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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

  • #111,721
  • May 14, 2012 6:44am May 14, 2012 6:44am
USDCAD...

Hits Target Level.

http://www.forexfactory.com/attachme...3&d=1336869573
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  • #111,722
  • May 14, 2012 7:13am May 14, 2012 7:13am
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  • #111,723
  • May 14, 2012 8:27am May 14, 2012 8:27am
multiple "gaps" to close, price running into a major BRN of 8000 which has big time historical significance

Price is also losing momentum

I am watching 8000 like a hawk


hope everyone had a great weekend
Mike
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  • #111,724
  • May 14, 2012 9:00am May 14, 2012 9:00am
Quoting mbqb11
multiple "gaps" to close, price running into a major BRN of 8000 which has big time historical significance

Price is also losing momentum

I am watching 8000 like a hawk


hope everyone had a great weekend
Mike
check out gbpchf 1.5000...waiting for retest

regards,
Jonas
Hero calls followed by margin calls...
  • #111,725
  • May 14, 2012 9:04am May 14, 2012 9:04am
Quoting PhAnTi'
check out gbpchf 1.5000...waiting for retest

regards,
Jonas
very similar to eur/gbp have my eye on it too. Momentum is fading, but I need to see a nice strong reversal before I jump in. I'll be watching those BRNs CLOSE


Mike
  • #111,726
  • May 14, 2012 9:10am May 14, 2012 9:10am
Hi Mike. Recently, you post your trade USDCHF. I have a question. Say, do you close trade if prise gone to stop loss or take profit, or you have another conditions to trade close?
sorry for my еnglish.
Viktor.
  • #111,727
  • May 14, 2012 9:11am May 14, 2012 9:11am
Quoting mbqb11
very similar to eur/gbp have my eye on it too. Momentum is fading, but I need to see a nice strong reversal before I jump in. I'll be watching those BRNs CLOSE


Mike
chart sorry

If we don't break down then I just let these goes and wait for the next one. You could be looking for longs off the BRN too but when I start to see signs of failure(divergence) it gives me more of a bias. Throw a pattern in, and even more bias..but we still must wait


Best
Mike
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  • #111,728
  • May 14, 2012 9:12am May 14, 2012 9:12am
Quoting mbqb11
very similar to eur/gbp have my eye on it too. Momentum is fading, but I need to see a nice strong reversal before I jump in. I'll be watching those BRNs CLOSE


Mike
Hello, Mike.
What is "BRN"? thank you
  • #111,729
  • May 14, 2012 9:17am May 14, 2012 9:17am
Quoting eXtreme
Hello, Mike.
What is "BRN"? thank you
brn = "Big Round Number"

Look at the following post for J16 terminologies. Courtesy Pinbar.
http://www.forexfactory.com/showthre...gy#post5442457
  • #111,730
  • May 14, 2012 9:19am May 14, 2012 9:19am
Quoting eXtreme
Hello, Mike.
What is "BRN"? thank you
hey Ex,

Thanks goldfish!, yep it's Big Round number. One of those terms that caught on. I always watched closely the Bigger round numbers, which I term as every 500 pips on a pair. They are major psychological, fundamental, and self fulfilling levels, like a lot of round numbers are but the bigger ones can play even a larger role(and they do for me)

Best
Mike
  • #111,731
  • May 14, 2012 9:24am May 14, 2012 9:24am
Quoting Victor63
Hi Mike. Recently, you post your trade USDCHF. I have a question. Say, do you close trade if prise gone to stop loss or take profit, or you have another conditions to trade close?
sorry for my еnglish.
Viktor.
Hey Viktor

Sorry i may be misunderstanding. Are you referring to my weekly pinbar trade I have been in for a long time? Right now I am more or less leaving my stop locked in where it is and see if price wants to break up above 9500 for the next move higher. I don't intend to really move my stop until we retest the 9500 area if anything.

I may have missed your question though just try me again if so

Mike
  • #111,732
  • May 14, 2012 10:15am May 14, 2012 10:15am
Quoting mbqb11
Originally Posted by Victor63

Quoting Viktor63
Hi Mike. Recently, you post your trade USDCHF. I have a question. Do you close trade if prise gone to stop loss or take profit, or you have another conditions to trade close?
sorry for my еnglish.
Viktor.
Hey Viktor
Sorry i may be misunderstanding. Are you referring to my weekly pinbar trade I have been in for a long time? Right now I am more or less leaving my stop locked in where it is and see if price wants to break up above 9500 for the next move higher. I don't intend to really move my stop until we retest the 9500 area if anything.

I may have missed your question though just try me again if so

Mike
Mike, I'm sorry, I had in mind USDCAD.
Do you can close this trade before price gone to your take profit? Do you setup stop loss? Are moving stop loss when trade is open?
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  • #111,733
  • May 14, 2012 10:19am May 14, 2012 10:19am
Major support taken if d1 close under ?


Quoting Bones
Im really looking at support going ,maybe gap under,daily nice pin low breached
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,734
  • May 14, 2012 10:19am May 14, 2012 10:19am
Hey Rami,

Thanks for the chart, I appreciate it!

Quoting rami_8
I have nothing to add to Mike's answer, but excample of one setup where would been good to wait for few days.
  • #111,735
  • May 14, 2012 10:23am May 14, 2012 10:23am
Quoting sonicdeejay
U can show it as it is already happened..

but during the day??

Sonic
I admit it is easier to show examples from the past, but you are right, trader must make the decisions on live.

I did not find any good daily setups for this so this is one that I would not place a pending trade and wait for it to trigger. At least not to short it.
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  • #111,736
  • May 14, 2012 10:28am May 14, 2012 10:28am
Quoting Victor63
Mike, I'm sorry, I had in mind USDCAD.
Do you can close this trade before price gone to your take profit? Do you setup stop loss? Are moving stop loss when trade is open?
Hey Victor

RIght now my stop is still at b/e and my take profit is set in. But during most trades I am looking for ways to always be reducing risk and potentially locking in profit. In this case here my take going into it was to see if we could break the major resistance just above parity. So for me to move my stop up at this point would be counter productive to my original trade plan. Instead I am just leaving my trade at b/e and waiting to see if we can get that "push" out.

But I do actively look to move stops/take profits with most my trades(meaning they are not set and forget trades)

Hope that helps
Mike
  • #111,737
  • May 14, 2012 10:36am May 14, 2012 10:36am
Quoting Ifmyante
That comes with practice

To get a better understanding of what will happen in the future, it's best to study the past like there's no tomorrow!
Totally agree. There is no substitute for chart watching.
  • #111,738
  • May 14, 2012 11:19am May 14, 2012 11:19am
Quoting mbqb11
RIght now my stop is still at b/e and my take profit is set in. But during most trades I am looking for ways to always be reducing risk and potentially locking in profit. In this case here my take going into it was to see if we could break the major resistance just above parity. So for me to move my stop up at this point would be counter productive to my original trade plan. Instead I am just leaving my trade at b/e and waiting to see if we can get that "push" out.

But I do actively look to move stops/take profits with most my trades(meaning...
I just wanted to highlight the fact that Mike was consciously taking this trade for a specific purpose, which was because the conditions were hinting at a move out of consolidation. It is very important to always have and not lose sight of your purpose for taking a trade. If Mike would have lost sight of that, he surely would have been shaken out on Friday. I believe it is located on Seekinglight's signature, but it is something to the effect of, "Always give a trade a chance to play out."

There is also a flip side to this. Give your trades a chance to play out, but don't let all of your trades run against you when things don't work out.

Just my attempt at adding a bit of thought to a seemingly simple answer.

Comments/discussion welcome.
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  • #111,739
  • May 14, 2012 11:34am May 14, 2012 11:34am
Keep an eye on this one, possible trend continuation breakout...

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  • #111,740
  • May 14, 2012 12:10pm May 14, 2012 12:10pm
Another one to keep an eye on...

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