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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

  • #123,821
  • Mar 14, 2013 5:32pm Mar 14, 2013 5:32pm
Quoting markf45
When the thread is quiet!
killer dude
  • #123,822
  • Mar 14, 2013 5:37pm Mar 14, 2013 5:37pm
Quoting markf45
When the thread is quiet!
Good Stuff.
  • #123,823
  • Mar 14, 2013 8:53pm Mar 14, 2013 8:53pm
I take this trade XAUUSD. pin bar and touching the trend line
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  • #123,824
  • Mar 14, 2013 11:17pm Mar 14, 2013 11:17pm
Quoting mbqb11
no real surprises here across the board. All the USD pairs were showing signs of momentum loss.

Here is that updated gbp/usd chart

Champion of champions of trading
Regards Inditrader
  • #123,825
  • Mar 14, 2013 11:29pm Mar 14, 2013 11:29pm
When Mike adviced that there is divergence in GU on 4 hour TF, I did not have enough conviction that it would bounce back as we are in a huge downtred on daily and weekly, though it was losing momentum.

Again as adviced by Mike I always give first preference to price action.

Below chart goes to show how price action indicated the reversal movement.

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1. Break of trendline.
2. Immediately a red outside bar
3. Retest of trendline.
4. 20 hours of consolidation above trendline without a single candle closing below the red outside bar leading in to NY session.
5. Low risk entry.A conservative would have been above 4960.
Regards Inditrader
  • #123,826
  • Mar 14, 2013 11:51pm Mar 14, 2013 11:51pm
Quoting inditrader
GBP/JPY daily

A great pivot zone as per the flip of Res/Sup as taught by the king of trading !

Great pivot zone. Amazing to see how maNy times it flips through the zone ( marked by arrows ). Then the 50 EMA and weekly floor pivot point make it a huge confluence area.


Attachment

GBP/JPY- The PPZ was too strong to push the price further down. Monday was an inside day and Tuesday the price gets tested at PPZ i.e: Huge confluence of Weekly/Monthly floor pivot and then PPZ. Wednesday was another inside day. Yesterday the price blasts through the high of Wednesday's IB.

From PPZ we are up 300 pips!. However the buyers are against a red outside bar on monthly chart.



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Regards Inditrader
  • #123,827
  • Mar 15, 2013 12:02am Mar 15, 2013 12:02am
EU - Starting from 3500 till now I have sold everytime it retraced to 50 and 61% of weekly fib. What next ?

I am not sure. The more likely option is it is going to blast through the trendline. I would wait till it retests that trendline. Till then on the sidelines...

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Regards Inditrader
  • #123,828
  • Mar 15, 2013 1:38am Mar 15, 2013 1:38am
Friday is a bad day to trade but, I am in, took two thirds off the table, moved to BE and will let it run its course.

Hope the 0.8200 holds as support.
As Nietzsche said, "Hope makes a good companion but a very bad ally".
That's why I am already at BE.
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  • #123,829
  • Mar 15, 2013 2:13am Mar 15, 2013 2:13am
This one also goes as huge confluence area.

GBP/CHF

On daily it is a great PPZ

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When I zoom in This is what I see. Monthly/Weekly Floor pivot/ PPZ, version of double bottom .

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I learn everyday from every one and from every pair of every market.
Regards Inditrader
  • #123,830
  • Mar 15, 2013 2:38am Mar 15, 2013 2:38am
Quoting inditrader
This one also goes as huge confluence area.

GBP/CHF

On daily it is a great PPZ

Attachment

When I zoom in This is what I see. Monthly/Weekly Floor pivot/ PPZ, version of double bottom .

Attachment

I learn everyday from every one and from every pair of every market.
Doesn't look so great to me, to be honest.
Also, I would watch out for that 1.43500 area, on a Friday.
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  • #123,831
  • Mar 15, 2013 2:38am Mar 15, 2013 2:38am
Quoting inditrader
50% off the table at 100 pips. Rest locked for 30 pips. It has all the symptoms of a runner.

Divergence/big Number,breakout of huge consolidation.

Attachment
120 Pips locked for the remaining position.

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Regards Inditrader
  • #123,832
  • Mar 15, 2013 2:42am Mar 15, 2013 2:42am
Quoting Pinbar
Doesn't look so great to me, to be honest.
Also, I would watch out for that 1.43500 area, on a Friday.
Seems I am more optimistic. I am eyeing 4500 . May be too ambitious . In case it does not show any progress, I am going to tighten the stop.
Regards Inditrader
  • #123,833
  • Mar 15, 2013 3:34am Mar 15, 2013 3:34am
Quoting inditrader
Seems I am more optimistic. I am eyeing 4500 . May be too ambitious . In case it does not show any progress, I am going to tighten the stop.
Good idea, it is Friday and people take profit and close their trades to prevent paying the rollover.
  • #123,834
  • Mar 15, 2013 4:08am Mar 15, 2013 4:08am
Hi all,
first of all congratulations to markf45 to a nice trade. I´ve got a newbie question though. That pinbar is obviously in a good location I understand that, but I would not take this trade because of the area just below the pinbar where price had some trouble ( I tried to mark it with green rectangle to show what I mean), my concern would be that it would just bounce off. This is generally problem I´m dealing with last couple weeks, I see a good bar or a breakout but I won´t take it because there is always some problem area nearby. Is there any advice you could give me?

Thanks,
Mav
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  • #123,835
  • Mar 15, 2013 8:31am Mar 15, 2013 8:31am
Quoting Mav13
Hi all,
first of all congratulations to markf45 to a nice trade. I´ve got a newbie question though. That pinbar is obviously in a good location I understand that, but I would not take this trade because of the area just below the pinbar where price had some trouble ( I tried to mark it with green rectangle to show what I mean), my concern would be that it would just bounce off. This is generally problem I´m dealing with last couple weeks, I see a good bar or a breakout but I won´t take it because there is always some problem area nearby. Is there...
Hey Mav

Don't look at FTA as concrete areas that the market can't break. When you have a good setup these areas just offer great opportunties to watch and do something. For example on a strong setup like this one could reduce their risk greatly once this FTA is tested and the pinbar breaks. You could move your stop above the current bar high then see if price can close under this area and use it as resistance.

The problem is often that people take weak setups and try to hold past FTAs where they then take losses. THe stronger your setup the less you need to worry about just a few bar lows. Doesn't mean to ignore them, just use them in your trade management

Hope that helps
Mike
  • #123,836
  • Mar 15, 2013 8:48am Mar 15, 2013 8:48am
Anyone else get triggered on the Jarroo trade on EUR/CAD? So far so good!
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  • #123,837
  • Mar 15, 2013 12:23pm Mar 15, 2013 12:23pm
Quoting Mav13
Hi all,
first of all congratulations to markf45 to a nice trade. I´ve got a newbie question though. That pinbar is obviously in a good location I understand that, but I would not take this trade because of the area just below the pinbar where price had some trouble ( I tried to mark it with green rectangle to show what I mean), my concern would be that it would just bounce off. This is generally problem I´m dealing with last couple weeks, I see a good bar or a breakout but I won´t take it because there is always some problem area nearby. Is there...


Hi Mav,

I think you got the answer you were looking for from Mike.
Just to add to that, and to give you an idea why I wasn't too concerned about the traffic with this setup...

1) The bar was off monthly resistance as you know
2) Price tested this area three hours before and was rejected. It was struggling to break through
3) We were watching all major USD pairs weaken
4) NY session was about to open

All of the above suggested this market was crying out to be shorted. We knew it would break hard and fast but as usual, when these situations arise finding an entry point is key, otherwise you would get stopped out when the resistance gets tested for a final push.

When we got that final push up above the 9550 area and it was rejected, the traffic area's chance of holding as support and attracting buyers became weak, in comparison to the amount of people who would be attracted to sell this market.

So in short that's why it didn't worry me on this occasion!


Just to give you food for thought, catching moves like this are what covers your losses and pays your wages. Essentially it pays to be aware of whats going on in the market so you can be in it to catch these moves.
If traffic areas are stopping you from taking your trades, just remember that if you take the best setups where your aim is to catch big moves, your winners will pay for the losers that don't manage to break through the traffic areas.

This one is currently running at 1:6 Risk Reward.. hope that helps...

Thanks,
Mark
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Time for a new chapter
  • #123,838
  • Mar 15, 2013 6:01pm Mar 15, 2013 6:01pm
Sir Jim,

I took two short trades and first TP target hit.

Are they valid setups?

How can I improve more?

Thank you very much Sir.
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  • #123,839
  • Mar 15, 2013 11:52pm Mar 15, 2013 11:52pm
Had to go out Friday afternoon but, let it play out and put a TP on it at around 0.8260 ish.

Made it and hit the TP.

Nice feeling to be at BE with some off the table and, see it hit the tp.

EDIT: I actually adjusted the TP to the PPZ on the H4 tf, is what I mean.
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  • #123,840
  • Mar 16, 2013 12:07am Mar 16, 2013 12:07am
Quoting Pinbar
NZD/USD

Looks like we are going to have a daily close above.
I shall look for an H1 signature and be wary of that gap on the way up.
If it does in fact close above on the Daily.
Yes that's correct. . . . .looks like you picked the Low of the Day, Steve.

Same situation with the Euro, but the Euro didn't retrace.

Some thoughts on the chart . .an Hourly close below the newly formed LCS level would have got me out.
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Indicators show the past. Price Action "Indicates" the future.
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