james16 Chart Thread | Page 3281 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #65,601
  • Jun 6, 2010 4:50pm Jun 6, 2010 4:50pm
Quoting phpscott
I see no good setups on the daily nor weekly. The GBP/CHF Weekly made me pause as it was the first time back to the 60 EMA but it has nothing else going for it.

There are PA setups but none of them are at good locations.

The 1.7 area is only a minor PPZ on the weekly timeframe. Minor PPZs should only be used to manage trades... not to enter trades unless there is great confluence. The next major PPZ I see is at 1.75.

Scott
Thanks for your post Scott, I agree with your comments

I tend to document any PA I see on the daily and weekly charts and grade it A, B, C, D and so on. Anything above a C I think is worth baring in mind. as it may keep me out of trading in the opposite direction intraday.

J
  • #65,602
  • Jun 6, 2010 7:28pm Jun 6, 2010 7:28pm
Quoting Daneel
CLN0 H1.

I learned two lessons on Friday, one cost me a little money, another made me miss a big opportunity....
Mate, you don't have to be learning to miss awesome trades. It will happen for the rest of your trading life. Trust me. lol
Bundy's status today: "Waiting..."
  • #65,603
  • Jun 6, 2010 7:55pm Jun 6, 2010 7:55pm
Attached Image (click to enlarge)
Click to Enlarge Name: 0607ecd.gif Size: 20 KB


A PB near historical support 1.25, not remarkable of size, but location is good. Comes with divergence and lots of space. Anyone sees a possible bottom here?
  • #65,604
  • Jun 6, 2010 8:17pm Jun 6, 2010 8:17pm
Possible? Yes. Worth betting money on? Probably not. Keep in mind that this pair is currently in a strong downtrend. When picking extreme tops and bottoms, you need to be "extremely" picky. If we got a nice PB or BUOB at 1.25, I would jump on board but that did not happen. It could still happen.

Scott

Quoting fxeturn
Attachment

A PB near historical support 1.25, not remarkable of size, but location is good. Comes with divergence and lots of space. Anyone sees a possible bottom here?
  • #65,605
  • Edited 8:54pm Jun 6, 2010 8:21pm | Edited 8:54pm
Quoting phpscott
I see no good setups on the daily nor weekly. The GBP/CHF Weekly made me pause as it was the first time back to the 60 EMA but it has nothing else going for it.

There are PA setups but none of them are at good locations.

The 1.7 area is only a minor PPZ on the weekly timeframe. Minor PPZs should only be used to manage trades... not to enter trades unless there is great confluence. The next major PPZ I see is at 1.75.

Scott


Scott, sounds like you are using an EMA pullback. How come you chose the 60 EMA over the 50 or even 55 which is a fibo number?
  • #65,606
  • Jun 6, 2010 9:03pm Jun 6, 2010 9:03pm
Actually, 50 is not a fibonacci number. I just like the 60EMA. 50EMA would probably work just as well. I use the 60, 150 and 365EMAs as floating support and resistance.

Scott

Quoting Pinbar
Scott, sounds like you are using an EMA pullback. How come you chose the 60 EMA over the 50 or even 55 which is a fibo number?
  • #65,607
  • Jun 6, 2010 9:07pm Jun 6, 2010 9:07pm
anyone else enjoying the hell out of this sunday open?
Many choose unhappiness over uncertainty.
  • #65,608
  • Jun 6, 2010 9:18pm Jun 6, 2010 9:18pm
Yup. It's helping my GBP/NZD position. It was in the red for the majority of last week but held on based on what I saw on lower timeframes (Elliot wave analysis).

Scott

Quoting Dan Gilbert
anyone else enjoying the hell out of this sunday open?
  • #65,609
  • Edited 9:57pm Jun 6, 2010 9:34pm | Edited 9:57pm
Quoting Pinbar
How come you chose the 60 EMA over the 50 or even 55 which is a fibo number?
I'm not really sure why an x period moving average would be any stronger or more relevant because it is a 'fibo number'.

Moving averages only have 'power' when they are widely watched - so you get relevant things, like the 365 on the dialy timeframe (a year), the 20 on the daily (roughly a month), and the 200EMA/50EMA on the intraday (because, historically, they have always been used as long/med term trend indicators). You also see 150 and 100 thrown around, because they are nice and neat.

Short term, there are a huge variety of numbers used, depending on your timeframe - 5,10, 12, 20, 26 seem the most common though, probably because the 12 and 26 are plotted as standard on the MACD, 5 is a week on the daily (although how this is relevant intraday is beyond me)..and 10 is a nice round number (and, presumably, was easier to calculate when you had to do this stuff manually). Not that it really matters - plot a 20 and a 26 and you will see why.

That's why discussions on finding a new 'best' EMA, or whether to use an EMA/SMA/etc are all fairly pointless. It's mostly arbitary anyways, for most people - the slope of an MA determines trend, rather than being a setup, and the differences in 'responsiveness' are just wankery. Grab a first derivative and go to the pub. Sure, some people use different combinations for support/resistance, but those are only the most widely watched and used ones (like the 365) - if no one is watching your MA, price doesnt care about it.

I think I need to start plotting the 3.14159265 EMA, for extra magic number power!#@
When you have to shoot, shoot. Dont talk.
  • #65,610
  • Jun 6, 2010 9:44pm Jun 6, 2010 9:44pm
Hi,

I am following this thread for some days. It is very informative and very helpful. Thanks for all your great information. Currently, I am demo trading based on daily and 4 hour pinbar.

Today I get a pinbar setup which occurs at the extreme. I take it but I still have some confusion. I post my thought process here and wish you have a look and give me some comments.

I use FXCM as the main feed source.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-6-7 8-48-06.png Size: 21 KB

As the rule, I should buy at the break of the pinbar and 10 pips higher. But I am a little late here and the price already break the pinbar and push back. So I use the market order to buy that price (that is 20 pips better than my expected). I place the stop below the nose and my first price target will be 1.2790.

But one thing worries me is the Alpari's data feed. From that feed, there is also a pinbar formation there. But the price is not breaking the pinbar and it seems it meets great resistence from the PPZ and go south. I am not sure what I should do next time. Whether I should stick to one feed (eg, FXCM) or should take at least 2 feeds and make them confirm together.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-6-7 8-47-46.png Size: 18 KB


Could you give me some comments on this trade? Thanks.
  • #65,611
  • Jun 6, 2010 9:52pm Jun 6, 2010 9:52pm
Do not under-estimate the power of pie.

Scott

Quoting joelcf
I'm not really sure why an x period moving average would be any stronger or more relevant because it is a 'fibo number'. Moving averages only have relevance when they are widely watched - so you get relevant things, like the 365 on the dialy timeframe (a year), the 20 on the daily (roughly a month), and the 200EMA/50EMA on the intraday (because, historically, they have always been used as long/med term trend indicators).

That's why discussions on finding a new 'best' EMA, or whether to use an EMA/SMA/etc are all fairly pointless.

I think...
  • #65,612
  • Jun 6, 2010 10:00pm Jun 6, 2010 10:00pm
Quoting phpscott
Do not under-estimate the power of pie.
haha. I can see a new system in the making - when dealers go to lunch, they are going to be buying pies... so, therefore, we should go long MA(3.14159) at 11.45am and do some front running!

Attached Image
When you have to shoot, shoot. Dont talk.
  • #65,613
  • Jun 6, 2010 10:01pm Jun 6, 2010 10:01pm
Quoting Jonnyislost
Hey Guys

Just checking out the weekly closes and there I noticed that the GBP looks pretty heavy across most pairs (except of course against the seemingly hapless Euro)

None of these setups meet my requirements for a trade, But these setups will be in the back of my mind If I take Daily and Intraday trades next week.

GBP/USD - Nice Pin, closing below 1.45 and in a big downtrend. Cons - no space

GBP/JPY - Average Pin in a downtrend, but not a very convincing close, and no space

GBP/CHF - The best of the bunch IMO, Great location (7000...
Hi Jonny,

Looking at GBP USD weekly PB, I see an opportunity there while playing on the Weekly TF. Therefore, can you explain "Cons - No space". My plan to play this PB is as under:-

Max risk 1% SL of 370 Pips just above the PB.
Enter 0.2 posn @ 1.4392 at break of PB,
Enter 0.3 posn @ 1.4536 @ 35% Fib Level
Enter 0.5 posn @ 1.4587 @ 50% Fib Level
FTA 1.4260

Cheers
Novice 198
  • #65,614
  • Jun 6, 2010 10:22pm Jun 6, 2010 10:22pm
Quoting phpscott
Actually, 50 is not a fibonacci number. I just like the 60EMA. 50EMA would probably work just as well. I use the 60, 150 and 365EMAs as floating support and resistance.

Scott
I see.

Yes, I know 50 is not a fibo number that is why I said 55 was.
  • #65,615
  • Jun 6, 2010 10:31pm Jun 6, 2010 10:31pm
See my input on this one on the previous page.

Scott

Quoting syyzxsyf
[font=Century Gothic]Hi,

I am following this thread for some days. It is very informative and very helpful. Thanks for all your great information. Currently, I am demo trading based on daily and 4 hour pinbar.

Today I get a pinbar setup which occurs at the extreme. I take it but I still have some confusion. I post my thought process here and wish you have a look and give me some comments.

I use FXCM as the main feed source.
Attachment
As the rule, I should buy at the break of the pinbar and 10 pips higher. But I am a little...
  • #65,616
  • Jun 6, 2010 10:52pm Jun 6, 2010 10:52pm
Quoting woleadu
Hi Ghous,
Kindly help with the source of the software you used to write on your chart and make those arrows.
Thanks
It's snagit

g.
I believe . . .
  • #65,617
  • Jun 6, 2010 10:56pm Jun 6, 2010 10:56pm
Quoting syyzxsyf
[font=Century Gothic]Hi,

I am following this thread for some days. It is very informative and very helpful. Thanks for all your great information. Currently, I am demo trading based on daily and 4 hour pinbar.

Today I get a pinbar setup which occurs at the extreme. I take it but I still have some confusion. I post my thought process here and wish you have a look and give me some comments.

I use FXCM as the main feed source.
Attachment
As the rule, I should buy at the break of the pinbar and 10 pips higher. But I am a little late...
My advice would be to just stick to one feed, as for the setup it's been discussed extensively in the last few pages. check'em out.

g.
I believe . . .
  • #65,618
  • Jun 6, 2010 11:13pm Jun 6, 2010 11:13pm
Hi guys, anyone having problem this morning with Oanda FXgame? I use it for my demo account and yesterday I entered two limit orders on EUR/CAD and EUR/AUD. But this morning I was having problem connecting to the platform and by the time I got connected, my orders was disappeared. Does this usually happen to the orders that entered during weekend?
  • #65,619
  • Jun 6, 2010 11:26pm Jun 6, 2010 11:26pm
Quoting Pinbar
I see.

Yes, I know 50 is not a fibo number that is why I said 55 was.
I've done some pretty wild stuff with manipulating a Fibonacci Sequence but have never considered 55 as being a number of interest.

Could you extrapolate please.

  • #65,620
  • Jun 6, 2010 11:57pm Jun 6, 2010 11:57pm
Quoting esbatu
Hi guys, anyone having problem this morning with Oanda FXgame? I use it for my demo account and yesterday I entered two limit orders on EUR/CAD and EUR/AUD. But this morning I was having problem connecting ..., my orders was disappeared...
i havent used FXGame extensively...

maybe your orders disappeared because the limit orders expired (u set a time-based expiry or on default there is a time-based expiry which u overlooked)?
[when u set a limit order in Oanda, u have to specify the currency pair, buy/sell, at what price, then an (limit order time-based) expiry]
36 traders viewing now