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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #4,361
  • Edited 2:48pm Jul 5, 2007 2:00pm | Edited 2:48pm
Here is the same pair but quoted the other way round - GBP/EUR.

Identical setup (of course) only in reverse.

This pair moves a far greater number of pips although that makes no difference if you position size correctly.
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  • #4,362
  • Jul 5, 2007 2:09pm Jul 5, 2007 2:09pm
I would very much appreciate it if everyone could put the pair they are talking about in the title, so many times these charts come out so small I cant even see what timeframe we are talking about, let alone what pair,
thankyou, Raz
Never say never.
  • #4,363
  • Jul 5, 2007 2:54pm Jul 5, 2007 2:54pm
Quoting razldazl
I would very much appreciate it if everyone could put the pair they are talking about in the title, so many times these charts come out so small I cant even see what timeframe we are talking about, let alone what pair,
thankyou, Raz
Good point - I've gone back and put the titles in those...

I never bother resizing my charts...I hope everyone can see them!
  • #4,364
  • Jul 5, 2007 4:11pm Jul 5, 2007 4:11pm
those setups look ideal wiz! Only thing to worry about is nfp tomorrow.......does anyone dare get in before? then again, we are back to trade what you see not what you think. I guess we have to park our (mis)conceptions and let the charts tell us what to do,
take care, Raz
Never say never.
  • #4,365
  • Edited Jul 6, 2007 2:23am Jul 5, 2007 4:36pm | Edited Jul 6, 2007 2:23am
Razl,

Good spot on the USD/CAD IB you mentioned a few posts back.

This is winding up really tight and I am fairly sure that it's going to break sharply in one direction. Problem is, as ever, knowing which way it's going to go.

I don't have orders placed right now. I did have them at either side of the IB but then I cancelled them when the price started drifting towards triggering my short order in late trade.

To be honest I'm like a rabbit in the headlights this time. This setup is making me undecided - something that a good trader certainly shouldn't be!

I'm hesitant to go short because I feel it's fallen so far (amateur thinking I'm fully aware) and yet at the same time I'm hesitant to go long because it looks like trying to climb a mountain in the face of an avalanche (this is probably more sensible thinking)

And then there is NFP complicating things...Decisions!

Oh well, at least Kathy Lien agrees with us on a large move being on the cards.

I try not to pay attention to analysts unless they back me up - but she does and says: "A clear triangle formation can be seen in the both the daily and hourly charts for USD/CAD. The 1.0466 low set on June 29 is very significant and even though USD/CAD is lower on the day, there is a decent chance that this level should hold. A break above 1.0600 would result in an upside breakout while a move below 1.0530 would result in a downside breakout. Both levels should trigger the beginning of a big move."

What are you planning to do with this Raz?

Wiz
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  • #4,366
  • Jul 5, 2007 5:12pm Jul 5, 2007 5:12pm
Quoting the_wizard
And this chart below is why I am back with you all again after my ridiculously brief hiatus.

This is how you make up two years of losses in around 4 hours.

Top chart is Oanda. Bottom chart is my SB broker. Both are 5 minute chart and lined up against one another so you can see the discrepancies between them.

I hope you guys see this and instantly realise how you can get rich if you pick the right broker...
Sorry wizard, I don't really get what you mean by making up two years losses in 4 hours...? It's hard for me to really do a comparison on the charts--the scale is a little bit different too I'm sure, so I can't really tell. What is "SB broker"?
  • #4,367
  • Jul 5, 2007 10:46pm Jul 5, 2007 10:46pm
Quoting raczekfx
Let me add couple more pieces to a puzzle...
Trade or not to trade.. ?
It's for sure worth watching PA.

R
I'm just about to exit 75% of my position on this trade.

Reason: TL, another PP and 50fib ret.

R
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  • #4,368
  • Jul 5, 2007 10:54pm Jul 5, 2007 10:54pm
... I wonder when is this TL going to break....
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  • #4,369
  • Jul 5, 2007 10:58pm Jul 5, 2007 10:58pm
Quoting raczekfx
... I wonder when is this TL going to break....
I took a long position on the inside bar. So hopefully it holds up for a bit longer But if not, I will watch for the tipoff or pullback

Mike
  • #4,370
  • Jul 5, 2007 11:38pm Jul 5, 2007 11:38pm
Quoting mbqb11
I took a long position on the inside bar. So hopefully it holds up for a bit longer But if not, I will watch for the tipoff or pullback

Mike
nice entry, I stay away from IBs..
I usually set my limit orders at PPs with some kind of confluence.
First touch is my favorite..
  • #4,371
  • Jul 5, 2007 11:39pm Jul 5, 2007 11:39pm
Quoting raczekfx
nice entry, I stay away from IBs..
I usually set my limit orders at PPs with some kind of confluence.
First touch is touch is my favorite..

yeah I don't do those often so my hats off to you. First touch can make for some amazing amazing trades. Sometimes I am too conservative, maybe with time I will loosen up more hehe
  • #4,372
  • Jul 6, 2007 1:03am Jul 6, 2007 1:03am
Quoting raczekfx
nice entry, I stay away from IBs..
I usually set my limit orders at PPs with some kind of confluence.
First touch is my favorite..
what is a pp?
Never say never.
  • #4,373
  • Jul 6, 2007 1:57am Jul 6, 2007 1:57am
Quoting razldazl
what is a pp?
Price Pivot
  • #4,374
  • Jul 6, 2007 2:51am Jul 6, 2007 2:51am
Quoting JoshDance
Sorry wizard, I don't really get what you mean by making up two years losses in 4 hours...? It's hard for me to really do a comparison on the charts--the scale is a little bit different too I'm sure, so I can't really tell. What is "SB broker"?
JoshDance, SB is short for Spread Betting, a type of derivative that we have in Europe in which you bet on a spread that almost exactly mirrors the underlying market but have the advantage of not paying commissions or tax on winnings.

I've found that these brokers frequently lag price changes or completely misquote giving you the opportunity to make guaranteed money with absolutely no risk. I've sat through hours of spiking where you can scalp thousands (no exaggeration) of pips.

Anyway, I don't want to get off topic about it on here - I've started and posted in other threads about it.
  • #4,375
  • Jul 6, 2007 4:16am Jul 6, 2007 4:16am
whats the name on the tread so we can check it out??
Quoting the_wizard
JoshDance, SB is short for Spread Betting, a type of derivative that we have in Europe in which you bet on a spread that almost exactly mirrors the underlying market but have the advantage of not paying commissions or tax on winnings.

I've found that these brokers frequently lag price changes or completely misquote giving you the opportunity to make guaranteed money with absolutely no risk. I've sat through hours of spiking where you can scalp thousands (no exaggeration) of pips.

Anyway, I don't want to get off topic about it on here - I've started and posted in other threads about it.
  • #4,376
  • Jul 6, 2007 4:34am Jul 6, 2007 4:34am
Quoting turn1to100
whats the name on the tread so we can check it out??
Check your pm - I don't want to post it here because it may distract people.
  • #4,377
  • Jul 6, 2007 6:55am Jul 6, 2007 6:55am
Quoting the_wizard
Dan,

On the hourly bars, price has been in a recent range. (see chart)

There were several different ways to exit here and none are necessarily any better than others.

You could have taken the break of the two bar pin and then had a target at the resistance (previous support) just overhead which would have made you around 10 pips after spread from the looks of things.

Infact you can see price did hit that level and then pull away from it briefly which confirms it as a viable target.

Now once it broke through support it went straight up through the channel, came out the other side and another strategy would then have been to trail your stop just beneath the old resistance (hoping it now became support) and the two equal lows on the hourly. This is where I think you exited.

However, in this particular case the bottom channel line is, if you move out to the daily time frame, a very strong pivot point (s/r) even as far back as 2004. In that time price has, of course, see-sawed right through this line but it has also directly bounced off it and then soared upwards. With that in mind, I would put my stop just underneath it which is actually around 1.2140. The earlier figure I gave of 1.2150 was due to my poor eyesight!

In this last scenario you would have some profit locked in and the chance that this small pullback now is just consolidation heading into the close of the European session.
Hi Wizard, a day later and a hindsight of 20/20 your stop of 1.2140 was the right one. Live and learn. Thanks for your help. Dan
  • #4,378
  • Jul 6, 2007 7:09am Jul 6, 2007 7:09am
Quoting raczekfx
I'm just about to exit 75% of my position on this trade.

Reason: TL, another PP and 50fib ret.

R
On my charts we're already above the descending TL, on bar as well as line chart. 4h however. 123.70 will be the true test of this rise. Once we establish base camp above 123.50-70 we will get a first shot at 125.xx I'd say.
Got the same trendline from late February and am wondering what happened to all those people constantly talking about the "fourth touch is the kiss of death".. I count around 5 touches now

Each one worth around 200+ pips...eeek! Where's that timemachine!

TL from line chart
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Trust price. Know yourself.
  • #4,379
  • Jul 6, 2007 7:45am Jul 6, 2007 7:45am
Quoting dltvn
Hi Wizard, a day later and a hindsight of 20/20 your stop of 1.2140 was the right one. Live and learn. Thanks for your help. Dan
Dan,

I could have easily been wrong and you could have used a 1.2140 stop and walked away with only a small amount of profit.

Everyone trades differently. Personally I don't pay any attention to targets. I will have points in mind where I think a trade should stall or turn around and if the PA shows me this - on the same timeframe as the one in which I entered the trade - then I will look to exit.

Otherwise, I will use breaks of these target points (particularly with PA) to ADD to my position. This is how you really make money in the market.

Euro/Usd was a recent example. I was looking at the Eur/Usd thread a lot when I was in this trade and it always struck me that whenever the majority of people in there were looking to close longs or go short, I was doubling up.

I made a lot of money on that trade.
  • #4,380
  • Jul 6, 2007 7:51am Jul 6, 2007 7:51am
A bravo to all who held their USD/JPY positions.

The 2 entries I saw for this was the Daily IB break as well as a 4H Buy Pin that formed yesterday at 8:00GMT (on my charts at least). The break of either would have got you in at more or less the same spot.

For some bizarre reason, I entered neither but that's a whole different story.

Tom
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