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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

  • #104,841
  • Nov 30, 2011 7:43am Nov 30, 2011 7:43am
Quoting mbqb11
Hey SG

I don't really buy into all these puffing up by the govts, I never do. At the very end of the day I trade my charts. I am watching my same areas as before. What gets most people is they are jumping down to the 5min chart right now trying to not miss the next big ride. I expect volatility to now remain high, but that doesn't change anything I do from a chart standpoint

Hope that helps
mike
Kinda what i was thinking, I've been in a short of the EU for over a month now and makes me glad that I most of size down last week and I just dumped the rest right now. I figure it will be better for my Health.

I hope all you guys that trade the commodities got in the all the dollar weakening stuff.
A woman drove me to drink, and I forgot to thank her
  • #104,842
  • Nov 30, 2011 7:53am Nov 30, 2011 7:53am
just keep it simple at the end of the day. Watching this chart very closely . A touch trade at parity would have been awesome
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  • #104,843
  • Nov 30, 2011 8:10am Nov 30, 2011 8:10am
If this daily bar close as a pin , it may be nice , also
  • #104,844
  • Nov 30, 2011 8:11am Nov 30, 2011 8:11am
Quoting aserbfx
anything with at least BE +1 is a winner!

how is going, my friend?

off to tamil nadu and kerala from next friday...
went to Kumarakkom last year and stayed in houseboat for one night. I really enjoyed it..

Enjoy dosa, Idli for breakfast!
Trading is a test match not a Twenty20.
  • #104,845
  • Nov 30, 2011 10:53am Nov 30, 2011 10:53am
Hi guys and ladys

Am i the only fool that got burned with AUD/$ ? When i put that entry odrer below that nice PB (red line) every thing looked good , double fib , BRN , Rsi Div... and MACD Div... on 1h , enough space ... idk to me it looked like an A+
idk am i mising some thing ? now i see where i put my entry order looks like a PPZ any thing else worked against this trade ?

and this just cheked the news lol
2:30 AUD Private Capital Expenditure q/q
http://www.forexfactory.com/images/m...etail_star.gif 12.3%
8.2% 6.2%http://www.forexfactory.com/images/m...us_revised.gif
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  • #104,846
  • Nov 30, 2011 10:58am Nov 30, 2011 10:58am
Quoting FxPrelude
Hi guys and ladys

Am i the only fool that got burned with AUD/$ ? When i put that entry odrer below that nice PB (red line) every thing looked good , double fib , BRN , Rsi Div... and MACD Div... on 1h , enough space ... idk to me it looked like an A+
idk am i mising some thing ? now i see where i put my entry order looks like a PPZ any thing else worked against this trade ?
Hey FxP

This was one I talked about for awhile in my webinar last night cause it shows how an area can be great, and a bar can be almost, and then we need to make that decision if it is truly worth it(depending on our methods).

I was watching that bar form closely. Location is great, the problem was that weak close(another example off of the other FX's question). I passed on it because of that(one factor can be enough to keep me out of a trade).

That close just didn't show real strong selling that I would have wanted. Also notice the next bar didn't break it either and then closed back above parity(and even the one after that). That with a weak close is a warning sign for me

Best
Mike
  • #104,847
  • Nov 30, 2011 11:11am Nov 30, 2011 11:11am
Hi Mike

Hmmmmm you gave me some thing to think about and hopefuly i will remember it so next time im gona pay more atention to that allso .. thank you !

If im honest i did hesitate a bit because IBFX feed show a bit diferend story ... exept that it had inside bar ...and it looked worse than on FXCM feed .
  • #104,848
  • Nov 30, 2011 12:27pm Nov 30, 2011 12:27pm
Quoting PhAnTi'
Attachment


major supply level combined with possible channel correction ( to form a another higher low around 2.0000) + BRN 2.1000 + MACD Divergence + RSX overbought mode.

no clear sign of reverse so far, staying patient

Comments/ heads-up appreciated
boom.

+ 950 pips

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Hero calls followed by margin calls...
  • #104,849
  • Edited 2:20pm Nov 30, 2011 2:16pm | Edited 2:20pm
Hey Mike

Please excuse my ignorance but I don't quite understand. In what area would the bar of had to close in order for it to be classed as having a ''strong close''?

Thanks

EDIT: I think I understand, would the pinbar of had to close below the red line for it to have a strong close?

Quoting mbqb11
Hey FxP

This was one I talked about for awhile in my webinar last night cause it shows how an area can be great, and a bar can be almost, and then we need to make that decision if it is truly worth it(depending on our methods).

I was watching that bar form closely. Location is great, the problem was that weak close(another example off of the other FX's question). I passed on it because of that(one factor can be enough to keep me out of a trade).

That close just didn't show real strong selling that I would have wanted. Also notice the next...
  • #104,850
  • Nov 30, 2011 3:38pm Nov 30, 2011 3:38pm
Quoting hunzul
Hey Mike

Please excuse my ignorance but I don't quite understand. In what area would the bar of had to close in order for it to be classed as having a ''strong close''?

Thanks

EDIT: I think I understand, would the pinbar of had to close below the red line for it to have a strong close?
Hey Hunzul

Yes you are close, for me there is a TBH that I would have liked to see it close below. So not quite as low as that previous red line but the idea is the same. Too me the way it closed just wasn't strong enough and more of a reaction bounce then true selling that I expect a follow through with.


Hope it helps a bit
Mike
  • #104,851
  • Nov 30, 2011 4:53pm Nov 30, 2011 4:53pm
Quoting PhAnTi'
boom.

+ 950 pips

Attachment
Hello Phanti, crazy pattern

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  • #104,852
  • Nov 30, 2011 5:01pm Nov 30, 2011 5:01pm
Quoting andrugeno
Hello Phanti, crazy pattern

Attachment
looks cool to me
  • #104,853
  • Nov 30, 2011 5:35pm Nov 30, 2011 5:35pm
Dear Forex Market,
As an early Christmas present, I would like a nice large pinbar on the AUDJPY.

Thanks in advance,
Donkey
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  • #104,854
  • Nov 30, 2011 5:58pm Nov 30, 2011 5:58pm
Quoting Donkey
Nice BEOB with a strong close on EURNOK....no space to FTA, but I wouldn't be surprised to see it 7.7500
7.7500
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  • #104,855
  • Nov 30, 2011 6:04pm Nov 30, 2011 6:04pm
Quoting Donkey
7.7500
nice D


can you imagine when we breakout of this box
  • #104,856
  • Nov 30, 2011 6:50pm Nov 30, 2011 6:50pm
Quoting FxPrelude
and this just cheked the news lol
2:30 AUD Private Capital Expenditure q/q
That huge spike didn't come from the capex release.

Nothing wrong with your trade, you just got hit by some surprise news. It's why we use stops - these things happen.
When you have to shoot, shoot. Dont talk.
  • #104,857
  • Nov 30, 2011 8:35pm Nov 30, 2011 8:35pm
Ha, far from the instructor. Just hope to achieve the calmness of mind when trading Thanks for the detail explanation. Great trade esp when u r mobile trading. Hope u closed out all b4 that nasty nasty bullish bar

Quoting 5.25
Hi there yoga instructor

Slightly misleading chart:

- The solid line at the bottom is a Weekly Lowest Close of Support level, which did not feature in this trade.
- The two dotted lines are Daily Lowest Close of Support Levels. The closest one to my entry is not a stop loss but another area to potentially watch for sell signals. I had my stop a few pips higher above the bar that broke my level. (1.34615ish)
- The thick solid line is my level based on the number of touches that price tested it.

I use MT4 for charting and Oanda (and...
  • #104,858
  • Nov 30, 2011 8:41pm Nov 30, 2011 8:41pm
Quoting scooterboy
hiya FX, i'm not mike and i don't know if this is a good setup or not,but i took that trade
my entry point was the breakout of the 1 hour pinbar, took about 50 pips (on demo account still) there is also inside bar breakout setup on H4 if you notice
Scotterboy, thanks for sharing this. Mike is right. Its volatile times now and we have to been extra picky with our setup. Am still on Demo, will have to keep doing that until I see some consistency.
  • #104,859
  • Nov 30, 2011 8:51pm Nov 30, 2011 8:51pm
Hi Mike,
Your reminder on the weak close is timely. The bar closed red and in such volatile times, we shld be more picky.

But I seek to clarify abt this not being a BO-pullback type of setup. As I recall, u traded this as inverted H&S BO earlier and mentioned it was a very strong pattern. Is H&S or inverted not considered as clean BO pattern in your definition? Just want to understand ur thought process. Thks

Btw, do u know how i have a few Quotes which i can reply to in the same reply? So i don't have multiple entries taking too much space here....

Quoting mbqb11
Hey Fx

For me this would not qualify as there is no breakout pattern. I look for clean breakout patterns when playing breakouts. Wedges, horizontals, clean TLs etc. Also if you notice the close on that bar and what we just spoke about closes as well

Careful out there folks things are going to be volatile

Mike
  • #104,860
  • Nov 30, 2011 8:58pm Nov 30, 2011 8:58pm
Quoting Fx7877
Hi Mike,
Your reminder on the weak close is timely. The bar closed red and in such volatile times, we shld be more picky.

But I seek to clarify abt this not being a BO-pullback type of setup. As I recall, u traded this as inverted H&S BO earlier and mentioned it was a very strong pattern. Is H&S or inverted not considered as clean BO pattern in your definition? Just want to understand ur thought process. Thks

Btw, do u know how i have a few Quotes which i can reply to in the same reply? So i don't have multiple entries taking too much space...

Hey FX

That is why I told you to forget about this one haha. Cause it's not the norm. BUT with that said the pattern was based on the 4hr. Patterns don't hold the same strength to me on all timeframes, it's relative. In this case there is no H&S the way I trade them on the daily(support, yes, pattern no). Also this was a non typical breakout for me and why I wanted you to forget you ever saw it. Once the 4hr went and did it's thing, and I closed out. i am done with that specific pattern. I analyze each timeframe independent from another as they have their own ebb and flows

As for quoting, FF will crop your reply but you can just click reply and copy the quote box and paste it into a main post(that you can keep open in a separate tab). But don't worry you are not clogging up anything bud

Hope that helps
Mike
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