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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

  • #20,761
  • Feb 8, 2009 11:23am Feb 8, 2009 11:23am
looking to long this pair....
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  • #20,762
  • Edited 5:02pm Feb 8, 2009 11:36am | Edited 5:02pm
Quoting Jigsaw
Yes it will

I know where this one is headed . . . .
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The H4 chart shows a re-test of the upper channel which has been neatly ploughed since Dec 18th.

I am looking for a bounce off this blue channel border and a test of 1.3050, the mauve line.

The Donchian channel (grey) also confirms this at 1.3060. But are we allowed to use these on this thread? I'm wondering...

So close above here would be a classic break out of the double bottom off the yellow support trendline from Oct 28th, with a TP1 of 1.33 area.
Gone to a better place
  • #20,763
  • Feb 8, 2009 11:36am Feb 8, 2009 11:36am
I don't like to take trades on weekly charts but this one might be valid setup to go short { USDSGD , BEOB }
We should have some room at least to 1.4850 area with potential PT1 above 1.6000. What do you guys think about the setup?
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  • #20,764
  • Feb 8, 2009 12:19pm Feb 8, 2009 12:19pm
Quoting ghous
I am looking at that ppz as the 1.79 price level. My pin bar's low is at 1.7983, a trade should well have abt 70 pips before it hits 1.79....

I'll be taking the trade on the break of the Pin bar and probably just move my SL to breakeven and perhaps even book some profit at 1.79....

Regards,
Ghous.
I got this one on my feed also and I'm taking it. I have one quick question though. I'm not sure when to place my short orders since it's a Friday setup and we will be opening with the Asian session and there is a possibility of a gap. Would it make sense to wait for London to open?

If you could let me know how trade Friday bars regarding sundays open and dealing with price gaps that would be very helpful.

Thanks!
  • #20,765
  • Feb 8, 2009 12:33pm Feb 8, 2009 12:33pm
Quoting scott087
I got this one on my feed also and I'm taking it. I have one quick question though. I'm not sure when to place my short orders since it's a Friday setup and we will be opening with the Asian session and there is a possibility of a gap. Would it make sense to wait for London to open?

If you could let me know how trade Friday bars regarding sundays open and dealing with price gaps that would be very helpful.

Thanks!
Hi Scott,

Unfortunately for me I am away for most of the starting ceremony for the week, it's unlikely if this Monday's open would be different.

To deal with this problem I have all my analysis done over the weekend and all I do is place my trades Monday open, waiting for the early dust to settle and let the main Uk and US sessions begin is'nt a bad idea but missing the trade early on for me is more like missing the trade altogather...so i'll have to go with a trade early open anyways...

Dealing with gaps only has to do with a slight change in choosing your order type. Instead of a sell stop I might need a sell limit if say we gap down on Monday below my entry point because obviously a break of the Pb due to a gap is not the right way to look at it, if this happens I will have my limit order waiting for the gap to close...

Regards
Ghous.
I believe . . .
  • #20,766
  • Feb 8, 2009 12:38pm Feb 8, 2009 12:38pm
Quoting smikester
Attachment

The H4 chart shows a re-test of the upper channel which has been neatly ploughed since Dec 18th.

I am looking for a bounce off this blue channel border and a test of 1.0350, the mauve line.

The Donchian channel (grey) also confirms this at 1.0360. But are we allowed to use these on this thread? I'm wondering...

So close above here would be a classic break out of the double bottom off the yellow support trendline from Oct 28th, with a TP1 of 1.33 area.
Why do I get a feeling the bears are'nt done yet...
I believe . . .
  • #20,767
  • Feb 8, 2009 12:59pm Feb 8, 2009 12:59pm
Quoting smikester
Attachment

The H4 chart shows a re-test of the upper channel which has been neatly ploughed since Dec 18th.

I am looking for a bounce off this blue channel border and a test of 1.0350, the mauve line.

The Donchian channel (grey) also confirms this at 1.0360. But are we allowed to use these on this thread? I'm wondering...

So close above here would be a classic break out of the double bottom off the yellow support trendline from Oct 28th, with a TP1 of 1.33 area.
Check your quoted price levels again mate We havent seen EUR/USD 1.0350 for a long time
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #20,768
  • Feb 8, 2009 1:10pm Feb 8, 2009 1:10pm
Some setups for next week:
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  • #20,769
  • Feb 8, 2009 1:14pm Feb 8, 2009 1:14pm
How about this 4hr pin on AUD/JPY?

It seems to be at a good location, 62.00 and 50% Fib levels.

It's not a very big pin though and the previous congestion could be a problem.

Thanks for any input!
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  • #20,770
  • Feb 8, 2009 1:28pm Feb 8, 2009 1:28pm
Quoting Swampy
How about this 4hr pin on AUD/JPY?

It seems to be at a good location, 62.00 and 50% Fib levels.

It's not a very big pin though and the previous congestion could be a problem.

Thanks for any input!
Its risky to take small pins like that on high momentum. Need better prove of bears coming in then that. Price is high, retrace could come anytime but wait for price to slowdown before catching the top.
  • #20,771
  • Feb 8, 2009 2:26pm Feb 8, 2009 2:26pm
This is what I'm looking at on ajpy, because of it, i wouldn't take a 4hr against it.

Weekly Buob
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  • #20,772
  • Feb 8, 2009 3:27pm Feb 8, 2009 3:27pm
Thanks for the tips!
  • #20,773
  • Feb 8, 2009 4:27pm Feb 8, 2009 4:27pm
Hey guys!

I need some help here, I'm short on eur/gbp since Tuesday and now the week opened above my stop loss but the position is still running and it doesn't even let me to move the stop loss or close the position, I know it's off topic but I'm very nervos right now and need some help. Has anyone ever faced the same problem?
  • #20,774
  • Feb 8, 2009 4:50pm Feb 8, 2009 4:50pm
Quoting datogio
Hey guys!

I need some help here, I'm short on eur/gbp since Tuesday and now the week opened above my stop loss but the position is still running and it doesn't even let me to move the stop loss or close the position, I know it's off topic but I'm very nervos right now and need some help. Has anyone ever faced the same problem?

Datogio,
Just to clarify, I show the EUR/GBP at 0.8769/0.8774, which would make you in profit if you entered short on Tuesday. That being said, I would try to 1) cancel the order. If it cancels, you may be able to place a new market order to close or 2)try to call your broker to execute the trade for you...

I have faced the problem before. I cancelled the order and placed a new order and it worked... broker error. Good luck and let us know how you solved the problem.

Edit: PS - what broker are you using? Maybe try closing/reopen software?

Josh
  • #20,775
  • Feb 8, 2009 5:03pm Feb 8, 2009 5:03pm
Quoting datogio
Hey guys!

I need some help here, I'm short on eur/gbp since Tuesday and now the week opened above my stop loss but the position is still running and it doesn't even let me to move the stop loss or close the position, I know it's off topic but I'm very nervos right now and need some help. Has anyone ever faced the same problem?
Sounds like your broker isn't open for business yet hence not being able to move stop etc. If you are very nervous you may want to cut your risk (or demo) in future until you understand the broker hours etc.

regards
fxp
  • #20,776
  • Feb 8, 2009 5:11pm Feb 8, 2009 5:11pm
Quoting Jduester
Datogio,
Just to clarify, I show the EUR/GBP at 0.8769/0.8774, which would make you in profit if you entered short on Tuesday....
Yes I'm in profit I even managed to bank some profit already, but it makes feeling of unsafety, what if I wasn't in profit.

I'm trading with a small broker poltekfx not even sure that you've heard. I'll have to wait because live support is offline at the moment.

Thanks for help my friend

Edit: It passed my stop loss below, maybe it's better to hold the position anyway
  • #20,777
  • Feb 8, 2009 5:19pm Feb 8, 2009 5:19pm
Quoting fxprocessor
Sounds like your broker isn't open for business yet hence not being able to move stop etc. If you are very nervous you may want to cut your risk (or demo) in future until you understand the broker hours etc.

regards
fxp
It's the first time I faced the situation like this, that's what made me nervous.

Thanks for reply
  • #20,778
  • Feb 8, 2009 6:05pm Feb 8, 2009 6:05pm
Strong pin just formed on gbp/jpy H1, can any james16 pros confirm ?

  • #20,779
  • Feb 8, 2009 6:22pm Feb 8, 2009 6:22pm
Quoting pipmyride
Strong pin just formed on gbp/jpy H1, can any james16 pros confirm ?

It might close the gap but don't bet more than a tin of cat food on it. IMHO.
Gone to a better place
  • #20,780
  • Feb 8, 2009 6:46pm Feb 8, 2009 6:46pm
Quoting smikester
It might close the gap but don't bet more than a tin of cat food on it. IMHO.
No - didnt need a quick reply - took a small one on this wish i had taken a larger one - and this 1H is forming a 2nd pin !!
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