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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

  • #15,921
  • Edited 9:47pm Nov 30, 2008 9:26pm | Edited 9:47pm
Not the best pin i have seen however i like the location. Also possible continuation of long term trend. I will be taking this on the break with first TP at 1.5150ish
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Click to Enlarge Name: eur_chf daily.gif Size: 9 KB
  • #15,922
  • Nov 30, 2008 11:33pm Nov 30, 2008 11:33pm
watch this cross closely over the next few days.
.
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  • #15,923
  • Nov 30, 2008 11:51pm Nov 30, 2008 11:51pm
Quoting saskgui
Not the best pin i have seen however i like the location. Also possible continuation of long term trend. I will be taking this on the break with first TP at 1.5150ish
Hey Saskgui,

Don't want to put you down but again i have a few things to worry abt isntead of blindly going for the pin bar. Yes it is in a good enough shape and is with the overall trend BUT the location is'nt good. My most immediate concern is the confluence just below the pin bar (refer to the chart below) that of a 50% fib ratio (which is the most important fib ratio) and the 1.535 ppz.

Another thing to note is that even though you want to feel confident by going with the trend do not undermine the fact that you're going against a VERY STRONG short term trend which is against the pin bar in this case. Notice how the bears got a beating everytime they wished to take price their way (on the chart represented by the "up" arrows).

The trade may work out ofcaorse but you must understand that if you take it it's not gonna fall under an A+ trade catagory

Regards,
Ghous.
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I believe . . .
  • #15,924
  • Dec 1, 2008 2:00am Dec 1, 2008 2:00am
The Au IB i took along with a possible tp as the confluence of the 50% fib and the 0.634 ppz.
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I believe . . .
  • #15,925
  • Edited 2:58am Dec 1, 2008 2:05am | Edited 2:58am
Here is the Eur/chf pending order i have resting just above the high of the IB.
Attached Image (click to enlarge)
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I believe . . .
  • #15,926
  • Dec 1, 2008 7:19am Dec 1, 2008 7:19am
Quoting raczekfx
watch this cross closely over the next few days.
.
never mind days. It took just ....8hr and for the price to drop 500ps..
Happy Monday and welcome to Holidays trading..
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  • #15,927
  • Dec 1, 2008 7:48am Dec 1, 2008 7:48am
Quoting Forex007
Thanks, Ryan. Sorry, for not being clear with my question. The day could start up, and then reverse. E.g. price hitting outer BB limits could be a continuation of the trend, or it could be a reversal. If days start "up" (say, hits upper BB, retraces, hit upper BB again and so on), at what point do you decide (and how) that it's not "up" anymore, and that it reversed to "down". I am not looking for a "To do" list of instructions, but for a "general direction" (e.g. high outside BB, followed by hig inside AND RSI div - could be trend reversal)....

Well you will be wrong 2 times, at the top and at the bottom. Most runs with the trend you get 1-3 maybe 5 times to get in, yes I have been on the last hit but the odds are with you. I will post a chart in 1 min.
Keep taking CT trades, I need more money
  • #15,928
  • Dec 1, 2008 7:50am Dec 1, 2008 7:50am
Well nice way to start the week Also I moved my risk to 15/15 because the swings are not as big as they have been. 20/20 still would of worked though right Nick?
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Keep taking CT trades, I need more money
  • #15,929
  • Dec 1, 2008 7:55am Dec 1, 2008 7:55am
Quoting Ryanmcd
Well nice way to start the week Also I moved my risk to 15/15 because the swings are not as big as they have been. 20/20 still would of worked though right Nick?
Lol, indeed Had a tp set at 2605 which would have hit...but hey, can't be greedy, eh?
  • #15,930
  • Dec 1, 2008 8:20am Dec 1, 2008 8:20am
Quoting Ryanmcd
Well nice way to start the week Also I moved my risk to 15/15 because the swings are not as big as they have been. 20/20 still would of worked though right Nick?
I took the pound parallel.
  • #15,931
  • Dec 1, 2008 8:22am Dec 1, 2008 8:22am
Quoting maxflii
Lol, indeed Had a tp set at 2605 which would have hit...but hey, can't be greedy, eh?

Short again
Keep taking CT trades, I need more money
  • #15,932
  • Dec 1, 2008 8:23am Dec 1, 2008 8:23am
Quoting HipsterPipster
I took the pound parallel.


Yep I see it on that chart as well.
Keep taking CT trades, I need more money
  • #15,933
  • Dec 1, 2008 8:24am Dec 1, 2008 8:24am
Quoting Ryanmcd
Short again

out +3 lol, guess it's not ready to go down anymore yet
Keep taking CT trades, I need more money
  • #15,934
  • Dec 1, 2008 8:27am Dec 1, 2008 8:27am
Quoting Ryanmcd
out +3 lol, guess it's not ready to go down anymore yet
Yeah. Ive been watching the divergence. we may get 123reversal or just a rest before opening bell then lower again
  • #15,935
  • Dec 1, 2008 8:31am Dec 1, 2008 8:31am
Quoting Ryanmcd
out +3 lol, guess it's not ready to go down anymore yet
Damn, only only +1 here, you win!
  • #15,936
  • Dec 1, 2008 8:32am Dec 1, 2008 8:32am
Quoting Ryanmcd
Well nice way to start the week Also I moved my risk to 15/15 because the swings are not as big as they have been. 20/20 still would of worked though right Nick?
I got in on Eur too that was nice after a boring thursday-friday. Most recent pin isn't looking too good though.

edit: wow you guys post fast, beat me to the punch.
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  • #15,937
  • Dec 1, 2008 8:36am Dec 1, 2008 8:36am
Quoting maxflii
Damn, only only +1 here, you win!

What I like to see is the bar that I am trading move FAST, if it screws around I am out. Also if you are right you know it in 2-3 min.

I was thinking long at the bottom due to the 3min but not going to mix CT and Trend trading it gets too messy.

Also you can see the RSI divergence pretty easy, follow the red dots lol
Attached Image (click to enlarge)
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Keep taking CT trades, I need more money
  • #15,938
  • Dec 1, 2008 8:45am Dec 1, 2008 8:45am
Quoting Betard

edit: wow you guys post fast, beat me to the punch.
It's easy to post when your not fixing a broke server, or working the phones trying to sell someone a trip.
Keep taking CT trades, I need more money
  • #15,939
  • Edited 9:03am Dec 1, 2008 8:46am | Edited 9:03am
Quoting Ryanmcd
What I like to see is the bar that I am trading move FAST, if it screws around I am out. Also if you are right you know it in 2-3 min.

I was thinking long at the bottom due to the 3min but not going to mix CT and Trend trading it gets too messy.

Also you can see the RSI divergence pretty easy, follow the red dots lol
Yep, 2-3 mins beats 2-3 hours (or days) of agony before finding out you're wrong, eh?

The 15m was looking pretty bullish at the bottom there with some + div..
  • #15,940
  • Edited 8:56am Dec 1, 2008 8:52am | Edited 8:56am
I shorted the AU 5m IB ~.6430 ish and the NU BEOB 15min. GU and EU following suit.
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