james16 Chart Thread | Page 363 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #7,241
  • Oct 26, 2007 2:50am Oct 26, 2007 2:50am
Quoting saskgui
Hey guys

Just thought i would post a chart. A few inside bars forming. Since this is trending up and sitting on some support i am thinking the probability of a long trade may be reasonable. Nothing too long, maybe a tp of 50 pips in my mind. Also i think it is bouncing off a pivot as well but i can't get my pivots points working yet.

Any thoughts?
Hi Saskgui,

That's a really clean chart and very well analysed. I agree with you - the probability of a long position looks good here. Just an idea here but I think a 50pt target may be selling your setup too short. The trend up has been very strong since August and the mid-year highs are now holding as support. I don't see why this couldn't take out the highs around 1.6830.

Wiz
  • #7,242
  • Oct 26, 2007 3:50am Oct 26, 2007 3:50am
Quoting Tiki Trader
I have a question about oil... I continue to have in the back of my mind your posts from the other day about oil not being what is changing in value, but the dollar...

So my question is how about today ??? there was no particular movement or loss of value with the dollar, but oil price close up a lot at over $ 90 barrel... since not much movement iin currency, is it the oil this time that really changed value ???

Sorry if this is a stupid question...
Hey guys...been a bit busy fighting a resurgance of my old demons and taking care of other real world business as well. Also trying to cut back a bit on the 50 posts a day thing..

Tiki, the EURUSD has continued to rise and the USDX to drop..that the synch with Oil isn't pip for pip is obvious, but the price gets readjusted eventually.
Also the real phenomenon of supply and demand is still very much in effect.
And with Oil people also like to use it as a fear gauge on global conflict, especially if the regions have - surprise! - oil fields nearby which might light up like torches on those "surgical strikes" or whenever the people feel they're losing and may as well do the "scorched earth" thing.

So yea, commodities still do move on supply and demand as well

Not every move needs to be curve fitted a reason..sometimes people just butter on more and more contracts because they don't want to miss the wagon, price moves on, momentum acts..

Always needing to know why is something you get over real fast once you realize you just need to put an order here, an order there and watch as the thing either does or doesn't generate pips. You could care less WHY as long as it DOES in the end

I think traders eventually cut down complexity more and more and more as they progress further down the road and end up with a handful of reliable, time tested and to themselves proven ground rules, which they just reapply over and again and let the rest of the world be what it may.

Cheers everyone, hope some of you guys managed to take the trade I took the wrong side of ;P
Trust price. Know yourself.
  • #7,243
  • Oct 26, 2007 9:18am Oct 26, 2007 9:18am
Are we going to see some special PA in the near time?

i mean - are AUDUSD and USDCAD planning on meeting at the same price and then reverse????



i would love that to happen..


0.9555 - here we go! which one? both - hahahah

now thats price action
  • #7,244
  • Oct 26, 2007 1:32pm Oct 26, 2007 1:32pm
Quoting the_wizard
Hi Saskgui,

That's a really clean chart and very well analysed. I agree with you - the probability of a long position looks good here. Just an idea here but I think a 50pt target may be selling your setup too short. The trend up has been very strong since August and the mid-year highs are now holding as support. I don't see why this couldn't take out the highs around 1.6830.

Wiz

Thanks for your reply. I appreciate you and the other more experienced guys hanging around and posting your charts and answering questions for us less experienced. It really helps. I don't have a sound exit strategy yet so often i just set a tp for 50 pips on the day charts. If it is not hit yet (but in profit) i will move my stop to just above b/e.
  • #7,245
  • Oct 26, 2007 2:19pm Oct 26, 2007 2:19pm
I have heard you time and time again talk about IBs... you are always saying you'd like to see an IB here or there... certain places... I could never figure out why, and truthfully I have pretty much ignored IBs... but it has dawned upon me in the last couple of days... IBs often happen when price is turing to the other direction !!!!!!!! What a clue !!! I have no idea why this has never sank in or I have never understood... This is going to change my trading a LOT for the better... and I am seeing a lot more these days about how price looks when it is turning... clues to get in on an upcoming trade !!

Maybe I am seeing more of the light these days !!!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 11 KB
  • #7,246
  • Oct 26, 2007 2:23pm Oct 26, 2007 2:23pm
Here is the IB where it suddenly dawned on me... I was sitting there with my mouth dropped open !!! Why I could not see it all before I don't know !!!

I made some real money on that trade !!!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 11 KB
  • #7,247
  • Oct 26, 2007 3:04pm Oct 26, 2007 3:04pm
Good share Tiki. Something I have never noticed myself.
  • #7,248
  • Oct 26, 2007 3:14pm Oct 26, 2007 3:14pm
Well, this is a big deal for me... such a revalation !!! I've been going bonkers with joy all this week since I figured it out, and I finally had to say something...

It's as if someone took the blind fold off one of my eyes... now if only I can get the blindfold off the other eye !!!


Quoting unlv_tj
Good share Tiki. Something I have never noticed myself.
  • #7,249
  • Oct 26, 2007 3:25pm Oct 26, 2007 3:25pm
Quoting SeekingLight
Hey guys...been a bit busy fighting a resurgance of my old demons and taking care of other real world business as well. Also trying to cut back a bit on the 50 posts a day thing..

Tiki, the EURUSD has continued to rise and the USDX to drop..that the synch with Oil isn't pip for pip is obvious, but the price gets readjusted eventually.
Also the real phenomenon of supply and demand is still very much in effect.
And with Oil people also like to use it as a fear gauge on global conflict, especially if the regions have - surprise! - oil fields nearby which might light up like torches on those "surgical strikes" or whenever the people feel they're losing and may as well do the "scorched earth" thing.

So yea, commodities still do move on supply and demand as well

Not every move needs to be curve fitted a reason..sometimes people just butter on more and more contracts because they don't want to miss the wagon, price moves on, momentum acts..

Always needing to know why is something you get over real fast once you realize you just need to put an order here, an order there and watch as the thing either does or doesn't generate pips. You could care less WHY as long as it DOES in the end

I think traders eventually cut down complexity more and more and more as they progress further down the road and end up with a handful of reliable, time tested and to themselves proven ground rules, which they just reapply over and again and let the rest of the world be what it may.

Cheers everyone, hope some of you guys managed to take the trade I took the wrong side of ;P
Seeking, What you just said is right on. I think when you are a new trader you always want to know why something is doing what it is doing. Over time you realize that you make more pips when you just trade what you see and not what you think. I have said to myself many times that I can't see this currency doing this or that and sure enough it does it. Happy trading all.
  • #7,250
  • Oct 26, 2007 3:31pm Oct 26, 2007 3:31pm
IBs can be really great for trend continuation as well. Don't forget an IB is consolidation. So the idea is, if a trend is moving real fast, it takes a breather before continuing> this often happens in the form of an IB.
  • #7,251
  • Oct 26, 2007 3:51pm Oct 26, 2007 3:51pm
Quoting Tiki Trader
Here is the IB where it suddenly dawned on me... I was sitting there with my mouth dropped open !!! Why I could not see it all before I don't know !!!

I made some real money on that trade !!!

come on Tiki, there is more....put a Stoch on there

Ib/Ob...I'm a believer...for me dailies only.. try some back testing, Monday wont come soon enough


cheers
generalz
  • #7,252
  • Oct 26, 2007 3:54pm Oct 26, 2007 3:54pm
Yes I know... but to get where I just got to... will make big and good changes to my trading...

Quoting mbqb11
IBs can be really great for trend continuation as well. Don't forget an IB is consolidation. So the idea is, if a trend is moving real fast, it takes a breather before continuing> this often happens in the form of an IB.
  • #7,253
  • Oct 26, 2007 3:56pm Oct 26, 2007 3:56pm
I have Rob Booker stoch and macd settings there !! No one wants to hear about that here, but his systems are great too !!! I always keep them down at the bottom, I lift them up and check Arizona Rules everyday... then I scrunch them down afterwards...

Quoting generalz
come on Tiki, there is more....put a Stoch on there

Ib/Ob...I'm a believer...for me dailies only.. try some back testing, Monday wont come soon enough


cheers
generalz
  • #7,254
  • Oct 26, 2007 4:01pm Oct 26, 2007 4:01pm
And in the cases here where I posted the charts, I belive on lower time frames, the price had already changed directions and showed up as IBs on 4hr... It's when I had looked on the lower time frames and saw price already going the other way, and then translated it into an IB on higher TF, is when my mouth dropped open !!! Ok OK I know it is all easy everyday stuff for you guys... but I hope you felt the same way I do now, when the light come on for you way back when !!!


Quoting mbqb11
IBs can be really great for trend continuation as well. Don't forget an IB is consolidation. So the idea is, if a trend is moving real fast, it takes a breather before continuing> this often happens in the form of an IB.
  • #7,255
  • Oct 26, 2007 4:03pm Oct 26, 2007 4:03pm
And backtesting what I figuered out this week with IBs is the main reason I have been flying so high this week !!! I am seeing all I have missed, and what I am going to get in the future !!!

Quoting Tiki Trader
I have Rob Booker stoch and macd settings there !! No one wants to hear about that here, but his systems are great too !!! I always keep them down at the bottom, I lift them up and check Arizona Rules everyday... then I scrunch them down afterwards...
  • #7,256
  • Oct 26, 2007 4:06pm Oct 26, 2007 4:06pm
Quoting Tiki Trader
And in the cases here where I posted the charts, I belive on lower time frames, the price had already changed directions and showed up as IBs on 4hr... It's when I had looked on the lower time frames and saw price already going the other way, and then translated it into an IB on higher TF, is when my mouth dropped open !!! Ok OK I know it is all easy everyday stuff for you guys... but I hope you felt the same way I do now, when the light come on for you way back when !!!
It is all about the light coming on, and it is awesome to watch when someone has an AHA moment to themselves.

Keep us updated tiki
  • #7,257
  • Oct 26, 2007 7:40pm Oct 26, 2007 7:40pm
And if only for once, I hope I have added something of value to these forums or someone's trading !!!

Quoting unlv_tj
Good share Tiki. Something I have never noticed myself.
  • #7,258
  • Oct 26, 2007 7:41pm Oct 26, 2007 7:41pm
The champagne was a great idea... so I have drank ( or is it 'drunk' ) the hole bottle !!! Champagne is good, you should drin k more.... better than wine !!!

Har Har !!!!!!!!!!!
  • #7,259
  • Oct 26, 2007 7:48pm Oct 26, 2007 7:48pm
well, this is the 1st weekly PB i manage to see before looking at it from the future - what i mean is that i always get to see PB's on their weekly formation about 2 months after they appear.


CHFJPY
Attached Image
  • #7,260
  • Oct 26, 2007 8:59pm Oct 26, 2007 8:59pm
Is there a file that has been posted that sumarizes what has been said in this thread. Too long to read. All of it. I read the first 50 pages, but not sure if I missed anything. Any help??
58 traders viewing now