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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

  • #81,341
  • Dec 1, 2010 12:08pm Dec 1, 2010 12:08pm
gb/yen.. moved SL to 130.80

gb/chf.. still hanging in there...
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PATIENCE... DISCIPLINE
  • #81,342
  • Dec 1, 2010 12:49pm Dec 1, 2010 12:49pm
Quoting john225
is there a connection between EURCHF and EURUSD look at the PPZ line on the Pic from EURUSD it is acting as Support on EURCHF but this line hasnīt any Sup or Res in the past from the EURCHF chart :-O
Maybe this post gots lost hope someone can help me
  • #81,343
  • Dec 1, 2010 1:02pm Dec 1, 2010 1:02pm
Quoting john225
Maybe this post gots lost hope someone can help me
hey John, there is a correlation between these pairs, try this site out..
http://http://www.mataf.net/en/tools/01-01-correlation

or oandas...http://http://fxtrade.oanda.com/anal...cy-correlation

remember price moves for more reasons than technical reasons though
hope this helps??
jon
PATIENCE... DISCIPLINE
  • #81,344
  • Dec 1, 2010 2:31pm Dec 1, 2010 2:31pm
Quoting mbqb11
Since I haven't updated the guest section in ages for you guys here was a clip on my thoughts for this from my webinar yesterday

Went and has done exactly what we expected

I have no idea how long these files stay uploaded
http://www.mediafire.com/?v1kfuabp43040tn

Best
Mike
Great video Mike, truly helpful. I had this one one my scope last night. I set my entry at 1.5645, SL 1.5445, and TP at 1.5690. I was even going to move my SL to 1.5525 if entry was triggered. But I passed on the trade at the last minute. Seems I've been passing on a lot of winners lately. It was the R:R that got to me. I can't remember when I last saw a setup with a 1:1 or better on the daily or above. Your right when you say R:R is not as important when you have a 90% win rate. But its been hard for me to let go of the R:R logic.
  • #81,345
  • Dec 1, 2010 2:37pm Dec 1, 2010 2:37pm
Quoting g_j_hook@yah
gb/yen.. moved SL to 130.80

gb/chf.. still hanging in there...
I took the GBP/CHF today as well but got out at the FTA - such a chicken. Gotta work on that
Anything can happen.
  • #81,346
  • Dec 1, 2010 2:47pm Dec 1, 2010 2:47pm
Of all the turnarounds I like NZD/JPY the best. Strengthening against AUD and USD is strengthening against JPY so NZD/JPY looks good for a possible pre NFP scalp to the FTA?
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Anything can happen.
  • #81,347
  • Edited 3:09pm Dec 1, 2010 2:53pm | Edited 3:09pm
Quoting g_j_hook@yah
hey John, there is a correlation between these pairs, try this site out..
http://http://www.mataf.net/en/tools/01-01-correlation

or oandas...http://http://fxtrade.oanda.com/anal...cy-correlation

remember price moves for more reasons than technical reasons though
hope this helps??
jon
Thanks jon

BTW the links has to manny http:// xD

Quoting spookie94
Great video Mike, truly helpful. I had this one one my scope last night. I set my entry at 1.5645, SL 1.5445, and TP at 1.5690. I was even going to move my SL to 1.5525 if entry was triggered. But I passed on the trade at the last minute. Seems I've been passing on a lot of winners lately. It was the R:R that got to me. I can't remember when I last saw a setup with a 1:1 or better on the daily or above. Your right when you say R:R is not as important when you have a 90% win rate. But its been hard for me to let go of the R:R logic.
I passed on that trade too because there was an Resistance above the PB Jarroo has posted this chart anywere ;-)

Edit:
Jarroos post: http://www.forexfactory.com/showpost...ostcount=81295
  • #81,348
  • Dec 1, 2010 3:34pm Dec 1, 2010 3:34pm
Quoting ddinnov
Of all the turnarounds I like NZD/JPY the best. Strengthening against AUD and USD is strengthening against JPY so NZD/JPY looks good for a possible pre NFP scalp to the FTA?
I like this one.

-- Danny
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  • #81,349
  • Dec 1, 2010 3:50pm Dec 1, 2010 3:50pm
Thanks for the vid Mike !
The information you presented was pure gold
Hope to see more
  • #81,350
  • Dec 1, 2010 3:56pm Dec 1, 2010 3:56pm
Quoting bluetrader
I like this one.

-- Danny
Looks very promising but I have some worries about the huge BRN (111) directly above plus the trendline.

http://i.imgur.com/xN0LX.png
  • #81,351
  • Dec 1, 2010 3:56pm Dec 1, 2010 3:56pm
Quoting ddinnov
I took the GBP/CHF today as well but got out at the FTA - such a chicken. Gotta work on that
Also closed at FTA for a small profit, glad I did close my position, at the moment there seems to be some positieve divergence between price and RSI, that could mean continuation of the downtrend, lets see.......
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Pipcrawler
  • #81,352
  • Dec 1, 2010 3:58pm Dec 1, 2010 3:58pm
Quoting supremeChaos
they must be on vacation
Well that must be a very very long vacation
Pipcrawler
  • #81,353
  • Dec 1, 2010 4:15pm Dec 1, 2010 4:15pm
I'm not sure if I'm ready to go long EUR yet with all that's going on in the news etc.. But I suppose I could just as well feel as uncomfortable going long 'risk appetite' which seems to be back. The EUR PA does look quite juicy....

I've been paying too much attention to fundamentals and sentiment - gotta stick to what's actually going on in the charts and not in the 'news'

Meh...
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Anything can happen.
  • #81,354
  • Dec 1, 2010 4:18pm Dec 1, 2010 4:18pm
Quoting lallous
Looks very promising but I have some worries about the huge BRN (111) directly above plus the trendline.
Hey lallous,

I place less importance on diagonal trendlines and don't use them to plot support/resistance. I prefer "side-to-side" support/resistance as James teaches.

Some of the things I like about this setup is that it's off an obvious price flip as well as the 110.00 round number. I don't consider 111.00 to be huge, otherwise I'd be plotting horizontal lines every 100 pips. So 110, 115, 120 are big (I believe these are Mike's RN's as well).

The pin bar itself has a nice long nose protruding through the price flip and round number and the structure of the bar is high in quality. The bar is at a swing low and FTA is clearly defined.

At least, this is how I am looking at this setup.

-- Danny
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  • #81,355
  • Dec 1, 2010 4:28pm Dec 1, 2010 4:28pm
Quoting xmzhang
Price has hit my buy limit @ 6200 and closed my remaining position. At 6200 there's some support confluence via a up-TL, 50% retracement and 150 SMA also previous consolidation could also provide some support.
I'am putting my money on the N-J, price found solid support as anticipated. On the 1H-TF we see multiple support confluences. If price closes on the daily as a BUOB (or DBLHC) I'll be looking for a long via a pullback entry as usual ......
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Pipcrawler
  • #81,356
  • Edited 5:15pm Dec 1, 2010 5:00pm | Edited 5:15pm
Quoting jarroo
Yeah, the first time back on the long term emas.

But to your post that I mentiond that .. where Price turned from Support to Resistance (or vice versa) with added confluences like the trendline confluence you had . . .the 1st time back is where the famous "KaBoom" type setups that Rac keys on.

Have you seen Rac's thread?
wow thanks for pointing that out jarroo i was kinda busy with the exams...again and didnt see it

This is the setup you talked about when i posted the NZDUSD trade right?
On the GU was a similar situation-twice, and i missed both of them...again LoL looks like im missing all the action... gotta look at the charts more often. if i only had more spare time....

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  • #81,357
  • Edited 5:16pm Dec 1, 2010 5:09pm | Edited 5:16pm
Quoting bluetrader
I like this one.

-- Danny
massive pinbar in sight everyone on board! LoL seriously now, the pb looks good; good location, great bar,...
awesome post
  • #81,358
  • Dec 1, 2010 5:33pm Dec 1, 2010 5:33pm
Hi all,first time posting !I like nzdusd's story.
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Nothing personal,just business
  • #81,359
  • Dec 1, 2010 6:03pm Dec 1, 2010 6:03pm
Quoting fxgroup
Hi all,first time posting !I like nzdusd's story.
Hey FXgroup welcome to the thread

My view on this one is a bit iffy. The main things that would keep me out would be as follows. Again this is just based on how I do things

-Could not close above the BRN of 8500 ....this is very key for me
-Would have liked to see a more exact matching lows or even better a BUOB, a bit off here for me
-The strong down move and size of this bar in comparison to the recent bearish strength

Again welcome to the thread, and this is not to dissuade you just giving my view point

Mike
  • #81,360
  • Dec 1, 2010 6:20pm Dec 1, 2010 6:20pm
Thanks Mike,it is an honour for me to be here.This dblhc could be part of monthly's pin retreacement,till above arrow,where I'm looking for short because of it's good location-ppz+cluster fibo+left pin's eye-.
Nothing personal,just business
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