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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

  • #100,221
  • Aug 9, 2011 3:22pm Aug 9, 2011 3:22pm
So many opportunities today really. Just choose and take one!

Any Senior wants to make a call maybe? Not for us newbies to steal the idea no, just to show how to manage those A+ in real time....

Would be awesome really!
  • #100,222
  • Aug 9, 2011 3:30pm Aug 9, 2011 3:30pm
I am realy thinking about gbpnzd and usdcad, It is because there is also flip setup
  • #100,223
  • Edited 4:15pm Aug 9, 2011 4:13pm | Edited 4:15pm
Quoting hooky
I am realy thinking about gbpnzd and usdcad, It is because there is also flip setup
I would be somewhat careful with USDCAD. I believe that one is headed up. See my charts from Sunday on this. It just broke out of a wedge pattern and slammed into parity. How could it not have a strong reaction off of parity though. It is the biggest of the BRNs. Plus if you look at the daily on FXPro you will see that it was a breakout with retrace off of the wedge.

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  • #100,224
  • Aug 9, 2011 4:19pm Aug 9, 2011 4:19pm
Quoting Adilius07
So many opportunities today really. Just choose and take one!

Any Senior wants to make a call maybe? Not for us newbies to steal the idea no, just to show how to manage those A+ in real time....

Would be awesome really!
only cause I know everyone's gonna be trading anyway.

Here is a breakdown of how I am trading two of them. If you follow me you have no one to blame but yourself. I risk 2% a trade and my net exposure will be less then that if they both break. This is what I mean about not over exposing onself and getting too attached to one idea. Does it limit my upside? sure does. But I am always thinking about what I can lose first.

It's up to the market after this
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  • #100,225
  • Aug 9, 2011 4:20pm Aug 9, 2011 4:20pm
Quoting Sgrb1
Hey Mike, slightly related question for you.

Will you take a trade if a correlated pair is giving an opposite signal? For example, we know Euro and cable are somewhat related. If you saw a great long setup on Euro but cable was showing bearish PA, would that affect your decision on whether to take the trade at all?

SG
Hey SG

At day's end I trade the chart. Cause pairs can be correlated and spend months not being that correlated. If you pull up gbp/usd and euro/usd they aren't all that correlated for a bit now, especially day to day. Or look at the usd/chf and euro which are normally very inversely correlated. I do pay attention to it, but i let the chart do the walking at the very end

Best
Mike
  • #100,226
  • Aug 9, 2011 4:21pm Aug 9, 2011 4:21pm
I have to be honest. I do not really like most all of these pin bars here today. In fact the only thing that I see that I really like I am not even sure how much I really like (if that makes sense ) I am looking at EURNZD. I will expound apon my thoughts on this when I get off of work. If we make it through 1.7 though I think it could be a really good one to have a sell in on.

Ryan

Daily:
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4HR
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  • #100,227
  • Aug 9, 2011 4:28pm Aug 9, 2011 4:28pm
eurjpy

I would like to see a return to 114 for a short to 106.
Nothing personal,just business
  • #100,228
  • Aug 9, 2011 4:29pm Aug 9, 2011 4:29pm
Quoting mbqb11
only cause I know everyone's gonna be trading anyway.

Here is a breakdown of how I am trading two of them. If you follow me you have no one to blame but yourself. I risk 2% a trade and my net exposure will be less then that if they both break. This is what I mean about not over exposing onself and getting too attached to one idea. Does it limit my upside? sure does. But I am always thinking about what I can lose first.

It's up to the market after this
Hi Mike! Cool thank you very much. Hope both will work out nicely!

I also have GBPNZD on my radar (though still looking if it close strong or not) and I also like NZDJPY if it manage to close above 80 (Both Alpari feed)

Markets are still moving "fast" so anything can change in this last 30 minutes. Hope AUDJPY will close strong, if so gonna take it...
  • #100,229
  • Aug 9, 2011 4:32pm Aug 9, 2011 4:32pm
GBPCAD is also interesting. It is also off the top of the Weekly box.
Still watching how it will close though.
  • #100,230
  • Edited 5:07pm Aug 9, 2011 4:40pm | Edited 5:07pm
Quoting snowly
...and it's really hard to price "riots"...
Funny you should say that. A restaurant 100m away from where I live just got looted and the dinners mugged.
  • #100,231
  • Aug 9, 2011 4:49pm Aug 9, 2011 4:49pm
I am liking AUD/JPY FTA's are marked.
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  • #100,232
  • Aug 9, 2011 4:56pm Aug 9, 2011 4:56pm
Guys/Gals,
we got wild markets these days.
stay out/reduce risk, if necessary
those in London, & other 'volatile' areas, please stay safe.

  • #100,233
  • Aug 9, 2011 4:58pm Aug 9, 2011 4:58pm
Quoting supremeChaos
Guys/Gals,
we got wild markets these days.
stay out/reduce risk, if necessary
those in London, & other 'volatile' areas, please stay safe.
Hero calls followed by margin calls...
  • #100,234
  • Aug 9, 2011 5:16pm Aug 9, 2011 5:16pm
Quoting mbqb11
only cause I know everyone's gonna be trading anyway ...
It's great to get an insight into your thoughts on these charts and how you plan for the trades

Quoting mbqb11
Hey SG
At day's end I trade the chart ...
Thanks for the reply
  • #100,235
  • Aug 9, 2011 5:20pm Aug 9, 2011 5:20pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting mbqb11
I risk 2% a trade and my net exposure will be less then that if they both break.
Mike,
Do you mean you calculated the 2% risk based on a full pinbar loss, but that will never occur because your trade entry will have the SL set much tighter (as indicted on the charts)? And you did this "hypothetical 2% risk" method for each of these two trades?
Thanks, John
  • #100,236
  • Aug 9, 2011 5:37pm Aug 9, 2011 5:37pm
2 orders... one with a take profit, one without it... As the second one reach the price target I will move the ST at BE... does it make sense?
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  • #100,237
  • Aug 9, 2011 6:45pm Aug 9, 2011 6:45pm
One quick question...Why is it that no one has said anything about the AUD/USD & EUR/JPY pins? They look good to me. Am I missing something?
  • #100,238
  • Aug 9, 2011 6:55pm Aug 9, 2011 6:55pm
  •  zinc6
  • | Joined May 2007 | Status: don't just do something, sit there! | 54 Posts
Quoting gungriffin
I have to be honest. I do not really like most all of these pin bars here today. In fact the only thing that I see that I really like I am not even sure how much I really like (if that makes sense ) I am looking at EURNZD. I will expound apon my thoughts on this when I get off of work. If we make it through 1.7 though I think it could be a really good one to have a sell in on.

Ryan

I'm with you on this one ... see chart below.

My only concern was also the 17000 level ... so I have decided to move my stop to above the first eye when this level is reached to reduce my risk to less than half original trade.
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  • #100,239
  • Aug 9, 2011 7:06pm Aug 9, 2011 7:06pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting rd122481
One quick question...Why is it that no one has said anything about the AUD/USD & EUR/JPY pins? They look good to me. Am I missing something?
rd, I'm a newbie, so take this with a grain of salt. The eur/jpy pin did not wow me.
1. It was not as long as the other pins today.
2. There was not a lot of space to the left of it (orange box).
3. A move up would hit traffic and the 111.00 round number right away.
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  • #100,240
  • Aug 9, 2011 7:26pm Aug 9, 2011 7:26pm
I also just realized that the pins on the AUD/USD, EUR/JPY & AUD/JPY seem to "butt their heads" against a fibo ret level & the bearish engulfing bar on the USD/CAD seems to do the same against the .9780 area which seems to be a somewhat important level...at least on the daily chart. Therefore, I shall pass on what I see. Anyone else have anything to say about my thoughts? I would really love to hear it!
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