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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

  • #110,261
  • Apr 14, 2012 10:27am Apr 14, 2012 10:27am
EUR / USD D1 for next week

http://www.forexfactory.com/attachme...1&d=1334417137
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  • #110,262
  • Apr 14, 2012 10:44am Apr 14, 2012 10:44am
Quoting Vojin71
I also look at a possible scenario on the other side
will watch this next week as well.
monday is a good day for breakouts...
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meine augen sind die sterne
  • #110,263
  • Apr 14, 2012 11:53am Apr 14, 2012 11:53am
Quoting menomoo
Just a two cents worth, what s your take on this baby's H&S continuation pattern and check on weekly where it is about to end up )

Regards V
Hey V

Looks pretty interesting I think we will see a breakout to the downside as well

Best
Mike
  • #110,264
  • Apr 14, 2012 12:00pm Apr 14, 2012 12:00pm
Quoting 4tiger
I've come across the phrase "touch trade" a few times now, what exactly is that?

Thanks for the feedback! I got excited planning for next week haha so I posted those charts. I will keep FTA/PPZs/Boxes in mind.

This is the first week I'm actually looking at more than my usual 3 pairs of EURUSD USDJPY and USDCHF. I got 12 pairs on graph, and since I'm looking at PA on daily charts this way I get more viable PA signals.

I was in that EURUSD trade too! and also for some reason I was bullish on USDCHF at the same time, I'm not sure why now......

A touch trade is taking a trade without getting PA confirmation. Its riskier, and I personally don't do it, but if your good enough its a great tool.

EURUSD and USDCHF are negatively correlated, so if your taking a trade, take it in one, not both, as your risk exposure is too high.

Keep it up buddy. With the likes of Mike round here, we've got a great mentor.
  • #110,265
  • Apr 14, 2012 12:22pm Apr 14, 2012 12:22pm
Anyone feel free to rip my losing trades apart because I'm here to learn. However, the AUDCAD setup, I'd probably take over and over again since it just looked too good for me to pass up.
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"Dare to live the life you have dreamed for yourself. Go forward and make y
  • #110,266
  • Apr 14, 2012 2:47pm Apr 14, 2012 2:47pm
Hi All,

My first attempt at this, but looking for your thoughts on this pair: EurAud - closed Friday with a pinbar rejecting the 1.2650 level. Could this spark a move down to next level at 1.240.

Not sure if I am on the right track with this - but would appreciate feedback? Perhaps the key would be to wait for the next test/rejection of 1.2650?

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  • #110,267
  • Apr 14, 2012 9:36pm Apr 14, 2012 9:36pm
Quoting S_Ferrer
Hi All,

My first attempt at this, but looking for your thoughts on this pair: EurAud - closed Friday with a pinbar rejecting the 1.2650 level. Could this spark a move down to next level at 1.240.

Not sure if I am on the right track with this - but would appreciate feedback? Perhaps the key would be to wait for the next test/rejection of 1.2650?

Attachment
Hey S

Be careful here this isn't a pinbar. We want the tail of that bar to be pointed down. Now if you mean this is a pinbar to go short, that would also be wrong as we would want the tail to be protruding above the previous bars high(meaning we would need to shift that entire bar towards the top of the previous bar).

Here is an example of a bullish pinbar(we want the open and close within the previous bar and the nose sticking out to the bottom). This would be a sign that price may be going higher
http://www.forexfactory.com/showthre...43#post2763743

Here is a bearish pinbar example(just the opposite)
http://www.forexfactory.com/showthre...41#post2913741

Let me know if this makes sense
Mike
  • #110,268
  • Edited 4:53am Apr 15, 2012 3:33am | Edited 4:53am
Quoting shephrd
Anyone feel free to rip my losing trades apart because I'm here to learn. However, the AUDCAD setup, I'd probably take over and over again since it just looked too good for me to pass up.

Hey shephrd . .Great charts . . . .and thanks for the kinds words in the comment section of my profile . .I enjoy helping people, just like those that have helped me. . .(i.e. James16, Mike, etc.)


Now to the charts . .

Here is my UshChf chart . . my levels may vary from yours . .I use FxPro for my charting . .they're not that much different from yours.

I like that .9200 level too. Since Price can't close above the .9200 on Friday, its still Resistance and may head down on Monday.

Very similar to what happen on the AudUsd on Friday. .Notice I drew the bulilish bar to form the HCR level because of the Damn gaps!! . . .

These are great levels but the one thing against them is that they are in the middle of the current market. That's not a big problem, but we must be quick to reduce our risk and/or quick to take profit when targets are hit.


Next . . AudCad . .Gbpusd . .
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Indicators show the past. Price Action "Indicates" the future.
  • #110,269
  • Apr 15, 2012 3:47am Apr 15, 2012 3:47am
Quoting S_Ferrer
Hi All,

My first attempt at this, but looking for your thoughts on this pair: EurAud - closed Friday with a pinbar rejecting the 1.2650 level. Could this spark a move down to next level at 1.240.

Not sure if I am on the right track with this - but would appreciate feedback? Perhaps the key would be to wait for the next test/rejection of 1.2650?

Attachment
Think of it that way. 1.2600 is a BRN and is currently a support level. What we would like to see here is a break down of 1.2600 level and then become a resistance level. After PA confirmation near 1.2600.
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If not up, then down, otherwise sideways :-)
  • #110,270
  • Apr 15, 2012 4:17am Apr 15, 2012 4:17am
Quoting shephrd
Anyone feel free to rip my losing trades apart because I'm here to learn. However, the AUDCAD setup, I'd probably take over and over again since it just looked too good for me to pass up.

Quoting jarroo

Next . . AudCad . .Gbpusd . .

My levels were different than yours on the AudCad.

I like the 1.5825-1.5813 as Support levels on the GbpUsd.

Trading within Consolidation can get choppy . ..
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Indicators show the past. Price Action "Indicates" the future.
  • #110,271
  • Apr 15, 2012 4:34am Apr 15, 2012 4:34am
Quoting heebbyjeeby
A touch trade is taking a trade without getting PA confirmation. Its riskier, and I personally don't do it, but if your good enough its a great tool.

EURUSD and USDCHF are negatively correlated, so if your taking a trade, take it in one, not both, as your risk exposure is too high.

Keep it up buddy. With the likes of Mike round here, we've got a great mentor.
Thanks! And I do notice the senior members around here and that there's been A LOT of work put into this thread... lots of good information throughout by lots of people.

now if one day James16 tells me himself that I am doing well.. then.. well.. DAMN that would be mind blowing hahaha.

edit:
I'm just kiddin, I'm still really new here.
  • #110,272
  • Apr 15, 2012 9:37am Apr 15, 2012 9:37am
Quoting jarroo
Hey shephrd . .Great charts . . . .and thanks for the kinds words in the comment section of my profile . .I enjoy helping people, just like those that have helped me. . .(i.e. James16, Mike, etc.)
Hey thanks Jarroo....and all of the comments on your profile are well deserved. You, Mike, James16, Ghous, and a few others deserve all of the accolades for all of the great work that you do here.

Quoting jarroo
Now to the charts . .
These are great levels but the one thing against them is that they are in the middle of the current market. That's not a big problem, but we must be quick to reduce our risk and/or quick to take profit when targets are hit.
Yeah, I really need to remember to keep this point in mind. This market is really choppy, so I need to always be nimble and cautious with my stop management and exits to protect myself.

Thanks for the charts, Jarroo. As always, your help is greatly appreciated.
"Dare to live the life you have dreamed for yourself. Go forward and make y
  • #110,273
  • Apr 15, 2012 9:56am Apr 15, 2012 9:56am
Quoting aserbfx
german metro on weekly. i would consider going short below the 26.50 euro.
one of the worst performers in the dax30.
done.
+ 4% so far.
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meine augen sind die sterne
  • #110,274
  • Apr 15, 2012 10:55am Apr 15, 2012 10:55am
Quoting aserbfx
done.
+ 4% so far.
nice one !

4 % is huge

regards,
Jonas
Hero calls followed by margin calls...
  • #110,275
  • Apr 15, 2012 11:26am Apr 15, 2012 11:26am
Quoting mbqb11
Hey V

Looks pretty interesting I think we will see a breakout to the downside as well

Best
Mike
I'm still lurking on here and trying to work out why the bias to the downside? I can see the H&S on the daily but given price could not close below the weekly LCS (8226) I'm struggling to rationalise a break to the down side?

Any feedback, as always, greatly appreciated.
  • #110,276
  • Apr 15, 2012 1:52pm Apr 15, 2012 1:52pm
Quoting Grousman
I'm still lurking on here and trying to work out why the bias to the downside? I can see the H&S on the daily but given price could not close below the weekly LCS (8226) I'm struggling to rationalise a break to the down side?

Any feedback, as always, greatly appreciated.
Just my view and I maybe wrong. I see the H&S which is a good indication that it may go lower but that whole area that created the H&S (consolidation) was a pull back of the overall downtrend.

If you put a fib retracement from the high back in October to the low in January you can see it that whole area was a pullback. I think the concensus is that the downtrend may resume if it breaks the BRN at 1.300

Something to watch either way. It could just as easily get rejected and go back up. Personally I would wait for a good bar setup.
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  • #110,277
  • Apr 15, 2012 3:27pm Apr 15, 2012 3:27pm
Hi folks,

how crazy I am, trying to understand how I can get PA working... 7354 pages to read "from the beginning", as they said...

I am brand new to... well, forex, as a matter of fact.
I've opened a micro account few weeks ago, and as many others (I hope!), I've been looking for the best way to get pips. More pips.
Even though I knew (felt?) Fx is not a get rich quick scheme
=> Issue n°1: I can get greedy.

So I went through indicators, get some stuff working, got confidence, moved from 4H TF to 1H, then 30M, then 15M. And lost, lost, lost.
Even though I knew, basically from reading the charts, that the higher the TF, the stronger the signal, whatever the signal is.
=> Issue n°2: why the hell don't I listen to myself?

Then I've been searching the robot that would make me rich.

Not too long, but I have to admit I did.... In my defence, I tried these stupid things on a demo account
=> I'm not that lazy, usually, especially for those kind of new stuff I find funny. Loosing time when I want to save it... that's one of my problems...


Then, after having lost half of my account, I decided to stop, read and learn.

I just landed on this thread by chance.
And indeed I've been lucky!!

Being a total newbie in the field, I won't be able to make wise statements. So I guess my posts will be for asking help or advice.
Yet, I couldn't just read and leave.
Even though this is the start of a new adventure, I really want to thank you all here.
What I've read so far was oh so interesting. So far from the usual crap I've been into, in so many other forums... (got stuck on this thread for the whole week end !)

I know I have a lot to work on, and I don't want to pollute this thread with this post, which is only here for a "hello" purpose (and for me, as future reference...) - so back to charts

I've allowed myself to compile some posts, referenced a looooong time ago by James16 (post 1) and Josh (http://www.forexfactory.com/showthre...99#post2585699) and ... sorry - can't remember... I've pooled these in a word doc, ready to get printed. It might be a bit messy, but if it can be of any help... you'll find it here: http://www.filehosting.org/file/deta...riceaction.doc

I'll keep reading this monstrous post
Slow & steady
  • #110,278
  • Apr 15, 2012 3:41pm Apr 15, 2012 3:41pm
Quoting patapouer
Hi folks,

how crazy I am, trying to understand how I can get PA working... 7354 pages to read "from the beginning", as they said...

I am brand new to... well, forex, as a matter of fact.
I've opened a micro account few weeks ago, and as many others (I hope!), I've been looking for the best way to get pips. More pips.
Even though I knew (felt?) Fx is not a get rich quick scheme
=> Issue n°1: I can get greedy.

So I went through indicators, get some stuff working, got confidence, moved from 4H TF to 1H, then 30M, then 15M. And lost,...
it's a great thread. Wading through it all isn't entirely necessary but you will learn more the longer you spend looking through what's posted here.
Many people here will help you. Enjoy!
  • #110,279
  • Apr 15, 2012 3:43pm Apr 15, 2012 3:43pm
AUD/NZD shows a nice IPB on friday. Its also approaching monthly BRN and monthly trendline.

This is still indecision I guess.
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Thoughts are things
  • #110,280
  • Apr 15, 2012 4:43pm Apr 15, 2012 4:43pm
AU continues in the bearish channel on Daily timeframe.
But there is a break on 4H timeframe, little confused.
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