james16 Chart Thread | Page 453 | 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

  • #9,041
  • Feb 7, 2008 10:27am Feb 7, 2008 10:27am
damn that felt kinda good. i love my baby. she has been here from near the beginning when you never saw more than 30 people on this forum at one time. now its thousands and thousands. you done good merlin.

jim
  • #9,042
  • Feb 7, 2008 10:29am Feb 7, 2008 10:29am
thanks par,

jim

Quoting parlenk
yes..it's been a while.Please..anything from u usually taste good Jim.
  • #9,043
  • Feb 7, 2008 10:46am Feb 7, 2008 10:46am
Quoting james16
damn that felt kinda good. i love my baby. she has been here from near the beginning when you never saw more than 30 people on this forum at one time. now its thousands and thousands. you done good merlin.

jim
There's a good reason a thread survives that long. It's because what's in it works

Jim
Trust price. Know yourself.
  • #9,044
  • Feb 7, 2008 12:16pm Feb 7, 2008 12:16pm
Quoting Eklavya
Would you recommend entering at this level because the price is also at a resistence?
No, the only thing you can do is wait for price action in the resistance area for clues. But I dont sell tops or buy bottoms, I wait for things to get moving my way again before I get in, some people are good at that(buying tops and selling bottoms) but Im not...like I said before this looks like its going to close as a daily BUOB, but its going in the wrong direction for me personally...(or is it ?)take care, Raz
Never say never.
  • #9,045
  • Feb 7, 2008 12:27pm Feb 7, 2008 12:27pm
Quoting razldazl
No, the only thing you can do is wait for price action in the resistance area for clues. But I dont sell tops or buy bottoms, I wait for things to get moving my way again before I get in, some people are good at that(buying tops and selling bottoms) but Im not...like I said before this looks like its going to close as a daily BUOB, but its going in the wrong direction for me personally...(or is it ?)take care, Raz
Here are my observations -
1. Last week was a bullish pin confirmed by price action this week.
2. Yesterday Daily was a BuOVB
3. 4Hr is a BuOVB
4. 1 Hr closed as a 3 bar BuOVB
5. 1 hr close is above the resistance.

Won't all these patterns indicate a bullish bias?
  • #9,046
  • Feb 7, 2008 12:33pm Feb 7, 2008 12:33pm
Quoting Eklavya
Here are my observations -
1. Last week was a bullish pin confirmed by price action this week.
2. Yesterday Daily was a BuOVB
3. 4Hr is a BuOVB
4. 1 Hr closed as a 3 bar BuOVB
5. 1 hr close is above the resistance.

Won't all these patterns indicate a bullish bias?
on the short term, or for now maybe

but don't forget the overall trend is strongly down, which means, there will be bears lurking around a lot of corners :
Attached Image (click to enlarge)
Click to Enlarge Name: eeee.gif Size: 11 KB
  • #9,047
  • Feb 7, 2008 12:36pm Feb 7, 2008 12:36pm
So a good spot to either look to book profit on longs, or too wait for PA to confirm as back in short
Attached Image (click to enlarge)
Click to Enlarge Name: eeee.gif Size: 11 KB
  • #9,048
  • Feb 7, 2008 2:32pm Feb 7, 2008 2:32pm
Quoting james16
when you see someone say pivot zone they are not necessarily referring to classic pivot points or floor trader pivots. its a term i use for flips in support and resistance over time.
jim
Thanks for clearing that up jim, I used them and didn't even know people called them that
Hindsight is 20/20
  • #9,049
  • Feb 7, 2008 3:16pm Feb 7, 2008 3:16pm
In two hours I'm going to get a new daily candle starting on my GBP/JPY, and if no major movement until then occur, it looks like we're going to have a nice looking pin bar. I'm very much interested in your opinions about it, would you take it norht, knowing that the overall trend is probably still down (although we did have it start moving up)? I won't have time posting it later, so posting the question now. Please, take a look at the screenshot. Thank you.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYdailypin.gif Size: 31 KB
Trax Tibidax Tibidox...
  • #9,050
  • Feb 7, 2008 4:10pm Feb 7, 2008 4:10pm
Quoting masterpiecefx
In two hours I'm going to get a new daily candle starting on my GBP/JPY, and if no major movement until then occur, it looks like we're going to have a nice looking pin bar. I'm very much interested in your opinions about it, would you take it norht, knowing that the overall trend is probably still down (although we did have it start moving up)? I won't have time posting it later, so posting the question now. Please, take a look at the screenshot. Thank you.
The trend is far from down. We had a H&S on the weekly, but for us to see a confirmed bearish trend, we need to see a bounce off of that neckline at 217 and back down... only then would I say we're in a "downtrend".

And yes, I will be taking that trade...

If anything, I think we have a good possibility of a double bottom forming... let's see what happens when it hits 211.50 area...

Also, why are you targeting a Fib level that price has recently shot right through? You're limiting yourself IMO... I would target the 212 area and be done with it...the odds of it hitting 23.6 and then heading back down are low...
Mr. Trend
  • #9,051
  • Feb 7, 2008 4:23pm Feb 7, 2008 4:23pm
Quoting Mr Trend
Also, why are you targeting a Fib level that price has recently shot right through? You're limiting yourself IMO... I would target the 212 area and be done with it...the odds of it hitting 23.6 and then heading back down are low...
You're right, I don't remember what I was thinking while targetting 23.6 Thanks for your reply.
Trax Tibidax Tibidox...
  • #9,052
  • Feb 7, 2008 4:44pm Feb 7, 2008 4:44pm
I would not take this trade because the nearest resistance line is too close to your entry point. You have 2 targets: the first one has a bad risk reward ratio and the second one is 1:1 risk reward ratio. I am sure there are/ will be better trades to get in.
  • #9,053
  • Feb 7, 2008 5:50pm Feb 7, 2008 5:50pm
Attached are the weekly and one hour chart of EUR/CAD

I am writing this to validate my thought process with the team.

Weekly Fib is at 62% retracement.

On one hour 1.4640 looks like a pivot zone. So, if it closes above this number, we can go long with a lower stop loss distance.

This is however is not in alignment with daily bearish bar.

Does this all make sense? or am I nuts!!!


Thanks
TradeStar
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur-cad weekly.gif Size: 12 KB
Click to Enlarge Name: eur-cad 1hour.gif Size: 12 KB
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #9,054
  • Feb 7, 2008 6:20pm Feb 7, 2008 6:20pm
Quoting adriana
I would not take this trade because the nearest resistance line is too close to your entry point. You have 2 targets: the first one has a bad risk reward ratio and the second one is 1:1 risk reward ratio. I am sure there are/ will be better trades to get in.
I'm sorry, but I don't see any strong resistance too close, could you please clarify? Anyways, I wouldn't enter off the daily chart, I'll time my entry off a smaller tf, so the r:r will definitely be better than 1:1.
Trax Tibidax Tibidox...
  • #9,055
  • Feb 7, 2008 8:52pm Feb 7, 2008 8:52pm
OK. My take on possible targets.

Not as clear cut a chart for targets that you CAN get.

I'm favouring the Blue Box, but will be keeping an eye on Mr Trends neckline. (lol) ...well price action around his neckline anyway.

The blue box takes into account a lot of my favourite targets, including probably the closest thing to a confluence at the large %38.2 fib.(the highest target.)
Then there are MAs. But until it happens...

My favourite price here is around 221.

So it looks like anywhere from 216.70 to 223. IF the pin carrys off.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy pin trade.gif Size: 28 KB
Bundy's status today: "Waiting..."
  • #9,056
  • Feb 7, 2008 9:54pm Feb 7, 2008 9:54pm
Quoting masterpiecefx
I'm sorry, but I don't see any strong resistance too close, could you please clarify? Anyways, I wouldn't enter off the daily chart, I'll time my entry off a smaller tf, so the r:r will definitely be better than 1:1.
I have to agree withadriana,
1st target is bad reward and rasio even 2nd target is bad r:r
Entry will around : 209.61
Target profit around : 212.92
Cut Loss : 205.58

Reward : 212.92 - 209.61 = 331 Pips
Risk : 212.92 - 205.58 = 734 Pips

And don't forget The Trend is not in your favour.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP-JPY.JPG Size: 144 KB
  • #9,057
  • Feb 7, 2008 10:08pm Feb 7, 2008 10:08pm
Quoting jatis
I have to agree withadriana,
1st target is bad reward and rasio even 2nd target is bad r:r
Entry will around : 209.61
Target profit around : 212.92
Cut Loss : 205.58

Reward : 212.92 - 209.61 = 331 Pips
Risk : 212.92 - 205.58 = 734 Pips

And don't forget The Trend is not in your favour.
Your risk is the money you potentially may lose, not including the potential profit. So, if you decided that your entry will be 209.61, then your risk would be 209.61 - 205.58 = 403 pips.

While I agree that the pair has been trending down for quite a while, it does show strong signs of a reversal though. So, in determining your r:r, you also should include the probability of a trade working out. It doesn't even have to be a big reversal, two bullish daily candles will yield planty of gracious pips
Trax Tibidax Tibidox...
  • #9,058
  • Feb 7, 2008 10:53pm Feb 7, 2008 10:53pm
welcome back to the board james, been awhile
100% of traders are losers. Just that some win more than they lose!
  • #9,059
  • Feb 7, 2008 11:21pm Feb 7, 2008 11:21pm
Quoting mbqb11
So a good spot to either look to book profit on longs, or too wait for PA to confirm as back in short
And on the H4, the bears show their teeth already. Watch out!
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #9,060
  • Edited Feb 8, 2008 8:59am Feb 7, 2008 11:44pm | Edited Feb 8, 2008 8:59am
Quoting masterpiecefx
Your risk is the money you potentially may lose, not including the potential profit. So, if you decided that your entry will be 209.61, then your risk would be 209.61 - 205.58 = 403 pips.

While I agree that the pair has been trending down for quite a while, it does show strong signs of a reversal though. So, in determining your r:r, you also should include the probability of a trade working out. It doesn't even have to be a big reversal, two bullish daily candles will yield planty of gracious pips
Thank you for correcting my entry.
69 traders viewing now