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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

  • #100,001
  • Aug 4, 2011 11:40pm Aug 4, 2011 11:40pm
Quoting Valinn
And who missed it.....This guy.
if u look closely, it's not a BEOB nor a DBHLC.
  • #100,002
  • Aug 4, 2011 11:50pm Aug 4, 2011 11:50pm
Hi Guys

First post for a while due to holidayswork commitments etc. Have completed month 2 of J16 Basics and ahead of the game:

4 winners; 1 BE; 1 Loser - a 10% gain on my (very small!) account.

Just wondering if people are staying out of the market at the moment as it is so volatile with all the sovereign debt problems and intervention etc? Is this a bad time to be trading for us small guys?

Kal
  • #100,003
  • Aug 4, 2011 11:53pm Aug 4, 2011 11:53pm
Quoting Kalbar
...
Just wondering if people are staying out of the market at the moment as it is so volatile with all the sovereign debt problems and intervention etc? Is this a bad time to be trading for us small guys?
IMHO, it depends on how u trade, Sir.
if u thrive in volatility, this is a trader's heaven.
if u are comfortable otherwise, then it's best to stay out or reduce risk.

& Congratulations!
Quoting supremeChaos
if u look closely, it's not a BEOB nor a DBHLC.
whether this particular one is tradeable or not, is a matter of perspective IMHO.
im quite sure this is a PB or BEOB on another feed.
  • #100,004
  • Edited 12:42am Aug 5, 2011 12:05am | Edited 12:42am
Hi all, I got PM asking me for showing how I trade
How I concentrate on significant levels a and nice price actions.
I hope you doesn't mind if I post it here in order to hear some comments on my recent charts. thanks.
Here ya go.
-------------------------
Im looking for significant levels first and then I look for how the price acts around.
To trade brakeout I want to have clear S/R zone and price close to it not able to pierce.
I dont trade brakeouts often as it is usual that the market spikes through the S/R zone, activates your order and then goes back. Must be careful.

Brakeout + retest is what I like. See charts

EDIT: "Entry" in charts means "Look for entry" Depends on each trader.
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Have to work now, unfortunatelly (Not a full time trader yet )
Jarda
Follow my trading on Twitter and FB: @pumlitch
  • #100,005
  • Aug 5, 2011 12:51am Aug 5, 2011 12:51am
nice view
  • #100,006
  • Aug 5, 2011 12:51am Aug 5, 2011 12:51am
Our local market is down 7% as I type this.
Scary
  • #100,007
  • Aug 5, 2011 1:12am Aug 5, 2011 1:12am
my audjpy trade hit sl by the exact pip before reversing, how annoying is that, it then went to mu first TP area
  • #100,008
  • Aug 5, 2011 1:20am Aug 5, 2011 1:20am
Quoting deankenny21
my audjpy trade hit sl by the exact pip before reversing, how annoying is that, it then went to mu first TP area
the one u mentioned here?
post a chart, if u can, bro..
  • #100,009
  • Aug 5, 2011 1:24am Aug 5, 2011 1:24am
there was a spoof on jpy apparently(don't know, slept it, but that's how it looks like)

I assume the japanese threatened to unleash another intervention and when it failed to materialize everyone resumed activity. Trichet screwed them pretty badly yesterday when he said plainly they're on their own so naturally everyone is happier to go long yen knowing it'll face BoJ alone.

oh well, at least they managed to perform better then snb; chf went down ~6h, they managed ~7h.
  • #100,010
  • Aug 5, 2011 1:42am Aug 5, 2011 1:42am
Quoting snowly
...
I assume the japanese threatened to unleash another intervention and when it failed to materialize everyone resumed activity. Trichet screwed them pretty badly yesterday when he said plainly they're on their own so naturally everyone is happier to go long yen knowing it'll face BoJ alone.....
i believe BOJ made known (prior Trichet press conference) that it was a unilateral intervention effort.
  • #100,011
  • Aug 5, 2011 1:46am Aug 5, 2011 1:46am
Quoting supremeChaos
the one u mentioned here?
post a chart, if u can, bro..
yes, cant do chart as on my iphone at the mo, but u can see daily audjpy nice daily pin with long nose, i waited for break lower and entered around 82.40 my first tp was only 82.10 whch was a bar low few bars to the left. I went to sleep with the trade floating up 10 pips or so, woke up to see it had hit sl which was at 83.10 beyond the rn thinking thats quite safe. During my sleep it hit my SL i checked my chart and the highest it reached was 83.08 but obv with spread that would have hit my SL now the pair is beyond my 1st TP area.
  • #100,012
  • Aug 5, 2011 1:47am Aug 5, 2011 1:47am
Quoting james16
most traders lose and most people by nature would rather be a victim than shoulder responsibility for there own actions.

its whats wrong with my country.

jim
guess that pretty much sums up last 50-100 years. But don't worry, it's a globalized thing; I have same problem here, 20k miles away...

Very bullish on hypocrisy with oneself; and it's an investment, not a day trade.


Quoting supremeChaos
i believe BOJ made known (prior Trichet press conference) that it was a unilateral intervention effort.
true, but each reminder of that doesn't exactly help their cause.

Before that you could presume they keep somethin' up their sleeve, after, it's obvious they don't(beside the printing press that is).
  • #100,013
  • Aug 5, 2011 2:30am Aug 5, 2011 2:30am
hey another question, since it's Friday...
i just joined an online chess site about 2-3months ago.
im playing against a higher ranked player. (dont i often? )
it's my turn to move. what should i move? c'mon,i only got 12hours left
Attachment

i need a move just like the SNB & BOJ intervention. lololololololo[/quote]

Hey SupremeChaos, you gotta get your Queen outa there, as next move. Also your Rook at g3 is not in a great place and in danger - g5 x h4 would help this. These just initial thoughts. Good luck. Dont see why you cant win.http://www.forexfactory.com/images/icons/icon12.gif
  • #100,014
  • Aug 5, 2011 2:58am Aug 5, 2011 2:58am
Quoting james16
I recieved a great question today and i thought my reply might be of benefit to some of you struggling with how to approach this business.


THE QUESTION....

I won't keep you to long as I know you are a busy man.I would have left this message on the thread but thought it may of got lost before you could see it.My question is on MM.I know you are a firm believer in taking some off the table at first resistance.and setting SL to BE.Doesn't a loss eat up a lot of your profit from prior trades?Or do you get out before the trade goes to far against...
well this post is about 2 years old....but worth a read..... just zapping through the threadhighlights...

nice stuff

Jonas
Hero calls followed by margin calls...
  • #100,015
  • Aug 5, 2011 2:59am Aug 5, 2011 2:59am
Quoting supremeChaos
IMHO, it depends on how u trade, Sir.
if u thrive in volatility, this is a trader's heaven.
if u are comfortable otherwise, then it's best to stay out or reduce risk.

& Congratulations!

whether this particular one is tradeable or not, is a matter of perspective IMHO.
im quite sure this is a PB or BEOB on another feed.
Thanks supremo sound advice as usual. Think i will stay on the sidelines until it settles down. August a spikey month anyway due to holidays etc. Next 2 months vital for me as I will 'pass' minimum guidelines if i keep up my recent form!

Kal
  • #100,016
  • Aug 5, 2011 3:32am Aug 5, 2011 3:32am
Quoting Kalbar
Hi Guys

First post for a while due to holidayswork commitments etc. Have completed month 2 of J16 Basics and ahead of the game:

4 winners; 1 BE; 1 Loser - a 10% gain on my (very small!) account.

Just wondering if people are staying out of the market at the moment as it is so volatile with all the sovereign debt problems and intervention etc? Is this a bad time to be trading for us small guys?

Kal
I didbn't even open my charts this morning. In the current climate I'm taking full profits and the FTA and getting the BE ASAP as well.
Anything can happen.
  • #100,017
  • Aug 5, 2011 3:48am Aug 5, 2011 3:48am
Hi,
Does it seem logical to expect (and trade) a bullish PB on this area?

Cons?

Thanks!!

http://clip2net.com/clip/m90097/thum...-clip-25kb.png
  • #100,018
  • Aug 5, 2011 4:00am Aug 5, 2011 4:00am
Quoting Pumlitch
Hi all, I got PM asking me for showing how I trade
How I concentrate on significant levels a and nice price actions.
I hope you doesn't mind if I post it here in order to hear some comments on my recent charts. thanks.
Here ya go.
-------------------------
Im looking for significant levels first and then I look for how the price acts around.
To trade brakeout I want to have clear S/R zone and price close to it not able to pierce.
I dont trade brakeouts often as it is usual that the market spikes through the S/R zone, activates your order...
as simples,

nice charts

keep going
Hero calls followed by margin calls...
  • #100,019
  • Aug 5, 2011 4:12am Aug 5, 2011 4:12am
Quoting bali2002
Hi,
Does it seem logical to expect (and trade) a bullish PB on this area?

Cons?

Thanks!!
logical to expect - not really... Anything can happen, you just notice afterwards and act accordingly. Having expectations isn't very wise. But yeah, around that level it can start getting interesting.

That being said, if it forms, should enter sunday at open; definitely don't shortcut and try to enter today to get it cheaper. The weekend can bring more bad news.

And I'd go only with confirmation - 20 pips above the nose or so, a close, etc. More conservative than usual. Good news don't move the market at all(good cad figures lifted the cad 20 pips for ~5 mins, didn't even manage to short it some more, so obviously everyone's scared - maybe soon to be a good time to buy, but I plan to wait for confirmation)

If nfp ain't a disaster(revision of last # is even more important), 1.04 should hold on 1st test. Yet, I think best is to wait and see, especially during these interesting times.
  • #100,020
  • Aug 5, 2011 4:57am Aug 5, 2011 4:57am
Hi all,

I am brand new here and hope you can help.

I have searched the site and, probably because I am new to Forex, I was unable to find the answer to my question.

I used to trade stocks and one of the concerns was the risk of either a) an early morning stop out based on a huge bid/offer spread and someone just giving a broker an instruction to trade at market, at my size, making the trade valid for a stop b) gaps

For this reason, I had decided that I might try trading intraday. However, a quick read of this thread has certainly discouraged that

My concerns in trading currencies on a longer time frame are a) the potential problem overnight (does having a stop overnight work OK in the thinner Asian markets or do we get screwed?) b) the even greater problem when the markets close over the weekend.

I had considered closing the positions every night and re-opening the next day but costs plus perhaps missing a positive move makes that seem less than optimal.

Your experiences would be most welcome.

TYIA

Trevor
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