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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

  • #102,981
  • Oct 12, 2011 8:55am Oct 12, 2011 8:55am
Quoting fascist
GBPJPY looks like a nice BUEOB breaking thru 120.00. We'll see how it closes tomorrow, but assuming it closes something like this, we take a long at 121.12 targeting 122.00 and 123.00.

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I don't see a daily divergence, but I see a weekly divergence.

Anybody watching this pair? What are your views?
well imho depending on todays close we should see 123.25 anytime soon.
It looks like that we have some firm support built on the weekly timeframe at previous lows area.

AUDJPY and EURJPY up as well, we do definietly have more space to the upside here.

Question is where to enter

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Hero calls followed by margin calls...
  • #102,982
  • Oct 12, 2011 9:02am Oct 12, 2011 9:02am
Decided to move SL up tight on NZDUSD based on the 15m chart. May prove to be me messing up my trade management again, and risking a more decent move up, but it's been moved and stop taken now so I'm all out NZDUSD. Still short USDCAD though.

NZDUSD 15m Chart

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  • #102,983
  • Oct 12, 2011 9:14am Oct 12, 2011 9:14am
I guess I got just a wee bit excited and jumped in - wont do it again! I have read all the pages up to page 16 in the thread. I dont remember reading about divergence though - thanks for all the feedback!
  • #102,984
  • Oct 12, 2011 9:16am Oct 12, 2011 9:16am
typical! as soon as I move my stop, it gets taken, then continues on it's merry way in my original direction
  • #102,985
  • Oct 12, 2011 9:18am Oct 12, 2011 9:18am
Quoting picon1
typical! as soon as I move my stop, it gets taken, then continues on it's merry way in my original direction
patience....
Hero calls followed by margin calls...
  • #102,986
  • Oct 12, 2011 9:29am Oct 12, 2011 9:29am
Quoting PhAnTi'
patience....
I saw that BRN there, have been watching how price has been reacting around it, and the momentum slowing down to the upside. Made the decision to take my pips and run. Profitable trade overall. So not all that bad.
  • #102,987
  • Oct 12, 2011 9:36am Oct 12, 2011 9:36am
Quoting awesomeoman
I guess I got just a wee bit excited and jumped in - wont do it again! I have read all the pages up to page 16 in the thread. I dont remember reading about divergence though - thanks for all the feedback!
Hey A,

That's ok making mistakes will happen often in the beginning they are good to learn from , we've all been there

here is a resource on divergence

http://www.babypips.com/school/regular-divergence.html
Best
Mike
  • #102,988
  • Oct 12, 2011 10:13am Oct 12, 2011 10:13am
EURAUD BEOB through 1.3600 and 150 EMA. Looking to short at the break of the bar tomorrow. We have weekly bearish divergence also:

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  • #102,989
  • Oct 12, 2011 10:31am Oct 12, 2011 10:31am
Well I think I'm done for the day. With the FOMC stuff due out in a few hours, I don't fancy looking for a new trade right now. I'd rather sit with the pips in the bank.

I have felt myself starting to get sucked into taking a trade that isn't part of my plan. I have been fighting with myself over taking a break of the shooting star type bar on the 4H euro to the upside. I actually already put the pending order in and cancelled it once, but still that little voice in my head keeps taunting me.

Got a small position still open short on USDCAD, but all flat now on NZDUSD. All in all +155 for that trade and the first part of the USDCAD trade. So a good 24 hours. And I'm not gonna be at the screens for any length of time tomorrow or Friday either, so a good time to call it off.
  • #102,990
  • Oct 12, 2011 10:34am Oct 12, 2011 10:34am
Quoting picon1
Well I think I'm done for the day. With the FOMC stuff due out in a few hours, I don't fancy looking for a new trade right now. I'd rather sit with the pips in the bank.

I have felt myself starting to get sucked into taking a trade that isn't part of my plan. I have been fighting with myself over taking a break of the shooting star type bar on the 4H euro to the upside. I actually already put the pending order in and cancelled it once, but still that little voice in my head keeps taunting me.

Got a small position still open short on USDCAD,...
Sounds like symptoms of over-trading. Take a rest. But do take a look at EURAUD daily before that. haha.
  • #102,991
  • Oct 12, 2011 10:42am Oct 12, 2011 10:42am
Quoting fascist
Sounds like symptoms of over-trading. Take a rest. But do take a look at EURAUD daily before that. haha.
your evil fascist
  • #102,992
  • Oct 12, 2011 10:43am Oct 12, 2011 10:43am
Here is the USDCAD trade I mentioned above. Don't actually think I've shown it today.

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  • #102,993
  • Oct 12, 2011 10:46am Oct 12, 2011 10:46am
[quote=picon1;5034978]Here is the USDCAD trade I mentioned above. Don't actually think I've shown it today.


Nice, but i haven gotten around trading IBs yet. Still on PB and BEOB, BUEOB.

USDCAD is actually a continuation of last week's PB trade if anybody actually held on that long and had the bravery to ride out that PB.
  • #102,994
  • Edited 11:34am Oct 12, 2011 11:00am | Edited 11:34am
wouldn't be surprised in the slightest if EURAUD had an inside day tomorrow after the moves down today fascist. Will have to wait and see though.

edit: Just been doing some more analysis on the €AUD on the daily and weekly chart. This is my train of thought for it.

Price is moving sideways after a run down. Granted it's a pretty hefty range of around 1400pips, but sideways is sideways. Most recent PA is showing contraction. Price making LHs and HLs with in the previous SH and SL. Also got the current live bar touching both the 150 and 365 ema on my data, and there is also a pretty good PPZ that price is sat right on top of, and the current bar is sat in the top 1/3rd of the contracting channel.

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Is it a good place to take a trade on?....I'm not 100% sure to be honest. Should it be played as a waiting game for price to get to one of the trend lines and then look for a setup? I'm seriously unsure. Maybe a touch of screen burn, and some time away from the screen may result in a clearer answer.

Just my thoughts fascist. Also not sure whether that PPZ is in the right place. Maybe Jarroo or Pinbar can take a look and comment on that one. I'm still learning the PPZ stuff.
  • #102,995
  • Oct 12, 2011 12:00pm Oct 12, 2011 12:00pm
Quoting PhAnTi'
Welcome back bro !

Hope you are well ?!

..... regarding your chart,

Yes , but ! 8920 area still in play as support in my opinion,

whats your opinion about this area?
what would be your line if i'd made you placing a trade on swiss until end of this week?

;-p

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kindly regards,
Jonas
If we have formed a pin bar, price has obviously bounced off something. Now I see that 8920 it isn't a minor flip area, but when I looked at the bar the first thing that jumped out was the swing low sticking out like a sore thumb.

A horizontal line there tells me its bang at the 9000 BRN.

We also know price hurried its way, through the 9000 and didn't really hold or bounce.

We also know there is divergence.

We also know the pin bar failed to close above 9000 and that it is running against a big sized bearish bar and a down trend.

We also know price has this habit of breaking S/R areas and pulling back to them to confirm their existence.

So yeah probably the only thing that's going in favor of that pin bar is the 8920 area. Then does this make up for a real good trade and a real picky entry?

g.
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I believe . . .
  • #102,996
  • Oct 12, 2011 1:21pm Oct 12, 2011 1:21pm
Quoting mbqb11
I may end up getting long on this based purely on the extreme support were building. This is a bit abnormal action which makes me think there is a large large order resting here(be it bank or other sov). These can make for some interesting plays.

Best
Mike
we got a pop on the usd/jpy, was hoping for an even bigger one
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  • #102,997
  • Oct 12, 2011 1:37pm Oct 12, 2011 1:37pm
How do you read into that usdjpy pop?
A retrace or continuation?
  • #102,998
  • Oct 12, 2011 2:11pm Oct 12, 2011 2:11pm
Quoting mbqb11
we got a pop on the usd/jpy, was hoping for an even bigger one
I noticed this one too and thought of your breakout trades straight away. I was thinking that if price breaks the high of the consolidation area (77.746) then that might be worth a look. As it is I think price could stay within the "box"

Interested to hear whether this is a reasonable trade to look at the breakout to retrace and then look for a trade? Are you looking at just trading the breakout on its own? Not sure I am comfortable with that at my stage of trading and so I passed on it on my look over the charts tonight.

Still not found anything that I feel comfortable trading (feel like I am missing out) but see some very interesting areas coming up on a few pairs so I am happy to wait and I will be looking for some PA.
  • #102,999
  • Oct 12, 2011 2:12pm Oct 12, 2011 2:12pm
Quoting fascist
EURAUD BEOB through 1.3600 and 150 EMA. Looking to short at the break of the bar tomorrow. We have weekly bearish divergence also:
My order on the weekly bar triggered overnight for EURAUD (post here http://www.forexfactory.com/showthre...69#post5022969 ) .... and has had a pretty nice break. I'll be tightening stop today (post chart later). Depending on how much I tighten stop and today's close, I may considering adding to my position via that daily bar.
  • #103,000
  • Oct 12, 2011 3:55pm Oct 12, 2011 3:55pm
Comment's Guy's on CHF and AUD
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