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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

  • #65,161
  • May 31, 2010 7:43am May 31, 2010 7:43am
Quoting fxprocessor
Hi Bundy. Agree with your thoughts. Yeah I killed the GBP when it broke the round number. Ony a tester trade size luckily. The original trigger was on the 30 min chart so very small loss.
Something off 4550 or so might be alright though.

Not for me though. Bed. lol
Bundy's status today: "Waiting..."
  • #65,162
  • May 31, 2010 7:44am May 31, 2010 7:44am
Quoting bundyraider
Also...

Just to point out something that bugs me.

You've drawn the fib correctly... But I hate it when they are like this (RED marked Fib Range,my chart)...
Bundy, thanks for the birdcage comment, it was driving me mad.
I realize, you are trying to save me from myself...!


At this stage of watching the weekly and Daily. I actually think I can see things a bit clearer without putting the lines on.

Maybe the rectangle to mark problem areas is a better bet. Those straight lines just screw me up.

You mean the third large range fibo? I just left it on there as it seemed to show a possible FTA.
  • #65,163
  • May 31, 2010 7:51am May 31, 2010 7:51am
Quoting Pinbar
You mean the third large range fibo? I just left it on there as it seemed to show a possible FTA.
Yeah, I would too.

That's what I hate about them. You have to draw that one in still since a profitable trade your in (say from the top) can reverse on you at those ones.
Even though they aren't the best to begin a trade at. We at least need to be aware of the levels. (damn it!! lol)

Like I said, nice when they fit within each other etc. Makes it easier for me to plan my trade out that way.
Bundy's status today: "Waiting..."
  • #65,164
  • May 31, 2010 7:57am May 31, 2010 7:57am
Quoting fxprocessor
I am long CADCHF off the inside bar at major round number. With the trend on this one. Open target would like to trail it if lucky enough to get a runner.

Edit: Killed the GBPUSD when price broke the round number. Avoided full bar loss. Smaller position size on that though as was only 1 hour timeframe and holiday in UK.

Full position size on this CADCHF though.

This broke nicely. Closed full position at 1.1085 for for 55 pips as price often retraces after these breakouts. I want to get back in on this if it gives a nice ret entry. Made twice as much as I lost this morning. Daily TF rules :-)
  • #65,165
  • May 31, 2010 7:59am May 31, 2010 7:59am
Quoting bundyraider
Something off 4550 or so might be alright though.

Not for me though. Bed. lol
I would not enter a short trade above 4500 personally. Don't want to trade into the big number/PPZ. Sleep well :-)
  • #65,166
  • May 31, 2010 8:26am May 31, 2010 8:26am
Quoting bundyraider
Yeah, I would too.

That's what I hate about them. You have to draw that one in still since a profitable trade your in (say from the top) can reverse on you at those ones.
Even though they aren't the best to begin a trade at. We at least need to be aware of the levels. (damn it!! lol)

Like I said, nice when they fit within each other etc. Makes it easier for me to plan my trade out that way.

Maybe that is why Lasvangoose, wanted that fibo indicator.

I find it interesting that it still bugs you after all these years.
  • #65,167
  • May 31, 2010 8:34am May 31, 2010 8:34am
Quoting fxprocessor
I am long CADCHF off the inside bar at major round number. With the trend on this one. Open target would like to trail it if lucky enough to get a runner.

Edit: Killed the GBPUSD when price broke the round number. Avoided full bar loss. Smaller position size on that though as was only 1 hour timeframe and holiday in UK.

Full position size on this CADCHF though.
FX,

It seems you were shorting straight into the 365 EMA, and the FTA was too close. PA behaved exactly as it is supposed to behave in that area. ofcourse the analysis seems very clear in hind sight.

Good thing about Forex trading is that there always be another opportunity.
Cheers,
Novice198
  • #65,168
  • Edited 9:38am May 31, 2010 8:54am | Edited 9:38am
Quoting novice198
FX,

It seems you were shorting straight into the 365 EMA, and the FTA was too close. PA behaved exactly as it is supposed to behave in that area. ofcourse the analysis seems very clear in hind sight.

Good thing about Forex trading is that there always be another opportunity.
Cheers,
Novice198
Hi Novice198

You are right there is always another opportunity.

No single trade ever matters if you use good money management. It's all about positive weeks/months.

I am happy to post my trades live when I have time to show people how I make money. Be wary of anyone who does not post losing trades as this is not the reality of trading . I am happy (maybe happy is an exageration...) killing a loser and opening myself up for the next winning opportunity like I did today.

Re the EMA. I sometimes use EMAs as confluence but to be honest I find there is always an EMA somewhere so don't worry about them too much.

cheers

fxp
  • #65,169
  • Edited 9:57am May 31, 2010 9:26am | Edited 9:57am
USD/CHF is starting to look interesting.

USD/CAd looks like it is back in the range and is forming a BEOB on DI problem is 150 EMA, RN 1.0400 & 50% fibo just below it.

Strangely enough, I think I am actually starting to like the Daily TF.
Never thought I would hear myself say that.

EDIT: AUD/JPY also looking interesting.
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  • #65,170
  • May 31, 2010 9:49am May 31, 2010 9:49am
Quoting fxprocessor
This broke nicely. Closed full position at 1.1085 for for 55 pips as price often retraces after these breakouts. I want to get back in on this if it gives a nice ret entry.

As suspected price has retraced back to my original entry position so I am happy I took full profit earlier today. I almost got out at the top of the first breakout move.

I am now long again with half position size and hope to ride it up again and hold a bit longer this time. If I get stopped out it's just a break even day for me. All good.
  • #65,171
  • May 31, 2010 10:13am May 31, 2010 10:13am
you guys are nuts trading on memorial day!


With that aside, a very important day and I just wanted to give my acknowledgment to it publicly. My greatest thanks and respects to those who have given their lives for me.
  • #65,172
  • May 31, 2010 10:22am May 31, 2010 10:22am
Quoting mbqb11
you guys are nuts trading on memorial day!


With that aside, a very important day and I just wanted to give my acknowledgment to it publicly. My greatest thanks and respects to those who have given their lives for me.
Amen, brother
  • #65,173
  • May 31, 2010 10:33am May 31, 2010 10:33am
No trades for me today...just watching...

What do you think on Eur/Chf Daily pin off FIB 50% and PPZ 1.43 with the trend...

You Like?
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  • #65,174
  • May 31, 2010 10:37am May 31, 2010 10:37am
Quoting mbqb11
you guys are nuts trading on memorial day!
Did your backtesting data take into account holidays?
  • #65,175
  • May 31, 2010 10:41am May 31, 2010 10:41am
Quoting mbqb11
you guys are nuts trading on memorial day!


With that aside, a very important day and i just wanted to give my acknowledgment to it publicly. My greatest thanks and respects to those who have given their lives for me.

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  • #65,176
  • May 31, 2010 10:44am May 31, 2010 10:44am
Quoting fxprocessor
Did your backtesting data take into account holidays?
major ones yes, but they also get written in when a market is clearly choppy like this from the friday before and today is more of the same


Mike
  • #65,177
  • May 31, 2010 10:45am May 31, 2010 10:45am
Quoting Bemac
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Thank you B that is a beautiful picture
  • #65,178
  • Edited 12:50pm May 31, 2010 12:26pm | Edited 12:50pm
Quoting Pinbar
What the %#%#$%$#(*)$*)*)$.

I was under the obvious mistaken impression that the close of the previous bar and the open of the next bar were the eyes!!!

This is not the case!!!!!!!!!!!!! Better change my name to Dumbar!

lol Well . . . now you know. Have you looked at the Pin Bar pdfs that are throughout the thread? They're not bad. Check'em out.

Although the chart graphic would suggest that we call them something other than a Pinocchio Bar. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #65,179
  • May 31, 2010 12:38pm May 31, 2010 12:38pm
Quoting mbqb11
you guys are nuts trading on memorial day!


With that aside, a very important day and I just wanted to give my acknowledgment to it publicly. My greatest thanks and respects to those who have given their lives for me.

Ditto Mike and Bemac.

Remembering those that " . . . gave the last full measure of devotion "
Indicators show the past. Price Action "Indicates" the future.
  • #65,180
  • May 31, 2010 12:50pm May 31, 2010 12:50pm
Quoting jarroo
lol Well . . . now you know. Have you looked at the Pin Bar pdfs that are throughout thread? They're not bad. Check'em out.

Although the chart graphic would suggest that we call them something other than a Pinocchio Bar. lol

Yes, Jarroo

I have seen that and that is what is the problem.

The first circle on the eye encompasses the close and that is why I assumed the close was the eye. I know hte second one doesn't do that but the first one you see tends to stick in the mind.

Perhaps, there are others who also wrongly assumed the close is the eye.


Maybe this is a better picture

Edit: Maybe not, it looks too Fallic
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