james16 Chart Thread

Just make sure u understand that these bars have all been created by that trading error and should NOT really be believed as true PA bars ...

But ... anything can happen

Thanks for the warning but what was the Trading error?

This looks like a massive BEOB on the EUR/GDP. Not sure what to make of it really? Is this something more experienced people could comment on. Cheers SR

so to sum up..
when u see traffic put 2 stop orders with buffer 20pips? kinda *condom* strategy

I'd trade profitable for "cultured" (like yogurt?) any day!

Pinbar, here

Nice quote from the book that Cyrus gave the link to:

POP: Funny, I have had years to hear what you just said. I really don't hear that any more. I mean the "You win and you're right."

Trading is not those statements. A trained trader understands success as "You lose good and you're wrong small." Trading is called coming out on the small losers' side and being rewarded with knowing how good you have been wrong.

It requires a balanced life to sustain the meanness of the markets. Traders never plan for the bad days, and there are bad days. It is when it affects their lives that they must make a new choice. Either change their behaviour or go down in defeat.

ALS: There's our subject again. Are we going to get tired of hearing the truth of trading?

POP: Traders have a choice: Either face the truth of trading or look for the nearest exit.

ALS: Have any of your associates over the years given you a difficult time in your trading?

POP: Only through ignorance! I can forgive all that. Those who don't learn are their own enemy.

ALS: What must they learn?

POP: Most important, they must learn that they don't have to make SELF-LEARNED mistakes. They are always better off to learn from OBSERVED MISTAKES. It can be pretty costly to make mistakes in this business. You cannot really tell someone what to do, but often if you guide him or her, they will be more receptive to making the right decision.

rmr: it was a 'fat finger' trade. so someone pushed the wrong button.
so avoid trading this setup. it doesn't reflect the "mood of the market".

2 minute slump?

This is an H4 bar?

not sure I get it.

Yeah it does look strange Pinbar.

There is certainly a lot of speculation but I don't see any official news of anything. Just hear say......hmmm

BIS sold Euros. Rumoured on behalf of SNB.

Regardless, one has to decide whether to "trust it" (the PA) or not. Cause it did hit the market. The fat finger will have gotten smashed and eaten by the sharks and that has become part of the new market dynamic. It's like that.

I lean towards using price as price, but tt's just me. =)

Thanks FXH

Can't get my mind around that.

That whole spike in the markets has been attributed to some kind of error from a Dutch bank .. dunno the truth but it was clearly out of kilter considering the fact that minutes later price was back to where it started.

It's driving home more points to me. Glad it's useful to at least one person =)

yes of course but i always set the risk max. at 2-3% as i said before i use the site i posted recently to help me do that

Well on my FXPro 4h chart the BEOB is huge Its going all the way from 1.30 through 1.29 and finishing at 1.2870! And the IBFX is showing an even better ''view''

i would like to ask, for the attachment Cyrus attached. it is in php format. how do i open it?

Nice post from Larry Levin - could also be the reason FX rumours are also spreading....

Rumor to Rally

http://madmimi.com/system/promotion_...4437/rumor.gif
Since there isn't much (new) one can say about today's rally - I won't.

The market gapped open lower on bad news then turned higher and ran out the short sellers. That's how the game is played on Wall Street and I could simply leave it at that, but I'll go a little deeper. Our Notes From The Pit support section had market profile support near 1055.00, so the reversal wasn't that surprising when the early selling failed miserably.

The absolutely horrible housing starts data helped drive the market down to our support level, and the news was so bad that an early bout of selling could have really crushed the S&P500 this morning. Support held - then the shorts began to cover slowly but surely.

Oh, but it didn't end there. Much like the daily announcements of the false Greek bailout rumors a few months ago, the market exploded in the afternoon on a home grown rumor. This time, the rumor was making the rounds on Fraud Street trading desks that Zimbabwe-Ben Bernanke would stop paying interest on reserves held at the Fed. If that happened, the thought went, the banksters would lend more and then REALLY bankrupt individuals in the US. Oh wait, that was supposed to read "would really lend more and boost the economy." Hmm, I believe the former is more accurate.

Dan Greenhaus said the following to Bloomberg...“Some people are speculating about the Fed announcing it tomorrow when Bernanke testifies,” said Dan Greenhaus, chief economic strategist at Miller Tabak & Co. in New York. “If you suspend paying that money, you provide less of an incentive for the banks to keep the money with the Fed and encourage them to do something else with it. It will spur on the economy and could turn the market around.”

Of course, this rumor was quickly refuted - just like the 10th & 11th & 12th false Greek bailout rumor - but it didn't matter. Just like when the pump-monkeys ran up equities after the Greek lies and refused to adjust to said falsehood, today's gains held.
Who needs honest-to-goodness bullish fundamental news when the financial pimps on Fraud Street can turn a 1.3% early loss into a 1.1% gain at the close?

Oh yeah, one more thing: today's volume was a joke yet again given the massive reversal.

Behold the age of infinite moral hazard! Legalized accounting fraud on a grand scale began on April 2nd, 2009 when CONgress forced FASB to suspend rule 157 in favor of deceitful accounting.

Trade well and follow the trend, not the so-called “experts.”

I just found a J16 fan group on facebook:

http://www.facebook.com/group.php?gid=323457032636

ddinov,
i believe that was mentioned here before.
looks like the members have increased