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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

  • #123,601
  • Mar 6, 2013 1:48pm Mar 6, 2013 1:48pm
Quoting mbqb11
see how once again those sellers pop in. You'll know when this area is cracked
Yep, Mike. No PA for the move up. We'll see what next. For long play, I would like to see a little rejection and then BUOB, for example.
If not up, then down, otherwise sideways :-)
  • #123,602
  • Mar 6, 2013 1:58pm Mar 6, 2013 1:58pm
mbqb11, Potential PB forming on TL .. waiting till close to hopefully short (Third Chart).

A few to watch:-

i.) AUDCAD:- PB forming on 12hr TF at 12hr TL - First Chart
ii.) EURNZD:- PB forming on Daily TF at Daily TL - Second Chart


Cheers
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  • #123,603
  • Mar 6, 2013 4:19pm Mar 6, 2013 4:19pm
Quoting Danku
mbqb11, Potential PB forming on TL .. waiting till close to hopefully short (Third Chart).

A few to watch:-

i.) AUDCAD:- PB forming on 12hr TF at 12hr TL - First Chart
ii.) EURNZD:- PB forming on Daily TF at Daily TL - Second Chart


Cheers
Hey Danku

None of these ended up closing good or are in a lot of traffic to begin with. Lot of consolidation across the board. We will be seeing breakouts shortly I would venture to guess

Best
Mike
  • #123,604
  • Mar 6, 2013 8:43pm Mar 6, 2013 8:43pm
Ok, So I've been reading this tread for a few weeks now and I have some questions.

1) What are the best brokers for the candle stick patterns such as double bar high with lower close, as I'm using FINFX and some of the candle stick patterns from the first few pages of the discussion seem to be rather uncommon/rare. (do they show up as different formation like the DHLC which would look slightly different).

2) This question is a trade opportunity related... I been looking at the NZD/CAD there seems to be a pinbar formation, although there are the weekly and monthly pivot points 25 pips or so bellow it which might turn into support and stop a short early on the other hand if the candle stick or sticks break bellow the support i can image that there might be a further weakness in the pair.
Any input would be very valued.

Next time I comment on a pair I shall add a graphic image.

Chriz,
  • #123,605
  • Mar 6, 2013 10:11pm Mar 6, 2013 10:11pm
Quoting mbqb11
The quiet before the storm

Lot of consolidation across the board, it's only a matter of time before we get some big moves out of this


Best
Mike
Thank you mike. Rat is stuck inside the rut. Once it comes out it will be a tiger - LOL
Regards Inditrader
  • #123,606
  • Mar 6, 2013 10:25pm Mar 6, 2013 10:25pm
Mike , I will touch trade without PA at here.what do you think about this one?
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  • #123,607
  • Edited 10:48pm Mar 6, 2013 10:34pm | Edited 10:48pm
This one is out of my experience. If you carefully observe , this happens again and again and again.

An example of trapping amatuers. Chart is Nzd/Usd.

On monday , the price breaks the low of last week as well as a doji . lot of amatuers go short and the price pulls back . Stops of 50 pips, 100 pips - everything is swallowed by big fishes.

Again monthly pivot and weekly pivot with a cris cross of trendline is a confluence area. Yesterday,the price is rejected at the same area and price closes below weekly cum monthly pivot indicating the selling pressure which also produced low risk shorting opportunities.

Patience in trading is a bliss bless as well as a virtue.

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I am sharing few insights out of my experience for the benifits of newbies.

1. Most of the breakouts on Monday are false.Hence trading the breakouts in the very beginning of the week may be disastrous. It may due to lack of liquidity or absence of big boys at the beginning of the week. Funny that I have learnt this lesson after lot of kicks in my earlier days. However there can be exceptional cases which can occur when there is a big fundamental news exa; 25th Feb.

2.The engine of the markets needs warming up and hence first 1-2 days are quite days.

3.Best of the best moves begin/happen on Thursdays and fridays.

Please note that these are my individual opinion and hence cannot be taken as general rule. I hope it helps.
Regards Inditrader
  • #123,608
  • Mar 6, 2013 10:53pm Mar 6, 2013 10:53pm
Quoting inditrader
GU does a expected at 5200 with a big bang! I expect some huge activity at BRN 5000.
Again.........

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Regards Inditrader
  • #123,609
  • Mar 6, 2013 11:08pm Mar 6, 2013 11:08pm
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Without doubt, all of a sudden GU has become my favourite now.

Though the evening star is a sign of reversal and is to be treated at swing highs, this one pretty much interests me as it has taken out BRN 5000 downside.

Now 5000 itself should be a big resistance unless some one tries to push it through to weekly pivot at 5080 which I think is very unlikely.

GU is inviting all of us for the treat of 500 pips very soon. Lets wait for the invitation
Regards Inditrader
  • #123,610
  • Mar 7, 2013 12:31am Mar 7, 2013 12:31am
Quoting Fx-chriz
Ok, So I've been reading this tread for a few weeks now and I have some questions.

1) What are the best brokers for the candle stick patterns such as double bar high with lower close, as I'm using FINFX and some of the candle stick patterns from the first few pages of the discussion seem to be rather uncommon/rare. (do they show up as different formation like the DHLC which would look slightly different).

2) This question is a trade opportunity related... I been looking at the NZD/CAD there seems to be a pinbar formation, although there are...
Welcome. I'll answer you 1st question only, coz dont want to mislead you with my a chart analysys, as I'm not as experienced.
Most of the traders here use brokers that close 5 pm EST (I think its called so :-)) (and its also a midnight in my time zone) to comment their charts (FXpro is good). That is corellated with New York close. A lot of traders consider this the end of the trading day. If you compare the chart of 2 different brokers with different closing time, they will be different, so will be the formation, although it doesn't really influence on trading.
If not up, then down, otherwise sideways :-)
  • #123,611
  • Mar 7, 2013 1:26am Mar 7, 2013 1:26am
My broader persepctive on EJ considering multi TF and Fibo's

We have a huge confluence area.

Monthly Fibo

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Weekly Fibo
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Combining both monthly and weekly with monthly and weekly pivots on daily chart. Compression is building inside the cooker . Waiting for the whistle to blow

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Also spotted matching lows on daily chart! My shorts will open below that point.

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Regards Inditrader
  • #123,612
  • Mar 7, 2013 8:38am Mar 7, 2013 8:38am
Quoting inditrader
Thank you mike. Rat is stuck inside the rut. Once it comes out it will be a tiger - LOL
i was looking at this one most closely, didn't find a good trigger to my liking though

I had a feeling we would pop long I was speaking about yesterday


Mike
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  • #123,613
  • Mar 7, 2013 8:59am Mar 7, 2013 8:59am
Quoting Fx-chriz
Ok, So I've been reading this tread for a few weeks now and I have some questions.

1) What are the best brokers for the candle stick patterns such as double bar high with lower close, as I'm using FINFX and some of the candle stick patterns from the first few pages of the discussion seem to be rather uncommon/rare. (do they show up as different formation like the DHLC which would look slightly different).

2) This question is a trade opportunity related... I been looking at the NZD/CAD there seems to be a pinbar formation, although there are...
Hey Chriz

Welcome to the thread

All brokers show the same price it's just the aggregation of that price can vary in the FX markets based on the broker close time. But one isn't more likely to show a DBHLC then another. A lot of us (including myself) use a 5pm et close. If you are interested in a demo broker that offers that many of us use FXpro(for charting)

Nzd/cad is a trick situation here. It is a pinbar but if you notice we are stuck in this box of consolidation. So we are in a very choppy environment. Also the midpoint of a box will almost always be a PPZ, so as you said we have trouble just below us

Again welcome to the thread hope this helps a bit
Mike
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  • #123,614
  • Mar 7, 2013 9:01am Mar 7, 2013 9:01am
Quoting Nake
Mike , I will touch trade without PA at here.what do you think about this one?
Attachment
Hey Nake

It could work out, James likes to often touch trade with that 365. I prefer to look a bit lower towards the BRN and would rather hav a stronger TL to work with. A lot of time has passed to know the validity of that TL for me. Could work though just keep your stops tight

Best
Mike
  • #123,615
  • Mar 7, 2013 9:09am Mar 7, 2013 9:09am
Quoting mbqb11
Hey Nake

It could work out, James likes to often touch trade with that 365. I prefer to look a bit lower towards the BRN and would rather hav a stronger TL to work with. A lot of time has passed to know the validity of that TL for me. Could work though just keep your stops tight

Best
Mike
Thank you mike
  • #123,616
  • Mar 7, 2013 12:01pm Mar 7, 2013 12:01pm
Quoting mbqb11
i was looking at this one most closely, didn't find a good trigger to my liking though

I had a feeling we would pop long I was speaking about yesterday


Mike
As stated yesterday I was looking to go long above 122.50. A 4 hour bar did close above 122.50 as per my expectations. I did not have enough conviction due to confluence factors acting as resistance and did not execute my plan on the longs. Ended up buying at 124 which is bit expensive from my perspective. I need to work more on this area.

However still we have a relief. The price broke the significant trendline at 123.75 area. Hence the stop need not be too long.

Other idea is to add to the position if at all the price comes back to retest the broken trendline marked as a blue circle in the chart.

Hope I am making some sense.


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Regards Inditrader
  • #123,617
  • Mar 7, 2013 3:29pm Mar 7, 2013 3:29pm
Hi guys,

EUR had a nice boost today - which caused BUOBs on most EUR charts. How shall I react to such things? Was it some great news, that triggered this bull? In some cases serious levels were broken by today up, like: EURUSD 1.3 lvl, EURTRY 2.35.
How do you handle these situations?
It's all psychology...
  • #123,618
  • Mar 7, 2013 3:33pm Mar 7, 2013 3:33pm
Quoting LamerTrader
Hi guys,

EUR had a nice boost today - which caused BUOBs on most EUR charts. How shall I react to such things? Was it some great news, that triggered this bull? In some cases serious levels were broken by today up, like: EURUSD 1.3 lvl, EURTRY 2.35.
How do you handle these situations?
Hey Lamer,

EURUSD is trading into resistance on my chart and wasn't quite a BUOB...
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  • #123,619
  • Mar 7, 2013 3:39pm Mar 7, 2013 3:39pm
Hey, Mike!
I used your wedge plus Jarroo's PBT&CA + 1h and 4h signature for entry and exit on the Daily closes lvl (bottom one seems very strong with mulptiple daily touches. Broke hard!

Like i always say:
Mike+Jarro = a lot of pips and bamms :-)

Thank You very much, guys!

You are awsome!

toti




Quoting mbqb11
i was looking at this one most closely, didn't find a good trigger to my liking though

I had a feeling we would pop long I was speaking about yesterday


Mike
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  • #123,620
  • Mar 7, 2013 4:20pm Mar 7, 2013 4:20pm
Heys guys,

Have not been on here for about 6 months with school/work at all. I got a question...What is the longest anyone has held on to a loosing trade? I had this bad trade that I did on my demo account, it got like a big draw down but never hit my stop so I just left it and eventually forgot I even had the trade open. Then in late Feburary it hit the profit target. It was done around the Aug 5th 2012 to buy. Looking back at this trade I can see so many mistakes. Glad it was only a demo, but then again if we don't take demo trading seriously, then we setting up for failure right? What should I learn from this?
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