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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

  • #43,361
  • Sep 8, 2009 10:37pm Sep 8, 2009 10:37pm
Hey Aaron, you left the (green) light on.
  • #43,362
  • Sep 8, 2009 10:50pm Sep 8, 2009 10:50pm
Quoting judith
I spotted these 2 setups tonight, a daily PB (CAD) and a 4hr BEOB (AUD),they seem fine, but I feel there's something missing there, not sure if I should get in, what do guys think?
Has the 4H bar closed? On my charts it is still open.
  • #43,363
  • Sep 8, 2009 10:50pm Sep 8, 2009 10:50pm
Quoting judith
I spotted these 2 setups tonight, a daily PB (CAD) and a 4hr BEOB (AUD),they seem fine, but I feel there's something missing there, not sure if I should get in, what do guys think?
Looks good judith. As Mike has said, there's some decent traffic. But it's at a swing Low with divergence, above a strong PPZ level round number, 1.8000. Green flag for me.
Attached Image (click to enlarge)
Click to Enlarge Name: cad dailypb.gif Size: 24 KB
Indicators show the past. Price Action "Indicates" the future.
  • #43,364
  • Sep 8, 2009 11:19pm Sep 8, 2009 11:19pm
guys what do u think about this PB?

ps: the fibs are drawn from the monthly chart
Attached Image (click to enlarge)
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  • #43,365
  • Sep 8, 2009 11:30pm Sep 8, 2009 11:30pm
Quoting ezz
guys what do u think about this PB?

ps: the fibs are drawn from the monthly chart
Hey Ezz

This one is in a lot of traffic , I made a post here on it
http://www.forexfactory.com/showpost...ostcount=43315


Best
Mike
  • #43,366
  • Sep 9, 2009 12:25am Sep 9, 2009 12:25am
I am waiting on more of a retrace to shorten the stop

Overlapping fib levels from last 2 moves.
Nice PB
PB disects 365ema
Rejection of a major level of resistance

Into some traffic though.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR CAD 4H.jpg Size: 97 KB
  • #43,367
  • Sep 9, 2009 12:59am Sep 9, 2009 12:59am
Hi guys,

got a question I have been thinking about for the past 2 days and could not seem to get an answer. Hope I can get some Enlightenment here .... *meditate*



When we enter a trade, we will draw out the potential trouble areas that we think price might face problems with.

The question is: What do we do at that trouble area? If we use mike 2 bar stop, then it is not necessary to do anything (right?)

But some says that we should move our stop to BE when we hit the first trouble area.

What do you guys do when we meet those trouble area as some can be very close by even when we are in space. How do we know if they can break through these area or not?
  • #43,368
  • Sep 9, 2009 1:11am Sep 9, 2009 1:11am
Quoting mbqb11
Sure bud,

Here is a gbp/chf....

Hey Mike,

Just wondering, would you have taken the trade that you showed in the picture as from what I understand, it seems like it is the "falling knife" thing that you guys talked about and the Pin bar looks small in comparison to the rest of the bars. Just wondering if we should avoid these trades after a steep steep fall.

Of course I have not look at the rest of the confluence yet Just the pattern
  • #43,369
  • Sep 9, 2009 1:13am Sep 9, 2009 1:13am
Quoting jarroo
Looks good judith. As Mike has said, there's some decent traffic. But it's at a swing Low with divergence, above a strong PPZ level round number, 1.8000. Green flag for me.
I know this isn't a fundy's threads but be careful buying the CAD. Dollar index is down, crude and gold are up. These are not good signs for the USD.
  • #43,370
  • Sep 9, 2009 1:17am Sep 9, 2009 1:17am
Quoting tradertt
Hey Mike,

Just wondering, would you have taken the trade that you showed in the picture as from what I understand, it seems like it is the "falling knife" thing that you guys talked about and the Pin bar looks small in comparison to the rest of the bars. Just wondering if we should avoid these trades after a steep steep fall.

Of course I have not look at the rest of the confluence yet Just the pattern

Hey T

If I do take a bar like that I just commit myself to not taking a full loss. I do this by watching the round number where the pin closes over. So if it retraces on me past the round number and I don't see buyers coming in I cut out on it. This is a bit more advanced but really still simple in terms of cutting your losses. Every trader I know cuts their losses in some form this is just part of the tool I use.

Best
Mike
  • #43,371
  • Sep 9, 2009 1:19am Sep 9, 2009 1:19am
Quoting tradertt
Hi guys,

got a question I have been thinking about for the past 2 days and could not seem to get an answer....
hardest question out there. And I know I could never personally sum it up cause it is situational. But to give an idea check out this post for my methods

http://www.forexfactory.com/showpost...ostcount=36494
  • #43,372
  • Sep 9, 2009 2:12am Sep 9, 2009 2:12am
Quoting ozziedave
I know this isn't a fundy's threads but be careful buying the CAD. Dollar index is down, crude and gold are up. These are not good signs for the USD.

Thanks Dave. I'm not a big fundy guy. I don't know how many times I've entered a clean PA setup while the fundy guys (not you) told me I was foolish to take that trade because this index said this or that. So, I tend to ignore them.
I actually like when all the fundies are against a quality PA setup. lol
Indicators show the past. Price Action "Indicates" the future.
  • #43,373
  • Sep 9, 2009 2:18am Sep 9, 2009 2:18am
Quoting mbqb11
Hey T

If I do take a bar like that I just commit myself to not taking a full loss. I do this by watching the round number where the pin closes over. So if it retraces on me past the round number and I don't see buyers coming in I cut out on it. This is a bit more advanced but really still simple in terms of cutting your losses. Every trader I know cuts their losses in some form this is just part of the tool I use.

Best
Mike

Got it .. So you will be babying the trade as you always put it to see any signs of weakness
  • #43,374
  • Sep 9, 2009 2:23am Sep 9, 2009 2:23am
Quoting mbqb11
hardest question out there. And I know I could never personally sum it up cause it is situational. But to give an idea check out this post for my methods

http://www.forexfactory.com/showpost...ostcount=36494

Great post! Though I was under the impression that you usually don't trail stops for Daily and weekly in your post (My Exit Strategy) hehe but guess it is discretionary

I will read it again and again to learn from it.

Thank you
  • #43,375
  • Sep 9, 2009 2:32am Sep 9, 2009 2:32am
Quoting tradertt
Great post! Though I was under the impression that you usually don't trail stops for Daily and weekly in your post (My Exit Strategy) hehe but guess it is discretionary

I will read it again and again to learn from it.

Thank you
That's one of many of Mike's classic posts. I read them all, many times.

I missed that Gbp/Chf Weekly PB at the last week of 2008, that broke on the 5th Jan. It did look a little poodlish.
How sweet was that break that never looked back for over a 1000 pips. Check out the 30 min chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gchfweekly.gif Size: 24 KB
Click to Enlarge Name: gchf30min.gif Size: 22 KB
Indicators show the past. Price Action "Indicates" the future.
  • #43,376
  • Sep 9, 2009 2:35am Sep 9, 2009 2:35am
Quoting ozziedave
I know this isn't a fundy's threads but be careful buying the CAD. Dollar index is down, crude and gold are up. These are not good signs for the USD.
wait...
(based on judith/jarroo discussion) i think ozziedave meant selling the CAD.
anyway, people here know their PPZs/trouble spots.
  • #43,377
  • Sep 9, 2009 2:40am Sep 9, 2009 2:40am
Quoting judith
I spotted these 2 setups tonight, a daily PB (CAD) and a 4hr BEOB (AUD),they seem fine, but I feel there's something missing there, not sure if I should get in, what do guys think?
Looking good on the 4 hour BEOB Aud/Usd, judith. Nice divergence on the Daily to back it up.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au4h.gif Size: 26 KB
Click to Enlarge Name: audaily.gif Size: 22 KB
Indicators show the past. Price Action "Indicates" the future.
  • #43,378
  • Sep 9, 2009 3:55am Sep 9, 2009 3:55am
same setup on AJ :
h4 beob engulfing 5 previous bars, good shape, off 80 rd number + 61.8%,
divergence on h1.
If it breaks, 78.65-78.50 could be a good target.
Attached Image (click to enlarge)
Click to Enlarge Name: aj_beob.gif Size: 22 KB
  • #43,379
  • Sep 9, 2009 4:14am Sep 9, 2009 4:14am
Quoting nonick
same setup on AJ :
h4 beob engulfing 5 previous bars, good shape, off 80 rd number + 61.8%,
divergence on h1.
If it breaks, 78.65-78.50 could be a good target.
hey nonick, i saw this but didnt like it one bit...way to close to 79 round no
i took audusd beob instead but lacking momentum...stalled at the bar high in blue and reversed....atleast ive reduced my risk to half...
funny thing is that ive been long eu 1.43 since yday
lets see how it plays out...im hiding just above the round no
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  • #43,380
  • Sep 9, 2009 5:13am Sep 9, 2009 5:13am
Quoting squeezy
hey nonick, i saw this but didnt like it one bit...way to close to 79 round no
i took audusd beob instead but lacking momentum...stalled at the bar high in blue and reversed....atleast ive reduced my risk to half...
funny thing is that ive been long eu 1.43 since yday
lets see how it plays out...im hiding just above the round no
I Do not know. I look only BUY (Up Trend). And we can see the pin bar.
Yes, this pin bar is not good, but .....
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