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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

  • #47,981
  • Nov 12, 2009 8:44am Nov 12, 2009 8:44am
These look interesting to me for shorts. I'll post details if I trade them. My bar close is in 1hr 15min. IBFX feed.

K.I.S.S.
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  • #47,982
  • Nov 12, 2009 9:00am Nov 12, 2009 9:00am
man, sometimes it just isn't your day.
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  • #47,983
  • Nov 12, 2009 9:09am Nov 12, 2009 9:09am
Quoting dobe_r_man
I have to be honest......I have been tempted the last few months to speed up that process, but I will wait patiently.....

Best decision ever. The fact that you remain disciplined is very important and will certainly reflect on your trading.
The nail that sticks out gets hammered back in
  • #47,984
  • Nov 12, 2009 10:15am Nov 12, 2009 10:15am
and thanks rac for all your posts in this thread.
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  • #47,985
  • Nov 12, 2009 10:17am Nov 12, 2009 10:17am
Quoting bee24
I placed my stop on 0.75100 as Mike suggested, but this whole trade worries me a bit... one of those moments...
see just had to be patient. I am out with full profit at this level. Took some patience
  • #47,986
  • Nov 12, 2009 10:20am Nov 12, 2009 10:20am
Quoting mbqb11
see just had to be patient. I am out with full profit at this level. Took some patience
Same with that damn NZD/USD! Hahah.. if it breaks the current traffic area we'll be on our way to closing that gap!
  • #47,987
  • Nov 12, 2009 10:32am Nov 12, 2009 10:32am
Quoting benji533
A break of this TL or either a pullback to it must be interesting.
Took longer than I thought....but eventually it happened
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  • #47,988
  • Nov 12, 2009 10:51am Nov 12, 2009 10:51am
Maybe this is a question with an obvious answer but...

When you guys have an open order, for example, a sell order on the NZD/USD and then see a pinbar on the 4H USD/CAD chart, do you still place your pending short under the PB regardless of your opposite open order on the NZD?
  • #47,989
  • Nov 12, 2009 10:54am Nov 12, 2009 10:54am
Quoting frankm7
Maybe this is a question with an obvious answer but...

When you guys have an open order, for example, a sell order on the NZD/USD and then see a pinbar on the 4H USD/CAD chart, do you still place your pending short under the PB regardless of your opposite open order on the NZD?
I do, a chart is a chart for me. So I keep all trades independent. Rarely does another chart scare me out of a trade, unless they are correlated pairs and something is jumping out

Best
Mike
  • #47,990
  • Nov 12, 2009 11:07am Nov 12, 2009 11:07am
Quoting frankm7
Maybe this is a question with an obvious answer but...

When you guys have an open order, for example, a sell order on the NZD/USD and then see a pinbar on the 4H USD/CAD chart, do you still place your pending short under the PB regardless of your opposite open order on the NZD?
It is really up to the individual trader.......as Mike simply plays the charts and Mike is great at what he does.

If the Gbp/Usd, Nzd/Usd and Eur/Usd are all showing the same exact price pattern (say all pin bars at resistance) I will limit my sell orders to one of the pairs. This is personal preference, as although they won't neccessarily move the same you can be sure if something happens very dramatic with the dollar I don't want to take a 3% loss. I am defensive about capital and strange things can happen.

Nathan
  • #47,991
  • Nov 12, 2009 11:22am Nov 12, 2009 11:22am
Quoting benji533
and thanks rac for all your posts in this thread.
You considering a long position on that blue highlighted area Mr. Benji???
Many choose unhappiness over uncertainty.
  • #47,992
  • Nov 12, 2009 11:33am Nov 12, 2009 11:33am
Quoting Dan Gilbert
You considering a long position on that blue highlighted area Mr. Benji???
Nope. Just for trade management purposes.
  • #47,993
  • Nov 12, 2009 11:56am Nov 12, 2009 11:56am
Quoting benji533
Took longer than I thought....but eventually it happened
nice trade benji, i hope we're going to 0.9200 before pulling back, but anything is possible
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  • #47,994
  • Nov 12, 2009 1:31pm Nov 12, 2009 1:31pm
Did not take either of these pins. Did anyone? I don't think they are A+ Trades.

UC
Too short, doesnt stick out enough. Double bottom, would run to ppz at 1.015/6 (Which it did) And is now seeing support at 1.015 on the hourly. Against the trend.
http://i189.photobucket.com/albums/z...th_nov12uc.gif


UJ
Little bigger, and sticks out, another double bottom, but against the trend. Also has run to first ppz at 90.5 area.

http://i189.photobucket.com/albums/z...th_nov12uj.gif
  • #47,995
  • Nov 12, 2009 2:06pm Nov 12, 2009 2:06pm
Just for fun.........I will make a prediction for pure amusement and entertainment. This has nothing to do with my trading strategy on this pair.

This pair may break above 1.0550 briefly but will close near the 1.0530 range for the day (down from its highs)..... This hopeless, far fetched prediction is based simply on how historically BUOB or BEOB's close or act on the daily timeframe. If I am right it means nothing honestly, as I already know where my orders will be tomorrow............ha ha.



Nathan
  • #47,996
  • Nov 12, 2009 2:15pm Nov 12, 2009 2:15pm
still a while to go before candle close. a buy stop just above 1.06 on u cad for me would probably be the go.
so far im liking a/u and some of the aussie crosses for possible trades
  • #47,997
  • Nov 12, 2009 2:18pm Nov 12, 2009 2:18pm
Quoting mbqb11
see just had to be patient. I am out with full profit at this level. Took some patience
I hung in there too, and made profit Although when my first PT was reached, I took one half out and moved the other half to BE and got stopped for a tiny profit on that second half.

By no means I meant to put you in any kind of an uncomfortable situation, when I was referring that you suggested that SL. I had my SL set my way and it would have worked out just the same for me as it did.

Btw I am now in my second profitable month

Thank you.
  • #47,998
  • Nov 12, 2009 2:22pm Nov 12, 2009 2:22pm
Quoting supermatt
still a while to go before candle close. a buy stop just above 1.06 on u cad for me would probably be the go.
so far im liking a/u and some of the aussie crosses for possible trades
Absolutely, though I would be very shocked if it doesn't close higher than yesterdays high and in the top 1/3 of the daily bar. I will be playing it on a retracement entry.

A/U and N/U are very similar, although I would give the gold star to A/U (double top with divergence).

Nathan
  • #47,999
  • Nov 12, 2009 2:36pm Nov 12, 2009 2:36pm
Hello everyone- I've been lurking for a while, but want to get in on the fun... Here's a couple of possibilities I've been looking at.

1. A/U daily BEOB, div, off PPZ. Probably look for a retrace on the bar for entry.

2.A/C daily PB, div, PPZ. Entry would be about .9340 below previous 3 daily bars.

Thoughts? Suggestions?

My many thanks to all those who have put together this incredibly useful thread.
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  • #48,000
  • Nov 12, 2009 2:40pm Nov 12, 2009 2:40pm
Quoting dobe_r_man
Just for fun.........I will make a prediction for pure amusement and entertainment. This has nothing to do with my trading strategy on this pair.

This pair may break above 1.0550 briefly but will close near the 1.0530 range for the day (down from its highs).....


Nathan

Or NOT.........
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