james16 Chart Thread

Hey guys, thought I would post some charts and learn something!

Why did this eurcad trade fail?...Looks like nice pin off a ppz level and is down-trending on the daily and weekly..

Eur/usd looks to be working out, waiting to move stop to break even.

This monthly PPZ could have something to do with it.

hello Sir equivestor12,
looking exclusively at your charts...
please check the edited charts below

eurcad:
it's a small pin right after a much bigger candle.
the small pin is also heading back into a consolidation area.(blue rectangle)
if u see the magenta/pink horizontal line, u could see it was nearly hit (it could have been your initial target). that magenta line is also situated somewhere near the middle of the consolidation (blue rectangle)

eurusd #2:
i believe this trade is still open?

in conclusion, u have to assess the market condition (trending or ranging) & manage your trades accordingly (stop & target placement).

hope this makes sense





many thanks, Sir Steve.
im in Luzon, the northernmost major island. i believe the quake hit Visayas, the middle major island of our country.
i believe a quake hit Japan too... ooops, u ain't in Japan no more.

we all have guardian angels so we are relatvely safe always

Makes perfect sense, thanks guys! Didn't even see that big bar till after it failed.

Hey SC.
No, sir here, just call me Steve.

Glad to hear you are well.

Damn earthquakes.

They say a major earthquake is expected in the middle of Tokyo, in the next 4 years, Could be tomorrow, could be years later.

I was there in November for a visit and was glad to get back to China.

May have to go back at the end of March or April for a week or so.

Below a post that I published in another forum a few days ago that might give additional clues towards any trading or not decisions:

I will explain the concept of the controlling candle with a real time example. I attached below the eurusd monthly chart where we can see the formation of a hammer last month. As we know a hammer is a significant bullish reversal price action setup that mainly occurs at the bottom of a downtrend.

According to the “higher command” each time frame is “controlled” by the next higher time frame. Any price action setup that might appear on the monthly, the highest of our workspaces, will control the price on lower time frames. Therefore, the hammer on the monthly chart is our controlling candle. The weekly and daily are controlled by this. Notice that the range of the controlling hammer candle is 609 pips, thus the weekly and daily can fluctuate within this range without challenging its authority.

The monthly hammer is still treated as any other ordinary SPA price action formation that appears on any timeframe. With existing data this hammer is not valid until price breaks through the high and closes above the hammer’s high. Since with current data price has not violated January's high, the hammer is considered invalid and thus treated just like any other candle. The candlestick formation's validity is founded on the concept of momentum and bullish inertia elevating prices higher than the price action candlestick formation.

Furthermore, the hammer which is our controlling candle is a warning that the downtrend might end. However, this is not a definite end but just a call for an end. We should not get carried away and become biased to go long. We first need to see a valid bullish price action setup on the daily timeframe, above the high of the controlling candle.

In addition to the aforementioned, according to SPA criteria this hammer is considered "weak", because of the close taking place below a confluence of important resistance levels, such as:
- Weekly resistance at 1.3234
- 38.2% fib retracement of the last swing down leg
- Dynamic resistance (trend line)
- Mid big round number (1.3250)

On the second chart I clarified another vital element concerning the “weakness” of the current controlling candle in comparison to the controlling candle of June 2010, despite the fact that both controlling candles have good shape, size, no traffic to the left and they were formed at swing low at a confluence of support levels

Hi ,

Just see the daily on EurCad, there is a pinbar on a PPZ @ 1.3000. Expected to go to 1.3200.

Well i sold at the 50 retrace, and as you can see have been nicely rewarded for my analysis

Be carefull Zamfir. Always check the higher TF - there is BEOB on weekly sitting right there.

Hey Pin,

Nice chart. Had my eyes on that too. Interesting place to look for PA.

PS: Does your MACD indicator draw divergence on its own?

yeh thats right but this beob is in a wrong place.. secondley u have a brn which can be a support .and also you have a weekly divergence..also on a daily you have a piercing line pattern @ 1.3000

I don't see it on my chart. Can you please highlight it. Infact is see a BUOB on the PPZ.

Damn differences of datafeeds... I have it. And it agrees with downmovement ... that previous BUOB is from BRN, right, but this last situation is doubtfull for me and I would pass it

EURUSD D1.
Nice PPZ+ 3 inside bars.
I placed sell stop under 3rd.



Please rate it.

Altering The Initial Trade Plan

In an attempt to make the trade stress free, I moved level of the first target higher at $1702. The stop loss for the second position will be moved to break even and it will be trailed according to new chart data. The $1702 is not a random level but it is the low of the BEOC ($1723) minus the average true range ($26) which equals to $1697. Yet, the $1697 is below a round number therefore I placed it above the round number plus $2.

So , which feed is correct?

Even on your chart the pinbar is pretty small and very close to a big BEOUB.... this is an easy pass for me too.

How come i can't see the BEOUB on my charts. Am i bar blind?

Can someone please highlight the BEOUB on MY chart.

Thanks.

yeh thats right but this beoub is in a wrong place.. secondley u have a brn which can be a support .and also you have a weekly divergence..also on a daily you have a piercing line pattern @ 1.3000 so for me it is changing in polarity and it is a good trade

Yes it is fatal question Its esoteric question already...

Logicaly should be charts through which mega money is trading but it seems there is no central shop for it.