james16 Chart Thread | Page 1102 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #22,021
  • Feb 20, 2009 5:22am Feb 20, 2009 5:22am
Quoting Chris P
Although we have Yen pairs making PB's all across the board, I prefer to pick my best looking chart and go with that. I didn't register clear levels that some of the charts were forming the bars off, although the confluence between them was pleasing. For me, the best looking setup, and the one I'm in on, is the audjpy. After a gap down on Monday we have broken up back through the 60.00 round number (also a ppz) and have now come back to retest it and formed a PB off this level. Green lights to trade!

Areas of S/R are marked off on the chart.
Which one woud you rate as the worst Chris??

For me it's the nzd/jpy...

Lovely pin bar great shape long nose but unfortunately heading straight for a major ppz area around 47.6. Note also that it's contradicting the daily pin bar. Higher the tf higher the significance of a PA bar.

Regards,
Ghous.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdjpy 4h.gif Size: 11 KB
Click to Enlarge Name: nzdjpy daily.gif Size: 11 KB
I believe . . .
  • #22,022
  • Feb 20, 2009 5:31am Feb 20, 2009 5:31am
Quoting Swampy
Hey Ghous, you don't have a problem with taking all those different yen cross trades?

I mean wouldn't it be better to pick the best out of the 3?

Thanks!
You sure can Swampy and you should if your MM won't allow you to go for all sweet setups, this is what will distinguish you from a trader that goes bizzare when he sees the number of pin bars around and decides to take his account at a level he initially planned to be accomplished over months.

Trading very small lots gives me the added advantage of having to take multiple valid setups without having to exceed my MM qouta
I believe . . .
  • #22,023
  • Feb 20, 2009 5:42am Feb 20, 2009 5:42am
Im took this au pb at 4h , pb at suport, good looking pb , but have 400 rd as barrier, look like now already broken.

My entry at 50% retrace after the pb break up took out some lot at 1:1, still have lot which i wil tp at ppz above. is that a good tp area?
http://clip2net.com/clip/m11297/1235129898-clip-9kb.png
  • #22,024
  • Feb 20, 2009 5:44am Feb 20, 2009 5:44am
Quoting Jduester
For me, a newbie, I will wait for a convincing breakout, followed by a retracement with it proving to turn R into S... See chart.

I don't know how realistically this will play out on a daily chart though.

For the time being (Ie, until I get some good experience), I think playing the retrace after a breakout will be how I play them...

Josh
This has given me some confidence, as a newbie. And all it took was me handcuffing my trigger finger away from the mouse for a few extra days...Patience. Thanks James16, Bundy, Jarroo, Mike, SL, Rac, and again, everyone I miss. You guys have shown me (us) the light to success.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF 022009_2.GIF Size: 46 KB
Attached Image
  • #22,025
  • Feb 20, 2009 5:46am Feb 20, 2009 5:46am
Quoting ghous
You sure can Swampy and you should if your MM won't allow you to go for all sweet setups, this is what will distinguish you from a trader that goes bizzare when he sees the number of pin bars around and decides to take his account at a level he initially planned to be accomplished over months.

Trading very small lots gives me the added advantage of having to take multiple valid setups without having to exceed my MM qouta
Hi Ghous,

Thx for all the great posts.

I was thinking the same thing as Swampy above. Just to clarify how I see it. By taking 3 JPY crosses with small lots is it not as risky as taking a large lot on a single JPY currency pair. Do we not expect the 3 pairs to behave more or less similarly. If this is the case, you are now stuck with 3 trades, of which a spread would be paid on each of the 3 trades and you have approximately the same risk as you would (well not exactly) on a single trade.

I'm still learning, so not sure if the above makes sense. But it's just something I thought made sense.

I've taken the approach of choosing the best trade out of the JPY currrency pairs if there are a couple oppurtunities.

Please advise.

Thanks
MM
  • #22,026
  • Feb 20, 2009 5:50am Feb 20, 2009 5:50am
Quoting Jduester
This has given me some confidence, as a newbie. And all it took was me handcuffing my trigger finger away from the mouse for a few extra days...Patience. Thanks James16, Bundy, Jarroo, Mike, SL, Rac, and again, everyone I miss. You guys have shown me (us) the light to success.

Josh
Nice one, be careful of a false break on that one though. It's a rising wedge and suggests a move down (notorious for false breaks up). Keep a close eye on your profits!
  • #22,027
  • Feb 20, 2009 5:56am Feb 20, 2009 5:56am
Quoting poplar
Im took this au pb at 4h , pb at suport, good looking pb , but have 400 rd as barrier, look like now already broken.

My entry at 50% retrace after the pb break up took out some lot at 1:1, still have lot which i wil tp at ppz above. is that a good tp area?
http://clip2net.com/clip/m11297/1235129898-clip-9kb.png
Hope that works out well for you, good positioning and a gap to close in your favour. AU has been hanging on support for a few days now, might be in for nice ride up!
  • #22,028
  • Feb 20, 2009 6:07am Feb 20, 2009 6:07am
Quoting ghous
Which one woud you rate as the worst Chris??

For me it's the nzd/jpy...

Lovely pin bar great shape long nose but unfortunately heading straight for a major ppz area around 47.6. Note also that it's contradicting the daily pin bar. Higher the tf higher the significance of a PA bar.

Regards,
Ghous.
Out of all the Yen pairs, definitely the nzdjpy. As you pointed out, there was a daily PB off a PPZ. Not enough factors to trade that PA IMO, but enough to keep from going back against it.

Out of the 3 trades you're in on, my favourite is the gbpjpy, for the reasons that the bar closed above 134.00 and it has some space to run until it finds resistance. For the eujpy and cadjpy I've attached my charts which show the areas where I'd expect price to stall. Being that it's a Friday I tend to be a bit more conservative on the trades I take. But here's hoping they all make a bolt through the stable doors!

Best
Chris
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy 4h 200209.gif Size: 28 KB
Click to Enlarge Name: cadjpy 4h 200209.gif Size: 22 KB
  • #22,029
  • Feb 20, 2009 6:12am Feb 20, 2009 6:12am
Quoting poplar
hi all just trade this nu ob last night before i go to sleep. look like it's ob break ppz trade. My entry at the break of ob, already take first lot at bottom ppz/support (green line 5064), this trade not 1:1 r:r though and know 2nd lot is be will tp at 5010 before round number.
any opinion/comment about this trade and about my 2nd tp is that good?
Nice trade poplar

I was in on this swing as well, although with a different entry. IMO you were correct in the positioning of your 1st TP as well. Always better to be conservative with your initial targets and get some off the table, with stop at BE, rather than trying to shoot for the stars with the full trade size. At least that's how I trade, others may have their own way.

Best
Chris
  • #22,030
  • Feb 20, 2009 6:17am Feb 20, 2009 6:17am
Quoting ghous
First group of live trades in 12 days
ghous,

I'm with you on g/j. enterd at 134.14 and stop was at 133.50 just below left eye. now stop is trailing 45p. TP at 135.40.

Thanks to J16 i learn to identify the target and wait... great weekend to all.
  • #22,031
  • Feb 20, 2009 6:19am Feb 20, 2009 6:19am
Quoting ghous
Which one woud you rate as the worst Chris??

For me it's the nzd/jpy...

Lovely pin bar great shape long nose but unfortunately heading straight for a major ppz area around 47.6. Note also that it's contradicting the daily pin bar. Higher the tf higher the significance of a PA bar.

Regards,
Ghous.

Hope you right, I got daily PB short. When to sleep an never touched my TP1 (46.0).

I hope that resistence can hold it to go south.
  • #22,032
  • Feb 20, 2009 6:21am Feb 20, 2009 6:21am
yes i hope so to nuckingfuts the movement rather slow though.

thx Christ P for your comment on nu, got stop out with my last lot when i see that pb up i move the sl at break of pb.. For jpy pair trade i choose ej because gj sl look like to big for me.
http://clip2net.com/clip/m11297/1235131889-clip-8kb.png
  • #22,033
  • Feb 20, 2009 6:26am Feb 20, 2009 6:26am
Quoting ghous
First group of live trades in 12 days
Patience Pays. Nice job ghous and all who spotted these PA setups.

A great confirmation (for me) is how Price reacts after the break of our setup. Meaning it has to break on the next bar (candle) and it has to break hard and robustly. It it doesn't do any of this, you may give it a chance for a while if it doesn't happen then get out. (I've been working on this confirmation with "B" trades . . . don't tell anyone.)

Good example is the Hourly PB on Usd/Gbp this morning.

We have our PB at swing Low (not the lowest of the Lows), faily good PPZ at a round number of 1.4200. Now look at the break on the next bar. It went over 50 pips in 5 mintues. Where else did Price do that? Nowhere else but our PA setup. A buy stop just above that PB was not a bad idea for me to take.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #22,034
  • Feb 20, 2009 6:30am Feb 20, 2009 6:30am
Quoting jarroo
Patience Pays. Nice job ghous and all who spotted these PA setups.

A great confirmation (for me) is how Pice reacts after the break of our setup. Meaning it has to break on the next bar (candle) and it has to break hard and robustly. It it doesn't do any of this, you may give it a chance for a while if it doesn't happen then get out. (I've been working on this confirmation with "B" trades . . . do tell anyone.)

Good example is the Hourly PB on Usd/Gbp this morning.

We have our PB at swing Low (not the lowest of the Lows),...
Jarroo, I woke up about an hour too late for this cable set up, but I love these. One hour pin bar at rejection of previous day's highs or lows. They happen often and are usually quite generous. In my testing, they qualify as A-/B+ trades...only because they're done on the 1 hour timeframe. They're A- when the prev hi/low lines up with solid sup/res. B+ when its just prev day.
  • #22,035
  • Feb 20, 2009 6:33am Feb 20, 2009 6:33am
Quoting Life of Pi_p
Jarroo, I woke up about an hour too late for this cable set up, but I love these. One hour pin bar at rejection of previous day's highs or lows. They happen often and are usually quite generous. In my testing, they qualify as A-/B+ trades...only because they're done on the 1 hour timeframe. They're A- when the prev hi/low lines up with solid sup/res. B+ when its just prev day.
I like those quaifiers Life Pip.
Indicators show the past. Price Action "Indicates" the future.
  • #22,036
  • Feb 20, 2009 6:35am Feb 20, 2009 6:35am
I'd also add that Cable had retraced about 300 pips off yesterday's highs and was probably exhausted at that point. Just something else I like to throw into the mix to guide a trade set up
  • #22,037
  • Feb 20, 2009 6:45am Feb 20, 2009 6:45am
For those that trade the 1 hour charts this is shaping up to be a nice pinbar at a good location.
Attached Image
"Whether you think you can or can't, you're right." Henry Ford
  • #22,038
  • Feb 20, 2009 6:48am Feb 20, 2009 6:48am
Quoting Scot Pippin'
For those that trade the 1 hour charts this is shaping up to be a nice pinbar at a good location.
It is also a good confirmation that Price will continue moving long if it doesn't break that PB. (If it forms)
Indicators show the past. Price Action "Indicates" the future.
  • #22,039
  • Feb 20, 2009 6:50am Feb 20, 2009 6:50am
So Caution is the word?
"Whether you think you can or can't, you're right." Henry Ford
  • #22,040
  • Feb 20, 2009 6:59am Feb 20, 2009 6:59am
Quoting jarroo
It is also a good confirmation that Price will continue moving long if it doesn't break that PB. (If it forms)
Broadly speaking, I've noticed this a few times on charts where PB's have formed against a trend. I've not noted them down enough, or tested them to be sure of this, but definitely something that I'm looking into further. If we get a PB against a trend, and that PB breaks in the opposite direction; ie doesn't confirm as a PB but breaks the tail instead; it's a good signal for the continuation of the trend. Can this be played as a reverse PB formation? More testing will tell...

PS. I did have a breakout trade on usdjpy that was taken off a BUOB, but had a reversal PB trade setup on the previous bar... interesting

Best
Chris
376 traders viewing now