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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

  • #35,821
  • Edited 1:05am Jul 2, 2009 12:52am | Edited 1:05am
Quoting Blackinc
For anyone still in this trade, 1.89 could be an area it may pause at..

But i have half off and the rest to breakeven

Nice and simple
I'm still in this trade from 1.9062 level with a 100 pip trailing stop. 62 pips locked in on a full position.

It it comes back and takes out my stop, I'm happy with 62 pips. If it keeps going all the better. There is a lot of room to move down and, my opinion, price has shot up so hard and fast a good retrace is due. But we can never know for sure what is going to happen.

That is how I'm playing this one.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #35,822
  • Jul 2, 2009 12:57am Jul 2, 2009 12:57am
Ok guys...

Here is the current 4hr EU chart. We had a strong move up yesterday and we're seeing a pullback in the early trading before the London open. So are we looking for a bounce off of the 50 or 61% fib and this to continue long today?

It might also consolidate until the NFP report which is like 7 hours away.
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  • #35,823
  • Jul 2, 2009 1:02am Jul 2, 2009 1:02am
Yep 1.8900 already broeken..all go nice and smootly +160 pips atm

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  • #35,824
  • Jul 2, 2009 1:09am Jul 2, 2009 1:09am
Quoting ozziedave
Ok guys...

Here is the current 4hr EU chart. We had a strong move up yesterday and we're seeing a pullback in the early trading before the London open. So are we looking for a bounce off of the 50 or 61% fib and this to continue long today?

It might also consolidate until the NFP report which is like 7 hours away.
That is a tough pair to trade right now since it is seems to have Schizophrenia.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #35,825
  • Jul 2, 2009 1:15am Jul 2, 2009 1:15am
Quoting SomTam
Yep 1.8900 already broeken..all go nice and smootly +160 pips atm

Attachment
Nice, I have my fib low off the 6/9/2009 bar low. My eyeball sees that as a move pure uptrend without any retrace. 50% fib lines up pretty close with the 1.8500 round number too... 1.85 looks like a strong PPZ, but my chart only goes back to Oct 2008.

But we both have the same idea, price coming back down.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #35,826
  • Jul 2, 2009 1:34am Jul 2, 2009 1:34am
Here we have the daily chart of the USDCAD. Looks like we have a BEOB and we would be waiting for a retrace to the 50 or 61% fib of the BEOB bar and then go short.

Is that the way to play bar this since the market is in an uptrend?
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  • #35,827
  • Jul 2, 2009 1:41am Jul 2, 2009 1:41am
NFP Report is being released one day early (Thursday). Watch your six.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #35,828
  • Jul 2, 2009 2:06am Jul 2, 2009 2:06am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting kean
[font=Verdana][size=2]After a lot of thought, I decided to take this trade. I got on at 1.9065 with a full bar S/L and price has just dropped below the big 1.9 level. I have now just brought my SL to 1.9205 rather than to BE, this being a point just above both the left eye and also the 61.8 fib. Being 65 pips up, I now do not want to take a full bar loss. However, I also want to give it some room to run and I thought B/E was a bit close at this stage (I may regret giving it too much room…time will tell). It would be very nice to see it drop down...
This turned out to be a realy good trade. I just got off as it is stalling around the 1.8870... for +200pips!

Kean
  • #35,829
  • Jul 2, 2009 2:14am Jul 2, 2009 2:14am
Yep. Daily pb is poweful and excelent place.

atm +230 pips

Even can carefully think this up trend was 2 month only.
And perhaps it´s go back to main down trend...or sure it go but when
/how fast.

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edit: plop 250+ pips atm
  • #35,830
  • Jul 2, 2009 3:31am Jul 2, 2009 3:31am
And how about gbp/usd?

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  • #35,831
  • Jul 2, 2009 4:00am Jul 2, 2009 4:00am
If two then third also


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  • #35,832
  • Jul 2, 2009 4:02am Jul 2, 2009 4:02am
Ealier in this week there and here was some toughts that this
week will be "death of Pound"

Montly charts suport that view
  • #35,833
  • Jul 2, 2009 4:26am Jul 2, 2009 4:26am
Quoting FxMatt
Hi,

My chart below shows a 4 hour pin that developed at the 8575 daily PPZ. The subsequent bar has gone almost (short by 1 pip) to the high of the pin. Is this a valid pin once the price has retraced so far? My understanding is that ideally the right eye high will not exceed the left high eye.

Any clarification would be much appreciated.

Matt
Small hint here...I'd have considered it if prices had taken out that last top...unless that happened I'd forget about it.
  • #35,834
  • Jul 2, 2009 4:32am Jul 2, 2009 4:32am
Quoting ozziedave
Here we have the daily chart of the USDCAD. Looks like we have a BEOB and we would be waiting for a retrace to the 50 or 61% fib of the BEOB bar and then go short.

Is that the way to play bar this since the market is in an uptrend?

It all comes down to how you define trend...I am still in a bearish trend in this puppy...I am looking to sell it at around 1570

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  • #35,835
  • Jul 2, 2009 6:08am Jul 2, 2009 6:08am
Quoting LasVahGoose
I'm still in this trade from 1.9062 level with a 100 pip trailing stop. 62 pips locked in on a full position.

It it comes back and takes out my stop, I'm happy with 62 pips. If it keeps going all the better. There is a lot of room to move down and, my opinion, price has shot up so hard and fast a good retrace is due. But we can never know for sure what is going to happen.

That is how I'm playing this one.
When I saw this trade on the daily, I thought it was as sure of a short as I have ever seen. Some valid reasons to pass on it were presented here but I am here to learn and form my own strategy based on my own experiences. Nice little gain to my acct from this set-up. I'm trading on daily chart. Two positions short at the break of the daily pin @ 1.9108. Took profit on position #1 @ 1.8893. Target 1.8750 for the second position. It might take a while to get there if this 4 hr pin materializes. Second SL is at BE.

K.I.S.S.
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  • #35,836
  • Jul 2, 2009 6:16am Jul 2, 2009 6:16am
Quoting Shermenator
It all comes down to how you define trend...I am still in a bearish trend in this puppy...I am looking to sell it at around 1570

Attachment
I placed a sell order last night at 1.1568. I just might get there today. That's the 61.8 retracement of yesterdays bearish bar. First take profit will be 1.1456.
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  • #35,837
  • Jul 2, 2009 6:22am Jul 2, 2009 6:22am
A question looking at BEOB. Here is one I found on USDCHF. we have now had a retrace of this which actually extended beyone 61.8%.

Is this something that we should be looking to play on the long side or because we had a significant retrace then we need to be wary? Additionally its against the downtrend of the last few weeks?
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  • #35,838
  • Jul 2, 2009 6:35am Jul 2, 2009 6:35am
Quoting verno
A question looking at BEOB. Here is one I found on USDCHF. we have now had a retrace of this which actually extended beyone 61.8%.

Is this something that we should be looking to play on the long side or because we had a significant retrace then we need to be wary? Additionally its against the downtrend of the last few weeks?
hi verno,i personally start to get douptful of setups when price retraces "too far" back into the bar like this. it seems to me that the momentum which formed the bars(i think the same way for pinbars also) is not following through like i would like.although the bars are technically still valid, and may work out just the same,i would rather be safe than sorry. of course this is a general view and each setup is different and should be viewed in comparison to the preceding bars to get a fuller view.
The bar you posted wasnt at a swing low and was in a lot of traffic and so wouldnt be a bar i would take in anycase.
jon
PATIENCE... DISCIPLINE
  • #35,839
  • Jul 2, 2009 6:57am Jul 2, 2009 6:57am
Quoting raczekfx
Here's something I'm watching to give me idea about possible early short entries on fiber and cable...
weaker oil = weaker fiber and cable
Either way if i get PA, the stop will be above bar's high (june29 around 72.20
These were the other two trades I made at the same time I got PA on oil and DJ. Since I don't discussed opened positions anymore I didn't posted initially, but quoted post should've hinted you what I traded...
Waiting for nonfarm now... and crawling back to my cave.. spend to much time on forums lately
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  • #35,840
  • Jul 2, 2009 7:07am Jul 2, 2009 7:07am
Quoting g_j_hook@yah
hi verno,i personally start to get douptful of setups when price retraces "too far" back into the bar like this. it seems to me that the momentum which formed the bars(i think the same way for pinbars also) is not following through like i would like.although the bars are technically still valid, and may work out just the same,i would rather be safe than sorry. of course this is a general view and each setup is different and should be viewed in comparison to the preceding bars to get a fuller view.
The bar you posted wasnt at a swing low and was...
Thanks q_j, useful insight and advise.
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