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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

  • #2,661
  • Feb 15, 2007 6:44pm Feb 15, 2007 6:44pm
excuse me for askin hoss, but how do you see the swiss as a good setup for next week? Nothing is really indicating on the charts that its going up or down.
I dream, therefore I become.
  • #2,662
  • Feb 15, 2007 6:52pm Feb 15, 2007 6:52pm
Quoting mike w
excuse me for askin hoss, but how do you see the swiss as a good setup for next week? Nothing is really indicating on the charts that its going up or down.
No problem. If you look at the weekly chart you can see a triple bottom low that has been breached and looks like it will close lower than the triple bottoms. There is a 'good' probability the trend will continue.
Life is too short to have anything but delusional notions about yourself.
  • #2,663
  • Feb 15, 2007 6:54pm Feb 15, 2007 6:54pm
Quoting hoss
The Swissy is a nice set up. Will you enter before the end of the week or wait until the start of next week?

i entered on the break of the weekly IB bar down(and break of TBL). Looking to hold long-term of course.

Michael
  • #2,664
  • Feb 15, 2007 6:57pm Feb 15, 2007 6:57pm
Quoting mbqb11
i entered on the break of the weekly IB bar down(and break of TBL). Looking to hold long-term of course.

Michael
Cool. Thanks, Michael.
Life is too short to have anything but delusional notions about yourself.
  • #2,665
  • Feb 15, 2007 6:58pm Feb 15, 2007 6:58pm
Here is a trade I closed today at the TL cross and 61.8 confluence. I held the position since the first pin bar. So look what started this run, and what is probably going to end this run. Pin bar at the bottom of the channel and a new pin bar at the top of the channel. Just have to be patient.

Mike
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  • #2,666
  • Feb 15, 2007 7:05pm Feb 15, 2007 7:05pm
Quoting mbqb11
Here is a trade I closed today at the TL cross and 61.8 confluence. I held the position since the first pin bar. So look what started this run, and what is probably going to end this run. Pin bar at the bottom of the channel and a new pin bar at the top of the channel. Just have to be patient.

Mike
There is also a pin bar on the AUD/USD daily today. Thanks for the look at the NZD.
Life is too short to have anything but delusional notions about yourself.
  • #2,667
  • Edited 7:23pm Feb 15, 2007 7:12pm | Edited 7:23pm
I think I might be having my first DBLHC experince.....

I know I need to wait until the 4H closes but it looks promising. This is on the FXDD mt4 chart....It would be interesting to see what other GBP/JPY charts on different systems look like....
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It's All About Attitude ...
  • #2,668
  • Feb 15, 2007 7:23pm Feb 15, 2007 7:23pm
ahhh ok thanks alot, im too busy looking for pin bars all the time haha thanks man
I dream, therefore I become.
  • #2,669
  • Feb 15, 2007 7:24pm Feb 15, 2007 7:24pm
mike nice hold there, can I ask how you managed this trade, i see it went nearly 60 pips or somethign into profit, if you traded break, then it dropped into a draw down of 30 pips approx, then it slowly built up to wher we are now.

Did you close some when you were in profit? or did you have a longer term view and didnt' want to close or move stop to b/e unless you reached this level?

thanks
westie

Quoting mbqb11
Here is a trade I closed today at the TL cross and 61.8 confluence. I held the position since the first pin bar. So look what started this run, and what is probably going to end this run. Pin bar at the bottom of the channel and a new pin bar at the top of the channel. Just have to be patient.

Mike
  • #2,670
  • Feb 15, 2007 7:31pm Feb 15, 2007 7:31pm
Quoting Westie
mike nice hold there, can I ask how you managed this trade, i see it went nearly 60 pips or somethign into profit, if you traded break, then it dropped into a draw down of 30 pips approx, then it slowly built up to wher we are now.

Did you close some when you were in profit? or did you have a longer term view and didnt' want to close or move stop to b/e unless you reached this level?

thanks
westie
Hey westie,

I dont have profit targets nor do I move my stops to b/e. For this trade I I moved my stops twice, once to under the DBLHC then again under the inside bar. Finally I closed at the confluence near the top. Ya you gotta watch profits go up and down, but thats the only way to stick out these longer runs(that I have found and been succesful with).

Hope that helps,
Mike
  • #2,671
  • Feb 15, 2007 8:21pm Feb 15, 2007 8:21pm
That's a pretty great trade Mike. Very patient and nicely done.

Did you at any point close part of the position to lock in some profits or did you let the whole thing ride to the top?
And are you planning on entering short on the break of today's pin?
  • #2,672
  • Feb 15, 2007 8:24pm Feb 15, 2007 8:24pm
Quoting moneybags
That's a pretty great trade Mike. Very patient and nicely done.

Did you at any point close part of the position to lock in some profits or did you let the whole thing ride to the top?
And are you planning on entering short on the break of today's pin?
I never scale out of winning positions and Yes I will take a break of the pin short today.

Best always,
Mike
  • #2,673
  • Feb 15, 2007 8:50pm Feb 15, 2007 8:50pm
Quoting mbqb11
Hey westie,

I cheated on this one, I used this daily trendline to find an entry short off on smaller time frame. So would be nice to get a daily pin and that break.

Also here is my weekly trade on the swissy broke down the way I wanted it too. So this one I will hold for awhile.

Mike
Charts of both
Hey Mike did you get in on the swissy at the first break down at 1.2354 or did you get in on the second push? I was in on the first break of 1.2354 but then got stopped out when it reversed to 1.2405. Where did you place your stop? I guess on breaks of a channel/weekly ib you can't get too tight with the stops? oh well learnin'

I dig the 15 minute chart. Awesome.

Cheers

(i deleted my post because i thought somebody asked the same question, nevermind though)

I think its days like today when there is so much to trade that I do the worst. hah
  • #2,674
  • Feb 15, 2007 9:01pm Feb 15, 2007 9:01pm
Quoting cipher4d
Hey Mike did you get in on the swissy at the first break down at 1.2354 or did you get in on the second push? I was in on the first break of 1.2354 but then got stopped out when it reversed to 1.2405. Where did you place your stop? I guess on breaks of a channel/weekly ib you can't get too tight with the stops? oh well learnin'

I dig the 15 minute chart. Awesome.

Cheers

(i deleted my post because i thought somebody asked the same question, nevermind though)

I think its days like today when there is so much to trade that I do the worst. hah

My short was at 362 and my stop is above the IB. Not much to think about now Let the market do what its gotta do in the coming week and then re-evaluate.

Best,
Mike
  • #2,675
  • Feb 15, 2007 9:21pm Feb 15, 2007 9:21pm
Quoting billser
I think I might be having my first DBLHC experince.....

I know I need to wait until the 4H closes but it looks promising. This is on the FXDD mt4 chart....It would be interesting to see what other GBP/JPY charts on different systems look like....

similar to your s huh? inside bar on mine
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  • #2,676
  • Edited 11:17am Feb 16, 2007 11:17am | Edited 11:17am
bullish engulfing bar on 4 hour? at 76% retrace
in memory of FIbonakki
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  • #2,677
  • Feb 16, 2007 11:53am Feb 16, 2007 11:53am
At this time of day, i would wait for the dailies to come out. Then see what they entail. There will most likely also be a pin bar on the daily GBP/USD which means a definite buy is in order. Dont be reckless though, they do sometimes fail.
I dream, therefore I become.
  • #2,678
  • Feb 16, 2007 11:57am Feb 16, 2007 11:57am
Quoting mike w
At this time of day, i would wait for the dailies to come out. Then see what they entail. There will most likely also be a pin bar on the daily GBP/USD which means a definite buy is in order. Dont be reckless though, they do sometimes fail.

Be careful, just because a pin bar shows up doesnt mean we should trade it. We need to find reasons(confluence).

Best,
Mike
  • #2,679
  • Feb 16, 2007 12:04pm Feb 16, 2007 12:04pm
true, and thats a good thought. There is a reason to trade however, the pin bar will be coming up on top of a fairly large support at 9450. There is also a short term support at 9505. I plan on placing my stop right below the longer term support line. Please mention it if i am wrong. Thanks.
I dream, therefore I become.
  • #2,680
  • Feb 16, 2007 12:36pm Feb 16, 2007 12:36pm
Quoting mike w
true, and thats a good thought. There is a reason to trade however, the pin bar will be coming up on top of a fairly large support at 9450. There is also a short term support at 9505. I plan on placing my stop right below the longer term support line. Please mention it if i am wrong. Thanks.

Ah there you go . I haven't yet checked anything out. Usually spend the weekend analyzing trades for the new week. If you have done your homework then you are good to go

Best always,
Mike

edit* I would not trade this pin(if it forms one) personally. We do have support, but the pin is in "traffic". I look for the ones at better swings.
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