james16 Chart Thread

A few thoughts for the day (and later a question).

I cannot tell you the difference this thread has made. They say when the student is ready the teacher appears and they say that good choices come with experience and experience comes from bad choices. I usually don't like THEM that say but this week something just came together. I am a member of the 20 years of bad choices/need to try everything now/maybe this robot/smaller time frame/futures-options-forex will get me rich quick school.

And this week I had a bonafide breakthrough in my trading. This week I did something I hadn't done before. I didn't take a trade. I looked, I didn't see anything happening and I didn't trade it. Not only that (what? there's more???) but I spent no more than 15 minutes looking at the charts AND I only looked at them seriously at around 2pm PT (because that's when the freaking bars close - I love that pun).

I know there is a school of thought that says screen time = learning but in my world screen time leads to bad things. It doesn't take long to find/not find a trade. Either there is a PB or there is isn't. Either there is a load of traffic or there isn't.

And now, instead, because apparantly I need something to do instead of plan trades that will lose me money i either a) do my job (what a concept) or b) play with my kids or c) make love with my wife. It just depends where I am when I am not trading. So now I make more money, have happy kids, have a very happy wife and actually feel like a goddamn trader. Why? Because I AM NOT TRADING.

Oh yeah, if my kids and wife are asleep and I am not at work then I read a James16 post I haven't read yet - God knows there's enough of them.

Well, I thought I would share all that because for apparntly this is a message that cannot be said enough. Stop over thinking this stuff - seriously some people, even on this thread, think this stuff to death (I'm looking at you Carnegie - and believe me my friend, I don't wish for a lot in this life but if I got this message when I was 19 I would be deeeelighted. You are an inspiration to everyone over 19 around here, so I say all that out of the deepest respect).

OK now my question - and this is a breakthrough too as I have rarely posited my thoughts on a trade and that I am doing this here now is against everything that I have ever done regarding trading. SO here goes.

It looks to me, that for all the talk of the EU possibly exploding the EC looks like it will pop out the top. There is a nice wedge building with a solid three day top and three smaller inside bars in a row. Support off the 50 fibo and the 150 ema.

No PA though and so no reason to trade as there seems to be a large mishmash of trouble around 1.4000.

Does anyone have any thoughts on this - the wedge effect caught my eye but I can't see how to turn it into anything - AHHH there it is - I just heard myself say that! "turn it into anything" AAAAHHHHH that's always been my problem - trying to turn charts into something. Studying and drawing lines and doing hours of work to turn the chart into a trade. WOAH that is excellent I just heard myself do that. I am so glad I went to post that chart. A trader doesn't turn charts into trades. My job is to wait until it resolves itself and the chart shows that it is ready to be traded. Then I can capture some as it goes....... OK I am leaving all that in there as I think it's pretty revealing.

Still thoughts on that chart would be appreciated 'cause maybe it is resolving itself and I don't see it.

Thanks all and party on.

What wedge is that A?

All I see is a consolidation area, a box below a box.

I think it has more room to move down than up.


Nice post by the way....Waiting is trading.

Jarroo, got me thinking about USD/JPY yesterday, after it just broke right through the heavy confluence area.


We can see that volume is decreasing and we have macd div.
I don't normally pay attention to volume as their is no central order body for forex.


in 12 hours the US Unemployment claims are due to be released, it looks like the new is bad. How bad, I am not sure, and I really don't pay that much attention to news apart from avoiding taking trades just before or after the release. I am wondering if we are seeing USD/JPY getting the pump before the dump around the 61.8. The conspiracy theory, LOL

ATC, i agree. I don't think it's A+ either. The consecutive bars on the down move are pretty much the same size (or bigger) as the pin bar. I don't think the pinbar looks strong enough on it's own to get us back through the recent down move.

Also, the heavy traffic on the left makes the trade pretty hard to manage.

Sorry for late response, went to bed shortly after posted question. No charts. I heard some traders say that if a PPZ is broke a couple of times, after a couple of months pass they would consider them no long valid.

vicissitude??? great now I have to keep a dictionary by my side The word of the day is....

Thanks G. I visit this site daily and see all these trades being taken and begin to wonder "am I missing the boat again?" Your slap in my face is just what I needed to stay focused.

I think this looks wedgey....

Note the highs aren't as 'exact' as the highs at previous support.

Won't be taking the trade, but one to watch for interest sake.

will the trend line give some influence ?? lets c.

Geniusztc, you may be zoomed in a little too close here. Personally, I'd be more inclined to trade with the exisiting uptrend, and wait for the third touch of the trendline.

Hi Ahendon,

If we are retracing from an uptrend surely your fibs should be the other way round?

Anthony

Just to follow up on this example . . .

Price move up to our previous Support level that broke through on the Daily. So now we look for clear strong bearish PA at this potential Resistance level.

The hourly showed no strong looking PA . .something like that big pinbar looking BEOB (in green) would have been nice at this level.

There was an IB/BEOB that offered up some 20 or so pips but nothing to write to Mike about. . .an easy pass.

s/r made easy
LOCATION, LOCATION, LOCATION

if price drop below 3570,eu may go short again . i am not sure ,

thank you ,jarroo.
MTF. got it . from the higher TF to the lower TF . do NOT only see one TF .

The .8500 "remark" was to show a strong confluenced level; 50% retracement level (50% ret. is not a Fib) and the 85.00 BRN from the most recent High and Low. This was a good level to watch, if Price got there.

That is not a Daily PB on your chart, its a Daily Inside Bar that looks like a pinbar. And I still can see how your fib levels work in to that . .it may be a chart feed difference.

I did the same . .twice . .lmao

Maybe you can try putting a 365 EMA on the close, on the chart.