james16 Chart Thread

Make money and win watches with your name one them.
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Rock N' Roll!

g.

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Only Dragon's got nice hair.

Hey ghous,

Guess your initial stop was above the bar before last week's IPB. Is this correct?

Nice trade.

Nos

Yep, I got in the same trade, TP at 1.3830. I have a 2nd order to go short at 1.3820 that has not triggered yet, that is much smaller and will ensure regardless I win on this trade.

The Cable has provided some decent movement recently. I started watching this as a double top was forming at a BRN 1.600 and FIB retracement provided further confluence.

If you missed the sweet pin bar/2 day pin bar and the subsequent move down, don't worry. I think there is still plenty of opportunities here.

Finding support at the 365 and 60 moving averages, as well as the 1.5700 level, we made a higher low than the previous swing low. I'm looking for price action that lets me ride back up to the 1.600 - 1.6100 resistance.

Longer term, to the upside, if the Cable can make it back over its recent high of 1.6100 level, we can play price action as that may become new support.

Never wanting to neglect my short sighted tendencies, pun 100% intended, if the Cable fails to make it higher, or is rejected again, I'm ready to watch a break below the 1.5700 level, riding it down until it meets support from the 200 and 150 moving averages.

Depending on price action there, we can take profits, move to break even and pray that we somehow are still on board if it tanks to the next major level of 1.5500 and 1.5300.

I won't guess, hope or anticipate either the move up or down. Just planning to be ready for either one.

Disclaimer: I'm a complete noob & usually have no idea what I'm talking about. This post included, most likely.

Another wonderful laugh I had just now, here you go:

Prudent money management is a 4:1 capital:risk ratio. Nonetheless, ... here's a goal: http://www.mypivots.com/calculators/...alculator.aspx Insert $2k, $2k, one, $6.15, 28 points and $5 per tick....... It will take you approximately 105 trading days (147 calendar days) to become a millionare. Your target date to have at least $Million in your trading account is 22-Mar-2011.

First TP reached on silver. 80% Letting the rest ride

http://i7.photobucket.com/albums/y28...sdhkdjames.jpg

Hammer off monthly support again.

I think I begin to slowly understand the concept of "space".
For example here is a random chart of todays PA. There are 6 potential setups where 2 lack space so can be skipped (marked in red).

If done so - nice profits gained... even if I ignore "space" concept - the good gains would be made... but if I know why would I ignore...

P.S. I understand of course this is not the best example of "space" but anyway it works, even if there is a small space....

Good chart to do a review on for me. I will come back with notes on this a bit later tonight

Oh super!!! thanks a lot Mike
Now is 6 am here so I will take a little sleep and will be back to here first thing in the morning.

Mike, I comepletely forgot to say. This was a futures chart Dow - 30 min.
Chosen randomly out of boredom really
Now I'm gone, see you all later.

here ya go

Hey, Mike & Nasir.

Thanks for the detailed explanation of what went down with that EG analysis.

As Nasir suggested, when I looked at the H4 tf, we could see the exhaustion in the uptrend. As I am trying to stay away from H4, I don't think I even looked at it till after the monthly PPZ broke.

Sorry to hear you came down with the flu there Mike, is it cold and dry in NYC right now?

Take care.


EDIT:

Thinking about this and how I got too involved with the purple PPZ, that previous weekly bar closing above it and the high of the previous weekly bar, I decided to just look at the TL on monthly weekly and daily. Obviously this TL with the BRN above it had more power to it than the PPZ.

Another relatively painless lesson learned, and noted for the future. This really shows us that we should not get married to a single view of the market.

Pin bar at a swing high.

Not the best in the world but it clearly pays to know your targets well. Where was price going when the pin bar broke? Any surprises?

g.

Daily pin bar on EU. OFF the 1.4 BRN (IPB on the weekly too)

Areas of interest marked.

g.

More simplification is in order.

I am going the Mike route, BRN.

It's the same old stuff over and over and over again.

BEOB off the 150 and the TL with a strong close below 113. What does the next bar do? Where does it stall? What is the current bar doing?

Simple questions with simple answers

g.