james16 Chart Thread | Page 3314 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #66,261
  • Jun 14, 2010 5:15am Jun 14, 2010 5:15am
Quoting ddinnov
Just catching up with the thread after the weekend now.

I must aplogise for my rather silly GBP/USD joke which was referring to the world cup match between England and the USA. It turned out not to be that funny anyway!

On a serious note I've taken USD/CAD short, AUD/USD long, NZD/USD long all on demo.

I'm wondering if that's too much correlation a it would just take 1 wave of hysterical panic to wipe out all 3 trades...
hi ddinnov,

long time no see !!!

on AUD/USD, i am seeing very close FTA at 0.8600, this has provided support in jan 2010 and sep2009 and resistence in may 2010.

on USD/CAD, 1.0270 area has provided support multiple times in the past
  • #66,262
  • Jun 14, 2010 5:25am Jun 14, 2010 5:25am
Hi mate!

Long time indeed.

I saw those levels so am hoping that the weekly PA is strong enough to get through them, these ones are longer term trades so we'll see. I just hope some piece of news doesn't come out that wipes them all out.

Then again the word "hope" should be banished from any trading discussion
Anything can happen.
  • #66,263
  • Jun 14, 2010 5:26am Jun 14, 2010 5:26am
Quoting supremeChaos
who knows ddinov
u might get your objective. just be patient & manage your trades well.
I will and thankyou for the feedback It's just gone into profit
Anything can happen.
  • #66,264
  • Jun 14, 2010 5:28am Jun 14, 2010 5:28am
Quoting ddinnov
Sure! - USD/CAD I took because of the BEOB on the weekly, I posted about it yesterday here with charts.

NZD/USD was another weekly bar, this time a BUOB, which *from what I see on the chart* might hit BRN 0.7000 which is also between the 50 and 61.8 and it closed last week just above 0.6900, is at a swing low (is it?) and is a nice size. Double bottom on daily as well

AUD/USD looks very similar (almost identical except for the fibs).

So all 3 weekly chart...
I don't trade NU,

AU is not a complete BOUB on FXpro and

i missed UC BEOB. (Problem i have with bar charts).

So i just thought you took breakout trades.
.
  • #66,265
  • Jun 14, 2010 5:40am Jun 14, 2010 5:40am
Quoting nasir.khan
I don't trade NU,

AU is not a complete BOUB on FXpro and

i missed UC BEOB. (Problem i have with bar charts).

So i just thought you took breakout trades.
.
I'm now in month 1 of J16 minimum requirements - being quite strict about it as well after a painful lesson learnt the hard way

My broker feed is GMT + 0
Anything can happen.
  • #66,266
  • Edited 6:41am Jun 14, 2010 6:31am | Edited 6:41am
Quoting ddinnov
Anyone looking at the BEOB on USDCAD weekly? Does it look like it's settling back into the bear trend on it's way back to parity?

The H&S on the daily has broken the neckline which is in confluence with the 50.fib. I'm thinking sell @ 1.0275 - FTA 1.0200 S/L @ 1.0450, then at 1.0200 move the rest to B/E and go for parity?

If the H&S on the daily works out then I make the ultimate downside objective 565 pips
I'm looking at this pair and I'm short.
With a fair wind 1.02 looks very likely and for the reasons you have given.
Looking at the weekly chart price peaked out at 1.3062 in March 2009 and has been drifting down since.

The up move I feel comes from September 2008 at 1.0297.
This week we completed a 100% fib retracement.
Price hit parity in April 2010 and then pulled back from the MASSIVE BRN of 1.000000000.
If there was ever a USD/CAD psyche number that was the mama.

Doesn't it look like price has gone to touch the 1.00 level, pulled back and is having another run at it?

I like to touch base with a little fundamentals, if they support the move I find it to be something like another support level.

The Canadian economy is healthier than US as well as Canada having trackled debt problems which the US has certainly not.
Problem is Canada's big neighbour is sick and it will be difficult for Canada to not be affected by the debtors' plague.
On balance it is positive for an appreciation of CAD.

On the weekly the areas to watch might be
1.0253 - the bar high of few weeks back
1.0200 the psyche level and a whole stack of bar highs in 2007/2008 - if people look that far across (unlikely).
There are a series of bar highs in recent weeks to cross after this but my feeling would be if an appointment with parity is on the cards there will be pressure not to break this appointment.
  • #66,267
  • Jun 14, 2010 6:40am Jun 14, 2010 6:40am
Quoting six gun

I like to touch base with a little fundamentals, if they support the move I find it to be something like another support level.

The Canadian economy is healthier than US as well as Canada having trackled debt problems which the US has certainly not.
Problem is Canada's big neighbour is sick and it will difficult for Canada to not be affected by the debtors' plague.
On balance it is positive for an appreciation of CAD.
I think oil is on the move back up as well
Anything can happen.
  • #66,268
  • Jun 14, 2010 6:46am Jun 14, 2010 6:46am
Say no more.
Canada needs a high oil price to make the oil sands economic.
Once the high cost of extraction is covered, profits go up massively.

It makes me think about the shoe shop.
The shop needs to sell 100 shoes a week to cover costs.
It sells 99 and it is a miserable loser.
It sells 101 and it a shining example of profit.
Sell 102 and it has increased profit by 100%
  • #66,269
  • Jun 14, 2010 6:48am Jun 14, 2010 6:48am
Quoting mbqb11
Hey N

Some people even just sell the new low(I have been known to do) off a breakout + pullback bounce(again if I believe strongly in my setup and no PA sets up).

Best
Mike
Hi Mike,

Thanks for your feed back, however, not sure what you mean by above statement. Can you pls elaborate further.

Cheers
Novice198
  • #66,270
  • Jun 14, 2010 6:59am Jun 14, 2010 6:59am
Quoting supremeChaos
Nothing wrong with your thoughts, no need to worry.
like i've mentioned, my concern is CAD strength so im inclined to short as well.
(my) question is when, & what price

this is a discussion thread. dont take every post here as the 'only way to trade' nor 'the only tradable setups available out there'.
it is already a given: there are many great setups that we overlook (or dont get to discuss here, for 1 reason or another), & there are many ways to trade.
a trader can be short USDCAD, while another trader is long USDCAD, while another is...
Hi SC,
Thanks for the explanation. Yes I can see that depending upon the TF a person can be either Long or Short on the Trade.
I also agree that that we should follow the KISS formula, however, as a newbie I am watching the charts for long hours and as such heading for Paralysis by Analysis. Have to learn to detach myself from the charts.

One question that is bugging me is about the relevant PPZ. As this is ZONE and not a Line, therefore, IMHO a PPZ on a daily TF would be about 20 to 30 Pip range. However, we can start plotting a PPZ every 40 pips from the entry becuase depending upon how far we go back we will always be able to find some bars reaching the highs / lows in PPZ ranges of 30-40 pips. Therefore, the question is how far should we go back looking for the PPZ to target our FTA and subsequent TP areas.

Cheers
Novice198
  • #66,271
  • Jun 14, 2010 7:05am Jun 14, 2010 7:05am
Quoting supremeChaos

it is already a given: there are many great setups that we overlook (or dont get to discuss here, for 1 reason or another), & there are many ways to trade.
Speaking of missed trades, GBP/JPY is stuffed full of pin bars.
This thread moves so fast I don't get to read all the posts but GBP/JPY is one that I have not seen mentioned much.

I do follow it as it is a favourite with another website I belong - The GBP/JPY charts are so full of pin bars.
  • #66,272
  • Jun 14, 2010 7:22am Jun 14, 2010 7:22am
Two potential setups I noticed but I don't really consider either A+. The GU pinbar doesn't seem long enough so not that convincing and the double bar low on the USDCHF is 1 pip out. Would have been looking for a continuation of the short but there would be no other supporting factors. Any thoughts?

Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU PB.png Size: 18 KB
Click to Enlarge Name: UC H4.png Size: 19 KB
  • #66,273
  • Jun 14, 2010 7:24am Jun 14, 2010 7:24am
Quoting novice198
Hi Mike,

Thanks for your feed back, however, not sure what you mean by above statement. Can you pls elaborate further.

Cheers
Novice198
im not Mike and im sure he will give you the better explanation but to give you the idea as im in a similar trade atm. my reasons for taking it were the break of the base of the consolodation which also broke a RN and the failed BUOB on the 1h TF. but if you look at the 15 min TF you can see it break and retest the area which confirms the validity of the break and shows that it is not just random price movement
hope this helps

jon
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1hour.gif Size: 28 KB
Click to Enlarge Name: 15mins.gif Size: 32 KB
PATIENCE... DISCIPLINE
  • #66,274
  • Jun 14, 2010 7:50am Jun 14, 2010 7:50am
Quoting novice198
Hi Mike,

Thanks for your feed back, however, not sure what you mean by above statement. Can you pls elaborate further.

Cheers
Novice198
Hey Novice, what it means is simply selling under the new low that got created by the initial breakout. So when price pullsback that low that got created by the initial burst you can place a sell stop under that area if you get no PA. Again this is just another way to get yourself into a trade without PA in certain circumstances. I marked the area in blue with where I mean you would place your sell order.

Hope that helps
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a2.gif Size: 16 KB
  • #66,275
  • Jun 14, 2010 7:56am Jun 14, 2010 7:56am
Quoting six gun
Speaking of missed trades, GBP/JPY is stuffed full of pin bars.
This thread moves so fast I don't get to read all the posts but GBP/JPY is one that I have not seen mentioned much....
pinbars in what timeframe? which broker?
i had a May27 post, im not sure if that counts.
  • #66,276
  • Jun 14, 2010 8:03am Jun 14, 2010 8:03am
Quoting novice198
...
One question that is bugging me is about the relevant PPZ. As this is ZONE and not a Line, therefore, IMHO a PPZ on a daily TF would be about 20 to 30 Pip range...Therefore, the question is how far should we go back looking for the PPZ to target our FTA and subsequent TP areas.
to avoid analysis paralysis, try to concentrate on the concepts shared in this thread. if necessary, among those concepts, try to focus on a few.

a PPZ, imho, may be a few pips, or more than 30pips. ppzs are sometimes wider on higher timeframes, but can get tighter if u check lower timeframes.

how far back to check? hmmm... i think that depends on the trader & the timeframe/s being traded. but definitely, be aware more of the recent S/R's, PPZs, since they represent the PA/orderflow of the current time or the 'NOW'.
  • #66,277
  • Jun 14, 2010 8:03am Jun 14, 2010 8:03am
Quoting mbqb11
Hey Novice, what it means is simply selling under the new low that got created by the initial breakout. So when price pullsback that low that got created by the initial burst you can place a sell stop under that area if you get no PA. Again this is just another way to get yourself into a trade without PA in certain circumstances. I marked the area in blue with where I mean you would place your sell order.

Hope that helps
Mike
aha sorry Mike got the wrong end of the stick there. thanx for clearing that up

jon
PATIENCE... DISCIPLINE
  • #66,278
  • Jun 14, 2010 8:10am Jun 14, 2010 8:10am
Quoting g_j_hook@yah
aha sorry Mike got the wrong end of the stick there...
(Sir Mike is probably talking about something akin to or actually a) multiple bar low/high break...
or "flat surface" break
  • #66,279
  • Jun 14, 2010 8:13am Jun 14, 2010 8:13am
Quoting supremeChaos
(Sir Mike is probably talking about something akin to or actually a) multiple bar low/high break...
or "flat surface" break
Hey Guys,

I thought my previous post would help maybe not lol

It is simply selling a new low, if this happened to the upside you would be buying a new high. It is just a way to get into a breakout pullback that doesn't give good PA on the pullback but where your "area" still holds.

Hope this clears it up
Mike
  • #66,280
  • Jun 14, 2010 8:16am Jun 14, 2010 8:16am
Quoting jarroo
Looks good nasir.
10,300 breached and there is some Divg (which i was anticipating).

So a full reversal or a small retrace??

lets see.
.
Attached Image (click to enlarge)
Click to Enlarge Name: 3.gif Size: 16 KB
40 traders viewing now