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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

  • #92,901
  • Apr 4, 2011 11:14am Apr 4, 2011 11:14am
Mike, Six gun

Thanks fellas for you help, much appreciated I assure you.

Mike, thanks for the chart and previous PPZ link.

(Looking at the chart you you just posted, would the 38/50 fib level confluence be considered a legit PPz as its acting as flip S/R level ?)

The other thing I forgot to ask was now I'm looking at daily charts, when entering a trade, by placing S/L above previous bars high or low etc the number of pips/levels can be pretty daunting. How does this sit with money mangement etc. eg. if the stop is 100/150 plus pips away from entry, how do we justify a target of say 50/60 pips to the next corresponding reisistance target (fib, confluence etc) ?

Thanks again
Malarky
  • #92,902
  • Apr 4, 2011 11:45am Apr 4, 2011 11:45am
Hi Mike,

not at my computer at home, so just a quick weekly chart. We might add a 100 % weekly fibolevel ~0.95, so if price reverses, we have target 127 extension.

Good trading everyone



Quoting mbqb11
Welcome Malarky glad you are enjoying the information thus far I will do my best to answer your questions below


see chart for example of fibs. Fibs are just showing a % retracement of a move. You can use them in the most common way which is from major swing points.
Attachment




I would not draw them all over the place or you might start to confuse yourself. One thing to do is keep timeframes separate. If you are analyzing a weekly chart draw and do everything on the weekly. Keep it simple


There are two things here. Pivot...
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  • #92,903
  • Apr 4, 2011 12:02pm Apr 4, 2011 12:02pm
aud/chf H4 with a pinbar at a swing low.
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meine augen sind die sterne
  • #92,904
  • Apr 4, 2011 12:02pm Apr 4, 2011 12:02pm
Hi all,

I am back to J16 after few months "inactivity" (time for my brain to process all those info).
I was looking at USD/JPY today, and here are my thoughts..

1. We are around the BRN 84.
2. Last week, we broke it and closed above so it is acting as a resistance.
3. Today (if it closes correctly), we might have a "tiny" BEOB. (but we are protected by the massive bar of thrusday)

I do not think this a A+ setup since:
1. 84 is now a resistance since we closed on both Thrsday and friday above it.
2. the BEOB is too small and for the moment the close is still not a clear cut away for the BRN.

Nevertheless, I might play the following trade (on demo to test):

1. Entry below the BEOB + 10 pips to make sure we are drifting away
2. TP at 83.20, which is a zone of seen troubles.

Could you comment on this "strategy"?

Cheers
  • #92,905
  • Apr 4, 2011 12:04pm Apr 4, 2011 12:04pm
Quoting Malarky
Mike, Six gun

Thanks fellas for you help, much appreciated I assure you.

Mike, thanks for the chart and previous PPZ link.

(Looking at the chart you you just posted, would the 38/50 fib level confluence be considered a legit PPz as its acting as flip S/R level ?)

The other thing I forgot to ask was now I'm looking at daily charts, when entering a trade,...
Hey Malarky

Yep you got it, adding PPZ as part of confluence and then areas to watch is what it is all about. We never need too much on our charts

As for Money Mgmt, it's all about position sizing. If I risk 2% per trade, it doesn't matter if my stop loss is 20 pips or 200 pips, they both represent 2% risk. I simply adjust my position size so the loss exceeds my risk tolerance.

You can read more here about MM

http://www.forexfactory.com/showthre...light=beginner

Best
Mike
  • #92,906
  • Apr 4, 2011 12:05pm Apr 4, 2011 12:05pm
Quoting peaches
Hi Mike,

not at my computer at home, so just a quick weekly chart. We might add a 100 % weekly fibolevel ~0.95, so if price reverses, we have target 127 extension.

Good trading everyone
Hey Peaches

I was just trying to show fib confluence for retracements. I don't use extensions anymore, or even fibs all that much. Stuff is easy enough to eye ball after you stare at charts long enough

Thanks for sharing

Mike
  • #92,907
  • Apr 4, 2011 12:06pm Apr 4, 2011 12:06pm
Quoting Lapin
Hi all,

I am back to J16 after few months "inactivity" (time for my brain to process all those info).
I was looking at USD/JPY today, and here are my thoughts..

1. We are around the BRN 84.
2. Last week, we broke it and closed above so it is acting as a resistance.
3. Today (if it closes correctly), we might have a "tiny" BEOB. (but we are protected by the massive bar of thrusday)

I do not think this a A+ setup since:
1. 84 is now a resistance since we closed on both Thrsday and friday above it.
2. the BEOB is too small and...
I am looking at the daily - this is not a BEOB
This is a tiny bearish bar.
An outside bar must engulf the previous candle and this does not even engulf the upper wick.
  • #92,908
  • Apr 4, 2011 12:07pm Apr 4, 2011 12:07pm
Quoting Lapin
Hi all,

I am back to J16 after few months "inactivity" (time for my brain to process all those info).
I was looking at USD/JPY today, and here are my thoughts..

1. We are around the BRN 84.
2. Last week, we broke it and closed above so it is acting as a resistance.
3. Today (if it closes correctly), we might have a "tiny" BEOB. (but we are protected by the massive bar of thrusday)

I do not think this a A+ setup since:
1. 84 is now a resistance since we closed on both Thrsday and friday above it.
2. the BEOB is too small and for the moment...
Hey L

Welcome back, time off is always good

I don't see a beob forming are you sure you aren't using a sunday bar? I see a small I4b forming after a large run up. I will be watching the BRN of 85 myself

Best
Mike
  • #92,909
  • Apr 4, 2011 12:19pm Apr 4, 2011 12:19pm
Quoting aserbfx
aud/chf H4 with a pinbar at a swing low.
Only thing I don't like about this is it hasn't pierced the BRN. I'd be concerned of it wanting to retest it before continuing on upwards, if upwards is where it's going..
Attached Image (click to enlarge)
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  • #92,910
  • Apr 4, 2011 12:22pm Apr 4, 2011 12:22pm
usd/cad h4 at resistance area.
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meine augen sind die sterne
  • #92,911
  • Apr 4, 2011 12:28pm Apr 4, 2011 12:28pm
Quoting Sgrb1
Only thing I don't like about this is it hasn't pierced the BRN. I'd be concerned of it wanting to retest it before continuing on upwards, if upwards is where it's going..
I like the location on daily, but it is just too late in the day for me.

Attached Image (click to enlarge)
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  • #92,912
  • Apr 4, 2011 12:28pm Apr 4, 2011 12:28pm
Thanks Mike, that makes sense now.
Regards
Malarky
  • #92,913
  • Apr 4, 2011 12:37pm Apr 4, 2011 12:37pm
Quoting jarroo
What's your target? It looks pretty close.
My targets are the red lines. My stop is at BE+20, I'm patiently waiting for the RBA rate decision in 11 hours (will people sell the news ?).
  • #92,914
  • Apr 4, 2011 12:53pm Apr 4, 2011 12:53pm
Quoting mbqb11
Hey L

Welcome back, time off is always good

I don't see a beob forming are you sure you aren't using a sunday bar? I see a small I4b forming after a large run up. I will be watching the BRN of 85 myself

Best
Mike
Indeed

Need to get back on track and get back some reflex...

Cheers
  • #92,915
  • Apr 4, 2011 2:35pm Apr 4, 2011 2:35pm
Quoting Greenhaze
Dont be so quick to dismiss this setup. It looks interesting imo.

Thanks for the replies guys. Was hoping to get more replies with charts drawn as I actually wanted to make a point (maybe it still has been made) that we can all see things a bit differently, which is what makes a market, and we can all still make money.

How greenhaze drew this is exactly how I drew it, and entered it, and am at breakeven now at the first "perceived" FTA.

That second red horizontal line GH drew is where I had my second trouble area and I'll be taking some profits if we get there or actually a little higher because as Aser pointed out, longer term there is an uptrend line from back in October around 35.43'ish.

The full profit target is the swing low around 34.64, but there is a lot to go through before getting there. I felt that I could get to breakeven or partials so that I could take a free ride the rest of the way down (if it wants to)
  • #92,916
  • Apr 4, 2011 3:58pm Apr 4, 2011 3:58pm
A channel has formed on the daily.
I had a look on the AUD/USD forums and several posters there were drawing the same.
The lines are spot on parallel - no curved balls here.
Simply on grounds of symmetry this is a short.
Price has rejected the BRN 1.04
There are pinbars albeit small ones at the apex of the trend on several time frames.
Price is not exactly dashing away from the line but movement on the charts hasn't been high today in any case.

Any views?
The Aussie is strong at the moment but we are in uncharted waters, price being at all time highs on my chart.
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  • #92,917
  • Edited 5:14pm Apr 4, 2011 4:44pm | Edited 5:14pm
Liked the location of this IPB on GBP/NZD but we are in a very strong down trend.

Os.

EDIT: IPB closed below 2.100 BRN... a big reason to pass on this setup aside from the strong down trend.
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Trade Smart
  • #92,918
  • Apr 4, 2011 5:05pm Apr 4, 2011 5:05pm
Quoting Osman
Liked the location of this IPB on GBP/NZD but we are in a very strong down trend.

Os.
Just mine.
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Nothing personal,just business
  • #92,919
  • Apr 4, 2011 5:12pm Apr 4, 2011 5:12pm
Quoting fxgroup
Just mine.
Ups, I was looking at in the laptop and didnt saw it closed below 2.10, I dont like it anymore thx for the chart fxgroup.

Os.
Trade Smart
  • #92,920
  • Apr 4, 2011 6:43pm Apr 4, 2011 6:43pm
Same to you and thanks for being here AD.

JIM

Quoting AvanishDemo
I was wondering if i am into some older posts when i saw JAMES16 posting on the thread..
wat a surprise...my first post to Him!!
Nice to see You!
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