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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

  • #51,141
  • Jan 9, 2010 3:41pm Jan 9, 2010 3:41pm
I just realized I have never traded this pair..........yet I see a picture perfect set-up. Does Oanda carry this pair or am I delusional?

It never came up cause I have never traded it shockingly.

Nathan
  • #51,142
  • Jan 9, 2010 3:51pm Jan 9, 2010 3:51pm
Quoting dobe_r_man
I just realized I have never traded this pair..........yet I see a picture perfect set-up. Does Oanda carry this pair or am I delusional?

It never came up cause I have never traded it shockingly.

Nathan
No, Oanda lacks this pair.
  • #51,143
  • Jan 9, 2010 3:59pm Jan 9, 2010 3:59pm
Quoting o990l6mh
No, Oanda lacks this pair.
What a shame, this 2 day pinbar at a triple top has pips written all over it!!!

Dobe
  • #51,144
  • Jan 9, 2010 5:26pm Jan 9, 2010 5:26pm
Quoting ppfx
yeah great weekend to you too i think that mine will we excellent since today i made my first bigger successfull trade in this year and covered the loss i made in december
Attachment Attachment

caesar i think that EU will go higer... (btw ignore the BUOB text, it was meant for a lower timeframe)
Attachment
Another scenario, ....
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Click to Enlarge Name: eu-01.09.10.jpg Size: 220 KB
That which does not kill me, makes me stronger.
  • #51,145
  • Jan 9, 2010 5:41pm Jan 9, 2010 5:41pm
Quoting dobe_r_man
What a shame, this 2 day pinbar at a triple top has pips written all over it!!!

Dobe
Now, if you throw some divergence at it....
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCHF-Daily-01.09.10.jpg Size: 142 KB
That which does not kill me, makes me stronger.
  • #51,146
  • Edited 6:13pm Jan 9, 2010 5:54pm | Edited 6:13pm
Quoting dobe_r_man
What a shame, this 2 day pinbar at a triple top has pips written all over it!!!

Dobe
I had a look at it, but I have to say I'm less excited about it than you, see the chart for explanation.

I guess as pending order below the low of the two bars is an option, not for me though, I'd like some confirmation first. If it had closed convincingly below the PPZ, that would have been a different matter entirely. It may of course turn into a very nice setup. A pending order below the low being triggered would of course mean a pretty meaningful break back below the PPZ, so it's fine to do that, it's just not my style - as I can't watch charts intraday I prefer the setup to be "complete" already when I place my order.

edit: I just realized that I'd define this more as an inside bar formation, rather than a 2 day pin bar.
Attached Image (click to enlarge)
Click to Enlarge Name: 100108 audchf daily.jpg Size: 89 KB
  • #51,147
  • Jan 9, 2010 6:13pm Jan 9, 2010 6:13pm
We always hear about the A+ setup's can I ask how many the people would find in a month?
Learning to be rigid in my rules & flexible in my expectations
  • #51,148
  • Jan 9, 2010 7:13pm Jan 9, 2010 7:13pm
Quoting Treefingers
We always hear about the A+ setup's can I ask how many the people would find in a month?
Enough!
  • #51,149
  • Jan 9, 2010 7:24pm Jan 9, 2010 7:24pm
Quoting Bemac
Enough!
Excellent answer!
  • #51,150
  • Jan 9, 2010 7:30pm Jan 9, 2010 7:30pm
Quoting o990l6mh
Excellent answer!

I guess its a stupid question as you only need 1 magic a+ every now & then just takes lots of patience as I am learning.
Learning to be rigid in my rules & flexible in my expectations
  • #51,151
  • Jan 9, 2010 7:39pm Jan 9, 2010 7:39pm
Quoting Treefingers
I guess its a stupid question as you only need 1 magic a+ every now & then just takes lots of patience as I am learning.
Why not take a Month of your Valuable Life (i'm being serious here) & try it.
I don't mean Almost Try it. I mean Absoflogginlutely Do Not Enter unless it is an A+ setup.
Then hang onto your hollihocks until you have made an educated decision (assisted or not) when is the appropriate time to exit.

"Leap of Faith?" Perhaps. But I still subscribe to the School of Learning How to Trade Longer TF before Scalping a bunch.
  • #51,152
  • Jan 9, 2010 8:03pm Jan 9, 2010 8:03pm
Quoting Treefingers
We always hear about the A+ setup's can I ask how many the people would find in a month?
Quoting Bemac
Enough!
that is the short answer....

A+ setups are subjective.
u can be more OR less picky than SUPER PICKY Sir mbqb11 , & still think a setup is 'A+' & do well.

btw, it's not a stupid question.
  • #51,153
  • Jan 9, 2010 8:16pm Jan 9, 2010 8:16pm
Quoting Bemac
Why not take a Month of your Valuable Life (i'm being serious here) & try it.
I don't mean Almost Try it. I mean Absoflogginlutely Do Not Enter unless it is an A+ setup.
Then hang onto your hollihocks until you have made an educated decision (assisted or not) when is the appropriate time to exit.

"Leap of Faith?" Perhaps. But I still subscribe to the School of Learning How to Trade Longer TF before Scalping a bunch.
do you agree with finding an A+ setup, then monitoring on smaller time frames to find spots to add to the position? I like looking at a weekly/daily chart, and then zeroing in on certain areas of consolidation for breaks and retracements. i think it's nice. Following the trend on these smaller time frames of course!
Many choose unhappiness over uncertainty.
  • #51,154
  • Jan 9, 2010 8:27pm Jan 9, 2010 8:27pm
Quoting Dan Gilbert
do you agree with finding an A+ setup, then monitoring on smaller time frames...
Yes I do. Even though my preference is to Trade from Dailies or Weeklies, I'm not likely to pull the Trigger without sequentialy dropping down the TF' all the way down to 5 or 15 min.

Adding positions usually entails something similar to happen that caused me to Enter in the first place. So, yes, I guess.
  • #51,155
  • Jan 9, 2010 11:45pm Jan 9, 2010 11:45pm
Quoting nasir.khan
Greatful to the caveman.
Hi Nasir, can you share what are your thoughts process behind those trades because there isn't any price action confirmation? And most importantly, where do you place your stop loss?


Thanks
  • #51,156
  • Edited 4:21am Jan 10, 2010 3:55am | Edited 4:21am
Is there anything in the eurusd I am not seeing? To me look like it finished the week just below a prominent s/r zone going back a few years. Also it seems if it does not break through we could expect (if history repeats a fast move south)

When I see charts like this it appears so easy to read whats going to happen but in reality for a newbie like myself it often ends in a mess.

My trade plan would be (or is I now think) placing a sell order @ 1.4390 with SL 1.4520 & a Buy order @ 1.4540 with a 100pip sl. Both trades with a 100 pip trailing stop.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 10 jan.jpg Size: 186 KB
Learning to be rigid in my rules & flexible in my expectations
  • #51,157
  • Jan 10, 2010 5:08am Jan 10, 2010 5:08am
Maybe that this pair is testing the S/R before rsuming its up trend?


Quoting dobe_r_man
What a shame, this 2 day pinbar at a triple top has pips written all over it!!!

Dobe
Patience is magic
  • #51,158
  • Jan 10, 2010 5:37am Jan 10, 2010 5:37am
Quoting muntu ntu
Maybe that this pair is testing the S/R before rsuming its up trend?
Hi muntu, this was my previous bias, that price would stay with the weekly trend and break the last double top and then retrace for a PA to long for.

From my feed, I saw on the weekly that since october 10th, the trend was up, and now we are consolidating here because the 0.9 BRN and 0.95, which also appears to be a weekly PPZ, and also in confluence of the 61.8 fib ret of the last big drop from the weekly.

The last weekly bar also tested the 0.95 round number and failed to close above it, which brings us to a question whether we are still in the consolidation between 0.9 to 0.95 or not.

now the position of the bar close may be relative and a rather subjective matter, but IMO the breach of the "Boxed" area isn't as strong as I'd expect, regardless of the NFP day we were in.

And now we look at the Daily and 2 Day bars, and I personally have found that the latest upward move was filled with momentum and didn't even hesitate to advance north, which then lead to a conclusion by me that a retrace might be on the way, seeing that the last day was an inside bar, and the 2 day feed shows us a somewhat pinnish looking bar, with the close a tid bit higher than the last day's high.

again, that's just how I look at it, ignoring the fact that I have long this pair out of impatience on friday, I think I won't do that mistake again, since my every trade is now logged in my journal, it helps me add credibility in picking the best A+ trades, for me, this AUDCHF daily IB / 2 Day pinnish looking bar was placed in a really good place after a double top, but still not good enough to trade.

I think that post helped me more than it would help anyone else...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDCHF%20D1%20D2%202010-01-10_1829.png Size: 69 KB
Click to Enlarge Name: AUDCHF%20Weekly%202010-01-10_1820.png Size: 46 KB
  • #51,159
  • Jan 10, 2010 5:58am Jan 10, 2010 5:58am
Quoting Treefingers
Is there anything in the eurusd I am not seeing? To me look like it finished the week just below a prominent s/r zone going back a few years. Also it seems if it does not break through we could expect (if history repeats a fast move south)

When I see charts like this (eu) it appears so easy to read whats going to happen but in reality for a newbie like myself it often ends in a mess.

My trade plan would be (or is I now think) placing a sell order @ 1.4390 with SL 1.4520 & a Buy order @ 1.4540 with a 100pip sl. Both trades with a 100 pip trailing...

When I see charts like this it appears so easy to read whats going to happen but in reality for a newbie like myself it often ends in a mess.

When you see a chart like this (Eu) you can easily see "what's going on".

Mixing the understanding of what's going on with what will happen is causing you the mess.

and that said without referring to any price action signal (which is the only tool we use to somewhat predict what might happen) placing a blind short with no prrior experience of any degree of success you have had with blind trades is like finding yourself in a hole and speeding up the digging process.

A better alternative for a trader at your stage would be to watch the level with the same interest except that you don't short it straight away but rather wait for a nice pin bar or an outside bar to give you a heads up.

PS throw in the 1.43 horizontal line on the daily chart and see how it sums up that "zone" you're talking abt. A blind short order 90 pips above it is not smart which again emphasizes that you need a more conservative approach till you know what you're doing.

cheers,
Ghous.
I believe . . .
  • #51,160
  • Jan 10, 2010 6:29am Jan 10, 2010 6:29am
Quoting Investor7
Another scenario, ....
Attachment
well i'd like to believe my theory since im long on this pair but neverheless i have already collected enough pips on this pair on friday and put my stops to breakeven. So any move south wont hurt me, but if it goes north i will gain some extra pips
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