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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

  • #110,321
  • Apr 16, 2012 10:12am Apr 16, 2012 10:12am
Quoting mbqb11
updated chart + entry

Dropped to the 1hr( I will generally watch 4hr from a daily pattern and one hour if I really like something).

Notice price broke out of the pattern stopped dead at the BRN of 1.3 no surprise why right. Now we pulled back to the former neckline which was support and its acting as resistance. I used the 1.3050 area to more closely see how price would close. The pin closed UNDER this which was the key. Now we just see if we can get another push to the BRN. I will not let this entry get out of hand as the scope is still...
short lived on this one. Stopped out here. Looks like 1.3 is going to be significant again. Pattern is still in tact, but now I need something more significant. Like a daily BEOB through and close under the BRN, and or price closing out of this area and pulling back to it on the daily(or possibly 4hr once we close outside it).


Best
Mike
  • #110,322
  • Apr 16, 2012 11:18am Apr 16, 2012 11:18am
Quoting tulasi
hei i too, put buystop order on last bar high..lets watch..what happens
after that buob on 1 hr .i went for long and closed at 25 pip profit..there may be more room but i know its against trend and not safe to hold..so exited early
  • #110,323
  • Apr 16, 2012 11:22am Apr 16, 2012 11:22am
Quoting mbqb11
short lived on this one. Stopped out here. Looks like 1.3 is going to be significant again. Pattern is still in tact, but now I need something more significant. Like a daily BEOB through and close under the BRN, and or price closing out of this area and pulling back to it on the daily(or possibly 4hr once we close outside it).


Best
Mike
Sorry for maybe a stupid question, but.. I was tought that reversal patterns are viable only if we have the exact trend before them.
Pic.#1. Very beautiful SHS structute. Defined trend before it.
Pic.#2 E/U today. Can we realy seriously talk about SHS pattern today, as we have not really a defined trend. It looks like a sideways market.
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If not up, then down, otherwise sideways :-)
  • #110,324
  • Apr 16, 2012 11:24am Apr 16, 2012 11:24am
Quoting forextrini1
This is an off topic but just a quick question for experience traders. I am new to trading, but I've been following the james16 thread for years. I've been observing news trading lately, however I do not trade on news releases I just avoid them totally. But Can anyone explain what is going on, maybe with a chart. I realized when things are released better than expected, the US has been going in the opposite direction than it should..in other words like this morning, mainly good news at 830am for US retail sales, yet the EUR gained like 30 pips on...
Hi forextrini!

Currently the Euro is seen as a 'risk' currency meaning that it moves in correlation with the stock market, Therefore EUR/USD is likely to rise on perceived good economic data, whether it be in Europe Asia or the US.
The USD is generally a safe haven currency. In most crises (2008/9 for example) the USD rises because investors are putting their money into US treasuries.

Hope this helps!

Jonny
  • #110,325
  • Apr 16, 2012 11:30am Apr 16, 2012 11:30am
Quoting Magestic
Sorry for maybe a stupid question, but.. I was tought that reversal patterns are viable only if we have the exact trend before them.
Pic.#1. Very beautiful SHS structute. Defined trend before it.
Pic.#2 E/U today. Can we realy seriously talk about SHS pattern today, as we have not really a defined trend. It looks like a sideways market.
looks like a downtrend to me. Just look at how price is running. since june of last year

the pattern of H&S is just another form of consolidation. Markets breakout consolidate, breakout consolidate. When the consolidation becomes something more unique(aka a pattern that the market can see) these offer significant opportunities. And yes that's as simple as I keep my trading. Clear patterns, clear trends, clear confluence points within the pattern(and the outside of the pattern) that + PA = lots of potential

Usd/cad is another example

Some of my favorite patterns. As i said previously my 1hr was certainly a more aggressive entry but this pattern is still very much in tact and I will be watching closely the same arae I marked for you guys. This does NOT mean price HAS to go down. That is two very different things. THis means price is at a pivotal point this is where attention is drawn , lots of orderflow generated and opportunities exist

Hope that helps
Mike
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  • #110,326
  • Apr 16, 2012 11:34am Apr 16, 2012 11:34am
Quoting mbqb11
short lived on this one. Stopped out here. Looks like 1.3 is going to be significant again. Pattern is still in tact, but now I need something more significant. Like a daily BEOB through and close under the BRN, and or price closing out of this area and pulling back to it on the daily(or possibly 4hr once we close outside it).


Best
Mike
It happened almost the same to me ...my entry was based on so-so rejection bar of 1.3030 place after inside bar break up on H1 which I ignored and failed... but still want go below 1.3000 greedy meshka Daily candle very pinish at the moment... so it is quite possible to add another 40 pips to my loss today.
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all is eternal - this is good news for people who loves bad news
  • #110,327
  • Apr 16, 2012 12:04pm Apr 16, 2012 12:04pm
closed. will wait for Daily close.
all is eternal - this is good news for people who loves bad news
  • #110,328
  • Apr 16, 2012 12:40pm Apr 16, 2012 12:40pm
hi guys what do you think? USD CHF

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  • #110,329
  • Apr 16, 2012 12:44pm Apr 16, 2012 12:44pm
Quoting utiq
hi guys what do you think? USD CHF
Exactly the oposite from Eur/Usd ...
  • #110,330
  • Apr 16, 2012 12:53pm Apr 16, 2012 12:53pm
Quoting meshka
It happened almost the same to me ...my entry was based on so-so rejection bar of 1.3030 place after inside bar break up on H1 which I ignored and failed... but still want go below 1.3000 greedy meshka Daily candle very pinish at the moment... so it is quite possible to add another 40 pips to my loss today.
yeah me too. Got stitched up on EURAUD too.
  • #110,331
  • Apr 16, 2012 1:05pm Apr 16, 2012 1:05pm
this is all the euro is to me now. A range. Until it gets out of these edges treat it as such. The midpoint of a range = ??
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  • #110,332
  • Apr 16, 2012 1:10pm Apr 16, 2012 1:10pm
Quoting FxPrelude
Exactly the oposite from Eur/Usd ...
I guess it was to short answer

I noticed some dont pay much atention to corelation ... so to make your job easyer ... once you know some thing about a certain pair like Eur/Usd ( about wich was talked alot in last few posts ) wich has -96% corelation to Usd/Chf you can basicly aply allmost the same analisis to it and in some cases save your self from making a mistake trading pairs like that in the same direction instead buying one and selling the other .

I hope you understand what i mean my english is not so good lol

Pic ... CHF is up side down
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  • #110,333
  • Apr 16, 2012 1:12pm Apr 16, 2012 1:12pm
Quoting beebolbod
yeah me too. Got stitched up on EURAUD too.
Just a question for all the folks who were short on EUR/USD. I did not take a position.

I would just like to know the rationale behind the short entries. Its understood that there has been massive confluence around the 1.3 area i.e. as mike mentioned H&S neck like break, strong downtrend since last year etc. but there was no relevant PA to support the fact that price would be going down. Today even the H1 LCS was a good 10 pips above 1.3. I was expecting that everyone here would be waiting for strong PA to close below 1.3 on either H1 or H4 before entry. But i see this was not the case.

In fact i see 2 H1 BUOB's both breaking back inside the neck of the H&S and as a result going up about 100 pips or so. How come this signal was ignored?

Just asking to improve my understanding as I have always had trouble with precise entries and exits.

-H
  • #110,334
  • Apr 16, 2012 1:32pm Apr 16, 2012 1:32pm
Quoting Ifmyante
CADJPY W1 has engulfed

Would like a strong close on it
Put a conservative tp on this while away on holiday.

Was good for 25:1, so that's the account up by just over 50% on this trade
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  • #110,335
  • Apr 16, 2012 1:46pm Apr 16, 2012 1:46pm
1. PB off weekly PPZ
2. PB off TL
3. good PB shape
4. Almost 1:1 till potential trouble
5. 38.2 Fib level
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  • #110,336
  • Apr 16, 2012 1:47pm Apr 16, 2012 1:47pm
Quoting Ifmyante
Put a conservative tp on this while away on holiday.

Was good for 25:1, so that's the account up by just over 50% on this trade
thats a nice ride..
  • #110,337
  • Apr 16, 2012 1:50pm Apr 16, 2012 1:50pm
Quoting shephrd
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.



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.
Sure thing my friend . . . .you're doing great . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #110,338
  • Apr 16, 2012 1:59pm Apr 16, 2012 1:59pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Hey its been a while... how is everyone doing in here? Miss my buddies
I have seen the enemy, and it is me.
  • #110,339
  • Apr 16, 2012 2:08pm Apr 16, 2012 2:08pm
Quoting Jey
Hey its been a while... how is everyone doing in here? Miss my buddies
hey dude what's up ?
  • #110,340
  • Apr 16, 2012 2:13pm Apr 16, 2012 2:13pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting mbqb11
hey dude what's up ?
Hey Mike whats up? Just dropping by to say hi... its been sometime since I last dropped in here. Looks like your EU trade was stopped out prematurely huh? Is the bias been changed to Long?
I have seen the enemy, and it is me.
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