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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

  • #1,781
  • Dec 27, 2006 6:32pm Dec 27, 2006 6:32pm
Hey everyone,

Quick question for everybody here to give their opinions.
Are there any currency pairs that you avoid? Some that you just don't bother looking at because they are too unpredictable?

For example, I had some bad luck with the EURGBP. (luckily they were all demo trades at the time) But it would give some very solid PA signals and never follow through. Ever since then it turned me off. (but I might have to re-visit it, I dunno)

What pairs do you avoid and why?

Thanks
  • #1,782
  • Dec 27, 2006 6:37pm Dec 27, 2006 6:37pm
Quoting mbqb11
still over an hour left on this pair but i told everyone ive been keeping a close eye on this pair as its ready to do something adn give some nasty pips. If we can close this 4 hr out as a pinbar I will be jumping on this bad boy

Mike

Hey habeeb
Hey Mike,

What did you end up doing with this? That almost pin bar turned into a BEOB but now the daily I see has a pin bar. (so it worked out
Are you jumping on that short?
  • #1,783
  • Dec 27, 2006 6:49pm Dec 27, 2006 6:49pm
Quoting moneybags
Hey Mike,

What did you end up doing with this? That almost pin bar turned into a BEOB but now the daily I see has a pin bar. (so it worked out
Are you jumping on that short?
I'm looking at that one too MB.

Currently have a short set for a break of the pin. Targetting the 1.5100 area for first half at the moment.
Bundy's status today: "Waiting..."
  • #1,784
  • Dec 27, 2006 7:03pm Dec 27, 2006 7:03pm
i am actually short already since 1.5246

ill be monitoring this close though, this pair can get out of hand quick!

best all!
Mike

i got in earlier off the 15 min chart too reduce my stop and grab some breathing room. Most pairs are ranging now due to a thin market, so hopefully this one follows suit
  • #1,785
  • Dec 27, 2006 7:05pm Dec 27, 2006 7:05pm
Quoting moneybags
Hey everyone,

Quick question for everybody here to give their opinions.
Are there any currency pairs that you avoid? Some that you just don't bother looking at because they are too unpredictable?

For example, I had some bad luck with the EURGBP. (luckily they were all demo trades at the time) But it would give some very solid PA signals and never follow through. Ever since then it turned me off. (but I might have to re-visit it, I dunno)

What pairs do you avoid and why?

Thanks
I do monitor most pairs, but I stopped trading the eur/gbp that thing moves like a snail, although can range and do nicely, but doesnt suit me well. Other then that I monitor all pairs but watch my correlation when opening. If two pairs are highly correlated I just take the best signals, no need to double my risk, unless i break it up.

Mike
  • #1,786
  • Dec 27, 2006 11:58pm Dec 27, 2006 11:58pm
Here on the UsdJpy have a dbhlc with divergence on the daily.
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  • #1,787
  • Dec 28, 2006 2:47am Dec 28, 2006 2:47am
Hi guys,
hope everyone had a lekker (great) holiday. I probably over-did it, and it's not over yet. Still New Year's to come. After this, I'll probably need another holiday to recover.

Still keeping in touch with the charts, here's one that went the wrong way. Weekly pin on GbpChf with all it's divergence. I'm glad I don't trade "funny pairs" anymore. A sell order at the bottom of the pin, is still the safest way to play pin bars.
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Keeping it Simple
  • #1,788
  • Dec 28, 2006 8:24am Dec 28, 2006 8:24am
Hello all,

Just thought that I would share a nice trade from this afternoon. Price action only. Four or arguably six bars with same/similar lows with eventually, a close higher. Boom...long signal.

Thanks James.

Neil.
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  • #1,789
  • Dec 28, 2006 12:20pm Dec 28, 2006 12:20pm
just update, my eur/cad trade stopped out for -20, got in early so i could have a smaller stop, but this thing just doesnt want to do it yet.

Also we had a nice pin on the gbp/jpy 1 hour that i made 30 pips with. Had this trade open with a gbp/usd trade. GBP/jpy is always going long so i take what I am given and run if i take a short on the smaller time frame.

Hope everyone having a good week and resting their livers for new years
  • #1,790
  • Dec 28, 2006 4:06pm Dec 28, 2006 4:06pm
I went long the eur/cad on the break of the trendline on the hourly chart last night with a profit target of the 62% retracement. I was stopped out on my limit sell order this morning around 8:00 AM CST for a 50 pip profit.

I liked the long side on this one due to the bounce off the long term trend line, along with the hidden divergence that was going on as well. I've been following this thread and attempting to add price action to my triggers. I didn't see any price action other than the break of the trend line, but I took this trade anyway.

I'm enjoying the thread and I like the idea of adding price action to my trading. I think it has a lot of potential and I have always heard that the best traders use mostly price action to trade with. I hope to learn more as I continue to look for the price clues.

Profitable trading everyone!
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  • #1,791
  • Dec 29, 2006 7:02pm Dec 29, 2006 7:02pm
i posted about this trade many moons ago. finally paid off
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  • #1,792
  • Dec 30, 2006 10:25am Dec 30, 2006 10:25am
I remember a lot of people were looking at the GBP/CHF pair. This week closed out as a pin bar on the weekly charts. And we have divergence on the MACD. This week we retested a high and S/R line that is very important. The thing to keep an eye out for is on the monthly chart the 200 ma is hovering close, and it may want to push towards that.

Best,
Mike
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  • #1,793
  • Edited 7:19pm Dec 30, 2006 6:08pm | Edited 7:19pm
Hi guys, Nice posts.

Mike, I'm wondering with your 5246 entry on eur/cad, you mentioned you had a stop out of 20 pips, i'm just wondering how you chose that 20 pip stop loss, personally i woulda put my stop above the pin and lost alot more, I'm trying to work on reducing my stops, so I'm just wondering if you could explain your reasoning behind the placement of the stoploss.

Adding, also my spread on e/cad is 12 pips, so a 20 pip stop out is quite tight, but i'd luv any info that can help me tighten my stops esp on this e/cad trade as a good example as it really went up high.

thanks
  • #1,794
  • Dec 30, 2006 7:47pm Dec 30, 2006 7:47pm
Quoting Mr Smith
Hi guys, Nice posts.

Mike, I'm wondering with your 5246 entry on eur/cad, you mentioned you had a stop out of 20 pips, i'm just wondering how you chose that 20 pip stop loss, personally i woulda put my stop above the pin and lost alot more, I'm trying to work on reducing my stops, so I'm just wondering if you could explain your reasoning behind the placement of the stoploss.

Adding, also my spread on e/cad is 12 pips, so a 20 pip stop out is quite tight, but i'd luv any info that can help me tighten my stops esp on this e/cad trade as a good example as it really went up high.

thanks
hey mr smith,

Well I like to minimize my stops also. In the case of the eur/cad, I am familiar with this pair, and when it moves it takes no prisoners. So what i did was make my entry on the 15 min charts, and found a Resistance line to make my stop very small. If I have a pin I am very confident in(A trade) then my stop will be on the other side of the pin and I'll give it all the room to move. My advice with stop placement is to stick to the larger timeframes and take only the best setups, so you can feel confident in putting your stops so large. Also remember your MM and position size should be adjusted accordingly.

I hope that helps your question a bit. A lot of times I do drop down to the lower time frames to find a better entry point with a smaller stop and bigger reward.

Happy new year,
Michael
  • #1,795
  • Dec 30, 2006 8:47pm Dec 30, 2006 8:47pm
thanks mike, good stuff, i think i'll stay away from that pair for now, seems like it's a bit of a animal.

regards
  • #1,796
  • Jan 1, 2007 12:20pm Jan 1, 2007 12:20pm
Happy New Year to all the James16 and other FF folks!

I wish everyone a healthy and happy 2007 with lots of trading profits.




Take Care,
Tom
  • #1,797
  • Jan 2, 2007 2:02pm Jan 2, 2007 2:02pm
Quoting moneybags
Happy New Year to all the James16 and other FF folks!

I wish everyone a healthy and happy 2007 with lots of trading profits.




Take Care,
Tom
Thanx Tom, same to you.
I hate this time of year. The recovery takes very long.
Keeping it Simple
  • #1,798
  • Jan 2, 2007 2:07pm Jan 2, 2007 2:07pm
Thought I'd start 2007off with a Pin Bar.:
4hr Pin on fiber, followed by an inside bar. I entered on the 1hr chart after the DBHLC formed. Target is the closing of the gap around the Monthly Pivot area.
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Keeping it Simple
  • #1,799
  • Jan 2, 2007 2:08pm Jan 2, 2007 2:08pm
Here's the 1hr chart.
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Keeping it Simple
  • #1,800
  • Jan 3, 2007 4:33am Jan 3, 2007 4:33am
Quoting habeeb
Thought I'd start 2007off with a Pin Bar.:
4hr Pin on fiber, followed by an inside bar. I entered on the 1hr chart after the DBHLC formed. Target is the closing of the gap around the Monthly Pivot area.
Target reached ... well, not completely, but I'm out. Price is stalling within 2pips from 1.3217. Moving on ... waiting for the next trade. Caught the drop on cable too ... DBHLC on 4hr gave the game away:. Hope ya'll caught it too.
Keeping it Simple
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