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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

  • #111,101
  • May 2, 2012 5:37am May 2, 2012 5:37am
Guys I just want to show You an example of true real good AAA+++ pinbars on AUDCHF Daily chart - perfect location, good size, rejection of 365 and 150 EMA's. just one little problem - where to place stp loss?
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all is eternal - this is good news for people who loves bad news
  • #111,102
  • May 2, 2012 5:40am May 2, 2012 5:40am
Quoting meshka
Guys I just want to show You an example of true real good AAA+++ pinbars on AUDCHF Daily chart - perfect location, good size, rejection of 365 and 150 EMA's. just one little problem - where to place stp loss?
maybe get a new broker
  • #111,103
  • May 2, 2012 5:42am May 2, 2012 5:42am
Quoting FxEuphoria
anybody short on the EUR/USD?
I was watching it on the H4 , but didn't manage to like it enough .
I think it could be a better opportunity if it breaks 1.3000 on the daily .

Here is what i mean :
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  • #111,104
  • May 2, 2012 6:04am May 2, 2012 6:04am
Quoting Rust
I was watching it on the H4 , but didn't manage to like it enough .
I think it could be a better opportunity if it breaks 1.3000 on the daily .
I liked the ppz I marked in red, just waited for price to clear some minor lows before I sold..
  • #111,105
  • May 2, 2012 7:02am May 2, 2012 7:02am
Following Mike's advice and looking at all the pairs available with FxPro, I've found a funny one: EURLVL. Latvian Latti. Little but very nice country of the Baltic sea.
I guess it might not be so difficult to trade. Ups and downs come at very regular intervals...
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Slow & steady
  • #111,106
  • May 2, 2012 7:07am May 2, 2012 7:07am
Quoting Rust
Hey man ,
you are right , if you try to scroll through 70 pairs each hour or even every 4 hours , you'll turn zombie . Here comes useful to make a watch list . Then you can review all once or twice a day , and put just a several charts to watch closely .
thanks Rust! 70 Pairs.. I just counted, my broker offers about 70 pairs it counts as Majors, although including some highly correlated pairs (EURJPY USDJPY),

There are some exotic pairs as well which are interesting, as in I would probably never trade them lol... such as USDCNH (Offshore Chinese RMB)
31 pip spread!

Quoting meshka
Guys I just want to show You an example of true real good AAA+++ pinbars on AUDCHF Daily chart - perfect location, good size, rejection of 365 and 150 EMA's. just one little problem - where to place stp loss?
SL should be placed below the nose of the pinbar. If you were in that trade you should take half profits, set the rest to BE... and retire lol.
I saw something similar on USDCHF a few weeks ago (1st graph)
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  • #111,107
  • May 2, 2012 7:07am May 2, 2012 7:07am
Quoting patapouer
Following Mike's advice and looking at all the pairs available with FxPro, I've found a funny one: EURLVL. Latvian Latti. Little but very nice country of the Baltic sea.
I guess it might not be so difficult to trade. Ups and downs come at very regular intervals...
Looks more like a bad data . Besides i don't think you could handle the spread on such a small timeframe. Elaborate on this
  • #111,108
  • May 2, 2012 7:36am May 2, 2012 7:36am
Quoting equivestor12
cool, thank's Mike...I will check them out!

If you just want to watch and paper trade I like freestockcharts.com
You can watch a lot of markets and charts and set up portfolios to help with your demo trading. It is from the company that does TC2000. Thought the adverts seem to be getting bigger on the page....
  • #111,109
  • May 2, 2012 7:55am May 2, 2012 7:55am
nice wedge, Daily rising TL, price squeezed, BUOB swing low,
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  • #111,110
  • May 2, 2012 8:04am May 2, 2012 8:04am
Quoting LarryDarrell
I do understand the logic behind covering this amount of instruments: just take the perfect setup.

Nevertheless I am wondering: the reason I shifted to forex was the supposed 'purity' (for lack of a better word and my at best limited English...) of the price action here. With stocks you have session times, gaps, tricks played by major or even minor shareholders, etc. So I was assuming that technical analysis wouldn't go as far as in very liquid markets.

Would you say that the techniques talked about here fit 100% to all the different instruments?

Best,...
Hey LD

Yep you are right. For me this is why I only look at weekly charts for equities for the most part. It smooths that price action out. Once a chart looks like a chart then it's fine for me. FX does that because of the size for most pairs. But weekly/monthly on most equity charts will smooth out that action to make it like any other chart as well. So these techniques can be applied to most all markets

Best
Mike
  • #111,111
  • May 2, 2012 8:04am May 2, 2012 8:04am
Quoting mbqb11
nice wedge, Daily rising TL, price squeezed, BUOB swing low,
Lovely
  • #111,112
  • May 2, 2012 8:08am May 2, 2012 8:08am
Quoting 4tiger
lol, thought i'd throw in a little joke there.

honestly though, H&S patterns should be viable on monthly time frames right?



!!! I was going to ask how many pairs I should track.. with 70-80 pairs I would really lose track though I think.

---------------
I guess to make a good trade on the monthly charts I need to pinpoint an entry point from the Daily. I'm really just watching EURUSD... I just hate to think of all the time I'll have to spend away from the graphs when I'm in the army.

I have an uncle who has been watching JPY for...
Hey T

After awhile you will spend very little time on a chart because you will be looking for the standout situation. I can scan 80 pairs in probably ten mins or less most days. It gets easier with time.

I've been holding a pinbar on the weekly usd/chf for about 40 weeks now. You don't need to pinpoint your entries rather trade the chart as you would any other chart.

Keep things simple it's the best piece of advice I could ever give

Best
Mike
  • #111,113
  • May 2, 2012 8:09am May 2, 2012 8:09am
Quoting patapouer
Following Mike's advice and looking at all the pairs available with FxPro, I've found a funny one: EURLVL. Latvian Latti. Little but very nice country of the Baltic sea.
I guess it might not be so difficult to trade. Ups and downs come at very regular intervals...
this is one of the few pairs I do not watch
  • #111,114
  • Edited 9:12am May 2, 2012 8:30am | Edited 9:12am
First of all it's my first post here so i'd like to say:

Hello
and of course thank you all for great thread - i'm trying to read it from beginning - still lots of learning

I'd like to ask about trend lines... I think I understand psychological side of price - i understand why there are pivot zones etc.
What can't I understand how is it possible that price bounce from trend line so often? in few examples (for example in Mike's posts) it seems that it happens almost with accuracy of pip...
in major ppz there are almost same level every time - but in trend lines - it can be anywhere ...

it's amazing - but still i don't understand it

Best regards to all
fxstarterPL
  • #111,115
  • May 2, 2012 8:33am May 2, 2012 8:33am
Quoting mbqb11
Hey T


I've been holding a pinbar on the weekly usd/chf for about 40 weeks now. Y


Mike
Hi Mike, just out of curiosity why didn't you take profit @ the 9500 lvl?

kind regards
  • #111,116
  • May 2, 2012 8:37am May 2, 2012 8:37am
Quoting icarusfx
Hi Mike, just out of curiosity why didn't you take profit @ the 9500 lvl?

kind regards
Hey carus

I believe we have more room to run towards parity(1.0) and 1.5.(check the monthly chart out for the more clear area). I have locked in a great deal of profit so it's really just one of those letting it play out at this point

Best
Mike
  • #111,117
  • May 2, 2012 8:50am May 2, 2012 8:50am
Quoting mbqb11
Hey carus

I believe we have more room to run towards parity(1.0) and 1.5.(check the monthly chart out for the more clear area). I have locked in a great deal of profit so it's really just one of those letting it play out at this point

Best
Mike
Hi Mike, yeah i see what your talking about.... that was one hell of a pin bar! i'm more of a 1h chart man lol

all the best

Nathan
  • #111,118
  • May 2, 2012 9:11am May 2, 2012 9:11am
Quoting Quezoy
This was a DBHLC, but it was as big, as the 3 previous up bars together.
This is to much, IMO, a to strong move is suspicious.

It went down to a weekly LCS level, which acted allready a few times as support in the past and I do not think price will go lower. Much more likely is a move up towards 1.30 again.

Just my 2 cents, I aint no pro.
Thanks for response Quezoy. Well, took me a while to find out something about LCS levels because that is something that was not mentioned in the beginning of this thread, but youīre right that area will be problematic. Itīs just demo trade so no big deal and Iīve learned something new.
I took another short on NZDJPY, this one should be more succesful. Again itīs DBHLC that bounces off previous resistance.
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  • #111,119
  • May 2, 2012 9:21am May 2, 2012 9:21am
Quoting mbqb11
nice wedge, Daily rising TL, price squeezed, BUOB swing low,
Hey Mike,

Had the order on that same exact trade, as it didnt trigger on the next bar I cancelled it.. I think i learned that of u.. any tip or when we should leave the order for a longer time ? I remember something of when they are inside bars you could leave the order... btw, great trade !!

Thx mate.
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Trade Smart
  • #111,120
  • May 2, 2012 9:23am May 2, 2012 9:23am
Quoting Osman
Hey Mike,

Had the order on that same exact trade, as it didnt trigger on the next bar I cancelled it.. I think i learned that of u.. any tip or when we should leave the order for a longer time ? I remember something of when they are inside bars you could leave the order... btw, great trade !!

Thx mate.
Hey Os

I do pull my orders most of the time 90% i'd say or so. But if the trade story remains in tact then I will leave it. For this one it changed no differently for me so I left my order in(you could even look at it as 12hr buob and then it confirmed too)

Hope that helps
Mike
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