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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

  • #4,521
  • Jul 12, 2007 8:54am Jul 12, 2007 8:54am
Quoting Tw0eleven
Went long u/j yesterday at 122.11( +30 currently). Also went long on eur/jpy earlier today off a PB on 4hr chart(currently +10). Demo trades on these, since I was very confident...but they seem to be doing well so far. Goodluck if you get in too!
Hi 211, I am still holding entry on the Us/Jpy and waiting to see it closing above the high pin of yesterday 8:00 pm. I think this will be a safer entry even if it means making less pips. lol and good trade, dan
  • #4,522
  • Edited 9:20am Jul 12, 2007 9:06am | Edited 9:20am
Thanks...to be honest, there was no PB's for my enter. It was purely price action! On the 4hr chart, it looked like the 122.00 area was resistance back on 6/03/07. And on the 1hr chart the 122.00 area was support 7/02-03/07. After price failed to close below 122.00 yesterday, I figured I could go long with a pretty small s/l of 25-30pips for a reward of 75 as my TP.

Quoting dltvn
Hi 211, I am still holding entry on the Us/Jpy and waiting to see it closing above the high pin of yesterday 8:00 pm. I think this will be a safer entry even if it means making less pips. lol and good trade, dan
Just an update on the u/j trade...I closed it for 33pips. Reasons: 1hr chart double high at 122.52 and price getting rejected at 150 ma. Also, time for me to head to my day job...so I won't be around to monitor this trade and would rather take my profit now. Happy Trading everyone!
  • #4,523
  • Jul 12, 2007 9:15am Jul 12, 2007 9:15am
Just curious if anyone went short gbp/chf? I didn't see this setup until now. But the 4hr gave a PB that broke south yesterday. Also, we had a near double high(within 2pips) on the Daily chart on Jan. 1st 2007 and June 22, 2007 for Resistance. So far it looks like a nice 60pip move.
  • #4,524
  • Jul 12, 2007 9:21am Jul 12, 2007 9:21am
Quoting Tw0eleven
Thanks...to be honest, there was no PB's for my enter. It was purely price action! On the 4hr chart, it looked like the 122.00 area was resistance back on 6/03/07. And on the 1hr chart the 122.00 area was support 7/02-03/07. After price failed to close below 122.00 yesterday, I figured I could go long with a pretty small s/l of 25-30pips for a reward of 75 as my TP.
I hope it works well for you. I am just a bit cautious here because this 8:00 pm bar on the 4H chart is also resting on a 50% Fib line and an S1 weekly resistance line (122.46)....... so I am waiting to see if it breaks through or not. If it does break all of this, you'll have a great profit there. Dan
  • #4,525
  • Jul 12, 2007 9:28am Jul 12, 2007 9:28am
Quoting Tw0eleven
Just curious if anyone went short gbp/chf? I didn't see this setup until now. But the 4hr gave a PB that broke south yesterday. Also, we had a near double high(within 2pips) on the Daily chart on Jan. 1st 2007 and June 22, 2007 for Resistance. So far it looks like a nice 60pip move.
Hey 211 , did you see the formation of DL on the last two bars at the 4H chart ? It may be still in a retracement mode ?????? left to be seen. dan
  • #4,526
  • Jul 12, 2007 9:57am Jul 12, 2007 9:57am
I'll be looking to exit around 1.0440 - 1.0435 where there may be some channel support. Got in at 1.0530.


Quoting the_wizard
The bottom of the pin is 1.0534 on my charts. Let's say to make it fair for everyone, you can start counting from the entry price you got underneath that. I got 1.0533 so that is where I will count from.

Also, if you take half your position size off at a certain point, then you have to cut the pips gained after than in half. If you find a good place to double up, then you can double the pips gained after.

I know no one will take this seriously, but as a precaution, DON'T: it's only some fun.
Life is too short to have anything but delusional notions about yourself.
  • #4,527
  • Jul 12, 2007 10:22am Jul 12, 2007 10:22am
Quoting hoss
I'll be looking to exit around 1.0440 - 1.0435 where there may be some channel support. Got in at 1.0530.
Same here.
  • #4,528
  • Jul 12, 2007 10:50am Jul 12, 2007 10:50am
Just an update on the u/j trade...I closed it for 33pips. Reasons: 1hr chart double high at 122.52 and price getting rejected at 150 ma. Also, time for me to head to my day job...so I won't be around to monitor this trade and would rather take my profit now. Happy Trading everyone![/quote]

Good Job 211 ! nice profit and being careful is the name of the game. Dan
  • #4,529
  • Jul 12, 2007 11:35am Jul 12, 2007 11:35am
Quoting dltvn
could you be a little more specific on this ?

well,i just thought fundamentally the USD is overvalued (trade deficit and so on)

i was just thinking out loud
100% of traders are losers. Just that some win more than they lose!
  • #4,530
  • Jul 12, 2007 12:41pm Jul 12, 2007 12:41pm
Oh, Mr Demark! You closed out already?!
  • #4,531
  • Jul 12, 2007 1:50pm Jul 12, 2007 1:50pm
Quoting the_wizard
Oh, Mr Demark! You closed out already?!
Hey Wizard, how are you doing? Just curious . I am still in the game. Regards, Dan
  • #4,532
  • Jul 12, 2007 2:52pm Jul 12, 2007 2:52pm
Hi Dan, I am still in too. I've moved my stop on the full position to 1.0525 which is sufficiently out of the way for the time being.
  • #4,533
  • Jul 12, 2007 2:58pm Jul 12, 2007 2:58pm
BUOB on daily chart....
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.jpg Size: 38 KB
Never say never.
  • #4,534
  • Jul 12, 2007 3:55pm Jul 12, 2007 3:55pm
Quoting the_wizard
Hi Dan, I am still in too. I've moved my stop on the full position to 1.0525 which is sufficiently out of the way for the time being.
my SL was moved about an hour ago to 1.0500 I don't want to take too many chances at this point ........ even if I loose to you at the game. This trade looks like it has a way to go yet. Are you seeing any other interesting developments with some other majors ? Have a good trading. Dan
  • #4,535
  • Jul 12, 2007 4:33pm Jul 12, 2007 4:33pm
Quoting razldazl
BUOB on daily chart....

Raz ,

Am I ever glad I am not the only one who saw this one.

Ok reasons for this trade are as follows:

The bar previous to the BUOB had problems closing below the previous Resistance which is now acting as support. Indicated by the Flag and nice purple line

The next day formed the BUOB indicated by the up arrow.

Now instead of just taking this trade at a break above the high of the BUOB I noticed the area of reistance just previously. This is indicated by my second purple line. So I placed a buy stop above this area and was entered today as indicated by the smiley face.

At +25 I close out a portion of my positions and move my stop to just below this area of resistance. Even if I am stopped out I have closed out enough to still bank a profit.

Steve
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 60 KB
Nothing is impossible, with a willing mind!
  • #4,536
  • Jul 12, 2007 4:52pm Jul 12, 2007 4:52pm
Quoting dltvn
Are you seeing any other interesting developments with some other majors ? Have a good trading. Dan
Hello Dan,

Well, there was really only one trade that everyone needed to be in today and that was the Dax. 195 points up from the break of the pin and closed at an all time high. I got this one.

Pin bar off 50ema and an ascending TL so clear you can see it without needing to draw it. Plus its previous support - look left (also a pin)

They really don't come much easier than this.

LOL
Attached Image (click to enlarge)
Click to Enlarge Name: dax.jpg Size: 44 KB
  • #4,537
  • Jul 12, 2007 6:25pm Jul 12, 2007 6:25pm
Well, I just closed my usd/cad postion at 1.0455 for a total of 115 pips. Hopefully I'll be the winner of this competition.
  • #4,538
  • Jul 12, 2007 7:00pm Jul 12, 2007 7:00pm
Well after a good down trade, it's time to move up, we might have a small pin bar closing formation...

And if we think that USD is undervalued, tomorrow it could be a good day for USD.

Anyone looking at this trade?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad_13_07_2007.gif Size: 14 KB
  • #4,539
  • Jul 12, 2007 7:37pm Jul 12, 2007 7:37pm
May I suggest trading the trend at this point?
GOD IS NOT SHORT OF CASH
  • #4,540
  • Jul 13, 2007 1:14am Jul 13, 2007 1:14am
I've moved my stop on USD/CAD to 1.0504.

No need to exit just yet - not in an incredibly steep downwards trend like this and certainly not when it is hovering just above multi-year lows.
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