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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

  • #64,281
  • Edited 5:32pm May 19, 2010 5:17pm | Edited 5:32pm
Quoting Atc
I am not so sure Mike would say this has alot of space....Mike could we have your opinion?
Well, i was talking (or writing) about Eur-Jpy, and youre watching Gbp-Jpy

Edit: Well, maybe no space, but no traffic either???
  • #64,282
  • May 19, 2010 5:22pm May 19, 2010 5:22pm
Quoting fxprocessor
GBPJPY daily pin has formed at the 1.30 VBRN. The pin is not huge but I quite like the double bottom,

A head and shoulders has also just broken to the upside and I have taken this early entry with stop below the right shoulder.

As I am posting this price had dropped 20 pips or so but I think there is a very good chance there could be a break of the pin and a decent little run up from here. If not.... I lose this time and wait for the next trade

cheers

fxp

Price testing your HnS break. It may want to test the 132.00 as well.

Sorry if I'm hogging your post fxp.
Attached Image (click to enlarge)
Click to Enlarge Name: gujhiourly19.gif Size: 23 KB
Indicators show the past. Price Action "Indicates" the future.
  • #64,283
  • May 19, 2010 5:24pm May 19, 2010 5:24pm
Quoting jarroo
These bar Lows (in blue) are holding it down.
May I ask where where you placed your stop on this trade? And how are you going to manage it since it triggered and went the other way right away?
  • #64,284
  • May 19, 2010 5:27pm May 19, 2010 5:27pm
Quoting jarroo
Price testing your HnS break. It may want to test the 132.00 as well.

Sorry if I'm hogging your post fxp.
Go for it mate No hogging going on here
  • #64,285
  • May 19, 2010 5:28pm May 19, 2010 5:28pm
Quoting Mauzzz
May I ask where where you placed your stop on this trade? And how are you going to manage it since it triggered and went the other way right away?

Just below the 132.00 (131.80). Its a very small position. Should be fun to watch Price and see how it behaves in this type of setup.
Indicators show the past. Price Action "Indicates" the future.
  • #64,286
  • May 19, 2010 5:40pm May 19, 2010 5:40pm
Quoting Atc
I am not so sure Mike would say this has alot of space....Mike could we have your opinion?
Hey Atc

Yes I agree this one doesn't have too much room to run. I am not convinced by the size and the fact we didn't test below that last low(created by the huge bearish day). Overall it is one I think needs to be managed tightly based on how I see things. This is a pass for me.

Best
Mike
  • #64,287
  • May 19, 2010 5:41pm May 19, 2010 5:41pm
PB and Double Bottom Trading Plan.

I am new to this but what I have noticed at this time of day the traders just love their fib retracements.
Like with some pairs it is clockwork to the pip, sometimes over 100's of pips.
On my GMT+1 price came up from a low of 130.31 up to 132.79.
This is a 127.0% fib exactly to the pip.
Price then headed down and it is heading down at some speed on the H1 chart.
They don't care for pin bars or double bottoms - they love their fibs and they seem to be acting on them.

So expect price to come down to 131.54 and then hold your breath for the reversal of this 50% fib
  • #64,288
  • May 19, 2010 5:42pm May 19, 2010 5:42pm
Quoting jarroo
Mike is an easy pass on this one. I'm trading it very tight. Not a full position.
boom, if it was a bigger nose through the last low it then becomes an easy trade! The little things for me.

Thanks Jim
Mike
  • #64,289
  • May 19, 2010 5:45pm May 19, 2010 5:45pm
Quoting jarroo
Just below the 132.00 (131.80). Its a very small position. Should be fun to watch Price and see how it behaves in this type of setup.
And that 132.00 is being tested right now. Let's hope it holds
  • #64,290
  • May 19, 2010 5:46pm May 19, 2010 5:46pm
Quoting mbqb11
boom, if it was a bigger nose through the last low it then becomes an easy trade! The little things for me.

Thanks Jim
Mike
Awww . . come on Mike! . .this baby going to the moon . . you gotta get on board . . . . oh wait . . . am I stoppped out yet.
Indicators show the past. Price Action "Indicates" the future.
  • #64,291
  • May 19, 2010 5:47pm May 19, 2010 5:47pm
Quoting jarroo
Just below the 132.00 (131.80). Its a very small position. Should be fun to watch Price and see how it behaves in this type of setup.
Its almost the low of the pinbar's previous bar, 131.78 on FXDD demo
  • #64,292
  • May 19, 2010 5:47pm May 19, 2010 5:47pm
Quoting Mauzzz
And that 132.00 is being tested right now. Let's hope it holds

Its looking like it didn't study before the test.
Indicators show the past. Price Action "Indicates" the future.
  • #64,293
  • May 19, 2010 5:48pm May 19, 2010 5:48pm
Quoting jarroo
Awww . . come on Mike! . .this baby going to the moon . . you gotta get on board . . . . oh wait . . . am I stoppped out yet.
notice it hit that low basically too the pip. Must be a large resting order(as well as additional piled up there). So you could see a nice move. I would looove to blow out that low and then reject hard.
  • #64,294
  • May 19, 2010 5:50pm May 19, 2010 5:50pm
Quoting mbqb11
notice it hit that low basically too the pip. Must be a large resting order(as well as additional piled up there). So you could see a nice move. I would looove to blow out that low and then reject hard.
Just messing with you brother . . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #64,295
  • May 19, 2010 5:53pm May 19, 2010 5:53pm
Quoting six gun
PB and Double Bottom Trading Plan.

I am new to this but what I have noticed at this time of day the traders just love their fib retracements.
Like with some pairs it is clockwork to the pip, sometimes over 100's of pips.
On my GMT+1 price came up from a low of 130.31 up to 132.79.
This is a 127.0% fib exactly to the pip.
Price then headed down and it is heading down at some speed on the H1 chart.
They don't care for pin bars or double bottoms - they love their fibs and they seem to be acting on them.

So expect price to come down to 131.54 and...

You got a chart on that six gun?
Indicators show the past. Price Action "Indicates" the future.
  • #64,296
  • May 19, 2010 5:58pm May 19, 2010 5:58pm
This is it on my Dealbook chart

It could go for the 38.2 which coincide with what I presume is a support line I've put in.
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  • #64,297
  • May 19, 2010 5:58pm May 19, 2010 5:58pm
Quoting jarroo
Its looking like it didn't study before the test.
Yeah, seems like we're going to get stopped out soon. That would be my third loss this month. The tight S/L approach doesn't seem to be working well for me these days.
  • #64,298
  • May 19, 2010 6:02pm May 19, 2010 6:02pm
Its turning - ???saved by the bell.
On my chart it went green 4 pips off the 38.2 - its safe now they have visited their fib level and it is lift off time.
  • #64,299
  • May 19, 2010 6:04pm May 19, 2010 6:04pm
Quoting Mauzzz
Yeah, seems like we're going to get stopped out soon. That would be my third loss this month. The tight S/L approach doesn't seem to be working well for me these days.

They work better on better setups. This was not the ideal A+ setup, you can agree with that right?
Indicators show the past. Price Action "Indicates" the future.
  • #64,300
  • May 19, 2010 6:05pm May 19, 2010 6:05pm
Hello Fxprocessor, please which software did you use to draw the purple lines, Ive tried using the one with MT4, but it cannot draw short horizontal lines.I hope you can help with with the source of the program
thanks

Quoting fxprocessor
One last perspective.

A bit of room before next TL hit. My target is also a clear point on the daily chart.
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