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james16 Chart Thread
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Jun 19, 2010 10:00am
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
I guess its a good exercise in PA structure which is a good thing.
But not seeing the whole picture sure makes them look kind of "out there".
It's like . . . Mike, what do you think of the Daily Aud/Sgd? . . . .
 I took out the BRNs. lol
Just kidding guys . . great posts and exercise . . very helpful. 
Jim
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mark the major PPZs they will come back  
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Jun 20, 2010 12:07pm
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Resident Elmer Fudd
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Quote:
Originally Posted by nuclear62
Happy trading!
I?ve noticed the power of Mike?s cherry trades! Then I noticed I have a problem when trying to find space when selling. Is this right? We have space to sell, when price has rised and then moved a little bit sideways?
Loving this thread, loving the life more and more 
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Hey Nuc
Yep this is correct sir. There are degrees of space just like degrees of PPZs
Mike
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Jun 20, 2010 4:06pm
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Resident Elmer Fudd
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Quote:
Originally Posted by tubguy
Wishing all Dad's a HAPPY FATHERS DAY!
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I will second that 
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Jun 20, 2010 5:10pm
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Resident Elmer Fudd
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Quote:
Originally Posted by djmartymac
Just wondering if some of the more experienced people could have a look at this and let me know what they think.
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Hey DJ
Personally I wouldn't really want to be shorting into 1.69(see chart). This could play out as a continuation but I would need more information personally. Just not enough on the chat for me one way or the other. 1.68 is a very nice area to watch for a long as you said though.
Mike
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Jun 20, 2010 5:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by djmartymac
Thanks for the quick reply mike. On my feed it just gapped on the open to 1.6840. How would you treat this normally Mike?
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Just as normal really, I tend to wait for gaps to close or I will trade a gap to close it if the right situation is in play. Otherwise you can look to the gapped area to act as PPZ often and are good areas to watch for trades as well.
Best
Mike
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Jun 20, 2010 11:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by djmartymac
Anyone watching the EURCHF Daily pin that is forming. It could be interesting. 40mins left to close on my feed.
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Hey DJ
Careful here this is not a daily bar but rather just the sunday bar. Since your broker changes over times at 12am est time you are getting a different late view with the gaps. So the sunday bar looks a lot bigger. Now that might not necessarily mean it isn't valid, but in terms of J16 we ignore these sunday bars(again James teaches it like that and most of us do).
Mike
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Jun 21, 2010 12:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by djmartymac
OK thanks for clearing that up. It didnt end up closing inside the previous day anyway.
Just out of interest what feed are most people here using? I am in Australia and I use MB trading.
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I prefer a 5pm est daily close so my daily closes are based off FXpro feed
Many use anything within about 2-3 hours of that time(ibfx, alpari etc). A 12 am close to me is pushing it as you start adding that next lower liquidity day in of asia/sydney
Best
Mike
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Jun 21, 2010 9:19am
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Resident Elmer Fudd
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Quote:
Originally Posted by Shanetrader
Hi Guys,
Im new to this forum, really love it and learning all the time. Just wanted to bring some input to the table. Below is a trade im waiting to line up, i would be keen for others opinions. Just waiting for the price action to fall into place. Shanetrader.......
Im looking for a long trade on the USD/CHF,
Reasons,
1. Uptrend retracement approaching 61% fib level.
2. Retracement lining up with 365ema
3. Retracement also lining up with weekly trendline shown.
4. Strong Resistance at the 1.0900 region
Obviously wait for the correct...
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Hey Shane
Welcome to the thread glad you are liking it.
I would agree into this region is a nice area to potentially watch for a trade. We have been falling pretty hard as of late so the PA has to be significant enough against this current move. But I think your zone to be watching is fine. I would be careful with already pre-determining what your reward is going to be. In my view we need to take into account the PA we execute off and what is possibly in the way after that happens(if we get any good PA).
Again welcome
Mike
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Jun 21, 2010 10:01am
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Resident Elmer Fudd
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Quote:
Originally Posted by Possmer
Hello all -
I've been studying James 16 off and on for the past year....
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Hey Poss
I think your analysis is sound except be careful that is not a pinbar. Although the shape may look like one this is simply an Inside Bar. But it is an IB at a very nice location and your analysis is sound about where price is likely to go (which is if anything the more important part). I think we could see a bounce around 90 before a move higher but that is all up to you as a trader and you have yourself protected now.
As for posting charts mt4 makes it easier if you right click and do save picture as. Then check the box that says as is. And then just upload that saved file
Best
Mike
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Jun 21, 2010 10:24am
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Resident Elmer Fudd
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Quote:
Originally Posted by Possmer
Thanks for the feedback, Mike.
1) 90.00 is definitely a big round number that should be respected.
2) Is that bar an IB because the body is inside the prior body, or because the high/low is inside the prior high/low? I've heard it analyzed both ways.
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Hey P
We treat inside bars if the entire range High-Low is within the previous bars range(high to low)
Mike
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Jun 21, 2010 12:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by nuclear62
Hello!
James don?t like to think why price is moving where it?s moving, am i right? I remember he has said that "it just works". Hope i?m not totally wrong with this
I was inspired by ghous?post, but i?m having a headache thinking why the price sometimes breaks PPZs and sometimes not. Why even some relatively tiny FTA PPZ can turn price against PAsetups on great locations. And why price sometimes only very little respects relatively strong PPZs.
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That is the market my friend
You have to develop your personal style and understand where price is likely to go. Then you formulate your plan around never being surprised and letting your edge play out. Sometimes you will decide to do certain things at certain places and you will get the reward/ or pay the price for it  Just learn to understand where these places price is likely to go and you will never be surprised at what the market does and thus make better level headed decisions
Best
Mike
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Jun 21, 2010 4:17pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Revstar
Good evening,
just wanted to share my short position Aud/Usd good for a few pips. Main reason was pa off lower tf at ppz. It did not meet my rule in terms of MA, however i took it as I saw some other correlated mkts turning lower. Thing is I think i should try and wait until gap is closed  but my knowledge is limited on gaps, time for some study! I attach chart to help illustrate my dilema!
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Hey Rev
Forex gaps tend to close with a very high frequency(not always right away). This could be the sign to close the gap. These gaps can however also act as a S/R themselves. I don't like to trade PA that has nothing to compare it to in a case like this makes it a bit more tricky. The lower timeframes offered some much better opportunities today as you said
Best
Mike
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Jun 22, 2010 9:48am
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Resident Elmer Fudd
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Quote:
Originally Posted by Location
I would like to thank all of you that have devoted so much time to this thread....
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welcome "loc"
Love the username 
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Jun 22, 2010 9:50am
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Resident Elmer Fudd
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Quote:
Originally Posted by Location
I was really inspired by one of Kesh's posts, so I decided to create my on list of rules....
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This looks like a good general list Loc, to get you started to remember "key things'.
My only comment would be on position sizing. i for one am against having different position sizes for different quality trades. Why so? As fiji says, why even bother with the other trades then
Best
Mike
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Jun 22, 2010 9:54am
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Resident Elmer Fudd
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Quote:
Originally Posted by six gun
What even if you are a dick head?
There is hope for me after all!
LOL
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rofl
I watch 4 feeds for the 4hrs just to get a different aggregation, but I am a stickler with the dailies and stick to the 5pm est feed. But it is like when someone uses an 18 hr chart or a 12 hour, or 2 day, you can still make your decisions based on those charts in a well educated manner. Man it is nice not to have to think about all kinds of other things 
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Jun 22, 2010 9:56am
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Resident Elmer Fudd
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Quote:
Originally Posted by supremeChaos
by 'pushing it',
i believe he means it's less ideal or it's not recommended to use brokers which close during the times other than those he mentioned (FXPro, IBFX, etc), due to low liquidity issues

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Thanks supreme, Joel covered it a few posts back too.
Essentially if the NY close is the sort of unofficial official close right? (most markets close around then). Once you start to go into the smaller sessions we think of them as the new day. If you add them into your daily bar you are going to have them change b/c of these added sessions. It certainly isn't wrong, but to me and my beliefs it is more logical to have something close to the NY time.
Best
Mike
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Jun 22, 2010 9:58am
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Resident Elmer Fudd
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Quote:
Originally Posted by djmartymac
So do the most of you guys use fxpro and ibfx as your live brokers? Or do you use their charts and trade with others?
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I just use them for charting, personally
Mike
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Jun 22, 2010 4:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Possmer
Anyone take this AUDJPY short trade on the daily?
I took it right at the 79.70 level - didn't wait for the bar to break the low of the PB (I know it's technically not a pinbar). I then set my stop at breakeven in the blue box area, about 30 pips into profit. The price action took my stop out, and now it is is headed lower.
Any advice on how this could have worked out better for me, or is it "just the way the ball bounces?"
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Hey Possmer
These are the things you have to test if you are going to move your stop down. Again you have to just be consistent to see if it will work for you over the long run. You will have trades that do every single thing and you don't want to try to tweak it every single time. You want to be consistent. If that means getting stop out at b/e 8/10 times but you still turn an overall profit then it will be worth it. Keep a good log book of this type of stuff so you can evaluate 5-6 months down the line
Best
Mike
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Jun 22, 2010 6:22pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
Oh . . . I forgot . .and you only take the great ones . . . right Mike .  . I'm still learning this one. 
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Lets compromise . Somewhere b/w good/great - great 
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Jun 22, 2010 6:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
I have made some progress Mike . . Thanks to you . . . I've moved from "so-so" to "pretty good" . 
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I don't think you were ever so-so 
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Jun 22, 2010 7:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ertorque
Hi Jaroo,
Need some clarifications here.
Sorry but the BEOB (highlighted in blue box) did not go down as far as 1.47 did it? It reaches only to the pink area which is significantly ABOVE 1.47. Also, the BEOB engulfs a Sunday bar which we should ignore, shouldn't we.
Thanks.
CY
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Hey Cy
This beob engulfed Fridays bar, and if you have sunday bar on your feed it engulfed that too. As you can see it bounced right at 1.7 due to it's lack of space
Best
Mike
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Jun 22, 2010 8:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by djmartymac
So your live broker would be on the same feed I assume? The reason I ask, is because I like MB trading and would like to continue with them. The question of candle close has got me doubting now wether I should change. The NY session candle close does make sense to me now. How many ECN brokers use this close?
Thanks again Mike for your help.
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Hey DJ
It does not matter what time your brokers close. You just transfer your order to your personal broker. Since price is still price it does not matter what "picture" your broker shows. Just price itself.
Let me know if that makes sense
Mike
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Jun 22, 2010 8:07pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ertorque
Thanks Mike. I see Jaroo's point now. It is the bar after BEOB that bounced off 1.7 ( had thought he meant the bounce came from the BEOB itself). Anyway on my IBFX feed which has a Sunday bar that I usually ignore, the BEOB did not engulf the Friday bar, so I would not have played it anyway, space or not.
CY
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Ya agreed this one would need to be watched real close for the exact reasons in Jarroos Posts. There were a few like this yesterday and some of them did take off, but others got stuck like gbp/usd
Mike
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Jun 22, 2010 8:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by djmartymac
Yeah that makes sense thanks. So you would get your set ups on FXpro etc, transfer entry, stop, and FTA's etc to your live feed and trade them there.
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Yep, forex pricing is very accurate(has to be) and thus you have to change very minor things to account for spreads, more accurate high/lows(usually a few pips at most).
Mike
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Jun 22, 2010 8:14pm
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Resident Elmer Fudd
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Quote:
Originally Posted by six gun
This might be a continuation of my point earlier about which time zone gives the optimal candle formations.
There will be a best one - I have no doubt about that
As part of my crude crowd psychology there has got to be a maximal audience in one of the time zones.
However as you say the price is the price, well it isn't actually as spreads vary but we all know what you mean I hope.
I think DJ is thinking if his charts show the candle formations you get with a NY time zone this might be optimal for him. He is seeing what the biggest traders...
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Hey Six
I have to disagree about an optimal. I think if you are within a couple hours of 5pm your candles won't end up varying all that much, and price is still price in terms of location and what is going to stick out for trade mgmt. To me over the long run Trader A with a 5pm close and Trader A with a 6pm close is going to be just fine(assuming they were profitable with say 5pm).
DJ's questions were about do you need to trade with a broker that has a certain close time, and the answer is no. You can use a close time from any charting you are comfortable with and actually place your trades(regardless of their closes) with another.
Again you have to decide what your beliefs are in terms of things like close times and everything else and build from there. Just as you see me always taking outside bars the CLOSE above/below the prior bar high/low. An outside bar doesn't need that but I do. And that is all that matters.
Best
Mike
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Jun 23, 2010 1:30am
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Resident Elmer Fudd
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Quote:
Originally Posted by supremeChaos
u get no sleep yet still come up with lengthy informative posts.

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fantastic ones 
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Jun 23, 2010 1:32am
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Resident Elmer Fudd
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Quote:
Originally Posted by Pinbar
What perfect timing Joel.
I read the above after I succumbed once again to the indicator plague and returned from an extensive search of the web for the totally NON EXISTANT PPZ indicator, AGAIN.
I know this does not exists but it does not stop me from searching for it occasionally. And even if I found a good one, all it would do is prevent me from seeing the PPZ with my own eye.
Maybe I have a responsibility issue with this problem, I mean, if I draw my own PPZ and they fail me, I can only blame myself but if I use an indicator and it fails,...
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This is a great post pin. The more you watch your charts, learn from your mistakes(which we always continue to make and improve on), the easier it all seems. This is that simplicity you seek. Glad to see you steer yourself back to the basics and simplicity. They work and the big guy has laid it out
Mike
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Jun 23, 2010 1:42am
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Resident Elmer Fudd
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Quote:
Originally Posted by Pinbar
Thanks Mike....
It encourages me to ask myself, Why do I have to make the search for making it easy, so complicated?
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I wish I had a good short answer for this one  , but recognizing over complication is the first step towards simplification
Mike
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Jun 23, 2010 1:56am
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Resident Elmer Fudd
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Quote:
Originally Posted by Pinbar
Yeah, I think it is certainly a responsibility dodging issue with maybe a great lack of confidence as confluence.
I have learned a great deal in a short time and maybe it is a problem trying to internalize this.
Funny, the more I learn the less I am sure I do not know and this makes me feel a bit insecure. Of course demoing is the place to compound this and get them skeletons out of the cupboard for an airing. 
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This is very normal, and all part of what we term the process. It is never easy, but looking back is pretty cool even when you are still learning
Best
Mike
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Jun 23, 2010 9:48am
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Resident Elmer Fudd
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Quote:
Originally Posted by novice198
Hi SC,
Is the GDP/CHF pair corelated with GBP/JPY pair.
Cheers,
Novice 198
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Sometimes they will run pretty close in correlation if say the gbp is the dominating theme, but there are many times like now when the correlation is not there. This is why just stick to a chart is a chart, solves that problem :P
Best
Mike
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Jun 23, 2010 12:39pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fxeturn
Anyone shorting USD/CAD? Price has reached bearish TL at swing high with nice IB on H1. Price could be returning to the bearish trend.
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Just be careful here FX price has been on a rocketship CAD getting hammered so you don't want to get in front of that with very good reason
Mike
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Jun 23, 2010 4:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by six gun
Sweet
Last night I posted a pin bar for Brent Oil.
My short got triggered and boooom I am 210 pips up.
So pleasing when it works.
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Very nice six 
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Jun 23, 2010 8:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by bug
Dear Seniors, I turn to you with a question: there's a small pin* on EU daily. Imagine for a second that the pin has a longer wick, just for the sake of the argument.
1. If the right eye is going to test the pin, would you rather have it test the low of the PB's body, which is also at the same level with the left eye's body low (1.2268) OR the low of the left eye's wick (1.2251).
2. If we have a bigger round number, say 1.2 or 1.3 as support instead of the not-so-fancy 1.23, would you consider taking such a trade at the brake of the pin without...
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Hey Bug
I think if I understand your general question is about where the bar after the pin tests if there is a preference. Firstly for me I always wait for a break of the high(in this case), but I do prefer to see price retrace before breaking. The reason is to see if you get contiued support and demand in this case. I would prefer it be the low, but even the low of the body is fine. Again this case is tough cause the pin is so super small any retrace is going to hit it. BUT, this isn't essential. Meaning if I determine a pin is worth gonig for I don't have to see any kind of retrace, or it has to retrace to X point. I prefer it to do certain things as with my mgmt style it makes it easier to reduce risk or see good areas to reduce risk on. If you are one to take trades on a retracement you can use the left eye area as a good place for an entry(stick a fib up on the bar/round number etc).
So you will have different people wanting different things, this is just me
Mike
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Jun 23, 2010 8:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Possmer
For the senior guys, how could the GBPCHF daily not be an A++? It had the perfect shape and plenty of confluence.
Not trying to be argumentative. I have a long way to go.
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The issue comes with this arbitrary rating system. Generally speaking when we discuss bars in this thread we keep it beyond beyond as basic and simple. Simply b/c most traders in here are new to this stuff so it makes sense to say things like that bar is not an A+ etc. To start to get people to train their eyes.
The fact is one persons A+ bar can be another persons C bar. In the case of the gbp/chf it was far from a big bar, far from having a lot of space, and trading into trouble pretty quick. Notice the low of the nose is not really sticking all that far away from the previous bar low. BUT even with that all aside we can still make a reasonable judgment on the trouble areas and then as a trader must determine if this is worth putting our hard earned money behind.
Again we can still look at this and say where is price likely to go(see chart). Devise a game plan around this knowledge and never be caught off guard by what the market does. That 50 odd pips can be worth a hell of a lot to some people and a trade like this can be A+ to them, and at the same time C+ to someone else.
Hope that helps clear it up
Mike
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Jun 23, 2010 8:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by bug
Wow Mike, that was like 4 minutes it took for you to reply! Did Merlin teach all the folks who were here at the start some kind of dark magic or something?
Your answer is just what I wanted to know. I have another one, though (we rookies never seem to run out of them) - in past posts, SeekingLight used the middle area between the 61.8 and 78.6 retracement as a buying/selling area. Was that just a personal preference to weed out the weak or is it something more widely used among J16 followers?
Thanks.
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LOL , merlin dang miss him, and a few of the old forum guys. Lucky got to speak with an old friend yest that was the rock to this place
but onto your question. I think just a personal thing. I think the idea for seek was that once you are at the 61.8+ you are at the pretty much deepest part of a retrace if price should then decide to continue forward. Gives a nice area to watch. Some like b/w the 50 and 61.8 etc. I don't use fibs much but I like the 50%+ from an eyeball visual standard
Best
Mike
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Jun 23, 2010 9:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Pinbar
I am game Mike..Especially as I have confined myself to the weekly.
I think these bar highs and lows were a good hint at where the next bar may have trouble.
EDIT: Of course this is easy after the fact!
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Yes this could certainly be where demand was as it has proven itself historically, just as the 1.65 is where supply/demand has also shown(aka our PPZs. So where has price stalled 1.65 as we would expect, now it may well find support there or turn around there. This is the waves of price moving up and down and rarely just one way or the other. THis is what creates our PPZs these areas of supply/demand. It might seem easy after the fact but you will begin to see this all in real time and use it to your advantage. It isn't perfect, but it is more then good enough to be profitable. That is what is the most important.
Time and practice is what it is all about
Mike
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Jun 23, 2010 9:56pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
Yeah I don't know how he does it. It would take me 10 times as long with half the substance. lol
Just to add to this. (Chart) Its better to wait for the break.
The quality of this setup would be # 4, likely. (Bullish PB at a swing High, small PB, etc.)
We all like # 1.
Mike, I believe, was referring to # 2 which I like as well. 
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Yea #1 never hurts  But then people always want to get in on a retracement, then number 1 happens, so they start buying/selling on the close, then price fails to break and they chase themselves :P. Consistency is very important and attributes of all traders I know that do well.
Yes #2 was what I was referring to , thanks for the pictorial Jim!
Mike
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Jun 24, 2010 12:24am
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Resident Elmer Fudd
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Quote:
Originally Posted by forexben
I've been doing a bit of study on divergence lately. Just wondering in what scenarios the regular MACD setting would work better and what scenarios the RSI 6 would be more suitable. I've read that the RSI 6 is more sensitive and responds better to short term movements.
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Hey Ben
Yes you are correct an RSI in that case will be more sensitive to price. I do think like supreme use what is comfortable. I have always used MACD, just understand what I am looking at and used to using it. I like actually that it smooths things. Just a preference
Best
Mike
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Jun 24, 2010 1:54am
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Resident Elmer Fudd
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Quote:
Originally Posted by six gun
We just had a webinar from James on divergence, he didn't have his Tradestation on the machine used so we weren't able to look but it was mentioned there is divergence on gold (not by James).
I need a lot more practice on using divergence. It always is obvious when demonstrated but not so obvious when I look myself.
Price is trending up and making higher highs.
MACD appears to me to be trending up and so I would say there is no divergence.
I would not be surprised if gold made a dip after a recent all time high but I do not see the divergence...
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Hey Six
Gold does have Divergence, notice how price is moving higher, but MACD has created a lower low.
Hope the chart clears it up
Mike
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Jun 24, 2010 1:59am
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Resident Elmer Fudd
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Quote:
Originally Posted by six gun
I need to take a look at my MACD on my platform - mine doesn't look like that which would explain why I can't see it!
There is thumping big divergence there!
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that could do it 
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Jun 24, 2010 2:12am
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Resident Elmer Fudd
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Quote:
Originally Posted by six gun
Yes James presented a webinar on the private website.
I know there isn't a lot of mention of the private site here, but when something is good I like to say so.
Anyway - this is my daily on spot gold with my MACD on.
Clearly it does not look like Mike's.
This might help some others to sort there's out if they have a problem.
The settings are:
Price - close
First period 12
Second Period 26
Signal Period 9
style
MACD
MACD sig
MACD green hgm
MACD red hgm
Line style visible
Not drawn as histogram
This is straight out the box on Dealbook.
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Hey Six
You will have some differences in these types of things. I always like to just say play it as you see it.
But you actually do have divergence here just a bit tougher to see but that last "hump" is there
I drew it in for you
Mike
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Jun 24, 2010 9:18am
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Resident Elmer Fudd
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Quote:
Originally Posted by gc7
Just wondering the process some of you might use for watching for trades. For example, if you are watching 20 pairs on 3 or 4 timeframes, how do you go about it?
Do you go through all the pairs marking in PPZ's and looking for confluence areas before a good PA bar appears, or do you wait for the good PA bar, then look for confluence etc. in that area?
At the moment I am marking only the weekly, daily, H8 PPZ's. I only look for areas of confluence once a PA bar appears. Is this how some of you are doing it?
Grant
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Hey Grant
I personally do both. I have areas marked that I find important to watch, but I am also flexibile enough to know when a good bar shows up and then to analyze the situation. I would go with whatever feels comfortable. Not having pre-marked areas is a bit more advanced as people just tend to find any reason to enter when they see most bars.
Best
Mike
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Jun 24, 2010 9:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by Javi
Hello, I do not speak good English, I'm from Spain but I will try to speak it.
First I must say that the forum is great, I am newbie and I learned a lot of with James16 thanks very much
I have a chart to GBP/USD here that according to the Price action did not work and i don?t know. why?.if someone could explain me.this is the chart.
Thanks.
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Hey Javi
Welcome your English is fine
This one did do exactly what we thought. It was a small beob that did not have a lot of space. It went to 1.4700 round number and bounced.
http://www.forexfactory.com/showthre...40#post3821940
Hope this helps
Mike
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Jun 24, 2010 12:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by extraneo
GBP / USD 4H: inside bar under ppz 1.5000
route upward and rejected
if downward route would accommodate up to 14930
what do you think?
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I hope we range real nice here. And then we spike up into Friday and get a nice pin or beob. Especially since the trend has been up and friday could help take us back down. I don't have enough guts to pull the trigger on 4hr bars. Location is terrific but I like to wait for the real tip off
Best
Mike
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Jun 24, 2010 12:34pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mordre
Hello to everybody and might I say, what a thread!
This is my first post on FF. Been studying james method for a while and Decided to post my first chart (not my first trade using this method).
Please be as harsh as you can, I whant some though feedback.
The SL is below the 61% of the pinbar.
The chart is EURCAD 4H.
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Welcome Mordre
This one sure took off. Like others said when new starting with bullish pins at swing lows are best, but you can play them as more of a continuation like this, and see if it cuts through like this. Many many times it will reverse at that last high and you cut out real quick.
Again just wanted to say welcome
Mike
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Jun 24, 2010 1:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jonnyislost
Well it's gone as far as I'm willing to take it, Quick hitting profit
Choppy choppy pair, I might remove it from my list!
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Chris took this in his journal also inside pf,
Man I missed it really nice one, I just forget to look at this pair b/c of what you said haha
Nice
Mike
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Jun 24, 2010 2:33pm
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Resident Elmer Fudd
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Quote:
Originally Posted by six gun
Against
It is not a large wick.
The USD is not strong - but what currency is?
Have I missed anything?
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Nope sounds sound to me. Now does this mean it is worth trading? For me your against (size wise) is more then enough for me not to take. For others it is still fine. But you have to take size and what is under into consideration when managing, or possibly looking for a hard break. To me though a bar of that size should be passed. Regardless of what it does, there are going to be much better easier bars then that. But of course depends on your style
Mike
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Jun 24, 2010 3:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by (Yaniv)
thx g,
Will it be correct to say it's kinda like the hanging man pattern?
Thank you,
Yaniv
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yep 
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Jun 24, 2010 4:10pm
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Resident Elmer Fudd
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Hey Atc
Just to clarify it was in regards to taking full vs partial profit. I found taking partial hurt my bottom line. So whatever I do be it trail/set at take profit it is always with my full position. Again this is only from my personal journey.
Best
Mike
Quote:
Originally Posted by Atc
Here's yesterdays trade with FTA hit refer to previous post.
However, here is a dilema and need some help.
I work a full time job and hard to monitor trades---this can be a good thing because it forces me to take IMO what I consider the very best trades....
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Jun 24, 2010 4:33pm
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Resident Elmer Fudd
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Really can't add too much more to what G said. I would track multie exits in real time along with your demo. Ones that are going to be doable to your lifestle and commitments. I have done extensive back/fwd/live data and tracking to arrive to the points I am at. There are many ways to do it. In fact some I have tracked have beenore profitable but that doesnt mean they are as acceptable and conducive to my life in reality. Test and track a bunch you might be surprised what you land on.
Mike
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Jun 24, 2010 4:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Atc
Thanks Bug, Ghous, Jigsaw, and Mike...it appears that taking profits at the FTA is not a bad thing____ and Bug---I will have to demo your suggestion ---to compare the results.
Also, as one can figure, sometimes it is difficult to move my stop to BE when it moves my way and sometimes this is good because as you know the trade often needs room to breath. On the other hand, I am somewhat confused by J16 videos and what I have read in the many posts to get my stop to BE how and when and even if I am capable to do so troubles me.
Bill
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Only with time and lots of practice and demo do these questions become more clear. I wish it was easier to just say do this and that, but alas this thread would have ended on page 100 or so :P
Mike
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Jun 24, 2010 4:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Atc
Well it's comforting to know that others like Mike and Gids are taking FTA's.
I have in my memory from past experiences, and J16 vids that the "runners" are where you can make some big cash.
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This post is a deeper but broad look into how I manage trades. I analyze every trade and decide how I should approach it which can often change during the trade. No two situations are completely alike, although some close.
http://www.forexfactory.com/showpost...ostcount=36491
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Jun 24, 2010 7:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Rosentrade
Hi there, and apologies for retreading old information provided earlier. The thing is I've been reading this thread from the beginning for about 2 weeks now even when I really shouldn't be (sorry boss) and have come across some acronyms I can't seem to find real actual words to match up with. Is there a definitions page somewhere for all this? Maybe I missed the explanations cos I slip into moments of being cross-eyed due to excessive screen time...
BEOB, BUOB, PPZ for example... huh?
Could someone let me know what these mean? Thanks dudes &...
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Here ya go Rosen
http://www.forexfactory.com/showpost...ostcount=56751
Most of em to get you started
Best
Mike
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Jun 24, 2010 10:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ghous
Couldn't stop grinning at this.
This guy knows his stuff!
g.
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yeah he does 
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Jun 24, 2010 10:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by joelcf
I've been itching to short Tiffany for months now.
Attachment 497078
Give me a break below 40, a retest and then I'll make back all that money you have cost me around anniversary/birthday/chistmas time for the last few years. Jerks.
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Also, just because it is Friday: A mate just bought a new toy. 14 monitor setup? Hell yes.
http://www.digitaltigers.com/stratos...elite-xe14.asp
(he is only running 6x 24" monitors, but I suspect more are coming soon)
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rofl, yep talk about the right business to be in , they clean house
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Jun 24, 2010 10:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by joelcf
I've been itching to short Tiffany for months now.
Attachment 497078
Give me a break below 40, a retest and then I'll make back all that money you have cost me around anniversary/birthday/chistmas time for the last few years. Jerks.
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Also, just because it is Friday: A mate just bought a new toy. 14 monitor setup? Hell yes.
http://www.digitaltigers.com/stratos...elite-xe14.asp
(he is only running 6x 24" monitors, but I suspect more are coming soon)
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Joel you missed the nice one though 
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Jun 24, 2010 10:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
jinx
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I think you owe ME a coke on this one 
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Jun 24, 2010 10:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by joelcf
(although, I gotta say, drawin divergence on the volume bars is a bit dicey, hehe )
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any more dicey then a MACD? 
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Jun 24, 2010 10:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by joelcf
haha, cant argue with that.
Better patent it before the lurkers add a chapter to their ebook.
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boom added, just got two emails to sell me my own stuff
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Jun 24, 2010 10:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
I said it first. 
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I'd buy you a beer anytime my friend
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Jun 25, 2010 9:14am
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Resident Elmer Fudd
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Quote:
Originally Posted by FiveEights
Hi GUys,
Ive been avidly reading this thread for months now, this is my first post, so was just wondering if what anyone thought of the following. Its on the Eur/USD 15 min... looks like a nice double pinbar. I went long at 2271 after the second pin and have pulled my stop up to 71 once the price hit 89... hopefully we get a nice run.
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Hey 58
Welcome to the thread. First I have to say it cause that is what it is all about here. But please read post 1 from James again if you have not. We really want to see the new people take it slow and James recommends starting on the daily/weekly this will help give you the tools necessary in the beginning before playing the faster timeframes(you may never want to leave the higher ones).
As for the setup, the first bar is a pinbar, and the next bar is an insidebar(even though it has a pin look it is only an inside bar). Good location at the swing low, but coming off a pretty strong move. I don't think that first pin is strong enough in my book, not a ton of confluence. I like it a bit better actually with that inside bar after as things are slowing down and you can see if it breaks hard.
Again welcome and don't forget that first post
Mike
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Jun 25, 2010 9:21am
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Resident Elmer Fudd
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Quote:
Originally Posted by Jigsaw
Attachment 497473
Bar is too small.
Location is a bit iffy, I personally have no PPZ drawn at that location either....
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Good to have you hanging around again Saw man 
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Jun 25, 2010 9:22am
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Resident Elmer Fudd
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Quote:
Originally Posted by fxprocessor
I think this is also worthy of FTA status 
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Nailed it! Nice Nick!. Would love to see us get above the last highs on 1.5, and then see what price wants to do. Too bad it is friday(did I just say that).
Mike
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Jun 25, 2010 9:32am
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Resident Elmer Fudd
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Quote:
Originally Posted by fxprocessor
I hear you buddy. I'm on holiday next week so catch you guys in a week or so 
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Enjoy dude!
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Jun 25, 2010 10:05am
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Resident Elmer Fudd
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Quote:
Originally Posted by Jigsaw
Hey Mike,
Thanks for the welcome back brah  . Just on the topic of pinbar followed by inside bar, here's the 1HR EURJPY from during the week. BRN, pin followed by an inside bar. (It's not highlighted but you probably know the one I'm talking about)
Attachment 497512
I had an order placed for a break of the Pin but it never broke, when the inside bar came I knew it was going to break upwards but I just didn't take it.
So just wondering - what did you think of the initial pin as a setup, and then what did you think of the pin+Ib combination....
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In that case I think it is fine to place your stop under the IB, cause at that point past there and it is probably going to break the low of the pin too. I only do the pin + IB combo if the IB closes high up and has a very bullish look(in this case).
Mike
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Jun 25, 2010 11:32am
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Resident Elmer Fudd
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Quote:
Originally Posted by Dan-FX
Hi All,
Sorry if this setup has already been posted the thread moves so fast its difficult to keep track.
USDJPY H4 a BUOB off a cluster of lows. I was looking at 90 and 90.30 as targets but in hindsight think I entered right at resistance at 89.72
Am i wrong to be looking for longs on this pair with such big recent bars to the downside on the 6 and 20th May? I think possibly in hindsight again the location may have been good but the PA was not showing enough strength for a long position?
Thx
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Hey Dan
Is it wrong to look for longs? Not neccesarily, but in this case I would be much more cautious coming of the strong move through 90. A bar of that size just doesn't scream reversal to me, it screams maybe it will reverse and we need to watch the first trouble area. Notice it took 3 bars that is 12 hours of time to break the high. That lack of momentum against the strong downtrend screams a pass for me.
Just my 2 cents
Mike
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Jun 25, 2010 4:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Atc
I am taking a fondness to this weekly IPB chf/jpy
short off RN
off 61.8
off PPZ
cons--bub (but look at those monster down bars several weeks ago, gap over the wknd...can i get in where it closed or is it to doji like for you taste?
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I am not a IPB guy, but to me that would just be a neutral bar, you want more of a tail and the open and close near the top hanging up there as opposed to into the middle with such a higher wick to the upside. If that makes sense
Have a nice weekend all, I know Jim is with the Texas Rangers kicking tail. And of course go USA, lots of beer for that one!
Mike
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Jun 26, 2010 9:48am (37 hr ago)
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Resident Elmer Fudd
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Quote:
Originally Posted by Javi
this pinbar in the gbp/usd with 1.50 and 61% fib didn?t work.coul you explain me this?thank you
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Hey Javi
And to show you the daily perspective this one worked and then some. This was a super super super tiny bar. If you are new to the j16 stuff I would ignore these day in and out till you can trade the bigger bars(and I still would ignore them personally). Make sure to zoom your charts out or this bar is going to appear bigger and more important then it is. Notice all the bar highs under it that it went too. If you ar egoing to play bars of this size your stop needs to go to b/e ASAP.
Hope that helps
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