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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

  • #5,401
  • Aug 13, 2007 5:27pm Aug 13, 2007 5:27pm
The gbpusd has had some historical support at the weekly 21 ema and the daily 89 ema. See posts 534 and 535 of this link. http://www.forexfactory.com/showthre...=27624&page=36
  • #5,402
  • Aug 14, 2007 11:33am Aug 14, 2007 11:33am
Nice call Tiki. Should have listened to you instead of going long...lots quite a bit off a PB I never should have taken b\c price never broke to the upside on the daily.

Quoting Tiki Trader
I think a good possibility xxx/jpy pairs will continue downwards... the ones I have looked at on daily's now have all closed below the 150 or 365 ema's which ought now act as resistance... IMVHO

I see the TBL... but price closing closer to the low... just a matter of time before breaking through ??? Simple guy talking here... this is about as deep as I go...
  • #5,403
  • Aug 14, 2007 12:32pm Aug 14, 2007 12:32pm
It'll be really interesting to see what the JPY pairs do.
Continue going down ending this amazing bull run?
Or end this retracement and go back up? I dunno.... And frankly I don't care.
IMO, at times like these you gotta wait for the market to do its thing and wait for really good signals. Once you can get somewhat clear, you make your move and jump in.
We'll see what happens.

Tom
  • #5,404
  • Aug 14, 2007 1:29pm Aug 14, 2007 1:29pm
Pretty much agreed! I shorted the nzd/jpy after my PB long trade failed and price broke a support level to the down side. Just closed that trade for a bit of a profit. Now it's a waiting game. Happy Trading!

Quoting moneybags
It'll be really interesting to see what the JPY pairs do.
Continue going down ending this amazing bull run?
Or end this retracement and go back up? I dunno.... And frankly I don't care.
IMO, at times like these you gotta wait for the market to do its thing and wait for really good signals. Once you can get somewhat clear, you make your move and jump in.
We'll see what happens.

Tom
  • #5,405
  • Aug 14, 2007 1:45pm Aug 14, 2007 1:45pm
Quoting Tw0eleven
Pretty much agreed! I shorted the nzd/jpy after my PB long trade failed and price broke a support level to the down side. Just closed that trade for a bit of a profit. Now it's a waiting game. Happy Trading!

hey there

did you go short after seeing any price action besides breaking the support level? i mean - i am trying to enter only when i have a setup of PA, do you guys play only breaks??

thanks
  • #5,406
  • Aug 14, 2007 1:50pm Aug 14, 2007 1:50pm
Quoting mamutot
hey there

did you go short after seeing any price action besides breaking the support level? i mean - i am trying to enter only when i have a setup of PA, do you guys play only breaks??

thanks
see my post #5398 there was a TBL that broke


-M
  • #5,407
  • Aug 14, 2007 2:37pm Aug 14, 2007 2:37pm
I wonder what price action we will see if and when it hits the neckline...
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  • #5,408
  • Aug 14, 2007 4:31pm Aug 14, 2007 4:31pm
Holy Rockamoly !!! I did call it right eh !!!! Too bad I had no trades put on those !!! Came home from work to see all those red candles !!! So for once it is nice to see my simple thinking can hit the spot !!!
  • #5,409
  • Aug 14, 2007 4:40pm Aug 14, 2007 4:40pm
Quoting Tiki Trader
Holy Rockamoly !!! I did call it right eh !!!! Too bad I had no trades put on those !!!
Here are the setups from daily.

One IB breakdown in the middle got wiped, but that wasn't a real setup since it gapped over the weekend I believe, so it's invalid. Oops. Didn't want to reupload the chart.

Whoever thought that traffic PB was nice to take also got hurt. Unless you move your stops after a handful of pips on this pair, which I don't think woulda been such a great idea (woulda killed you for nothing on the very first initial IB breakout).

Also posting these to remind me there are indeed trades around if you look close enough. Also stop placement would have been eminently important in the chop.
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Trust price. Know yourself.
  • #5,410
  • Aug 14, 2007 5:05pm Aug 14, 2007 5:05pm
Isn't a pin bar really just a hammer or inverted hammer?
  • #5,411
  • Aug 14, 2007 5:08pm Aug 14, 2007 5:08pm
I am more and more of the opinion that the good Pin Bars are really compressed head and shoulders patterns... as some else on this thread mentioned a ways back...
  • #5,412
  • Aug 14, 2007 5:33pm Aug 14, 2007 5:33pm
Hi Tiki, just wondering if you could post a chart with an example of your "compressed head&shoulders pattern" so I can get a visual of what you mean. I have an idea, but a picture would clarify a few things...thanks!

Quoting Tiki Trader
I am more and more of the opinion that the good Pin Bars are really compressed head and shoulders patterns... as some else on this thread mentioned a ways back...
  • #5,413
  • Aug 14, 2007 5:38pm Aug 14, 2007 5:38pm
Quoting SeekingLight
Here are the setups from daily.
The way I understand it, two bar highs/lows are to be played as a continuation breakout.

As in, an established down trend consolidates and a two bar low forms. You then go short on the break.

That two bar low at the top of GBP/JPY does not fit this criteria. The trend is still up.

I am not saying that doesn't make it a good trade just saying that the examples I have seen from Jim show TBL's being taken on the break once a trend is underway.
  • #5,414
  • Aug 14, 2007 5:50pm Aug 14, 2007 5:50pm
Quoting the_wizard
The way I understand it, two bar highs/lows are to be played as a continuation breakout.

As in, an established down trend consolidates and a two bar low forms. You then go short on the break.

That two bar low at the top of GBP/JPY does not fit this criteria. The trend is still up.

I am not saying that doesn't make it a good trade just saying that the examples I have seen from Jim show TBL's being taken on the break once a trend is underway.
Yes. The TBL in this case coincided with the IB breakdown/BEOB bar (forgot to mark the BEOB in!!!! argh...so much for setting a good example), so it simply was to illustrate s/r at that point ==> TBL at the BEOB low, once that went the BEOB triggered as well and the TBL simply was meant as the s/r to trigger it.

Originally it's sposed to be a "place to break" during a trend for a continuation, yes. But heck, I abuse trendlines, so I can abuse poor TBLs, too...they have nobody to defend them! Mwah! Okay, I admit, I'm an hour overdue for bed. Just wanted to explain why I outlined it (BEOB low + second low = breakdown more significant). Night.
Trust price. Know yourself.
  • #5,415
  • Aug 14, 2007 5:51pm Aug 14, 2007 5:51pm
Quoting tdion
Isn't a pin bar really just a hammer or inverted hammer?


Pin BAR and Hammer=candlespeak. Almost the same thing, but Hammers have a "head" and Pins we look for identical open/closes. Both can work out identically.
Trust price. Know yourself.
  • #5,416
  • Aug 14, 2007 6:34pm Aug 14, 2007 6:34pm
Here is current daily chart of AUD/USD... no it is not a perfect H & S, but I still see it there... then take a look at the AUD/USD monthly PB.
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  • #5,417
  • Aug 14, 2007 7:59pm Aug 14, 2007 7:59pm
Ok, if I understand you correctly...this is the H&S pattern you are talking about right? And that is a nice PB on the a/u monthly with a break below it to validate it.

Quoting Tiki Trader
Here is current daily chart of AUD/USD... no it is not a perfect H & S, but I still see it there... then take a look at the AUD/USD monthly PB.
Attached Image
  • #5,418
  • Aug 14, 2007 8:35pm Aug 14, 2007 8:35pm
YUP That's the way I see it !!!

I am up about 140 pips right now... though I expect this trade to last more than a month.
  • #5,419
  • Aug 14, 2007 8:39pm Aug 14, 2007 8:39pm
I am betting some of the other good traders in this forum have lots of examples of PBs being compressed H & S's and those are the good PBs to trade... not saying other PBs aren't good either... just sayin ya know... !!
  • #5,420
  • Aug 14, 2007 8:47pm Aug 14, 2007 8:47pm
Nice trade Tiki! Good job on the pips too. Now I have another pattern to look for on charts, thanks!

Just one more question...I've only been trading off of the daily's. Haven't made any weekly or monthly trades yet. So this question is really for anyone...but typically, how long do you hold your trades open using these higher time frames? If I were to open a trade, I wouldn't want to exit too early after a couple days just because I'm not experienced with these types. So any advice?

Quoting Tiki Trader
YUP That's the way I see it !!!

I am up about 140 pips right now... though I expect this trade to last more than a month.
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