Go to my prevous posts 112163 (23/5) and 112496 (30/5) and they are explained in detail. Hope this helps.
M
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedVery nice Buddy , Little advice , Remove the grid from your charts , it would make them alot easier to look at ... Instead , if you prefer , use grid indicator to show round numbers ....Ignored
DislikedMy first 2 demo trades have taken off as I would have liked. Views would be appreciated on next steps. Here are my views:-
USDJPY
TP now moved behind the trendline locking in 70 pips profit. Price initially rejected off 77.3 (no surprise with all those bar highs). I see 76 being my ultimate target with this trade (a nice healthy 400 pips). If I can get a close below 77.3 I will move stop just behind that area and lock in more profit. Another option would be to trail the bars or the trendline down- would like some views.
CADJPY
Day 1 done...Ignored
DislikedI believe we'll get daily BUOB before todays closure on audchf...nice ppz + fib + monthly close + small monthly pin...FTA is 0.9500(round, high, 50% fib) lvl, so very close - i'm gonna be very careful...Ignored
DislikedChanya,
Can you provide more detail on what grid indicator is and how to get it.
MIgnored
DislikedWell mbarker . .Looks like the CadChf strong Resistance level flipped to Support . .
No PA but a nice Touch trade with a couple pip buffer . .I had the .9373 and it can down to the .9374 . .Bam!! . . The Low of the Day . .
We still may see it come back with some bullish PA . . . . but then again we may not . .Ignored
DislikedYes, it even got my attention. LOL
Thanks Jim
EDIT:
I like the WLCS confluencing with the MLCS at 74.41Ignored
DislikedAbsolutely Pinbar . .I like these Weekly LCS levels too (in blue) . .but I like yours better because its on the Monthly and the Weekly TFs. .Ignored
DislikedYes Jim, I am also watching that weekly Gap open as a possible trigger.
I realized something, I can now look at the chart with the RN indicator horizontal lines and, use the deep SPs as triggers, and the Rns as targets or SL placement, without it confusing me, like it did before.
I think The trick is, keeping our eye on the swing points. Especially, when they line up with the RNs.
Great stuff Jim.Ignored
DislikedI like your eye on the Gold Weekly/Monthly levels. If we get a Weekly Close below this level it could be a strong indication of more down movement . .
Notice how that nice size PB on the Daily couldn't go anywhere . . . although it did hit its previous bar Low target (in blue) . .lol
.the Weekly / Monthly level is stopping it in its tracks . .Ignored
DislikedHad my order set for this for a few days and it got filled today.
I took the trade as there is a strong down trend.
The lowest close resistence is 0.9894 means the stop is protected by the round number of 0.9900
In the words of jarroo it was bam and to the pip.
And using the hourly signature as protection against taking a full loss gives me real confidence in these trades.
FTA hit happy days.Ignored
DislikedHi Haircut,
Can I ask what the price is that shows on your chart I've got a price of 1600 for gold as the BRN you refer to but yours is .9900???.Ignored
DislikedIgnored