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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

  • #46,481
  • Oct 20, 2009 3:59pm Oct 20, 2009 3:59pm
Quoting benji533
Thanks for the kind words Jon.

James16 is our home thread
Amen
PATIENCE... DISCIPLINE
  • #46,482
  • Oct 20, 2009 4:49pm Oct 20, 2009 4:49pm
Quoting ratherbesailing
Mike, Bundy, Race,BB and of course Jim,

how is it boys.....been a while......just read back a few pages see what was going on. Lots of new avatars putting in their 2 cents.........some funky chart colours...theres a yellow one thats a screamer, that guy will go blind.....!
A bit of waffle still about MACD's and stochs.....nice analagy to poker..that was good.

[color=black][font=Verdana]Race...that Euro trade......you have...
hey RBS I guess you have been sailing



Quoting atton
Hi all.

It is been a while from my last post and check on the forum. Happy to see you again . I ve made some pips from e/u today. You did too. Nice. A no sense post from me but just wanted to say hi

Heya Atton
  • #46,483
  • Oct 20, 2009 5:02pm Oct 20, 2009 5:02pm
Quoting benji533
Pay attention
Hey benji533,

I agree that going long here warrants some caution although the trade has possibilities. First, price has rejected the 1.0300 level a PPZ twice now. I'm playing this trade as a DBLHC and entering the trade at the 61 FIB retrace @ 1.0425 with the SL @ 1.0300. My first TP @ 1.0590 and the second TP @ 1.0675.

Anyone else looking to take this trade I would love to hear your thoughts.

Mikali
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  • #46,484
  • Edited 5:18pm Oct 20, 2009 5:03pm | Edited 5:18pm
CADJPY daily dbhlc.

I almost pulled the trigger here, but I don't like the first blue area being right below the bar, so I'm going to pass this one.

How do you like this setup?

E: Oh sorry, I didn't notice that bakko had the same setup asked.
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  • #46,485
  • Oct 20, 2009 5:07pm Oct 20, 2009 5:07pm
Quoting bakko85
Hi all,
very weak canadian dollar today. Among the canadian dollar crosses i see this possible setup, what do you think???
We've a very huge 4BHLC at a key level i think (see the weekly time frame also to understand how strong this zone can be).
Ciao Bakko,

I think it's a valid set up but :

In my opinion you have to be careful of the 86 price that is also a PPZ... just below the daily Beob and second point it's counter trend trade.

I would wait for a pull back in area 83/84 to see any PA to resume the original trend.

I am a newbie...so don't take to seriously my opinion.......i hope to see other comments too.

Buona notte.
Patience is essential
  • #46,486
  • Oct 20, 2009 5:11pm Oct 20, 2009 5:11pm
Hey FinnTrader,

I'm taking caution on all the CAD pairs. All those bars formed because of today's Overnight Rate news and might be just a retrace. I guess we'll see how it unfolds in the upcoming hours. As for now, everything's dead.

Quoting FinnTrader
CADJPY daily dbhlc.

I almost pulled the trigger here, but I don't like the first blue area being right below the bar, so I'm going to pass this one.

How do you like this setup?
  • #46,487
  • Oct 20, 2009 5:16pm Oct 20, 2009 5:16pm
Quoting Mikali
Hey benji533,

I agree that going long here warrants some caution although the trade has possibilities. First, price has rejected the 1.0300 level a PPZ twice now. I'm playing this trade as a DBLHC and entering the trade at the 61 FIB retrace @ 1.0425 with the SL @ 1.0300. My first TP @ 1.0590 and the second TP @ 1.0675.

Anyone else looking to take this trade I would love to hear your thoughts.

Mikali
Hey Mikali,

Actually I was referring to the option of going short at the purple boxed zone I drew.

We are now in a strong long term downtrend. I will be looking for a short off a pullback to that significant PPZ|Resistance.

By the way, You are now trading right into that resistence zone and against the trend. IMO it won't pass my purple zone. Not for me. manage it tight my friend

Ben
  • #46,488
  • Oct 20, 2009 5:20pm Oct 20, 2009 5:20pm
Quoting Mikali
Hey benji533,

I agree that going long here warrants some caution although the trade has possibilities. First, price has rejected the 1.0300 level a PPZ twice now. I'm playing this trade as a DBLHC and entering the trade at the 61 FIB retrace @ 1.0425 with the SL @ 1.0300. My first TP @ 1.0590 and the second TP @ 1.0675.

Anyone else looking to take this trade I would love to hear your thoughts.

Mikali
Hey Mikali,

What fibonacci are you talking about? Which points?
  • #46,489
  • Oct 20, 2009 5:23pm Oct 20, 2009 5:23pm
Quoting cvcamper
Can you please show me the setup on that EUR/USD chart you put down? I dont see any signs at all, just a straight drop. What did you see to make you sell?
I used similar technique to what Jim have shown you guys back a few days ago.
Combination of price exhaustion around good ppz, or psychological area with tight stop. In case of fiber I had a hard stop @ 1.5015.
It was exactly the same case with aussie and kiwi...
I know many people here were critical of Jessie L, but I picked up some tidbits of ideas from the way he traded and applied to my own..
.
Attached Image
  • #46,490
  • Oct 20, 2009 5:27pm Oct 20, 2009 5:27pm
I think retrace to 1.06 on USDCAD looks reasonable. In addition to PPZ we have 50-61.8 fib. What do you think?
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  • #46,491
  • Oct 20, 2009 5:27pm Oct 20, 2009 5:27pm
Quoting g_j_hook@yah

EDIT:at least we had the same trend lines!!! heheh
did that aid in your trade?? i.e. the break
another thing i have noticed is that i dont see any stop loss orders??
TL was my TP.
I only use MT4 for charting purpose. When I pull the trigger on my platform, I switch to mt4 and place exactly the same trade to have a visual reference (archiving purpose). They're usually few pips behind real trade. Sometimes I don't have time to apply stops on mt4, but there always there when I trade. I keep them few pips below/above swings and ppzs.
  • #46,492
  • Oct 20, 2009 5:28pm Oct 20, 2009 5:28pm
Quoting benji533
By the way, You are now trading right into that resistence zone and against the trend. IMO it won't pass my purple zone. Not for me. manage it tight my friend

Ben
Hi benji533,

It never occurred to me to plan for a short off that PPZ area @ 1.0675 although, I think we both believe price will move towards it. My trade plan consisted of moving my SL to BE once price reached 1.0590 for the same reasons you pointed out. Now I will have to consider a short based on price action at that PPZ.

Thanks again for your viewpoint and thought process for this pair.

Mikali
  • #46,493
  • Oct 20, 2009 5:32pm Oct 20, 2009 5:32pm
Quoting raczekfx
TL was my TP.
I only use MT4 for charting purpose. When I pull the trigger on my platform, I switch to mt4 and place exactly the same trade to have a visual reference. They're usually few pips behind real trade. Sometimes I don't have time to apply stops on mt4, but there always there when I trade. I keep them few pips below/above swings and ppzs.
nice one,
i learn so much from these posts!!
cheers
jon
PATIENCE... DISCIPLINE
  • #46,494
  • Oct 20, 2009 5:32pm Oct 20, 2009 5:32pm
Quoting FX_Serg
Hey Mikali,

What fibonacci are you talking about? Which points?
Hi FX_Serg,

I drew a Fibonacci on the Oct 20th BUB i.e. the second bar of the DBLHC I highlighted on my chart. I deleted the fib so as not to clutter the chart as I only used it only to plan my entry point.

I hope that makes sense if not please let me know.

Mikali
  • #46,495
  • Oct 20, 2009 6:29pm Oct 20, 2009 6:29pm
Quoting Mikali
Hi FX_Serg,

I drew a Fibonacci on the Oct 20th BUB i.e. the second bar of the DBLHC I highlighted on my chart. I deleted the fib so as not to clutter the chart as I only used it only to plan my entry point.

I hope that makes sense if not please let me know.

Mikali
Mikali, correct me if I'm wrong, but I think you draw the fibo wrong. You drew it from top to bottom (you draw it that way when the trend is down and you want to see the retrace up). In this scenario, usdcad is going up and if you want to see the fibo retraces, you gotta draw it from bottom to top. See attached images. The top one shows the correct way.
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Click to Enlarge Name: usdcad_10.20.09_04.gif Size: 16 KB
  • #46,496
  • Oct 20, 2009 7:27pm Oct 20, 2009 7:27pm
Quoting FX_Serg
Mikali, correct me if I'm wrong, but I think you draw the fibo wrong.
It doesnt really matter.

Hint: A man, a plan, a canal, Panama!
When you have to shoot, shoot. Dont talk.
  • #46,497
  • Oct 20, 2009 7:34pm Oct 20, 2009 7:34pm
Quoting joelcf
It doesnt really matter.

Hint: A man, a plan, a canal, Panama!
Hey Joel,
It doesn't, except that 61.8 becomes 38.2. If the goal is to enter on fibo level then your right. However, if your trying to enter on 61.8 because you believe that this is the last level where the move can retrace then you'd rather wait for 61.8.
I've done this mistake million times by entering on 38.2, knowing that the trend is up. The painful part is that if there is a big distance between 61.8 and 38.2 you gonna be in a big drawdown waiting for the pair to retrace from 61.8.
Just my 2 cents.

Serg
  • #46,498
  • Oct 20, 2009 8:38pm Oct 20, 2009 8:38pm
Quoting raczekfx
.. and they were indeed huge...
Listen to Mike, he knows...
Quoting mbqb11
no doubt in my mind YOU were the one who actually profited here though( I slept )
lol...
  • #46,499
  • Oct 20, 2009 9:06pm Oct 20, 2009 9:06pm
Quoting raczekfx
Combination of price exhaustion around good ppz, or psychological area with tight stop. ...
.
and some rebounds....

It's been v.long day.. g.nite...
Attached Images
  • #46,500
  • Oct 20, 2009 9:36pm Oct 20, 2009 9:36pm
Quoting NosferatuMan
Mike, if posible, I would like to have yout thoughts on this one.

A PB is forming on daily with a intersting nose size. Also on weekly we have a good BEOB.
I have also a 50.0 fib and RN 0.9100.

My question is: is this a good setup for a short? (in case we trigger both the BEOB and PB (around 0.9880).
I rectangle is a conflit area and the 0.9880 was also resistance and support in the past.

Please let me have your comments.
Heya Nos,

Refering to this post below:

http://www.forexfactory.com/showpost...ostcount=46364

Could you post that indicator that allows you to view a few timesframes on 1 screen? Thanks
One Mind, Any Market
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