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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

  • #18,421
  • Jan 13, 2009 1:40am Jan 13, 2009 1:40am
Quoting djambazov84
Just went long eur/usd on the 61 fib retracement from 1.2330 to 1.4718
and 4h bullish divergence.

Wanted to experiment with an outright aggressive position.
Its almost good enough for me....except price has tried many buying attempts right above support meaning the buyers are spread out and not located at one single spot....it can work out though
  • #18,422
  • Jan 13, 2009 1:43am Jan 13, 2009 1:43am
Quoting djambazov84
SL is only 10 pips

as I said, a controlled suicide. Dont think its gonna last long
If you're going to do that, then watch Raczeks posts. It's a lot more controlled than it appears. Watch and learn there.

10 Pips. lol

...Not trying to be mean, but from the first week I started watching the FX screens I could see stop runners would kill you, trading like that.
Bundy's status today: "Waiting..."
  • #18,423
  • Jan 13, 2009 1:56am Jan 13, 2009 1:56am
Quoting djambazov84
Just went long eur/usd on the 61 fib retracement from 1.2330 to 1.4718
and 4h bullish divergence.

Wanted to experiment with an outright aggressive position.
Yeah! Nice Fib. Divergence and Location
Better to wait for PA, aggresive position is SCARY

ALM
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  • #18,424
  • Jan 13, 2009 1:59am Jan 13, 2009 1:59am
It looks like GJ is going to make a new all time low, beating 129.50 back in the early 90's
I think this may be because GU seems to still have another 150 pips to go down before it hits 1.45.
Hopefully then we'll see fireworks!

GJ did form a 30 min Bullish pin off 130.50, but you couldnt trade something so small in the wake of such a big down move

Any comments?
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  • #18,425
  • Jan 13, 2009 2:10am Jan 13, 2009 2:10am
Just won my short in the usdcad....

letting rest run

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  • #18,426
  • Jan 13, 2009 2:13am Jan 13, 2009 2:13am
Quoting Shermenator
Just won my short in the usdcad....
letting rest run
I've been inspired by all this selling when going up, buying when going down that you & raczekfx have been doing. I'm in a USD CHF short likewise.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #18,427
  • Jan 13, 2009 2:30am Jan 13, 2009 2:30am
Quoting Thexder
I've been inspired by all this selling when going up, buying when going down that you & raczekfx have been doing. I'm in a USD CHF short likewise.

thats good...always do the oppositte of what 90 percent of the people do ...remeber only 10 percent win lol
  • #18,428
  • Jan 13, 2009 3:52am Jan 13, 2009 3:52am
Quoting Shermenator
thats good...always do the oppositte of what 90 percent of the people do ...remeber only 10 percent win lol
It's actually 5%
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  • #18,429
  • Jan 13, 2009 3:52am Jan 13, 2009 3:52am
Quoting Almfx
It's actually 5%
Yes sorry for my error hahah lol
  • #18,430
  • Jan 13, 2009 3:54am Jan 13, 2009 3:54am
Quoting Thexder
I've been inspired by all this selling when going up, buying when going down that you & raczekfx have been doing. I'm in a USD CHF short likewise.
also in this short - pin off 4hr - in traffic, but a breakout and pullback to the TL (i know this TL has been broken in past, but has acted as S/R)
then took the 1hr BEOB
1st problem area at 11120
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  • #18,431
  • Jan 13, 2009 3:58am Jan 13, 2009 3:58am
Quoting simoncs
also in this short - pin off 4hr - in traffic, but a breakout and pullback to the TL (i know this TL has been broken in past, but has acted as S/R)
then took the 1hr BEOB
1st problem area at 11120

Once a trendline is crossed several times from side to side it means its loosing respect ...meaning less attention of buyers or sellers around ...when this takes place it removes some probabilty of the trade being good...just my opinion...
  • #18,432
  • Jan 13, 2009 4:09am Jan 13, 2009 4:09am
Quoting Shermenator
Once a trendline is crossed several times from side to side it means its loosing respect ...meaning less attention of buyers or sellers around ...when this takes place it removes some probabilty of the trade being good...just my opinion...
i agree with you and am wary of them - however it was something that ghous raised a while back and was debated with SeekingLight, and i think there is definitely some relevance to them, so do use them as another tool.
  • #18,433
  • Jan 13, 2009 4:11am Jan 13, 2009 4:11am
Quote
also in this short - pin off 4hr - in traffic, but a breakout and pullback to the TL (i know this TL has been broken in past, but has acted as S/R)
then took the 1hr BEOB
1st problem area at 11120

why dont you wait for a stressfree trade. they will alwayz come and if u feel compelled(sorry for using this word) to trade, maybe u drop down to 15min TF and trade the proper 100pips range consolidation and see a clearer PA if u r comfortable with 15min TF.

Patience is required here except you are a momentum scalper like my friend.
  • #18,434
  • Jan 13, 2009 4:11am Jan 13, 2009 4:11am
Anyone interested??
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  • #18,435
  • Jan 13, 2009 4:14am Jan 13, 2009 4:14am
Quoting simoncs
i agree with you and am wary of them - however it was something that ghous raised a while back and was debated with SeekingLight, and i think there is definitely some relevance to them, so do use them as another tool.

Ill throw a trendline on once in a while but its got to be beacuse the market preety much walkrd on it ....lol like the market makes the line without me having to draw it hahah...trendlines are great tools as long as you take into consideration the angle of it the time it took to hit it....the timeframe its build on ... and most important that it actually draws a trend ....a trend is istablished afer a move up retracement and extension....
  • #18,436
  • Jan 13, 2009 4:16am Jan 13, 2009 4:16am
Quoting jicjoc
Anyone interested??
its good I am long since 129.99

remeber this is a scalp trade the rythm in the market is down at the moment ...meaning longs are scalps and shorts are holds
  • #18,437
  • Jan 13, 2009 4:17am Jan 13, 2009 4:17am
Nice Divergence, But the shape PB is not convincing. Any comments

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  • #18,438
  • Jan 13, 2009 4:18am Jan 13, 2009 4:18am
Quoting Naijafx
why dont you wait for a stressfree trade. they will alwayz come and if u feel compelled(sorry for using this word) to trade, maybe u drop down to 15min TF and trade the proper 100pips range consolidation and see a clearer PA if u r comfortable with 15min TF.

Patience is required here except you are a momentum scalper like my friend.
Not really scalping my friend lol....I just wait for price to do what I whant once a level gets hit and if does that I am in ...then once the pin bar is form I simply add to the price action produced to my intial entry creating the pin bar or some pattern
  • #18,439
  • Jan 13, 2009 4:20am Jan 13, 2009 4:20am
Quoting Shermenator
its good I am long since 129.99

remeber this is a scalp trade the rythm in the market is down at the moment ...meaning longs are scalps and shorts are holds
I have a buy stop above 131...
Im nervous about this one, as GU hasnt yet reached a major low yet...
Id prefer them both to be pinning at their lows on 4hr maybe...
  • #18,440
  • Jan 13, 2009 4:21am Jan 13, 2009 4:21am
Quoting Almfx
Nice Divergence, But the shape PB is not convincing. Any comments

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to many buying attempts have been tried at that support meaning lots of buyers have turned into sellers ...if your looking for longs jump up a timeframe and wait for a stronger signal to not get cought on a false buying move like it has given a couple of times earlier today...its better to miss a good trade then to be in a bad one....be patient on this pair in longs....and also trade lighter when longing since the market conditions are not in the long side
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