will we get another chance to long USDJPY?
A chart helps those who can read it.
james16 Chart Thread
- #94,241
- Apr 22, 2011 1:11pm Apr 22, 2011 1:11pm
- Joined Jun 2010 | Status: Hello,Mr.Market | 1,806 Posts
- #94,242
- Apr 22, 2011 1:37pm Apr 22, 2011 1:37pm
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
will we get another chance to long USDJPY?
- #94,243
- Apr 22, 2011 2:47pm Apr 22, 2011 2:47pm
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #94,245
- Apr 22, 2011 3:09pm Apr 22, 2011 3:09pm
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #94,246
- Apr 22, 2011 3:36pm Apr 22, 2011 3:36pm
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
- #94,248
- Apr 22, 2011 9:58pm Apr 22, 2011 9:58pm
- Joined Jun 2010 | Status: Hello,Mr.Market | 1,806 Posts
A chart helps those who can read it.
- #94,249
- Edited Apr 23, 2011 12:10am Apr 22, 2011 11:58pm | Edited Apr 23, 2011 12:10am
- | Joined Jan 2011 | Status: Trader | 523 Posts
Good stuff buddy.
I have my 365 in confluence with the 7600 area. We also have a trend line break out for those of us who follow them (I don't as such)
We're not dropping the axe on our own feet. . . definitely not, right A?
g.
Hope to see some juicy setups next week!!
But i doubt..does that add to confusion when IPB have different closing on different brokers..lets say a Bullish IPB CB RN/BRN on FxPro but CA RN/BRN on IBFX...i mean which one u follow the latest closing of the Broker?
- #94,250
- Apr 23, 2011 12:59am Apr 23, 2011 12:59am
Hi Mike
Wonder if you can advise on trade management.
Just practising Breakout and retest.
AudCad broke out of a large box (daily close) and retest - formed a BUOB on H4 (green arrow). I took this but FTA is only 20 pips away from my entry 1.0230 (break of BUOB+buffer). Initial stop was below top of the box. As anticipated, price stall around 1.0250 - PPZ back from early 2004.
Now what should i do at this point? J16 this is critical would suggest moving stop to BE. However, 20 pip stop would very easily be taken out.
I expect this trade to develop further considering the large consolidation area price broke out of. I still have two positions on and moved the stops to under the second BUOB.
Wonder if you can advise on trade management.
Just practising Breakout and retest.
AudCad broke out of a large box (daily close) and retest - formed a BUOB on H4 (green arrow). I took this but FTA is only 20 pips away from my entry 1.0230 (break of BUOB+buffer). Initial stop was below top of the box. As anticipated, price stall around 1.0250 - PPZ back from early 2004.
Now what should i do at this point? J16 this is critical would suggest moving stop to BE. However, 20 pip stop would very easily be taken out.
I expect this trade to develop further considering the large consolidation area price broke out of. I still have two positions on and moved the stops to under the second BUOB.
- #94,251
- Apr 23, 2011 1:20am Apr 23, 2011 1:20am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Hi Mike
Wonder if you can advise on trade management.
Just practising Breakout and retest.
AudCad broke out of a large box (daily close) and retest - formed a BUOB on H4 (green arrow). I took this but FTA is only 20 pips away from my entry 1.0230 (break of BUOB+buffer). Initial stop was below top of the box. As anticipated, price stall around 1.0250 - PPZ back from early 2004.
Now what should i do at this point? J16 this is critical would suggest moving stop to BE. However, 20 pip stop would very easily be taken out.
I expect this trade to...
Hey BC.
The thing is IMHO, we can work our the buffer and then the FTA before we take a trade so, you really already knew before you even took this trade that the FTA was close, probably too close, as you seem to have now found out. Also, I think this is always a good question to ask ourselves, "Do we really want to start buying into this, at an all time high"?
A touch trade after the breakout before that BUEOB formed would have given you more room to get to BE.
hey jim. i just want to thank you for all the great posts! i am still going through this giant thread and i have learned a lot! my notebook is filling up with info! i am currently demo trading and when i am making money consistently i will fund a real account...and sign up for your group
here's what i'm seeing on the EUR/USD. Not sure if I can call it BUOVB since the open and close of the 2nd bar did not envelop the entire previous bar. However price reached a resistance point with confluences coming from the rising trendling, a horizontal resistance from a previous PA area (red circle) as well as a weekly pivot (not shown). This gives me a heads up that perhaps next week I should look out for possible short.
http://i55.tinypic.com/fp6lvp.png
Looking in the Daily chart. There was a formation of a pin that penetrated the resistances but neither open nor close above it. Next day's open was able to retrace up to nearly 50% of the previous pin which would've marked an ideal entry. If I had entered, I would've set the SL a few pips above the high of the pin and that amount of pips for SL was a bit uncomfortable to me since I've mainly been trading in the H4, H1, and M15 time frame. My idea now is to wait for a good entry in either one of those time frame based on PA and confluences and short from there. What do you think? Thanks again for all the info!
http://i54.tinypic.com/4id2k6.png
here's what i'm seeing on the EUR/USD. Not sure if I can call it BUOVB since the open and close of the 2nd bar did not envelop the entire previous bar. However price reached a resistance point with confluences coming from the rising trendling, a horizontal resistance from a previous PA area (red circle) as well as a weekly pivot (not shown). This gives me a heads up that perhaps next week I should look out for possible short.
http://i55.tinypic.com/fp6lvp.png
Looking in the Daily chart. There was a formation of a pin that penetrated the resistances but neither open nor close above it. Next day's open was able to retrace up to nearly 50% of the previous pin which would've marked an ideal entry. If I had entered, I would've set the SL a few pips above the high of the pin and that amount of pips for SL was a bit uncomfortable to me since I've mainly been trading in the H4, H1, and M15 time frame. My idea now is to wait for a good entry in either one of those time frame based on PA and confluences and short from there. What do you think? Thanks again for all the info!
http://i54.tinypic.com/4id2k6.png
- #94,253
- Apr 23, 2011 3:37am Apr 23, 2011 3:37am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
hey jim. i just want to thank you for all the great posts! i am still going through this giant thread and i have learned a lot! my notebook is filling up with info! i am currently demo trading and when i am making money consistently i will fund a real account...and sign up for your group
here's what i'm seeing on the EUR/USD. Not sure if I can call it BUOVB since the open and close of the 2nd bar did not envelop the entire previous bar. However price reached a resistance point with confluences coming from the rising trendling, a horizontal...
i would also say to be careful of reading too much from those lower TF ,below 4h certainly when you make a decision to trade, this is a long term level and price could jump around it quite a bit before deciding what to do..
good analysis and the way to go though. find the levels and wait for some confirming PA.
but remember price could go either way here so we need some good PA to convince us of its direction (imho)hope this helps
jon
PATIENCE... DISCIPLINE
- #94,254
- Apr 23, 2011 5:41am Apr 23, 2011 5:41am
Hi everyone
Would like to share with you my trades for this week. Feel free to comment.
Would also like to share the profit and loss status (demo account) since I studied and practiced the J16 method from the period of end Mar till current day:
Profit: 322 pips
Loss: 10 pips
Thanks and regards
NS
Would like to share with you my trades for this week. Feel free to comment.
Would also like to share the profit and loss status (demo account) since I studied and practiced the J16 method from the period of end Mar till current day:
Profit: 322 pips
Loss: 10 pips
Thanks and regards
NS
- #94,255
- Apr 23, 2011 9:41am Apr 23, 2011 9:41am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi everyone
Would like to share with you my trades for this week. Feel free to comment.
Would also like to share the profit and loss status (demo account) since I studied and practiced the J16 method from the period of end Mar till current day:
Profit: 322 pips
Loss: 10 pips
Thanks and regards
NS
And very nice trade with logical targets and areas marked
Best
Mike
- #94,256
- Apr 23, 2011 10:58am Apr 23, 2011 10:58am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #94,257
- Apr 23, 2011 11:01am Apr 23, 2011 11:01am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #94,258
- Apr 23, 2011 11:14am Apr 23, 2011 11:14am
very cool NS way to go keep it up
And very nice trade with logical targets and areas marked
Best
Mike
Thanks for the comment and encouragement. I shall continue to work hard in practicing the necessary analysis prior to taking the trades. And I've been reminding myself of your advice on "taking only the best trades" even though there might be different pairs which show opportunities at the same time
Cheers
NS
- #94,259
- Apr 23, 2011 11:54am Apr 23, 2011 11:54am
anyone pays attention to euraud monthly ? it's a pin in my feed, with strong downtrend, the retest of resistance lines are valid. if it breaks 1.35 (BRN??), i think good to short.
the problem seems the location isn't ideal? the good point is it is with trend. so, which one of them (location vs trend) plays critical role over the other?
regarding entry timing, should I enter upon break of 1.35 or should I wait till retest of 1.35 after its break down?
comments are welcome
jeurre
This is my daily chart, waiting to retest 1.3300!
Sorry my English!
