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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

  • #2,201
  • Jan 17, 2007 4:52pm Jan 17, 2007 4:52pm
Quoting vlazaf
Thanks Mbqb, I have 161.8 ext @ 120.75. Hoping for a sub 120 retrace and will hope to jump in on the next with trend long signal.

just don't forget about the jpy interest rate statement which is sometime tonight

mike
  • #2,202
  • Edited 5:16pm Jan 17, 2007 4:59pm | Edited 5:16pm
Quoting mbqb11
just don't forget about the jpy interest rate statement which is sometime tonight

mike
Oh thanks mate, will keep an eye.

Also noticed 4hr pin on crude and 1st close above supply line. Worth waiting for the pullback for entry?
Low of the pin bar coincides with 161.8 ext of previous trendline retrace.
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  • #2,203
  • Jan 17, 2007 5:31pm Jan 17, 2007 5:31pm
Quoting mbqb11
just don't forget about the jpy interest rate statement which is sometime tonight

mike
Generally I fade the initial trend after statement on usd/jpy if the current trade stops out.
  • #2,204
  • Jan 17, 2007 5:31pm Jan 17, 2007 5:31pm
Quoting vlazaf
Also noticed 4hr pin on crude and 1st close above supply line. Worth waiting for the pullback for entry?
You might want to check out my posts on oil here and here.

IMHO you missed the boat on that one, the pin has long gone, activated and taken off. If price does come back down there is a lot of risk the old downtrend could be pushing again. Oil has lost a few thousand pips, there's quite a bit of push behind it unless there's a decisive break back up imho.

Not an expert on oil or anything, just my view of it. Oil you have to get in as early as humanly possible, keep stops at 50 or lower and as soon as you hit 80-100 pips be ready to TP and move stops as it's like crack cocaine and speed mixed together in terms of movement speed.

NOT recommended for live trading and beginner traders at ALL.

Btw, cable didn't close high enough for me to really like it on GMT+1, maybe there's a last 15 pip push on GMT
Trust price. Know yourself.
  • #2,205
  • Jan 17, 2007 6:30pm Jan 17, 2007 6:30pm
ok, i visit the PF just about every day, and for the life of me, i can't figure out where it's gone! has it been put in a different location? thanks to anyone who can point me in the right direction!
  • #2,206
  • Edited 8:22pm Jan 17, 2007 7:21pm | Edited 8:22pm
It should be at the bottom of the page if you click the forums button on the forexfactory.

but if not http://www.forexfactory.com/showpost...25&postcount=7
  • #2,207
  • Jan 17, 2007 8:01pm Jan 17, 2007 8:01pm
Did anyone place their shorts?
I saw a BEOVB on it (or is it?) off the 4hr. Any ideas?
  • #2,208
  • Jan 18, 2007 12:44am Jan 18, 2007 12:44am
Reverse head & shoulders on usdchf daily
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  • #2,209
  • Jan 18, 2007 2:00am Jan 18, 2007 2:00am
I hope you guys caught the wonderful trump of fundamentals by price action on $ yen
Monthly Buob
Weekly Dlhc
4 hr pin
ema and fib confluence too....

euro yen great break through 61.8 retrace of recent decline.
I can't tell you what a releif it is to not have to speculate about news anymore.

Best wishes
Swami S
GOD IS NOT SHORT OF CASH
  • #2,210
  • Jan 18, 2007 2:20am Jan 18, 2007 2:20am
Quoting Swami S
I hope you guys caught the wonderful trump of fundamentals by price action on $ yen
Monthly Buob
Weekly Dlhc
4 hr pin
Hi Swami, I didn't trade much of it lately but I started posting about it ten days ago:

http://forexfactory.com/showpost.php...postcount=1974
01-08-07, 9:37am BUOB first mention

http://forexfactory.com/showpost.php...postcount=1988
01-08-07, 6:40pm 1h trades down with the usdjpy retracement

http://forexfactory.com/showpost.php...postcount=2041
01-09-07, 9:19pm monthly BUOB again

http://forexfactory.com/showpost.php...postcount=2042
01-09-07, 9:19pm 1h entry at 119.10

The last long entry at 119.10-50 would now be worth 200 pips from a simple 1H PB
Price never went below that again.

Best wishes,

SeekingLight
Trust price. Know yourself.
  • #2,211
  • Jan 18, 2007 2:22am Jan 18, 2007 2:22am
This is the trade I am currently in, even if I wasn't soooooo happy with daily I simply tried my luck with a basic 4h retrace entry and it worked out just fine.
10 pips short of a DBLHC on daily if you ask me, but hey, given that Gold went nuclear and EURGBP is still nosediving etc I thought I had a just reason to go long cable.
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Trust price. Know yourself.
  • #2,212
  • Jan 18, 2007 2:53am Jan 18, 2007 2:53am
Just saw an old TL hit, if we work it off 1.9800 should be clear I guess and TL should become S again. If not there's an interim support trendline a lot lower and a lot of places to pause at on the way. Attaching chart.
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Trust price. Know yourself.
  • #2,213
  • Jan 18, 2007 4:30am Jan 18, 2007 4:30am
Great stuff there seekinglight - looks like its topped out at the trendline again for now - played the 1hr chart this morning and got in on the pin bar which has now developed into a 4hr pin - was also the 8/8 level in MM

Mike
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  • #2,214
  • Jan 18, 2007 10:38am Jan 18, 2007 10:38am
Guys have been very helpful with your replies. Look forward to more PA setups.
Thanks.
  • #2,215
  • Jan 18, 2007 10:53am Jan 18, 2007 10:53am
got out of this one far to early - i did have a target of 1.9653 which was MM 4/8 - but bottled it and took 55 pips.... doh!!
  • #2,216
  • Jan 18, 2007 12:13pm Jan 18, 2007 12:13pm
Quoting mbqb11
It should be at the bottom of the page if you click the forums button on the forexfactory.

but if not http://www.forexfactory.com/showpost...25&postcount=7
hey, thanks. i guess my access must've been removed
  • #2,217
  • Jan 18, 2007 12:23pm Jan 18, 2007 12:23pm
no its a bug. i cant see the forum either. merlin knows about it.

jim
Quoting diggsnoob
hey, thanks. i guess my access must've been removed
  • #2,218
  • Jan 18, 2007 2:49pm Jan 18, 2007 2:49pm
Hey check this chart out guys

What are good reasons not to take this trade long atm?

its touching the 4h trendline
bounced off of 60 and 38 fibs lately

Im not real experienced but it looks good to me

Only thing i can see bad is the fact that it hasnt lately touched the top of the channel;, just the middle

Please post back everyone, would really love to here from everyone thank you
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Ghost Swoopen in for my pips while no one is lookin !!
  • #2,219
  • Jan 18, 2007 3:18pm Jan 18, 2007 3:18pm
Quoting Ghostpipper
Hey check this chart out guys

What are good reasons not to take this trade long atm?

its touching the 4h trendline
bounced off of 60 and 38 fibs lately

Im not real experienced but it looks good to me

Only thing i can see bad is the fact that it hasnt lately touched the top of the channel;, just the middle

Please post back everyone, would really love to here from everyone thank you
Hey ghst,

You are going about this the correct way. Everyone will see different things on their charts. The best thing to do after you draw all your fibs/trendlines etc in, and you see a spot you are looking to make a play at is too now wait for a PA bar/bars to confirm this. You of course can play touches of these lines also without confirming price action. Your stops should be rather small, but these are more aggressive plays. This comes back to a traders personality. I recommend demoing all methods to find your comfort level. Here is simply another way of looking at it. I think were in a consolidation period now, after the sharp uptrend.
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  • #2,220
  • Jan 18, 2007 3:41pm Jan 18, 2007 3:41pm
What a mess. I lose my long in the preshuffling only to see the market trade at the same price as the open. Oh well, yay for retrace entry = bit of profit made.

Since I got far too bored on forex today and felt like everything was almost completely random I went to a neighboring commodity that usually feels just as random. Added a bit of s/r and PA and got this....(again, do NOT try this at home!)
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Trust price. Know yourself.
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