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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

  • #22,301
  • Feb 23, 2009 3:47pm Feb 23, 2009 3:47pm
EUR/JPY Daily TF.

Chart 1 shows that price has formed a bear flag - which today tested the upper line of the channel.

Chart 2 shows that it also made a double top.

Chart 3 shows that it also hit the 50% fib of the swing high to low AND formed a pin bar.

I like this setup a lot.

I am mildly wary that USD/JPY has been so strong and today has CONFIRMED the double bottom (by breaking above the peak between) and the EURO/USD is coming into a huge support area.

But still, I think this one is worth a go.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur1.gif Size: 19 KB
Click to Enlarge Name: eur2.gif Size: 18 KB
Click to Enlarge Name: eur3.gif Size: 23 KB
  • #22,302
  • Feb 23, 2009 3:49pm Feb 23, 2009 3:49pm
Quoting cvcamper
Too much traffic for me...
yeah, i'd definitely have to be fast on this one. get those stops to b/e in a jiffy . . .
"Don't trade to trade . . . trade to win." - James16
  • #22,303
  • Feb 23, 2009 4:00pm Feb 23, 2009 4:00pm
Wizard, I am curious what others think, but to me, that looks purrrrfect. Good find I'd probably look for a good entry below 120, and TP in the 117.50 area. I'd then keep a watch and see if theres a possible good breakdown entry to be played as well.

edit: this play seems almost ready to go, but i wonder, is there merit into waiting for a more active market time for entry?
  • #22,304
  • Feb 23, 2009 4:08pm Feb 23, 2009 4:08pm
I intended on taking a retrace entry on swissie but have cancelled order due to the strong dollar today. This bullish bar as per chart is a good enough reason for me to cancel.
Attached Image
  • #22,305
  • Feb 23, 2009 4:09pm Feb 23, 2009 4:09pm
Lvl to watch on e/u.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.GIF Size: 28 KB
  • #22,306
  • Feb 23, 2009 4:11pm Feb 23, 2009 4:11pm
Quoting Flem26
i'm thinking of going for a short based on this daily pin on the euro. thoughts?
ssssssshhh I am in the on the weekly pin,I would like to see some bulls come out and play
  • #22,307
  • Feb 23, 2009 4:13pm Feb 23, 2009 4:13pm
Quoting Greenhaze
Lvl to watch on e/u.
Are you long at all those buy signs?Averaging?
  • #22,308
  • Feb 23, 2009 4:16pm Feb 23, 2009 4:16pm
Quoting jlmac27
ssssssshhh I am in the on the weekly pin,I would like to see some bulls come out and play
"Don't trade to trade . . . trade to win." - James16
  • #22,309
  • Feb 23, 2009 4:23pm Feb 23, 2009 4:23pm
Quoting jlmac27
ssssssshhh I am in the on the weekly pin,I would like to see some bulls come out and play
How so? The weekly pin/bar hasnt closed yet.

Forgive me for eavsdropping on you
  • #22,310
  • Feb 23, 2009 4:27pm Feb 23, 2009 4:27pm
Quoting jlmac27
Are you long at all those buy signs?Averaging?
Yep. I like to avarage in scenarios like that. Overall risk is still the same ;about 2%. If price will start to go up without forming V bottom i'll think about reducing risk closing 1 or 2 positions at breakeven if possible.
  • #22,311
  • Feb 23, 2009 4:29pm Feb 23, 2009 4:29pm
Quoting Jlr

edit: this play seems almost ready to go, but i wonder, is there merit into waiting for a more active market time for entry?
Jlr what do you mean ready to go? The break of the Pin would be around 11900. Still 100 pips to go so will porbably only get there in the Asian session.
  • #22,312
  • Feb 23, 2009 4:32pm Feb 23, 2009 4:32pm
Quoting BWise
How so? The weekly pin/bar hasnt closed yet.

Forgive me for eavsdropping on you
You are not ease dropping my friend.Here is a chart.
Attached Image (click to enlarge)
Click to Enlarge Name: chart2.gif Size: 8 KB
  • #22,313
  • Feb 23, 2009 4:32pm Feb 23, 2009 4:32pm
Quoting BWise
How so? The weekly pin/bar hasnt closed yet.
It has as we´re talking about last weeks pin bar giving a signal on the long side.
  • #22,314
  • Feb 23, 2009 4:35pm Feb 23, 2009 4:35pm
Quoting Greenhaze
Yep. I like to avarage in scenarios like that. Overall risk is still the same ;about 2%. If price will start to go up without forming V bottom i'll think about reducing risk closing 1 or 2 positions at breakeven if possible.
I hear you,
You basically start out with say .5% and if price moves against you come in with more at practical levels?Pretty much knowing from the begining you are in a A+ trade?
  • #22,315
  • Feb 23, 2009 4:39pm Feb 23, 2009 4:39pm
Quoting jlmac27
You are not ease dropping my friend.Here is a chart.
I see. I thought your were refering to the current bar which also looks like a pin bar in the making, to the downside, no?
  • #22,316
  • Feb 23, 2009 4:40pm Feb 23, 2009 4:40pm
Quoting Jlr
Wizard, I am curious what others think, but to me, that looks purrrrfect. Good find I'd probably look for a good entry below 120, and TP in the 117.50 area. I'd then keep a watch and see if theres a possible good breakdown entry to be played as well.

edit: this play seems almost ready to go, but i wonder, is there merit into waiting for a more active market time for entry?
Based on my charts, different time zone... I dont see the same setup at all, lol
Dr. C
  • #22,317
  • Feb 23, 2009 4:43pm Feb 23, 2009 4:43pm
Quoting ljr
Jlr what do you mean ready to go? The break of the Pin would be around 11900. Still 100 pips to go so will porbably only get there in the Asian session.
Its just a place I like to enter, because I can bag a few pips, and hopefully not have to close my position at B/E. Its a pretty big psych level, and also resistance from the ascending triangle breakout. Just something I'm playing with, not advising.
  • #22,318
  • Feb 23, 2009 4:46pm Feb 23, 2009 4:46pm
Quoting cvcamper
I am thinking of Shorting USD/JPY here.... looks to have made a double top... any thoughts from the vets?
Damn my SL for +3 was hit to the PIP..... If only I had it back a little more...
Dr. C
  • #22,319
  • Feb 23, 2009 4:48pm Feb 23, 2009 4:48pm
Quoting Jlr
Its just a place I like to enter, because I can bag a few pips, and hopefully not have to close my position at B/E. Its a pretty big psych level, and also resistance from the ascending triangle breakout. Just something I'm playing with, not advising.

OK got you. You are looking for an earlier entry.
  • #22,320
  • Feb 23, 2009 5:04pm Feb 23, 2009 5:04pm
Quoting cvcamper
Damn my SL for +3 was hit to the PIP..... If only I had it back a little more...
USD/JPY?
Chart?
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