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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

  • #2,081
  • Jan 11, 2007 11:07pm Jan 11, 2007 11:07pm
How is everybody doing? While I was suffering from stomach virus, I missed such an opportunity..... that happens, but what a shame.... Did anybody take this one? or it wasn't perfect DBLHC? there was 2 pip dif on the Low. Is that acceptable difference on this time frame? or it is too much?

Sawa
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  • #2,082
  • Jan 11, 2007 11:13pm Jan 11, 2007 11:13pm
Quoting sch305ny
How is everybody doing? While I was suffering from stomach virus, I missed such an opportunity..... that happens, but what a shame.... Did anybody take this one? or it wasn't perfect DBLHC? there was 2 pip dif on the Low. Is that acceptable difference on this time frame? or it is too much?

Sawa
More important was the position to this major trendline. (Yellow Arrow)
I wish I was watching this at the time. :

Open & Close engulfed the previous Open & Close.
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Bundy's status today: "Waiting..."
  • #2,083
  • Jan 11, 2007 11:17pm Jan 11, 2007 11:17pm
wow I did miss A trade then..... I was up at that time in the bathroom, just didn't think about to bring the lap top with me. hehehe

Sawa
  • #2,084
  • Jan 11, 2007 11:20pm Jan 11, 2007 11:20pm
EURJPY & GBPJPY both have DBLHC on the 4h and both are approaching areas of interest with GBPJPY reapproaching the highest high since 1998 and EURJPY having just penetrated the weekly pivot, and approaching the monthly pivot and support resistance (price pivot) zone.
Interested in opinions as to how to play these: do you go for a bounce/retrace or play a penetration/breakout or play a retrace of a penetration/breakout or some other strategy. While I think I've correctly identified areas of potential trades I'm seeking opinions on what to look for or consider now so as to refine my exact entry points/criteria. I'll attach charts below.
Thanks
John
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  • #2,085
  • Jan 11, 2007 11:23pm Jan 11, 2007 11:23pm
Eurjpy Dblhc:
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  • #2,086
  • Jan 11, 2007 11:29pm Jan 11, 2007 11:29pm
This thread is at 250,000+.......you are a 1/4 way to the 1,000,000 mark Jim...............I remember when it was just a baby at the 50,000+ mark.....How they grow


RSQ
  • #2,087
  • Jan 11, 2007 11:31pm Jan 11, 2007 11:31pm
Quoting sch305ny
wow I did miss A trade then..... I was up at that time in the bathroom, just didn't think about to bring the lap top with me. hehehe

Sawa
That's why the rest of here have network connections in the bathroom.

Mate. You can't miss the good ones.
Bundy's status today: "Waiting..."
  • #2,088
  • Jan 11, 2007 11:35pm Jan 11, 2007 11:35pm
Quoting johoma
EURJPY & GBPJPY both have DBLHC on the 4h and both are approaching areas of interest with GBPJPY reapproaching the highest high since 1998 and EURJPY having just penetrated the weekly pivot, and approaching the monthly pivot and support resistance (price pivot) zone.
Interested in opinions as to how to play these: do you go for a bounce/retrace or play a penetration/breakout or play a retrace of a penetration/breakout or some other strategy. While I think I've correctly identified areas of potential trades I'm seeking opinions on what to look for or consider now so as to refine my exact entry points/criteria. I'll attach charts below.
Thanks
John

well good eye, heres my take, i would wait for a break of the current high mark on the gbp/jpy. since you coudl enter on a retrace of the dlhc, too me it would pay to wait for the break and a few more pips is breaking the high of beggining of jan. As far as this going back to a high in 98. Normally I would heavily take that into considertation for a long, but this is a carry trade pair and until otherwise noted, this thing will keep on going and I would think this is going to test the 240 area. Playing a break of this current high would be a good play, unless we get PA the other way.

Best,
Mike
  • #2,089
  • Jan 11, 2007 11:36pm Jan 11, 2007 11:36pm
Quoting sch305ny
wow I did miss A trade then..... I was up at that time in the bathroom, just didn't think about to bring the lap top with me. hehehe

Sawa
i was in a similar situation a few weeks ago, I perfect setup i waited for a few weeks happened and i got a fever. Thats more frustrating then losing 10 trades in a row for me lol.

Hope ur feeling better

Mike
  • #2,090
  • Jan 11, 2007 11:37pm Jan 11, 2007 11:37pm
There's an answer for everything
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Trade what you see - Not what you think
  • #2,091
  • Jan 11, 2007 11:39pm Jan 11, 2007 11:39pm
also johoma not to mention you could wait for a break and then a retest of the Res line becoming support. This is the safest way, but you could miss the move. You could also play a short here and have a pretty small stop. I don't think anyone is more correct. It's a matter of a traders personality.

Mike
  • #2,092
  • Jan 11, 2007 11:39pm Jan 11, 2007 11:39pm
I should do that but put the lap top on top of the toilet bowl!
  • #2,093
  • Jan 11, 2007 11:41pm Jan 11, 2007 11:41pm
Quoting summitfx
There's an answer for everything

I was kinda waiting for someone to come up with something.
Bundy's status today: "Waiting..."
  • #2,094
  • Jan 12, 2007 12:04am Jan 12, 2007 12:04am
Quoting mbqb11
also johoma not to mention you could wait for a break and then a retest of the Res line becoming support. This is the safest way, but you could miss the move. You could also play a short here and have a pretty small stop. I don't think anyone is more correct. It's a matter of a traders personality.

Mike
Thanks Mike. While a short trade may work, your other posts cautioning trades against the direction of the carry trades rang bells with me, so I think I'll favour going long so as to be with the direction of the DBLHC and the carry trades. I suppose long break entries x pips beyond the resistance areas rather than simply a break of the DBLHC's are a way to go. Just got to decide on x.
Cheers,
John
PS: if I had a dunny at my desk, I'd always have the sh 1 t's with my trading!
  • #2,095
  • Jan 12, 2007 12:27am Jan 12, 2007 12:27am
You'll have to excuse the busy chart.

I'm favouring long until we get below the grey Daily Pivot line.

The red horizontal is the Hourly 200 EMA. Which is where we are stuck at now, along with that white DeMark trend line.

No real direction yet though. Will have to see what the Euro/London start brings.
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Bundy's status today: "Waiting..."
  • #2,096
  • Jan 12, 2007 12:58am Jan 12, 2007 12:58am
It's pity theres a good confluence to stop my long trade(below yellow arrow).

I'm being conservative and taking profits at 1.9498 if we get there.

Has been stuck at white 365 EMA for a few minutes now. As always. LOL
Because of this. I've set my SL to break even. Because I'ma going for a jog.

Sorry. Another busy chart.
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Bundy's status today: "Waiting..."
  • #2,097
  • Jan 12, 2007 2:03am Jan 12, 2007 2:03am
well you may have got your answer now johoma

pin off the resistance
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  • #2,098
  • Jan 12, 2007 2:14am Jan 12, 2007 2:14am
Quoting mbqb11
well you may have got your answer now johoma

pin off the resistance
Yes, also a 4h EurJpy pin. Although playing the bounce and going short would have been profitable, I'm still happy (ok, I'm trying to convince myself) that I was only looking to go long due to the bullish direction of the DBLHC's and, as you've previously mentioned, the safety of going in the direction of the carry. Will I play the pin for a short? No, I think I'll pass on these.
  • #2,099
  • Jan 12, 2007 2:16am Jan 12, 2007 2:16am
Quoting johoma
Yes, also a 4h EurJpy pin. Although playing the bounce and going short would have been profitable, I'm still happy (ok, I'm trying to convince myself) that I was only looking to go long due to the bullish direction of the DBLHC's and, as you've previously mentioned, the safety of going in the direction of the carry. Will I play the pin for a short? No, I think I'll pass on these.
I am in the short on this, I always have a bullish mindset on these pairs, but this should be good for some pips. I always cut my risk in half when i go short on these pairs.

Best,
Michael
  • #2,100
  • Jan 12, 2007 2:58am Jan 12, 2007 2:58am
Hi, just wanted to add the 1h chart for the EJ mess. Tried to short on retrace after the BEOB on 4h GMT, ended up getting that 1h PB at the low and closing for +2 instead of +35. Bah. Then of course it immediately dropped back down....THEN came that BUOB and the rise back to the .618 where it MAY have just signaled with that 1h PB that it could be dropping to activate the daily pin bar. Well, sort of PB, it's a bad one, as usual.

Shorting the crosses like Mike says isn't the easiest thing
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