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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

  • #102,641
  • Oct 5, 2011 8:35am Oct 5, 2011 8:35am
what a slow slow day so far. Currently short GBPAUD and waiting for USDCAD to trigger to also through 05.
Certainly a day to be keeping busy doing something else.
  • #102,642
  • Oct 5, 2011 8:39am Oct 5, 2011 8:39am
Quoting picon1
what a slow slow day so far. Currently short GBPAUD and waiting for USDCAD to trigger to also through 05.
Certainly a day to be keeping busy doing something else.
Yeah, i guess we need the markets in US to open before we see some action.
  • #102,643
  • Edited 8:48am Oct 5, 2011 8:47am | Edited 8:48am
Quoting fascist
Yeah, i guess we need the markets in US to open before we see some action.
hopefully come 3:30-4pm GMT we should start seeing some action. Preferebly in our direction as well.

Although Thursday and Friday we've got some big ticket news items, so maybe people are hanging fire till then.
  • #102,644
  • Oct 5, 2011 9:07am Oct 5, 2011 9:07am
Quoting picon1
hopefully come 3:30-4pm GMT we should start seeing some action. Preferebly in our direction as well.

Although Thursday and Friday we've got some big ticket news items, so maybe people are hanging fire till then.
USDCAD is in play for me now.
  • #102,645
  • Oct 5, 2011 9:16am Oct 5, 2011 9:16am
Quoting fascist
USDCAD is in play for me now.
yep. Got me in at 0495. Placed my stop above the 1H pullback high at 75
  • #102,646
  • Oct 5, 2011 9:41am Oct 5, 2011 9:41am
Quoting Cricketer
Hello all!
I'm new here (as you can see). Well, I have some experience trading forex with mechanical systems. But I am a price action virgin (pun intended?).

So anyway this is my first chart that I want to share. I see there is a pinbar on USD/CAD and the low is touching 2nd october's high. So If I put a sell stop order at the break, wouldn't it be trading in to the traffic (yes I read the thread for sometimes now :-).

So, what do you guys think? Would you take these types of PA?
Hey C

Welcome and glad to see you posting. Here is a chart I put up for someone yesterday. My bigger concerns are the BRN 1.05 and the fact that we are in a VERY strong trend. For that reason in my view these have to be played with a very tight watch and move stops quicker.

Again welcome (to posting at least )

Mike
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  • #102,647
  • Oct 5, 2011 9:57am Oct 5, 2011 9:57am
Quoting mbqb11
Hey C

Welcome and glad to see you posting. Here is a chart I put up for someone yesterday. My bigger concerns are the BRN 1.05 and the fact that we are in a VERY strong trend. For that reason in my view these have to be played with a very tight watch and move stops quicker.

Again welcome (to posting at least )

Mike
Good post Mike, although I do admit to having taken the short on this myself today. But I have waited for it to break out of the 1.05 RN before going short, and I've taken my stop from the pull back high on yesterdays 1H PA. But still watching closely.
  • #102,648
  • Oct 5, 2011 10:03am Oct 5, 2011 10:03am
Quoting picon1
Good post Mike, although I do admit to having taken the short on this myself today. But I have waited for it to break out of the 1.05 RN before going short, and I've taken my stop from the pull back high on yesterdays 1H PA. But still watching closely.
That's great picon, that's being very smart. We all will have slightly different entry criteria. I try to just tell people to do things logically and now reducing your risk and watching that RN is being smart



Mike
  • #102,649
  • Oct 5, 2011 10:04am Oct 5, 2011 10:04am
Quoting mbqb11
That's great picon, that's being very smart. We all will have slightly different entry criteria. I try to just tell people to do things logically and now reducing your risk and watching that RN is being smart



Mike
On hindsight i should not have entered at a mere 5 pips below the BRN..maybe 15 would be nice.
  • #102,650
  • Oct 5, 2011 10:42am Oct 5, 2011 10:42am
Quoting fascist
On hindsight i should not have entered at a mere 5 pips below the BRN..maybe 15 would be nice.
Have faith in your analysis fascist. And like Mike said, be vigilant with this one, as it's a counter trend trade, and it's a strong up trend....at the moment.
  • #102,651
  • Oct 5, 2011 10:43am Oct 5, 2011 10:43am
Quoting picon1
Have faith in your analysis fascist. And like Mike said, be vigilant with this one, as it's a counter trend trade, and it's a strong up trend....at the moment.
Where the price is now there should not be much resistance towards 1.0430..
  • #102,652
  • Oct 5, 2011 10:49am Oct 5, 2011 10:49am
Quoting fascist
Where the price is now there should not be much resistance towards 1.0430..
My 1st target is at 35, which if you go back over the hourly charts is a nice area of potential support based off some nice swing lows. After that the RN at 04 is nice area of fib confluence from various points on the hourly charts. So got to watch that price carefully. Especially with NFP just a couple of days away.
  • #102,653
  • Oct 5, 2011 10:49am Oct 5, 2011 10:49am
Maybe even 20...
  • #102,654
  • Oct 5, 2011 10:50am Oct 5, 2011 10:50am
Quoting picon1
Have faith in your analysis fascist. And like Mike said, be vigilant with this one, as it's a counter trend trade, and it's a strong up trend....at the moment.
Yep this one is breaking just fine, exactly what you want with this type of bar. And as Picon pointed out price retraced already so we pretty much know for a fact we don't want it getting back above that high in this type of trend. So we play it tight, and we focus on our trouble areas.

I would just keep it that simple with a bar like this

Best
Mike
  • #102,655
  • Oct 5, 2011 10:55am Oct 5, 2011 10:55am
It has now crossed 30 pips and over in profit..think i'll put a stop at BE.
  • #102,656
  • Oct 5, 2011 11:05am Oct 5, 2011 11:05am
Quoting fascist
It has now crossed 30 pips and over in profit..think i'll put a stop at BE.
Don't get nervous buddy. Trade your plan. Your plan and levels were good before the trade triggered, and they're still good now. But ultimately it's up to you.

I've taken half off the table now on my GBPAUD trade. Will be looking at moving stops to entry on that one as per my plan.
  • #102,657
  • Oct 5, 2011 11:48am Oct 5, 2011 11:48am
does anyone use the oanda broker ? i always can not log in the mt4
A chart helps those who can read it.
  • #102,658
  • Oct 5, 2011 12:14pm Oct 5, 2011 12:14pm
Quoting geniusztc
does anyone use the oanda broker ? i always can not log in the mt4
i look at a live account chart daily. demo works fine too.
what do u mean u can't log in? try to chat with Oanda reps, ask for help.
  • #102,659
  • Oct 5, 2011 12:28pm Oct 5, 2011 12:28pm
Hi guys

Just wanted to ask (forgive me still quite new). Whet you "take some money off the table" in your profitable trade how do you do that?

I'm using MT4 with Oanda and I have not got the option to take partial profit when I click modify order. Trying to for ex sell 0.25 in lot size when my 0.5 is in profit but geting the reply that Hedging is prohibited. Any other option available to me is to close trade completeley. Am I doing sth wrong here?

Many thanks
  • #102,660
  • Oct 5, 2011 12:37pm Oct 5, 2011 12:37pm
Quoting supremeChaos
i look at a live account chart daily. demo works fine too.
what do u mean u can't log in? try to chat with Oanda reps, ask for help.
thank you supre. then it would be my network problem .there is always bad network in china , pin bar knows it . at least ,i can contect the web platform of onada. have a good day supermeChaos.

and on my charts ,there are several daily pin bars today .they all work well SO FAR.
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