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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

  • #94,441
  • Apr 26, 2011 5:15pm Apr 26, 2011 5:15pm
Quoting 666Doom
RN's and BRNs are psychological levels.
Especially BRNs are notorious for good trades,more often then not price rejects from these levels or tips hand on either side.

Meaning the currency pair shows its long term point of view breaching or getting rejected off of these.

My definition is a bit general,what better reply then mikes reply on this.

Always remember RNS and PA setups alone wont go the distance,you need support of added confluence and proper order flow.

just use a fib 61 ,38 or 23 any lining up with your bar and these RNs and BRNs...
many thanks for your time, lesson noted.
  • #94,442
  • Apr 26, 2011 5:17pm Apr 26, 2011 5:17pm
Quoting Dan Gilbert
still moving.
a couple more pips to go!
Attached Image
Many choose unhappiness over uncertainty.
  • #94,443
  • Apr 26, 2011 5:41pm Apr 26, 2011 5:41pm
Good trade Dan,

I am still in mine too

[IMG]file:///C:/Documents%20and%20Settings/user/Desktop/chf.gif[/IMG]
  • #94,444
  • Apr 26, 2011 6:16pm Apr 26, 2011 6:16pm
Quoting Dan Gilbert
a couple more pips to go!
very good Dan!

See I ended up getting mine out of the swissy anyway, but on the gbp/chf
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  • #94,445
  • Apr 26, 2011 7:30pm Apr 26, 2011 7:30pm
hi, jon, nice chart, i like the simplicity of the trend line, usually i do the similar, some times, it works perfect, the other time not so ideal, that's the reality. do you look for other element as confluence to improve trendline reliability? in my experience, whenever i add other tools as confluence, such as fib, ma, ppz and divergence for instance, it usually fails me, then, technical analysis turns out to be clueless for while till having built up enough of courage to repeat the same process. i am not sure if other peers have similar experience. since i saw your drawing, just wondering how you handle your reality case in a sustainable manner?

jeurre

Quoting g_j_hook@yah
ahha...ok Osman, heres the chart....


jon

EDIT: i was dying to take that little pin on the retrace jus nowlol but its a bit late in the day for me
  • #94,446
  • Apr 26, 2011 7:32pm Apr 26, 2011 7:32pm
Quoting mbqb11
very good Dan!

See I ended up getting mine out of the swissy anyway, but on the gbp/chf

gbp/chf beob on the 8th was my first trade of this month.

2 for 2 in April

Strong swissy has been good this month.
Many choose unhappiness over uncertainty.
  • #94,447
  • Apr 26, 2011 8:19pm Apr 26, 2011 8:19pm
Quoting Dan Gilbert
gbp/chf beob on the 8th was my first trade of this month.

2 for 2 in April

Strong swissy has been good this month.
That's the way to do it brotha, rifle shots. Less stressful then trying to be a hero as I call it
  • #94,448
  • Apr 26, 2011 9:00pm Apr 26, 2011 9:00pm
Quoting Miko1
Hey
there are 2 interesting setups I would like to hear your opinion about.
My opinios are on the screenshots.of the

THANKS guys
Regarding the N/USD ....the 3 matching bar highs (within 1-2 Pips) would be a setup for a long for me ...some play a pure break with a buy stop and others would would wait for a retest entry at the matching bar highs....if you check some of James and Mikes attachaments you will see examples of these setups. I highly suggest the newbies and all to check out the seniors past attachments/charts. They are great to review. I still pick up stuff I missed before.
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  • #94,449
  • Apr 26, 2011 9:20pm Apr 26, 2011 9:20pm
Has there been some problems with the site?

Since last night whenever trying to access the thread, I have been getting a popup trying to download something as in the screenshot.

Still kind of weird right now.
Originally, I thought it was a web problem over here, but I have had no problems surfing on other sites.
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  • #94,450
  • Apr 26, 2011 9:33pm Apr 26, 2011 9:33pm
Quoting Pinbar
Has there been some problems with the site?

Since last night whenever trying to access the thread, I have been getting a popup trying to download something as in the screenshot.

Still kind of weird right now.
Originally, I thought it was a web problem over here, but I have had no problems surfing on other sites.
Hey Pin

No issues here , try clearing your cookies, and/or try a different browser to try to localize the problem(if it is local)

Best
Mike
  • #94,451
  • Apr 26, 2011 9:52pm Apr 26, 2011 9:52pm
Here is the trade I just exited, from the past few days.

It is the 2nd round of successful short EUR_CHF from the past 2 weeks.

Any comments and thoughts are welcomed.
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How bad do you want it? That's the attitude!
  • #94,452
  • Apr 26, 2011 10:18pm Apr 26, 2011 10:18pm
CADJPY maybe arriving at interesting area....BRN 85 and 38.2 Fib in confluence, and would be nice to see the 150/365 catch up a little bit.

Pair is probably a bit choppy and 50% retracement would be preferable, but worth watching IMO.
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  • #94,453
  • Edited Apr 27, 2011 1:09am Apr 26, 2011 10:28pm | Edited Apr 27, 2011 1:09am
Thanks Mike. Strange,

I switched to my laptop and still had the same problem. Seems to have cleared up now.


Mike, if AUD/NZD can get above the 1.3500 area, and indeed the consolidation, what do you think about this price projection based upon your flag & pole targeting?
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  • #94,454
  • Apr 26, 2011 11:06pm Apr 26, 2011 11:06pm
watching...

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  • #94,455
  • Apr 26, 2011 11:11pm Apr 26, 2011 11:11pm
Quoting mbqb11
Hey Chlam

I think it looks pretty good. I prefer multi bar lows/highs and also the ones that "hang" out there and create a swing point, where as this one is sort of stuck in the middle trading back into a swing low. But I still like how you identified the s/r and the bars closed under your area too. I think it looks pretty good to work out

Best
Mike

Thanks a lot for your comment. I learn a lot from you, James and others in the thread.


Alread took half profit at 0.9150 with +67 pips. rest was set BE.

Thanks again mike.
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  • #94,456
  • Apr 27, 2011 12:53am Apr 27, 2011 12:53am
Hi all

I have question about how you set your targets when price is breaking new ground. There are couple of good examples at the moment - AUDUSD is breaking in totally new highs, and NZDUSD has just broken 0.8000 after a bit of a battle. Similarly USDCHF and USDCAD are hitting lows in areas we haven't seen for a long long time.

Obviously it's not clear on the basis of previous price action what the first (or subsequent) trouble areas will be.

How do you set your targets when trading into these new areas?

cheers
f451
  • #94,457
  • Apr 27, 2011 12:55am Apr 27, 2011 12:55am
Quoting Pinbar
Thanks Mike. Strange,

I switched to my laptop and still had the same problem. Seems to have cleared up now.


Mike, if AUD/NZD can get above the 1.3500 area, and indeed the consolidation, what do you think about this price projection based upon your flag & pole targeting?
Hey Pin

That pattern is to steep for me, but if you deem that as a flag then it is reasonable as the projections can be very good guides. I just think the pattern is too steep to call a flag, but then again I am a nut

Best
Mike
  • #94,458
  • Apr 27, 2011 1:12am Apr 27, 2011 1:12am
Quoting mbqb11
Hey Pin

That pattern is to steep for me, but if you deem that as a flag then it is reasonable as the projections can be very good guides. I just think the pattern is too steep to call a flag, but then again I am a nut

Best
Mike
A highly valued one, though. Only joking. LOL

I am also open to seeing some bearish PA off of the bottom of this box.
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  • #94,459
  • Apr 27, 2011 2:30am Apr 27, 2011 2:30am
Quoting jeurre
hi, jon, nice chart, i like the simplicity of the trend line, usually i do the similar, some times, it works perfect, the other time not so ideal, that's the reality. do you look for other element as confluence to improve trendline reliability? in my experience, whenever i add other tools as confluence, such as fib, ma, ppz and divergence for instance, it usually fails me, then, technical analysis turns out to be clueless for while till having built up enough of courage to repeat the same process. i am not sure if other peers have similar experience....
hey Jeurre, The way i see it is that there are 2 ways to draw TLs, generally speaking, one the way we see Mike (mbqb11) draw them on the charts he posts here which is just to outline the pattern or trend, the other is to draw them exactly as the tech heads say they should be, i.e. from the exact lows/highs (whether its a bar chart or line chart). The difference is that Mike does NOT trade the TLs he trades the PA whilst being aware of the pattern/trend.
i sometimes trade the TL which is why it is important for me to have them drawn correctly. to answer your question, I dont try to reinforce the TL, it has to stand on its own 2 feet.If i consider the pattern/TL to be good i will trade it alone. Of course the TLs are not often perfect but if they are not i dont use them to trade from. i may use them as a guide though in a similar fashion to mike. i also really only trade them in certain situations. i love the short time frame patterns when they form correctly (to me) i.e. 1h triangles etc. i will also trade them when i consider that they represent the floor or ceiling of the current consolidation. in this case i will allow myself a looser TL like the au/nz chart which is not confirmed with a 3rd touch, and a bit shabby, and use simple s/r to help me.in the case of au/nz price broke out through a RN to rise above the high immediately to the left (which is where i like to think of as confirmation of a break) and this level is also a bit of a flip zone. This kind of confluence i use but it is not to strengthen the TL it is just representative of the over all picture i am seeing (right or wrong lol) so when i see a pattern emerge at a good location it is a confluence in itself but i still dont trade them if they are not correct. i am quick to abandon TLs because as you say they are not always perfect enough to trade from.
im not the most eloquent of people so i hope this helps a little. Shoot me any more questions you may have

jon
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PATIENCE... DISCIPLINE
  • #94,460
  • Apr 27, 2011 3:15am Apr 27, 2011 3:15am
Quoting mbqb11
Hey Pin

That pattern is to steep for me, but if you deem that as a flag then it is reasonable as the projections can be very good guides. I just think the pattern is too steep to call a flag, but then again I am a nut

Best
Mike
hi Mike, can you elaborate a little on this? is it that you would like to see a more sustainable rise??
thanx in advance

jon
PATIENCE... DISCIPLINE
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