Also I've got a question for the veterans: There's this classic "rule" that highs are s/r, especially if they're 3,4,5..8 year highs. Personally I never understood why that is. The DJI for indices and Oil for commodities never paused and reversed ...

james16 Chart Thread

I had an order originally placed at 1.9720 but then wussed out with the market being absolutely dead today. Turns out it woulda made a great entry. Real shame. Was expecting a retrace at around the .618 of the former 4h pin, even though it was in ...

james16 Chart Thread

Hi, just was curious whether or not this was a valid way to count a possible VERY much simplified pattern on the GBPUSD weekly. There are probably also several alternative counts by taking the entire rise as a wave 3 in more subdivisions, but I ...

The Basics of Elliott Wave Theory

Followup to the EJ trade I posted earlier to show what happened at what I marked as support. Pin off the fib cluster.

james16 Chart Thread

The 30m

james16 Chart Thread

Hi. Quoting Mike for an important detail, the retrace. Yes USDCHF had a similiar thing on 4h, in this case a DBLHC. It even dictated the initial news reaction direction. Then it topped out and the all too often seen newsfade began. Made a 30M beob ...

james16 Chart Thread

Hi. Totally evil day today, got tricked out by news, sideways staggering market, etc....urgh. Starting to think Monday and Fridays should just not be traded :S Small setup I missed / saw too late on EJ that worked out ok, also there was a 2x1H sort ...

james16 Chart Thread

Just wanted to say the 1h on your chart is not showing a pin bar. A valid pin needs to have its close within the prior bar's range, symbolizing a break back down into the prior trading range. Also it helps if the open and close are level or even ...

james16 Chart Thread

What a mess. I lose my long in the preshuffling only to see the market trade at the same price as the open. Oh well, yay for retrace entry = bit of profit made. Since I got far too bored on forex today and felt like everything was almost completely ...

james16 Chart Thread

Just saw an old TL hit, if we work it off 1.9800 should be clear I guess and TL should become S again. If not there's an interim support trendline a lot lower and a lot of places to pause at on the way. Attaching chart.

james16 Chart Thread

This is the trade I am currently in, even if I wasn't soooooo happy with daily I simply tried my luck with a basic 4h retrace entry and it worked out just fine. 10 pips short of a DBLHC on daily if you ask me, but hey, given that Gold went nuclear ...

james16 Chart Thread

Hi Swami, I didn't trade much of it lately but I started posting about it ten days ago: url 01-08-07, 9:37am BUOB first mention url 01-08-07, 6:40pm 1h trades down with the usdjpy retracement url 01-09-07, 9:19pm monthly BUOB again url ...

james16 Chart Thread

You might want to check out my posts on oil here and here. IMHO you missed the boat on that one, the pin has long gone, activated and taken off. If price does come back down there is a lot of risk the old downtrend could be pushing again. Oil has ...

james16 Chart Thread

And USDCHF from an optimistic perspective for the Dollar, for now. Keep in mind ANY USDCHF strength during idle periods may just just be EURCHF pushing higher and weakening CHF, not something helping the Dollar side. Keep an eye on some of the ...

james16 Chart Thread

Just wanted to follow up on this with an updated EURUSD. We now also have a rising trendline which showed some s/r behaviour already and could contain price unless broken again. The prior TL turned into S after closing above it. Gold has gone ...

james16 Chart Thread

This formed right after the last part of the news I think.

james16 Chart Thread

1h PB into s/r, 30M BEOB, cable invalidated pin, Gold is above prior 3 touch high and oil is surging. The dollar is dead for me now until Gold drops off again for me. We could very well be in a Cable Wave 5 up after all and starting on the C leg of ...

james16 Chart Thread

Btw, rummaging through the old chart collection I found this, was asking back then whether a formation of daily bars on GBPCHF might be a Head&Shoulders, seems it pretty much was....some sort of bullish thing anyway. There was a good retrace to a ...

james16 Chart Thread

Guys, I think we're trapped. Unless we break below those two s/r lines and cable dives back under 1.9600 it's looking very slosh-rangy here :/ Also if EURUSD jumps the TL hurdle it will become support and it might run away.. I've already gotten ...

james16 Chart Thread

Hi. Like Bundy already said I also would rather use the .618 and the .786 fibs. I noticed that a lot of the time almost the exact middle is pivotal as well. When trading a pin bar per orders I would use the 61.8% retracement plus or minus the ...

james16 Chart Thread