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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

  • #47,921
  • Nov 11, 2009 9:08am Nov 11, 2009 9:08am
Quoting glyder
At first I thought it was a holiday for veterans day, but now i noticed the stock markets have opened....
Yes, they are open but typically have a 2 minute moment of silence in honor of veterans.

On that note, a huge thank your for all those who have served and those who continue to serve. You are not forgotten and no amount of gratitude will equal what so many have sacrificed for our benefit and freedom.

I know this is a trading site, but I want to pay my respects all the same.


Usd/Jpy

Possible pin forming on the daily at the .9000 level/pivot area, coupled with the nose rejecting the 61% fib. The pin is in traffic, not the cleanest space but I am interested.

Stops would be managed aggressively on this one due to potential trouble area at .9070.


Nathan
  • #47,922
  • Nov 11, 2009 9:11am Nov 11, 2009 9:11am
I went ahead and placed a buy stop on the matching bar highs here, VERY comfy S/L @ 1.4845. 1.4900 should be a strong support here, keeping me in the trade for a bit. Very small position size caused by the large s/l.
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Many choose unhappiness over uncertainty.
  • #47,923
  • Nov 11, 2009 9:18am Nov 11, 2009 9:18am
Quoting glyder
At first I thought it was a holiday for veterans day, but now i noticed the stock markets have opened....
yes, but it's a partial US holiday.
i dont know what they exactly mean by that.
  • #47,924
  • Nov 11, 2009 9:35am Nov 11, 2009 9:35am
Quoting Dan Gilbert
I went ahead and placed a buy stop on the matching bar highs here, VERY comfy S/L @ 1.4845. 1.4900 should be a strong support here, keeping me in the trade for a bit. Very small position size caused by the large s/l.
Dan:

Just asking a question, no offense intended, but aren't you concerned at all about the resistance in the 1.5050 area? I would think you would want to wait for a break well above this and then a retrace back to the 1.5000 - 1.5050 area before buying.

You gave your stop loss room, below 1.4900, so I think you will have time in this trade as well. If it pops you are in early and will be rewarded well for it. Just curious, as this one didn't jump out at me as you are playing a break right into that zone near 1.500 - 1.5050.

Again Dan, I am just asking to understand - not saying the trade will or will not work out.


Nathan
  • #47,925
  • Nov 11, 2009 9:37am Nov 11, 2009 9:37am
Quoting supremeChaos
yes, but it's a partial US holiday.
i dont know what they exactly mean by that.
exactly what we mean by partial profits.
  • #47,926
  • Nov 11, 2009 9:47am Nov 11, 2009 9:47am
Anyone in this one?Also is this a good trade?Any comment will be very helpful.Thanks
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  • #47,927
  • Nov 11, 2009 9:52am Nov 11, 2009 9:52am
Quoting dobe_r_man
Dan:

Just asking a question, no offense intended, but aren't you concerned at all about the resistance in the 1.5050 area?...
Yes I am concerned about the resistance area we are currently in, but that is why I gave myself such a comfortable stop. I also may or not look to re-evaluating another potential long position around 1.4900 if/when we get there. I Just look at this long position at a swing high as a first chance to get in. Realistically, there is "resistance" at almost every horizontal level and if I want to play a daily chart (which I am in this instance) I need to consider the fact that a break up here would be possible.

I am just looking at the trend here and playing it as the trend has been up and up and up for so long, why should it turn now? The fundamentals don't indicate any strength in USD at this point.

Depending on how today's bar closes, I may change my position, but until then, I want to stay long.

BTW: I'm extremely new to trading and can't even imagine how the veterans in this thread are as smart as they are with their intuition. I post here mainly for feedback, NOT to give advice. I post my trades so people like yourself can point out specific errors/concerns over why I made the decision the way I did. Don't ever be concerned about whether or not you're offending me, I realize my knowledge in this business is extremely limited, and I like to be encouraged to think deeper about a decision I have made - so I thank you for that.
Many choose unhappiness over uncertainty.
  • #47,928
  • Nov 11, 2009 9:53am Nov 11, 2009 9:53am
Interesting situation don`t you think.I hope we can get some Pa round here.
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  • #47,929
  • Nov 11, 2009 9:59am Nov 11, 2009 9:59am
Quoting teodosy87
Interesting situation don`t you think.I hope we can get some Pa round here.
The beob might just provide enough fuel to allow price to whistle pass this area down to 165 and 163 regions,

But yes if price an stop here some PA would be sweeet!!
I believe . . .
  • #47,930
  • Nov 11, 2009 10:04am Nov 11, 2009 10:04am
Quoting Dan Gilbert
Yes I am concerned about the resistance area we are currently in, but that is why I gave myself such a comfortable stop....
Hi Dan I guess this...

Quote
I Just look at this long position at a swing high as a first chance to get in. Realistically,

...is where you misconstrued the entire thing,

Going long at a swing high doesn't give you the advantage of getting in early, it sets you up nicely to be the first one to be trampled upon by a 'quite probable' bear rampage,

Matching highs as well as all other bullish PA signals are best taken at swing lows and deep into pull backs of a major trend, it's in these situations that you're up in front and ready to catch a forming trend. (or the continuation of an existing one)

cheers,
g.
I believe . . .
  • #47,931
  • Nov 11, 2009 10:05am Nov 11, 2009 10:05am
Quoting ghous
The beob might just provide enough fuel to allow price to whistle pass this area down to 165 and 163 regions,

But yes if price an stop here some PA would be sweeet!!
Yes you are right but if price really stop here and we have good Pa this is very very good place to take a trade at least for my understanding.
  • #47,932
  • Nov 11, 2009 10:09am Nov 11, 2009 10:09am
Hey guys i just wanna take your attention to this zone here.It is good S/R also if you look at the swings that this pair make this is good place to look for reversal if we of course have good Pa signal!
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  • #47,933
  • Nov 11, 2009 10:11am Nov 11, 2009 10:11am
Quoting Dan Gilbert
Yes I am concerned about the resistance area we are currently in, but that is why I gave myself such a comfortable stop. I also may or not look to re-evaluating another potential long position around 1.4900 if/when we get there. I Just look at this long position at a swing high as a first chance to get in. Realistically, there is "resistance" at almost every horizontal level and if I want to play a daily chart (which I am in this instance) I need to consider the fact that a break up here would be possible.

I am just looking at the trend here...
No problem Dan, you explained yourself very well. Again, it was not meant to criticize. I had the 1.500 - 1.5050 as more than a minor area, but I understand what you are saying. As you pointed out you are going with the well established trend on this pair.

Nathan
  • #47,934
  • Nov 11, 2009 10:35am Nov 11, 2009 10:35am
Quoting dobe_r_man

On that note, a huge thank your for all those who have served and those who continue to serve. You are not forgotten and no amount of gratitude will equal what so many have sacrificed for our benefit and freedom.

I know this is a trading site, but I want to pay my respects all the same.

I can never pay my thanks enough. I have friends over seas ,family members have served. No thank you I can give is enough, but these men and women give us everything we have and I appreciate it from the bottom of my heart.
  • #47,935
  • Nov 11, 2009 10:36am Nov 11, 2009 10:36am
Quoting Dan Gilbert
I went ahead and placed a buy stop on the matching bar highs here, VERY comfy S/L @ 1.4845. 1.4900 should be a strong support here, keeping me in the trade for a bit. Very small position size caused by the large s/l.
Hey Dan

See how you were trading into that previous high to the left? By placing a buy stop as a continuation at this point IMO you should have been out for profit or b/e at worst by this point. Stalled right at the previous top as expected. It might come back for you but that is too risky IMO

Best
Mike
  • #47,936
  • Nov 11, 2009 10:46am Nov 11, 2009 10:46am
Quoting ghous
The beob might just provide enough fuel to allow price to whistle pass this area down to 165 and 163 regions,

But yes if price an stop here some PA would be sweeet!!

I'm curious as to how the veterans here, know when to identify a previously reliable support as being not-so-reliable at a certain time? How do you know when something that has been tested 1-3 times, not going to work this time? I have seen this prediction work multiple times when one of you "10+V" calls it... but I can never ever see why you have that bias....
Many choose unhappiness over uncertainty.
  • #47,937
  • Nov 11, 2009 10:48am Nov 11, 2009 10:48am
Moving stop loss to just above 1.0700....+/- 90 pips locked in at this point. It is at my area of concern 1.6550.........will monitor for now. I would prefer to see a break of this area, test and rejection. Very good chance the run down ends at this area though.

Nathan
  • #47,938
  • Nov 11, 2009 10:50am Nov 11, 2009 10:50am
Quoting mbqb11
Hey Dan

See how you were trading into that previous high to the left? By placing a buy stop as a continuation at this point IMO you should have been out for profit or b/e at worst by this point. Stalled right at the previous top as expected. It might come back for you but that is too risky IMO

Best
Mike
Quote
Going long at a swing high doesn't give you the advantage of getting in early, it sets you up nicely to be the first one to be trampled upon by a 'quite probable' bear rampage,

eek! I love you guys . I'm now seeing why, on the charts that father Jim posted on page 1, why my 'multi-bar highs' are NOT ideal looool.... well I'll tell you guys what, at the close of todays bar, I'll make my decision. Fair? Thanks so much for helping a foolish newbie.
Many choose unhappiness over uncertainty.
  • #47,939
  • Nov 11, 2009 10:58am Nov 11, 2009 10:58am
Quoting Dan Gilbert
I'm curious as to how the veterans here, know when to identify a previously reliable support as being not-so-reliable at a certain time? How do you know when something that has been tested 1-3 times, not going to work this time? I have seen this prediction work multiple times when one of you "10+V" calls it... but I can never ever see why you have that bias....
Mostly comes down to repetition and experience. You see things so many times, certain situations become familiar. Of course you just try to apply that best and sometimes you win sometimes you lose

Mike
  • #47,940
  • Nov 11, 2009 11:33am Nov 11, 2009 11:33am
Quoting benem
Just recovered after the H1n1,still alive...not so strong as the media are reporting...so don't be scared.....


You rock lol. Damn Media.
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