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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

  • #102,521
  • Oct 1, 2011 10:10pm Oct 1, 2011 10:10pm
Quoting Pinbar
Ok, my last post about this till Jarroo either tells me I am way off the mark or at least have my feet pointing in the right direction.
Your feet are running in the right direction, Pinbar . .

I like that 106.74 on the EJ . .if we get back up there . .
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Indicators show the past. Price Action "Indicates" the future.
  • #102,522
  • Oct 1, 2011 10:15pm Oct 1, 2011 10:15pm
Quoting jarroo
Your feet are running in the right direction, Pinbar . .

I like that 106.74 on the EJ . .if we get back up there . .
. .although we already hit the mark on the Weekly and Daily
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Indicators show the past. Price Action "Indicates" the future.
  • #102,523
  • Oct 2, 2011 1:19am Oct 2, 2011 1:19am
Quoting jarroo
. .although we already hit the mark on the Weekly and Daily

Many thanks Jarroo

Here is one that has me a little confused & I feel the box of consolidation on the left is he cause.


Got to run to a family get together.
Like the mafia. LOL
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  • #102,524
  • Oct 2, 2011 5:40am Oct 2, 2011 5:40am
Very high probability setup with no brainer entry at weekly support with tight stop under 9.000 level. I would be very surprised to see it fail
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  • #102,525
  • Oct 2, 2011 8:59am Oct 2, 2011 8:59am
Quoting Greenhaze
Very high probability setup with no brainer entry at weekly support with tight stop under 9.000 level. I would be very surprised to see it fail
Yes. Good setup.. But I don't think Oanda offers this pair.
  • #102,526
  • Oct 2, 2011 11:07am Oct 2, 2011 11:07am
Not clear at all, but will hold my trade till 84.00.
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Trading: the skill of avoiding trades
  • #102,527
  • Oct 2, 2011 11:10am Oct 2, 2011 11:10am
I believe the moment to short NG arrived.
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Trading: the skill of avoiding trades
  • #102,528
  • Oct 2, 2011 11:35am Oct 2, 2011 11:35am
Quoting eswap0
I believe the moment to short NG arrived.
what about the ppz at about 3.35?
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meine augen sind die sterne
  • #102,529
  • Oct 2, 2011 11:52am Oct 2, 2011 11:52am
Quoting Greenhaze
Very high probability setup with no brainer entry at weekly support with tight stop under 9.000 level. I would be very surprised to see it fail
i like it. the only thing that worry me is the fact that the bears are in control of this pair since a decade...
anyway, will be good for some decent pips!
meine augen sind die sterne
  • #102,530
  • Oct 2, 2011 12:18pm Oct 2, 2011 12:18pm
Quoting aserbfx
what about the ppz at about 3.35?
You're right.
IMHO, there's room enough to move to BE once this area is reached.
Trading: the skill of avoiding trades
  • #102,531
  • Oct 2, 2011 7:43pm Oct 2, 2011 7:43pm
EG is arriving at an area where we may see some action.

Not sure if this is going to break through this area due to the H&S pattern on the monthly or not.
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  • #102,532
  • Edited 1:46am Oct 3, 2011 1:28am | Edited 1:46am
Hi James16/Mike/Jarroo/Pinbar,

I want to know if you guys trade Sunday daily bar and give it the same importance as any daily other bar. I use IBFX and the sunday bar only is only couple of hours...

Thanks for the help

Amar
  • #102,533
  • Edited 3:34am Oct 3, 2011 3:28am | Edited 3:34am
Looking at my 60m charts this morning and this just jumped out at me on GBPJPY. Ticking quite a few boxes for me.

Lovely PB developed on the low of day
PB touching numerous points of previous S&R
Also touching a little fib confluence area
First target around an area of previous S&R to get pips in the bank and risk off.

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Entry for me at the high of the PB @57
First target @80
Next area is RN of 120

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Literally as I pressed the save button on my post some 09:30 news spiked the GBP pairs up. So first target hit on £JPY, didn't get time to manage stops due to the speed of the spike and me posting the above post. Previous direction prior to the news was up, so looking for the direction to continue.

Bloody news! lol
  • #102,534
  • Oct 3, 2011 3:39am Oct 3, 2011 3:39am
Just looking at where price actually got to on the news spike on GBPJPY. No surprise it stalled at the RN's of 119 and 120, and price.

On the live trade I took a market order to close out the final part of the trade at -5

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  • #102,535
  • Oct 3, 2011 3:55am Oct 3, 2011 3:55am
Yeah that was some spike. Thank god I was on demo this morning.
  • #102,536
  • Oct 3, 2011 4:06am Oct 3, 2011 4:06am
Quoting cold chisel
Yeah that was some spike. Thank god I was on demo this morning.
There was a way to capitalize on this spike. Usually there are some rumors before those kind of data come out which tells a lot about the open interest just before the numbers hit the market. One could made a bet and short it 1 min before the data and made some nice profit even if the spread was wide.
  • #102,537
  • Oct 3, 2011 4:20am Oct 3, 2011 4:20am
Quoting Greenhaze
There was a way to capitalize on this spike. Usually there are some rumors before those kind of data come out which tells a lot about the open interest just before the numbers hit the market. One could made a bet and short it 1 min before the data and made some nice profit even if the spread was wide.
That's too risky in my opinion. You can easily get burned that way and we don't take bets at least I'm not doing it anymore...
  • #102,538
  • Oct 3, 2011 4:25am Oct 3, 2011 4:25am
Quoting cold chisel
That's too risky in my opinion. You can easily get burned that way and we don't take bets at least I'm not doing it anymore...
Exactly. That would have been pure betting imo, and the lottery or the roulette table is just as good a place to put a bet on.

All the hard work we do with chart analysis and trading plans and strategies are designed to stack as many odds in our favour as possible that we are making the correct decisions.

Betting is not in my trading plan.
  • #102,539
  • Oct 3, 2011 4:30am Oct 3, 2011 4:30am
Quoting cold chisel
That's too risky in my opinion. You can easily get burned that way and we don't take bets at least I'm not doing it anymore...
I called it a bet but that was a high probability bet. You take bets everytime you put a trade on and this time i was confident that price would drop after data came out. Believe it or not, it wasn't that risky at all. You digest the information and bet the outcome if the probability is skewed in your favor.

I wont go into details becouse this is not place for that but for couple of reasons that fall was bound to happen.

Putting a trade on a 80% chance of profit outcome is still a bet
  • #102,540
  • Oct 3, 2011 5:19am Oct 3, 2011 5:19am
Fair enough, I just don't do it that way. But I understand that it is possible.
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