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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

  • #120,941
  • Nov 17, 2012 2:10am Nov 17, 2012 2:10am
yes theres a good reason for that ! I think right now you will see this chart much higher


Quoting bullzeye
USD/CAD

i am bearish on this one...You would say:"But we don't trade in to BRN...!"...and you would be right

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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #120,942
  • Nov 17, 2012 4:36am Nov 17, 2012 4:36am
altria (mo) on weekly.

brn + pinbar + fib + trendline + big uptrend + relative strength compared to s&p 500

any comments appreciated
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meine augen sind die sterne
  • #120,943
  • Nov 17, 2012 6:29am Nov 17, 2012 6:29am
amd
back to the support area
first chart is quarterly, second weekly timeframe.
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meine augen sind die sterne
  • #120,944
  • Nov 17, 2012 10:15am Nov 17, 2012 10:15am
Quoting giggles
I chatted with OANDA representatives the other day and they told me that they have accounts from people in India. I read some where that it is best to use credit card and PAYPAL to fund your OANDA account. RBI guidelines have been a concern for me too. I wonder if funding the account in this manner is OK. Ultimately, while paying tax you have to transfer dollars into your bank account. Dollars coming into India is good right? So I wonder whether RBI should still find it objectionable.

I have also been trading NSE stocks. Its so volatile. On...
Interesting, I'd be interested to see some weekly indian stock charts

Mike
  • #120,945
  • Nov 17, 2012 10:17am Nov 17, 2012 10:17am
Quoting fxdonchris
EURCAD

Hey Mike, Ghous what's your take on this one.

Chris
Hey Chris

This is a tough area to trade in with so much consolidation. Here was my response and chart for someone else see if it helps
http://www.forexfactory.com/showthre...35#post6201235
Best
Mike
  • #120,946
  • Nov 17, 2012 10:40am Nov 17, 2012 10:40am
Any thoughts on this NZD/USD? I know it's not a convincing BUOB but there is a lot of confluence with the 61 fib, 150MA, 365MA, previous support rejections, however there is a lot of previous trafic in this area from last month.

Cheers
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  • #120,947
  • Nov 17, 2012 11:02am Nov 17, 2012 11:02am
Quoting pip_la
Any thoughts on this NZD/USD? I know it's not a convincing BUOB but there is a lot of confluence with the 61 fib, 150MA, 365MA, previous support rejections, however there is a lot of previous trafic in this area from last month.

Cheers
Hey Pip

I'd be careful here. While the breakout TL is not the clearest to me(could be draw a few different ways. I think we are trading back into a big pivot and former breakout area. This could have been late day profit taking on a friday. I'd be very cautious if you do play it with protecting yourself quick

Best
Mike
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  • #120,948
  • Nov 17, 2012 11:10am Nov 17, 2012 11:10am
Quoting mbqb11
Hey Pip

I'd be careful here. While the breakout TL is not the clearest to me(could be draw a few different ways. I think we are trading back into a big pivot and former breakout area. This could have been late day profit taking on a friday. I'd be very cautious if you do play it with protecting yourself quick

Best
Mike
That's what I was thinking - a quick smash and grab for a 1:1 with a tight SL. Saying that, I have been stung on Friday set ups a few times. Will look at it again tomorrow. Thanks for your input.
  • #120,949
  • Nov 17, 2012 11:17am Nov 17, 2012 11:17am
Hi Mike

Does that BEOB on daily NZD/USD from 2 days ago look like a good trade?

A nice big bar, close below the trendline, however there is some traffic to the left.

Perhaps im missing something so would really appreciate your views on it? Thanks



Quoting mbqb11
Hey Pip

I'd be careful here. While the breakout TL is not the clearest to me(could be draw a few different ways. I think we are trading back into a big pivot and former breakout area. This could have been late day profit taking on a friday. I'd be very cautious if you do play it with protecting yourself quick

Best
Mike
  • #120,950
  • Nov 17, 2012 11:20am Nov 17, 2012 11:20am
Quoting hunzul
Hi Mike

Does that BEOB on daily NZD/USD from 2 days ago look like a good trade?

A nice big bar, close below the trendline, however there is some traffic to the left.

Perhaps im missing something so would really appreciate your views on it? Thanks
Hey Hunzul

That bar is just a BEB or bearish bar, not a BEOB. For it to be a beob it would need a higher high then the previous bar

Let me know if that makes sense

Mike
  • #120,951
  • Nov 17, 2012 11:23am Nov 17, 2012 11:23am
Sure does


Quoting mbqb11
Hey Hunzul

That bar is just a BEB or bearish bar, not a BEOB. For it to be a beob it would need a higher high then the previous bar

Let me know if that makes sense

Mike
  • #120,952
  • Nov 17, 2012 11:59am Nov 17, 2012 11:59am
Quoting mbqb11
Interesting, I'd be interested to see some weekly indian stock charts

Mike
Sure. I have traded nifty50 stocks (real) and have only lost till now. J16 and your method plus your advice to look at weeklies have completely changed my thought process and I can see things more clearly.
  • #120,953
  • Nov 17, 2012 12:28pm Nov 17, 2012 12:28pm
Quoting giggles
Sure. I have traded nifty50 stocks (real) and have only lost till now. J16 and your method plus your advice to look at weeklies have completely changed my thought process and I can see things more clearly.
yes giggles, the j16 works on all markets including nifty and NSE stocks. I usually trade NSE stocks on intraday. I did see that freakish down move done by emkay. Many lost due to that. This happened in first 2 hours. Try not to trade during the first 1-2 hours and then as day builds up, you can see the move clearly.

But like anything, freak moves can anytime on any stock. There was one recently on google too. So no stock or index can be an exception.

I am afraid you won't be able to trade forex OTC no matter what any broker says. It is illegal.
  • #120,954
  • Nov 17, 2012 12:53pm Nov 17, 2012 12:53pm
Quoting zamfir
yes giggles, the j16 works on all markets including nifty and NSE stocks. I usually trade NSE stocks on intraday. I did see that freakish down move done by emkay. Many lost due to that. This happened in first 2 hours. Try not to trade during the first 1-2 hours and then as day builds up, you can see the move clearly.

But like anything, freak moves can anytime on any stock. There was one recently on google too. So no stock or index can be an exception.

Thanks for your advice. I tried day trading too and lost there too. So right now I will...
Shucks. I hope they change the policy in future.
  • #120,955
  • Nov 17, 2012 12:56pm Nov 17, 2012 12:56pm
Quoting zamfir
yes giggles, the j16 works on all markets including nifty and NSE stocks. I usually trade NSE stocks on intraday. I did see that freakish down move done by emkay. Many lost due to that. This happened in first 2 hours. Try not to trade during the first 1-2 hours and then as day builds up, you can see the move clearly.

But like anything, freak moves can anytime on any stock. There was one recently on google too. So no stock or index can be an exception.

I am afraid you won't be able to trade forex OTC no matter what any broker says. It is...
Sorry accidentally I modified your post
  • #120,956
  • Nov 17, 2012 4:44pm Nov 17, 2012 4:44pm
i like this box on adm
seems like price is willing to retrace again
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meine augen sind die sterne
  • #120,957
  • Nov 17, 2012 4:58pm Nov 17, 2012 4:58pm
Hi there
I've found out a good exercise that can be of great value especially for newbies.

After-the fact analysis can boost your learning curve experience dramatically.
I've just reviewed back all my Pairs, notes,findings,observations and expectations made at the start of this week and typed directly on the Charts.

It can be your ah-ah moment...if you know what I mean
You really don’t know how good you are at analyzing Price action as long as you don’t apply this process for some months

I don't wanna clutter this thread 'cos I'd ve to post 10 charts to make you see my whole research,but for the one interested I've published my findings on my "after the fact" page of my (little)Blog. What I'd like most is to have some thoughts or comments about my charts analysis from some of the Great traders that are following this thread, Bullzeye,Pinbar,Mike,Bones..

btw,it can be tedious but it's an eye-opening experience
thx
Account deleted
  • #120,958
  • Nov 17, 2012 5:04pm Nov 17, 2012 5:04pm
an on weekly.
pinbar seems small compared to the last bars, but the location is interesting...
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meine augen sind die sterne
  • #120,959
  • Nov 18, 2012 12:55am Nov 18, 2012 12:55am
Quoting geniusztc
Imagination is more important than knowledge
here we go
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A chart helps those who can read it.
  • #120,960
  • Nov 18, 2012 2:56am Nov 18, 2012 2:56am
Quoting mbqb11
Interesting, I'd be interested to see some weekly indian stock charts

Mike
Mike, here is a chart of YESBANK listed on the NSE (INDIA) that I am currently interested in.
Price has been in an uptrend from mid September onward after government of India announced its decision to allow foreign direct investment. There has been a pullback in October and then there is resumption of uptrend. Price has reached all time high and it seems to me that there is going to be a significant pullback.

I see plenty of confluence in the weekly and daily charts as shown in the charts.
beob has formed in weekly charts and a pinbar on the daily charts. I am waiting for the price to retrace back to the brn 425 with SL above the high of the beob. I hope the confluence as I see it in the charts is right. What is your opinion?
Targets based on weekly charts could be the lows of previous bars 400 and 375.

Problems foreseen:
1. I am waiting for the price to retrace to the brn 425. The last bar on the daily chart gives me an impression that price has already retested the brn 425. So if I place a sell limit order at 425, I am afraid
that the price might never retrace back to it and I might miss a good move.

2. Position sizing. 1 lot of yesbank = 1000 shares. Total cost will be
around 425000 rupees. My total account size is not more than 1200000
rupees. Ideally, I don’t want to commit more than 300000 rupees. This is because if
the price crashes 10% (freak move), I will lose 30000 rupees which is around 2.5%
of my account and that is OK to me. However, if I commit around 425000 rupees and the price crashes
10% then I will lose 45000 rupees which is around 4% of my account and that is
huge. Arrrrg! I don’t want to miss opportunities like these. What to do?

Mike, do you think the confluence as I have shown in the charts is right? Have I marked space correctly on the weekly and daily charts?
My problems associated with position sizing. Do you think that it is OK to place an order with the current risk of a freak move or any other disaster which might wipe out nearly 5% of my account? What would have been your approach?
Attached File(s)
File Type: pdf yesbank_weekly.pdf   65 KB | 597 downloads
File Type: pdf YESBANK_DAILY.pdf   59 KB | 638 downloads
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