thanks Mike for the alert !
james16 Chart Thread
- #132,683
- Oct 18, 2014 9:21am Oct 18, 2014 9:21am
{quote} i'm pretty pessimistic against the yen pairs that formed. I'll get back this weekend as to why on your charts. I think if they don't blast off we can see downside as the location on them are all a bit iffy. I got back in short on Russell 2k and dow again this past day as the risk is low and upside huge on these for next week. That's generally correlated to an inverse on the xxx/jpy pairs which would mean more room to run down Enjoy your weekend allMike
I'm bearish on the xxx/Yen pairs (except for one). It would not surprise me to see them rocket up but I feel there is too much upside resistance to fight now that we've broken out of major areas. We're trading right back into important resistance. Tricky!
I'm actually bearish on GBP/JPY from 172.715x
The only xxx/Yen pair which looks good to me from a bullish perspective is SGD/JPY
Safe trading to all!
Follow me on twitter @FxLester
- #132,687
- Oct 18, 2014 4:13pm Oct 18, 2014 4:13pm
{quote} Hi Lester, What do you think on USDJPY? looking at the chart below, do you think the same scenario as SGDJPY would be applicable? Yours {image}
I love the 105.x Check out the two charts below:
I think a "touch trade" was possible here but not my style. I like to wait for PA confirmation. I didn't get any so I'm on the sidelines for this one.
Does it hurt to see price rocket in the direction I predicted without me? It used to! However experience has told me that beautiful setups happen all the time. I just say "oh well, onto the next one".
I've got to stick to my rules as the market pays us to stay disciplined. In fact, to quote the one of the readers to my blog "the market is like an ocean, we cannot drink every drop".
Safe trading,
Lester
Follow me on twitter @FxLester
- #132,688
- Oct 19, 2014 1:06am Oct 19, 2014 1:06am
Hi Lester, it was very impressive 
when I am view the chart from ur point of view...
Here I attached my view, the both Daily and weekly chart confirm the downtrend, and a strong BEOVB also added more strength...
I expect advice from senior members about my view..
Adhav
when I am view the chart from ur point of view...Here I attached my view, the both Daily and weekly chart confirm the downtrend, and a strong BEOVB also added more strength...
I expect advice from senior members about my view..
Adhav
- #132,691
- Oct 19, 2014 7:21pm Oct 19, 2014 7:21pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} i'm pretty pessimistic against the yen pairs that formed. I'll get back this weekend as to why on your charts. I think if they don't blast off we can see downside as the location on them are all a bit iffy. I got back in short on Russell 2k and dow again this past day as the risk is low and upside huge on these for next week. That's generally correlated to an inverse on the xxx/jpy pairs which would mean more room to run down Enjoy your weekend all
For me all those pinbars that formed were all just a bit off. Or none really had a ton FOR them. Most were so-so in weird locations. That's a bit suspicious for me with what the other markets are doing. Essentially if they don't just take right off your left with little information on how to manage the trade. That's as important as finding the entry itself
For example the cad/jpy is a pinbar but notice how the pinbar sits up HIGH on the previous bar. Meaning the low barely protrudes below the previous low. I don't like pins like this. I want a nice long nice that protrudes away from the previous bars LOW. Also notice it's close to off the previous swing low but the level it's off is not all that special. Meaning what is the story here? We have a strong down trend and price bounced. Is that enough to sustain the bounce? Maybe. But maybe for me is not comfortable. We have the BRN of 95 just above high of the pinbar, a FTA and could be the turning point.
So the times I'm going to take a bar just by itself the bar needs to be shaped and set perfect otherwise the lack of information makes for a very difficult trade to take and manage for me personally.
Instead i've gone ahead and shorted some broader markets because they offer a very low risk, tight area and a high reward. This has sort of been the theme for me the last few weeks at this point. Here is the mini dow. Price closed ALMOST as a pinbar. A wick bar as I call them. Close under the major PPZ. Price gapped up to this zone. Pretty easy for me to want to get in here for a short. Will it make it through the wick. Not sure but the area is strong and gives me a good chance to get to b/e more then price is likely to just pierce straight through this zone.
Just some of my current thoughts
Mike
- #132,692
- Oct 19, 2014 7:59pm Oct 19, 2014 7:59pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
Well I'm in this one. The weekly looks pretty good. Mike's evaluation is well respected.
- #132,693
- Oct 19, 2014 8:49pm Oct 19, 2014 8:49pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
A bit of a break out.
- #132,699
- Oct 20, 2014 8:00am Oct 20, 2014 8:00am
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts