james16 Chart Thread

I clicked on your signature quite a while ago and saw all the abbreviations laid out. When i started on J16 it took me quite some time to dig out all the abbreviations, which held me back.

Your abbreviation page is a major help to the thread. Good work PB.

hahahah!

my question is:
are they bullish or bearish?

from now on i'll start looking for the boat & duck on all charts.

hahahaah.
here's mine. it's just past 10am here, so im drinking Milo. (i like it because drinking it helps turn dreams into a reality! ) lol
cheers

Hey Adilius,

Let me offer this to you, may be it can help.

I don't know if you been following my stuff on PBT&CAorB and HCR/LCS. There was a "line" there . .a line of Support mainly due the Weekly Consolidation's HCR being broke through and closed above by Price on the Daily. .(I had a discussion of that "line" in the PF acting as Support before that 4 Hour BEOB was even formed.)

But let's go through PBT&CAorB prior to that 4 Hour BEOB and see if we can determine if that "line" was acting as Support or Resistance or just a random line.

. . .brb

Starting from the left of my chart, we can see that there is a Resistance level here by the Highs in blue. I like using this Highest Close of Resistance of this Resistance level to indicate the highest point that Price closed . .and we know where Price closes is important.

We also know that when Price breaks through a Resistance level it will then turn into a Support level, (and vice versa). Having a Close above a Resistance level is a good confirmation that this break through of Price made it through this level . . hence . . . Price Breaks Through and Closes Above (or Below).

Follow along on this chart and see if it makes sense.

I would suggest that if you are going to venture down to the lower time frames like the 4 Hour or even Hourly . .its best to know where these Higher time frame levels are located . . be they PPZ levels or S/R levels.
　
Jim

That's cool sChaos . . .

i drink 1kilo every morning

Hey Miko,

my chart didn't show a pin bar because I'm on the EST time zone, but if you pay attention it actually breaks out of a minor trendline on the daily chart. I'm a noob so take this with a grain of salt, and if anyone has any comments, please let me know as well. Hope this helps!

Hi SChaos
I did post some charts for you to look at. Hope you can comment on them.
They are here:
http://www.forexfactory.com/showpost...ostcount=93294
http://www.forexfactory.com/showpost...ostcount=93295
Look forward to discussing them

Haha, I never did mean that this was in anyway playable. Just wanted to post it because of the crazy moves. Up from 10 to 50, in a short time then down to 10 again and after that again up to 50. It is crazy if you think in percentages.

pat

Just meant that we have a clear fta (kind of close though), if the bar brakes. Did not say that it is an awesome trade or anything. Thanks by the way for opening my eyes to stocks. Been going through russel 3000 stocks and european stocks the latest weekends and you really find quite a few decent looking setups, when going through such an amount of charts.

pat

doing my weekly chart-scan, i found a lot of bearish price action setups, eg beob, pinbars ...
these bars appear in a major up-trend. remember that we weant them in a major down-move at a swing high.
therefore i don't post them here.
---------------------------------------------

this is a good setup for a long and in confluence with the main trend:
akzo from the netherlands.

fugro on weeklyc closed above the resistance. could run further now.

ah.... No alcohol for me since my Las Vegas visit

My Saturday night :

hey Dan,
i think the label says 'Tums'..
this one?



yes Sir, i saw them
but i was not in the right frame of mind yet at the time.

will add the comments here in a few minutes. im currently studying your charts.

Thanks guys for going over my 2 charts. You cleared up a lot!!

I love the atmosphere and how supportive you all are

Yeah I re-read your post after I'd commented.

I thought you might have meant something like that. Now I know you did.

Yeah I've seen them on the currency pairs. The massive moves in the yen in the very recent past. If I'd been on that one I'd have made.....

"If wishes were horses beggars would ride"

Supreme - the tums hyperlink you put in is dead. But I went to the Tums antacid webpage. tum.com.

Alcoholic gastritis??

Hello Be Cool,
im still waiting for your PM reply. anyway, i'll have a go at it now..

let me start by saying there are no certainties. we only trade with probabilities.
in that light, we cant be 100% in knowing beforehand what price will do, how it will react.
having knowledge of S/R.. we are able to tip the weight slightly in our favor in terms of WIPG etc. then we try to be consistent in that path.
also, im still in a transition to trading Daily & up charts (while trading lower TFs), so my trade management & perspective might be different from most. kindly bear this in mind.

let's go through the 4 charts now (compare with your original charts, click the respective links below):

usdchf Daily
- from May2010, price is in a serious downtrend. personally, i almost always consider the trend.
when we trend-trade, (in general) trading is easier; targets are hit faster; success is, in a way, guaranteed; & there's minimal to zero stress involved.
so, based on Daily to Weekly charts, i have a bearish bias
- the BEOB could've closed much lower
- below u can see the BEOB closed below my minor PPZ. u can even extend the line further to the left (the PPZ touched the low of the bearish bar near the extreme left side of this chart). i believe this line is 0.9200
- i will plot the same purple line as u did. if u are concerned with this purple line, like i told u in my previous post, u can skip this trade or place an entry below the purple line.
- my next PPZs or targets are the next 4 green lines below. i believe they are near/at 0.9100, 0.9000, 0.8950, 0.8900 ... mostly round numbers




eurcad Daily
- looking at Daily to weekly, this seems to be in a range with a bearish bias. looking at H1 & H4, it seems to be in an early stage of a potential uptrend.
-this chart being May-Sept2010, price was ranging or near the start of the potential upmove.
- the red lines on the chart are not perfect. but on my chart, the red lines are 1.2785/1.28, 1.2950, 1.30, 1.31, 1.3200/1.3225, 1.3350, 1.3450, 1.3650.
the white lines are minor/immediate PPZs (1.3400, 1.3500, 1.3580 area.
- price was heading into range box, like u said. i personally wouldnt take this BUOB. alternatively, u can put an entry above the BUOB high & 1.3350, & see if it generates momentum. SL below d BUOB..all along watching the potential trouble spots (red, white lines) i laid out on the chart.




eurchf Daily
if u were referring to the PB on Nov.2010 (see white arrow)..
- from late 2007, Daily to weekly is in a downtrend. so bearish.
-this pin is small BUT with trend. so im inclined to take this & give it more room/chance to progress.
- i'll be aware of that range box (in white) too
- i have placed white lines that assume price AFTER the pin HAS NOT formed yet. these lines are the PPZs, targets/potential trouble/traffic areas.
- currently, on Daily chart, price seems to wanna revisit Oct2010 highs. if 1.3200 turns into strong support.. my bias is for a potential uptrend towards 1.38 - 1.45 [there's a double top on Daily - see Dec2010/Jan2011 lows & Mar2011 lows]]




gbpcad Daily: Feb-July2010
- on Daily - weekly, bias is bearish.
- again this BUOB (or double/triple BLHC) is heading into a range box. so we should be careful. & if we have a bearish bias, then this is a counter-trend trade.
- if u compare the structure with the similar looking eurcad BUOB, the downmove preceding this BUOB/DBLHC is much smoother & has less traffic (in other words, 'more' space)
[to understand what i mean, see/compare the price in the yellow ellipses; see/compare the protruding lows/wicks (yellow rectangles) of both charts]
- the white lines, white rectangle are the PPZs, potential targets/trouble areas.
- after the BUOB/DBLHC, u can see the white square which shows another range took place before a decent upmove. the upmove tells u that buyers might be winning/stepping in.
- i highlighted a pinbar with white arrow. this is another potential trade:
PB after a upside break of the range boxes (your purple? box & the white box) --- a break & retest.
the small diagonal, blue lines show there is space. actually, IMHO, there is plenty of space above the purple & white boxes.




among the 4, personally, i will trade eurchf (entry on PB low)... & probably usdchf (entry on BEOB low).
(the pin on gbpcad too -- entry on PB high break)
having said that, keep in mind, most likely i would've traded this on H4 & below (giving me a possible earlier entry)... if at all.
& surely, there was a minor chance i would've taken a big/nearly complete chunk of the eurchf trade. im still learning to let trades run several days/weeks

if u want me to rate these 4 setups from best to worse:
1. eurchf PB, 2. usdchf BEOB, 3. gbpcad BUOB/DBLHC, 4. eurcad BUOB.


did u trade all these 4?
let me end by saying u DO NOT have to trade all these charts.
if they dont fit your style, your criteria.. move on to other charts/setups that do.


sorry, took me a while to analyze & reply...
hope the charts are clearly visible & hope this helps further reduce the confusion on your part
if u want u can post a few related charts... those that u did trade.
im not the best to answer your question, but the good thing is others can/will chime in.


just corrected the link, thanks Sir.
not sure, probably Dan was just joking or using a glass with that label on it.

Hi all,
waiting if the price will test that area. Could result in a nice entry.
Jarda