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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

  • #80,161
  • Nov 16, 2010 10:04am Nov 16, 2010 10:04am
Quoting unlv_tj
I closed out my trade with 25 pips of profit at 1.3865. I wanted to hold on until at least 1.3925, but price has been moving sideways for the last few hours under the 1.3880 level. It might not be ready to explode yet.

Maybe I got too ancy and closed too early, but price seems to be sideways right now.
I took 2 positions on EURAUD.
One on weekly chart for PB
one on Daily chart for BUOB (On retracemment).

On weekly chart: My enry was on top of the PIN.. but I didn't keep my SL under the pin but around 61.8% of the pin. Hence this turned out as a loss.

But the BUOB is working good so far. I closed half of the position at 1.3889 and made the trade risk free.

My next target is - 1.3964.


Lesson learned: Weekly trade is not a good trade considering the size of the PB.
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  • #80,162
  • Nov 16, 2010 10:05am Nov 16, 2010 10:05am
Here is a 4hr GBp/USD BEOB I passed on.

Passed ont his trade earlier, missed a nice one.

What I liked about this was that it was a bigger bar, Closed under the 1.60, and Engulfed quite a few bars.

Basically skipped this trade because I jsut wasnt comofrtable with the FTA . I couldnt define it perfectly 1.5950 is the FTA and was rather close

I still watched this trade and it broke out hard after waiting so it would have been easy to manage had I been in it. woulf have probably looked to TP at 1.59 or 1.5850.

I tihnk it is important for some of the newer traders to see that even though this was a good set up I still didnt take it and I am not mad at all. Y0u dont need to trade all of the time.

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  • #80,163
  • Nov 16, 2010 10:34am Nov 16, 2010 10:34am
Took the CAD /JPy H4 Short
Price rejected previous high bar, and current Beob high 82.53 (resistance)
Beob good size ,closed below the monthly ppz and RN 8200,
confluence at 8200 with 61.8%fib retracement,

Entry 81.80
SL 82.40
TP 81.46
Moved SL to 8200 when price move down to 81.60 (over
cautious)
There was lots of conjestion and consolidation to the left.

This was a Counter Trend Trade ,but the size of the Bar and other factors helped , but there was not a lot of room to run to FTA.

Any comments appreciated
Best
D
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  • #80,164
  • Nov 16, 2010 11:37am Nov 16, 2010 11:37am
Quoting dmc
Here is a 4hr GBp/USD BEOB I passed on.

Passed ont his trade earlier, missed a nice one.

What I liked about this was that it was a bigger bar, Closed under the 1.60, and Engulfed quite a few bars.

Basically skipped this trade because I jsut wasnt comofrtable with the FTA . I couldnt define it perfectly 1.5950 is the FTA and was rather close

I still watched this trade and it broke out hard after waiting so it would have been easy to manage had I been in it. woulf have probably looked to TP at 1.59 or 1.5850.

I tihnk it is important for...
I skipped it too dmc, for the resons you mentioned. Although it did close below 1.6000, in my eyes it didn't close sufficiently below the PPZ that 1.6 has created over the last few months.
Looks like it did the business anyway though, dropped 100 pips since I last checked

Jonny
  • #80,165
  • Nov 16, 2010 11:40am Nov 16, 2010 11:40am
How's that Short Silver Weekly Doing ?
  • #80,166
  • Nov 16, 2010 11:41am Nov 16, 2010 11:41am
Quoting Atc
How's that Short Silver Weekly Doing ?
we'll see if it can get some legs past the 25 mark

Hiya Bill
  • #80,167
  • Nov 16, 2010 12:02pm Nov 16, 2010 12:02pm
first chart since a quite long time...

stada on daily. sl above 25 eur. ftp at about 23.50 euro.
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meine augen sind die sterne
  • #80,168
  • Nov 16, 2010 12:26pm Nov 16, 2010 12:26pm
Quoting mbqb11
we'll see if it can get some legs past the 25 mark

Hiya Bill

Mike, you should talk to Jim Cramer - this went out last Thurs

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  • #80,169
  • Nov 16, 2010 12:57pm Nov 16, 2010 12:57pm
FTA hit
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  • #80,170
  • Nov 16, 2010 1:05pm Nov 16, 2010 1:05pm
she broke short below .9800 1st FTA hit for me based on prior wkly check mark
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  • #80,171
  • Nov 16, 2010 1:28pm Nov 16, 2010 1:28pm
Quoting stewrigh
Mike, you should talk to Jim Cramer - this went out last Thurs

http://www.youtube.com/watch?v=KO_2F...layer_embedded

lol I can't even watch this it makes me dizzy
  • #80,172
  • Nov 16, 2010 1:28pm Nov 16, 2010 1:28pm
Quoting Atc
FTA hit
  • #80,173
  • Nov 16, 2010 1:41pm Nov 16, 2010 1:41pm
Quoting Jonnyislost
I skipped it too dmc, for the resons you mentioned. Although it did close below 1.6000, in my eyes it didn't close sufficiently below the PPZ that 1.6 has created over the last few months.
Looks like it did the business anyway though, dropped 100 pips since I last checked

Jonny
The good thing is there's a chance we'll get a shot at PA at 1.6000 again at some point. If not there then 1.5500 maybe.
  • #80,174
  • Nov 16, 2010 2:41pm Nov 16, 2010 2:41pm
Quoting Atc
How's that Short Silver Weekly Doing ?
Well, as i quoted the monday before , silver was due for a change of trend. It is only natural for people to stand aside to see the price action . And is it wrong ? hell no !!!

But that date at that price I had my line it hit and kissed good by. Ok what now ?

well first of all we need to see where it goes down to as a support that could be any where between 17 to 25 dollars. all i can say is now the horse has bolted :

WAIT FOR IT TO COME BACK TO THE PADDOCK ! I AM :% 100 CONVINCED THE BULLS AND HOPEFULLS WILL HAVE ANOTHER SHOT TO THE TOP ONLY TO BE DISSAPPOINTED.OIL STORY OF 2008 ?
sO WATCH PA VERY CAREFULLY AND THE RETRACEMENTS CAN BE VERY SHARP INDEED IN THIS REGARD))

jUST MY 2 CENTS IN PUT .

CHEERS ...

vITO
  • #80,175
  • Nov 16, 2010 2:47pm Nov 16, 2010 2:47pm
Euro-USD

The drop has stalled for now ! I look and I see no stopping point at this stage other than 50% retrace ment from august low. I say a retracement is due , I mean meaningfull retracement ..bak towards 1.38 - 1.42 this area should be storng resistance . Whats your take on it , picture will tell thousand words if you can thanks.!

Cheers

V
  • #80,176
  • Nov 16, 2010 3:07pm Nov 16, 2010 3:07pm
Quoting mbqb11
ahhh but now here is a simple lesson for you that I never forget to see

If price is that crazy what is it probably donig? Ranging. Look at that huge mess of consolidation. We MUST MUST MUST be aware of the environment ahead of us. The odds price will continue to chop around it is always going to be greater in this time of mess. I choose not to trade in this stuff. Others love it, but they are well aware of it. Most people have not a clue the market is ranging so hard and their account goes down down down.

Best
Mike

That's a good advice, so you wouldn't have taken that BUOB right at the end of the USDCAD + divergence and PPZ and VBRN(parity)?

The way I see it is this: in trending markets we look for continuations and in consolidating market we look for reversals.

And also I wonder, would it be possible to drop down a couple of timeframes and trade it? See my view of the market is that it's fractal, and when I look at USDCAD hourly, these are trends of their own.
How do you look at this? Or do you only trade the breakout from consolidations?

Thanks Mikey!!
  • #80,177
  • Nov 16, 2010 3:18pm Nov 16, 2010 3:18pm
Took the retrace of this BUOB...

Target 1 is at BRN 1.3500
Target 2 is PPZ resistance

I reduced my stop to minimize risk and plan to move to BE if T1 gets hit.

That's my plan, hope those that took it are still in.

-- Danny
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  • #80,178
  • Nov 16, 2010 3:28pm Nov 16, 2010 3:28pm
Anyone like the DBLHC on EUR/GBP daily?
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Anything can happen.
  • #80,179
  • Nov 16, 2010 3:33pm Nov 16, 2010 3:33pm
Found two charts that were of interest to me.
Hopefully some of you will guide me thru' what's good or bad with these. And please if you can, look especially at where I have put my S&R/PPZ areas (if they are right or wrong) and also look where I have missed any PPZ etc.

First chart is the CAD/JPY that I have attached.
What I liked about this chart is that it retraced from PPZ at 82.5 and also a couple of pips from the 61% Fibonacci retracement.
From what I see it is a BEOB.

Anyway the important part is really where the bar is located and as I see it (for a reason) it bounced at 81.3. Do you see any support there or a PPZ?

Also the FTA as I see it is 80.50 where allot of earlier support turned reisstance etcetc and it's a round number so it becomes a PPZ.

Is this a proper analysis? Is the S&R at proper areas? And would anyone take this trade or is it stupid?


Second chart I have attached is the GBP/JPY.
In this chart I see a strong BEOB that could also be a DBHLC. Anyway the bar isn't as important as the context and the way I see it there is Fibonacci confluence.
The first fib confluence is at 50% and the second is at 23%.
So double confluence there.
Also it's at a PPZ of 134.

FTA as I see it is 132 round number and that is also 6 pips shy of the low (the market bounced there) and the second troubled area I see is 131 round number.

Are these good PPZ and have I missed any PPZ?

Thank you. Sorry for the long post, just trying to learn.
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  • #80,180
  • Nov 16, 2010 3:37pm Nov 16, 2010 3:37pm
Quoting menomoo
Euro-USD

The drop has stalled for now ! I look and I see no stopping point at this stage other than 50% retrace ment from august low. I say a retracement is due , I mean meaningfull retracement ..bak towards 1.38 - 1.42 this area should be storng resistance . Whats your take on it , picture will tell thousand words if you can thanks.!

Cheers

V
Hey V

We have a nice box above us like you said. Certainly an area sellers will look to hop back in. , and now sitting on 1.35

any lower and it seems 1.33 is in the works

Best
Mike
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