james16 Chart Thread | Page 384 | 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

  • #7,661
  • Nov 16, 2007 5:17pm Nov 16, 2007 5:17pm
A zoomed out view of EURCHF with trendline touches:

http://img91.imageshack.us/img91/4646/111607rr9.gif

This one looks like a good setup. I'm definitely playing it when the market opens it
  • #7,662
  • Nov 16, 2007 7:58pm Nov 16, 2007 7:58pm
OK, I have gone to my charts to look at this... and I do admit it looks interesting... but now I have a memory of seeking light talking about trendlines... and I had already begun to think about trendlines anyways...

So, my question is this.... how do you know, or I know that you have drawn the right trend line ??? You could draw it to touch different points... which would completely change the idea that price is now bouncing off the trendline.... or is it that seeking said he did not put much stock into trendlines? ( Even though he draws them all the time )

I think before today, this question might not even have occured to me...

Now I could also wait around and see what seeking would say here. But I will answer first... so he can scold me if necessary afterwards... but i got to think for myself...

So, I think the answer is, that I should see how price action continues... Ok, it's a kind of pinnish looking bar at the end there... it could be at the end of a swing... somehow I think I might even NEED to look to see an INSIDE BAR next... and then trade it if it breaks up.... and I might ( but not sure yet ) like to see a certain kind of inside bar too....

Other than that... I think the chart is great... it is what I would have drawn... you have said what I would have said.... but I gotta get better then just this... think tiki think... you gotta start thinking MORE !!!


Quoting Lamdun
A zoomed out view of EURCHF with trendline touches:

http://img91.imageshack.us/img91/4646/111607rr9.gif

This one looks like a good setup. I'm definitely playing it when the market opens it
  • #7,663
  • Nov 16, 2007 7:58pm Nov 16, 2007 7:58pm
OK, I have gone to my charts to look at this... and I do admit it looks interesting... but now I have a memory of seeking light talking about trendlines... and I had already begun to think about trendlines anyways...

So, my question is this.... how do you know, or I know that you have drawn the right trend line ??? You could draw it to touch different points... which would completely change the idea that price is now bouncing off the trendline.... or is it that seeking said he did not put much stock into trendlines? ( Even though he draws them all the time )

I think before today, this question might not even have occured to me... I would have taken your chart exactly for what you say it is...

Now I could also wait around and see what seeking would say here. But I will answer first... so he can scold me if necessary afterwards... but i got to think for myself...

So, I think the answer is, that I should see how price action continues... Ok, it's a kind of pinnish looking bar at the end there... it could be at the end of a swing... somehow I think I might even NEED to look to see an INSIDE BAR next... and then trade it if it breaks up.... and I might ( but not sure yet ) like to see a certain kind of inside bar too....

Other than that... I think the chart is great... it is what I would have drawn... you have said what I would have said.... but I gotta get better then just this... think tiki think... you gotta start thinking MORE !!!


Quoting Lamdun
A zoomed out view of EURCHF with trendline touches:

http://img91.imageshack.us/img91/4646/111607rr9.gif

This one looks like a good setup. I'm definitely playing it when the market opens it
  • #7,664
  • Edited 8:30pm Nov 16, 2007 8:11pm | Edited 8:30pm
OK, EUR/CHF continued...

I would like to see something more like what is in the blue box for a reversal...

And then there would be the 150 ema to get past...

If I have drawn my fibs right, price did just bounce at a nice place...

But fib lines can be drawn all sorts of different ways too....

BUT, then again... maybe it is not all that pinnish...

Note to self.............. Are trend lines really the way to go ??
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.gif Size: 10 KB
  • #7,665
  • Nov 17, 2007 3:41am Nov 17, 2007 3:41am
Quoting Tiki Trader
OK, EUR/CHF continued...

I would like to see something more like what is in the blue box for a reversal...

And then there would be the 150 ema to get past...

If I have drawn my fibs right, price did just bounce at a nice place...

But fib lines can be drawn all sorts of different ways too....

BUT, then again... maybe it is not all that pinnish...

Note to self.............. Are trend lines really the way to go ??
Gbp/Chf

I discussed the differences between these in my thread so I'll copy what I wrote here:

a) This pin is in a pivot ZONE that goes back to 1985! See chart 1

b) The pin is off an ascending TL AND its nose is almost directly on the 61 fib of the last major swing low. See chart 2 (which is a weekly chart for the purpose of showing the TL)

c) The pin looks a lot better on this pair so of the two trades this is the one I would be inclined to take.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp1.gif Size: 19 KB
Click to Enlarge Name: gbp2.gif Size: 32 KB
Click to Enlarge Name: gbp3.gif Size: 20 KB
  • #7,666
  • Nov 17, 2007 4:33am Nov 17, 2007 4:33am
All good things come to an end..but the bad ones seem to take their time..

I'm not one bit in a hurry to buy a weekly bearish bar and crediting this pair with the power to stem the complete monthly BEB(fell 1350 pips so far) into a PB from here on out is optimistic(as in I'd need a reason to think this pair will turn around for GOOD from here on out - I am not looking for a quick scalp). Not impossible, naturally, but I'm not gonna look for excuses to take this one long if it's done a fall in 300+ pip steps and then makes a measly 150 pip bounce off of a trendline that's 12 years long.

If the DAX and DJI stage a staggering rally, then okay. DAX is pretty much at a similiar TL as GBPCHF (what a surprise).

I don't trust either much to either side at the moment. Personally I suspect PB triggering, lots of whoops and noise, then price x hits on the rally and the sell it to hell orders kick back in. Not a trade recommendation to either side, either. Just saying - I got my perspective/plan for this pair.

Btw if you wanna see a bounce / reaction that convinced me to take the bar / next setup long, look no further than USDCAD
(reaction was 2-3 times the last daily ranges instead of half like here)

P.S. Wiz, I don't know if you're still long EURGBP, but if you buy GBPCHF you'll sorta be hedging your EURGBP trade
Trust price. Know yourself.
  • #7,667
  • Nov 17, 2007 10:32am Nov 17, 2007 10:32am
Quoting Tiki Trader
OK, EUR/CHF continued...
I would like to see something more like what is in the blue box for a reversal...
Note to self.............. Are trend lines really the way to go ??
Tiki,
I think TL's work fine in conjunction with other indicators and S/R areas. The TL on the EUR/CHF is one from a weekly chart. These are usually stronger. Also if you look back when the pair sold off hard the last time on the dailies, we are entering this zone of congestion again (6436-6320). This pair is also starting to look similar as far as PA goes to last time it bottomed out and ran 600+ pips in the weeks to follow. One other thing is this pair is in an uptrend on the Weekly/Monthly charts. We are also oversold in an uptrend on the daily RSI. We are nearing the bottom 25% of the Weekly/Monthly pivot points as well. If you look over the parallel pairs as well, we have GBP/CHF potentially setting up for at least a pullback from its downward movement and the USD/CHF is stalling around the 1150-1200 area. The momentum to the downside is running out in my opinion. But that is what all this is.........MY OPINION. Trade what you see and remember your not going to be right all the time. Put your money in at those confluence areas with proper Money management and see what happens. I would have to say that a 40-50 pip stop loss would be worth a shot at another 600+ pip run. That would be 1:12 Risk/Reward. Not bad.........
  • #7,668
  • Nov 17, 2007 10:37am Nov 17, 2007 10:37am
Wiz,

Your added detail on the GBP/CHF was most helpful. I didn't realize all the other things this pair had going for it. Defiantly will be on my radar this coming week. Thanks buddy.
  • #7,669
  • Nov 17, 2007 4:06pm Nov 17, 2007 4:06pm
Just checking in on you guys, Tiki I am still alive after the 7 plus ricter earthquake in northern Chile. I was actually on the bus in the Andes on my way to Paraguay. So, could anyone tell me if I am still in my GY trade. I placed a stop above last Mondays gap and let in run.
  • #7,670
  • Nov 17, 2007 4:48pm Nov 17, 2007 4:48pm
Quoting SeekingLight
Btw if you wanna see a bounce / reaction that convinced me to take the bar / next setup long, look no further than USDCAD
(reaction was 2-3 times the last daily ranges instead of half like here)
Hi everyone and thank you for all the great learning, especially James!

This is my first post here, and I was hoping on some feedback on the USDCAD. As seen in the weekly chart a pin bar just formed (which I believe I've read in this thread that it's best at extreme lows as this is or extreme highs), am I right? So perhaps an upward trend will start here. Looking at the daily chart it contains a double bar high (4 pips differance), which if I understand it correctly should imply that the price will keep going up, so is this a good place to enter a buy? What should be the entry point and S/L (or trailing stop)?
I was trying to draw the fib levels as well. Am I correct to draw them on the daily chart from around 1.0585 to 0.9550, and on the weekly from 1.1875 to the lo of the pin bar? And in what way might they be helpfull here?

Have to say, FF is great, and this thread is number 1. Thank you James!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCAD week.JPG Size: 169 KB
Click to Enlarge Name: USDCAD day.JPG Size: 168 KB
  • #7,671
  • Nov 17, 2007 5:52pm Nov 17, 2007 5:52pm
Price went about 120 pips above the gap... you know that's not so much for GBP/JPY... so hopefully your stop was higher than that !!!!

Quoting HipsterPipster
Just checking in on you guys, Tiki I am still alive after the 7 plus ricter earthquake in northern Chile. I was actually on the bus in the Andes on my way to Paraguay. So, could anyone tell me if I am still in my GY trade. I placed a stop above last Mondays gap and let in run.
  • #7,672
  • Nov 17, 2007 6:09pm Nov 17, 2007 6:09pm
Quoting NowAndLater
Hi everyone and thank you for all the great learning, especially James!

This is my first post here, and I was hoping on some feedback on the USDCAD. As seen in the weekly chart a pin bar just formed (which I believe I've read in this thread that it's best at extreme lows as this is or extreme highs), am I right? So perhaps an upward trend will start here. Looking at the daily chart it contains a double bar high (4 pips differance), which if I understand it correctly should imply that the price will keep going up, so is this a good place to enter a buy? What should be the entry point and S/L (or trailing stop)?
I was trying to draw the fib levels as well. Am I correct to draw them on the daily chart from around 1.0585 to 0.9550, and on the weekly from 1.1875 to the lo of the pin bar? And in what way might they be helpfull here?

Have to say, FF is great, and this thread is number 1. Thank you James!!

I'm sure there's others here that can answer this better than me but here goes.
Your right about the PB, it's at an extreme low and as SeekingLight said earlier that PB's daily range was much larger than the previous days, good place to enter on a break. If you missed it on the daily you could've entered on the break of the weekly. As far as entering now, you already missed the move unless we have a good retrace on the weekly (maybe to the top of the PB or the 23.6fib). I'll attach a chart ur two to show how I'd draw fibs. Also this just how I would've played it. Unfortunatly I misses it because my internet was down(off for hrs at a time)
Hope this helps!!!

and I'ma lil tired so i may miss something, so anyone may correct me if needed

BTW, thanks so much James and to great contributors here. This thread is the best.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Chart7.PNG Size: 24 KB
Click to Enlarge Name: Chart77.PNG Size: 23 KB
  • #7,673
  • Nov 17, 2007 6:12pm Nov 17, 2007 6:12pm
Quoting Tiki Trader
Price went about 120 pips above the gap... you know that's not so much for GBP/JPY... so hopefully your stop was higher than that !!!!
Your talking Monday the 3rds gap, right?
  • #7,674
  • Nov 17, 2007 6:42pm Nov 17, 2007 6:42pm
Hey dude... all that high altitude crossing the Andes getting to you ??? !!!

No, I am meaning the gap from Sunday night, the 11th......... to monday 12th candle....

Here's the chart for you... sorry I did not think to post that before...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 12 KB
  • #7,675
  • Nov 18, 2007 2:37am Nov 18, 2007 2:37am
hi guys,
well, maybe hipster had a target set??? That would have saved you and if you did, you will have made many many pips...otherwise unless you had a very large stop youre out. Im sure you had a target though, right? Take care everyone, Raz
Never say never.
  • #7,676
  • Nov 18, 2007 3:25am Nov 18, 2007 3:25am
Thanx for the answer. But what about the double bar high on the daily, would that indicate a continuing move upwards?

Quoting MtnMan
I'm sure there's others here that can answer this better than me but here goes.
Your right about the PB, it's at an extreme low and as SeekingLight said earlier that PB's daily range was much larger than the previous days, good place to enter on a break. If you missed it on the daily you could've entered on the break of the weekly. As far as entering now, you already missed the move unless we have a good retrace on the weekly (maybe to the top of the PB or the 23.6fib). I'll attach a chart ur two to show how I'd draw fibs. Also this just how I would've played it. Unfortunatly I misses it because my internet was down(off for hrs at a time)
Hope this helps!!!

and I'ma lil tired so i may miss something, so anyone may correct me if needed

BTW, thanks so much James and to great contributors here. This thread is the best.
  • #7,677
  • Nov 18, 2007 4:13am Nov 18, 2007 4:13am
I was trying to find as many setups as I could in this chart. Figured I would ask you guys, which of these setups would be considered A trades and why?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy chart2.gif Size: 15 KB
  • #7,678
  • Nov 18, 2007 7:00am Nov 18, 2007 7:00am
Just skimmed through my charts and I found no good setups except for this one:

GBPAUD pinbar off 38.2 fibonacci, small resistance above and the pair is trending down.
I think I'll enter on the break of the pinbar.
If you view this pinbar as a continuation after a retracement this would be an A trend according to Mike.


Chris
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud18.11.2007.gif Size: 23 KB
  • #7,679
  • Nov 18, 2007 12:30pm Nov 18, 2007 12:30pm
OK, IB for weekly... don't know why, but this makes me think we have a chance for price to come down... or just dreaming... well, I don't really care which way it goes...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 7 KB
  • #7,680
  • Nov 18, 2007 12:35pm Nov 18, 2007 12:35pm
For me, this is about the closest I have ever seen to an evening star formation on foex charts... since gaps are so much more rare in forex than other markets...

For now, I think this points price down...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 12 KB
67 traders viewing now