james16 Chart Thread

bundyraider · #**62280** Apr 29, 2010 8:22am

Quote:

Originally Posted by ghous

The GH sound is close to a gargling sound Joel...

So I guess it's what it would sound like if Donald Duck said "Goss"?

bundyraider · #**62292** Apr 29, 2010 9:33am

Quote:

Originally Posted by nwo-trader

Good Morning Fellow J16'ers,

I was curious if anyone is watching the Daily pin bar on SILVER? Seems to be of quality, in the direction of the major trend, on a round number (18.00), as well the head of the pin is within yesterdays range.

Good quality setup?

Good morning nt.

I watch silver.

The break point's too close to that last peak for my comfort levels. By the time an entry is triggered you are already waiting and hoping it will get past that level.

Would have been great to get in at the green arrowed (on my chart) bar. Especially if it looked like the yellow arrowed one you are talking about.

Good sign for someone who was already long.
...Might hit 19.00 next, I suppose. (That top dotted pink trend line lines up with that RN target.)

B

bundyraider · #**62301** Apr 29, 2010 11:26am

Quote:

Originally Posted by jspeakman

I have a theory based on my vast trading experience

- say take a Daily pin, enter on the break, price retraces back quite often (I think) to perhaps a minippz (MPPZ!) within the pin nose which can be identified on a 4 hour or even 1 hour time frame. So one could identify these MPPZs and tuck the SL under that or at least use it for guidance.

Please feel free to totally dismiss!

J

Quote:

Originally Posted by joelcf

absolutely - patterns within patterns within...

Careful fellas. You don't want to be caught in the trap of trying to chase ever more tighter stops in the interest of larger position sizes (which is what tends to happen when someone wants tighter stops)

That's a real trap.

If the signal bar is fantastic enough , even before the break you can get in on a retrace in the manner you mentioned... ...at a minor PPZ which has good confluence in itself (with bar highs/lows etc ) and stands on it's own merits. BUT then hide the stop behind a great wall wherever possible. Which for me is the original bar's stop.

Getting in before a break is riskier, you need to know what you're potentially banging your head against first. A lot of the time the break of the bar is the break of a key S/R level too and you are best to just go with the trusted method.

Just what I've learnt to do anyway. Passing it on.

It's so much easier just to take bars that have good space and just play the break like normal with the stop on the other side. ...and then build up on the other little tricks as you gain chart time noticing things. (And they come along pretty well too as you gain confidence) . Outside bars are the easiest to play retraces on too, in my opinon.

Some situations are more conducive to retrace entries than others and you just choose the appropriate method based on what you see in the bars around your signal.

bundyraider · #**62374** Apr 29, 2010 9:08pm

Quote:

Originally Posted by joelcf

....a hedge fund trapping breakout players "on an IB"....

Now... with reliable L2 information, that'd be a good caper!

bundyraider · #**62394** Apr 30, 2010 1:18am

Quote:

Originally Posted by ddinnov

Morning all,

Can I get an opinion on the BUOB on GBP/CHF daily?

Can't see any trouble areas until 1.6650, nice space and closed above the BRN. I see there is CHF news due out in about 3 hours though :/

I can tell you what I'm personally doing.

Using it as a predictor of a break high. Waiting for a signal from the top side after that. Not just entering the break.

Had the following chart drawn up for a while (weekly for perspective).
Blue box area as possible target.

bundyraider · #**62395** Apr 30, 2010 1:22am

Quote:

Originally Posted by joelcf

Wanna go halves in setting up a brokerage?

LOL ... Yeah, well probably an easier way even again.

bundyraider · #**62439** Apr 30, 2010 9:41am

Quote:

Originally Posted by TiaForex

I'm a little out of practice. Next time will be shorter I promise....

No... Good post T.

Couldn't agree with you more.

bundyraider · #**62441** Apr 30, 2010 9:48am

Quote:

Originally Posted by g_j_hook@yah

im suprised this hasnt been mentioned (jus ignore me if it has ...lol)
eu/gb 4hBUOB, its a bit of a range trade but thats what this pair does best

the RN above was the obvious first target for me,or at least up near it.

whish i had caught the 1h pin though....

jon

i cant get a chart up for some reason...
will try later to add charts

That one's turned out alright G.

I could have caught it right from the 1 hr pin , but would have preferred the lower lows closer to .86 for a location for either TF option though.

Props man. Well done.

bundyraider · #**62444** Apr 30, 2010 10:07am

Quote:

Originally Posted by Marrethiel

I wonder if this is a learned counter instinct because my trading is going well above average this month... Maybe I'll pull out of this trade and go to bed.

I never have a problem closing out of a trade I've changed my mind on. Screw it. I'd rather be flat than ride hope.

I make mistakes, and I like to correct them the moment I realise.

bundyraider · #**62445** Apr 30, 2010 10:11am

Have a great weekend everyone. I'm calling in early.

DJI looks interesting.

bundyraider · #**62483** Apr 30, 2010 10:12pm

Quote:

Originally Posted by g_j_hook@yah

yeah agreed,the .86 would have been nice but if you look at the line chart price closed sround the .8650 mark more often than at the the RN, and in fact i have the whole area as a PPZ on my chart. i also liked the fact that it was almost the exact lows of wednesday....somebody thought it a good price

Another day I probably would have taken it maybe.

I was looking at one feed just now trying to figure out why I was convinced to stay away! ....then I looked at the FXPro feed.
It was definitely the trend line. I remember looking at it and going "...damn... should I play a break with a good buffer?"

In the end it's one of those discretion decisions that saves me stress more than anything. I've mentioned here before that I'm wary of uneven bottoms like this for this very reason.

Seen too many of those Strong bars as pullbacks that reverse immediately without breaking.

Missed a lot of moves yesterday using this rule. Some really good ones (and some because of confidence). But for the same reason I got in good on the spx500 short playing a pin in reverse. If it looks right and nothing is against it, I take it.

So it all works out in the end.

bundyraider · #**62484** Apr 30, 2010 10:49pm

Planetary Cycles Trading (EUR/USD)

...Interesting thread.

What's even more interesting is that it's hit 96 pages. LOL

bundyraider · #**62488** May 1, 2010 5:06am

Quote:

Originally Posted by supremeChaos

have seen it earlier this year.
for now, it's way above my head.

but i plan to read up on it & see what it's about in the future.

Planets & Heavenly bodies have an effect on Earth (& human beings), so there must be something to it
for now PASR leads the way.

PASR is ALL you need.

Planetary cycles. ---> ...LOL

bundyraider · #**62536** May 2, 2010 10:24pm

Quote:

Originally Posted by slade1986

Noticed this setup on Trade Station, but I don't see it on MT4.

First off, if I were to trade this off trade station's chart, I welcome any input. Pin bar on a swing high, off the 150MA and off the .618. FTA @ 1.3440 area

Secondly, should I put more weight on setups that appear on MT4?

Thank you

Slade

Hi Slade. Trade what YOU see. Totally ok.

The main benefit to MT4 here is to just have the same looking bars as most others here. That's all though. Some of us advocate watching charts that have the daily bars close when New York closes.

As for your chart. You'd trade a break of the bar, no qualms. Location is pretty good. (was ...lol. Got to your post a bit slow.)

After the break you should definitely not take a full bar loss once that second trouble area you marked has been hit. (The most likely target for this first push.)

Some here know that I use the close price chart a lot and that's where is has just touched the previous peak as I put this together.

The main point , as I said is once it's reached here you should NOT have your winner turn into a full loser at the least.

The fast run up to that peak compared to the previous bars would have me playing this to just a target. And at this point I would have moved my stop by now to at least half way from the original position to the open price. Just above the current bar's high (on my chart at the orange 'X' mark) And more than likely just have me closing the trade at this spot. If the run up hadn't been so enthusiastic, I'd have held and watched the price action for clues for a continuation or trade end.

Good trade choice for the fact there was at least some room to get a comfortable way into profit.

(Your second blue box)

bundyraider · #**62538** May 2, 2010 11:57pm

Anyone shorting BP?

Getting scarier.

bundyraider · #**62541** May 3, 2010 3:32am

Quote:

Originally Posted by joelcf

I'll buy them on a dip

Yeah, even 10 minutes of research after I posted changed my attitude to that. lol

bundyraider · #**62564** May 3, 2010 10:14am

Quote:

Originally Posted by Steve0001

Anybody paying any attention to the 4hr I4B that formed on AUDNZD that includes the RN 1.27000 (and a PB a few bars ago)? Anybody try to play I4Bs on a 4 hr chart? PBs also just formed on the weekly and monthly charts (http://www.forexfactory.com/showpost...ostcount=62463).

Steve0001

Steve there was a bank holiday in London (and japan) today. I'm not too keen on taking inside bars that are created through lack of volume rather than a buyer/seller battle being in place. Otherwise I personally usually have no qualm in taking 4hr i4bs.

bundyraider · #**62641** May 4, 2010 9:12am

Quote:

Originally Posted by nasir.khan

Their online support told me that.

"The spot indexes that were in the market watch window for correlation purposes were removed from the platform for now."
.

Damn..
That explains it.

I thought I was going mad! Bummer! It was handy having them in MT4.

bundyraider · #**62684** May 4, 2010 7:39pm

Quote:

Originally Posted by scott087

Missed the FTA by about 10-12 pips and it seems like its on the way to break the low of the pin. I can't really see anything wrong here..any comments would be helpful.

Scott

Hi Scott,

Was this... (see chart)

Location isn't spot on, but it's not like it's totally crap. I'd have drawn that line and passed on this one regardless of the size of the pin, but I know many don't do this and still make good money on similar ones over time.

Would be good to hear Mike's opinion on this bar. (<-- Obvious-ed it up.

)

bundyraider · #**62685** May 4, 2010 8:19pm

Silver DBHLC - Divergence and previous reversal level.

This bar is very similar in size to the previous hit up here. This time with divergence too.

Maybe green line for target? Who knows.

First trouble area very close, but I'm willing to risk my %0.5 on this one breaking past it , and willing to ride any draw down before that happens.

bundyraider · #**62690** May 4, 2010 9:59pm

Quote:

Originally Posted by mbqb11

here is a clip from today's webinar where I talked about this bar and the aud/sgd. Again these are just MY views.

Thanks bloke.

Glad you said all that. Sometimes I feel I'm getting a little too hesitant, but you have no idea how good it is to hear similar feelings on this. (even the line I drew could be overcome if i believed the position was better.)

Quote:

Originally Posted by mike w

I know I'm not the Mike you're looking for but I'd be lying if I said I wasn't a sucker for a discount price. I just got into this trade at 1.5140 with a risk of 25 pips. I like those odds and it's worth it for a trade IMO....

We are all finding our ways.

I've just tended to go the same way as Mike explains in the video. Which is funny. Just trying to go for the easier trades now that happen at the best locations. Funny how experience can lead people in the same direction some times.

I had a fib drawn too that showed we hadn't quite reached the 61.8 mark yet. I'm really weary of taking trades that miss out on a main study by 20 pips or more. (with the exception of a few pips ,of course) They tend to want to remedy the situation by stopping you out and then giving another signal at the better location just below.
Just been caught out so many times by that man that I'd rather miss a major signal than be caught by the many that do that. Regardless of the end result over 'X' trades being profitable.

Even with the trend line I drew, if the bar had matched that previous dip and not broken it I'd consider it more. As long as the line I drew allowed enough room to start us off. Again, just what trades make it easier on me is what I tend to take ,and I ignore the stressful ones. Got better things to do. lol

And your opinion is good too. After I posted I thought "Hey any of the long timers input would be good". I just knew mike had the same penchant for the larger bars that I do and is a lot better at playing them on their own merits than I am.

bundyraider · #**62751** May 5, 2010 9:35am

Quote:

Originally Posted by relyt

I am thinking about only looking for pin-bars that meet certain criteria (have space, as Mbqb11 suggests; are of significant size relative to other bars; nose significantly longer than body; nose protrudes significantly far from the bars near it). Is it ok to start (in a demo account) like that, and then add S+R, price pivots, and fibonacci only after I'm comfortable with the pin-bar specifics?

I appreciate the help.

Hi Relyt.

You should definitely add Major S/R levels into the mix right away , at the least.

It's important to only take trades that are at the best levels.
...You may as well work on that right from the start.

Trading all pins that look good will be frustrating. They give the best results when combined with great locations.

Watch as many of the free videos by Mike and James as you can. There is a lot about S/R in them.

bundyraider · #**62757** May 5, 2010 10:20am

Quote:

Originally Posted by relyt

Thanks, bundy. I have watched all of the videos in the Guest Area, but was very overwhelmed, which is why I want to stick to just pins until I can get my head around that. I will take your advice and combine what I know about "A+ pins" with what they say about S+R. I think I might need to go back and watch those videos a few times.

I know that's a lot to take in, but in a few months time you'll wonder what the fuss was about back now and will be reading charts like a book.

Read though the first hundred pages of the thread as you go along as a refresher. Many of us here have read it over and over. It's A LOT to take in in one go. Give yourself time.

Edit:
Practice for a while. Go back to the videos and thread. Practice for a while. Go back to the videos and thread. Rinse and repeat. ...Every time you watch the vids and read the early thread after practising for a while , you'll notice something new you forgot.

bundyraider · #**62759** May 5, 2010 10:35am

Quote:

Originally Posted by StoragePro

I'll echo differently what Bundy told ya - places for bars are more important than the bars themselves.

If you take note of solid areas of support and resistance - horizontally, and on trend lines, you'll be amazed how often price approaches these places, and reverses....

Thanks SP. After watching the Darth Vader TomTom commercial, I just totally read your post as if from a Jedi master.

...yup... time for bed. lol

bundyraider · #**62827** May 5, 2010 7:25pm

Quote:

Originally Posted by mbqb11

IMO commodities and futures respect the 50 fib more so then fx markets

And stocks.
At least the Ozzie ones anyway.

Quote:

Originally Posted by Dan Gilbert

I have been finding so far that the behavior of the futures market is much more consistent than currencies.... for now....

They say Forex is the hardest of them all to trade.

bundyraider · #**62828** May 5, 2010 7:36pm

Quote:

Originally Posted by tehuringa

Hey Mikey and Jarroo.....I missed you guys

Good to see ya man. Been a while.

bundyraider · #**62830** May 5, 2010 7:58pm

Quote:

Originally Posted by mbqb11

"they" say a lot of crazy things :P

There are elements to it that are tricky, but after five years on currencies as my primary, it's hard to look at it from a beginners perspective now. lol

Try and trade the ASX stocks intraday. You get bored out of your mind. You sit their a whole day sometimes and not see anything move. Except the one stock you AREN'T watching.

bundyraider · #**62843** May 5, 2010 10:00pm

Quote:

Originally Posted by joelcf

That's because all the volume is either superfunds rebalancing their index portfolios, or babyboomer retirees with a commsec account (paying $29.95 a side commission!) who 'day trade' the tips they got from aussiestockreport.

NYSE, NASD and LSE are where its at

The first hour and last hour are worth watching sometimes. It's just so much easier just sticking to the overseas markets though, as you said.

Even the asx200 gives better trades during outside hours. lol

bundyraider · #**62844** May 5, 2010 10:11pm

Quote:

Originally Posted by Autumm

Any comments on the usd/jpy DBHLC? it has managed to close below the daily 365ema.

Divergence and big BRN too.

This is the trade I was considering earlier. I've passed in the end, since I found it was hard to formulate a plan for it.

If the path below was a little clearer I'd be in (it's messy to the left) , but with how it is I'd have been more comfortable if there was a bigger bar that showed more strength.

I'm sure others are taking it because of the divergence and round number.

In the end it won't let me manage the trade the way I would like. So no go for me personally.

My thoughts.

bundyraider · #**62849** May 5, 2010 11:08pm

Quote:

Originally Posted by Autumm

Any comments on the usd/jpy DBHLC? it has managed to close below the daily 365ema.

Not trading it, but here's a chart if you want to compare notes...

bundyraider · #**62920** May 6, 2010 9:32am

Quote:

Originally Posted by relyt

I recently opened my first demo account and I wanted to get the perspective of more experienced people on this situation. What do you typically do when you find what you think is a good setup, put in a limit order, and then the trade goes in the opposite direction, not even triggering the trade?

In this specific instance, it was a pin-bar and I set a limit-buy order at 10 pips above the high of the pin-bar, but price pretty much went straight down and passed the nose (I canceled the order at that point).

1. Is it a bad idea to cancel the order...

Perfect Relyt. The primary way to trade pins the james16 way is to wait for the break. The pin isn't valid until that break happens. It saves you from exactly this situation. When it fails to break and then heads down past the nose of the pin the bar is made invalid, and it saves you money you would have lost if you entered prematurely.

Time to cancel the order and wait for the next one.

bundyraider · #**62923** May 6, 2010 9:59am

Quote:

Originally Posted by s005606

Hi guys,

It's been some time since I posted again.
Regarding the USDJPY daily setup that many members discussed few pages ago, I took it on my demo a/c but was out at a loss.

Would any members kindly give me some comments on this? Was I wrong on anything?

Setup: USDJPY DBHLC

Pros reasons:
- off weekly PPZ (around 93.80 as marked as yellow line)
- off BRN 94.00
- divergenece on MACD

Cons reasons:
- counter-trend?

Entry: I entered on 93.30 as I wanted to give some buffer.

FTA: 93.00

Result:...

Hey s123456.

As pinbar mentioned , there are a few areas in the way of this one charging out of the gates with little draw-down

Setups like this, you have to realise, are likely to head into draw down for a while as they ricochet off multiple s/r zones. The same zones that kept me out of entering (as per my posts earlier)

Taking that into account, for this type of trade , yes ...you exited too soon.

Definitely the best way to get a hang of this type of trading is to place your stop on the other side of the setup, size your position appropriately so that you are comfortable with it doing what it has to do ....and then wait for it to go into profit or stop you out.

...And all that is a hell of a lot easier when you have full faith in the location you took the trade at too.

bundyraider · #**62961** May 6, 2010 2:50pm

Quote:

Originally Posted by mbqb11

nope not on the way down at least LOL my methods flourish best when we swing, unless I catch a breakout play. Just nothing quite lining up for me these last few weeks

Mike and Jaroo.

Do you get the feeling this is one of those Peter Crowns moments beginning here?

bundyraider · #**62965** May 6, 2010 2:53pm

Quote:

Originally Posted by jarroo

Holy Sh*T

My thoughts too when I checked the charts after waking in the middle of the night. lol

bundyraider · #**62995** May 6, 2010 3:28pm

Quote:

Originally Posted by jarroo

For some reason . . I think Rac had something to do with this . . .
Ka Boom! comes to mind.

I'd bet my whole account that Rac was in.

There's some major entry conditions before this happened.