Just checking the charts this morning, and nothing really looks exciting for me. On the 60's, 480's or daily charts on the pairs I'm looking at. Could be a slow morning session I feel, and possibly day. Daily and weekly ATR's are at or around my cut off point, so I could be an early start to the weekend I feel.
james16 Chart Thread
Hey screenname . . welcome to the thread . .. .nice screenname, btw.
IBs can be just like any other PA formation, only I like the very small ones (compression) where as the other PA formation we like them big in Size.
Check out Dan Gilbert's posts and charts .. he has a great stragety for trading IBs (I4Bs; Inside 4 Bars) at BRNs (Big Round Numbers).
Thanks for the warm welcome and the information about IBs. This is a huge thread, it takes time to read through everything but I'll get there.
Best regards,
- #102,464
- Sep 30, 2011 8:40am Sep 30, 2011 8:40am
Hi folks,
Firstly, I don't remember it if it has, but apologies if this has been disussed before. I was comparing charts with someone else on the forum this morning and it became apparent that some of our EMAs are wildly different. We're both using 150 & 365 Exponentials at the close.
I've had a look at a few charts that people have posted, and I can't really understand what's going on. Small differences, sure, but some of these are really too big.
Jarroo, I hope you don't mind me picking a couple of your charts, but you seem like a fairly safe bet.
Some comparions on USDCAD are below. The 1hours match up ok, but moving to weekly it's a very different story. Can anyone shed any light on this please? I used TSII from FXCM.
Thanks in advance.
Firstly, I don't remember it if it has, but apologies if this has been disussed before. I was comparing charts with someone else on the forum this morning and it became apparent that some of our EMAs are wildly different. We're both using 150 & 365 Exponentials at the close.
I've had a look at a few charts that people have posted, and I can't really understand what's going on. Small differences, sure, but some of these are really too big.
Jarroo, I hope you don't mind me picking a couple of your charts, but you seem like a fairly safe bet.
Some comparions on USDCAD are below. The 1hours match up ok, but moving to weekly it's a very different story. Can anyone shed any light on this please? I used TSII from FXCM.
Thanks in advance.
When the going gets weird, the weird turn pro.
- #102,465
- Edited 9:22am Sep 30, 2011 9:01am | Edited 9:22am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #102,467
- Sep 30, 2011 9:24am Sep 30, 2011 9:24am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #102,468
- Sep 30, 2011 9:29am Sep 30, 2011 9:29am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #102,469
- Sep 30, 2011 9:43am Sep 30, 2011 9:43am
Hmm, now that you mention it, that weekly chart does look totally different.
My broker's in London, and I'm based on UK time (currently BST).
When the going gets weird, the weird turn pro.
- #102,471
- Edited 9:45am Sep 30, 2011 9:44am | Edited 9:45am
With the lack of anything interesting setting up today on my usual 2 pairs, I took a look at a pair I used to trade quite a bit with some success, The $CAD.
Off the bat, I have to admit to not taking this trade, as I was late finding it. It is Friday afternoon here in UK, and I'm never in to much of a hurry to place trades on Friday afternoon. But here is how I would have played it....
60m chart as is usual practice for me. Lovely PB off the high of the day. Looking to the PA to the left of the PB, there is a nice pocket of air before price touches yesterdays high, which is an area I would have been looking at.
As is my trade plan though, I look for the first possible area that I can take some profit and move stops to BE. That was at the first green line for +10 at the low of the DBL bar. The next green line is the high of Monday, which is the PB high from Monday, and there's also a nice little S&R touch from today's PA that you can see in the lower yellow circle on the image at 85.
So with an entry at 31, it would have been a very nice trade to finish the week off. Oh well, there's always plenty more where that came from. Now rush.
Off the bat, I have to admit to not taking this trade, as I was late finding it. It is Friday afternoon here in UK, and I'm never in to much of a hurry to place trades on Friday afternoon. But here is how I would have played it....
60m chart as is usual practice for me. Lovely PB off the high of the day. Looking to the PA to the left of the PB, there is a nice pocket of air before price touches yesterdays high, which is an area I would have been looking at.
As is my trade plan though, I look for the first possible area that I can take some profit and move stops to BE. That was at the first green line for +10 at the low of the DBL bar. The next green line is the high of Monday, which is the PB high from Monday, and there's also a nice little S&R touch from today's PA that you can see in the lower yellow circle on the image at 85.
So with an entry at 31, it would have been a very nice trade to finish the week off. Oh well, there's always plenty more where that came from. Now rush.
- #102,473
- Sep 30, 2011 9:58am Sep 30, 2011 9:58am
between 5 days and 6 there is a solid difference. SMA 100 on 5 days/week and SMA 120 on 6 are different; at ema, the diff. should be bigger.
weekly, I don't know, as I watch only daily mas(and sometimes H1 ones). But maths says the diff. should be there. Don't know how big.
I use as guidance MA only on GMT chart with 5 days; but - I can't bring in a statistic and say "look, the gmt close is better for computing MAs" as I never did a statistic and anyway, price could've been rejected due to a good support, not MA - it's more a matter of habit tbh since I don't really trust them anyway.
but the chart looks cutter with MAs on it; seems more complicated - I look smarter. Plus gotta keep up with the trend - can't have an empty chart when everyone draws so many things they fail to see the bars anymore...
weekly, I don't know, as I watch only daily mas(and sometimes H1 ones). But maths says the diff. should be there. Don't know how big.
I use as guidance MA only on GMT chart with 5 days; but - I can't bring in a statistic and say "look, the gmt close is better for computing MAs" as I never did a statistic and anyway, price could've been rejected due to a good support, not MA - it's more a matter of habit tbh since I don't really trust them anyway.
but the chart looks cutter with MAs on it; seems more complicated - I look smarter. Plus gotta keep up with the trend - can't have an empty chart when everyone draws so many things they fail to see the bars anymore...
- #102,474
- Sep 30, 2011 10:17am Sep 30, 2011 10:17am
So this is what I'm looking at on £USD, on my 60m chart at the moment.
Trying to do some basic analysis, and get a better idea of PA.
From Thursday last week price put in a nice rally, until we got to Tuesday. What I've essentially got on the 60's is a range.
See the vertical purple arrow? That's basically the boundaries of the range. Got a swing low and swing high, and price is making higher lows and lower highs with in that swing high and swing low.
There was an attempted BO through the highs and lows of that range, but you can see that failed as price came back into the range.
The 2 dotted purple lines also show that price is contracting with in the boundaries of the range.
How does all this help me, or relate to these James16 bar setups? Well I've now identified some points of interest for me to watch for those bar setups, so I can trade my plan.
The last 4 days data is showing me that cable has only traded between what is basically an average days range.
Oh and also the yellow line is the 365ema, and the red one is the 150. Still deciding how best to incorporate these into my plan, so they are there for observation at the moment.
Trying to do some basic analysis, and get a better idea of PA.
From Thursday last week price put in a nice rally, until we got to Tuesday. What I've essentially got on the 60's is a range.
See the vertical purple arrow? That's basically the boundaries of the range. Got a swing low and swing high, and price is making higher lows and lower highs with in that swing high and swing low.
There was an attempted BO through the highs and lows of that range, but you can see that failed as price came back into the range.
The 2 dotted purple lines also show that price is contracting with in the boundaries of the range.
How does all this help me, or relate to these James16 bar setups? Well I've now identified some points of interest for me to watch for those bar setups, so I can trade my plan.
The last 4 days data is showing me that cable has only traded between what is basically an average days range.
Oh and also the yellow line is the 365ema, and the red one is the 150. Still deciding how best to incorporate these into my plan, so they are there for observation at the moment.
- #102,476
- Sep 30, 2011 10:38am Sep 30, 2011 10:38am
So this is what I'm looking at on £USD, on my 60m chart at the moment.
Trying to do some basic analysis, and get a better idea of PA.
Attachment
From Thursday last week price put in a nice rally, until we got to Tuesday. What I've essentially got on the 60's is a range.
...
Firstly, I feel duty-bound as to J16'er to tell you that 1hr is too short a time frame to trade without a lot of experience behind you. I don't want to occur the wrath of The Man by leaving that out.
That said, you've identified the upper and lower ranges of the last 4 days ranges admirably. Notice how they're both conveniently at large numbers (1.5550, near as dammit, and 1.5700). Weird, huh?
How it helps you is in terms of support & resistance. We now know there's resistance at 1.57, but when it next gets there, how do you know it's not just gonna push right through? You can take the chance on a touch trade, but that's just gambling unless you have something else to tell you it's going back down. This is where we use price action, and other 'supporting cast' to lend credence to that PA. Your MAs are supporting cast, along with round numbers (50s, 00s), fib retraces, MACD divergence etc). Make sense?
Welcome to J16. This is what we do.
When the going gets weird, the weird turn pro.
- #102,477
- Sep 30, 2011 10:54am Sep 30, 2011 10:54am
Hey picon,
Firstly, I feel duty-bound as to J16'er to tell you that 1hr is too short a time frame to trade without a lot of experience behind you. I don't want to occur the wrath of The Man by leaving that out.
That said, you've identified the upper and lower ranges of the last 4 days ranges admirably. Notice how they're both conveniently at large numbers (1.5550, near as dammit, and 1.5700). Weird, huh?
How it helps you is in terms of support & resistance. We now know there's resistance at 1.57, but when it next gets there, how do you...
I certainly wouldn't just be using the range boundaries as trigger levels. They are simply areas of interest for me. My trade plan involves daily high's and low's, fibs, and other S&R levels. I typically only look for setups at the high or low of the day, rather than taking trades in the middle of the days PA.
I don't go for massive 200 pip targets when using the 60's, I go for what that charts tell me they are prepared to give up. If that means a first target of 5 pips or 10 pips, then that's the area.
- #102,479
- Sep 30, 2011 12:46pm Sep 30, 2011 12:46pm
- Joined Jun 2009 | Status: FXCM Representative | 5,808 Posts
