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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

  • #99,361
  • Jul 27, 2011 11:40am Jul 27, 2011 11:40am
Hi Guys,

Anyone looking at Eur/USD today. BEOB(In progress) at trendline, retrace of 61 fib and also rejection of 1.45.

Entry at 1.4320 Stop 1.4475 - FTA 1.4250 Trailing exit with 2 bar stop?
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Trading is a test match not a Twenty20.
  • #99,362
  • Jul 27, 2011 11:44am Jul 27, 2011 11:44am
Quoting decentchap
I had my eye on this pb setup. But due to bullish Pinbar and trading agnaist BRn 0.88, I skipped the trade. But it seems to have worked out well. My tp would have been 0.8750.

Did anyone take it?
Yes I took this one and it has worked out pretty well for me so far. Problem is I also took the Chf/Jpy, but I managed to get out with only 30 pip loss. So far a pretty good day. The euro/gbp setup I really liked though, I am probably going to close one of my lots at 8750 like you said and leave the rest to hopefully run.
  • #99,363
  • Jul 27, 2011 11:46am Jul 27, 2011 11:46am
Quoting decentchap
Hi Guys,

Anyone looking at Eur/USD today. BEOB(In progress) at trendline, retrace of 61 fib and also rejection of 1.45.

Entry at 1.4320 Stop 1.4475 - FTA 1.4250 Trailing exit with 2 bar stop?
I would like it to close below 1.4325.
  • #99,364
  • Jul 27, 2011 11:48am Jul 27, 2011 11:48am
Quoting AvanishDemo
some like Blondes,some like Brunettes,some like BALDS...

Good Trading!!
I like them ALL
  • #99,365
  • Jul 27, 2011 11:52am Jul 27, 2011 11:52am
Quoting thermobee
I would like it to close below 1.4325.
yeah, that would be really good. Glad to see your other setup work out.
Trading is a test match not a Twenty20.
  • #99,366
  • Jul 27, 2011 11:57am Jul 27, 2011 11:57am
Quoting mbqb11
Dead on again from how I view it

You are getting pretty good here

Mike
hey Mike...i did not realised 97RN so sry for that but on Daily..i dont see anything special on 97..but yeah H4 chart i do see S-R on 97.00..so were u careful abt 97 RN based on H4 TF?

"there are some pairs where H4 looks simple chart while Daily TF looks choppy for the same pair n
Daily looks simple n H4 TF looks choppy for another pair.."
its said not to dig in lower TF bt as i mentions abv. in double quotes..it still bothers me to be careful..
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  • #99,367
  • Jul 27, 2011 12:11pm Jul 27, 2011 12:11pm
Hey Mike,

Do you think EG and EJ ' pure breakout ok?

Thanks
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  • #99,368
  • Jul 27, 2011 12:36pm Jul 27, 2011 12:36pm
Quoting Adilius07
Thanks for reply. I see what you mean. But I think the other PB you show was in trouble because there was really nothing else but PB. (no story) So it was a PB against huge momentum up and nothing else behind PB.

Here, though the size is almost the same as with your second example but there is a story. Yes I want the nose to be much longer too. But that's in perfect world. In real life if we scroll back 10 years (for this pair) or whatever we see NO OTHER pinbar that is much bigger than this. Or ok nose will be big but not sticking out long enough,...
frankly, there's nothing like "must take setup"

and I doubt now it's the best time to hold strong convictions. That being said, it's still against trend. Again, I took it(not as a pin, but as a touch of .6) so naturally I think it'll work(though I'm ponderin' on moving the stop to be after today).

But still - it's against trend, it's the 3rd test of the same area in one month(1, 2, 3... ?) and with higher lows. Hardly a perfect setup; the 2nd, with it's gap, was much better than this one. Don't get me wrong(it'd be totally dumb to start having doubts because two people on the internet question your setup - stick to your plan,it'll be very frustrating if you miss on outside opinions) - I don't think it's a bad setup, I just think it's not a perfect one. Anyway, the perfect ones are those post factum, with TP already hit.

Also the current market is anything but TA friendly; fundamentally, I think this trade makes sense, but that's my opinion(aka - nothing). But case US does partial shutdown or such, noone will care about pretty lines on charts. Yes, jpy pairs are way more "orderly"(to quote the probably eye sore Mr. Noda) than the average, but up to a point.

ultimately, I have only one opinion - I think there are few moments better than this to undertrade.
  • #99,369
  • Edited 1:07pm Jul 27, 2011 12:44pm | Edited 1:07pm
Quoting Adilius07
Thanks for reply. I see what you mean. But I think the other PB you show was in trouble because there was really nothing else but PB. (no story) So it was a PB against huge momentum up and nothing else behind PB.

Here, though the size is almost the same as with your second example but there is a story. Yes I want the nose to be much longer too. But that's in perfect world. In real life if we scroll back 10 years (for this pair) or whatever we see NO OTHER pinbar that is much bigger than this. Or ok nose will be big but not sticking out long...
Hey Adi..
here a PB wch Ghous took i still remember..
this PB looks better..but yeah extreme swing again..
wat Ghous did is took half of profit at FTA(marked by yellow)..n kept trade at BE..(if i hav not mistaken Ghous )

Confluence:blue area as marked.

Again we all discussing here cooly right!

alrite i will kep mouth shut now lol

EDIT:it was retracement entry somwhr near @ 0.9522
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  • #99,370
  • Jul 27, 2011 12:45pm Jul 27, 2011 12:45pm
Quoting March2011
Hey Mike,

Do you think EG and EJ ' pure breakout ok?

Thanks
Hey March

Very similar there, I like the eur/jpy better as that rising TL is very well respected. Gotta admit I did not see this one myself. I don't trade pure breakouts much I am always looking for PA most of the time.

There was a 1hr pinbar off your area on the eur/jpy.

Best
Mike
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  • #99,371
  • Jul 27, 2011 1:05pm Jul 27, 2011 1:05pm
Quoting forex1962
I'm relatively new to forex (about 9 months of trading) & had been steadily losing money up until a few weeks ago when the 'famous' Cloggie told me to ditch all my indis & work on PA.
Thanks to Cloggie's advice I'm at last starting to make a bit of profit, problem is I'm finding very few 'golden' set ups.
Due to work commitments I can only really trade on the daily/8h & sometimes the 4h, I'm mainly looking for pin bars & inside bars + a set up pattern in the 'Forex Profits' strategy, I also try to find PA on a fib retrace.
Any advice as to how...
Hey Forex1962,

I just wanted to add my own percpective. Mabye it will help you. I am a full time stay at home dad. If I wanted to, I could trade the one minute charts all day long (I actually did that using PA on a live account for awhile). Instead I choose to trade only daily time frames. Because of this thread. This is the first time in my 3 years of trading where I have had back to back months with double digit account growth. Although I look at my charts at least once a day (maybe an hour of work), I have only taken a handful of trades in this time period. All of them have been winners until today. I took that stupid chf/jpy setup and then closed it for a small loss when I thought better of the situation.

I bring this trade up because I had all day to think about this setup (the PB formed well before the close). In my journal I wrote that it had broken the previous swing high and was failing to close above it, forming a PB. This level is also important on the daily and weekly timeframes. I thought this was a pretty good setup. At the close I entered my PO and that was that. When I came back to check up on this trade it was in draw down. I was so convinced this was a good setup until I had a second look at it. The bar highs that I mentioned previously were not taken out like I had thought (missed by a few pips). Realizing this I immediatly closed the trade for a small loss. This taught me a very valuable lesson. I made a mistake on a setup that I had all day to think about. Can you imagine the number of mistakes I would be making if I were trading a lower time frame with hours or minutes to make decisions.

So the moral of my story is...Focus on finding excellent setups on higher time frames. Don't focus on finding setups to trade everyday, instead focus on finding setups where you will win every trade you take. IMO if you want more setup opportunities don't lower your time frame, instead consider expanding the number of markets you trade i.e. commodities, stocks, etc.

Best of Luck

Jacob
  • #99,372
  • Jul 27, 2011 1:10pm Jul 27, 2011 1:10pm
I am a new trading baby and was pointed to this thread from another site. I'm on like page 18 or something and enjoying everything I'm reading.

I signed up for an account over at Oanda in order to try my hand at papertrading to see how well I've learned Jim's lessons to date. Can anyone point me to a resource that will show me how to use their charting software? I've looked on their site but apparently I'm not a good finder.

I would have made this a separate thread in the Rookie section but I can't post new threads yet.

Thanks again to everyone that's contributed to this thread!
  • #99,373
  • Jul 27, 2011 1:19pm Jul 27, 2011 1:19pm
Quoting J.W. Holmes
Hey Forex1962,

I just wanted to add my own percpective. Mabye it will help you. I am a full time stay at home dad. If I wanted to, I could trade the one minute charts all day long (I actually did that using PA on a live account for awhile). Instead I choose to trade only daily time frames. Because of this thread. This is the first time in my 3 years of trading where I have had back to back months with double digit account growth....
Great post sir.
When the going gets weird, the weird turn pro.
  • #99,374
  • Jul 27, 2011 1:23pm Jul 27, 2011 1:23pm
Quoting decentchap
Hi Guys,

Anyone looking at Eur/USD today. BEOB(In progress) at trendline, retrace of 61 fib and also rejection of 1.45.

Entry at 1.4320 Stop 1.4475 - FTA 1.4250 Trailing exit with 2 bar stop?
Agree with your entry mate(or below)..1,4320 could bounce a bit. S/R area 4h chart.
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  • #99,375
  • Jul 27, 2011 1:34pm Jul 27, 2011 1:34pm
Quoting kevsen814
I am a new trading baby and was pointed to this thread from another site. I'm on like page 18 or something and enjoying everything I'm reading.

I signed up for an account over at Oanda in order to try my hand at papertrading to see how well I've learned Jim's lessons to date. Can anyone point me to a resource that will show me how to use their charting software? I've looked on their site but apparently I'm not a good finder.

I would have made this a separate thread in the Rookie section but I can't post new threads yet.

Thanks again...
Hi Kevin, are you referring to Oanda's FXtrade java based platform or their MT4 platform?

Either way, just my 2 cents. Oanda's daily close time is significantly different then the NY close hence your daily bar will look a lot different then most of the charts posted here. When I first came back to this thread I attempted to use Oanda's close time for my trade decisions. I was successful doing this but after a short time I felt I was speaking a different language then most of the traders on this thread. Since then I have decided to use a demo on FXDD (Fx pro works too) for my charting. I still use Oanda to enter my trades since all of my live and demo accounts are with them. I like Oanda's fractional lot sizing so I will stick with them for my actual trades.

Just something to think about. If you decide to use Oanda for your charting and need a specific question about FXTrade, I have spent a lot of time with that platform and can answer most questions. Just PM me

Take care

jacob
  • #99,376
  • Jul 27, 2011 1:35pm Jul 27, 2011 1:35pm
Quoting stark1
Great post sir.
Thank you stark
  • #99,377
  • Jul 27, 2011 1:39pm Jul 27, 2011 1:39pm
I just wanted to comment on the CHFJPY trade some more. I don't stop by very often, but I saw this was discussed earlier.

In looking at the charts, the CHFJPY has been in a uptrend for at least a year now. Trading against the trend can be very tricky. In fact, even above price action, the first thing I think you should do when trading is to zoom out and just see what the overall trend has been for the last month/3 months/6 months. This way you can determine exactly what you are trading against/with/ranging.

So we establish you are trading against the trend.

Now lets look at recent price action, so zoom back into your chart. You can see we have bounced off the near 98 level now three times. Each time price retraced less from the 98 than the previous time. So the selling pressure at 98 is disapating. There are less sell orders in this level.

If you were going to short this pair, you should have set an order some where around 97.50 and got to BE quicly (probably by 97) and then just held on to see if price would continue down. Though I think expecting it to go south of 96.20~ is beyond wishful thinking.

For those in the trade, I could see it now possibly getting down to 96.60, but that might be as far as it goes, before finally breaking through the 98 ceiling.

I do see the MACD has divergence on the daily, but that isn't enough IMO to over come the strong trend and the appearance that price is trying to break through 98 with less and less resistence over the last month.
  • #99,378
  • Jul 27, 2011 1:45pm Jul 27, 2011 1:45pm
Quoting J.W. Holmes
Hi Kevin, are you referring to Oanda's FXtrade java based platform or their MT4 platform?

Either way, just my 2 cents. Oanda's daily close time is significantly different then the NY close hence your daily bar will look a lot different then most of the charts posted here. When I first came back to this thread I attempted to use Oanda's close time for my trade decisions. I was successful doing this but after a short time I felt I was speaking a different language then most of the traders on this thread. Since then I have decided to use a demo on...
Thank you for the quick reply jacob!

I am open to using whatever charting software people think works best. I only tried Oanda because I signed up to use their free account and their charts were convenient.

And to answer your question I was using the FXtrade platform.

I will visit FXDD later today and try out theirs.
  • #99,379
  • Jul 27, 2011 2:12pm Jul 27, 2011 2:12pm
Quoting kevsen814
Thank you for the quick reply jacob!

I am open to using whatever charting software people think works best. I only tried Oanda because I signed up to use their free account and their charts were convenient.

And to answer your question I was using the FXtrade platform.

I will visit FXDD later today and try out theirs.
No problem, FXtrade will work its just not that user friendly when you consider all of the features a metatrader platform will have. I would suggest using Oanda for your orders (because when you go live you will probably find their fractional lot sizing useful) just not your charting. Also try FXPro for your charting before FXDD, just my .02 cents. FXpro offers more pairs. I will be switching my charting to FXpro when I have the time to do it.
  • #99,380
  • Jul 27, 2011 2:18pm Jul 27, 2011 2:18pm
Thought I'd post some charts that have got my interest.

audnzd: Price it seems has broken out of it's consolidation box. I'll be looking for PA at 1.2800 (Short) or 1.2600 (Long), both as a retest of those levels.

euraud: PBT&CB. I'd like to see a retest of 1.3163 before another move to the downside?
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