james16 Chart Thread | Page 3433 | 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

  • #68,641
  • Jul 14, 2010 1:02pm Jul 14, 2010 1:02pm
Quoting zoopy
Kinda new posting to this thread but have been around for a while in the forums.

Just noticed this on the eurgbp weekly. Price hit 50.0% retracement, support, 150ema... formed a pinbar which did break up. It is being rejected by some bar lows to the left... not sure if my analysis for this is right?
Great analysis and as Mike said, it did what was expectable.

I'm in that trade and I adjusted my stop to BE when we reached that PPZ (lows on the left). I'm still in but price has come down to just 4 pips above my stop.

Am I concerned? no way. I have my TP just under of 0,8500 and I will take what the market gives.

Nos
  • #68,642
  • Edited 4:59pm Jul 14, 2010 1:03pm | Edited 4:59pm
Quoting goldtrader
Timely get in, but out with the small loss, dam the spread...
I hate it when that happens Goldtrader.

I used the DBLHC on the H1 off the 15600 level which coincided with a break of the PB on the Daily for a nice tight logical entry and stop below the 15600 and I'm still riding it.

Scoping for some more upside depending on how price reacts.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_CAD_2010-07-14 18-58.png Size: 20 KB
In retrospect we learn. In perspective we earn.
  • #68,643
  • Jul 14, 2010 1:40pm Jul 14, 2010 1:40pm
just looking at this GJ if it closes well. its @ 135 BRN, TL, S/R, fib 61 for a short. Comment pls
Attached Image
  • #68,644
  • Jul 14, 2010 1:48pm Jul 14, 2010 1:48pm
there is no big difference but it could affect my decision.. so which one is the right one?
ie: oanda showing a nice pb however on mt4 i wouldnt take the short...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchfoanda.jpg Size: 96 KB
Click to Enlarge Name: gbpchfmt4.jpg Size: 88 KB
  • #68,645
  • Jul 14, 2010 1:55pm Jul 14, 2010 1:55pm
Quoting kdee1
just looking at this GJ if it closes well. its @ 135 BRN, TL, S/R, fib 61 for a short. Comment pls
pretty small bar and fighting some pretty strong support underneath into the 134 area. Could be a good quick scalp the daily type trade

Mike
  • #68,646
  • Jul 14, 2010 1:55pm Jul 14, 2010 1:55pm
i think i will take oanda as a reference.. so bad they dont have weekly or monthly..
on other pairs even more difference
  • #68,647
  • Jul 14, 2010 1:56pm Jul 14, 2010 1:56pm
Quoting mistersimple
there is no big difference but it could affect my decision.. so which one is the right one?
ie: oanda showing a nice pb however on mt4 i wouldnt take the short...
The best advice is to simply find a broker(charting) you are comfortable with and use them. These will prevent from having to always check other brokers and seeing the different aggregations. It will also make a trader understand how location is the most important. I will watch a few feeds when I hit an area I like. Just to get a different perspective. But once I make the decision to pull the trigger my focus is only on that broker charting wise.


Mike
  • #68,648
  • Jul 14, 2010 2:00pm Jul 14, 2010 2:00pm
I've taken a long after the IB just above my PPZ zone.
Is this correct? ive take my profit, but for me thats not the most important thing at the moment. For me it's more important if this is a good J16 style trade?

Thanks,
Thierry
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd weekly.gif Size: 20 KB
  • #68,649
  • Jul 14, 2010 2:09pm Jul 14, 2010 2:09pm
Good evening, I saw a similar thing, i awaited the retrace to 135. then sold. It is working out ok. But as Mike said more like a scalp, rather than a move that has legs... I am targeting 134.400. we shall see

Quoting kdee1
just looking at this GJ if it closes well. its @ 135 BRN, TL, S/R, fib 61 for a short. Comment pls
Attached Image (click to enlarge)
Click to Enlarge Name: short at ret to brn.gif Size: 14 KB
  • #68,650
  • Jul 14, 2010 2:11pm Jul 14, 2010 2:11pm
Quoting Thierry
I've taken a long after the IB just above my PPZ zone.
Is this correct? ive take my profit, but for me thats not the most important thing at the moment. For me it's more important if this is a good J16 style trade?

Thanks,
Thierry
Hey Thierry

That all seems logical to me and important that you understood where price was likely to have trouble with this type of trade.

Well done

Mike
  • #68,651
  • Jul 14, 2010 2:19pm Jul 14, 2010 2:19pm
I think whats also interesting is that if you look at the daily tf, its looks like PA thats quite familiar with people on this forum . However in an effort to contain being smug, it does have negative points (IMHO) i dont think it has much space and unsure if it would meet an A or B criteria trade. Of course it has not closed yet.

I know many others have ALOT more experience trading these sorts of formations.

revstar

Quoting Revstar
Good evening, I saw a similar thing, i awaited the retrace to 135. then sold. It is working out ok. But as Mike said more like a scalp, rather than a move that has legs... I am targeting 134.400. we shall see
Attached Image (click to enlarge)
Click to Enlarge Name: pin bar daily.gif Size: 15 KB
  • #68,652
  • Jul 14, 2010 2:20pm Jul 14, 2010 2:20pm
Quoting kdee1
just looking at this GJ if it closes well. its @ 135 BRN, TL, S/R, fib 61 for a short. Comment pls
My sort of trade. Will be in for this one if it closes as a Pinbar.

Good spot.
"Fail to prepare, prepare to fail."
  • #68,653
  • Edited 2:50pm Jul 14, 2010 2:35pm | Edited 2:50pm
Quoting mbqb11
Hey Benji

Very rarely do I trade them lower then daily/weekly timeframes. If you find that same setup on the weekly you can almost put those pips in the bank on a burst out

Mike
Mike, In this case, you will wait to until the burst happens ? or put a trade in anticiaption of a burst and SL is behind the range.. ?
  • #68,654
  • Jul 14, 2010 2:41pm Jul 14, 2010 2:41pm
Quoting cprao
Mike, In this case, you will out till the burst happen ? or put a trade in anticiaption of a burst and SL is behind the range.. ?
I will use a simple buy/sell stop above/below the bar highs/lows respectfully. SL varies depending on the setup

Best
Mike
  • #68,655
  • Jul 14, 2010 2:53pm Jul 14, 2010 2:53pm
Quoting mbqb11
I will use a simple buy/sell stop above/below the bar highs/lows respectfully. SL varies depending on the setup

Best
Mike
Mike, So, if I understand you correclty, you will apply both buy and sell orders .. in anticipation of burst on either side, is this right ?
  • #68,656
  • Jul 14, 2010 3:17pm Jul 14, 2010 3:17pm
Quoting cprao
Mike, So, if I understand you correclty, you will apply both buy and sell orders .. in anticipation of burst on either side, is this right ?
Hey C

No it will only be to the side of the potential breakout. There really is only going to be one logical place to buy or sell either above the highs, or below the lows.

here are some more posts

http://www.forexfactory.com/showthre...06#post3836606
http://www.forexfactory.com/showthre...02#post3838802

Best
Mike
  • #68,657
  • Jul 14, 2010 3:33pm Jul 14, 2010 3:33pm
Quoting packhorse
My sort of trade. Will be in for this one if it closes as a Pinbar.

Good spot.
Will you play a retrace of the pin to the 135 to lessen the s/l? A lot of traffic beneath to bounce price. I considered this bar and thought you have to take profit or get to b/e really quickly. Playing the bar break makes for a very low r:r. The 135 is mostly likely a solid resistance to hide a buy stop though.
  • #68,658
  • Jul 14, 2010 4:02pm Jul 14, 2010 4:02pm
i was looking at eur usd on the weekly chart and the MACD divergence and trix bullish cross makes me want to go long ,but i want to see the tl broken before i do that what do you guys think?[ATTACH]507931[/ATTACH
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 25 KB
  • #68,659
  • Jul 14, 2010 4:36pm Jul 14, 2010 4:36pm
Quoting Adilius07
...

But, we can see that each time price retraced, sometimes a lot! (I marked it with red)....
First. I think I recognize the typing style on that Chart.
Second. I would Love to have taken Every One of those Trades.

Stop Levels are a very personal thing but if you had simply placed your SL at the Opposite end of the Signal Bar or even the Trigger Bar, you wouldn't have been Stopped out of any of these Trades until you were nicely in Profit.
  • #68,660
  • Jul 14, 2010 5:51pm Jul 14, 2010 5:51pm
Here's a daily setup on audcad.

1. two day pinbar (which broke)
2. 50.0% retracement
3. resistance
4. first touch after crossing the the 150ema (I think James says these are powerful?)
Attached Image (click to enlarge)
Click to Enlarge Name: audcad_daily_150ema.gif Size: 18 KB
387 traders viewing now