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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

  • #48,981
  • Dec 1, 2009 12:27am Dec 1, 2009 12:27am
SC! Hope everything is working itself out in your neck of the woods.

Thanks for that, it is going in my saved links
  • #48,982
  • Dec 1, 2009 1:07am Dec 1, 2009 1:07am
Hi, thanks to Rac, Benji, and Trigger,

My touch trade on chfjpy at 87 has some good run now, "Kaboom", hope it keep running.

My reason to enter the trade is.

1. Last week longterm daily uptrend line broken, I am finding a possible area for retrace and retested.

2. I found that 87 round number is right at recent downward trendline, 62 fib, very strong ppz on weekly.

My stoploss was set on 87.20.


I am up 70 pips now and hope it keeps running. let's see!
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  • #48,983
  • Dec 1, 2009 1:52am Dec 1, 2009 1:52am
Quoting Dan Gilbert
I just downloaded alpari, and they use different timeframes for the 4 hr charts so my charts look completely different on the H4.... Anybody demo different brokers for more trade opportunities?

i tried doing that in the past and it confused me alot.

Hunri
  • #48,984
  • Dec 1, 2009 4:01am Dec 1, 2009 4:01am
Quoting supremeChaos
Sir joelcf & Sir jarroo, u have been on extended holidays huh, heheh
I wish - blame work for that one. Holidays come in January
When you have to shoot, shoot. Dont talk.
  • #48,985
  • Edited 4:43am Dec 1, 2009 4:25am | Edited 4:43am
I have been amusing myself with this USDCHF chart, which I traded earlier after the break of the daily PB, yet did not go the 30 to lock in yesterday, only went 26 pips just shy of that area yet here it is again testing the lows once more.......Closed this position due to lack of PA yesterday, yet this shows how strong that daily action can be at times, this pair never broke the resistance around 1.0800 area and now challenging the break point from yesterday....just another example how the long term charts will out perform the shorter time frames

Matt
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Without women, money would have no meaning - Aristotle Onassis
  • #48,986
  • Dec 1, 2009 4:31am Dec 1, 2009 4:31am
Quoting mattfx
I have been amusing myself with this USDCHF chart, which I traded earlier after the break of the daily PB, yet did not go the 30 to lock in yesterday, only went 26 pips just shy of that area yet here it is again testing the lows once more.......Closed this position due to lack of PA yesterday, yet this shows how strong that daily action can be at times, this pair mever broke the resistance around 1.0800 area and now challenging the break point from yesterday....just another example how the long term charts will out perform the shorter time frames

Matt...
I took the short trade but didn't see the S/R @ 1.0, I set my T/P to your Daily S3.
Don't know if i close it at 1.0 or let it run ... (I'm beginner).
  • #48,987
  • Dec 1, 2009 4:41am Dec 1, 2009 4:41am
Here is the trade from the daily....
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Without women, money would have no meaning - Aristotle Onassis
  • #48,988
  • Dec 1, 2009 4:53am Dec 1, 2009 4:53am
Most of these trades are valid, as we are trading into the long term trend for the USDCHF which, incidentally is down, any price action to the long term trend is what we seek, just remember the long term drives the short term, this is where the PA is at on the longer time frames, and I trade accordingly, just my thoughts,....one does not need to be that "smart" to recognise the long term trends, just looking to join the action from the shorter frame to the longer, more powerful time frames....

Matthew
Without women, money would have no meaning - Aristotle Onassis
  • #48,989
  • Dec 1, 2009 5:11am Dec 1, 2009 5:11am
Has anyone had this problem - where a trendline on the daily doesn't match up with the 4hour, or in this case the 1hour?

Not broken on the daily but clearly broken on the 1hour:


Edit: Note this is a single trendline on my software, I've not drawn one on each time frame. I've drawn it on the daily and it's showing it on the 1h.
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  • #48,990
  • Dec 1, 2009 5:26am Dec 1, 2009 5:26am
I can't see the currency cross on your chart, it would be much simpler if one could post the cross in the subject for example, although I could work out which pair you are talking about via the price, it would help if we didn,t have to do the math, just an extra mental exercise which could be aleviated by putting the cross in the subject line for example, and target youir pair, anyway having said that I dont usually trade the hourlies, unless of course you have strong conviction and please expand as I am also focused....
Without women, money would have no meaning - Aristotle Onassis
  • #48,991
  • Dec 1, 2009 5:38am Dec 1, 2009 5:38am
Another conergence of Matt's on the J16 forum
Without women, money would have no meaning - Aristotle Onassis
  • #48,992
  • Dec 1, 2009 5:42am Dec 1, 2009 5:42am
Quoting mattfx
I can't see the currency cross on your chart, it would be much simpler if one could post the cross in the subject for example, although I could work out which pair you are talking about via the price, it would help if we didn,t have to do the math, just an extra mental exercise which could be aleviated by putting the cross in the subject line for example, and target youir pair, anyway having said that I dont usually trade the hourlies, unless of course you have strong conviction and please expand as I am also focused....
Sorry, it's EUR/GBP as you surmised although it's more of a charting question than any specific pair. I've redrawn the trendline about 10 times now most of the time my charting package seems to get it right - the daily trendline on lows matches what it displays on lower timeframes. But every now and then it seems to displace it for some reason...

I'm back in at 9082 as a touch trade because that's where I think the trendline is but I'll be the first to admit that there's not much confluence...
  • #48,993
  • Dec 1, 2009 5:55am Dec 1, 2009 5:55am
Quoting PippingMama
Hello Benji,

Are you trade on demo or live?

How come we cannot see the stoploss level? I want to learn those touch trade that how you set the stoploss level.

Do you always enter when there is trendline, ppz and 50 and 60% fib, of course best will come with round number at that level.


Thanks!

PippingM
When I take live trades, I do not always place them on demo as well.

I do not have a book of rules, so I can't tell you that every time XXX occurs I will trade it.
I have tools, and use them with some additional thinking.


I see that trigger answered well your other questions.

Take care,

Ben
  • #48,994
  • Dec 1, 2009 5:58am Dec 1, 2009 5:58am
Quoting benji533
Well, a bit earlier I have just closed my shorts and placed a long position, USDCAD. Let's see how it turns out
Update on this one - got out at BE.
  • #48,995
  • Dec 1, 2009 6:02am Dec 1, 2009 6:02am
Quoting benji533
Update on this one - got out at BE.
Well played. I'm thinking wait for a pullback and look to see some PA showing the trendline as support and then jump in short - it's with the macro trend.

That said there seems to be a PPZ in the range 1.0400 to 1.0450 so we might yet see price just blast straight back up again.
  • #48,996
  • Dec 1, 2009 6:03am Dec 1, 2009 6:03am
Can you post a chart on the EURGBP ?
Without women, money would have no meaning - Aristotle Onassis
  • #48,997
  • Dec 1, 2009 6:04am Dec 1, 2009 6:04am
Quoting mattfx
Another conergence of Matt's on the J16 forum
Hi noted you were looking at daily USD/CHF. Demoed this but didn't work out (closed for 5 pips). However, out of interest had demoed this and 6 other pairs yesterday morning (early GMT) from pin bars shown on dailies from last Friday. All looked fairly dubious but for possibly EU and GB/Yen. Using mainly 4 hour for refining entries, exits and stops (around support and resistance between 50 and 100+ pips) closed early on hint of pull back or hit target price for shade under 500 pips in total and no losses (eu/GB yen were the big winners).

Now I guess this was just dumb luck or is there a strategy somewhere here worth working up - any thoughts anyone?

Thanks

JS
  • #48,998
  • Dec 1, 2009 6:08am Dec 1, 2009 6:08am
Hi,

just to share my view, I am looking for a pi bar on preferable 4H TF on EU in the golden zone.

If no nice bar, the whole plan canceled and anticipate further up move. Honestly this is the most likely scenario as a good looking pin bar not coming that often.



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Kind Regards zol
  • #48,999
  • Dec 1, 2009 6:12am Dec 1, 2009 6:12am
Quoting mattfx
Can you post a chart on the EURGBP ?
Here's my 4h on EURGBP:
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  • #49,000
  • Dec 1, 2009 6:17am Dec 1, 2009 6:17am
Quoting jspeakman
Hi noted you were looking at daily USD/CHF. Demoed this but didn't work out (closed for 5 pips). However, out of interest had demoed this and 6 other pairs yesterday morning (early GMT) from pin bars shown on dailies from last Friday. All looked fairly dubious but for possibly EU and GB/Yen....
well js, all the big winners have one thing in common.... they were all taken with the long term trend.

stack the odds my friend!

regards

ic
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