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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

  • #77,241
  • Oct 12, 2010 10:51am Oct 12, 2010 10:51am
Quoting KissFan
Trouble areas are a good place to bank a little on the way up or down. You have them mapped well in my estimation.

K.I.S.S.
Yeah, the thing is that FTA start at 113.40, if you go in at 113, its ok.
You can bank 40 pips, move to BE and let it ride.

But getting in at candle close on 4hr which is around 113.20/25 and having FTA 20 pips above, imo not a good business.

If the candle appeared around 38.2% fib, i would take the risk, but im gonna leave this one.

Good luck to the ones that take it.
Trade Smart
  • #77,242
  • Oct 12, 2010 10:56am Oct 12, 2010 10:56am
Quoting KissFan
"Trouble areas" are a good place to bank a little on the way up or down. You have them mapped well in my estimation. The bar is not all that great that is for sure but location is a good one. You might buy cheaper later but I feel good about the TP target as there are many reasons for price to head there.

K.I.S.S.
Imo, location is great.

But the the thing is not having space to move to BE before FTA.

It seems like a retouch of the 113 level and continue up.

Daily chart attached.
Attached Image (click to enlarge)
Click to Enlarge Name: ej2.jpg Size: 81 KB
Trade Smart
  • #77,243
  • Oct 12, 2010 11:15am Oct 12, 2010 11:15am
Similar scenario on EUR/CAD

Here we´ve got PB
1.40 BRN below


FTA 1.4050
FTA 1.4085

Comments are welcomed...
Attached Image (click to enlarge)
Click to Enlarge Name: ecad2.jpg Size: 89 KB
Trade Smart
  • #77,244
  • Oct 12, 2010 11:16am Oct 12, 2010 11:16am
Look at this.
The simplicity of PA sometimes makes me feel like a freaken idiot... You know, trying to try to make money from trading for a long time and all...
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 13 KB
  • #77,245
  • Oct 12, 2010 11:19am Oct 12, 2010 11:19am
Right on the money

http://content.screencast.com/users/...7df/eurgbp.png
EURGBP H4
Time is what keeps everything from happening "right now".
  • #77,246
  • Oct 12, 2010 11:28am Oct 12, 2010 11:28am
Quoting Osman
Similar scenario on EUR/CAD

Here we´ve got PB
1.40 BRN below


FTA 1.4050
FTA 1.4085

Comments are welcomed...
We have another confirmation with the trendline ;-)
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.gif Size: 20 KB
  • #77,247
  • Oct 12, 2010 11:30am Oct 12, 2010 11:30am
Quoting PrincoPrinco
Look at this.
The simplicity of PA sometimes makes me feel like a freaken idiot... You know, trying to try to make money from trading for a long time and all...
Nice i looked at this chart too but i hadn´t time to take and manage it because i had to go nice that you tooked it
  • #77,248
  • Oct 12, 2010 11:42am Oct 12, 2010 11:42am
Quoting john225
We have another confirmation with the trendline ;-)
Add divergence to that..
Attached Image (click to enlarge)
Click to Enlarge Name: ecad3.jpg Size: 98 KB
Trade Smart
  • #77,249
  • Oct 12, 2010 11:42am Oct 12, 2010 11:42am
Quoting Dv84
Right on the money

http://content.screencast.com/users/...7df/eurgbp.png
EURGBP H4

Nice !!
Trade Smart
  • #77,250
  • Oct 12, 2010 11:44am Oct 12, 2010 11:44am
Quoting forex0908
Hi All,

Need some feedback. I have been reading this thread for around 2 weeks now. Took a trade in demo this week.

1. There was a Pin Bar on GBPUSD.
2. To me it seemed like it was at a swing high.
3. Bouncing off a PPZ level - somewhere around 1.5980.
4. It retraced to a level between 61.8 and 78.6 of the Pin Bar.
5. It also touched the trendline.
6. Had entered at 50% retracement of the Pin Bar formed. Entry: 1.5920; SL: 1.6017 (High of the Pin Bar).

This trade went quite positive. Did anyone trade GU on similar logic - even remotely...
Hey forex0908,

On first glance I see a double top with the pin at the swing high. Throwing in MACD I also see a divergence. Based on your chart alone (assuming I ignore the bars after the pin), I see an immediate FTA at around the 1.5740 level. But I noticed that the pin is also trading into the 1.58 which is a strong PPZ if you zoom out the charts. Personally, I do not feel safe with the 1.58 so near. Any seniors here could chime in? Would appreciate it very much!
  • #77,251
  • Oct 12, 2010 12:05pm Oct 12, 2010 12:05pm
Quoting melvin87
Hey forex0908,

On first glance I see a double top with the pin at the swing high. Throwing in MACD I also see a divergence. Based on your chart alone (assuming I ignore the bars after the pin), I see an immediate FTA at around the 1.5740 level. But I noticed that the pin is also trading into the 1.58 which is a strong PPZ if you zoom out the charts. Personally, I do not feel safe with the 1.58 so near. Any seniors here could chime in? Would appreciate it very much!
Hi Mel,

In my opinion there's a lot to like there but it would have been no trade for me because it doesn't look like it broke (including buffer) the next day.

I wouldn't have taken it because it's in and heading into quite a bit of traffic / consolidation.

Not horrible at all but with that mess to the left it could turn round at any time.

Just my opinion.
  • #77,252
  • Oct 12, 2010 12:21pm Oct 12, 2010 12:21pm
Quoting Albatross
Hi Mel,

In my opinion there's a lot to like there but it would have been no trade for me because it doesn't look like it broke (including buffer) the next day....
Just to add to this, it's technically not a pin bar. The low of the bar is below the low of the prior bar.

-- Danny
Attached Image
  • #77,253
  • Oct 12, 2010 12:33pm Oct 12, 2010 12:33pm
Hi,
So i posted my eur/usd chart in the morning.
Now i am again posting it again.
But this time i waited for PA to develop at 1.3800 and took the boat.
My Question is if i would not have taken it did i miss the boat to 1.4000,
1.3800 was a great zone.
I took entry on pinish bar.
Kindly answer me how do you classify a setup as a run run or take profit.
I'm up 40 pips or so now,if it is headed 1.4000 i don't want wasting of potential trade,for which i waited 12-8 hours
Should i hold them or fold them.

The Question is general one,i was up 70 pips now i'm to 40 if it is constantly going down,it is lost.

I took james advice by heart,and have breakeven.,So i am already a winner,but what about potential of trades.
http://img801.imageshack.us/img801/8748/eurodollarc.gif

Regards
Taz
  • #77,254
  • Oct 12, 2010 12:34pm Oct 12, 2010 12:34pm
Quoting bluetrader
Just to add to this, it's technically not a pin bar. The low of the bar is below the low of the prior bar.

-- Danny
Well spotted Dan - a BEOB with a weak close LOL.
  • #77,255
  • Oct 12, 2010 12:38pm Oct 12, 2010 12:38pm
Quoting 666Doom
Hi,

Kindly answer me how do you classify a setup as a run run or take profit.


Regards
Taz
Hi Taz,

We don't know what price will do. But there are a couple of things that might help you:

Is the recent action choppy or running smoothly? Choppier might suggest taking profits.

Is there space to run? If no, this might suggest profit taking.

Use your support / resistance / pivot zones. If you're heading into a major PPZ / BRN, is the set up strong enough to go through that?

Can't really give a definitive answer, it comes with experience.
  • #77,256
  • Oct 12, 2010 12:46pm Oct 12, 2010 12:46pm
Quoting Albatross
... BEOB with a weak close LOL.
Sounds good to me.

Quoting 666Doom
Hi,
The Question is general one,i was up 70 pips now i'm to 40 if it is constantly going down,it is lost.
Hey Taz, I would first relax; that was a good entry. The worst part is over, you can't lose in this trade. I won't repeat what Albatross said, but I'll give you a different perspective.

Something that has helped me personally with trade management is to have a plan of attack prior to entering the trade. It helps you avoid the situation you're feeling right now. You won't always get it right, but having a plan of attack will relieve the stress of saying "what-if" while you are in the trade. In many ways trade management can be harder than entry -- it's when you decide if a trade is a winner or a loser.

You can search this thread for exits (i.e. free-trade, two-bar trailing, target at next ppz, partial profits). The point is to have something written down so when you exit the trade you can be confident you did the best you could. That's all we can ask for.

Hope this helps Taz,

-- Danny
  • #77,257
  • Oct 12, 2010 1:21pm Oct 12, 2010 1:21pm
Maybe this will help you.
Mike recommend me this Thread for Moneymanagment http://www.forexfactory.com/showthre...light=beginner
Haven´t read it now but i will do for sure.
So hope this will help you ;-)
  • #77,258
  • Oct 12, 2010 1:22pm Oct 12, 2010 1:22pm
Quoting Albatross
Well spotted Dan - a BEOB with a weak close LOL.
LOLOL didnt notice that too hahaha. Thanks for the advice Albatross and Bluetrader!
  • #77,259
  • Oct 12, 2010 1:24pm Oct 12, 2010 1:24pm
[quote=KissFan;4090615]Couple of charts. I like the location. SL is 112.65. TP is 116.55.

K.I.S.S.

I have moved SL to break even. I might get stopped now but I'm in a no risk situation. I feel good about the eventual TP target so if I get stopped I'll be a buyer a bit lower.

K.I.S.S.
Attached Image (click to enlarge)
Click to Enlarge Name: j163.jpg Size: 61 KB
  • #77,260
  • Oct 12, 2010 1:26pm Oct 12, 2010 1:26pm
Quoting Osman
Similar scenario on EUR/CAD

Here we´ve got PB
1.40 BRN below


FTA 1.4050
FTA 1.4085

Comments are welcomed...
Update on my EUR/CAD trade,

Entry @ 1.4010
Trade is at +50 so im moving my stop loss to BE +1 as we are at TA
Trade Smart
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