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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

  • #2,101
  • Jan 12, 2007 2:58am Jan 12, 2007 2:58am
Double Bar Low Higher Close on the GbpUsd
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  • #2,102
  • Jan 12, 2007 3:17am Jan 12, 2007 3:17am
Just wanted to add USDJPY to the equation because I'm a firm believer that this is one of the cogwheels that turns the whole crosses shebang...
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Trust price. Know yourself.
  • #2,103
  • Jan 12, 2007 3:19am Jan 12, 2007 3:19am
Quoting goodthings
Double Bar Low Higher Close on the GbpUsd
Yeah. I wish that "News Noise" wasn't there from yesterday! :
Bundy's status today: "Waiting..."
  • #2,104
  • Jan 12, 2007 3:55am Jan 12, 2007 3:55am
Ya I here ya. But another thought is if it would have hit its daily average it still would have been a dbhlc. Something I am looking at on past charts but it seems like a big spike does not change the trend normally. I causes a bump one way or the other in the road then the market settles down and carries on. Grant it an interest rate announcement is a big deal and it seems the bottom line is the interest rates are what drives the market. Any body have a take on that. This chart that is in the gray area is what I would call the shock and after shock of the anouncement and what is before and after is the possible trend if it had not happened. It seems like big corps have to dump there currencies at certain times and prices anyway. I am getting into an area that is pretty gray for me so just throughing out thoughts and maybe someone has more insight.
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  • #2,105
  • Jan 12, 2007 4:36am Jan 12, 2007 4:36am
Goodthings,
What I mean is tThe move that started Jan 8th.

It's already reached the 100% copy. (yellow lines) Which also conincide with a lot of targets.

Makes me wonder weather it's just as likey to get there again.

I've moved my stop into profit a little now. I'm happy to walk away. I love being able to go onto other trades now.
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Bundy's status today: "Waiting..."
  • #2,106
  • Jan 12, 2007 6:16am Jan 12, 2007 6:16am
The market it go chop chop.....

More boredom means more charts!

GBPJPY 15m, unidirectional chart since bearish setups spell almost certain death 99% of the time...even more so than on EURJPY.

Please ignore the fact it's 15m once again as that's pretty much nothing to really trade off unless you're risking 0-1 cent per pip
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Trust price. Know yourself.
  • #2,107
  • Jan 12, 2007 6:23am Jan 12, 2007 6:23am
Quoting bundyraider
It's already reached the 100% copy. (yellow lines) Which also conincide with a lot of targets.

I see Bundy uses the same target projections I do
You have a Fib Expansion tool in MT4 you can use for this. You draw it from the low (origin of Wave A or 1) to the interim high (end of Wave A or 1 ), then down to the next low again (end of wave B or 2). Then the projection shows you the target of Wave C or 3. As in a-b-c or 1-2-3 from Elliot wave stuff or corrections etc.
FE 61.8 is a weak wave, FE 100 normal and FE 161.8 an extended wave.
Sometimes FE 138.2 lines up with stuff too, but I mostly have that out of curiosity.

Attaching chart with example.
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Trust price. Know yourself.
  • #2,108
  • Jan 12, 2007 7:44am Jan 12, 2007 7:44am
Quoting SeekingLight
The market it go chop chop.....

More boredom means more charts!

GBPJPY 15m, unidirectional chart since bearish setups spell almost certain death 99% of the time...even more so than on EURJPY.

Please ignore the fact it's 15m once again as that's pretty much nothing to really trade off unless you're risking 0-1 cent per pip
yep real tough pair to take to the downside. I kinda got a feel for it when I do it, but even since I have no idea what the market will do I cut my risk in half. I took out 25 on it where normally on a 4 hour pin my goal is much much higher. Since the gbp/jpy is a big mover usually u get a little piece out.

chop chop explains today thus far tho

Best,
Mike
  • #2,109
  • Jan 12, 2007 7:48am Jan 12, 2007 7:48am
I tell you what seeking one,

That fib expansion made us look like geniuses this time round. Stopped pretty much to the pip.
For the moment anyway.

Awesome!

OK all,

No need to worship us...
...all Pip donations to "Save the Green Dots" Foundation.

Goodnight.
,B
Bundy's status today: "Waiting..."
  • #2,110
  • Jan 12, 2007 8:06am Jan 12, 2007 8:06am
Quoting bundyraider
I tell you what seeking one,

That fib expansion made us look like geniuses this time round. Stopped pretty much to the pip.
For the moment anyway.

Awesome!
Hehehe yea, but that was just interim....I much more wish that I'm correct with the next higher one and we get to 1.9630-50, considering I'm long from 1.9418

Stop is at +20 so let's see how far we can go

1.9555 is a classic s/r from 1000 pips lower, but we will see about that.

Let's get ready to rrrrrrrrrrrrrrrrrrrrrrrrrrrumble!
Trust price. Know yourself.
  • #2,111
  • Jan 12, 2007 8:26am Jan 12, 2007 8:26am
Here's how one coulda traded the news aftermath
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Trust price. Know yourself.
  • #2,112
  • Jan 12, 2007 8:36am Jan 12, 2007 8:36am
Quoting SeekingLight
Here's how one coulda traded the news aftermath
Yep I did that but on the euro

. One can't help feel that the swissy and euro need to catch up to the gbp. Or could i be wrong and its the other way
  • #2,113
  • Jan 12, 2007 9:26am Jan 12, 2007 9:26am
I took this trade too (USDCHF). Was using the 2H chart and went short after the retrace of the PB.
I only opened a small trade as wasnt sure how to play a news related PB.
What are your thoughts on where the price might be heading to? I can see some fibo lines around the 1.2415-12430 area and an S/R line about 1.2450!

H


Quoting SeekingLight
Here's how one coulda traded the news aftermath
  • #2,114
  • Jan 12, 2007 11:01am Jan 12, 2007 11:01am
Quoting H103EFA
I took this trade too (USDCHF). Was using the 2H chart and went short after the retrace of the PB.
I only opened a small trade as wasnt sure how to play a news related PB.
What are your thoughts on where the price might be heading to? I can see some fibo lines around the 1.2415-12430 area and an S/R line about 1.2450!

H

Hi,

I already exited the trade for a small profit. I had originally aimed for 1.2450, then got greedy and aimed at 1.2415. Changed my limit to that, saw it make a doji after hitting my target. A tiny FE 100 projection also suggested the wave ending at 1.2447. I should have just heeded that and taken a straight 30 pips. My entry was a bit late, 1.2480 after spread.

Still ok for a quick trade.

Attaching the chart with the fibs+S/R.

Best wishes,

SeekingLight
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Trust price. Know yourself.
  • #2,115
  • Jan 12, 2007 12:12pm Jan 12, 2007 12:12pm
Oh well
Should have exited at 1.2450, but because it was such a small trade for me i was aiming for 1.2415 or even lower to make it worthwhile. Stayed in hoping the BEOVB on the 4H might play out but doesnt look like it so closed my trade for the loss of my spread.
You live and learn. Need to work on exiting trades more in my demos

Quoting SeekingLight
Hi,

I already exited the trade for a small profit. I had originally aimed for 1.2450, then got greedy and aimed at 1.2415. Changed my limit to that, saw it make a doji after hitting my target. A tiny FE 100 projection also suggested the wave ending at 1.2447. I should have just heeded that and taken a straight 30 pips. My entry was a bit late, 1.2480 after spread.

Still ok for a quick trade.

Attaching the chart with the fibs+S/R.

Best wishes,

SeekingLight
  • #2,116
  • Jan 12, 2007 4:24pm Jan 12, 2007 4:24pm
Quoting goodthings
Double Bar Low Higher Close on the GbpUsd
Just wanted to post an updated chart for this and a marker for the entry.
Also added the s/r levels. I repeat once again, these are the SAME s/r levels as 1000 pips lower, simply exchange the 1.8xxx for 1.9xxx and there you go.
I simply marked them in my chart and if need be slightly adjusted them +-5 to 10 pips for current highs/lows.

I believe this is the current grid we're trading off on. I have a conspiracy theory that there might actually be only a single grid for every thousand pip toggle (the first decimal after the comma >> 1.x) and that that is simply overlaid for every level that's currently traded. Haven't checked in the lower regions yet, maybe it only applied because the levels up here were unknown and people wanted to use known s/r levels. No idea.

Note the massive confluence of fib projection, expansion and s/r at 1.9510. Price literally went TWANGGGGG there and pushed price back down 100 pips after it was hit. Rubber band and slingshot indeed. Admittedly this coincided with the news (BOE hike and Trichet) but I don't think that makes it any less of an important spot. It's also the classic "middle" of the 1.9xxx.

We also already hit the 161.8% of the retracement expansion and the 138.2% Fib Expansion. If we can turn those into support, things will get interesting indeed.

I'm currently asking myself: are we now done with a wave 4 down and in a wave 5 up? Considering Gold just moved up to a pivoty middle again and the other majors are also seemingly trying to fight back, who knows.
Could be EURGBP is luring us into a trap, could be the dollar is really going to get some serious punishment again...I for one plan to hold this one for a bit, locked in +80 pips and will watch what happens...Trying to test the limits of my patience this time

One thing is for sure - if things are to reverse back down due to the BEOB on weekly, it better be from right here. 1.9600 - 1.9650 is pretty much the area that should contain a rise, and if it can't, then 1.9880 could be in the cards.

Crystal balling after a single day, I must be REALLY bored this time.
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Trust price. Know yourself.
  • #2,117
  • Jan 12, 2007 5:35pm Jan 12, 2007 5:35pm
Appreciate the information will have to read it a few times to catch it all. Thanks
  • #2,118
  • Jan 13, 2007 5:22am Jan 13, 2007 5:22am
Quoting habeeb
Previous fiber long stopped out. This week starting bad. DBHLC on 1hr, same direction as the weekly. Went short targetting 1.2870.
Target hit.
Keeping it Simple
  • #2,119
  • Jan 13, 2007 5:26am Jan 13, 2007 5:26am
Quoting mbqb11
hey habeeb was wondering if you held on, its at a retrace spot now to jump in but I can say this is one pair that i never do well with. I stopped trading it pretty much. It has been teasing a nice down move for awhile now!
Yup, I'm still holding this one. Will give it some more time. I'm not gonna trade funny pairs anymore (yeah yeah ... I know I said that before).
Keeping it Simple
  • #2,120
  • Jan 13, 2007 5:34am Jan 13, 2007 5:34am
Quoting SeekingLight
This isn't our week, is it Habeeb?
Got burnt on almost all the same trades as you, ended up cutting the really good ones for 15 pips and then seeing them go hundreds (I was long USDJPY at 118.98 and 119.20, left both for < 30 pips, now we're at 120.50)...
Alternatively I shorted cable, went to bed, saw it had moved out 50 then come back and stopped me out for a small loss.
Today again up 60, then a sudden hike and the stop disappears while I'm out.
Lovely to have a broker without trailing stops...

Then again the old malaise, I shorted EURUSD for +39 pips only to cut it before the real dive went through :S
*sighs* Can't catch a break here....always end up net negative or even on trades that could have increased my account by 20-33% this week total on really tiny stakes, it's mindnumbing.

Anyway, here's the breakdown of what I looked at while I shorted EURUSD in the aftermath. I simply went with the flow there and the classic newsfade.
I have also been telling a friend for a week now that USDCHF will hit 1.2350 and then 1.2500 and I guess I was right.
Can someone please tell me to simply trade what I talk, too? I would have been so much better off if I did that...
Yup, the week started very bad. Just glad it ended much better. Can't wait for this weekend to finish ... too many social events to attend to. Will join you guys again next week.
SeekingLight, you need to trade what you talk (there, I've said it .

Take Care and have a lekker weekend
Habeeb
Keeping it Simple
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