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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

  • #5,101
  • Jul 30, 2007 8:39pm Jul 30, 2007 8:39pm
USD/CAD weekly chart
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  • #5,102
  • Jul 30, 2007 9:25pm Jul 30, 2007 9:25pm
Did anyone play the gap trade and go long on this pair last night when the market opened? I hope so, it was a PERFECT setup and I made nearly 300pips on this pair(divided among a few mini-lots).

The reason it was perfect:
1) Price rejected off of previous resistance(now support) level at 89.00 area.
2) Price rejected off of 150 ma
3) Price rejected and failed to close below 76.4 Fib level
4) Long position follows overall uptrend.
5) Price opened with a gap that would need to go up to fill it Sunday night.

I would like to personally thank Jim and his teachings on using Price Action! After I saw the price action, I added the MA's and Fibs as further confirmation and everything just came together so nicely. This was by far my best trade in the 3yrs I've been trading...and largest pip gain for one day!!!
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  • #5,103
  • Jul 30, 2007 9:27pm Jul 30, 2007 9:27pm
Nice
  • #5,104
  • Edited 11:19pm Jul 30, 2007 9:27pm | Edited 11:19pm
Just incase you didn't get in on the first opportunity, this may be one you may want to look at. This 4hr chart has another resistance/support level at the 91.30 area that was broken earlier today to the upside. It has been retested and so far, it's turned into support. Please use your own analysis on whether this is a good trade for you to enter. Happy Trading!
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  • #5,105
  • Jul 31, 2007 12:54am Jul 31, 2007 12:54am
Quoting the_wizard
Pin bar (almost "perfect" if it closes marginally lower so it's within the previous bars body)

This pin bar is very close to the 150ema

It's nose has poked right through a descending TL and rejected it.

It is at a 61 fib level of the previous swing down.

It is WITH the trend.

Razl - please don't take this. If you lose on your last week of demo and it's through something I said, I am never going to forgive myself!!
I'm in this trade. If you look closer the daily PB didn't break 50% fibo, two trendlines and a pivot. There's more to it but I can't post it in the public thread. I took the long last week and closed it yesterday with some decent profit but now I'm shorting this pair. It looks really good on the weekly/monthly. Thanks wizard!
Take a report.
  • #5,106
  • Jul 31, 2007 2:10am Jul 31, 2007 2:10am
Quoting CateFul
I'm in this trade. If you look closer the daily PB didn't break 50% fibo, two trendlines and a pivot. There's more to it but I can't post it in the public thread. I took the long last week and closed it yesterday with some decent profit but now I'm shorting this pair. It looks really good on the weekly/monthly. Thanks wizard!
You're welcome CateFul, although I have to say, your avatar really scares me!!
  • #5,107
  • Jul 31, 2007 2:55am Jul 31, 2007 2:55am
Hi ,
Has anyone seen/taken the almost 2-day PB on the EURUSD?
I make it 10 pips short on the close (for my broker at 5PM EST) of having open & close in the 1/3 of the bar.
But it just pokes through the support around 1.3630 and also the 38.2 Fib from the 13th June to 24th July rise.

I was already long (from Jacko opinion) and will probably add if I can on a pullback to around 3700 if it gets as high as 3730.

Any views?

Ian
  • #5,108
  • Edited 6:07am Jul 31, 2007 3:22am | Edited 6:07am
This is what I've been waiting for...looks like this pair has given us another long signal:
1) Retested previous resistance level at 91.30 area(now support).
2) Retested 61.8 Fib level and failed to close below it
3) PB formed(just need break 10pips above it to confirm)
4) Going long would follow overall trend after the short term correction from last week.

Upon 10pip break above PB...look for 92.25(50% Fib level) area as first resistance area. But I'm thinking price will go up to test the 93.50 area(38.2 Fib level)...so another 150 to 200pips may be in order withing the next day or two. Just my opinion...any other views/comments/suggestions are always welcome! Happy Trading!

Update: got the 10pip break above the PB...I'm in. Lets see what the Pip Gods have in store for me today!!!
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  • #5,109
  • Jul 31, 2007 7:23am Jul 31, 2007 7:23am
Quoting ianf0ster
Hi ,
Has anyone seen/taken the almost 2-day PB on the EURUSD?
IAny views?

Ian
Hi Ian,
Cannot see how this is a two day pin on my chart ????
I did however take the pin last night on EUR_AUD, but made a few pips but has not moved any since so came out !!!!!
Probably too early....
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  • #5,110
  • Jul 31, 2007 7:24am Jul 31, 2007 7:24am
EUR_AUD Pin
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  • #5,111
  • Jul 31, 2007 8:16am Jul 31, 2007 8:16am
Quoting mimas
Hi Ian,
Cannot see how this is a two day pin on my chart ????
I did however take the pin last night on EUR_AUD, but made a few pips but has not moved any since so came out !!!!!
Probably too early....
Yeah I agree this one is pushing it as to look at it like a 2 day pin bar.

Do check out how strong these s/r can be
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  • #5,112
  • Jul 31, 2007 8:16am Jul 31, 2007 8:16am
Hi Mimas,
It just shows what a difference the server makes to the daily bar. I will try to post a picture of what I see, never done this before so might not work.

[IMG]file:///D:/Program%20Files/StrategyBuilderFX%204/templates/31jul07_eurusd.gif[/IMG]

Hm, exactly how does one post a chart?
  • #5,113
  • Jul 31, 2007 8:21am Jul 31, 2007 8:21am
So I went short on the USDCAD pinbar, was up about 45 pips, then it turned back up. Now, the daily has not closed, but right now I'd be -10 if I closed the trade. I don't WANT to close the trade, but my gut says this will not go back down. Any experienced folks want to offer a rationale (not a recommendation, I understand) for staying in, or closing with a small loss? (by the time you read, it may have turned into a big loss lol!)

I'll give a rationale for staying in... I'm trading daily charts, so stick to them and let the trade run! :-) Anything else?
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  • #5,114
  • Jul 31, 2007 8:28am Jul 31, 2007 8:28am
Quoting ianf0ster
Hi Mimas,
It just shows what a difference the server makes to the daily bar. I will try to post a picture of what I see, never done this before so might not work.

[IMG]file:///D:/Program%20Files/StrategyBuilderFX%204/templates/31jul07_eurusd.gif[/IMG]

Hm, exactly how does one post a chart?
Anyway, what I have for 27July is O 1.3744
H 1.3751
L 1.3625
C 1.3631
and for 31 July O 1.3616
H 1.3705
L 1.3607
C 1.3694
I don't get a bar over the weekend.
  • #5,115
  • Jul 31, 2007 8:32am Jul 31, 2007 8:32am
Quoting ianf0ster
Hi Mimas,
It just shows what a difference the server makes to the daily bar. I will try to post a picture of what I see, never done this before so might not work.

[IMG]file:///D:/Program%20Files/StrategyBuilderFX%204/templates/31jul07_eurusd.gif[/IMG]

Hm, exactly how does one post a chart?
read my sig
100% of traders are losers. Just that some win more than they lose!
  • #5,116
  • Edited 8:45am Jul 31, 2007 8:43am | Edited 8:45am
http://i13.tinypic.com/5yaqjrp.gif


Magic!
My thanks to you Mr Demark
  • #5,117
  • Jul 31, 2007 8:50am Jul 31, 2007 8:50am
ianfster, I think you're trying to click the little picture icon on the editor. To properly send a picture click the "manage attachments" in the section below the editor.

The problem with posting your pictures the way you did it here (and I guess MrDemark as well), is that they're stored on a remote server, and not on FF, so if that site goes away, or goes down, then your pictures will be gone as well, and not visible to people reading the forums.

Anyway, just go to "manage attachments", click "browse" on the next screen, find your pic, click "upload", wait a sec, then "close this window", and then submit your message, and you should be good to go.
  • #5,118
  • Jul 31, 2007 9:03am Jul 31, 2007 9:03am
Quoting JoshDance
Anyway, just go to "manage attachments", click "browse" on the next screen, find your pic, click "upload", wait a sec, then "close this window", and then submit your message, and you should be good to go.
to keep the maximum size to 600 px wide
  • #5,119
  • Jul 31, 2007 9:04am Jul 31, 2007 9:04am
Quoting JoshDance
ianfster, I think you're trying to click the little picture icon on the editor. To properly send a picture click the "manage attachments" in the section below the editor.

The problem with posting your pictures the way you did it here (and I guess MrDemark as well), is that they're stored on a remote server, and not on FF, so if that site goes away, or goes down, then your pictures will be gone as well, and not visible to people reading the forums.

Anyway, just go to "manage attachments", click "browse" on the next screen, find your pic, click "upload", wait a sec, then "close this window", and then submit your message, and you should be good to go.
Did it work?
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  • #5,120
  • Jul 31, 2007 9:11am Jul 31, 2007 9:11am
Quoting JoshDance
I'll give a rationale for staying in... I'm trading daily charts, so stick to them and let the trade run! :-) Anything else?
then your rationale should keep you in. If it's a loser but the trade was set inline with your normal strategy, it was a good trade. It's just one of those that didn't work.
If you broke your rules to take the trade, then you may have to re-consider.
Knowing you, I suspect it's a std trade (ie good one) so let it run. It'll either go back into profit, or hit your SL.
NEXT!!!
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