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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

  • #34,501
  • Jun 23, 2009 12:28pm Jun 23, 2009 12:28pm
hi mike... yes choppy is what I mean... I watched E/U for several hours and it does not move on daily chart significantly.

the main thing moving today is s&p futures so I traded 1 there on the H4.

I was not very sure of break-out type of trading (that seem to need watching market but I have no time),
instead I placed some extreme resistance/support bounce-offs limit order on a couple of pairs...

still because of choppy seems non triggered on daily chart, maybe yes, wait to see how it work out in a few days.
(but just now I saw just now you mention don't like to trade small bounce offs during a major trend? any advice?
I have many lessons trading small bounce off and be caught in major trend and lose much more than profits made by a few bounce-offs...
somehow I still feel more comfortable trading bounce-offs because break-out seems hard to tell... any suggestion against trading bounce offs?)

Quoting mbqb11
Hey Bill

Not sure I understand your question? Are you saying sine price has been very choppy and consolidating how do we trade this on the daily chart? If that is what you are asking basically we wait. This is why it is easier IMO to watch as many pairs as you can and just wait for the trades that stand out instead of trying to finesse up one pair that might not be moving. I usually see this and look for potential breakouts when a pair is in consolidation mode.

Sorry if I completely missed your question

Mike
  • #34,502
  • Jun 23, 2009 12:35pm Jun 23, 2009 12:35pm
Quoting raczekfx
1. waiting for crude to hit resistance before taking short positions on e/u and g/u (yes short positions), contrary to $ gloom and doom scenarios being spread around by your friendly news casters on FF.
2. dj sitting on resistance and normally I'd be buying yen crosses as fast as I could press on mouse button, but not today. Something just doesn't add up and I would not be surprised to see dj at much, much lower levels in the next two months. We'll see.
hi rac, what are your current thoughts on ucad & its correlation to oil? if oil continues to rise might we seem some bearish pa at ~1.1650-1750 area that might take us down to the ~1.07 at some point (later this summer?)? how high do you think oil might be going this time? some dude w/ glasses & a bow-tie on bloomberg said between $85-100. (:nerd:blush: thx.
  • #34,503
  • Jun 23, 2009 12:37pm Jun 23, 2009 12:37pm
Two and half hours before bar close, but G/J forming a very nice pin bar on daily. Swing low, perfect bounce from 154 level, and past 155 level, but a lot traffic previus days. Mabey a B trade?
Any comments welcome.

TIA
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  • #34,504
  • Jun 23, 2009 12:54pm Jun 23, 2009 12:54pm
lol, take a nap and wake up and bob is gone. I need to take more naps. Also about that car Razor, I got a new M5 about 4 months ago because I wanted something different then my 2002 corolla, I thought it would be great. Well now all I get are dirty looks and some redneck yelled at me to "Buy American" lol you just can't win.

Long GBP/CHF still stop @ cost, not liking the 4hr deal.
Short EUR?GBP still stop @ cost, not liking the 4hr deal here either
Keep taking CT trades, I need more money
  • #34,505
  • Jun 23, 2009 12:58pm Jun 23, 2009 12:58pm
1hr until the daily closes, will get in this if it still looks good.
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Keep taking CT trades, I need more money
  • #34,506
  • Jun 23, 2009 12:59pm Jun 23, 2009 12:59pm
Quoting gasgas
Two and half hours before bar close, but G/J forming a very nice pin bar on daily. Swing low, perfect bounce from 154 level, and past 155 level, but a lot traffic previus days. Mabey a B trade?
Any comments welcome.

TIA
Well - if we do get a PB, and you know where trouble will start, and you can manage the trade accordingly, you can take a B trade. For my dollar, I stick with the A+ trades.
I'm pretty much done with all this ...
  • #34,507
  • Jun 23, 2009 1:07pm Jun 23, 2009 1:07pm
is this a good pin ?
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  • #34,508
  • Jun 23, 2009 1:07pm Jun 23, 2009 1:07pm
Quote
lol, take a nap and wake up and bob is gone. I need to take more naps.
hes probably gone for the vodka! lol

Quoting Ryanmcd
1hr until the daily closes, will get in this if it still looks good.
im also waiting on this one.
can i ask if the gb/chf long is from the daily pin on the 6th?? and if so have you taken profits on it yet?
cheers
jon
PATIENCE... DISCIPLINE
  • #34,509
  • Jun 23, 2009 1:09pm Jun 23, 2009 1:09pm
Quoting g_j_hook@yah
hes probably gone for the vodka! lol



im also waiting on this one.
can i ask if the gb/chf long is from the daily pin on the 6th?? and if so have you taken profits on it yet?
cheers
jon
It was a gbp/chf short from last night on the daily, I posted a chart this am of it.
Keep taking CT trades, I need more money
  • #34,510
  • Jun 23, 2009 1:13pm Jun 23, 2009 1:13pm
Quoting StoragePro
Well - if we do get a PB, and you know where trouble will start, and you can manage the trade accordingly, you can take a B trade. For my dollar, I stick with the A+ trades.
Hi StoragePro

If you don't mind me asking, how many trades per month do you find you're taking when really being picky and waiting for the A+ trades? I know they can vanish for weeks then all come at once, but just a rough estimate.
  • #34,511
  • Jun 23, 2009 1:16pm Jun 23, 2009 1:16pm
Quoting Ryanmcd
It was a gbp/chf short from last night on the daily, I posted a chart this am of it.
my mistake ,i must have missed it??!!??
you did write long though
Quote
Long GBP/CHF still stop @ cost, not liking the 4hr deal.
or am i misunderstanding?
jon
PATIENCE... DISCIPLINE
  • #34,512
  • Jun 23, 2009 1:21pm Jun 23, 2009 1:21pm
Quoting g_j_hook@yah
my mistake ,i must have missed it??!!??
you did write long though or am i misunderstanding?
jon

I did, I just woke up sorry lol, it was short on that long the other.
Keep taking CT trades, I need more money
  • #34,513
  • Jun 23, 2009 1:34pm Jun 23, 2009 1:34pm
Quoting pmn100
Hi StoragePro

If you don't mind me asking, how many trades per month do you find you're taking when really being picky and waiting for the A+ trades? I know they can vanish for weeks then all come at once, but just a rough estimate.
There is no pat answer for that. Sometimes just 2 or 3. I used to take on B+ PB's more often and just move in the stops fast and the TP's in tight. That seems to add stress to my life I do not need. If you want to do that, please demo it to ensure you *really* understand what to do.

I look at it this way - 3 trades at 3R each is 9%+ into the account. I'd rather step over small hurdles than try to leap the big ones.

Take last week's daily USDCAD PB. A bunch took it with full knowledge that it was a limited trade. I did not because I had limited time to manage it. It had no room to run and it was in my opinion unconvincing in size. Everything else was nice though.

What I can do with regularity is trade the four hr bars now - but I learned and got good on the daily TF's first. It took some time and experience. So because there are more bars on the 4hr, I get a lot more opportunities. But it also takes a lot more planning. I find that I am already in on a daily bar off of a 4hr setup. That is nice!
I'm pretty much done with all this ...
  • #34,514
  • Jun 23, 2009 1:36pm Jun 23, 2009 1:36pm
Quoting gasgas
Two and half hours before bar close, but G/J forming a very nice pin bar on daily. Swing low, perfect bounce from 154 level, and past 155 level, but a lot traffic previus days. Mabey a B trade?
Any comments welcome.

TIA
Hey Tia

Analysis like this really makes me smile, b/c you are identifying all the important pieces, of traffic, location, and possible trouble areas. Then it is up to you to decide if the trade is worth it. I would also just point out since it is in a lot of traffic, that first low would be the first real trouble area(pink line), before the area marked above on your chart(if it can get past that).

Best
Mike
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  • #34,515
  • Jun 23, 2009 1:36pm Jun 23, 2009 1:36pm
Quoting Ryanmcd
I did, I just woke up sorry lol, it was short on that long the other.
aha ,lol
i like the au/yen pinbar also.i see it like this..the pin bounced off the 38% fib (drawm from the big move down starting near the end of july 2008 to it recent lows) to the pip, which is also a round number. bullish divergence on the dailies also. a nice third touch of the daily TL and the 200 EMA. i also like that price has recently broken through a serious PPZ and continued strongly.
i dont like those recent bar lows at about 7660-70ish or the 365 EMA it has to contend with if it does break. i should add that it is not at a decent swing low either.
i have an order at 7618 with my stop at 7390. lets see what happens??
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PATIENCE... DISCIPLINE
  • #34,516
  • Jun 23, 2009 1:43pm Jun 23, 2009 1:43pm
Quoting mbqb11
Hey Tia

Analysis like this really makes me smile, b/c you are identifying all the important pieces, of traffic, location, and possible trouble areas. Then it is up to you to decide if the trade is worth it. I would also just point out since it is in a lot of traffic, that first low would be the first real trouble area(pink line), before the area marked above on your chart(if it can get past that).

Best
Mike

I like this one, I am a divergence whore though with BB and it lines up nice.
Keep taking CT trades, I need more money
  • #34,517
  • Jun 23, 2009 1:49pm Jun 23, 2009 1:49pm
This comes as a discovery for me,i use alpari for live but from postings here i saw that our senior members uses fxpro, and i checked it out.i found out that i now have better entries,infact i use fxpro(demo) chart to trade my live account,SIG also works the same.thanks

lg
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #34,518
  • Jun 23, 2009 1:54pm Jun 23, 2009 1:54pm
Quoting Ryanmcd
I like this one, I am a divergence whore though with BB and it lines up nice.

Indeed, the R/R on these JPY crosses is not what is was overnight, but the patterns are more comfortable.
  • #34,519
  • Jun 23, 2009 1:59pm Jun 23, 2009 1:59pm
Quoting mbqb11
Hey Tia

Analysis like this really makes me smile, b/c you are identifying all the important pieces, of traffic, location, and possible trouble areas. Then it is up to you to decide if the trade is worth it. I would also just point out since it is in a lot of traffic, that first low would be the first real trouble area(pink line), before the area marked above on your chart(if it can get past that).

Best
Mike
Mabey I should stop writing TIA at the end, Aaron might think I'm calling for him everytime.
One thing still bothers me, I see a Head&Shoulders pattern, which indicates down move. The neck was tested but price rejected big time from the neck.
What do you think about that Mike?

Regards,
  • #34,520
  • Jun 23, 2009 2:11pm Jun 23, 2009 2:11pm
Quoting g_j_hook@yah
aha ,lol
i like the au/yen pinbar also.i see it like this..the pin bounced off the 38% fib (drawm from the big move down starting near the end of july 2008 to it recent lows) to the pip, ...
Jon is it correct to use the fib like that? If you are drawing the fib from that high to the low you would be looking to use the fib as a retrace of the down move but what is currently happening is price has been moving up recently and has now retraced and bonced forming the Pin.

Shouldn't we be drawing the fibs from the lows to the recent highs to get confluence of the retrace. It is however interesting that price has reacted at that point but just wondering if you find the confluence with the fib as important drawn like this.

Hope I have been clear if not let me know and I'll try describe on a chart what I'm thinking.

Leon
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