Mike and SC,
thanks for the answers! Focusing on weekly/daily sounds a bit calmer - I'll enjoy it while I can
thanks for the answers! Focusing on weekly/daily sounds a bit calmer - I'll enjoy it while I can
james16 Chart Thread
- #93,423
- Apr 11, 2011 7:04am Apr 11, 2011 7:04am
- | Joined Oct 2010 | Status: Hunt the pigs | 422 Posts
if i may, since i think it's sleep time for Mike...
yes, u got the purpose right...
learning about patience, discipline... learning to be picky.
depending on your circumstance & trading personality, try & stick with focusing on weekly/daily first. if u have extra time, try testing looking at H4 & H1 in the future. see what suits you.
edit: oops, i guess Mike didnt sleep. hahah
hello pipphunter,
thanks.
that's a tricky question.
since price is always moving, we have to follow price & adjusts our expectations/'forecasts' along the...
Thanks SC, really appreciate for your very detail expain. I mostly swing trade the M15. I find J16 is very helpful for geting big picture right!! I will try to combine the J16 to my current system, and working hard on test.
seeing through
- #93,425
- Apr 11, 2011 9:55am Apr 11, 2011 9:55am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
edit: oops, i guess Mike didnt sleep. hahah
Nice other post too bud just got around too it
- #93,426
- Apr 11, 2011 10:13am Apr 11, 2011 10:13am
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.
I noticed that you actually plot more PPZs than i do. And the ones i draw are at the same levels as yours. And yet some of these setups were tradeable to you. So i suppose there is no way to assess the strength/likelihood of those near PPZ to stall/even reject price? But rather there were other factors supporting the setups and justify taking risk of price bounced off these near FTA?
Lets see if i understand you correctly:
I assume you take some of these setups on the same TF as the charts (daily)
usdchf Daily
- price is in a serious downtrend. personally, i almost always consider the trend.
- 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...
eurchf Daily
- 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
[to understand what i mean, see/compare the price in the yellow ellipses; see/compare the protruding lows/wicks (yellow rectangles) of both charts]
I don't understand
Sorry for the late reply SC, just got back from out of town. Thank you for making time to explain this. I know you're busy.Really appreciate it
- #93,428
- Apr 11, 2011 12:45pm Apr 11, 2011 12:45pm
- | Joined Feb 2010 | Status: Make Them Pay | 1,103 Posts
Anything can happen.
- #93,432
- Edited 1:29pm Apr 11, 2011 1:13pm | Edited 1:29pm
Hi all,
Is anyone else watching the Yen pairs?
UJ is touching a support right now. Next S is 84.0 and the tough one is at 83.0 - confluence with 50% retracement (if we don't take into consideration the megaspike down), but it's faaaar away atm
.
We touched the long term trend line and S/R as well.
jarda
Follow my trading on Twitter and FB: @pumlitch
- #93,433
- Apr 11, 2011 2:01pm Apr 11, 2011 2:01pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
Have an eye at the daily close of the aud.
- #93,434
- Apr 11, 2011 2:03pm Apr 11, 2011 2:03pm
Yup,
UJ is touching a support right now. Next S is 84.0 and the tough one is at 83.0 - confluence with 50% retracement (if we don't take into consideration the megaspike down), but it's faaaar away atm
Attachment
We touched the long term trend line and S/R as well.
Attachment
jarda
Jarda,
nice charts -USDJPY looks very interesting, I'm watching to see if it closes below support and maybe plan a trade. Thanks for sharing.
- #93,436
- Apr 11, 2011 4:15pm Apr 11, 2011 4:15pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hi all . Comments welcome. Just Practicing few lines on Hourly.
Patience is the KEY!!!
Knowledge is your ammo,
PA is your trigger
Cheers
V
Hey V
Your chart looks perfect . .I wouldn't change a thinge . .
Indicators show the past. Price Action "Indicates" the future.
- #93,437
- Apr 11, 2011 4:37pm Apr 11, 2011 4:37pm
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
- #93,438
- Apr 11, 2011 5:09pm Apr 11, 2011 5:09pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Thanks Jarroo
I assumed you were using only the weekly HCR and that is why I was confused. I get it now.
Hey Pb . .. sorry for the short answer.
You could have used the Weekly HCR on the Daily as well. I should have pointed out how the Daily HCR turned into a Daily PPZ level and the Weekly HCR stayed intact.
The point being was that Adilius' 4 Hour BEOB was sitting on a PPZ level that was to act as Support and more importantly, the Close of the 4 Hour BEOB was above a strong Weekly HCR . .instead of below it.
The 4 Hour BEOB's Close being above the Daily PPZ level instead of below it, should have been enough to raise a red flag that GreenHaze, ghous, nice job AvanishDemo
and others pointed out. Currently looking for the 1.6265ish level to act as Support since PBT&CA on the Weekly. . .some nice bullish PA at this level would be nice.
Jim
Indicators show the past. Price Action "Indicates" the future.
- #93,440
- Apr 11, 2011 5:22pm Apr 11, 2011 5:22pm
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Agreed. Really like the area, but I'm not seeing any PA... yet...
Nothing personal,just business