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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

  • #111,761
  • May 15, 2012 6:12am May 15, 2012 6:12am
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
Quoting PhAnTi'
check out gbpchf 1.5000...waiting for retest

regards,
Jonas
Hi Mike and Jonas,

EG and GC both broken back into 0.8 and 1.5 respectively. Good momentum as well. Do you think there will likely be rejection PA on their retest?

-H
  • #111,762
  • May 15, 2012 6:58am May 15, 2012 6:58am
Quoting goldfish3
Hello All,

My first trade for the week. Took the GBPCAD W1 PB on the retrace to D1 HCR which to my delight was up to the pip. SL 30 PIP. Majority position closed at 66 pip SL to BE.

1risk:2return. Free trade running for long term to see if lower TL breaks down.

Best
-H
Good work
  • #111,763
  • May 15, 2012 7:19am May 15, 2012 7:19am
Quoting goldfish3
Hello All,

My first trade for the week. Took the GBPCAD W1 PB on the retrace to D1 HCR which to my delight was up to the pip. SL 30 PIP.
Hi Goldfish,

Your trades are a source of inspiration for me (as many many other posters here!) , thanks a lot for that.

May I ask you few very naive questions about your "D1 entry on HCR retrace"?
I've drawn some stuff on the above graph, trying to figure this out.
Am I right in thinking you took position at the 61.8 ret?
I would have drawn Fibs engulfing shadows, not just the body of the candles. Am I mistaking in doing so?

Last question: is this the entry you use on weekly charts?
I've been playing around with Forex Tester on W1 charts, focusing on pin bars and entering on their break. My feeling was that there are quite few set ups (which is not an issue, since "you gotta be picky" ). Your method of entry would surely potentiate the gains - though it might be a bit riskier, isn't it?

Thanks a lot for your help!
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Slow & steady
  • #111,764
  • May 15, 2012 8:25am May 15, 2012 8:25am
Took this demo trade today on the Aud/JPY

Yesterdays daily bar closed beneath the lowest close support which is also the BRN 80. I entered on the retest of 80 today and have uploaded the 4hr chart to show the signature of the trade.

Closed 3/4 of the trade at the FTA and have moved stop to B/E to see if it can run some more.

Thanks Jim your the man!

Hair
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  • #111,765
  • May 15, 2012 8:32am May 15, 2012 8:32am
Quoting goldfish3
Hi Mike and Jonas,

EG and GC both broken back into 0.8 and 1.5 respectively. Good momentum as well. Do you think there will likely be rejection PA on their retest?

-H
Hey G

We always want to assume thats a possibility until we get outside of our breakout areas. So right now the support at the BRN of e/g is holding as resistance and vice versa on gbp/chf. I don't like to play within these areas but rather wait for price to get outside of the areas I am watching. Then price has a reason to go the way I am looking and it makes managing it easier

Best
Mike
  • #111,766
  • May 15, 2012 8:38am May 15, 2012 8:38am
Quoting patapouer
Hi Goldfish,

Your trades are a source of inspiration for me (as many many other posters here!) , thanks a lot for that.

May I ask you few very naive questions about your "D1 entry on HCR retrace"?
I've drawn some stuff on the above graph, trying to figure this out.
Am I right in thinking you took position at the 61.8 ret?
I would have drawn Fibs engulfing shadows, not just the body of the candles. Am I mistaking in doing so?

Last question: is this the entry you use on weekly charts?
I've been playing around with Forex Tester on W1 charts,...
Hi Patapour,

I'm glad you found my trade insightful. Firstly, as you go through beginnings of this thread, you will realize that there are multiple ways to enter PA set-ups. The 2 that I use are either

1) entering on the break of the set up (e.g.) I would have a limit order set 5 to 10 pips below a Bearish PB) [chart 1].

2) Entering when price retraces after showing PA to the HCR/LCS/RN/BRN/TL that it had tested and formed a signal with [chart 2] (placing a stop order at a particular price). This is a system that is invented by one of our senior members, Ghous, and you can find more information either in the beginning bits of this thread or his Blog on the following link.

http://www.ghousfx.blogspot.com/

Secondly, I do not use FIB's on a PA candle when I am figuring out my entry point from a PA signal. I will usually use only the significant (reactive) levels, 360/150 EMA. If FIB levels happen to coincide with a big level (a retracement completion for example) then that will add more confluence to the entry. [chart 3]

This method is what I find comfortable using and i feel I can understand price movement better with. Other would almost certainly be using different methods of entry and exit. As mike says, you have to choose a method that you are comfortable with and practice it till it is successful for you.

I am still a novice at this and learn more everyday. The set-ups that I take might not be as high probability as are the ones most senior members here take, but I am developing the skill slowly and gradually to pull the odds on my side.

Endless thanks and gratitude to all the senior experienced traders here who have been willing to share their knowledge and skill and make an extra effort to teach whilst asking for nothing in return. True prodigies the lot of them.

Anyway hope my insight on things helped a bit.

Best
-H
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  • #111,767
  • May 15, 2012 8:39am May 15, 2012 8:39am
Quoting mbqb11
Hey G

We always want to assume thats a possibility until we get outside of our breakout areas. So right now the support at the BRN of e/g is holding as resistance and vice versa on gbp/chf. I don't like to play within these areas but rather wait for price to get outside of the areas I am watching. Then price has a reason to go the way I am looking and it makes managing it easier

Best
Mike
Thanks Mike,

I am always weary as well to play these area. They are always so reactive and nerve wrecking.....

-H
  • #111,768
  • May 15, 2012 8:45am May 15, 2012 8:45am
Quoting goldfish3
Thanks Mike,

I am always weary as well to play these area. They are always so reactive and nerve wrecking.....

-H
You just want to wait for the pattern to be at your back. Notice price never got outside the pattern(I have shifted my pattern since it's not a perfect one). A real signal would be price closing under both the BRN AND the pattern. Not just coming near the edge. That's what we use price action for once we get there to know if it's time for a breakout(or rather put us in the best position possible)


Best
Mike
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  • #111,769
  • May 15, 2012 8:58am May 15, 2012 8:58am
Quoting goldfish3
Hi Patapour,

I'm glad you found my trade insightful. Firstly, as you go through beginnings of this thread, you will realize that there are multiple ways to enter PA set-ups. The 2 that I use are either

1) entering on the break of the set up (e.g.) I would have a limit order set 5 to 10 pips below a Bearish PB) [chart 1].

2) Entering when price retraces after showing PA to the HCR/LCS/RN/BRN/TL that it had tested and formed a signal with [chart 2] (placing a stop order at a particular price). This is a system that is invented...
thanks for your help and patience, I really appreciate. Reading this thread fills my little head with a lot of new things to understand and test - and I sometimes need some help to clear that mess

As you said, this thread is full of people willing to help other making their way through price action. Their devotion makes this thread really special.
Slow & steady
  • #111,770
  • May 15, 2012 9:21am May 15, 2012 9:21am
One more trade to share . I've been watching this one for a lot of time
Here i am :

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I hope it makes sense

EDIT : that should say Lower highs , on the upper chart , not lower lows .... oops .
  • #111,771
  • May 15, 2012 9:28am May 15, 2012 9:28am
EUR/AUD

Been watching this for a boput 3 weeks now. Finally provided a sell signal at the marked area of s/r + 50 fib. Went short on the break on mondays PB.- Co insides with the euro slide we are seeing across the board, but this seems like a decent place to get onboard as I missed the ride on EUR/GBP and EUR/USD
Attached Image
  • #111,772
  • May 15, 2012 9:59am May 15, 2012 9:59am
Quoting Brixton
EUR/AUD

Been watching this for a boput 3 weeks now. Finally provided a sell signal at the marked area of s/r + 50 fib. Went short on the break on mondays PB.- Co insides with the euro slide we are seeing across the board, but this seems like a decent place to get onboard as I missed the ride on EUR/GBP and EUR/USD
In on this one also, just moved stop to BE, 1st target 1.28000
  • #111,773
  • May 15, 2012 11:02am May 15, 2012 11:02am
GBP/USD pending buy for touch trade.

BRN 1.6, fib 61.8, weekly HCR, bull divergence.

SL 35 pips, 1st TP 80 pips.
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Thoughts are things
  • #111,774
  • May 15, 2012 11:06am May 15, 2012 11:06am
Quoting Brixton
EUR/AUD

Been watching this for a boput 3 weeks now. Finally provided a sell signal at the marked area of s/r + 50 fib. Went short on the break on mondays PB.- Co insides with the euro slide we are seeing across the board, but this seems like a decent place to get onboard as I missed the ride on EUR/GBP and EUR/USD
Not a pinbar, but definetely a nice place to go short.
Thoughts are things
  • #111,775
  • May 15, 2012 12:14pm May 15, 2012 12:14pm
Quoting Quezoy
GBP/USD pending buy for touch trade.

BRN 1.6, fib 61.8, weekly HCR, bull divergence.

SL 35 pips, 1st TP 80 pips.
Hey Quezoy ,
talking about divergence , i think you have to measure the highs in an uptrend . Lows for a downtrend
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  • #111,776
  • May 15, 2012 12:23pm May 15, 2012 12:23pm
Quoting Rust
Hey Quezoy ,
talking about divergence , i think you have to measure the highs in an uptrend . Lows for a downtrend
Attachment
According to babypips thats hidden bullish divergence:
http://www.babypips.com/school/diver...eat-sheet.html
Thoughts are things
  • #111,777
  • May 15, 2012 12:25pm May 15, 2012 12:25pm
Quoting Rust
One more trade to share . I've been watching this one for a lot of time
Here i am :

Attachment
Attachment

I hope it makes sense

EDIT : that should say Lower highs , on the upper chart , not lower lows .... oops .
Very nice. I had (still have for that matter) a pending order on the pull back to the daily LCS that didn't get triggered. Price went within 10 pips and has dropped like a rock. Keep us in the loop on how you manage the trade.
  • #111,778
  • May 15, 2012 12:32pm May 15, 2012 12:32pm
Quoting Quezoy
GBP/USD pending buy for touch trade.

BRN 1.6, fib 61.8, weekly HCR, bull divergence.

SL 35 pips, 1st TP 80 pips.
hey,quezoy.
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A chart helps those who can read it.
  • #111,779
  • May 15, 2012 1:10pm May 15, 2012 1:10pm
german deutsche bank on daily. break of support and channel.
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meine augen sind die sterne
  • #111,780
  • May 15, 2012 1:24pm May 15, 2012 1:24pm
Quoting Rust
One more trade to share . I've been watching this one for a lot of time
Here i am :

Attachment
Attachment

I hope it makes sense

EDIT : that should say Lower highs , on the upper chart , not lower lows .... oops .
im sorry. What means preemptive? Pure break?
If not up, then down, otherwise sideways :-)
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