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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

  • #4,921
  • Jul 24, 2007 3:30pm Jul 24, 2007 3:30pm
Quoting raczekfx
nice dive today. after last friday's drop I couldn't pass an opportunity and took long yen positions on sunday open.. not a rifle shoot but certainly a B shot
I did quite the opposite, I took a position short on the gap up sunday(these almost always fill, and this one was huge, I closed out most of it for a huge gain, and then held onto the last .5% till the 150 ema on the 4hr, which i just closed and reversed.

Those gap fills can be nice easy money with huge R:R

Mike
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  • #4,922
  • Jul 24, 2007 3:35pm Jul 24, 2007 3:35pm
Quoting mbqb11
I did quite the opposite, I took a position short on the gap up sunday(these almost always fill, and this one was huge, I closed out most of it for a huge gain, and then held onto the last .5% till the 150 ema on the 4hr, which i just closed and reversed.

Those gap fills can be nice easy money with huge R:R

Mike
Gap fills are bread and butter.
Mr. Trend
  • #4,923
  • Jul 24, 2007 3:45pm Jul 24, 2007 3:45pm
Seems like a possible buy oppertunity is presenting itself on the Eur/Gbp daily chart. Am i right in saying a possible PB is forming
  • #4,924
  • Jul 24, 2007 3:45pm Jul 24, 2007 3:45pm
Quoting mbqb11
I did quite the opposite, I took a position short on the gap up sunday(these almost always fill, and this one was huge, I closed out most of it for a huge gain, and then held onto the last .5% till the 150 ema on the 4hr, which i just closed and reversed.

Those gap fills can be nice easy money with huge R:R

Mike
I believe we took same trades, Mike. When I said, I took long yen positions, that'd be short yen crosses (gbp/jpy, eur/jpy)
I took half off @ 248.50; I also saw 150, but watching DJ bleed decided to hold. Might add more at Tokyo open... or trail stop
  • #4,925
  • Jul 24, 2007 3:47pm Jul 24, 2007 3:47pm
if it closes like this -which it probably will, would you trade this one as a pinbar?
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  • #4,926
  • Jul 24, 2007 3:49pm Jul 24, 2007 3:49pm
Quoting mbqb11
I did quite the opposite, I took a position short on the gap up sunday(these almost always fill, and this one was huge, I closed out most of it for a huge gain, and then held onto the last .5% till the 150 ema on the 4hr, which i just closed and reversed.

Those gap fills can be nice easy money with huge R:R

Mike
Hi Mike,
Can you tell a newbie where you put your stop on this one. You say that the R:R was huge. OK I see how far it dropped, but if your stop was above the high at 251.09 then I don't think that the R:R was huge!

Thanks,
Ian
  • #4,927
  • Jul 24, 2007 3:50pm Jul 24, 2007 3:50pm
Quoting mamutot
if it closes like this -which it probably will, would you trade this one as a pinbar?
I would not trade it given broken resistance (now support) is around 4760
I might consider going long there.
  • #4,928
  • Jul 24, 2007 3:56pm Jul 24, 2007 3:56pm
Quoting raczekfx
I would not trade it given broken resistance (now support) is around 4760
I might consider going long there.
why not?? it is in a long term 61 fib - i didnt show the start of it but it is right on it since april 2000, and why go long..??
maybe i should wait to see it bounce of the s/r?

thanks
  • #4,929
  • Jul 24, 2007 3:58pm Jul 24, 2007 3:58pm
Yeah the GBPCHF Pin looks ok but that resistance it just broke should be treated as support until proven otherwise. It's too close for me to take this trade. If it goes down and breaks that 2.4750 area then I will re-evaluate.

There's also an interesting Daily Pin forming on the NZDUSD. It's at an extreme high following a very strong uptrend.

Tom
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  • #4,930
  • Jul 24, 2007 4:00pm Jul 24, 2007 4:00pm
Quoting raczekfx
I believe we took same trades, Mike. When I said, I took long yen positions, that'd be short yen crosses (gbp/jpy, eur/jpy)
I took half off @ 248.50; I also saw 150, but watching DJ bleed decided to hold. Might add more at Tokyo open... or trail stop


haha sorry I read so quick, i thought you went long the gbp/jpy !

Nice trade bud!
  • #4,931
  • Jul 24, 2007 4:01pm Jul 24, 2007 4:01pm
Quoting ianf0ster
Hi Mike,
Can you tell a newbie where you put your stop on this one. You say that the R:R was huge. OK I see how far it dropped, but if your stop was above the high at 251.09 then I don't think that the R:R was huge!

Thanks,
Ian
My stop was just above 250. 250.07 i believe I had it
  • #4,932
  • Jul 24, 2007 4:02pm Jul 24, 2007 4:02pm
Quoting Mr Trend
Gap fills are bread and butter.
almost too easy right
  • #4,933
  • Jul 24, 2007 4:13pm Jul 24, 2007 4:13pm
Quoting mamutot
why not?? it is in a long term 61 fib - i didnt show the start of it but it is right on it since april 2000, and why go long..??
maybe i should wait to see it bounce of the s/r?

thanks
It just not my trading style to short near recently broken, daily PP on the first try. I 'try' to let the market do the job and I just follow it. Just like with my G/J short on Sunday open.
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  • #4,934
  • Jul 24, 2007 4:26pm Jul 24, 2007 4:26pm
i know that you guys would think i might be over trading or forcing trades but i am not - i am asking your opinions in order to study -


is this a 2 day pin bar?
it is on swing low - and there is a PP since years ago it just met today - would you???
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  • #4,935
  • Jul 24, 2007 4:35pm Jul 24, 2007 4:35pm
Quoting mbqb11
My stop was just above 250. 250.07 i believe I had it
Thanks Mike,
I think I see, so you placed the trade pretty soon after the Sunday open. According to my MT4 broker's demo chart it opened at 250.02 with a high of 250.18 , then down down down.
So I assume you were looking for an initial 60 pips to fill the gap plus whatever trail you felt you could get.

Ian
  • #4,936
  • Jul 24, 2007 4:36pm Jul 24, 2007 4:36pm
Quoting ianf0ster
Thanks Mike,
I think I see, so you placed the trade pretty soon after the Sunday open. According to my MT4 broker's demo chart it opened at 250.02 with a high of 250.18 , then down down down.
So I assume you were looking for an initial 60 pips to fill the gap plus whatever trail you felt you could get.

Ian
bingo placed it right on MT4 of IBFX open, a bunch of us did, inside the PF at least...it was quite a show

Take care,
Mike
  • #4,937
  • Jul 24, 2007 4:39pm Jul 24, 2007 4:39pm
It also coincided with a daily IB rebreak to the downside + BEOB the next day(Friday). So you could have traded that off of PA, even without "cheating". (I couldn't trade the gap either way, but had switched short on the IB rebreak)
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Trust price. Know yourself.
  • #4,938
  • Jul 24, 2007 4:41pm Jul 24, 2007 4:41pm
Quoting mamutot
i know that you guys would think i might be over trading or forcing trades but i am not - i am asking your opinions in order to study -


is this a 2 day pin bar?
it is on swing low - and there is a PP since years ago it just met today - would you???
Hi Mamutot,
My 2 cents worth.
Yes it looks like a 2 day PB, but it doesn't protrude that much below the range of the previoues '2-day bar'. If you see what i mean.

Of course the experts may disagree.

Ian
  • #4,939
  • Jul 24, 2007 4:44pm Jul 24, 2007 4:44pm
Quoting ianf0ster
Hi Mamutot,
My 2 cents worth.
Yes it looks like a 2 day PB, but it doesn't protrude that much below the range of the previoues '2-day bar'. If you see what i mean.

Of course the experts may disagree.

Ian

got your point..
thanks for your reply
  • #4,940
  • Jul 24, 2007 6:47pm Jul 24, 2007 6:47pm
WOW With all of the posible setups in the market today I can't believe there isn't more chater in this thread. Lots of PA to look at folks.

Let's eat some pips

Steve
Nothing is impossible, with a willing mind!
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