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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

  • #58,161
  • Edited 6:08pm Mar 14, 2010 8:44am | Edited 6:08pm
http://www.forexfactory.com/[IMG...ND_14MAR10.png
Currently I am still demo trading, still long way to learn. Attached are my analysis on NzdUsd. Any comments are welcome.... thanks....
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  • #58,162
  • Mar 14, 2010 11:31am Mar 14, 2010 11:31am
To Trigger88990:

Well, yeah there is no pin bar. And probably this is not a valid setup accordingly to the James16 group. Sorry for that. But since I've posted the chart I will try to write why I think it will go lower.

We have a formation of two inside bars with a false breakeout which often tells us that the higher price is rejected and goes in the other direction.

Also, if we look at the 1H chart, we can see how violently the price rejects the 91,00 price level.

http://img28.imageshack.us/img28/2368/usdjpn2.gif


We'll see how it turns out.

Good day!
  • #58,163
  • Mar 14, 2010 11:58am Mar 14, 2010 11:58am
What y'all think about this CAD-JPY short trade?
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Its all in the mind.
  • #58,164
  • Edited 12:38pm Mar 14, 2010 12:15pm | Edited 12:38pm
Ive just spotted this interesting situtation on gold. I think that IF it breaks the 1100 it has a good chance to go till 1073. I know that the daily BEOB wasnt at a swing high, but still i like the 1100.00

Anyway i wont take it, i will only take a close look at it, since i havent been trading for almost a month now and i dont want to jump at a first opportunity that i see. Ive done that i few times when i was at vacation and i didnt trade and even looked at the charts for a week or two and then when i come back to trading and saw the first opportunity i grabbed it and in most cases it ended as a loser. So is like a tradition that the first trade i made after a time of absence its a loser. And i want to end with this tradition so i will wait for a better set up.

Anyway here are the charts...

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  • #58,165
  • Mar 14, 2010 12:19pm Mar 14, 2010 12:19pm
Quoting mikeb
Anybody looking at USD/JPN?



I see a false breakeout off the 90,85 and a rejection of the nice round 91,00 level. Possible entry just below the low of the friday's candle, stop loss around 91,05 with a posiible TP at 88,50 lvl.

ps. Thank you all for sharing charts, they all are very helpful
Hey Mike,

Like triger already have said, that's a neutral bar, reflecting indecision.

To be honest best I see among all yen pairs is AUDJPY which also isn't exactly what I would like to trade. Small bar at a so so location...I would give it a B at best. But if you are planning on demoing it with proper management, I can assure you the possibilities are in your favor

Look for a Really good bars at extreme swing points, at double tops, pullbacks with the trend, big round numbers, maybe with some confluencing divergence and you are on your way.

Define your edge, define your risk, work on your mind, take a few minutes to look at your charts before daily bars close, make a quick decision and go on with your life - That's simplicity

Ben
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  • #58,166
  • Mar 14, 2010 12:23pm Mar 14, 2010 12:23pm
Quoting 5abi
What y'all think about this CAD-JPY short trade?
hi mate, the upper border of you channel doesnt make any technical sense imo?? i would like to see some PA at around the 91.00 level though
jon
PATIENCE... DISCIPLINE
  • #58,167
  • Mar 14, 2010 12:27pm Mar 14, 2010 12:27pm
Hi- I did not draw that channel, that is an indicator.

I was referring to the hanging man the day before and the long wick candle closing on Friday- fundamentally, CAD could get stronger with some good news there.

Quoting g_j_hook@yah
hi mate, the upper border of you channel doesnt make any technical sense imo?? i would like to see some PA at around the 91.00 level though
jon
Its all in the mind.
  • #58,168
  • Mar 14, 2010 12:47pm Mar 14, 2010 12:47pm
Quoting 5abi
What y'all think about this CAD-JPY short trade?
As J16 said - and as Jarroo kindly reminds us every now and then - you need to be aware of the nearby problem zones. I.e. if you do decide to trade, you have to know where your trade could fail/stall, and have a plan to deal with that.

P.S. Just realized it's my 1000s post at FF. Time flies fast: I joined FF what seems to be "recently", just to have a look around - that was 2.5 years ago...
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One Chart is Worth Ten Thousand Words.
  • #58,169
  • Mar 14, 2010 12:51pm Mar 14, 2010 12:51pm
Thank you. That makes it clearer.

Quoting Forex007
As J16 said - and as Jarroo kindly reminds us every now and then - you need to be aware of the nearby problem zones. I.e. if you do decide to trade, you have to know where your trade could fail/stall, and have a plan to deal with that.

P.S. Just realized it's my 1000s post at FF. Time flies fast: I joined FF what seems to be "recently", just to have a look around - that was 2.5 years ago...
Its all in the mind.
  • #58,170
  • Mar 14, 2010 12:53pm Mar 14, 2010 12:53pm
Hi Benji, thanks for your reply!

I do look and watch closely the setups you are reffering to + watch the charts everybody post and try to learn as much as I can from them. Now I just need more confidence (that's why I have an account where I can trade real money, but using micro lots -> I recommend that to everybody how is new to forex) These are great but I still am looking for some different setups and opportunities, and do appreciate somebody else's opinion.

The pin bar setups that formed over a couple of crosses are in my mind, I was just courious what do you guys thhink about the usd/jpn. Let's see how it turnes out
  • #58,171
  • Mar 14, 2010 12:54pm Mar 14, 2010 12:54pm
Quoting triger88990
selected only this 2 chart among others

first chart GBPCHF

Curent price was rejected off of one big round number 1.6, and we have a clear setup I6B with the last 2 candel having 2 matching highs at 1.6119
Thanks for this heads up, triger. It fits in with the overall picture which is dawning on me now with regard to GBP. I have been a naysayer for a while, living in the UK as I do and having preconceptions about the fundamentals. But, of course, we do not use the "F" word in this thread.
Gone to a better place
  • #58,172
  • Mar 14, 2010 2:49pm Mar 14, 2010 2:49pm
Quoting smikester
Thanks for this heads up, triger. It fits in with the overall picture which is dawning on me now with regard to GBP. I have been a naysayer for a while, living in the UK as I do and having preconceptions about the fundamentals. But, of course, we do not use the "F" word in this thread.
glad that someone found it useful,I would be more than happy if only one person could learn from it

but we all must be grateful to james that open our eyes.

all the best!!
  • #58,173
  • Mar 14, 2010 2:55pm Mar 14, 2010 2:55pm
Quoting mikeb
To Trigger88990:

Well, yeah there is no pin bar. And probably this is not a valid setup accordingly to the James16 group. Sorry for that. But since I've posted the chart I will try to write why I think it will go lower.

We have a formation of two inside bars with a false breakeout which often tells us that the higher price is rejected and goes in the other direction.

Also, if we look at the 1H chart, we can see how violently the price rejects the 91,00 price level.

e'll see how it turns out.

Good day!
I think that benji has done a greate point of view,you should read it and take notes becasue there are valuable information that may help you and you would be released by a lot of troubles
  • #58,174
  • Mar 14, 2010 4:00pm Mar 14, 2010 4:00pm
Quote
Hi- I did not draw that channel, that is an indicator.
then i would get rid, it it showing confluence when there isnt any!


Quote
I was referring to the hanging man the day before and the long wick candle closing on Friday- fundamentally, CAD could get stronger with some good news there.

i understood this. the bar imo is an easy pass. its close is way too high above the previous bars close for me.Also if you notice the previous PA it shows a couple of IBs and a pin bar ,all of which price has moved up through. i think this shows the strength of the curent upswing?? if the bar does brake price will be running straight into a 50% fib and a PPZ so the move could well be very short lived

hope this helps

jon
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PATIENCE... DISCIPLINE
  • #58,175
  • Mar 14, 2010 4:36pm Mar 14, 2010 4:36pm
Quoting Mp1983
Thanks Trig. Interesting analysis - lets see what the markets hold for us.

You obviously favour a short whereas on this pair I think 10,600 should hold as decent support for another bull rally.

All the best.

You're looking good so far on the USD / CHF Trig. Let's see what happens to my 10,600.

  • #58,176
  • Mar 15, 2010 12:04am Mar 15, 2010 12:04am
Anyone else having problems with FF not loading pages correctly?
Been like it all weekend.
"The more I practice, the luckier I get." (Gary Player)
  • #58,177
  • Mar 15, 2010 12:20am Mar 15, 2010 12:20am
Quoting mrsingha
Anyone else having problems with FF not loading pages correctly?
Been like it all weekend.
nope but try clearing out your cache and history sometimes a good kick in the rear fixes that stuff

Mike
  • #58,178
  • Mar 15, 2010 12:25am Mar 15, 2010 12:25am
Quoting mbqb11
nope but try clearing out your cache and history sometimes a good kick in the rear fixes that stuff

Mike
Do it religiously every w/e Mike.
Firefox and Opera are the same and I only D/L'd Opera yesterday.
"The more I practice, the luckier I get." (Gary Player)
  • #58,179
  • Mar 15, 2010 1:45am Mar 15, 2010 1:45am
Quoting Mp1983
You're looking good so far on the USD / CHF Trig. Let's see what happens to my 10,600.


I'm more optimistic about it and expecting 1.05. Think about this big bold round number like a magnet.Price is draw up ussuly by this numbers. And if near those numbers are bild up some strong confluence the better.

the chart will speak more

all the best!!

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  • #58,180
  • Mar 15, 2010 1:46am Mar 15, 2010 1:46am
Quoting mbqb11
I would love a real strong push to 1
The hard break through the 1.0200 is a good indication to me that Price is smelling the 1.0000 big time.
Indicators show the past. Price Action "Indicates" the future.
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