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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

  • #114,961
  • Aug 3, 2012 1:37pm Aug 3, 2012 1:37pm
I actually took this trade, but forgot to post it here when I did.

it is for VZ stock and it has a few things going for it:

1. Nice PB, even though the right eye doesn't line up perfectly, it has a very long nose.
2. Coincides exactly with the previous high, forming what looks like a nice double top

I entered on the break and took 3/5 of my position off today (options) and moved the remaining contracts to just above BE.

I think it was pretty good looking, and I spent the better part of a week watching a ton of stocks and currency dailies to just find this one trade, so my first J16 trade was a success.

What do you guys think of this setup???????
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  • #114,962
  • Aug 3, 2012 1:58pm Aug 3, 2012 1:58pm
Quoting deltaskelta
I actually took this trade, but forgot to post it here when I did.

it is for VZ stock and it has a few things going for it:

1. Nice PB, even though the right eye doesn't line up perfectly, it has a very long nose.
2. Coincides exactly with the previous high, forming what looks like a nice double top

I entered on the break and took 3/5 of my position off today (options) and moved the remaining contracts to just above BE.

I think it was pretty good looking, and I spent the better part of a week watching a ton of stocks and currency dailies...
fantastic dude! How simple was that
  • #114,963
  • Aug 3, 2012 1:59pm Aug 3, 2012 1:59pm
Quoting PipforPip
First post in this thread, I've been lurking here for the past month or two and I just want to say thank you to everyone who has made this thread so great.
James, Mike and Jarroo for sharing so much wisdom with all of us, Chanya for creating that great PDF(really looking forward to pt 2), and to everyone who helps out and contributes to this thread, there are too many to name..
Thank You all of you, this thread has completely changed my approach to trading..
welcome pip for pip glad to have you
  • #114,964
  • Aug 3, 2012 2:04pm Aug 3, 2012 2:04pm
Quoting mbqb11
fantastic dude! How simple was that
Thanks mike, I think it's starting to work for me, just curious how you would rate this setup? Is it something you would trade if you saw this?
  • #114,965
  • Aug 3, 2012 3:25pm Aug 3, 2012 3:25pm
Quoting deltaskelta
Thanks mike, I think it's starting to work for me, just curious how you would rate this setup? Is it something you would trade if you saw this?
I think it's a fine setup delta. You treated the situation perfect. Most importantly not a lot of space to run till trouble and you protected yourself.

That's spot on in my book

Mike
  • #114,966
  • Aug 3, 2012 3:32pm Aug 3, 2012 3:32pm
Simple as 1 2 3

-Rising TL
-1.55
-IB
-Demand

Half off and trailing the rest
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  • #114,967
  • Aug 3, 2012 3:35pm Aug 3, 2012 3:35pm
Quoting mbqb11
welcome pip for pip glad to have you
Its really kind of funny when one have to refer to someone with their usernames , specially when they are like this ... No offense pipforpip , just saying ..
Human
  • #114,968
  • Aug 3, 2012 3:53pm Aug 3, 2012 3:53pm
Quoting Chanya
Its really kind of funny when one have to refer to someone with their usernames , specially when they are like this ... No offense pipforpip , just saying ..
haha it does sound kind of funny
Maybe I should have chosen a more natural sounding username
  • #114,969
  • Aug 3, 2012 5:10pm Aug 3, 2012 5:10pm
Quoting mbqb11
I think it's a fine setup delta. You treated the situation perfect. Most importantly not a lot of space to run till trouble and you protected yourself.

That's spot on in my book

Mike
sweet, I just noticed something new that hit me like a ton of bricks with equities. I just understood what a good hedge will do.

1. VZ fell today, but the market was up overall (+250ish DOW)
2. this means VZ actually fell a lot harder that it did because of where it stood EOD relative to the market

So...

A good hedge would be something with a high Beta correlation, and if I went long in that the spread would have widened a whole lot today, giving me the real effect of the VZ short.

EDIT: sorry a little off topic, but maybe it will turn a light on for someone
  • #114,970
  • Aug 4, 2012 8:55am Aug 4, 2012 8:55am
Guys, is this a possible good short on daily AUD/CAD? As we have just made it through a big round number of 1.0500, we have a divergence. Then we have a double high from the last two days that is almost to the pip on 76.4 fib retracement (the pink line) and this retracement happens to be right next to what used to be support (the green line). However, the last candle looks quite bullish to me. Perhaps it would be safer to wait for a break back below 1.0500 and then sell it?

What do you think?
Thanks.
Attached Image (click to enlarge)
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  • #114,971
  • Aug 4, 2012 10:05am Aug 4, 2012 10:05am
Quoting jsvihla
Guys, is this a possible good short on daily AUD/CAD? As we have just made it through a big round number of 1.0500, we have a divergence. Then we have a double high from the last two days that is almost to the pip on 76.4 fib retracement (the pink line) and this retracement happens to be right next to what used to be support (the green line). However, the last candle looks quite bullish to me. Perhaps it would be safer to wait for a break back below 1.0500 and then sell it?

What do you think?
Thanks.
Hey J

Technically a 2bar high does represent resistance until broken. I don't know a ton of people who play them in that manner. More people like to play them as continuations when broken. But technically speaking if you think your resistance area is strong enough one could sell with a pretty tight stop above the TBH. Fighting a very strong trend though I'd like to see a lot more confluence. I agree waiting to watch the BRN of 1.0500 for better clues

Hope everyone is enjoying the weekend

Mike
  • #114,972
  • Aug 4, 2012 12:17pm Aug 4, 2012 12:17pm
Quoting jsvihla
Guys, is this a possible good short on daily AUD/CAD? As we have just made it through a big round number of 1.0500, we have a divergence. Then we have a double high from the last two days that is almost to the pip on 76.4 fib retracement (the pink line) and this retracement happens to be right next to what used to be support (the green line). However, the last candle looks quite bullish to me. Perhaps it would be safer to wait for a break back below 1.0500 and then sell it?

What do you think?
Thanks.
On top of what Mike had said, consider the direction of the trend as well as
  • #114,973
  • Edited 12:13am Aug 5, 2012 12:10am | Edited 12:13am
Hi all,

I stopped my little forex experimentation for a couple of years, but now I'm back with a new demo account.

Saw this set up on the USDCHF weekly chart during the week. Regardless of how it ended up, how would you rate it based on these charts (weekly/monthly):

(My own newbie rationale is here: http://moneyblogpost.com/2012/08/03/...s-modest-gain/)
Attached Image(s) (click to enlarge)
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  • #114,974
  • Aug 5, 2012 2:51am Aug 5, 2012 2:51am
Mike
Hello

What is your opinion on the g / cad


Thank you
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  • #114,975
  • Aug 5, 2012 3:47am Aug 5, 2012 3:47am
Quoting Chanya
Trade ...
good job !
Hero calls followed by margin calls...
  • #114,976
  • Aug 5, 2012 3:49am Aug 5, 2012 3:49am
Quoting bullzeye
USD/CAD

add another position lil higher

Attachment
never add to losing positions to expect a breakeven or s.th like that, this is pretty dangerous.

all in all trend is down, selling the supply lvls shouldnt be that bad though
Hero calls followed by margin calls...
  • #114,977
  • Aug 5, 2012 3:51am Aug 5, 2012 3:51am
Quoting Hotwinter
Hello Chanya...

I would be thankful if u could spare some time to answer this question.

suppose U have entered a trade on EUR/USD (on PBT & CA/B), and by now u are 30+ pips green, what will u do if an important news about EUR or USD is coming in next one hour.

Would u close your trade?

or

U will move to break even?

or

Will do nothing.

once again thanks in advance....

====
aslam
well technicals never lie.
Me personally never check for upcoming news.I don't care. Whether price falls or rises, i will get my trader.
Either way.
Hero calls followed by margin calls...
  • #114,978
  • Aug 5, 2012 3:52am Aug 5, 2012 3:52am
Quoting meshka
another one for kiwi
looks actually nice, but im a bit sceptic here..... this breakout upwards before makes me dizzy....

looks pretty straight and strong, but line should work out ...

lets c
Hero calls followed by margin calls...
  • #114,979
  • Edited 4:20am Aug 5, 2012 4:18am | Edited 4:20am
Hi all,

I've reread the first few pages of this fantastic thread and applied my learning to this attached chart. It's the daily GBPJPY.

Here's my rationale. Am I on the right track?

1) Waiting in the bushes with my sniper rifle for bearish price action set-ups in the "Sell zone" should the pair break north next week.
2) Bearish because weekly and monthly 365 exponential MA shows bearish trends even while the daily has flattened out in recent times, therefore I would be waiting to trade with the long-term trend.
3) In the "sell zone" there is confluence of:

1) Two Fib retraces
2) A big round number which is also a weekly pivot point zone, and which has recent resistance cred
3) AND the daily 365 exponential MA

What do you guys think of my analysis? Any feedback hugely appreciated! :-)
Attached Image (click to enlarge)
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  • #114,980
  • Aug 5, 2012 4:38am Aug 5, 2012 4:38am
Quoting dabbledave
Hi all,

I've reread the first few pages of this fantastic thread and applied my learning to this attached chart. It's the daily GBPJPY.

Here's my rationale. Am I on the right track?

1) Waiting in the bushes with my sniper rifle for bearish price action set-ups in the "Sell zone" should the pair break north next week.
2) Bearish because weekly and monthly 365 exponential MA shows bearish trends even while the daily has flattened out in recent times, therefore I would be waiting to trade with the long-term trend.
3) In the "sell zone"...
heads-up

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy2.jpg Size: 98 KB
Hero calls followed by margin calls...
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