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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

  • #31,621
  • May 30, 2009 11:21am May 30, 2009 11:21am
I liked the way the months candle closed the bears are most definitely in charge at this point from my perspective. Price was rejected hard at 97 splitten the 50&61.8 on monthly fib. I will be lookin for a short entry at 96 if it will retrace a bit to start off the week, if you pull a fib on the day candle the 61.8 retrace is @ 96.16 and the monthly 38 fib is there too and a round number.This should be a good month I really dont see why this pair shouldnt drop a 1000pips here very soon everthing seems to be in place. I know some others here are long on this pair would love to see a chart and explanation as to why?Thats the beauty of an open forum to get different views. Shortin the hell out this pair should start summer real nicehttp://www.forexfactory.com/images/icons/icon6.gif
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  • #31,622
  • May 30, 2009 12:49pm May 30, 2009 12:49pm
Quoting albchr
Thanks buddy....

Well I have to get to some wood carving now. Have a few orders for some custom carved signs and plaques.

Have a great weekend everyone and I sure hope to see some more of your stress relief Ghous...LOL
Wood carving....sounds interesting Chris,

I've got quite some stress to spend out here lol! But won't be here all that often, as long as the exams are still in progress and that stretches out to the end of June,

C ya Chris,

Regards,
Ghous.
I believe . . .
  • #31,623
  • May 30, 2009 4:54pm May 30, 2009 4:54pm
I would like to welcome you as well. I will be skipping this one as the nose is too short. It pays to be picky. Good PBs have long noses. Looks like a great area for a PA setup though and could get a good one yet.

Scott

Quoting triger88990
Hey ghous

thanks for your welcoming and thank you for your appreciative compliments

wish you the best!!
  • #31,624
  • May 30, 2009 9:38pm May 30, 2009 9:38pm
Anybody else looking at the potential Weekly PB on EURGBP? Looks to me like it is at 50 fib, resistance area, possible swing low and should have space to run to at least 0.9000 and if it clears that to .9400-.9500. Friday daily bar was an "undecided" bar so maybe won't break long but if it doesn't, then probably no entry.

I have just changed to Prorealtime charts so hope the upload works.

Am I analyzing this correctly?
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"Money is easy to make, but hard to keep" - FWV 1975
  • #31,625
  • May 30, 2009 11:00pm May 30, 2009 11:00pm
Quoting bjohn34
Anybody else looking at the potential Weekly PB on EURGBP? Looks to me like it is at 50 fib, resistance area, possible swing low and should have space to run to at least 0.9000 and if it clears that to .9400-.9500. Friday daily bar was an "undecided" bar so maybe won't break long but if it doesn't, then probably no entry.

I have just changed to Prorealtime charts so hope the upload works.

Am I analyzing this correctly?

Yes, I feel that you are correct in your analysis. I think that it's a great spot for a pinbar.

There is only one thing that makes me a touch "iffy" on this, and that's the fact we keep making lower highs. It just look like it's running out of steam.

Truth be told, this bar breaks north - I will be long. Even with that lower highs.....

Manage your risk, let the rest work itself out.
  • #31,626
  • May 30, 2009 11:13pm May 30, 2009 11:13pm
Quoting bjohn34
Anybody else looking at the potential Weekly PB on EURGBP? Looks to me like it is at 50 fib, resistance area, possible swing low and should have space to run to at least 0.9000 and if it clears that to .9400-.9500. Friday daily bar was an "undecided" bar so maybe won't break long but if it doesn't, then probably no entry.

I have just changed to Prorealtime charts so hope the upload works.

Am I analyzing this correctly?
Seems like lots of traffic. If I take it I would move my stop to BE really quick. I'm a newb though so don't take it for what its worth.
  • #31,627
  • May 31, 2009 12:42am May 31, 2009 12:42am
Quoting Denarii
Seems like lots of traffic. If I take it I would move my stop to BE really quick. I'm a newb though so don't take it for what its worth.
You can always find some bars to the left of the PB. Go to links below and tell me if u see any traffic to the left. Do you think that couple of bars matter if location is good?
http://www.forexfactory.com/showpost...ostcount=30820
http://www.forexfactory.com/showpost...ostcount=30821
  • #31,628
  • May 31, 2009 2:33am May 31, 2009 2:33am
Quoting bjohn34
Anybody else looking at the potential Weekly PB on EURGBP? Looks to me like it is at 50 fib, resistance area, possible swing low and should have space to run to at least 0.9000 and if it clears that to .9400-.9500. Friday daily bar was an "undecided" bar so maybe won't break long but if it doesn't, then probably no entry.

I have just changed to Prorealtime charts so hope the upload works.

Am I analyzing this correctly?
hi bjohn,for what its worth, i like the location and the bulish divergence on the daily TF, but i dont like the bar shape.too short a nose and the close is below the previous bars close(in fact it is only just in the shadow). there may well be a reversal/retrace but this bar doesnt show it as obvious to me. There may be a better confirmation bar on the daily TF to get on board??
also look out for the .8850-.8900 level which i have as a PPZ on my chart.
hope this helps
jon
PATIENCE... DISCIPLINE
  • #31,629
  • May 31, 2009 5:10am May 31, 2009 5:10am
Hey traders,

this is another A+ Pin bar trade with possible 150-200pips
have a blessed weekend
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  • #31,630
  • May 31, 2009 6:40am May 31, 2009 6:40am
Quote
Hey traders,

this is another A+ Pin bar trade with possible 150-200pips
have a blessed weekend

Hey Naijafx,

Here is my wiev of this pair GJ,I'm thinking to go long on this pair.I checked my chart provided by FXPro and it seems to look at my like a doji,an indecision candel.If you look at da weekly chart you will see that this weekend candel have open and close above the 150.00 area that was a good resistant.
I think that in the long run the price will test the 165.00 resistent,this will be possible in 1-2 months.But if your target is to go short only to grab 100-150 pips it may works.
I'm looking for PA to go long, only!
I don't know if my interpretation of the market it is profesional in this stage,I'm learning to do this in a professional way

Have a blessed weekend too!!!
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  • #31,631
  • May 31, 2009 8:24am May 31, 2009 8:24am
This works on any timeframe. No signal for me to enter, but it is very nice to see.

Resistance. Breakout. Retest of the Resistance level. Holds. Proves the switch, "Old Resistance becomes new Support".

Josh
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  • #31,632
  • May 31, 2009 9:23am May 31, 2009 9:23am
Quoting Jduester
This works on any timeframe. No signal for me to enter, but it is very nice to see.

Resistance. Breakout. Retest of the Resistance level. Holds. Proves the switch, "Old Resistance becomes new Support".

Josh


PA rocks!
I believe . . .
  • #31,633
  • May 31, 2009 9:32am May 31, 2009 9:32am
Quoting Jduester
This works on any timeframe. No signal for me to enter, but it is very nice to see.

Resistance. Breakout. Retest of the Resistance level. Holds. Proves the switch, "Old Resistance becomes new Support".

Josh
I have my "touch entry" sell orders waiting at 1435...some PA at this level would be a treat
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I believe . . .
  • #31,634
  • May 31, 2009 9:46am May 31, 2009 9:46am
Quoting Naijafx
Hey traders,

this is another A+ Pin bar trade with possible 150-200pips
have a blessed weekend
Not A+ as such Naija...

The nose is pretty short and as tiger pointed out it's got more of a "doji" look than a decent looking pin bar...

location is pretty valid though with the pin forming at 154, it's got space too, should it run...150's a good target...

All the best.
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I believe . . .
  • #31,635
  • May 31, 2009 9:56am May 31, 2009 9:56am
Quoting triger88990
Hey Naijafx,

Here is my wiev of this pair GJ,I'm thinking to go long on this pair.I checked my chart provided by FXPro and it seems to look at my like a doji,an indecision candel.If you look at da weekly chart you will see that this weekend candel have open and close above the 150.00 area that was a good resistant.
I think that in the long run the price will test the 165.00 resistent,this will be possible in 1-2 months.But if your target is to go short only to grab 100-150 pips it may works.
I'm looking for PA to go long, only!
I don't know if...

Well here is my go at it....if you take a look at the gbpjpy we have come to an area that could inject higher timeframe bearish sentiment from the weekly since its now a bargain for them to invest for longer term trades.If you measure last years high to this years low we have now come to a 38.2 fibb coming down, this does not mean I am bearish bias it just means that if I take long position once a retracement takes place the bounce I am expecing can be reversed, so I have to be more alert as a trader in not lossing since I know we can get some bitt of wipsaw untill one new bias dominates . Personally for me the short from fridays close or break is not showing full control of the bears as well as the amount of pips in risk are preety high for the reward, and if you go to a smaller timeframe to time the longer timeframe you clearly see why we dont have full controls of the bears yet by seing a double bottom. This is why I would be carefull with the short from this price action but I do believe it will come down a bitt but I prefer missing the move if it takes place since this price action is not solid for my taste I would just wait for a retest of the breakout and take the long and just manage your long very carefully for the previous reasons.

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  • #31,636
  • May 31, 2009 10:33am May 31, 2009 10:33am
I thought the same thing when I saw Jim's charts, you could easily point out reasons not to take those trades based on prior bar lows/highs. Jim doesn't seem to care about prior consolidation whereas Mike will look at that.

I guess this just goes to show that you could trade this method in hundreds of variations, based on what set-ups you take, stop and TP levels you use. So you can easily be profitable as well as a losing trader with the same general method.


Quoting alter
You can always find some bars to the left of the PB. Go to links below and tell me if u see any traffic to the left. Do you think that couple of bars matter if location is good?
http://www.forexfactory.com/showpost...ostcount=30820
http://www.forexfactory.com/showpost...ostcount=30821
  • #31,637
  • May 31, 2009 10:57am May 31, 2009 10:57am
I wanted to add something here about the minimum requirements based on my own experience.

Daily and weekly forex trading as we do here is a low frequency trading strategy especially if we are super picky like we're taught. Mbqb11 for example had his last daily/weekly forex trade around 6 weeks ago (can't remember if you posted that here or PF Mike and if you want me to edit to remove it I will).

Think about that for a moment. If you're trying to trade like Mike and be super picky (an admirable objective) and you don't get a daily/weekly trade in over six weeks, and at the same time you're trying to fulfill James16's 3 months minimum requirements on demo... then there is a real danger that you're putting undue pressure on yourself.

After all, Mike has losers too. No such thing as a 100% win strategy in forex. So what if his next trade is a loser and there aren't any for another 3 weeks. A losing month right? And back to the drawing board for the minimum requirements.

I post this because I had a loser on the AUDUSD BEOB that a lot of people took, then I went on vacation for a while and came back thinking "Okay, 3 more weeks to make the loser up and get a profitable month to go live". That's dangerous thinking IMO. It's not the way I'd trade live, and it puts undue pressure on taking iffy trades. What if no trades appear and I am picky? Back for another 3 months demo? I think it's madness to put myself under that kind of pressure. I have belief in the way I trade and am confident of my edge over time. Putting pressure on myself for the next one to be a winner can only end in tears.

I think my answer is to take my full 6 months demo results as a whole, and to also factor my hundreds of backtested forextester trades into the picture. And when I do go live, as suggested I will have a small percentage of my full capital to trade with and will build up from there.

It's just a thought because daily and weekly forex can often provide 1 or 2 trades a month and losers do happen. I'm curious to hear your experiences.

Good luck this week everyone. Lots of pairs at very interesting levels.
  • #31,638
  • May 31, 2009 11:02am May 31, 2009 11:02am
Quote
Hey Naijafx,...
Nice contributions guyz........................ 150-200pips is easy and safe grab anyway. Thanks
  • #31,639
  • May 31, 2009 11:11am May 31, 2009 11:11am
Quoting Shermenator
Well here is my go at it....if you take a look at the gbpjpy we have come to an area that could inject higher timeframe bearish sentiment from the weekly since its now a bargain for them to invest for longer term trades.If you measure last years high to this years low we have now come to a 38.2 fibb coming down, this does not mean I am bearish bias it just means that if I take long position once a retracement takes place the bounce I am expecing can be reversed, so I have to be more alert as a trader in not lossing since I know we can get some bitt...
hi shermenator
What type of fibo. are those?
  • #31,640
  • May 31, 2009 11:12am May 31, 2009 11:12am
Quoting gorubin
I thought the same thing when I saw Jim's charts, you could easily point out reasons not to take those trades based on prior bar lows/highs. Jim doesn't seem to care about prior consolidation whereas Mike will look at that.

I guess this just goes to show that you could trade this method in hundreds of variations, based on what set-ups you take, stop and TP levels you use. So you can easily be profitable as well as a losing trader with the same general method.
It really is just experience and ones personal trading method. The problem people run into, is trying to find a one size fits all for every trade without understanding the dynamics that each individual trade presents. Over time the concepts become much more clear then they can ever be early on.


Best
Mike
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