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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

  • #5,021
  • Jul 27, 2007 1:31am Jul 27, 2007 1:31am
Quoting SeekingLight
Well I found one hint.
It seems that there's an inverse correlation between USDCAD strength and a dropping carry trade. Looked back to Feb / March and it showed today, too.

Also got a gigantic Fib extension as I said. I've noticed that around 161.8% of wave 4 can make a wave 5...ok I'm sorry, Elliot Wave sillyness.

Anyway, it appears it is a valid projection / fib s/r spot and had it on my chart...didn't think it'd cause this much reaction however.
I have to admit Ive always been intrigued by waves, but I was never able to work out where we are NOW, seems that not everyone is in agreement...anyway good work, lets see if he-she comes back to enlighten us further..take care Raz
Never say never.
  • #5,022
  • Jul 27, 2007 1:35am Jul 27, 2007 1:35am
Quoting fuzzle
I'm new here, not new to trading. Joined this group last fall. Lots of good traders here and I hope to learn from y'all. Never to old to learn, right?

Looking at the 2 day pin on the USD/CHF. Long nose, it's in a bit of traffic and I'm waffling. Appreciate your comments.
And I was having a day off...well I like it anyway whether I trade it or not, take care, Raz
Never say never.
  • #5,023
  • Jul 27, 2007 1:43am Jul 27, 2007 1:43am
Quoting the_wizard
Ok, since it made lows of 1.0338 and 1.0340 respectively and then rebounded hard, I'd say that gives you some very strong credibility.

I have to admit I found the "crazy prediction" part a bit amusing at first but you got my attention now!!

I'm genuinely interested in what you have to say! That was a very, very good call.

Please come back? Or were you a time traveller from the future come to warn us??

Thanks for the credir this wasn't the only post though I called the tops on the eur, gbp. dow, etc...
Will post my complete analyses over the weekend as haven't really slept in 5 days, this is a big one and I intend to milk for all it's worth, BTW was shorting the gbp/yen for a 1/5 of my normal position since 247.30, every big figure, really relieved that it tank as my analyses indicated
HAPPY TRADING
  • #5,024
  • Jul 27, 2007 4:14am Jul 27, 2007 4:14am
Quoting moneybags
Wow... There's the different feeds for ya.
If you're able to, you should get a hold of the InterbankFX version of MT4 which uses GMT.
Today is madness.
Hopefully some pips will be made.

Hi Moneybags,
Just a quick one, do InterbankFX have a seperate program of MT4, I thought it was just different feeds from different servers the program is still the same ?????
  • #5,025
  • Edited 5:55am Jul 27, 2007 5:54am | Edited 5:55am
Well this is my first good trade in a while - 4h Pin bar the top of it was at the 62 fib level from the top and a minor resistance level - entered on the break of the pin - moved my stop after couple of bars and right now waiting to see what will happen on the 150Ema - hope it goes through though it is a base trade..

Thank you all guys you make me smile
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  • #5,026
  • Jul 27, 2007 6:09am Jul 27, 2007 6:09am
Quoting mamutot
Well this is my first good trade in a while - 4h Pin bar the top of it was at the 62 fib level from the top and a minor resistance level - entered on the break of the pin - moved my stop after couple of bars and right now waiting to see what will happen on the 150Ema - hope it goes through though it is a base trade..

Thank you all guys you make me smile
Great work mammoth!
Never say never.
  • #5,027
  • Jul 27, 2007 6:14am Jul 27, 2007 6:14am
Quoting mimas
Hi Moneybags,
Just a quick one, do InterbankFX have a seperate program of MT4, I thought it was just different feeds from different servers the program is still the same ?????
Program is the same servers are different. e.g Real or demo.
  • #5,028
  • Jul 27, 2007 6:15am Jul 27, 2007 6:15am
Quoting mamutot
Well this is my first good trade in a while - 4h Pin bar the top of it was at the 62 fib level from the top and a minor resistance level - entered on the break of the pin - moved my stop after couple of bars and right now waiting to see what will happen on the 150Ema - hope it goes through though it is a base trade..

Thank you all guys you make me smile

Good work - I just tried going long on the GBP/JPY as there was a DBLHC at a double bottom...up it went, I was +44 and then it turned and took me out for +1 in a single five minute bar...christ, who needs sex, drugs and insane sports when you have this monster
  • #5,029
  • Jul 27, 2007 6:17am Jul 27, 2007 6:17am
Quoting mamutot
Well this is my first good trade in a while - 4h Pin bar the top of it was at the 62 fib level from the top and a minor resistance level - entered on the break of the pin - moved my stop after couple of bars and right now waiting to see what will happen on the 150Ema - hope it goes through though it is a base trade..

Thank you all guys you make me smile
Great trade Mamut,

Looks to have fallen through- along with Euro breaking weekly TL. Looks like real $ strength.
Beware of pullback though it is coming!
  • #5,030
  • Edited 6:30am Jul 27, 2007 6:19am | Edited 6:30am
Quoting the_wizard
Good work - I just tried going long on the GBP/JPY as there was a DBLHC at a double bottom...up it went, I was +44 and then it turned and took me out for +1 in a single five minute bar...christ, who needs sex, drugs and insane sports when you have this monster
Hey Wizard,

I was watching it this AM- It had a real struggle to keep above that 241.39 level.
Long way down after.
Just seen where it is!!!!

GL&GT
  • #5,031
  • Jul 27, 2007 6:56am Jul 27, 2007 6:56am
Dang! All those 4H Pins I was talking about yesterday night got smoked.
Almost every single one of them. I took a few with small positions and good thing they were small. That was ugly....

Tom
  • #5,032
  • Jul 27, 2007 7:03am Jul 27, 2007 7:03am
Quoting moneybags
Dang! All those 4H Pins I was talking about yesterday night got smoked.
Almost every single one of them. I took a few with small positions and good thing they were small. That was ugly....

Tom
I wish I could say the same here. Unfortunately I had very large positions on them. I've never seen anything like this before. I wonder what happened.
  • #5,033
  • Jul 27, 2007 7:25am Jul 27, 2007 7:25am
Quoting mamutot
Well this is my first good trade in a while - 4h Pin bar the top of it was at the 62 fib level from the top and a minor resistance level - entered on the break of the pin - moved my stop after couple of bars and right now waiting to see what will happen on the 150Ema - hope it goes through though it is a base trade..

Thank you all guys you make me smile
Ha ha sweet pips baby. Good call my friend I saw this one too on the 4H and was thinking well it made a nice move today maybe this PB will fly.

Well low and behold just as you did I entered on a break and woke up this morning to a +160 pip profit. That's also where I exited due to it tagging the 150 and previous minor support. Well I guess I have earned my starbucks coffee this morning.

Have a great weekend folks,

Steve

P.S. I am working on trade analysis spreadsheet that will be compatible with MT4 reports I will post it once it is completed and see if youguys can get some use out of it.
Nothing is impossible, with a willing mind!
  • #5,034
  • Jul 27, 2007 7:44am Jul 27, 2007 7:44am
Quoting Kaysole
I wish I could say the same here. Unfortunately I had very large positions on them. I've never seen anything like this before. I wonder what happened.
I'm sorry to hear that. Which ones did you take?
It was pretty crazy. I can understand if all the JPY ones failed cuz they usually go hand in hand. But there was another 4-5 pins that also failed.
  • #5,035
  • Jul 27, 2007 8:04am Jul 27, 2007 8:04am
Quoting moneybags
I'm sorry to hear that. Which ones did you take?
It was pretty crazy. I can understand if all the JPY ones failed cuz they usually go hand in hand. But there was another 4-5 pins that also failed.
I took gpb/chf, eur/cad, cad/chf, nzd/usd, and most of the jpy pairs. There were 12 of them altogether. Which ones did you take?
  • #5,036
  • Jul 27, 2007 8:33am Jul 27, 2007 8:33am
I took a couple of the JPY pairs, EUR/CAD and NZD/USD.
A lot of them looked pretty good too.
Oh well... I guess it was one of those days. It was either going to be a big winner or big loser. This time the Pins lost.

Gotta shake it off (easier said then done) and keep going.
I was having a great week and now it turned into an ok week. But any positive week is a good week I suppose.
  • #5,037
  • Jul 27, 2007 8:40am Jul 27, 2007 8:40am
Quoting the_wizard
Good work - I just tried going long on the GBP/JPY as there was a DBLHC at a double bottom...up it went, I was +44 and then it turned and took me out for +1 in a single five minute bar...christ, who needs sex, drugs and insane sports when you have this monster
Easy solution: don't trade 1h bull setups during a 1000 pip drop in hopes to stem the tide with a 100 pip 1h bar



Anything less than a gigantic daily or weekly PB or similiar just wouldn't convince me of this being over just yet.

Then again there will eventually be breathers, as always. Question is when and where and how much and then what and...welcome to forex ;D

Interesting week it's been =)
Trust price. Know yourself.
  • #5,038
  • Jul 27, 2007 8:46am Jul 27, 2007 8:46am
Quoting mamutot
Well this is my first good trade in a while - 4h Pin bar the top of it was at the 62 fib level from the top and a minor resistance level - entered on the break of the pin - moved my stop after couple of bars and right now waiting to see what will happen on the 150Ema - hope it goes through though it is a base trade..

Thank you all guys you make me smile
Very nice mamutot.

I'm a bit more aggressive trader, so I added to my shorts when price retraced to PP, TL and 61 fib confluence. This is more risky and I don't recommend for new trades, but it might get you in a successful trade earlier.

R.
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  • #5,039
  • Jul 27, 2007 8:54am Jul 27, 2007 8:54am
244 was an area where I re-entered short position in g/j yesterday.
I'll explain why, in the next post (on smaller time frame)
R
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  • #5,040
  • Jul 27, 2007 9:02am Jul 27, 2007 9:02am
Quoting raczekfx
244 was an area where I re-entered short position in g/j yesterday.
I'll explain why, in the next post (on smaller time frame)
R
Price came back to previous, broken support at around 244, and 50 fib from previous day high (just for visual confirmation) There was something else, which I'm not allowed to discuss on the public side, since it's reserved for private forum. For those of you thinking of going long here (as many of my trading buddies wants to do now) I'll post chart in the next message...
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