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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

  • #61,901
  • Apr 26, 2010 1:50pm Apr 26, 2010 1:50pm
Quoting mbqb11
Love this Jason, simple and effective
Hi Mike

Sorry to catch up on an old post - just wondered on this GBP/JPY which I have been watching. Typically would you look for a break of the 145 level to go long say with confirming PA perhaps on a lower TF (e.g. continuation BUOB) or a pull back to to 145 with a good pin indicating long from that level.

Grateful for your thoughts on this type of break out(?) trade

Many thanks

J
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  • #61,902
  • Apr 26, 2010 2:12pm Apr 26, 2010 2:12pm
Quoting jspeakman
Hi Mike

Sorry to catch up on an old post - just wondered on this GBP/JPY which I have been watching. Typically would you look for a break of the 145 level to go long say with confirming PA perhaps on a lower TF (e.g. continuation BUOB) or a pull back to to 145 with a good pin indicating long from that level.

Grateful for your thoughts on this type of break out(?) trade

Many thanks

J
Hey J

Either setup would be valid depending on what it looks like. I am not against looking for longs and or shorts from this level. We broke 145 and price just sort of died so lets see what happens when it retests that level.

Best
Mike
  • #61,903
  • Apr 26, 2010 2:39pm Apr 26, 2010 2:39pm
Quoting mbqb11
Hey J

Either setup would be valid depending on what it looks like. I am not against looking for longs and or shorts from this level. We broke 145 and price just sort of died so lets see what happens when it retests that level.

Best
Mike
Thanks Mike - yes, was hoping for better things - advice much appreciated as always

Best wishes

J
  • #61,904
  • Apr 26, 2010 3:37pm Apr 26, 2010 3:37pm
uh oh. I4B on 1.000
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Many choose unhappiness over uncertainty.
  • #61,905
  • Apr 26, 2010 4:20pm Apr 26, 2010 4:20pm
Quoting Dan Gilbert
uh oh. I4B on 1.000
How do you guys play formations like these, particularly if you can't watch what happens? (work, sleep etc.) Set a buy bit order above and sell order bit below and leave it to play out?
  • #61,906
  • Apr 26, 2010 6:34pm Apr 26, 2010 6:34pm
Quoting Dan Gilbert
uh oh. I4B on 1.000
Where would you enter for long (or short) and where would be your TP for each case?

CY
  • #61,907
  • Apr 26, 2010 7:06pm Apr 26, 2010 7:06pm
What happened here today!?

Were there a heap of posts deleted or something??

First time in a long time I've come back and we've been only one page along. LOL
Bundy's status today: "Waiting..."
  • #61,908
  • Apr 26, 2010 7:08pm Apr 26, 2010 7:08pm
Quoting bundyraider
What happened here today!?

Were there a heap of posts deleted or something??

First time in a long time I've come back and we've been only one page along. LOL
LOL usually a good sign when the markets are this dead. Hopefully it means people are waiting and not trying to trade every little bump
  • #61,909
  • Apr 26, 2010 7:22pm Apr 26, 2010 7:22pm
Quoting Daneel
How do you guys play formations like these, particularly if you can't watch what happens? (work, sleep etc.) Set a buy bit order above and sell order bit below and leave it to play out?
yeah you can do what is called a straddle (buy order above and sell order below) if you want to catch a break either way. You can also hold a bias and trade it one way only.


Mike
  • #61,910
  • Apr 26, 2010 7:28pm Apr 26, 2010 7:28pm
Quoting HanSolo
And another question:
Is MACD divergence a reliable tool at BRN? I mean price often stalls here. But the longer it does the more likely it will break, doesn't it? So you probably see divergence at these levels very often even - no matter if price breaks or turns around.
USD/CAD just happened to have a bullish divergence on daily chart, but it's stalling. I'm not sure what will tell whether it breaks or not, but to me it seems it will likely do a reversal breakout to north due to the rising wedge pattern and also the fact that 1.000 is a very strong support. Breakout is imminent. Watching closing for PA.

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Quoting Daneel
How do you guys play formations like these, particularly if you can't watch what happens? (work, sleep etc.) Set a buy bit order above and sell order bit below and leave it to play out?
I'm still learning the same, but I guess this thread advocates being picky about our trades, and I have started doing just so. Yesterday I've ditched more trades that I ever did before just because I'm critical of their probability. I guess everyone recognizes A+ trades differently and manages SL differently. For me, I usually put my SL at the previous S/R +spreads.
  • #61,911
  • Apr 26, 2010 7:49pm Apr 26, 2010 7:49pm
Quoting ertorque
Where would you enter for long (or short) and where would be your TP for each case?

CY
With this particular I4B, I'm looking to short primarily. I am honestly still on the fence about catching the long break (counter trend). I may just do a 1% risk on a long break, where I do a 2% risk on the short break.


first target, move stop to B/E, second target (round number), remove 1/2 profit, third target (weekly PPZ going WAY BACK), close up the whole thing.

I think I may be dreaming a bit to go down to my final target (kind of a big trade), but that's why I'm closing up half at .99 - it will help me stay in the remainder of the position.

As for going long, I have not pre-decided on those goals just yet (as I am not even sure if I want to take it counter trend).
Attached Image
Many choose unhappiness over uncertainty.
  • #61,912
  • Apr 26, 2010 8:09pm Apr 26, 2010 8:09pm
Quoting Dan Gilbert
With this particular I4B, I'm looking to short primarily. I am honestly still on the fence about catching the long break (counter trend). I may just do a 1% risk on a long break, where I do a 2% risk on the short break.


first target, move stop to B/E, second target (round number), remove 1/2 profit, third target (weekly PPZ going WAY BACK), close up the whole thing.

I think I may be dreaming a bit to go down to my final target (kind of a big trade), but that's why I'm closing up half at .99 - it will help me stay in the remainder of the position....
Thanks Dan for sharing your plan. Appreciate that you are so obliging everytime!
  • #61,913
  • Apr 26, 2010 8:15pm Apr 26, 2010 8:15pm
Quoting ertorque
Thanks Dan for sharing your plan. Appreciate that you are so obliging everytime!
no doubt.
Many choose unhappiness over uncertainty.
  • #61,914
  • Apr 26, 2010 8:17pm Apr 26, 2010 8:17pm
http://www.ritholtz.com/blog/2010/04...goldman-sachs/

Thought i'd lighten up the mood.

“There are lots of laws that could bring these guys down if they were, in fact, pirates,” one government source said. “But if they’re bankers, our hands are tied.”
One Mind, Any Market
  • #61,915
  • Apr 26, 2010 8:29pm Apr 26, 2010 8:29pm
Howdy.

Nobody likes the possible tops on AUD/JPY and CAD/JPY?
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Cap
  • #61,916
  • Apr 26, 2010 8:35pm Apr 26, 2010 8:35pm
Quoting The Captain
Howdy.

Nobody likes the possible tops on AUD/JPY and CAD/JPY?
Of these two pics, which one looks like more fun?

http://www.mountain-bike-buzz.com/im...ike-uphill.jpg

or

http://www.inewscatcher.com/timages/...8051ea0199.jpg


Many choose unhappiness over uncertainty.
  • #61,917
  • Apr 26, 2010 8:44pm Apr 26, 2010 8:44pm
So you were the guy who was saying the same thing at all of these areas?
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Cap
  • #61,918
  • Apr 26, 2010 8:46pm Apr 26, 2010 8:46pm
Quoting The Captain
So you were the guy who was saying the same thing at all of these areas?
right, short you are trading straight into all of what you circled there.
Many choose unhappiness over uncertainty.
  • #61,919
  • Apr 26, 2010 8:58pm Apr 26, 2010 8:58pm
Quoting The Captain
So you were the guy who was saying the same thing at all of these areas?
Hey Cap,

It's a little bit of a mine field.

It looks good for a short. Just not good for a high probability trade choice , that's all.

If that makes sense.
Bundy's status today: "Waiting..."
  • #61,920
  • Apr 26, 2010 9:00pm Apr 26, 2010 9:00pm
Quoting bundyraider
Hey Cap,

It's a little bit of a mine field.

It looks good for a short. Just not good for a high probability trade choice , that's all.

If that makes sense.
ppl get.... "testy" when you mention trend
Many choose unhappiness over uncertainty.
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