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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

  • #20,821
  • Feb 9, 2009 12:16pm Feb 9, 2009 12:16pm
Quoting Jigsaw


Lucky to have gotten in on this one too ! My GOD FORSAKEN INTERNET CONNECTION (!!!) has been acting up lately ! No gap trading for me last night

Lol I do not know what to think of the guy looking for a J16 member to trade his account . . .
Was just wondering where u were last night when i didnt get to see u in the forum chat.

Well, anyway will catch up with you next weekend chat.

Take care,
  • #20,822
  • Feb 9, 2009 12:22pm Feb 9, 2009 12:22pm
Hi guys,

What's to you think of this dialy dbhlc on AudNzd? looks like just broke 50% and 23% fibo line. I'm still new would like to hear your thoughts.

thanks in advance
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  • #20,823
  • Feb 9, 2009 12:37pm Feb 9, 2009 12:37pm
Quoting unlv_tj
Ghous,Who do you use as your broker to get some of these sort of odd pairs?I can see them through my broker of Oanda, but I don't like their charting very much.

this might be an 'odd' pair..

Introducing the Polish Zloty... no offence intended to the Poles.


Pa still works here too...
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  • #20,824
  • Feb 9, 2009 12:41pm Feb 9, 2009 12:41pm
Quoting fxsheep
Hi guys,

What's to you think of this dialy dbhlc on AudNzd? looks like just broke 50% and 23% fibo line. I'm still new would like to hear your thoughts.

thanks in advance
Hi there fxsheep...
I don't have it on my daily Aud/Nzd chart..with such difference between the tops..I'm quite hesitant to enter it...

Plus we still have plenty of times before the daily bar closes...

Although we're on a sideway consolidation for some time it might be a good time to have some breakout either to the downside or upside..

That's my view on Aud/Nzd
Hope it helps

Regards
  • #20,825
  • Feb 9, 2009 12:41pm Feb 9, 2009 12:41pm
Quoting fxsheep
Hi guys,

What's to you think of this dialy dbhlc on AudNzd? looks like just broke 50% and 23% fibo line. I'm still new would like to hear your thoughts.

thanks in advance
I'll give it good marks on the overall look...

Location's fine IMO as it's nicely off the 1.275, the last few dailies have had a tough time tryying to break through this hence looking in this context the logic of that DBHLC is pretty valid.

Space sucks IMO! Zoom out on the weekly and 1.24 looks like a good region of support for price, we had a double top back in 2006 and some more resistance in May 2008.

Taking a conservative entry and playing a proper break of the DBHLC should end up in a trade running straight into this important price level...

To conclude Fxsheep well done on spotting one of the most rare PA formations on a pair not amongst the majors, BUt like all good businessmen we're good thinkers and will analyse a situation on pure merit with all the reasoning and a proper risk/reward judgement of an action, is'nt it?

Regards,
Ghous.
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I believe . . .
  • #20,826
  • Feb 9, 2009 12:42pm Feb 9, 2009 12:42pm
Quoting fxsheep
Hi guys,

What's to you think of this dialy dbhlc on AudNzd? looks like just broke 50% and 23% fibo line. I'm still new would like to hear your thoughts.

thanks in advance
I like it, it reminds me a bit of my EURUSD trade today, because if it closes as it does now, it is still going to have to face the support at 1.25.

Eventhough this is a cross pair and the effect of the psychological level is diminished (In my view) it still would worry me.

Have a look at the weekly chart, we are still dinging around inside a Pin bar that has not broken either way from 3 weeks ago. Meaning I would still have bearish bias on this pair.

I would not take the trade directly as it runs into the Psych level before a 1:1 risk to reward ratio . I would try and catch it on the re-trace tomorrow. If I did take it directly, I would be watchin the 1.25 level like a hawk.

That is just how Jigsaw plays them mind . . .

I don't trade this pair that often either . . As most of the time it's charts look like two hedgehogs fighting with all the wicks all over the place
  • #20,827
  • Feb 9, 2009 12:45pm Feb 9, 2009 12:45pm
Quoting rustyjeff
this might be an 'odd' pair..

Introducing the Polish Zloty... no offence intended to the Poles.


Pa still works here too...
Daaaaamn that is a mighty fine looking pin bar

What's the spread like on that bad boy ?

EDIT :

Quoting sri
Was just wondering where u were last night when i didnt get to see u in the forum chat.

Well, anyway will catch up with you next weekend chat.

Take care,
Sup bro ?

Yeah it sucked, catch you next week anyway

Regards
Jig
  • #20,828
  • Feb 9, 2009 12:46pm Feb 9, 2009 12:46pm
Quoting rustyjeff
this might be an 'odd' pair..

Introducing the Polish Zloty... no offence intended to the Poles.


Pa still works here too...
Lol Jeff

Oh and BTW congrats on a pure break of the pin bar there, you probably missed an entry near the high of that bar is it?
I believe . . .
  • #20,829
  • Feb 9, 2009 12:48pm Feb 9, 2009 12:48pm
Quoting Jigsaw
Daaaaamn that is a mighty fine looking pin bar

What's the spread like on that bad boy ?

about 100 during liquid times.
now this is trading.. puts some of the other so called exotics to shame.

but the pin just screams " i dare you to trade me"....
  • #20,830
  • Feb 9, 2009 12:51pm Feb 9, 2009 12:51pm
Quoting Jigsaw
Daaaaamn that is a mighty fine looking pin bar

What's the spread like on that bad boy ?
...

My Clock's gone Bonkers perhaps...

or perhaps it's the 4 dec 5 dec dilema thingie...
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I believe . . .
  • #20,831
  • Feb 9, 2009 12:53pm Feb 9, 2009 12:53pm
Quoting rustyjeff
about 100 during liquid times.
now this is trading.. puts some of the other so called exotics to shame.

but the pin just screams " i dare you to trade me"....
ah well...You and Rac are unbelievable at times...lol!
I believe . . .
  • #20,832
  • Feb 9, 2009 12:54pm Feb 9, 2009 12:54pm
Quoting rustyjeff
about 100 during liquid times.
now this is trading.. puts some of the other so called exotics to shame.

but the pin just screams " i dare you to trade me"....
, during liquid times . . .

It brings the phrase- "come and have a go if you think you are hard enough" to mind.
  • #20,833
  • Feb 9, 2009 12:57pm Feb 9, 2009 12:57pm
Quoting ghous
Lol Jeff

Oh and BTW congrats on a pure break of the pin bar there, you probably missed an entry near the high of that bar is it?
nope. I only look at these kinds of pairs at the end of day/week/month to find good looking pa @ a ppz & play'em straight. the blue line is where i'm looking to take some off & manage stops.
Of course I will try to leave some on the table for as long as I can as the potential for a nice move is there to maybe 3.1400
  • #20,834
  • Feb 9, 2009 1:00pm Feb 9, 2009 1:00pm
What do you guys think about weekly BUOVB on AUD/USD? the only reason not to trade is it's counter trend in my opinion, any comments?
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  • #20,835
  • Feb 9, 2009 1:04pm Feb 9, 2009 1:04pm
Quoting datogio
What do you guys think about weekly BUOVB on AUD/USD? the only reason not to trade is it's counter trend in my opinion, any comments?
I am watching it as a daily trendline breakout trade...The BUoB on the weekly is good but the 0.677 ppz just over it made me stay out of a pure break of a BUOB trade...It's on the watchlist

Regards,
Ghous.
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I believe . . .
  • #20,836
  • Feb 9, 2009 1:07pm Feb 9, 2009 1:07pm
Quoting ghous
I'll give it good marks on the overall look...

Location's fine IMO as it's nicely off the 1.275, the last few dailies have had a tough time tryying to break through this hence looking in this context the logic of that DBHLC is pretty valid.

Space sucks IMO! Zoom out on the weekly and 1.24 looks like a good region of support for price, we had a double top back in 2006 and some more resistance in May 2008.

Taking a conservative entry and playing a proper break of the DBHLC should end up in a trade running straight into this important price...
Thanks for the analysis! When looking at s/r levels, how far back would you go? you mentioned 2006, that's a while ago.

thanks again,
Fxsheep
  • #20,837
  • Feb 9, 2009 1:14pm Feb 9, 2009 1:14pm
Quoting Jigsaw
I like it, it reminds me a bit of my EURUSD trade today, because if it closes as it does now, it is still going to have to face the support at 1.25.

Eventhough this is a cross pair and the effect of the psychological level is diminished (In my view) it still would worry me.

Have a look at the weekly chart, we are still dinging around inside a Pin bar that has not broken either way from 3 weeks ago. Meaning I would still have bearish bias on this pair.

I would not take the trade directly as it runs into the Psych level before a 1:1 risk to...
Thank you for your thoughts on this!
Fxsheep
  • #20,838
  • Feb 9, 2009 1:15pm Feb 9, 2009 1:15pm
Quoting ghous
...

My Clock's gone Bonkers perhaps...

or perhaps it's the 4 dec 5 dec dilema thingie...
remember spread is just relative to the size these types of pairs move in a day. They end up being not much different then any other pair. You just position size and everything is the same.

Mike
  • #20,839
  • Feb 9, 2009 1:15pm Feb 9, 2009 1:15pm
Quoting fxsheep
Thanks for the analysis! When looking at s/r levels, how far back would you go? you mentioned 2006, that's a while ago.

thanks again,
Fxsheep
I really don't look at it like this...infact my eyes will rarely ever visit the horizontal axis of my mt4 window.

All I know is that since the highest time frame I am looking at mostly is the weekly I have my eyes on enough data to successfully trade on the weekly and any tf lower than the weekly.

Regards,
Ghous.
I believe . . .
  • #20,840
  • Feb 9, 2009 1:18pm Feb 9, 2009 1:18pm
Quoting mbqb11
remember spread is just relative to the size these types of pairs move in a day. They end up being not much different then any other pair. You just position size and everything is the same.

Mike
That's right but at the end of the day there is a difference between say "30 pip SL and a 60 pip tp" and a "300 pip SL and a 600 pip tp" it has a close link with your account size and risk appetite, risk/reward is'nt everything...
I believe . . .
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