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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

  • #101,501
  • Sep 12, 2011 2:23pm Sep 12, 2011 2:23pm
my view on eur/aud daily:
nice buob. but trading right into a ppz with fib, rn and s/r.
would take a long at 1.3315.
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meine augen sind die sterne
  • #101,502
  • Sep 12, 2011 2:25pm Sep 12, 2011 2:25pm
Quoting mbqb11
adi did you hold this one for the break. Too many weeks went by for me, did it's thing though. Pretty simple classic j16 here
Hi Mike. Yes I saw it, was following the YHOO chart but did not trade it.
Price went exactly where it was supposed to
  • #101,503
  • Sep 12, 2011 2:48pm Sep 12, 2011 2:48pm
Quoting gungriffin
I would be careful with that thinking. Do not blindly look for a price free fall. We have some very stong PPZs even before .98. See my post above for an explain of my thoughts. Just tossing out my free thoughs
It should close on the downside, so a pretty strong pin. I will be watching it like a hawk though, because of the strong buying lately. Parity in my opinion is always hard to push through.
  • #101,504
  • Sep 12, 2011 3:13pm Sep 12, 2011 3:13pm
Quoting mbqb11
updated eur/zar chart.

Hey Mike,

I've cut it at be seeing this daily consolidation and when price triggered those stops below the support i was sure it was the best decision . Although i am seriously jealous now.... 10.070 looks neat
Can i ask how big was your stop on this one?
  • #101,505
  • Sep 12, 2011 3:16pm Sep 12, 2011 3:16pm
Quoting Greenhaze
Hey Mike,

I've cut it at be seeing this daily consolidation and when price triggered those stops below the support i was sure it was the best decision . Although i am seriously jealous now.... 10.070 looks neat
Can i ask how big was your stop on this one?
Hey GH

I touch trade a bit different then most here. I placed my stop under the breakout bar in this case, was close but the box was so strong I was willing to let it play out.

Best
Mike
  • #101,506
  • Sep 12, 2011 3:34pm Sep 12, 2011 3:34pm
Hi All,

I haven't posted for a while, just reading and learning from all the great posts on this thread.

Just a quick one, there seems to be daily PBs forming on the Yen pairs at swing lows, providing they close as PBs (very likely) i was wondering if anyone has any comments or reasons not to trade them? or some of them?
  • #101,507
  • Sep 12, 2011 4:17pm Sep 12, 2011 4:17pm
Buob right off 1.2988(lcs)..
1.3BRN..not marked.
location and size of bar...
good space overall.
lets see if it breaks 1.33-FTA.
order set on IBFX.risk 2%
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  • #101,508
  • Sep 12, 2011 4:23pm Sep 12, 2011 4:23pm
Quoting Gpfx
Just a quick one, there seems to be daily PBs forming on the Yen pairs at swing lows...

eurjpy looks like the strongest pair for me. Watch out for the weekly lowest close of support if you're thinking of entering.

T
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  • #101,509
  • Sep 12, 2011 4:29pm Sep 12, 2011 4:29pm
Quoting 5.25

eurjpy looks like the strongest pair for me. Watch out for the weekly lowest close of support if you're thinking of entering.

T
i will b watching this NJ PB...
i do like its shape n 63.5 support..but not convinced somewhere in the back of mind.
it shall hit 365ema(in blue),n may hit 64.5
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  • #101,510
  • Sep 12, 2011 4:58pm Sep 12, 2011 4:58pm
Quoting AvanishDemo
i will b watching this NJ PB...
i do like its shape n 63.5 support..but not convinced somewhere in the back of mind.
it shall hit 365ema(in blue),n may hit 64.5
Hey Avanish

For me, I've grown to dislike those large tailed PB's, it feels that price has made too much ground for an entry. The traffic to the left is a little untidy too. That's not to say it won't come off.

I prefer nzdusd if we're going all Kiwi. We all have our views etc etc etc ...:nerd:

Happy hunting!
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  • #101,511
  • Sep 12, 2011 5:15pm Sep 12, 2011 5:15pm
Quoting 5.25
eurjpy looks like the strongest pair for me. Watch out for the weekly lowest close of support if you're thinking of entering.

T
Thanks for comments,

I have also noticed that price is up against an old PPZ, so may give EURJPY a miss and take a look at the other pairs that you guys have mentioned.

Good trading

GPFX
  • #101,512
  • Sep 12, 2011 5:25pm Sep 12, 2011 5:25pm
n/j is low volatility(dropped a short opened 65... gave up waiting and was taking up room in the correlations - glad I've been more patient with the c/j one). But yeah, out of a, e, c, and n, I'd pick nzd too. Best performance last 2 years(overall).

only that here the ratio is poor - less then 1/1, can't take too big since stop is far away, etc. On such as e/j, ratio is much better(stop still far away, but room till 108, or even 109.6-110); on the other hand, e is still crap(afterall, that's why you have a better ratio, because e dropped more then nzd... I'm captain obvious...). I think a 64.5 - 64.7 might be doable on n/j.

I'm also tryin' to fish some of those pins, but I'm already pretty loaded on such type of positions(short usd). However, overall, I think they're abit countertrend - enter, grab, get out imho.

N as the most solid currency to play against jpy, eur with most space(&gbp, but it's the same in such a trade). But then you have to be long eur(yuck, I'm long e/u and frankly I don't like, even if it's a free trade now - I still don't like it - I hold the bag).

also, as a proxy for e/u, I've ended up using a little of u/nok which just made a nice pin on H4(not broken yet - but it's at the top of the box allright - on the other hand, daily looks totally ugly for a short - the ratio is good, the H4 looks good, but daily is a mess and e/nok is a mess too).
  • #101,513
  • Sep 12, 2011 5:25pm Sep 12, 2011 5:25pm
Hey guys,
thanks for ur replies i jumped into this trade too fast well i still get excited when i see a possible trade i have to work on that. it wasnt an outside bar i noticed that after i got into the trade it's a pinbar if we add those 2 candles though . now my initial plans was to enter on the high of the bull candle and exit just below the 1.37 so i used the 1.3690 for tp. so if i had left it like that i would have got approx 100pip but my worst bad habit is to watch my trade so when i saw it stalling on breakeven i closed it, and drew a breakout zone and opened a new trade just above that zone but i didnt put the same tp so the price went to 1.3693 (it would have closed it on my tp) and went back down again i end up losing 30pips.

lesson learned from this trade:
- never jump in the market too fast
- never watch ur trade
- PATIENCE is the key for every successful trade

still have some work to do on myself
Plan your Trade, Trade your Plan
  • #101,514
  • Sep 12, 2011 5:27pm Sep 12, 2011 5:27pm
I see Euro, Pound, Aussy many pairs found support, few produced very nice wicks on candles but Im not keen on taking the trades against the trend. these wicks are long and risk not worth the reward for me. I caught a nice Aud/Nzd before London open and still in Gbp/Cad, I will stay away until the trend either redefines itself or we get continuation on some of these moves.
  • #101,515
  • Sep 12, 2011 6:15pm Sep 12, 2011 6:15pm
Quoting Ifmyante
Regarding AUD/NZD

http://www.forexfactory.com/showthre...69#post4944169

Please understand the significance of poles, flags, compression, and spikes,

Without this knowledge, you'll be handing back so much of your profits to the market

Happy trading to all

If
Got burnt on this one, as was too focused on the inverted H & S pattern and the rejection of 1.27.

Cheers
novice
  • #101,516
  • Sep 12, 2011 7:14pm Sep 12, 2011 7:14pm
Quoting vasmiza
USDCAD h4 doesn't get any better

Could be some interesting bullish PA around here.
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  • #101,517
  • Sep 12, 2011 7:17pm Sep 12, 2011 7:17pm
Quoting novice198
Got burnt on this one, as was too focused on the inverted H & S pattern and the rejection of 1.27.

Cheers
novice
A few months ago I'm sure I would've gotten burned on it too.

But we live and learn
  • #101,518
  • Sep 12, 2011 7:18pm Sep 12, 2011 7:18pm
Now we’ll see what Cad want to do, if we get confirmation from 0.9950 to 1.0000 wait for confirmation and it could be an opportunity.
  • #101,519
  • Sep 12, 2011 7:44pm Sep 12, 2011 7:44pm
I like the 86500 area for some possible bearish PA on H4.
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  • #101,520
  • Sep 12, 2011 8:05pm Sep 12, 2011 8:05pm
I have been thinking about Jarroo's & Mikes methodology quite a bit recently and at last I understand that the two can work well hand in hand.

This monthly HCR combined with the bounce was very interesting.
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