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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

  • #102,781
  • Oct 7, 2011 9:21am Oct 7, 2011 9:21am
Quoting Greenhaze
2 days ago EU was 50/50. Now there are more short positions and we can assume that protecting buy stops are building above the market. On DT threads people are almost sure that EU must drop becouse the trend is down and fundamental bla bla bla. Some of the guys i know are heavily underwater atm (sold the bottom) and in their opinion EU will come down hard today ...oh yeah... they do not use SL becouse they were able to withstand large dd ..... There are a lot of traders betting big for a weaker euro now.
Euro looks like it can easily go back to 1.40 before it starts dropping again, as a short term trader I don't know how a person can sit through 500 pip draw down and not pass a kidney stone in the process.
  • #102,782
  • Oct 7, 2011 9:25am Oct 7, 2011 9:25am
Quoting fascist
you mean USDCAD at 1.04? Yeah i have a tendency to TP early too. I TP my first contract at 1.0435 and the other at 1.0400. I am still in account building mode i didnt want to risk pips even when i suspect the move would be larger.

when my account reaches a sufficient size, i might open 3 contracts total and leave the last contract to target a further away TP target.

and if you have a broker that allow very flexible contract sizes like oanda you can allow for small contracts to be left open.

i don't think there is such thing as being too greedy....
Yes I meant USD/CAD. I am only demoing at the moment looking to go live beg of next year if and only if I can prove to myself that my acc is growing. At the same time I want to learn as much as I can (entry, exit, money management, Position management, etc). I guess I will learn on my own mistakes. Experience is the key to success as in every business !
  • #102,783
  • Oct 7, 2011 9:46am Oct 7, 2011 9:46am
I had been looking at the $CHF PB on the daily all morning, and after some looking at things a bit more placed my order at around 13:00GMT (I know you thought it was iffy Greenhaze, but it's on a tight lead this trade)

Because of the NFP news and the general size of the PB I drilled down to some smaller TF's to get a better look at possible targets to take some risk off. The images hopefully explain my thinking.

Here's the Daily chart and what I was thinking.
Attached Image (click to enlarge)
Click to Enlarge Name: $CHF DAILY.PNG Size: 52 KB


This is the 15M chart I used for some trade management
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  • #102,784
  • Oct 7, 2011 10:05am Oct 7, 2011 10:05am
I am really interested in the weekly pin for aud/usd...may consider loading up on positions if I see the chance
  • #102,785
  • Oct 7, 2011 10:13am Oct 7, 2011 10:13am
Quoting biDc
I am really interested in the weekly pin for aud/usd...may consider loading up on positions if I see the chance
yeah I've been watching it to, but need to be mindful of the BRN right there. If it continues to move up during today, it's getting ever closer to it. I don't fancy buying into parity, especially if there isn't a lot of wiggle room from PB high to 1.00
  • #102,786
  • Oct 7, 2011 10:39am Oct 7, 2011 10:39am
Quoting picon1
yeah I've been watching it to, but need to be mindful of the BRN right there. If it continues to move up during today, it's getting ever closer to it. I don't fancy buying into parity, especially if there isn't a lot of wiggle room from PB high to 1.00
Agreed. My ideal scenario would be for this to form a swing high around current area, retrace to 9727 forming a possible inverse right shoulder (H4 chart) to go long at with bullish PA lol. This will give me more wiggle room before 1.0000

I have already secured a pretty nice entry to this anyway. But I plan on loading up more if further opportunities develop
Attached Image (click to enlarge)
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  • #102,787
  • Oct 7, 2011 10:43am Oct 7, 2011 10:43am
A chart that has me really excited right now is GBP/NZD. Rode this down to 2.0 and now it is forming a possible I4B at a pretty nice location.
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  • #102,788
  • Oct 7, 2011 11:47am Oct 7, 2011 11:47am
short EUR/USD?

Pin bar is forming in the confluence area of long term s/r (red), 50fib from 2nd May ans 23.6 fib from 28 Aug. 1TP next long term s/r (blue) also RN 1.3300 what do you think?
Attached Image (click to enlarge)
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  • #102,789
  • Oct 7, 2011 11:49am Oct 7, 2011 11:49am
Just wondering if anyone is watching €USD now. Setting up some very good short indications.

I was waiting for price to pull back to RN 35 before looking for new setups. Price now pulled back to 35. Setting up a PB off the RN and trend line on daily. The 8H and 4H setting up BEOB of trend line and RN.

Attached Image


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Click to Enlarge Name: €USD 4H.PNG Size: 41 KB
  • #102,790
  • Oct 7, 2011 12:04pm Oct 7, 2011 12:04pm
Quoting bolo
short EUR/USD?

Pin bar is forming in the confluence area of long term s/r (red), 50fib from 2nd May ans 23.6 fib from 28 Aug. 1TP next long term s/r (blue) also RN 1.3300 what do you think?
Just been looking at this and licking my chops at it Almost too good to be true
  • #102,791
  • Oct 7, 2011 12:22pm Oct 7, 2011 12:22pm
Quoting picon1
Just wondering if anyone is watching €USD now. Setting up some very good short indications.

I was waiting for price to pull back to RN 35 before looking for new setups. Price now pulled back to 35. Setting up a PB off the RN and trend line on daily. The 8H and 4H setting up BEOB of trend line and RN.

Attachment

Attachment
Hey Picon,

I hope to see daily close below this level. Personally i don't pay much attention to pa below daily tf, couple of hours before market close. Touch trade of this area after break & retest is something i look forward to. Have a good weekend
Attached Image (click to enlarge)
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  • #102,792
  • Oct 7, 2011 12:32pm Oct 7, 2011 12:32pm
Looks like we have a reversal PB on USDCAD but its not at a swing high or low. However, it did reject at 1.300 level and 1.350 where price was bouncing last week.

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad--pb-reverse-07 oct11cont.jpg Size: 93 KB
  • #102,793
  • Oct 7, 2011 12:33pm Oct 7, 2011 12:33pm
Quoting Greenhaze
Hey Picon,

I hope to see daily close below this level. Personally i don't pay much attention to pa below daily tf, couple of hours before market close. Touch trade of this area after break & retest is something i look forward to. Have a good weekend
Old habbits die hard for me. I used to class the 4H TF as a big slow lump of a TF, so going down to a 4H feels weird. I used to take my entries off the tick charts.

Still like the look of the shorts on this pair like we mentioned further up the thread.
  • #102,794
  • Oct 7, 2011 3:18pm Oct 7, 2011 3:18pm
2011/10/08
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A chart helps those who can read it.
  • #102,795
  • Oct 7, 2011 3:55pm Oct 7, 2011 3:55pm
Quoting fascist
Looks like we have a reversal PB on USDCAD but its not at a swing high or low. However, it did reject at 1.300 level and 1.350 where price was bouncing last week.

Attachment
nice pin bar, but i'm not so confident to get in.

let's see monday market open first.
  • #102,796
  • Oct 7, 2011 4:28pm Oct 7, 2011 4:28pm
nice rectangle to play on daily.
check also for a breakout on the weekly.
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meine augen sind die sterne
  • #102,797
  • Oct 7, 2011 4:48pm Oct 7, 2011 4:48pm
Quoting aserbfx
nice rectangle to play on daily.
check also for a breakout on the weekly.
Some funky rhytmmmmmmmmmmmmm

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  • #102,798
  • Oct 7, 2011 4:52pm Oct 7, 2011 4:52pm
Quoting Greenhaze
Some funky rhytmmmmmmmmmmmmm

http://www.youtube.com/watch?v=KnIJOO__jVo
one of my all-time-favs....
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meine augen sind die sterne
  • #102,799
  • Oct 7, 2011 5:19pm Oct 7, 2011 5:19pm
Quoting aserbfx
one of my all-time-favs....
http://www.youtube.com/watch?v=ucezn...yer_detailpage
Nice one man !

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  • #102,800
  • Oct 7, 2011 6:41pm Oct 7, 2011 6:41pm
Quoting Greenhaze
Nice one man !

http://www.youtube.com/watch?v=NZC3x3nmhgQ
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