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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

  • #31,741
  • Jun 1, 2009 6:21am Jun 1, 2009 6:21am
Quoting albchr
I've been watching this also. The 150 ema is also in an "interesting" location...
Those emas could provide some convergence, and there maybe some MACD divergence with some PA confluence.
I guess I am a poet.
Indicators show the past. Price Action "Indicates" the future.
  • #31,742
  • Jun 1, 2009 6:33am Jun 1, 2009 6:33am
Quoting Shermenator
Alright I am now short in this pair...

Attachment

Just curious sherm, what's your target? I've been waiting for the 4H to close (8:00 EST for me) but I like it off the 6400 number on the 1H.
Ghost Rider - WWTBMD?
  • #31,743
  • Jun 1, 2009 6:40am Jun 1, 2009 6:40am
Quoting albchr
Just curious sherm, what's your target? I've been waiting for the 4H to close (8:00 EST for me) but I like it off the 6400 number on the 1H.

I am seeking the 6550 area for now but I adjust my target depending on how the market evolves, as of right now I want to see control of the bears so I will watch price action as it travels down carefully and move stop to break even when price indicates to do so or I consider safe of being caught in the range

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 26 KB
  • #31,744
  • Jun 1, 2009 6:43am Jun 1, 2009 6:43am
Quoting eswap0
Will audchf break 365 EMA or make a triple top?
Nice divergence, no FIB though.
A great location eswap0. Bearish PA on the Daily with that divergence looks good.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #31,745
  • Jun 1, 2009 6:44am Jun 1, 2009 6:44am
We should start creating some panick in the market to the people long and hopefully make them start selling to protect profits...if this takes place we should pick up speed...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 26 KB
  • #31,746
  • Jun 1, 2009 6:50am Jun 1, 2009 6:50am
I am currently watching price action in the eurusd and the audusd ...if those 2 pairs start hitting levels of support and the gbpusd is not picking up speed I will reduce the risk in my trade since then It will mean I choose the wrong horse but the right direction. We might have a stronger gbp against dollar at the moment
  • #31,747
  • Jun 1, 2009 6:52am Jun 1, 2009 6:52am
Quoting Shermenator
I am seeking the 6550 area for now but I adjust my target depending on how the market evolves, as of right now I want to see control of the bears so I will watch price action as it travels down carefully and move stop to break even when price indicates to do so or I consider safe of being caught in the range

Attachment

6550?? and here I thought you were selling....LOL Only kidding.

I'm looking at the 6280ish area myself.
Ghost Rider - WWTBMD?
  • #31,748
  • Jun 1, 2009 6:53am Jun 1, 2009 6:53am
Quoting Shermenator
We should start creating some panick in the market to the people long and hopefully make them start selling to protect profits...if this takes place we should pick up speed...

Attachment
We?

Could we...

We're silly cubicle ants on the dinner table...
I believe . . .
  • #31,749
  • Jun 1, 2009 6:53am Jun 1, 2009 6:53am
Quoting albchr
6550?? and here I thought you were selling....LOL Only kidding.

I'm looking at the 6280ish area myself.

haha yea my bad I meant 6250
  • #31,750
  • Jun 1, 2009 6:54am Jun 1, 2009 6:54am
Quoting ghous
We?

Could we...

We're silly cubicle ants on the dinner table...
Well not us to be exact but lager players also take profits as well as protect profits...( my account could though hahah jp bud)
  • #31,751
  • Jun 1, 2009 6:55am Jun 1, 2009 6:55am
Quoting ghous
We?

Could we...

We're silly cubicle ants on the dinner table...
I must admit I am impressed with your's following of the big order flows...
I believe . . .
  • #31,752
  • Jun 1, 2009 7:04am Jun 1, 2009 7:04am
Quoting ghous
I must admit I am impressed with your's following of the big order flows...

Thanks mate
  • #31,753
  • Jun 1, 2009 7:36am Jun 1, 2009 7:36am
Iam expecting a bigger move down but as off now it seems I am ready for the dip but the market is not ready so I have reduced my risk , since we are finding ourself still cought in the range . I have stopped and reversed in the market and targettting todays high ...keep in mind my risk is controlled...I loose now and all I loose for the day is 1 percent....

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 27 KB
  • #31,754
  • Jun 1, 2009 7:48am Jun 1, 2009 7:48am
The trend is my girlfriend
  • #31,755
  • Edited 7:58am Jun 1, 2009 7:57am | Edited 7:58am
Don't You think guys, that gold looks interesting?

Peter
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Click to Enlarge Name: gold.gif Size: 10 KB
Jesus Christ is my only Lord !
  • #31,756
  • Jun 1, 2009 8:02am Jun 1, 2009 8:02am
Quoting ephisi
Guys i would like to hear your opinion based on an excerp from the book trading in the zone by Alexander elder; Trading for a living.

"A person who makes 25% profit anually is king on wall street.Many top-flight money managers would give away their firstborn child to be able to top this.(lol) A trader who can double his money in a year is a star- as rare as a pop musician or a top athlete. if you set modest goals for yourself you can go very far."

"Extensive testing has shown that the maximum amount a trader may loose on a single trade without...
yep this is the REALITY of trading. Most don't want to hear it and many will turn a blind eye to reading it b/c it shatters those original reasons why many find forex.
  • #31,757
  • Jun 1, 2009 8:04am Jun 1, 2009 8:04am
Quoting Jduester
I also took the breakout on the GBP/JPY that some of you are talking about....
Final TP hit at 2R. Yummy.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY 060109_day.GIF Size: 46 KB
  • #31,758
  • Jun 1, 2009 8:27am Jun 1, 2009 8:27am
Alright I got cought in a bitt off wipsaw for the day...I will now back off and take my .8 percent loss. I will come back tomorrow and start fresh .
  • #31,759
  • Jun 1, 2009 8:30am Jun 1, 2009 8:30am
Took this trade on the 4 Hr last night. Decent pin off the 134 level at 50 fib from previoous pinbar. Took it at 134.80 which was somewhat dangerous considering 135 was right above, the thing that made me take this trade though was the significant level of resitance below. I didnt use the traditional pinbar stop to calculate my pip size I used a stop at all those bar highs (133.50) below which I didnt think the EUR JPY had much chance to break. Although I may have been lucky, I think just understand the material of S/R has me in a decent trade. Moved my stop to a 40 pip gain it is currently up, 80 pips.

Need to be more picky though, this could have very well been rejected at 135 but I planned for that with a larger stop (solid red) and calculated my risk using that.

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 13 KB
  • #31,760
  • Jun 1, 2009 8:50am Jun 1, 2009 8:50am
Quoting mbqb11
yep this is the REALITY of trading. Most don't want to hear it and many will turn a blind eye to reading it b/c it shatters those original reasons why many find forex.

So your telling me I cant turn this $500 into 300k in 3 months? Screw this trading thing.
Keep taking CT trades, I need more money
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