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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

  • #45,261
  • Oct 5, 2009 6:32am Oct 5, 2009 6:32am
a nice looking 4h BEOB on the eu/us just breaking. i like the location which has prooved a flip point for this pair mant times recently, we have bearish divergence and confluence with the 50 ema and the fib retrace.

lets see if we get a hard break??



P.S. sorry to see you leave SP !!
you will be missed buddy, but good luck with everthing you get up to.
jon

EDIT: i like this as a possible great entry to a new down trend?? i feel if we make new lows below the 144.80 of oct 2 we are set to down trend for a while?? time will tell
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PATIENCE... DISCIPLINE
  • #45,262
  • Oct 5, 2009 6:45am Oct 5, 2009 6:45am
First trade of the week.

Took this short on the USD/CAD daily pin.

Nice Bearish PB. Price had already broken down past BRN 1.08, retraced above 1.08 and then made a sharp move down again, at which point I got in. SL placed just above 1.08, and TP placed just above the marked trouble area. Full profit taken a short while later.

Not an ideal setup as price was a bit sideways. It was the strength of the downward move after the short retrace that caught my attention coupled with the possibility of placing SL just above that big round number...ie. smallish risk.

...
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  • #45,263
  • Oct 5, 2009 9:09am Oct 5, 2009 9:09am
U/J 4H BEOB from 90.00

Old me would take this one but not new me. There are many old bar lows right below the BEOB.
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  • #45,264
  • Oct 5, 2009 9:25am Oct 5, 2009 9:25am
hi guys, i have a problem with my charts on fxpro and i was hoping for your input??
mt trend lines dont stay where they are supposed to anymore!!?? i have had a few issues since the platform updated a while ago...this being one of them.
does anyone have any suggestions??
the chart shows the upper tl at different values as i change to lower TFs ??!!

cheers
jon
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PATIENCE... DISCIPLINE
  • #45,265
  • Oct 5, 2009 9:39am Oct 5, 2009 9:39am
Quoting takingthepip
First trade of the week.

Took this short on the USD/CAD daily pin.

Nice Bearish PB. Price had already broken down past BRN 1.08, retraced above 1.08 and then made a sharp move down again, at which point I got in. SL placed just above 1.08, and TP placed just above the marked trouble area. Full profit taken a short while later.

Not an ideal setup as price was a bit sideways. It was the strength of the downward move after the short retrace that caught my attention coupled with the possibility of placing SL just above that big round number...ie....
A classic J16 consolidation PA trade. Good analysis of the perils of this type of setup and the tight management needed.

I tend to low ball my Price Targets, meaning if they are within 10 to 20 pips of the trouble area I call that a hit. Especially if there is a nice round number in the way, like the 1.7000 in this case.


Nicely Done ttpip.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #45,266
  • Oct 5, 2009 9:43am Oct 5, 2009 9:43am
Quoting g_j_hook@yah
hi guys, i have a problem with my charts on fxpro and i was hoping for your input??
mt trend lines dont stay where they are supposed to anymore!!?? i have had a few issues since the platform updated a while ago...this being one of them.
does anyone have any suggestions??
the chart shows the upper tl at different values as i change to lower TFs ??!!

cheers
jon
Sorry jon, I'm not at my regular charts (FxPro, IBFX, etc.) Maybe try a close and restart.
Indicators show the past. Price Action "Indicates" the future.
  • #45,267
  • Oct 5, 2009 11:09am Oct 5, 2009 11:09am
Quoting g_j_hook@yah
hi guys, i have a problem with my charts on fxpro and i was hoping for your input??
my trend lines dont stay where they are supposed to anymore!!??....
jon
jon,
this thread may help. see post #17 there too.
  • #45,268
  • Oct 5, 2009 11:51am Oct 5, 2009 11:51am
Quoting jarroo
I like the size of the Nzd/Jpy Daily PB in consolidation. 64.50ish PPZ right smack in front of it.

Big Bars Rule! Target hit.

What's the draw down on this one . . . . 2 pip? lol Did I mention that I like Mondays.
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Indicators show the past. Price Action "Indicates" the future.
  • #45,269
  • Edited 1:23pm Oct 5, 2009 1:05pm | Edited 1:23pm
Quoting Tingus
Thanks atton, nology & Bundyraider

When i see nice looking pin in a good place, don't know why i stop caring about the traffic ahead. Going to work on that.

Thanks once again
Hi again Tingus.

Forgetting some older lessons is normal. We all forget to check important things occasionally.

Example again...

(Continued on from Daily chart. Yellow arrow points to your daily pin bar's high point)

I've gone to the 4 hour, only so I can illustrate how price can ping pong instead of flying off into profit as you would like. The good thing here is we knew ahead of time that this could happen.
If there is enough room from your daily set up to give a little low risk profit , then still take it, by all means. I wouldn't have risked it here. Wasn't of interest to me at all. I know better trades come along, with little more waiting at all.

Make your own decisions though, of course. If you think a bar in itself gives you enough conviction to fight through the first trouble spot, go ahead. Sometimes you'll get a real heavy hitter that shouts that out. Personally I like at least a little room even then, just to take a little risk out of it. If you do take them, be aware of these trouble spots, and then at least you'll figure out something over the long run on whether situations like this are for you personally.

Even another 10 - 15 pips to those bar highs (and for me, the line chart high) would have made it a little more worthwhile taking. It would have allowed a chance to manage the trade easier. (i.e. Maybe take partial profit, move stop to Break Even and even have room for the stop to not knock you out of the trade.) ...Or from the stand point of someone taking the first obstacle as a profit take point, it would balance out the risk taken from the stop loss price point a little.

Cheers.

(Edit: As a side point... draw a horizontal line from the daily line chart's high from the 29th of Sept then look at your 4 hr chart. (FXPro charts) )
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Bundy's status today: "Waiting..."
  • #45,270
  • Oct 5, 2009 1:35pm Oct 5, 2009 1:35pm
Quoting jarroo
Big Bars Rule! Target hit.
What's the draw down on this one . . . . 2 pip? lol Did I mention that I like Mondays.
lol.
EXCCCCELLENT, chart & trade Sir.
  • #45,271
  • Oct 5, 2009 1:35pm Oct 5, 2009 1:35pm
Quoting bundyraider
Hi again Tingus.
Forgetting some older lessons is normal. We all forget to check important things occasionally.
Example again... ....
one of the very few times i catch Sir bundy awake & posting.
& another lengthy, golden bundy post.

hey, aren't u supposed to be sleeping?! (2.34am here, 4.34?am in Australia)

having said that, i'm
  • #45,272
  • Oct 5, 2009 1:40pm Oct 5, 2009 1:40pm
Quoting supremeChaos
one of the very few times i catch Sir bundy awake & posting.
& another lengthy, golden bundy post.

hey, aren't u supposed to be sleeping?! (2.34am here, 4.34?am in Australia)

having said that, i'm
5:30 now. Daylight savings just kicked in Sunday.

By the miracle of the human body clock I was awaken , once again, for the last 4 hour chart close. lol

Back for a little more nap time now.
Catch you later.
Bundy's status today: "Waiting..."
  • #45,273
  • Oct 5, 2009 3:39pm Oct 5, 2009 3:39pm
thanks to daylight saving my daily candle closes after I go to work

im struggling to find a feed that closes 1 hour before NY close.. any help would be greatly appreciated
  • #45,274
  • Oct 5, 2009 3:53pm Oct 5, 2009 3:53pm
Oh man.. Thanks a lot, bundyraider.

Now I've got more details in my puzzle. Hope not many left to finish it

Going back to the bushes and wait for another prey.

Thanks
  • #45,275
  • Oct 5, 2009 4:16pm Oct 5, 2009 4:16pm
Hello Jarroo,

It seems a good day for you. So disappointed the GEPPY didn't go.

Question for the NJ trade, what is your first take profit and move BE point on this trade? Is 65 is your first partial TP area?

For this setup, do you prefer to just take partial profit or full profit at 65 because of this pair still in range bound area.


Have a nice day!

PippingM







Quoting jarroo
Big Bars Rule! Target hit.

What's the draw down on this one . . . . 2 pip? lol Did I mention that I like Mondays.
  • #45,276
  • Oct 5, 2009 4:30pm Oct 5, 2009 4:30pm
...and don't know StoragePro as well as others can do but it doesn't mean, as I feel sad
From what I could read from your post, that was all teaching, wit and friendship. Sorry to read you leaving. Hope you are doing all well afterall and maybe hope you come back some day.
  • #45,277
  • Oct 5, 2009 4:40pm Oct 5, 2009 4:40pm
Looking now at the daily chart 2 pin bars - indecision situation, that is technical analysis. I'm just wondering if one can extract something from such daily set up or is ist better just to pass it easily. The fact the the price action is finding kind of support at area of 1.5912-1.5900 is making me wonder is the move up in Cable already a history or there is some potential to break through the thick resistance level above the close of today's pin. What are you thoughts on this ?
  • #45,278
  • Oct 5, 2009 4:44pm Oct 5, 2009 4:44pm
Quoting pakiestra
Looking now at the daily chart 2 pin bars - indecision situation, that is technical analysis. I'm just wondering if one can extract something from such daily set up or is ist better just to pass it easily. The fact the the price action is finding kind of support at area of 1.5912-1.5900 is making me wonder is the move up in Cable already a history or there is some potential to break through the thick resistance level above the close of today's pin. What are you thoughts on this ?
If I had to guess I would say were still moving down after this breakout and pullback of that massive H&S pattern. Any moves up there is quite a bit of resistance. Those few last pins though are mighty small and in traffic, so not really worth it. Again this is just if I had to guess. But I don't trade off that.

Here is a trade I made today on the gbp/usd

Best
Mike

PS LETS GO VIKINGS!
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  • #45,279
  • Oct 5, 2009 4:52pm Oct 5, 2009 4:52pm
Thank you very much for you answer.
Nice Mike, 61% Fib retracement Rac's attack vibes :-)
Looking from a distance there could be a way down but this current levels (1.5900-1.5800) are pretty tough to crack through, but this cane be done by price within a minutes
I on standby now (excluding my "long term" short GBP position in the backround). I'm quite suprised on yesterday's PA during Asian session (which in GBP is usually pretty sluggish at its best).
  • #45,280
  • Oct 5, 2009 4:58pm Oct 5, 2009 4:58pm
What do you guys think about the 2 day pins on audchf and euraud?
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