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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

  • #113,921
  • Jul 4, 2012 11:09am Jul 4, 2012 11:09am
Quoting supremeChaos
Hello Sir Aslam,
that pinbar is relatively small and is heading straight to traffic (your small upward channel).
another issue is lack of liquidity because today is July 4 (US Independence day)
so take note of these if you are going to trade it.


"Happy 4th" to our fellow US traders


btw, while our American friends celebrate, watch the Liborgate/Lie-borgate scandal testimony LIVE on bloomberg.com

Thanks supremechoas.... I got your point
  • #113,922
  • Jul 4, 2012 5:41pm Jul 4, 2012 5:41pm
Quoting Hotwinter
AUD/USD..........
Ive been watching the pair for sometime, as a senior member told me, its at the midpoint resistance level in the 1.0265 area in a big box if you look at weekly charts and it has failed to break through. That pinbar is in way too much traffic current trend is more of less sideways.
Note: US employment data releases in the morning and more data friday. That should cause some movement in this pair and extreme volatility, some people like that some dont.
The actual support level was around end of April beginning of May at 0.9576 PPZ on the weekly charts. At this point I am demo trading this pair, its too risky to place a live trade in. I expect with news tomorrow it will break through resistance and continue upward momentum. In any case its a bad time to enter a trade at this point, in my opinion. If it does go short, it should find support at 1.000 levels before looking at 1.0400's area.
Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month: na
  • #113,923
  • Jul 4, 2012 5:49pm Jul 4, 2012 5:49pm
This is to all new traders. Have you ever sat down reading this huge thread trying to figure it all out then all of a sudden you get that "aaaaaahhaa moment" and everything seems to click? in other words u finally understand? Its finally happened to me, when I was reviewing the history of my demo trades...now I say to myself..."what the heck was I thinking when I did that?" lol
Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month: na
  • #113,924
  • Jul 4, 2012 6:27pm Jul 4, 2012 6:27pm
Quoting nc_trader
AUD/USD.
Nice chart! I'm long
http://img835.imageshack.us/img835/7696/catsnq.jpg
Uploaded with ImageShack.us
I'm in this pair long as well. Seems like there isn't much liquidity as of late. Probably bcoz its the 4th of July. Happy 4th of July guys!
  • #113,925
  • Jul 4, 2012 9:55pm Jul 4, 2012 9:55pm
eur/aud approaching support-zone.
Attached Image (click to enlarge)
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meine augen sind die sterne
  • #113,926
  • Jul 4, 2012 11:06pm Jul 4, 2012 11:06pm
Quoting forextrini1
This is to all new traders. Have you ever sat down reading this huge thread trying to figure it all out then all of a sudden you get that "aaaaaahhaa moment" and everything seems to click? in other words u finally understand? Its finally happened to me, when I was reviewing the history of my demo trades...now I say to myself..."what the heck was I thinking when I did that?" lol
Hello Sir forextrini1,
as you walk through your journey, more AHA moments will come

keep it up Sir!
  • #113,927
  • Jul 5, 2012 5:42am Jul 5, 2012 5:42am
Quoting aserbfx
eur/aud approaching support-zone.
Was watching this pair last night, and noticed that yesterdays daily close was the first close ever under 1.22. Still trailing out from that DG I4B on the 1.25.
Price is beautiful. A repetitive method is a competitive method.
  • #113,928
  • Jul 5, 2012 5:49am Jul 5, 2012 5:49am
Quoting mbqb11
updated chart
It broke. Did you enter, Mike. I was watching this but saw no trigger. Am I blind?
If not up, then down, otherwise sideways :-)
  • #113,929
  • Jul 5, 2012 6:14am Jul 5, 2012 6:14am
Quoting Brixton
Going short on NZDUSD

Daily chart shows nice a/r level and downward trendline

Break of bearish inside bar on 4hr chart

Update - I'm already short, but a nice Pin Bar now to re-confirm possible short bias.
Attached Image
  • #113,930
  • Jul 5, 2012 6:18am Jul 5, 2012 6:18am
Quoting Magestic
It broke. Did you enter, Mike. I was watching this but saw no trigger. Am I blind?
Hey Magestic

Nope you are not blind

No entry for me either(we'll I'll admit with holiday I slept in and missed it). But one would have had to play either a close above 9400, a close above the last high) or just a pure break. In my view not enough for me. This happens ALL the time with breakout patterns. We can't have it all ways. I got a lot of emails of people made they missed the boat. That feeling is what leads to future bad trades. I see it all the time. Not saying you have that feeling, but just addressing that as well. 9400 is now a fantastic area to watch for PA as well if/when we pullback.

Hope all the USers had a nice safe 4th of july
Mike
  • #113,931
  • Jul 5, 2012 6:26am Jul 5, 2012 6:26am
Attached Image (click to enlarge)
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  • #113,932
  • Jul 5, 2012 7:07am Jul 5, 2012 7:07am
Just went long. Something wrong with it? Looks pretty nice to my untrained newbie eye :-) Stop loss too close?

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  • #113,933
  • Jul 5, 2012 7:13am Jul 5, 2012 7:13am
Quoting ricosta
Just went long. Something wrong with it? Looks pretty nice to my untrained newbie eye :-) Stop loss too close?

Attachment
Hey Rico

What was your reason to buy?

Best
Mike
  • #113,934
  • Jul 5, 2012 7:25am Jul 5, 2012 7:25am
Quoting mbqb11
Hey Magestic

Nope you are not blind

No entry for me either(we'll I'll admit with holiday I slept in and missed it). But one would have had to play either a close above 9400, a close above the last high) or just a pure break. In my view not enough for me. This happens ALL the time with breakout patterns. We can't have it all ways. I got a lot of emails of people made they missed the boat. That feeling is what leads to future bad trades. I see it all the time. Not saying you have that feeling, but just addressing that as well. 9400...
Thanks, Mike. You just calmed me down. I really feel frustration in these cases, but pure break trade was too scary, coz it could be easily a false one. But the pattern looked so beautiful and no good trigger. This is life
If not up, then down, otherwise sideways :-)
  • #113,935
  • Jul 5, 2012 7:36am Jul 5, 2012 7:36am
Quoting Magestic
Thanks, Mike. You just calmed me down. I really feel frustration in these cases, but pure break trade was too scary, coz it could be easily a false one. But the pattern looked so beautiful and no good trigger. This is life
Good M

I was speaking the other day saying. I look at charts, have a good idea where things are going. Create my story but more times then not I find no entry that satisfies that aspect of it. Of course each individual trader is different, but I think thats important to understand. I try to put my money on the line when things all line up. I make mistakes like anyone else but I feel the ability to forget what you miss, or didn't work out and move on is very important. Cause there will always be another pattern, bar, story somewhere. We just gotta wait for things to fulfill our personal criteria. For me for breakouts the only time I buy pure breaks(or I should say most times) is with multi bar highs/lows. Or the TBH TBL as taught here for the basics.

Glad it helped
Mike
  • #113,936
  • Jul 5, 2012 7:58am Jul 5, 2012 7:58am
Quoting mbqb11
Hey Rico

What was your reason to buy?

Best
Mike
PBT&CA of the PPZ (which I judge as a strong one) 3 days ago. Then price retraced and retested the level the second time today. Trend is pointing up. Also price recently broke through the two EMA's which could provide support. Therefore my s/l below level and near ema. Entry allowed for a small s/l. FTA at 1.03143. Will move stop to break even at that level, maybe decide to close, depending on price action. If price goes through I look at around 100 pips to the next level. Will most likely trace s/l below last days low during the "space".

Does it make sense?
  • #113,937
  • Jul 5, 2012 8:03am Jul 5, 2012 8:03am
Quoting ricosta
PBT&CA of the PPZ (which I judge as a strong one) 3 days ago. Then price retraced and retested the level. Trend is pointing up. Also price recently broken through the two EMA's which could provide support. Therefore my s/l below level and near ema. FTA at 1.03143. Will move stop to break even at that level, maybe decide to close, depending on price action. If price goes through I look at around 100 pips to the next level. Will most likely trace s/l below last days low during the "space".

Does it make sense?
Hey Champ,

My sales manager used to say:
"it's time to shine in two thousand nine"

now i say,
"it's time to sell in two thousand twelve"

It's still plausible right.....?

(just kidding)
  • #113,938
  • Jul 5, 2012 8:08am Jul 5, 2012 8:08am
Quoting Variance
Hey Champ,

My sales manager used to say:
"it's time to shine in two thousand nine"

now i say,
"it's time to sell in two thousand twelve"

It's still plausible right.....?

(just kidding)
hmmm, didn't change a thing although I was worried about the full moon for a moment :-)
  • #113,939
  • Jul 5, 2012 8:12am Jul 5, 2012 8:12am
Quoting ricosta
hmmm, didn't change a thing although I was worried about the full moon for a moment :-)
LOL! just having some fun with the holiday season. did short the S&P mini's thoughfor a nano scalp....
  • #113,940
  • Jul 5, 2012 8:15am Jul 5, 2012 8:15am
A question for Mike (not exclusively!)

Does anyone use these methods on Indicies? I have been looking at the various majors Dax, FTSE, Nasdaq etc and Weekly and Daily levels seem to play their part.

I would be keen to hear anyone actually trading them?
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