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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

  • #100,061
  • Aug 6, 2011 4:47am Aug 6, 2011 4:47am
trickie here right below the daily R level, another daily close below and i might consider to place some shorts,

lets c

Jonas

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Hero calls followed by margin calls...
  • #100,062
  • Aug 6, 2011 4:52am Aug 6, 2011 4:52am
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some kind of a box here, ill buy/sell a retest of a possible BO.

S turned R and vice versa stuff, easy business.

Jonas
Hero calls followed by margin calls...
  • #100,063
  • Aug 6, 2011 7:05am Aug 6, 2011 7:05am
Quoting PhAnTi'



S turned R and vice versa stuff, easy business.

Jonas

I think Jim may disagree with the "Easy Business" comment, seriously.
  • #100,064
  • Aug 6, 2011 7:12am Aug 6, 2011 7:12am
Quoting Pinbar
I think Jim may disagree with the "Easy Business" comment, seriously.
dont wanna mislead you , guess i used the wrong term/expression for my thoughts....

i dont wanna say that this is a easy business, i wanna say that i'll sell a retest of current support after a break for selling a S turned R line then.... that's my line = the easy business (for me) which gives me a +ev in the long run...

sorry for that,

my bad ,

Jonas
Hero calls followed by margin calls...
  • #100,065
  • Aug 6, 2011 7:18am Aug 6, 2011 7:18am
Quoting PhAnTi'
dont wanna mislead you , guess i used the wrong term/expression for my thoughts....

i dont wanna say that this is a easy business, i wanna say that i'll sell a retest of current support after a break for selling a S turned R line then.... that's my line = the easy business (for me) which gives me a +ev in the long run...

sorry for that,

my bad ,

Jonas

I hear you and agree that it should be an easy business in the sense that we tend to over complicate things.
  • #100,066
  • Aug 6, 2011 7:20am Aug 6, 2011 7:20am
Quoting Pinbar
I hear you and agree that it should be an easy business in the sense that we tend to over complicate things.
yep
Hero calls followed by margin calls...
  • #100,067
  • Aug 6, 2011 7:24am Aug 6, 2011 7:24am
Quoting PhAnTi'
yep

Good for you Phanti!
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  • #100,068
  • Aug 6, 2011 7:42am Aug 6, 2011 7:42am
Quoting antgal23
Hi folks

Are these stop hunts to get more money on board to continue the bearish move?

Any comments welcome

Cheers

Anthony
Anthony,

The aim of a stop hunt is to allow traders to either make money OR get a better entry at your expense.

I have seen professional traders push price through areas for both reasons.

As an example of the latter : they may want to buy at a better price so they push price down through a solid support to get enough sellers from those shorting the breakout and stopping out of longs from support.

The professional aims to use this liquidity to absorb their buying and then have the added knowledge that those buyers will puke when it goes against them and drive the price up further.

It is worth noting that a lot of spikes you see on the chart are not even real. They are data errors. Alpari (UK) for example does this a lot. It is a mistake ; they are NOT out to get you. Have two charting feeds and if you are on the end of a suspicious spike on one that does not occur on another then drop your broker a line and any good broker will reinstate your position.

Having said that, you can't look at every spike on a chart as a stop hunt.

Both of those you have marked on the USDJPY are not stop hunts. The first was attributed to a computer algorithm at a hedge fund that put through a large order in a low liquidity time and subsequently pushed price hard.

The second was a reaction to the Non Farms figure and acted exactly as expected considering the pop in the figure and the drop in unemployment.
  • #100,069
  • Aug 6, 2011 8:23am Aug 6, 2011 8:23am
Thanks Wizard for the reply

It is very informative indeed

So, institutional shorts will trigger stop hunts to take out other shorts SLs whilst at the same time triggering bulls to enter. Once the SLs of both have been hit, then the institutional short has more liquidity to play with and so more profit.

This liquidity in turn helps big fish to break s and r levels and helps them reach their respective tp levels. Am I right?

Also Wizard, how did you know the first spike was a hedge fund computer algorithim?

Cheers

Anthony
  • #100,070
  • Aug 6, 2011 11:24am Aug 6, 2011 11:24am
Quoting J-r
Hi folks,

A question related to not suffering full-bar losses:

Do you use a fixed stop or trailing stop? Jim talks about not letting it go more than 30 pips into the red before he closes out. He never takes a full-bar loss.

This totally makes sense to me, it's just that I've always subscribed to the whole ide of putting my stop at the opposite end of the bar and then waiting for my "risk-reward" to work out or getting stopped out for a full-bar loss.

A 30-pip fixed/trailing stop seems pretty tight on a daily chart. Then again, perhaps I'm...
Hey JR

There are definitely a lot of ways to skin the cat here

see if this post might help you

http://www.forexfactory.com/showthre...83#post4777183

Take care
Mike
  • #100,071
  • Aug 6, 2011 11:40am Aug 6, 2011 11:40am
Thanks PhAnTi,
That's esactly the kind of examples that I'm looking for


Quoting PhAnTi'
yep
  • #100,072
  • Aug 6, 2011 11:57am Aug 6, 2011 11:57am
Quoting PhAnTi'
will try to pikc a good price in the resistance area marked in peavchpuff colour, 23.6 fib might be target,

will wait and check the daily for a BEOB or a nice PB to place a short

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Quoting aserbfx

just watched the same...

Hey Jonas..
i think it was a great place for a Blind Sell TT @ 104.00...
we hav a nice swing point..price was approaching this area "for the first time"..
i realise it later after it happend..maybe bcos wasn't aware of the price approaching the Monthly resistance "so fast"..
its was a great place for me to short.
missed it.

wat i see many times..faster the price moves up..an equall opposite reaction price gives at resistance n vice-versa..we cn see the spike of the recent bar.(ofcourse js my personal view).

maybe we culd apply Newton's 3rd law.."to every action there is always an equal n opposite reaction" lol js kidding.
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  • #100,073
  • Aug 6, 2011 12:13pm Aug 6, 2011 12:13pm
My understanding of trading was crazy and fun to do as I did not have any method to this madness. I was buying and selling at the same time without understanding the consequences; well may be "noob luck" was on my side and made a lot of money not to mention lost even more.
I came to realize this is a business and has to be treated as such to be consistently profitable. Little over a year ago one of friends introduced me to this thread (with some other thread) and ever since I am hooked. Read from page one to the last and trying to comprehend the method, still a long way to go.
It is hard to break free of old habits even with the demo account but I was getting better by the day. Being successful on demo on a regular basis did not make a better trader as there was no "pulse" even tough it was methodical.
Trading live following all the rules I have learned here and from other threads giving me small but consistent monthly profit. I would like to thank all the contributors here and a special one to James. James you do not know how much of a difference you made in my trading styles!
I don't post much but read every post and scan every chart. Each time I see a chart I compare this with mine to see how far off I am. Good news is I am not off most of the time. Thanks again and have a wonderful weekend.

Long live James

Sak
  • #100,074
  • Aug 6, 2011 1:55pm Aug 6, 2011 1:55pm
eur/nzd on weekly and daily.
retrace back to the breakdown area with rejection. 1.70 rn, fib and former s/r area. price already congested before the area. losing momentum. good r:r for shorts.
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meine augen sind die sterne
  • #100,075
  • Aug 6, 2011 2:09pm Aug 6, 2011 2:09pm
cl with a wide range downbar followed by a long-tail pinbar. not the nicest pinbar because price closed well off the high.
got support from the 85 usd, 38.2%fib and former s/r-area. you can add divergence by an additional upbar.
a conservative entry would be to wait for rise above 90 usd.
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meine augen sind die sterne
  • #100,076
  • Aug 6, 2011 2:16pm Aug 6, 2011 2:16pm
Quoting aserbfx
a conservative entry would be to wait for rise above 90 usd.
Not sure how that is conservative buying that up there after its rallied 300 ticks into resistance.
  • #100,077
  • Aug 6, 2011 2:26pm Aug 6, 2011 2:26pm
Quoting aserbfx
eur/nzd on weekly and daily.
retrace back to the breakdown area with rejection. 1.70 rn, fib and former s/r area. price already congested before the area. losing momentum. good r:r for shorts.
If I traded the crosses, I would look for shorts where you have marked it and then buy it at the yellow level I have marked on your chart.
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  • #100,078
  • Aug 6, 2011 2:33pm Aug 6, 2011 2:33pm
Euro is rising against Nzd in risk-off environment but if markets will cool off a little then this area might be a good opportunity to re-enter this strong downtrend. Good chance that weekly buob will make it.
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  • #100,079
  • Aug 6, 2011 3:07pm Aug 6, 2011 3:07pm
Quoting aserbfx
keep away from stocks which publish earnings...
Cool. That is what I was thinking and I appreciate the answer. Especially in climates such as the one that we are in things can react in very odd ways, but I was just wanting to confirm this is how you felt.

Ha ha I owned Google last quarter when things were dicey and they missed earnings expectations by about 0.3% and their stock went down by almost 15%...

Ryan
  • #100,080
  • Aug 6, 2011 3:40pm Aug 6, 2011 3:40pm
Quoting PhAnTi'
peachpuff coloured area will be good for some shorts, just below the VVVBN 1.000


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I have actually been watching this one carefully looking for something to occur off of the TL. There was a nice breakthrough and retest on Friday. Ha ha was just looking at this one again and sorry for all of the clutter. This is just everything as I have it on this chart at the moment. Many of my charts have some nice notes on them as my memory is kaput already at the age of 27

Weekly wedge:
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Daily breakout and retest:
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Ryan
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