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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

  • #122,101
  • Jan 3, 2013 7:56pm Jan 3, 2013 7:56pm
AUD/JPY Breakout Trade going pretty good. Closed above a major monthly resistance level. Took and entry off the bullish outside bar on the daily that confirmed (in my mind) new support. It broke the BRN and the trade is on...
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  • #122,102
  • Jan 3, 2013 8:13pm Jan 3, 2013 8:13pm
HI Guys

Nice PB on AUS200. Against major trend but small SL and happy to trade retracement. Looking to move stop to B/E asap.

Any thoughts?

hally
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  • #122,103
  • Jan 4, 2013 12:09am Jan 4, 2013 12:09am
Quoting hally0301
HI Guys

Nice PB on AUS200. Against major trend but small SL and happy to trade retracement. Looking to move stop to B/E asap.

Any thoughts?

hally
yes, against major trend. it moved 450 ticks up and this bar is about 40 ticks. also check the large bullish bar before the pinbar. i recommend not to trade these setups. they sometimes work, but mostly fail.
meine augen sind die sterne
  • #122,104
  • Jan 4, 2013 1:01am Jan 4, 2013 1:01am
Thanks for the warm welcome and trade review Mike and Rami.

took full profit on GBP/CHF @ 1.4930 as like you stated Rami, getting back up close to that decending trend line and 1.4950 seems it could turn into a pivot zone? so was happy to take profit there.

Now into the GBP/USD on that pinbar, took half profit where Mike did and stop to past b/e and will see how this one goes.

Have a great day and weekend everyone. Have a good mates wedding Sat, supposed to be 37c and muggy, beer will fix this, ha ha.

Thanks and enjoy!
Jonny
  • #122,105
  • Jan 4, 2013 4:46am Jan 4, 2013 4:46am
Quoting mbqb11
in fact funny enough I emailed this out to the PF today and it fits in nicely here. I was PMed this in the PF last night

Here was my email with his PM in quotes

James has been saying it from day 1. Literally day 1. Most of us beat our heads against the desk for many years before we realize just how important this is. Rifle shot your trades. Period.

Here is a PM I received from a member and I decided let me email the group so those that are over trading and beating themselves up hear it again. And yes I will say it again and again in the future....

Well what i experienced is that i got calmer and less stressed about single trades the more trades i took. still you are definitly right about rifle shooting your trades. but you can do that on a smaller timeframe too and so- in my oppinion - will faster learn to control your emotions. maybe there are people who are able to stay calm, relaxed and reasonable from there first trade on, though .
  • #122,106
  • Jan 4, 2013 6:28am Jan 4, 2013 6:28am
I quite like usdnok situation - nice buob at nice support...I'm not gonna trade it - my account isn't big enough to trade on this pair with reasonably risk...also general situation isn't quite good, there was break of rising trendline, and trading into consolidatiion...but still - I think there are few pips to catch here...
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  • #122,107
  • Jan 4, 2013 6:40am Jan 4, 2013 6:40am
My sell order trigered on EURAUD. hope NFP will not spoil it
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all is eternal - this is good news for people who loves bad news
  • #122,108
  • Jan 4, 2013 8:59am Jan 4, 2013 8:59am
nice reaction of Gold here...
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all is eternal - this is good news for people who loves bad news
  • #122,109
  • Jan 4, 2013 9:14am Jan 4, 2013 9:14am
Quoting meshka
My sell order trigered on EURAUD. hope NFP will not spoil it
Maybe it sounds like a stupid question but.. may I ask what were the clues that made you enter here?

many thx
  • #122,110
  • Jan 4, 2013 12:05pm Jan 4, 2013 12:05pm
Quoting mbqb11
some large gaps on then yen pairs. I like selling into a gap move like this. Such a major area, is the market really gonna post through this major swing high going back to multip tops in 2011? Or likely fill the gap. I like the idea we should fill the gap first
Dear Trader Felllows,

At first I would like to say thank you for your generous work with building this forum, giving a lot of extremely valuable trading information and teaching less experienced traders. I have been following your activity for quite a long time and I learnt a lot from you and other forums based on your work and I was able to make my trading definitely more effective.

In this post I would like to ask for your openion about a bit more special trading case, you could help me a lot and I
Some weeks ago I noticed among your post that you are also interested in trading gaps at Monday market open.
I also realized the potencial in these special openings and it was also clear for me that the main point in "gap tarding" is to catch the profit when the price is filling the gap but so far I have difficulties with "the optimization of the trading parameters".
So I'd like to write some critical questions about it:

1. At Monday open most of the times a lot of gap appears on a lot of pairs. How should I select the best one/ones to trade in some minutes?
2.How to set the value of the Stop Loss and how many per cent is offered to risk for a gap trade?
3. It is clear that the First Take Profit level is somewhere where the gap is filled. But is it possible the say an exact rule where to put TP in this cae?
4. It is clear that I need a fix spread broker to trade gaps because most of the times ECN brokers and some others can increase the spreads too much to trade gaps safely. But the first minutes or first half hour of Monday opens are critical periods and the applied time zone of the broker can also be important.
Which broker would you offer for gap trades?


I will be very grateful for any help you can provide,
  • #122,111
  • Jan 4, 2013 12:18pm Jan 4, 2013 12:18pm
And thank you everybody in this forum ones more:

This was a nice one

NZDUSD:
A triangle is over, a strong pivot is broken and retested, the SL is in breakeven and a nice profit is progress
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  • #122,112
  • Jan 4, 2013 12:20pm Jan 4, 2013 12:20pm
Quoting CryAgony
Maybe it sounds like a stupid question but.. may I ask what were the clues that made you enter here?

many thx
Hey CA, Im not Meshka but i took the same trade. My reasons are that its a strong PPZ and its a recent HCR level that price has closed below. This zone even goes back a year. The entry is at the retest back to this zone/HCR level.

Im still learning so.......but these were my clues.

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Rolo
The Eyes Believe What They See And The Ears Believe What Others Say.
  • #122,113
  • Jan 4, 2013 12:47pm Jan 4, 2013 12:47pm
Quoting rolo1128
Hey CA, Im not Meshka but i took the same trade. My reasons are that its a strong PPZ and its a recent HCR level that price has closed below. This zone even goes back a year. The entry is at the retest back to this zone/HCR level.

Im still learning so.......but these were my clues.

Rolo
Many thx for your answer Right, so even without a candle pattern as confirmation this setup was strong enough to provide entry?
  • #122,114
  • Jan 4, 2013 1:28pm Jan 4, 2013 1:28pm
Maybe spoken too soon , but the EUR/USD looks to be setting up a standard pin trade on the daily. The pin is short in relation to other bars IMO.


Thoughts
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  • #122,115
  • Edited 2:10pm Jan 4, 2013 1:30pm | Edited 2:10pm
Quoting rolo1128
Hey CA, Im not Meshka but i took the same trade. My reasons are that its a strong PPZ and its a recent HCR level that price has closed below. This zone even goes back a year. The entry is at the retest back to this zone/HCR level.

Im still learning so.......but these were my clues.

Rolo
Yes main reason is location ... very strong PPZ around round number 1.2500 price broke below it yesterday significantly.. retested and confirmed as resistance as we can see today.. in such a market like we had last week EURAUD had no option to broke above such strong level.
so I simply bet for rejection of that level. with no candle pattern confirmation. simple touch trade.
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all is eternal - this is good news for people who loves bad news
  • #122,116
  • Edited 2:15pm Jan 4, 2013 2:00pm | Edited 2:15pm
All this resistance on cadchf made for a nice short, shame it took until 1pm on Friday to break down though. Got out at BE around 12:00 since it was stuttering for so long and I thought liquidity would dry up.
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  • #122,117
  • Edited 2:30pm Jan 4, 2013 2:20pm | Edited 2:30pm
Quoting meshka
Yes main reason is location ... very strong PPZ around round number 1.2500 price broke below it yesterday significantly.. retested and confirmed as resistance as we can see today.. in such a market like we had last week EURAUD had no option to broke above such strong level.
so I simply bet for rejection of that level. with no candle pattern confirmation. simple touch trade.
thx a lot for your post too

I'd like to point out EURUSD situation, most likely going to close with a PB after rejecting BRN, 2 fibo confluence, at 365ema. I know the PB is not in an ideal place, but lot of stuff is getting together. This level also played as previous R

EDIT: also MACD/stoch divergence

RE-EDIT: Similar situation, reversed, on correlated pair USDCHF
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  • #122,118
  • Jan 4, 2013 2:40pm Jan 4, 2013 2:40pm
Quoting CryAgony
thx a lot for your post too

I'd like to point out EURUSD situation, most likely going to close with a PB after rejecting BRN, 2 fibo confluence, at 365ema. I know the PB is not in an ideal place, but lot of stuff is getting together. This level also played as previous R

EDIT: also MACD/stoch divergence

RE-EDIT: Similar situation, reversed, on correlated pair USDCHF
be careful with longs here... we have BEOB on weekly closing below 1.3120 level... better look for better price to sell it.
I have pending orders to sell it @ 1.3090 and 1.3120...
all is eternal - this is good news for people who loves bad news
  • #122,119
  • Jan 4, 2013 2:43pm Jan 4, 2013 2:43pm
Quoting meshka
be careful with longs here... we have BEOB on weekly closing below 1.3120 level... better look for better price to sell it.
I have pending orders to sell it @ 1.3090 and 1.3120...
Yes true, and there is also a R very close, so the setup would have few space to run anycase
  • #122,120
  • Jan 4, 2013 3:03pm Jan 4, 2013 3:03pm
Nice PB on GBPUSD forming on the daily chart. PB bouncing off 61.8FIB, BRN and 1.60 and 200 and 365 EMA's sitting just below as well so would have to break through lots of resistance to head down.

On the weekly chart price is trapped between 200 and 365 EMA's but FTA that I see is at about 1.63 so trade has enough room to run.

Watching this one to see how the market opens on Monday.

Any one else with thoughts on this one?
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