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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

  • #78,821
  • Oct 29, 2010 3:57am Oct 29, 2010 3:57am
Quoting joelcf
You are probably the first person I've met who actually knows that... I'm impressed
The LOVE of money is the root of all evil.
  • #78,822
  • Oct 29, 2010 4:40am Oct 29, 2010 4:40am
Good morning guys!

My GBPUSD trade from yesterday wasn't opened because it was an 8hour timelimit on it (is that the name.. timelimit?)

I would have been in the money for about 10 pips or something so that's not a problem anyway.. Since the PA right now on the GBPUSD is scaring the hell out of me. Does anyone of you have an idea of where it wants to go?

Anyway, right now I'm looking at USDCAD, tell me if you are seeing the same thing as I am.
There is a flag up so most likely it will go down right? So I'll just wait for the candletypes you trade and then we'll take a look at it

PS.. Can someone tell me how to minimize the size of the thumbnails? It's too big for the forum, ruining the design
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  • #78,823
  • Oct 29, 2010 4:49am Oct 29, 2010 4:49am
Quoting ghous
Stop to 112.65 after I took this pic, which eliminates almost all the risk on the trade.

We gave one last push to the 113 yesterday.

g.
Mission accomplished

g.
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I believe . . .
  • #78,824
  • Oct 29, 2010 6:06am Oct 29, 2010 6:06am
Wow this was really cool, market(EURUSD) just stopped at my WW and 23.6% retracement area.. but I was wondering, this last big bull bar, is this a DBLHC or a BUOVB (i.e a bullish engulfing)?
I really can't see the difference between the two..

And the last question, would you trade this, and if so, HOW?
I wouldn't because I think the SL will be too big in proportion to the profit potential so my Risk/Reward will be skewed. Would you wait for a retracememnt/pullback?

Thanks!
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  • #78,825
  • Oct 29, 2010 7:23am Oct 29, 2010 7:23am
Quoting ghous
Mission accomplished

g.

Looks like you Aced this exam!
  • #78,826
  • Oct 29, 2010 8:17am Oct 29, 2010 8:17am
Quoting ghous
Mission accomplished

g.
was waiting for u to be thru so I cld reverse it Ghous
didnt get the buob I wanted though
happy trading
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Simplicity is the key to success
  • #78,827
  • Oct 29, 2010 9:04am Oct 29, 2010 9:04am
zhang.. there is a divergence on the end of your chart.. where you shorted, maybe that's an answer or don't you look at divergences?
  • #78,828
  • Oct 29, 2010 9:05am Oct 29, 2010 9:05am
Monthly not quite closed but looks interesting

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  • #78,829
  • Oct 29, 2010 9:11am Oct 29, 2010 9:11am
Quoting Hitchhiker
Monthly not quite closed but looks interesting

Attachment
Hitchhiker, wouldn't you say you have a bullish flag there? Try to put a trendline beneath the PA aswell, you can see the market consolidating between the two lines creating a nice bullish flag.. or am I totally wrong here?
  • #78,830
  • Oct 29, 2010 9:16am Oct 29, 2010 9:16am
Well stopped out AGAIN on my remaining position, 22 pips on my first 1/2 position though.
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Pipcrawler
  • #78,831
  • Oct 29, 2010 9:19am Oct 29, 2010 9:19am
Quoting Carnegie
zhang.. there is a divergence on the end of your chart.. where you shorted, maybe that's an answer or don't you look at divergences?
Hey C, no divergence on my chart, if you take a closer look @ MACD, it didn't make two consecutive valid swing lows in order to draw a divergence trendline.
Pipcrawler
  • #78,832
  • Oct 29, 2010 9:20am Oct 29, 2010 9:20am
Quoting xmzhang
Well stopped out AGAIN on my remaining position, 22 pips on my first 1/2 position though.
zhang.. I don't know if I'm wrong here hopefully you will correct me.

I uploaded a chart.. It's the same as you traded on.. Look at the divergence and also I made a green line just above a pin. That would have been my entry on the pin bar.
Market made three candles (not exactly after eachother) touching the same price area and then reversing. Wouldn't this rather be a LONG setup?

thanks man

edit: shit sorry didn't see that you posted.. sorry about that!
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  • #78,833
  • Oct 29, 2010 9:21am Oct 29, 2010 9:21am
Quoting Carnegie
Hitchhiker, wouldn't you say you have a bullish flag there? Try to put a trendline beneath the PA aswell, you can see the market consolidating between the two lines creating a nice bullish flag.. or am I totally wrong here?
I had considered that but the pinbar looks a good prospect in the medium term.
PPZ is a little close underneath but not a BRN
  • #78,834
  • Oct 29, 2010 9:25am Oct 29, 2010 9:25am
Quoting Hitchhiker
I had considered that but the pinbar looks a good prospect in the medium term.
PPZ is a little close underneath but not a BRN
Forgot to mention...probable decent BEOB as well on weekly
  • #78,835
  • Oct 29, 2010 9:36am Oct 29, 2010 9:36am
Quoting Carnegie
zhang.. I don't know if I'm wrong here hopefully you will correct me.

I uploaded a chart.. It's the same as you traded on.. Look at the divergence and also I made a green line just above a pin. That would have been my entry on the pin bar.
Market made three candles (not exactly after eachother) touching the same price area and then reversing. Wouldn't this rather be a LONG setup?

thanks man

edit: shit sorry didn't see that you posted.. sorry about that!
Hey C, looking at it in hindsight. After the BEOB price made a BUOB and a PB showing that the low of the BEOB is at the moment a firm short term support. I should have closed my remaining position after the PB for a BE+5, but yeah "should have" doesn't count here. You know during that trade I seemed to be so much focussed on that BEOB only, that I even didn't see that BUOB and PB ! I think I need to more relaxed when I'am in a trade.
Pipcrawler
  • #78,836
  • Oct 29, 2010 9:42am Oct 29, 2010 9:42am
Quoting xmzhang
Hey C, looking at it in hindsight. After the BEOB price made a BUOB and a PB showing that the low of the BEOB is at the moment a firm short term support. I should have closed my remaining position after the PB for a BE+5, but yeah "should have" doesn't count here. You know during that trade I seemed to be so much focussed on that BEOB only, that I even didn't see that BUOB and PB ! I think I need to more relaxed when I'am in a trade.
Yeah that happens, we're all learning

Anyway I was wasking, that big bear candle you're referring to as 'BEOB' (=BEARISH outside bar). How can it be bearish outisde bar if the candle before it is also bearish? Shouldn't the candle before it be Bullish?
In that case it encompasses the WHOLE prior candle which it cant do now, because both bars are bearish (negative).. understand how I mean?

If not then I have to ask another question. What is the difference between DBLHC and BUOVB?
They both sound to me as a bullish engulfing? (obiously same problem with DBHLC and BEOVB)
  • #78,837
  • Oct 29, 2010 9:48am Oct 29, 2010 9:48am
Hi guys, I've been scratching my heads over these two PB. They are quite similar, both located at swing low with divergence. They are only 30pips different in their low. The first one worked out, in terms of reaching the FTA, but the second one worked out even better. I think, I read in some posts that some of you take the second one but pass on the first one. Anyone like to share the idea why?
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  • #78,838
  • Oct 29, 2010 10:44am Oct 29, 2010 10:44am
Quoting esbatu
Hi guys, I've been scratching my heads over these two PB. They are quite similar, both located at swing low with divergence. They are only 30pips different in their low. The first one worked out, in terms of reaching the FTA, but the second one worked out even better. I think, I read in some posts that some of you take the second one but pass on the first one. Anyone like to share the idea why?
The first thing that jumps out at me is the lower close than open and the somewhat serious downmove the first PB had to fight. It's a PB but due to it's size and weak close with a bearish outlook. On my chart it looked even weaker and was not even a pin. Plus there is some resistance (PPZ) to the upside it is trading into.

Dang, I missed the one that just happened!
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,839
  • Oct 29, 2010 10:59am Oct 29, 2010 10:59am
This one worked out nice, caught my take profit by a single pip. Sometimes you feel the market hits your stop by the pip so when it hits your take profit by a pip that makes up for it. (although we always forget these ones more then the losses LOL)
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  • #78,840
  • Oct 29, 2010 11:11am Oct 29, 2010 11:11am
Quoting esbatu
Hi guys, I've been scratching my heads over these two PB. They are quite similar, both located at swing low with divergence. They are only 30pips different in their low. The first one worked out, in terms of reaching the FTA, but the second one worked out even better. I think, I read in some posts that some of you take the second one but pass on the first one. Anyone like to share the idea why?
First things first, We are inside a Range box. So i'd like to have my PA bar at edges i.e 1.4160 or 1.3686.

Second if not at edges than i'd like to have my PA at good confluence zones. 1.4000 is good location for a confluence trade with PA, inside the range.

Now i'd pass both of those PB's. First one is on a PPZ but close was not good enough. Second one a good close and is on a TL but no PPZ and size is not good enough for me.

Third,..... there is no divergence.

Hope it helps.
.
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