

Again just how I see it of course

Hope you had a nice weekend B

Mike

Hey G

yeah that is where looking at too much and over analyzing can hurt us. Usually the way I use that kind of strength/weakness is as follows.

I will see multiple signals on correlated pairs. Example. 5 pinbars on all the xxx/jpy pinbars. This shows a lot of strength/weakness . I then pick the best one and manage it according to the chart. I also have 4 monitors so I can't help but see things occurring across all currencies.

At the end of the day, I do let the charts guide me home

Mike

Hi

Here is what i spot :

First picture is the Eur/Gbp. BEOB at swing high and we have a space.
The second one is the Gbp/Jpy. PB on Round number 140.00

What the seniors think about these ?

i believe its time for correction...
nice location and lets see how it will close

Had one lose today by trying to understand what Mark is doing there with his chats lol (audjpy). Full lose.

Except from that it was a cool day, and here is the cherry

Ben

Thanks Mike....once again you have a sharp look.....i'll take your advice.
Good week i hope for you.

Interesting.......

Yep, like that. Thank you, Raczek!

As for the wicks, I guess you want to see where the price closed re bar's H or L, correct?

Well, I guess you know by now what happened next...

When price is moving that fast out of a range and straight to a distant PPZ, it may stay there without coming back to test range BO.

It took me a while to learn to see BOTH angled and horizontal "paths" which the price moves along.

Congrats Benji.....you have picked this abit too fast....Congrats...you going places in FX

Hi Benji

You always kill me with your trades But dont you ever consider the highs near your entry like the last example you gave above. Or when you see PA on round number you dont care ?

Hi,
i see lots of nice situation forming on my daily feeds, especially on Gbp pairs. After an heavy fall, it seems time for a retrace...
GbpChf and EurGbp have some decent space to move; the UsdJpy indeed seems a little choppy; NzdJpy has that powerful PPZ at 65 but the trend is clearly up.

Hey atton,

No!

These are reserval trades. The nature of them is to have traffic in the way. I mean, if price made it's way to a certain point, you will sure see the bars it left behind it, right? Imagine you are walking on sand along the beach, then you stop, turn 180 degrees, and keep walking. Any chance you won't see your foot prints in the sand? You will ALWAYS see them and the same goes with price.

This kind of traffic doesn't bugs me on reversal trades, IF I HAVE GOOD ENOUGH REASONS WHICH SUPPORT ME!!

The only thing that does a bit scare me though, is a sharp move. That means there is momentum. I will prefer a consolidation down with a bit traffic, than trading against a very sharp move.
Diffinately on 5min charts, where bars don't contain much info by their shape, the location is the most important. That's why I limit myself to round numbers on lower TFs + it helps me to not over trade (not really lol).

Here are another two examples from today. If My round number is also a very major round number' or a strong price pivot, I just move my stop to BE asap, and let my position ride to the moon. This trade I managed tight because it wasn't more than a round number. It went much further, but I don't care. I plaid the bar with an half stop, which doubled my position size, and I am happy.

Now, you see my charts and think "wow! how does that kid trade like that?!". Well, I am telling you that I have spent way too much hours next to the computer in the last 3 months, plus all the other things I need to do in life.
I have back-tested these things for hours upon hours to see what will give me the best win rate, how to play the bars, the stops etc.

These are working and it is very very easy! Thanks to MIKE, JAMES, RYAN and more.

By the way, I got a few PMs in the last days regarding divergence. So I'll give you a tip.
I have been going a bit deeper into divergence, and found the following (thanks to Ryan that pointed it out to me!! thank you Ryan).

Firstly, I found that it is much more effective to check the divergence of the short term (5-10 last bars). That is after Ryan pointed it out to me.

The MACD is quite inert. So I found it much easier to see the divergence on the RSI than on the MACD for the recent term moves (you can see the highs and lows clearly).

Secondly, the default settings of all the oscillators are on "close". That means that all the info that the oscillators are showing, is based on the points where the bars close.
So basically, if you want to check if there is divergence between the oscillator and price, you need to check it on a line chart (which is based on the points where you see the bars close).
I really can't see any sense by pulling the line of the div between the bar highs|lows on the price chart - it is a completely different information.

Try to look at the (6) rsi next to the closed line chart. The lines look exactly the same. When there is a bit div, it come back again, usually a 5-10 periods (bars on the bar chart) latter.
Just do it and look what you get by yourself.

Hope this helps anybody.


PS - Please ignore the TF, because I don't want new people to start with lower TFs. It is tougher, and I made my way down carefully.

Ben

These are the days that drive me nuts

Looking at the GBPCHF & EurGBP they are so tempting beautiful pins with great space. I am just trying to break the habbit of catching the falling knife. I have tried it twice since I started trading in Feb and got Burned both times. Once for a full bar loss when I first started,(I knew better ony my second). I am still not sure if I am going to take thisese because of the "falling knife" principle. Everything tells me they should work but then again they may not.

Looking at the NZDJPY I also agree that 65 is a key number. Another beauty of a pin but 65 right above and you are fighting a weekly pin. Just somethings to think about.