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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

  • #6,161
  • Sep 20, 2007 5:02am Sep 20, 2007 5:02am
Ok Mimas,
have a look at eurjpy, dont know what you will think of this, looks like strong resistance in this area, its a pivot zone and we have an IB formed yesterday, below we have the 150 ema, so its either, a buy from above the ppz, or a sell below the 150 ema, what do you think...Raz
Attached Image
Never say never.
  • #6,162
  • Sep 20, 2007 5:17am Sep 20, 2007 5:17am
Quoting razldazl
Ok Mimas,
have a look at eurjpy, dont know what you will think of this, looks like strong resistance in this area, its a pivot zone and we have an IB formed yesterday, below we have the 150 ema, so its either, a buy from above the ppz, or a sell below the 150 ema, what do you think...Raz
Hi Razldazl,
I am no expert but for me I would leave this one alone as the price seems to be sitting right between two strong support / restitance lines and would need it to break these before considering a trade, also my 150 ema seems to be quite a way down from yours strange ????
Attached Image (click to enlarge)
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  • #6,163
  • Edited 5:42am Sep 20, 2007 5:28am | Edited 5:42am
Quoting SeekingLight
I expect 2.3350 to get a retest for now..we've lost a TL and gone past a prior low, it's pretty much a "must"..but nothing's really ever a must in this market ;p

2.32 and 2.2825 could be in if GBPUSD loses the last trendline...

Just an update.

Moving towards s/r and TL...will we get to 2.3250?

The pressure could also come from a rising EURGBP plus an outperforming dropping USDCHF while cable goes only slightly up or sideways or down.

EURCHF is also starting to fall.

I am keeping my eyes peeled for a FA news report about Switzerland being the new America or similiar for reasons to have CHF be the next supapowa currency ;p

Hmmmm I should convert my EUR NOW while I still can!

(P.S. Tiki I'm still short USDCAD, yes, but it's worth less than a round of Pizza Supremes, it's a symbolic trade to me *smile* Over 350 pips...moving towards parity now)
Attached Image (click to enlarge)
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Trust price. Know yourself.
  • #6,164
  • Sep 20, 2007 5:31am Sep 20, 2007 5:31am
Quoting mimas
Hi Razldazl,
I am no expert but for me I would leave this one alone as the price seems to be sitting right between two strong support / restitance lines and would need it to break these before considering a trade, also my 150 ema seems to be quite a way down from yours strange ????
I had the 150 Sma on there instead of Ema, dang...yeah unless it breaks out to the top it looks like there is too much support to get very far, although, you never know!
Never say never.
  • #6,165
  • Sep 20, 2007 5:57am Sep 20, 2007 5:57am
Quoting mimas
Hi Tiki,
Agree nice pin off EUR_CAD also a strong resistance line sitting at around the 14205 area, if it breaks above this will we see a nice run on !!!!!

Have to agree with Wiz and yourself.....lets get some more posts of setups on here it's been quite lately....even if people are new to this and post setups that are no good (such as mine LOL's)......at least the more experienced can then drop there views on the setup's.
Stay Lucky Mimas.
Despite the Daily Pinbar. There's the PPZ (Green line right at a 38 Fib level) plus see all the Fib levels converging just above it. The longer-term trend is down, as well, and has been for some time.
Attached Image (click to enlarge)
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  • #6,166
  • Edited 6:43am Sep 20, 2007 6:24am | Edited 6:43am
Charts can be made so simple with two channels.

Note the touches.(there's also an alternative TL one could draw to actually hit the lows on the corrective downward channel, but meh...there's always several TLs around..didn't want to crowd the chart)

I am SO long Silver.

Daily IB preceded the breakout.
Attached Image (click to enlarge)
Click to Enlarge Name: silver_190907_fe1.gif Size: 19 KB
Trust price. Know yourself.
  • #6,167
  • Sep 20, 2007 6:24am Sep 20, 2007 6:24am
Quoting PeterFM
Despite the Daily Pinbar. There's the PPZ (Green line right at a 38 Fib level) plus see all the Fib levels converging just above it. The longer-term trend is down, as well, and has been for some time.
..and looks like its testing the low as we speak, cad dropping through the floor (again)
Never say never.
  • #6,168
  • Sep 20, 2007 6:44am Sep 20, 2007 6:44am
Quoting mimas

Have to agree with Wiz and yourself.....lets get some more posts of setups on here it's been quite lately...
Don't blame the poor folks!

No setups = no trade

There's not always something to post in the market

If you need a daily barrage of charts there's always my journal
Trust price. Know yourself.
  • #6,169
  • Sep 20, 2007 6:46am Sep 20, 2007 6:46am
This may be the obvious but, this is what I see.
Weekly: I see a pin bar forming off of bounce of TL price support of 1.9850
Daily: After Tusday's BUOB, Wednesday's break to the upper side.
Looking good for a long.
Dion

So long, John Silver.
  • #6,170
  • Sep 20, 2007 6:50am Sep 20, 2007 6:50am
Major support at 231 but going short with break of Daily IB. Also, major BOB on 4hr after some consolidation.
  • #6,171
  • Sep 20, 2007 6:54am Sep 20, 2007 6:54am
Quoting HipsterPipster
Major support at 231 but going short with break of Daily IB. Also, major BOB on 4hr after some consolidation.
I mean BEOB on 4hr.
  • #6,172
  • Edited 8:09am Sep 20, 2007 7:19am | Edited 8:09am
USD/JPY

I originally wanted to take this short on the break of the IB (circled).

When the next bar formed and it was a pin with its nose at previous support (and therefore now a PPZ) and its close lower than the ascending TL, I went short.

Took profit at the purple line (40 ticks or £200/$400)

Attached Image (click to enlarge)
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  • #6,173
  • Sep 20, 2007 7:27am Sep 20, 2007 7:27am
Alas... seeking light has gotten his parity on usd/cad....

Is this all just luck...?? Or I guess those complicated charts really dooo work... !!!


Bad day for me... I am out $ 40 today... 2% of my account... got to go and regroup... drink something ...
  • #6,174
  • Sep 20, 2007 7:37am Sep 20, 2007 7:37am
Quoting razldazl
..and looks like its testing the low as we speak, cad dropping through the floor (again)
I have a new rule, and that's to not leave small profits at risk if I'm not around to monitor the trades.

So having seen multiple attempts to break above the PPZ, and the potential of the Daily Pin to affect the trade, I decided to close. I had to go out for around an hour, so took the money I had gained (+100 pips combined over 2 positions).

It's maybe a sign of my maturity, as a trader, that I felt no emotion when I came back and saw that price had dropped even lower. I'll reset my Fibs, and PPZs, and await the next opportunity.

I also closed the Loonie trades on a TP of 1.0010 simply because I felt that as we got towards parity here, the reaction might be fast & furious. It was this that also added to my decision to close the EURCAD trades.
  • #6,175
  • Sep 20, 2007 7:43am Sep 20, 2007 7:43am
Quoting Tiki Trader
Alas... seeking light has gotten his parity on usd/cad....

Is this all just luck...?? Or I guess those complicated charts really dooo work... !!!


Bad day for me... I am out $ 40 today... 2% of my account... got to go and regroup... drink something ...

Tiki,
Don't get too discouraged chap, I'm also well out of profit from EUR_CAD.....stopped me out big time......this is on top of three other losers.......knocks the confidence ....!!!!
Real hard to say the least, time to take a breather for me as well.....
  • #6,176
  • Sep 20, 2007 7:46am Sep 20, 2007 7:46am
Has anyone noticed the descending triangle pattern we have in the long term? Horizontal support area of 101.
  • #6,177
  • Sep 20, 2007 7:53am Sep 20, 2007 7:53am
USD/CAD
EUR/CAD
GBP/CHF

No Fozzy cross + Failed PB = No trades
  • #6,178
  • Sep 20, 2007 8:13am Sep 20, 2007 8:13am
Quoting BeachBum
USD/CAD
EUR/CAD
GBP/CHF

No Fozzy cross + Failed PB = No trades
Hi BeachBum,
When you say "Failed PB" on EUR_CAD we had a break above the pin bar....can I just ask what makes it a failed pin bar, I know it broke the high then went down again but at the time no way of knowing any info apprecited.....may keep me out of these bad trades in the future !!!
  • #6,179
  • Sep 20, 2007 8:13am Sep 20, 2007 8:13am
Quoting Tiki Trader
Alas... seeking light has gotten his parity on usd/cad....

Is this all just luck...?? Or I guess those complicated charts really dooo work... !!!


Bad day for me... I am out $ 40 today... 2% of my account... got to go and regroup... drink something ...


I'm sorry Tiki

Why didn't you put the order at break of the PB? You would have been safe and sound! Especially on this small a PB and this strong a fall it's super dangerous to go against it without at least a SMALL confirmation (even then I didn't have much hope, I wrote the reasons over in the PF)..

EURCAD lost it's range's low, too.

I wonder how long the CB will watch this.
Trust price. Know yourself.
  • #6,180
  • Sep 20, 2007 8:17am Sep 20, 2007 8:17am
Quoting baddison
I am also getting ready. I will play a break of the daily hammer (...er..."pin bar"... ) Stop will be a bit outside the hammer. Target will be the price zone of the last double bottom, which coincides nicely with the fib 38% retrace. We will see what happens.

Don't trade what you think...trade what you SEE!!

Did not get a break to the upside of the daily hammer. All pending orders cancelled.. Will wait for next opportunity to present itself. CASH is a position, too!!
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