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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

  • #100,281
  • Aug 11, 2011 4:35pm Aug 11, 2011 4:35pm
Quoting Greenhaze
Hi Guys,

IMO there is a high prob opportunity on EurAud at the mom... Sell stop orders are stacked below the 1.3830 but in the current market conditions we may have some fakeouts before the actual move to the downside so I will enter 1/2 on the break and the other half if price will come back above it. First target - 1.3705.

Nicely done on this one. This was something that did not even cross my radar today... Kinda bummed Only thing that I would say to be aware of is the gap that is there from two weeks ago. Not anything to give too much consideration, but it may give a bit of a bounce. This seems like Jarroos material put to good use!

Ryan
  • #100,282
  • Aug 11, 2011 4:37pm Aug 11, 2011 4:37pm
Hi Guys,

So is the current move up on CHF against the USD and EUR because of an intervention? If so do you think it will be reversed as quickly as the BoJ intervention?
  • #100,283
  • Aug 11, 2011 5:33pm Aug 11, 2011 5:33pm
the current move is on rumor that snb will go nuke mode - aka peg the chf to euro, aka - end the fx game(for them too, given the state of the euro )

regarding gbp/usd: I see on H1 the break of 1.619(above which H1 candles never closed - that's when I've switched from a short to a long which I've also closed at be since us session was coming to an end and I want to go to sleep anyway) and on H4 price actually staying "in the zone". Not very clear I'd say till it doesn't get out of the zone, which, with my luck on cable, will be while I sleep - missed today's H4 pin too on that reason...

anyway, france & co just announced ban on shorts. Which is major in my book. So things will probably move as soon as tokio opens, though probably most in london session.
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  • #100,284
  • Aug 11, 2011 5:44pm Aug 11, 2011 5:44pm
No PA trigger on the H4 for 23:00GMT will check the 07:00 in the morning. A PB up to 1.63 would be nice

Quoting Dan-FX
Hi All,

I quite like the current setup on GBPUSD. On the chart the two horizontals around 1.625 are HCR and LCS and have been well respected. Price has recently broken through and closed below now testing it from below.

You can also the the uptrend line that was broken and price has tested from the underside close to 1.65 now moving lower. If the underside holds at 1.625 I think 1.6 is a safe target.

You can also see the 38.2 fib retrace from the recent swing high, lining up with 1.625 and the HCR.

Thought it's a nice one to watch and see...
  • #100,285
  • Aug 11, 2011 6:33pm Aug 11, 2011 6:33pm
Just put in an order on the break of the EURAUD BEOB. This isn't a typical play as the BEOB isn't actually the swing high, but more of a confirmation of the PB from a couple of days ago. I didn't like the close on the PB so I passed at the time.

I like that the BEOB penetrated and was rejected at BRN 1.4000 and has a nice strong close. It is a deep retracement of a strong move up. The pinbar, followed by the small bullish IB, followed by a strong closing BEOB makes me believe the bears have won the battle at the BRN. There is some traffic and the move up was strong. Should trade trigger, I will lower stop quickly to above resistance level at blue rectangle. I like the BRN, the 61.8 fib, and the 365 as confluence as potential resistance areas above current price level. I have a TP currently set at 1.3577. Thoughts on set up appreciated.
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  • #100,286
  • Aug 11, 2011 6:44pm Aug 11, 2011 6:44pm
would the recent high (near.768) on the one hour chart for usd/chf be considered a DBHLC?
  • #100,287
  • Aug 11, 2011 7:14pm Aug 11, 2011 7:14pm
Quoting shadowthecat
would the recent high (near.768) on the one hour chart for usd/chf be considered a DBHLC?
It's a 2 bar high, but would need to close below previous bar's low to be DBHLC.

Edit which would be a strong bar below a BRN and a pretty sweet setup.
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  • #100,288
  • Aug 11, 2011 7:58pm Aug 11, 2011 7:58pm
Let's see how it goes

2 trades, same entries and same stop loss... on the first one I got a set take profit, on the second one I don't have one, as the price reach the target I will move stop loss to BE
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  • #100,289
  • Aug 11, 2011 10:52pm Aug 11, 2011 10:52pm
Has anyone seen the weekly swissy chart?
Please review and comment.
non si dimentichi mai
  • #100,290
  • Aug 11, 2011 10:54pm Aug 11, 2011 10:54pm
Quoting plus50
Has anyone seen the weekly swissy chart?
Please review and comment.
Are you talking about pinbars that are forming ?
  • #100,291
  • Aug 11, 2011 11:54pm Aug 11, 2011 11:54pm
triple bottom，and pin bar ,and the demand area.
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A chart helps those who can read it.
  • #100,292
  • Aug 12, 2011 12:11am Aug 12, 2011 12:11am
Quoting Dan-FX
Hi Guys,

So is the current move up on CHF against the USD and EUR because of an intervention? If so do you think it will be reversed as quickly as the BoJ intervention?
Parity might be the key in the strong eurchf rise. 1.000 was a major point of taking profit but price strongly bounced just above it (expect some very large options at the 1.000 level) . Add to that yesterday news about possible euro-chf peg and you have a lot of investors bailing out from position. It is like a trade almost reaching TP but suddenly 2 pips before it , price is strongly reversing....what do you do?

Personnaly i think that we wont see 1.000 for a long time.
  • #100,293
  • Aug 12, 2011 1:39am Aug 12, 2011 1:39am
Hi guys,

I have a question from what I have learnt so far. When we say trade with the trend- like in case of USD CHF now, the long term trend is down. So even if there is a bullish pin bar if formed, we dont take it as we are trading against the trend. We wait for retracement and look for price action there. Like somewhere around the horizontal line. Did I get this right? Comments would be really helpful.

Thanks,
Vinay
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  • #100,294
  • Aug 12, 2011 2:08am Aug 12, 2011 2:08am
It seems to me like these pinbars that are forming are fakes. Price seems to take support from 1.3730 for eur/aud and 1.4000 for eur/cad.
I also see that to trade them you would need a ridiculously high stop loss of 200+ pips.

Any comments on these?
  • #100,295
  • Aug 12, 2011 2:30am Aug 12, 2011 2:30am
Yes I would agree with that. Every one here is at different levels of experience so you may get some taking counter trend trades. In the case of the USDCHF though with such a big move up from the recent low I think I'd struggle to take a trade against that and would probably sit on the sidelines.

Quoting vinayn
Hi guys,

I have a question from what I have learnt so far. When we say trade with the trend- like in case of USD CHF now, the long term trend is down. So even if there is a bullish pin bar if formed, we dont take it as we are trading against the trend. We wait for retracement and look for price action there. Like somewhere around the horizontal line. Did I get this right? Comments would be really helpful.

Thanks,
Vinay
  • #100,296
  • Aug 12, 2011 3:30am Aug 12, 2011 3:30am
another 200 pip down today to get a BEOB ? why not

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Hero calls followed by margin calls...
  • #100,297
  • Aug 12, 2011 3:45am Aug 12, 2011 3:45am
Quoting mbqb11
yep that is exactly correct. I do this with most of my trades as it how I am comfortable managing my risk. So in this case my net effective loss if I don't move my stops beyond what I showed you guys is less then one full bar loss.

Hope that helps
Mike
Hi Mike,
Thanks for the clarification. It sure does reduce the risk as weel as the upside. But as they say in this game, "Manage the downside, the upside will take care of itself".

On another note, when I see many opportunities on the same day, I feel very very happy, but the thought that more entires mean I could end as a very very sad person, keeps me out from over trading. Take the best one of the available opportunities.
Cheers
Novice
  • #100,298
  • Aug 12, 2011 3:47am Aug 12, 2011 3:47am
Quoting devcast
It seems to me like these pinbars that are forming are fakes. ...
hello Sir devcast,
post some charts for all to see

yes, pinbars are often fake, literally & figuratively
  • #100,299
  • Aug 12, 2011 4:40am Aug 12, 2011 4:40am
im still in on that AUDJPY pinbar from 9th august. It technically has not ben voided yet as it hasnt passed the bottom of the pinbar.
  • #100,300
  • Edited 5:51am Aug 12, 2011 5:34am | Edited 5:51am
Quoting devcast
It seems to me like these pinbars that are forming are fakes. Price seems to take support from 1.3730 for eur/aud and 1.4000 for eur/cad.
I also see that to trade them you would need a ridiculously high stop loss of 200+ pips.

Any comments on these?
200 pips stop? Is it still ridiculously high if one close position on 400+ pips?

It is relative. Dont concern yourself with lower tf moves too much becouse it almost never goes straight up or down. Be patient...we are fading a major panic move here....
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