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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

  • #103,041
  • Oct 13, 2011 7:53pm Oct 13, 2011 7:53pm
Quoting mbqb11
you are doing great my friend

Many thanks Mike

Your comments are reassurance that I am not running off the rails.
  • #103,042
  • Oct 13, 2011 9:32pm Oct 13, 2011 9:32pm
AUDUSD stalling at resistance level with lots of confluence.

* I took the recent swing low pinbar, for all of those who also took the trade, you might want to watch price action at the current level which is a resistance level with lots of confluence.
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  • #103,043
  • Oct 13, 2011 10:07pm Oct 13, 2011 10:07pm
Hi mike and all trader in this forum.

Please welcome me cause I want to active in this thread.

Please share your experience for this situation.

I had read that to play PB is at the swing low and swing high.

But When I found the PB at swing low in huge down trending and that PB is only supported by ppz and RN. It will raise this question, Is that PB has a long nose enough or not to fight back?

Is there a criteria to determine the nose of PB which is good to trade?


wins
  • #103,044
  • Oct 13, 2011 10:26pm Oct 13, 2011 10:26pm
Quoting winsfx
Hi mike and all trader in this forum.

Please welcome me cause I want to active in this thread.

Please share your experience for this situation.

I had read that to play PB is at the swing low and swing high.

But When I found the PB at swing low in huge down trending and that PB is only supported by ppz and RN. It will raise this question, Is that PB has a long nose enough or not to fight back?

Is there a criteria to determine the nose of PB which is good to trade?


wins
Hey Wins

Welcome bud

It depends on the situation really. How strong is the trend. How big is the bar. What else is around

Here is an example of a trend changing size bar against a super strong trend. Notice how strong the downtrend is on the usd/chf, but then notice how large the weekly bar is. It's the largest range bar in a LONG time, with a strong close.

So it is situational but here is an example of an A+++ bar

welcome again

Mike
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  • #103,045
  • Oct 13, 2011 11:01pm Oct 13, 2011 11:01pm
Quoting mbqb11
Hey Wins

Welcome bud

It depends on the situation really. How strong is the trend. How big is the bar. What else is around

Here is an example of a trend changing size bar against a super strong trend. Notice how strong the downtrend is on the usd/chf, but then notice how large the weekly bar is. It's the largest range bar in a LONG time, with a strong close.

So it is situational but here is an example of an A+++ bar

welcome again

Mike
thank's mike...

I noticed that huge PB too. But I don't take it. Here is my problem, my rule say that if the PB close near a RN or facing 0.78 then I must skip it. I stick with the rule and skip it.

Let's say if I trade that PB and entry on the break. My FTA will be the blue line then I will move my stoploss in BE. Basic rule not let your profit turn into loss. In fact, its stop me out and after that it smash up far.

I see that your trade is still opened. I wonder that your profit has been turn into loss for a while. what is your consideration with this situation to keep the trade opened? Is often the price turn back to the head of PB and then continue further.

Another line yellow and green are that can be count as a resistance that need to be watched.


wins
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  • #103,046
  • Oct 13, 2011 11:19pm Oct 13, 2011 11:19pm
Quoting mbqb11
Hey Wins

Welcome bud

It depends on the situation really. How strong is the trend. How big is the bar. What else is around

Here is an example of a trend changing size bar against a super strong trend. Notice how strong the downtrend is on the usd/chf, but then notice how large the weekly bar is. It's the largest range bar in a LONG time, with a strong close.

So it is situational but here is an example of an A+++ bar

welcome again

Mike
hey,mike, what do you think that moving SL @ 50% position between the entry position and high position AT LEAST? I always do that ,but i am not sure my method is right .thank you .
A chart helps those who can read it.
  • #103,047
  • Edited 12:49am Oct 14, 2011 12:21am | Edited 12:49am
Quoting jarroo
Great level on the Usd/CHF, .8920ish. Notice the nice line up of the Highs, Lows, HCR and LCS levels lining up . .Strength.

Not a bad place to add to your Weekly PB entry . .

Wow I got alot to catch up . .thread is moving as always . .
That worked out nicely . .good for 100 or so pips to the targets (in blue) . . nice bounce that could lead to more. It would have been nice to have a Daily close above those targets.

Its nice to have at least 2 brokrs . . FIFO sucks . .
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Indicators show the past. Price Action "Indicates" the future.
  • #103,048
  • Oct 14, 2011 12:47am Oct 14, 2011 12:47am
Quoting mbqb11

.... Here is an example of a trend changing size bar against a super strong trend. Notice how strong the downtrend is on the usd/chf, but then notice how large the weekly bar is. It's the largest range bar in a LONG time, with a strong close.

So it is situational but here is an example of an A+++ bar

....

Mike
hey mike, the weekly usdchf pinbar you pointed out was a sure thing, and I saw it when it formed, but i didn't take the trade.

I have a rule where I can only risk 1% per trade, if i used the weekly pinbar and put a stoploss on the bottom of the pinbar with a 1% risk, it would mean i would have to gain 500 pips before even making 1%, i just didn't think it was worth it.
How did you size your position with this trade? or for all trades based on weekly price bars? when dealing with stops thats 300+ pips large, are you still position sizing so you risk %1 or something?
  • #103,049
  • Oct 14, 2011 12:52am Oct 14, 2011 12:52am
are those cheeky institutions trying to draw in the longs with a fakey? or are these the same people who made the big moves on wednesday?

oh the suspense
  • #103,050
  • Oct 14, 2011 1:46am Oct 14, 2011 1:46am
Hopefully someone noticed this buy opportunity yesterday. 4 major pairs EU GU EJ GJ dancing to the same rhythm on daily tf. I took GJ becouse of good looking double bottom with initial stop just below 120 RN.
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  • #103,051
  • Oct 14, 2011 1:51am Oct 14, 2011 1:51am
Quoting Greenhaze
Hopefully someone noticed this buy opportunity yesterday. 4 major pairs EU GU EJ GJ dancing to the same rhythm on daily tf. I took GJ becouse of good looking double bottom with initial stop just below 120 RN.
It reminds of your Gbp/Nok trade . .I had a different take . .but we were both on the same page . . . .targets hit nicely.
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Indicators show the past. Price Action "Indicates" the future.
  • #103,052
  • Oct 14, 2011 1:58am Oct 14, 2011 1:58am
Quoting jarroo
It reminds of your Gbp/Nok trade . .I had a different take . .but we were both on the same page . . . .targets hit nicely.
That was very nice and quick trade. IMO it still looks like price might come back above those highs on higher TF. Did you check the USDNOK monthly chart lately?
  • #103,053
  • Oct 14, 2011 2:06am Oct 14, 2011 2:06am
yep Greenhaze sure did see that

the big fish pushing the trends against the dollar took a day off y'day but i think given the last hours activity in frankfurt suggests they are back even if it is to fake out the longs which itself is a statement of intent for after the red news
  • #103,054
  • Oct 14, 2011 2:13am Oct 14, 2011 2:13am
Quoting Greenhaze
That was very nice and quick trade. IMO it still looks like price might come back above those highs on higher TF. Did you check the USDNOK monthly chart lately?

If that doesn't define what a PPZ level is . I don't know what does . . lol

Good chance that PPZ level is going to act as Support . .because Price Broke Through and Closed Above . .
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Indicators show the past. Price Action "Indicates" the future.
  • #103,055
  • Oct 14, 2011 2:52am Oct 14, 2011 2:52am
Quoting biDc
eur/usd 3800 seem to be holding well
Very nice, biDc . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,056
  • Oct 14, 2011 8:29am Oct 14, 2011 8:29am
Quoting PhAnTi'
absolutely, + overall trend bearish

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Hero calls followed by margin calls...
  • #103,057
  • Oct 14, 2011 8:34am Oct 14, 2011 8:34am
Quoting Greenhaze
Hopefully someone noticed this buy opportunity yesterday. 4 major pairs EU GU EJ GJ dancing to the same rhythm on daily tf. I took GJ becouse of good looking double bottom with initial stop just below 120 RN.
I missed EJ. I am still in EU and GJ.. . now both are risk free.
  • #103,058
  • Oct 14, 2011 8:55am Oct 14, 2011 8:55am
Quoting cprao
I missed EJ. I am still in EU and GJ.. . now both are risk free.
Here's my demo retrace entry on GJ...not at BE yet....looking for bottom of top blue zone as likely TP area.
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  • #103,059
  • Oct 14, 2011 9:02am Oct 14, 2011 9:02am
Quoting Donkey
Looking at that daily HCR1 at 1.3827 on a lower time frame, price already gave the first bounce at the area. Divergence on 15minute, with the daily HCR - I'm personally not ready for that (still learning to trust the levels).
Multiple hits on the HCR level on 15 minute TF, with one huge bounce shows the power off these levels....
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  • #103,060
  • Oct 14, 2011 9:03am Oct 14, 2011 9:03am
Quoting Donkey
Here's my demo retrace entry on GJ...not at BE yet....looking for bottom of top blue zone as likely TP area.
Your FTA's are my targets. I do see your targets are very realistic and very much possible considering the current bullish trend. But happy to get out today at the levels I set.
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