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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

  • #51,181
  • Jan 10, 2010 7:41pm Jan 10, 2010 7:41pm
Quoting Krysztau
I've got a question:
Daily UJ in my opinion shows nice setup short [I don't know those names, but on Friday UJ first broken Thursday high, but then finished day as a bear candle].
Additionally UJ currently jumps around 50% fib [high apr-09 low nov-09]

Is that enough for good setup short?
I have demo-short order @ 92.17 With nice expectation for profit at 91.30 [nice confluence of 61% and recent lows]

Could you please comment on this idea?
If I may... time to look for shorts in the 4hour now. =)

In the longer haul though, JPY is coming back as a funding currency and all the JPY pairs are pushing higher (weak JPY) due to concerns of deflation in Japan.

I realise that the news gives a ballpark idea of the country, then J16 helps with the timing and the setups which are counter to that view. I am asking myself "which of the big boys will bet on this?" since I'm just a minnow trying to hitch a ride with the sharks. =)
One Mind, Any Market
  • #51,182
  • Jan 10, 2010 8:04pm Jan 10, 2010 8:04pm
Quoting Krysztau
I've got a question:
Daily UJ in my opinion shows nice setup short [I don't know those names, but on Friday UJ first broken Thursday high, but then finished day as a bear candle].
Additionally UJ currently jumps around 50% fib [high apr-09 low nov-09]

Is that enough for good setup short?
I have demo-short order @ 92.17 With nice expectation for profit at 91.30 [nice confluence of 61% and recent lows]

Could you please comment on this idea?
I've noticed a long term Resistance Level on the weekly chart which seems like it was broken several times but didn't have the momentum to push it through.

The Fibs are also acting as minor resistance too.

I would personally wait for the price to breakout from the levels I've marked in the attachment and look for a retracement to enter.

Any comments guys ?
Attached Image (click to enlarge)
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  • #51,183
  • Jan 10, 2010 9:09pm Jan 10, 2010 9:09pm
I'm keeping a closer eye on the CHFJPY. Its reaching that point of heavy resistence on the round number zone of 91.00.

Attached Image


still learning how to get the best fit imgs.
Going to go Hunt for some large pips
  • #51,184
  • Jan 10, 2010 9:26pm Jan 10, 2010 9:26pm
GC broke fast! SL @ break even. Presently 30 pips away from closing up half the position....
Many choose unhappiness over uncertainty.
  • #51,185
  • Jan 10, 2010 9:38pm Jan 10, 2010 9:38pm
Quoting X Trader
I've noticed a long term Resistance Level on the weekly chart ...

Any comments guys ?
Hey X,

Below is my take on why U/J isn't rising. It's a weekly chart, but just wanted to point out long-term trend is down and inside 2 PPZ's IMO.

My bias is down until that down trend line is broken.

-- Danny
Attached Image
  • #51,186
  • Jan 10, 2010 10:14pm Jan 10, 2010 10:14pm
Quoting ghous
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...
Thanks for the kick back to reality, its the patience monster clawing away again. I cancelled my trades this morning when reading your response & will await for some PA to enter a trade.
Learning to be rigid in my rules & flexible in my expectations
  • #51,187
  • Jan 10, 2010 11:47pm Jan 10, 2010 11:47pm
Quoting kenkoo
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
No there is no PA involved in these trades they are based on retraces of S/R. Stop were placed(hidden) behind S/R areas and PPZ's above or below price. Currently most of the stops are on BE.
  • #51,188
  • Jan 11, 2010 12:56am Jan 11, 2010 12:56am
Quoting relict07
I'm keeping a closer eye on the CHFJPY. Its reaching that point of heavy resistence on the round number zone of 91.00.

Attachment

still learning how to get the best fit imgs.

91.00 to 91.50 area has been tested few times in the past...so i am waiting until it tests the same area again...for me it is a waiting game at the moment.

-happyTrading-
-happyTrading-myFx.
  • #51,189
  • Jan 11, 2010 1:23am Jan 11, 2010 1:23am
Hello folks,

A new year, so I thought I would try to get involved here more than I have been.

A 2 day pin bar has formed on EURCAD. I read some posts about a similar formation on AUDCHF and I'm keeping watch on that one as well.

A sharp decline proceeds this 2 day pin and on the break of the pin above there is some traffic in the form of some bar lows.. If it can get above 1,4900, 1.5000 big round number would be a good target.
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  • #51,190
  • Jan 11, 2010 1:48am Jan 11, 2010 1:48am
Quoting Bocajunior
Hello folks,

A new year, so I thought I would try to get involved here more than I have been.

A 2 day pin bar has formed on EURCAD. I read some posts about a similar formation on AUDCHF and I'm keeping watch on that one as well.

A sharp decline proceeds this 2 day pin and on the break of the pin above there is some traffic in the form of some bar lows.. If it can get above 1,4900, 1.5000 big round number would be a good target.
Here's how I have it on my 2day chart,

at a swing low? yes

at a good ppz? yes

is the bar good looking? NO. Again the nose doesn't protrude far enough to show any real signs of demise of the massive bear run...the equations is simple.

We need a massive pin bar/outside bar to reverse a massive trend.

(That pin bar is far from massive.)

Look at it like this, the greater the volume of water you need to hold the stronger you'll need to build the dam or else...

Attatched also is the Uj daily chart which shows how we like our pin bars working on reversing entire long term trends.

g.
Attached Images
I believe . . .
  • #51,191
  • Jan 11, 2010 1:57am Jan 11, 2010 1:57am
Quoting ghous

We need a massive pin bar/outside bar to reverse a massive trend.

Look at it like this, the greater the volume of water you need to hold the stronger you'll need to build the dam or else...
Nicely put ghous, Thanks

How do you get your two day charts like that?

Cheers
Boca
  • #51,192
  • Jan 11, 2010 2:01am Jan 11, 2010 2:01am
I know a few are watching the gbpchf, how does this 8h pin look?

Price currently right on a daily ppz.
Attached Image(s) (click to enlarge)
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Learning to be rigid in my rules & flexible in my expectations
  • #51,193
  • Jan 11, 2010 2:03am Jan 11, 2010 2:03am
Quoting Bocajunior
Nicely put ghous, Thanks

How do you get your two day charts like that?

Cheers
Boca
You remind me of jarroo...

here's the indicator,

apply it on the pair you want by dragging it on to the chart. "period multiplier" is set by default to 2, so if you hit ok it will work on a 2 day chart, you can set it to 4 for a 4day chart etc.

Next minimize all chart windoes and go to file - - -> Open offline and select the chart from the list,

Enjoy the pips.

g.
Attached File(s)
File Type: mq4 periodcon.mq4   16 KB | 437 downloads
I believe . . .
  • #51,194
  • Jan 11, 2010 2:12am Jan 11, 2010 2:12am
Quoting Treefingers
I know a few are watching the gbpchf, how does this 8h pin look?

Price currently right on a daily ppz.
It's headed straight into all that mess over head and notice how your trade will be constantly battling all the marked bar lows...

I would have rather liked this current bar to close above the red dash, so that the 8h would show an authoritative 2 bar buob engulfing the previous (8h) bar and also closing beyond some of the immediate traffic. Who knows it might have run to the recent bar highs (lime green line on my chart) but judging from what has happened to it, I would not take this as a 2 bar pin bar take...not that I am recommending anything to you, just passing along my thought process...

Identify the risk involved, measure it's affordability and see what you must do.

cheers,
Ghous.
Attached Image (click to enlarge)
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I believe . . .
  • #51,195
  • Edited 4:53am Jan 11, 2010 2:56am | Edited 4:53am
Quoting ghous
It's headed straight into all that mess over head and notice how your trade will be constantly battling all the marked bar lows...

I would have rather liked this current bar to close above the red dash, so that the 8h would show an authoritative 2 bar buob engulfing the previous (8h) bar and also closing beyond some of the immediate traffic. Who knows it might have run to the recent bar highs (lime green line on my chart) but judging from what has happened to it, I would not take this as a 2 bar pin bar take...not that I am recommending anything...
Hmmm valid points ghous.

Not much busy these days???

EDIT: Out on 10 pip loss (BAD behavior).
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  • #51,196
  • Jan 11, 2010 3:26am Jan 11, 2010 3:26am
Quoting nasir.khan
Hmmm valid points ghous.

Not much busy these days???
lol,

Enjoying the semester break from uni
I believe . . .
  • #51,197
  • Jan 11, 2010 4:03am Jan 11, 2010 4:03am
Waiting to go long on a pull-back......any toughts??
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Patience is essential
  • #51,198
  • Jan 11, 2010 4:24am Jan 11, 2010 4:24am
Quoting benem
Waiting to go long on a pull-back......any toughts??Attachment
Me to.

But won't be worried if does't com down.
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  • #51,199
  • Jan 11, 2010 4:26am Jan 11, 2010 4:26am
Hello Everyone,

I'm off today so I thought I would have a look at 4 hourly trading.

I know you're all busy with your trades, but I'll throw in a question anyway.

With someone new to the business do you suggest following one or two pairs first, getting to know them and then add more pairs?

If so which pairs would you start with?

Or is it ok to have a good number of pairs and just screen them all on a daily basis in the process of learning how to trade?

Regards,

P
  • #51,200
  • Jan 11, 2010 4:44am Jan 11, 2010 4:44am
Quoting mbqb11
Hey Danny

We want to play these bars at swing lows, this is a swing high point. Look for this at a swing low and they are much easier to play.

Hope everyone had a nice weekend I know James did with the Cowboys, but he has to face my Vikings now

Mike
go the colts
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