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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

  • #40,441
  • Aug 8, 2009 9:30pm Aug 8, 2009 9:30pm
Quoting dhh
EURGBP was not going as expected, so i killed it for -72pips. if the bar on friday was neutral to even a little bullish i would let it run, but instead it formed a bearish bar and even closed at the low of the day. wondering if how the PA old timers would manage this differently?

in retro, EURJPY didn't trigger, and CADJPY would' triggered and stopped out. so got lucky on this one.
Hey bro,

Not that I am great or anything but here's my two pips.

Short answer - It's chopville USA to the left, and the trend is down.

Long Answer - Explained on the charts, I use a line chart a lot of the time to see where the bounces are taking place, sometimes there are just so many wicks all over the place here on the candlestick chart, if I plotted them all it would look like a scene from star wars .

Theres three big levels on EURGBP, the two outlined in the first chart and then .85. The only setup I would be comfortable playing would be a BEOB with the .85 running through it, although to be honest I think this could range here for a while.

Round numbers are dynamite and have saved my stop on sickeningly high numbers of occasions, but when trading vs. the trend and trading back into a load of bar lows it lowers their power.

Best regards,
Jig

EDIT -

That chart as a whole is just a sloppy mess like two inverted hedgehogs trying to fight or something, the red line PPZ is just a mass of highs and lows. I can see another one around 1.8575 or so, and then theres the 1.85 itself with the round number + Fib confluence. It's all a mess, I didn't like the BEOB which was trading down into the 85 before this either. Hmmm. Theres open country to be had down south of this though . . .
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  • #40,442
  • Aug 8, 2009 11:20pm Aug 8, 2009 11:20pm
Hello Jarroo,

I want to know how you would manage the trade like the cadchf weekly pin bar trade since it seems it is an A+ setup but the big concern is the 0.9800 level ppz.

The price did a quick touch a rush back to 1.0 level. If we enter at the break of the weekly pin bar, we will endure a big draw down.

I want to know on you style of "Tight trade management" when price reaching the important ppz, how would you set your stoploss on this kind of trade when price is reaching 0.9800 level??

Even we set the stoploss at the "The bar breaks" the draw down is still very high.

Can you share with me how you will manage this?

Thanks!

PippingM
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  • #40,443
  • Aug 8, 2009 11:32pm Aug 8, 2009 11:32pm
Quoting OGW
Hi guys, what do you think of this one?
i have pending order on this one.

weekly confluence of ppz, fib 0.50/0.618, and 365ema..
daily is lining up with divergence. i think it qualifies as a A+ location.
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  • #40,444
  • Aug 9, 2009 12:11am Aug 9, 2009 12:11am
50 fib, (ppz)
A+++ BEOB
with the trend
clear first target
advantage of a tighter SL (above the 50 fib ppz)

g.
Attached Image
I believe . . .
  • #40,445
  • Edited 10:30pm Aug 9, 2009 12:38am | Edited 10:30pm
Quoting PippingMama
Hello Jarroo,

I want to know how you would manage the trade like the cadchf weekly pin bar trade since it seems it is an A+ setup but the big concern is the 0.9800 level ppz.

The price did a quick touch a rush back to 1.0 level. If we enter at the break of the weekly pin bar, we will endure a big draw down.

I want to know on you style of "Tight trade management" when price reaching the important ppz, how would you set your stoploss on this kind of trade when price is reaching 0.9800 level??

Even we set the stoploss at the "The bar breaks"...
Yes I did have this one lined up for a potential trade earlier this week as you can see from my 1st charts, I was well prepared for the 1st "trouble area" at .9800.

Since it didn't break prior to the NFP, I didn't place my order. I may trade PA early on the NFP morning during the London session but not during the release. That 4 hour PB Gbp/Jpy during the NFP looked very pretty, but I didn't play it. Not within my rules.

But the plan would have remained the same. Price hits .9800, move to break even, let it ride.

http://www.forexfactory.com/showpost...ostcount=39700
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Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #40,446
  • Aug 9, 2009 12:55am Aug 9, 2009 12:55am
Quoting dhh
EURGBP was not going as expected, so i killed it for -72pips. if the bar on friday was neutral to even a little bullish i would let it run, but instead it formed a bearish bar and even closed at the low of the day. wondering if how the PA old timers would manage this differently?

in retro, EURJPY didn't trigger, and CADJPY would' triggered and stopped out. so got lucky on this one.
EurGbp BUOB or DBLHC was going as expected until the NFP came out. I, like James16 and others, don't care about News. But the NFP and Interest Rate Anouncements I stay out. Especially if PA at the release is going to be the break.
Indicators show the past. Price Action "Indicates" the future.
  • #40,447
  • Aug 9, 2009 1:13am Aug 9, 2009 1:13am
Quoting dhh
i have pending order on this one.

weekly confluence of ppz, fib 0.50/0.618, and 365ema..
daily is lining up with divergence. i think it qualifies as a A+ location.
Just be careful, its counter trend so trail it tightly. I would say A+ location would be all of the above with the trend.
I hear and I forget. I see and I remember. I do and I understand.
  • #40,448
  • Aug 9, 2009 1:49am Aug 9, 2009 1:49am
hello guys , after the H&S pattern formation has been failed and price rebounce to the 162 area , as i can see we are in a strong R/S level
but a cup and handle pattern has been played out with this up move on friday
for me the key level will be 164-166 area in fe break then long
good luck all

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  • #40,449
  • Aug 9, 2009 4:26am Aug 9, 2009 4:26am
Hi,

Thanks tyler812, phpscott, jarroo, ghous and 2mas for the comments


Jarroo. I'm glad you see it as an A setup, that means I'm actually managing to be picky

ok..back to business....

 There are several ways to manage this trade.
We know very well what’s happening on weekly….lets zoom into daily to place our potential entries and exits.
The 1.6588 is a level which is crowded with daily bar highs. I can bet you they will make trouble for price….bad trouble or maybe good trouble if we use them smartly?
If price breaks trough, that area will act as strong resistance and we will enjoy a small stop.
In addition, the 1.6310 is a minor PPZ level that can't be ignored on the daily.


Options:

1)Enter at a break of 1.6588. Exit target will be 1.6310 (minor PPZ). (nice 270 pips).

2)Enter at a break of 1.6588. Move stop to BE when price hits the 1.3610. (Good chance price will consolidate between those areas until it breaks through….that means most likely it will hit our BE. After 270 pips gain I won’t let it happen personally).

3) Like option 2, but this time price will break 1.3610 without trouble, and we can move our stop to above 1.3610 and continue managing that trade (that's kinda betting and hoping = no no).


What do you guys think? I'll like to hear what do you think Jarroo...or what are you planing personally to do...if you care to share


Ben


PS - ghous and SP. Great posts! Thank you guys.


http://img522.imageshack.us/img522/8629/61878959.jpg

http://img41.imageshack.us/img41/6743/90845552.jpg
  • #40,450
  • Aug 9, 2009 4:36am Aug 9, 2009 4:36am
Quoting ghous
50 fib, (ppz)
A+++ BEOB
with the trend
clear first target
advantage of a tighter SL (above the 50 fib ppz)

g.
You are a pip machine Ghous keep up the great spots.

Mark

Flying back home today Athens to Heathrow to Glasgow.
I hear and I forget. I see and I remember. I do and I understand.
  • #40,451
  • Edited 8:47am Aug 9, 2009 8:17am | Edited 8:47am
Did any of you saw this one?

160.00 is a significant PPZ area (remember those are zones...I didn't find an exact line).

Price is now 162. 64 - breakout?

The pin diffidently broke. We are now in line with are other bar highs in the area. Will any of you enter a break of them?

The last low was the lowest ever low that pair made in it's history from 1988. Is it possible that we are now just at the end of the pullback? Or a new monthly uptrend? I personally think that trade will be with the trend.

Ben


http://img217.imageshack.us/img217/5...111111111w.jpg




Edit:


BUOB on Daily + double top. Will we see a breakout of the tow of them? If yes, we have a good solid support there.

http://img256.imageshack.us/img256/7029/2777772.jpg



BAD: THAT PIN US IN TRAFFIC.
  • #40,452
  • Aug 9, 2009 8:39am Aug 9, 2009 8:39am
Quoting StoragePro

...... It may indeed go higher soon - or lower. It may even move sideways for a bit (and I would say that is likely).

Cheers - and it is apparent you understand the material
Thanks for your comments STO, much appreciated.

For what it is worth, I personally expect it to drop to 1.6562, stall and then gradually move up to 1.7442 - not that the market cares what I think!

Regards
  • #40,453
  • Aug 9, 2009 9:45am Aug 9, 2009 9:45am
great post!

Quoting Jigsaw
Hey bro,

Not that I am great or anything but here's my two pips.

Short answer - It's chopville USA to the left, and the trend is down.

Long Answer - Explained on the charts, I use a line chart a lot of the time to see where the bounces are taking place, sometimes there are just so many wicks all over the place here on the candlestick chart, if I plotted them all it would look like a scene from star wars .

Theres three big levels on EURGBP, the two outlined in the first chart and then .85. The only setup I would be comfortable playing would...
  • #40,454
  • Aug 9, 2009 11:44am Aug 9, 2009 11:44am
Quoting StoragePro
Yeah - everyone has things to improve. I am going to take on the next six weeks to pointedly address mine. I am also going to sharpen what is strong already.

Join me?
Would you provide online updates, so we can follow you or have an idea of how things go?
  • #40,455
  • Aug 9, 2009 11:57am Aug 9, 2009 11:57am
Quoting jarroo
Very Nice datogio. I'll be watching this.
Honored to trade with you
  • #40,456
  • Aug 9, 2009 1:29pm Aug 9, 2009 1:29pm
I believe it is best to play a break of the 1.66 area like you plan to. Also, PPZs are zones. I place them at the nearest round number such us 1.6600, 1.6650 etc.

Quoting benji533
Hi,

Thanks tyler812, phpscott, jarroo, ghous and 2mas for the comments


Jarroo. I'm glad you see it as an A setup, that means I'm actually managing to be picky

ok..back to business....

...
  • #40,457
  • Aug 9, 2009 1:41pm Aug 9, 2009 1:41pm
Can someone teach me how to use reproportioning? with the oanda fx manager software.

I don't understand what it is used for.

I have a link that will enable you to allocate funds to my manger account for testing.

https://fx2.oanda.com/ma/landingpad_...9dQxgWG1kQXxc=

Thanks for help
  • #40,458
  • Aug 9, 2009 2:11pm Aug 9, 2009 2:11pm
Quoting StoragePro
Happy Saturday everyone.

I have been reading some of the commentary and would like to encourage our newer and learning traders to make simplicity the watchword.
Amazing post SP. I have made it my desktop wallpaper so I can pound it into my head.
  • #40,459
  • Aug 9, 2009 2:19pm Aug 9, 2009 2:19pm
Try posting under the "Broker Discussion" Forum, should be folks there that can help.

Quoting 4X=0
Can someone teach me how to use reproportioning? with the oanda fx manager software.

I don't understand what it is used for.

I have a link that will enable you to allocate funds to my manger account for testing.

https://fx2.oanda.com/ma/landingpad_...9dQxgWG1kQXxc=

Thanks for help
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,460
  • Aug 9, 2009 2:41pm Aug 9, 2009 2:41pm
Hello Jarroo,

Just assume you enter cadchf trade and getout at break even and the high of the pin still havn't been breached yet.

Will you still prefer to enter if there is a chance you see a 4h or 1h PA to go short again?

Or

You would prefer place another short entry at the low of the last break? If you can't find any good PA on 4h and 1h. (Not sure if this is a good method to reenter a a trade)

Thanks!

PippingM








Quoting jarroo
Yes I did have this one lined up for a potential trade earlier this week as you can see from my 1st charts, I was well prepared for the 1st "trouble area" at .9800.

Since it didn't break prior to the NFP, I didn't place my order. I may trade PA early on the NFP morning during the London session but not during the release. That 4 hour PB Gbp/Jpy during the NFP looked as pretty as a woman right out of the shower, but I didn't play it. Not within my rules.

But the plan would have remained the same. Price hits .9800, move to break even, let it...
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