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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

  • #102,701
  • Edited 5:08am Oct 6, 2011 5:06am | Edited 5:08am
Quoting picon1
Looking at ŁAUD trade again now. Another nice push down. Time to re-assess my stop levels. Looking at the 1H chart again and the pullback high on my chart above 5969. I'm of the opinion that this would be too close to PA, and a better bet would be placing a stop just above the RN of 1.6. Torn between not getting to close to the PA and being stopped out around news time, before any potential down moves, and too far away that if price goes up rather than down on the news, I let a decent chunk of profit go.

Nothing too obvious on $CAD at the moment...
Yeah I noticed these just now and have the same concern. I don't want to tighten my stops too much but I don't want to lose too much profit.

For the AUD I have my stop at 1.6050 which is just above the latest resistance area on the 1H and the 150EMA. I am hoping that 1.6000 turns into support today and then I aim to move my stop just above that. My main target where I think price will stall majorly (if it gets that far) is 1.5700.

For the CAD I currently have my stop at 1.0436 which is above the low of the left eye on the daily, above the latest resistance level and 150EMA on the hourly. As for targets, I think we are at an important area but I would like to see us test and break the low of the 30th Sept bar (1.0349).

Price is retracing on both of these at the moment so I think we will see soon enough whether these levels are likely to hold, especially the CAD.
  • #102,702
  • Oct 6, 2011 5:47am Oct 6, 2011 5:47am
Quoting Pinbar
EG H4 did show us a PB at the area mentioned and it is just about to break.
However, I do not like the lack of space to the FTA which is going to be the bottom of the consolidation box on the left. It could also bounce at the blue rectangle with all those bar lows clustered up.

The PB itself also lacks something, maybe if it had a longer nose and the close was towards the end of the bar. It may well hit its target but, I am standing aside and will watch how the daily bar closes.
on h4 CHART,support @ 0.8919
A chart helps those who can read it.
  • #102,703
  • Oct 6, 2011 6:04am Oct 6, 2011 6:04am
Quoting geniusztc
on h4 CHART,support @ 0.8919
I actually put the support area at 0.86268

It just took off North.
That PB was not convincing enough.
I made the daily chart and saw it take off on H4 as I was watching it, man that was fast.
A 100 pip move in like 10 seconds on H4.
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  • #102,704
  • Oct 6, 2011 6:04am Oct 6, 2011 6:04am
well that's helped the ŁAUD trade along an absolute treat

moved stops on that to 59 now, keeping an eye on things for some sort of pull back to get a tighter stop on.
  • #102,705
  • Oct 6, 2011 6:08am Oct 6, 2011 6:08am
Here is why.
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  • #102,706
  • Oct 6, 2011 6:10am Oct 6, 2011 6:10am
Quoting Pinbar
Here is why.
Yep. Been saying since yesterday evening that I felt I was positioned nicely in case of a downside reaction on the UK news.
All the talk o extra QE last night on the news was a good indication the markets would look negatively on that if it happened.
  • #102,707
  • Oct 6, 2011 6:31am Oct 6, 2011 6:31am
Quoting picon1
well that's helped the ŁAUD trade along an absolute treat

moved stops on that to 59 now, keeping an eye on things for some sort of pull back to get a tighter stop on.
Hasn't it just. I just opened my broker to see what was happening at about 11:58 and my profit on that trade went fromn 100pips to 400pips in a matter of seconds.

Moved my stop to 1.5901, which is above a S/R pivot and will also be looking out for a tighter stop on this. Good day so far!
  • #102,708
  • Oct 6, 2011 6:39am Oct 6, 2011 6:39am
Look to get a bit more aggressive with my trade management now. After a quick move down, price is either gonna snap back, or faff about sideways. It could obviously make new lows as well. Can't discount that.

So, what I'm doing is this. Dropping down to a 5M chart to manage this trade now.

The image shows what I'm doing. Reason behind it...after a large move like that, don't fancy getting greedy and giving a bucket of pips back.

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I wouldn't usually manage a daily entry trade on a 5m chart, but I'm just adapting to the current situation I find myself in.

Some CAD news out in 5 min, then Euro news. I expect my $CAD to be stopped out, but I've locked in pips so it's all good.
  • #102,709
  • Oct 6, 2011 6:39am Oct 6, 2011 6:39am
Quoting Martynp
Hasn't it just. I just opened my broker to see what was happening at about 11:58 and my profit on that trade went fromn 100pips to 400pips in a matter of seconds.

Moved my stop to 1.5901, which is above a S/R pivot and will also be looking out for a tighter stop on this. Good day so far!
Nice one Martynp
  • #102,710
  • Oct 6, 2011 6:46am Oct 6, 2011 6:46am
The thing is, all that went down here is figured into the charts.

This experience is really helping me piece together some major parts of the puzzle. I still wonder why I ignored that daily major SL. However, price was somehow telling us, it was not going to happen.
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  • #102,711
  • Oct 6, 2011 6:58am Oct 6, 2011 6:58am
The final part of the $CAD trade has just been stopped out at 0440. That's +60 on the first part and +55 on the second part.
  • #102,712
  • Oct 6, 2011 7:02am Oct 6, 2011 7:02am
Quoting picon1
Yep. Been saying since yesterday evening that I felt I was positioned nicely in case of a downside reaction on the UK news.
All the talk o extra QE last night on the news was a good indication the markets would look negatively on that if it happened.
Any GBP pair was a time-bomb set to go off at 12.00BST today
QE was only 50% priced in so whether they did it or not, there was always going to be a big move

I wish the BoE would print some money and give it to me instead of those pesky banks! I would spend it far more wisely
  • #102,713
  • Oct 6, 2011 7:15am Oct 6, 2011 7:15am
and final part of the ŁAUD trade is now out as well. That was a nice little ride

All flat now, and back to looking for new setups. I really like the look of the weekly PB's that are forming at the moment on a couple of the pairs.
  • #102,714
  • Oct 6, 2011 7:22am Oct 6, 2011 7:22am
We might get daily beob with strong close below this weekly level. That might be one hell of the opportunity to enter short. I bet James is all over that
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  • #102,715
  • Oct 6, 2011 7:29am Oct 6, 2011 7:29am
Stopped out of my AUD JPY trade at 73.999. +33pips first 1/2 and +20pips 2nd half. Total: 53pips

Stopped out of my USD CAD at 1.0441. +37pips first 1/3, +68pips second 1/3 and +55 last 1/3. Total: 160pips

Still in AUD/USD but tighten stop to 0.9649 in anticipation of news.

Still in GBP/AUD but tightened stop to 1.5871.
  • #102,716
  • Oct 6, 2011 7:29am Oct 6, 2011 7:29am
Can some experienced ppz'ians tell me the way they manage their levels? Do they draw them and leave them there - start afresh every week? what do you use to differentiate b/w a strong and not so strong level?

Also, I am looking for an optimal way to save my levels and possibly transfer them to another PC.

Many thanks..
Trading is a test match not a Twenty20.
  • #102,717
  • Oct 6, 2011 7:29am Oct 6, 2011 7:29am
There's a good chance of bounce at first test.
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  • #102,718
  • Oct 6, 2011 7:32am Oct 6, 2011 7:32am
Quoting decentchap
Can some experienced ppz'ians tell me the way they manage their levels? Do they draw them and leave them there - start afresh every week? what do you use to differentiate b/w a strong and not so strong level?

Also, I am looking for an optimal way to save my levels and possibly transfer them to another PC.

Many thanks..
I guess there is no other way to tell which S/R will hold then by studying charts for long time period.

You can always keep your platform on a pendrive and use it on other computers.
  • #102,719
  • Oct 6, 2011 7:37am Oct 6, 2011 7:37am
Quoting Pinbar
I actually put the support area at 0.86268

It just took off North.
That PB was not convincing enough.
I made the daily chart and saw it take off on H4 as I was watching it, man that was fast.
A 100 pip move in like 10 seconds on H4.
lol ,my fault .i mean 0.8619 .
A chart helps those who can read it.
  • #102,720
  • Oct 6, 2011 7:38am Oct 6, 2011 7:38am
Quoting Greenhaze
I guess there is no other way to tell which S/R will hold then by studying charts for long time period.

You can always keep your platform on a pendrive and use it on other computers.
Thanks Greenhaze, I wasnt clear but what i meant was in terms of graphic. do you use fatter lines to show a stronger level for good visual.

Thanks for the pendrive tip - do we just save the folder under program files to do this?
Trading is a test match not a Twenty20.
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