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  • #19,501
  • May 20, 2013 11:34pm May 20, 2013 11:34pm
Quoting tenmilewalk
Any advice appreciated Price has been ranging for a week. Support at 131. A round number {image}
The narrow range consolidation is very obvious on your chart.
There will be a breakout if not then market goes further sideway with wider ranges as the G7/G20 leaders start doing something in response to Abeconomics. When the Chinese speculators jumps into this Yen fray, we expect some bigger moves. There is smart money in the market. Also do not forget the inter-banks trading too where there is high liquidity.

Have you done your Big Picture for EJ?
Where are your MN and W1 historical S&R ?
Do you see the Prev W Fibs and the CONFUENCE levels where you should be looking for A+++ setups?
Do you have a Plan A and a Plan B for trading EJ today and this week.

Whatever happen later, I remain in Buy mode until I see higher TF reversal.

How to determine market reversal? go back to babypips.com School of Pipsology Grade 10.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,502
  • May 20, 2013 11:36pm May 20, 2013 11:36pm
Quoting emmanuel7788
{quote} The narrow range consolidation is very obvious on your chart. There will be a breakout if not then market goes further sideway with wider ranges as the G7/G20 leaders start doing something in response to Abeconomics. When the Chinese speculators jumps into this Yen fray, we expect some bigger moves. There is smart money in the market. Also do not forget the inter-banks trading too where there is high liquidity. Have you done your Big Picture for EJ? Where are your MN and W1 historical S&R ? Do you see the Prev W Fibs and the CONFUENCE levels...
Hello emmanuel

when you say obvious does that mean its a good thing or should i not draw it at all?

yes. time to go back to gr 10. first
  • #19,503
  • May 20, 2013 11:49pm May 20, 2013 11:49pm
Quoting tenmilewalk
{quote} Hello emmanuel when you say obvious does that mean its a good thing or should i not draw it at all? yes. time to go back to gr 10. first

what I mean obvious is the D candles are small and not showing L>H HL> HH or H>L LH> LL ...
do you know what the Average Daily Trade Range of EJ?
and also the Average Weekly Traded Range?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,504
  • May 21, 2013 12:03am May 21, 2013 12:03am
hello emmnauel
Doing the analysis now.

jackub showed me an indicator that shows ranges. is atr for daily 409 and weekly 1260?

for h1 its only 58 pips. that would be low range?
  • #19,505
  • May 21, 2013 12:09am May 21, 2013 12:09am
for monthly outlook there is a 50% fib level. 200 ema for mont
Attached Image (click to enlarge)
Click to Enlarge Name: may 20 eur.jpy.monthly fib.png Size: 61 KB
h at that area as well.

FOr the weekly, i see several s/r near the 132 and 138 but i dont know if that would be relevant for this week.
Attached Image (click to enlarge)
Click to Enlarge Name: may 20 eur.jpy.weekly s.r.png Size: 62 KB
  • #19,506
  • May 21, 2013 12:13am May 21, 2013 12:13am
if price breaks below trendline, possible downward move. but common sentiment here seems to be bullish. watch for fakeouts
Attached Image (click to enlarge)
Click to Enlarge Name: may 20 eur.jpy trendline.png Size: 58 KB
  • #19,507
  • May 21, 2013 12:22am May 21, 2013 12:22am
Plan A: Look at 5H breakout range. Check Atr and PA at london open. Price action trading.

Plan B: look at H4 and up time frame for breakout signal near 133.

any advice appreciated

Going to read rest of baby pips now

one more thing to add: Daily seems to be making HL and HH
  • #19,508
  • May 21, 2013 12:50am May 21, 2013 12:50am
Quoting tenmilewalk
hello emmnauel Doing the analysis now. jackub showed me an indicator that shows ranges. is atr for daily 409 and weekly 1260? for h1 its only 58 pips. that would be low range?

EJ traded range
D is between 110 and 160
W is between 320 and 440

the recent D has not been very volatile ... only about 85 pips.
so when there is breakout, expect it to increase.
so 4H swing traders must know how much the average weekly range can trade.

keep your TP planning within expcetations
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,509
  • May 21, 2013 12:51am May 21, 2013 12:51am
yes. the default setting had it on 3* multiplier


what about Plan a and B? anything you see?
  • #19,510
  • May 21, 2013 1:04am May 21, 2013 1:04am
Quoting tenmilewalk
Plan A: Look at 5H breakout range. Check Atr and PA at london open. Price action trading. Plan B: look at H4 and up time frame for breakout signal near 133. any advice appreciated Going to read rest of baby pips now one more thing to add: Daily seems to be making HL and HH

today' Tok_5H range is 63pips. No way you can trade this range breakout today.
If you want to trade TOK_5H , it is on H1 ,

there is Prev D Fib 50% 131.82
thers is historical MN S&R 131.75 (mentioned before last 2 weeks)
there is Prev W Fib 50% 131.95

yesterday Monday D is Inside Bar of Friday.
Friday was a wide ranged bar of 125pips.
The whole of last Week 20 was 160pips.

Do you see narrowing range?
Can you draw TL on the tops and bottoms and look for the breakout?
market can breakout either way - UP (25%) or DN(25%) and false break then go sideway (50%) for much longer.

Big Picture Weekly shows April is spinning top candle ... indecision. Why market indecision?
Looking just at W chart, would you Buy with a 350pips initial SL?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,511
  • May 21, 2013 1:07am May 21, 2013 1:07am
Quoting tenmilewalk
yes. the default setting had it on 3* multiplier what about Plan a and B? anything you see?

in a breakout situation, Plan A and Plan B cannot be in the same direction.

A = Buy
B = Sell

C = Buy
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,512
  • May 21, 2013 1:15am May 21, 2013 1:15am
if it is H1 should I pay attention to the weekly bar? or just the direction of the weekly bar only?

FOr the inside bar are you talking about the APB or the actual candle
thanks
  • #19,513
  • May 21, 2013 1:17am May 21, 2013 1:17am
for the narrowing range, are you referring to the obvious one i drew or is there another narrowing range you are talking abuot?

going to add those S/R levels and fib levels on chart now.
  • #19,514
  • May 21, 2013 1:22am May 21, 2013 1:22am
Quoting tenmilewalk
if it is H1 should I pay attention to the weekly bar? or just the direction of the weekly bar only? FOr the inside bar are you talking about the APB or the actual candle thanks

I have been talking about PASR using true Japanese Candlestick Patterns all the time. The APB/HA does not represent the true real price OHLC.

Also, I use price bar for my entries and not APB. I have the APb in the background of my price bar charts.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,515
  • May 21, 2013 1:26am May 21, 2013 1:26am
oh ok. for the inside bar, do you only consider the bodies and not the wicks? cause the monday one had a wick stick out and wasnt engulfed/
  • #19,516
  • May 21, 2013 1:33am May 21, 2013 1:33am
Quoting tenmilewalk
for the narrowing range, are you referring to the obvious one i drew or is there another narrowing range you are talking abuot? going to add those S/R levels and fib levels on chart now.

look at H4 chart and you will see all the details
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,517
  • May 21, 2013 1:39am May 21, 2013 1:39am
is this the narrow range? What implication would it have inside the narrowing day range?
Attached Image (click to enlarge)
Click to Enlarge Name: may 20 eur.jpy h4 narrow range.png Size: 55 KB
  • #19,518
  • May 21, 2013 1:43am May 21, 2013 1:43am
Quoting tenmilewalk
oh ok. for the inside bar, do you only consider the bodies and not the wicks? cause the monday one had a wick stick out and wasnt engulfed/

several places you can learn about Japanese Candlestick...

http://thepatternsite.com/Candles2.html

http://www.stratsforextrading.com/do...u.php?id=start

or read this book below:
Attached Image (click to enlarge)
Click to Enlarge Name: Candlestick for Dummies.png Size: 358 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,519
  • May 21, 2013 1:47am May 21, 2013 1:47am
i actually have a copy of that maybe my platform was showing the wrong candlesticks.

I sorta see a formation for wed/thurs and thurs/fri but not for fri/mon unfortunately
  • #19,520
  • May 21, 2013 2:05am May 21, 2013 2:05am
Hello Emm

I am somewhat confused. You say that you look at the weekly chart once a week. Could you please explain to me what it is that you are looking for on that Weekly chart. Secondly you say that you look at the Daily chart once a day, again what are we looking for on the Daily.

Regards
Aj1
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