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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

  • #125,981
  • Jun 7, 2013 4:12pm Jun 7, 2013 4:12pm
Quoting jarroo
{quote} Videos 5-8-13 and 5-9-13 explains more about the Daily Close Confirmation , on the GbpNzd and 2012GbpAud. {quote}
Jim I would like to thank you. I just seen all the videos, and you blew my mind man. Powerful stuff. I been over at the "fail better" thread. I am trying Jim. Did you stay all the way in the GBP/NZD trade? Even if you got out at the monthly level that would of been nice profit but your prediction was accurate. It even went down and nipped the trendline and then it shot to the moon. Crazy stuff.
  • #125,982
  • Jun 7, 2013 4:15pm Jun 7, 2013 4:15pm
Quoting g_j_hook@yah
{quote} thanx for these. 300 pips isnt to be sniffed at though! im hanging in there on my demo, trying to build a decent size position without too much risk... my entries... jon {image}

This was an obvious re-entry that I missed, Jon . . .

Would have been nice to pick the Low of the Week on the GbpNzd this week. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #125,983
  • Jun 7, 2013 4:24pm Jun 7, 2013 4:24pm
Quoting Flamegs23
{quote} Jim I would like to thank you. I just seen all the videos, and you blew my mind man. Powerful stuff. I been over at the "fail better" thread. I am trying Jim. Did you stay all the way in the GBP/NZD trade? Even if you got out at the monthly level that would of been nice profit but your prediction was accurate. It even went down and nipped the trendline and then it shot to the moon. Crazy stuff.

Yeah I got out a bit early . .to say the least . .. ..you'll see in the coming videos where and why I got out .

When I got out, I was still looking to get back in it on its retracement. That "nip on the trendline" was confluenced with some levels . .but I missed the re-entry . .it happens . . Other re-entry levels were there too . .


Here's the next videos . .5-16-13 . .

http://rapidshare.com/files/12164491...20part%201.wmv

http://rapidshare.com/files/27754175...20part%202.wmv


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #125,984
  • Jun 7, 2013 5:10pm Jun 7, 2013 5:10pm
Quoting jarroo
{quote} I figured it out Timo . . {file}
Great ... thanks a lot ;-)
  • #125,985
  • Jun 7, 2013 5:14pm Jun 7, 2013 5:14pm
Quoting ferox
{quote} Mike, I know - I wasn't referring to you, but the person who would have manually needed to authorize this post. Could you help me in explaining further why my last trade with the IB was a good setup. Also, in what general order do you check confluence? {quote} Dennis, The way I understand it is to 1. Get SL to BE asap. 2. While doing that, it's up to you to take partial profits or not. From there, 1. Depending on the PPZs, you can set your SL a few pips before each new support/resistance you think the price has broken through. 2. or set...
Hey F


I believe the process is automatic after a certain number of posts. I think its like ten or 12

Check out my chart again about why this is a good inside bar here

http://www.forexfactory.com/showthre...=6735543#reply

Notice the bar is sitting on the former breakout formation. So the breakout pattern is holding as support and buying the inside bar supports the idea that the breakout should continue based on the larger pattern.

Best
Mike
  • #125,986
  • Jun 7, 2013 5:15pm Jun 7, 2013 5:15pm
Quoting dennis4u15
Hi mbqb11, just wanted to know how u set your exits...i kind of set my targets according to the ppvs but i feel that i get out way too early as price tends to keep moving, i use daily charts hence have quite big stop loss. i do take profits but then i see the price keeps on going in the direction i had traded. Any tips please. Regards Dennis
Hey Dennis

Exits vary for me depending on the situation at hand. Each story on the charts is different to me and thus I use a different approach for what I believe the situation warrants.

Here is a more general overview of what that entails

http://www.forexfactory.com/showthre...=2853922#reply

Best
Mike
  • #125,987
  • Jun 7, 2013 5:38pm Jun 7, 2013 5:38pm
Some yen PBs for sunday/monday...

GB/YEN, nice bar, breaks above RN PPZ, is got 150.50 to hide the second stop behind if it breaks well, and with the current GB strengh it may do well?

CAD/YEN nice bar of great PPZ, it has i bit of trouble in its way though...

US/YEN similar to CAD/YEN...

EU/YEN nice bar in good place, a few problems above.
pick your best...

jon
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PATIENCE... DISCIPLINE
  • #125,988
  • Jun 8, 2013 2:26am Jun 8, 2013 2:26am
Quoting mbqb11
{quote} Hey Dan Welcome to the thread, hope it helps you out Pinbar was a tricky one, it worked well but was a pretty small one verse that trend, can be tricky but price certainly did get to where expected(and then some after the break). BUOB I throw in the same category of small and not the strongest close verse that trend. Hence why it can chop around. This is the area to hold for a pullback now but I'd be sweating it a bit myself Again welcome to the thread! Mike
Worked out pretty well in the end although it was a risky move. I expect 1.2150 or even 1.2350 in the next weeks.

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“A year from now you will wish you had started today.” -Karen Lamb
  • #125,989
  • Jun 8, 2013 11:16am Jun 8, 2013 11:16am
trading opportunities in the german market for next week:
SDF, LEO and LHA. all on weekly.
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meine augen sind die sterne
  • #125,990
  • Jun 8, 2013 9:42pm Jun 8, 2013 9:42pm
Hi mbqb11,

Just wanted some advice on Eur/Cad, Cad/Chf and Usd/Jpy. Eur/Cad has formed a BEOB at a swing high, ppv and has broken the 1.35 BRN. I see the price going down and it seems that this could be a start of a downtrend. There could be a bit of support near the april highs though. Could be some buy orders stored at 1.345 region. I still see it going down. As for Cad/Chf there is a BUOB formed at a swing low and price just touched the 0.9 round number which was a good PPV. Price shot up from this region and is closing on 0.92 which is also a PPV zone. The way i see it, it seems that price would go up to 0.92 BRN and then we have to wait how price reacts at that PPV zone. If it breaks then it could go up to the 150 and 365 EMA. On USD/JPY there is a huge pin bar formed at the 0.96 which is a PPV zone. Current trend is down but the way the pin bar is formed it seems price could go up to 100 ppv zone. i am not ready to place a trade using this pin bar as the stop loss will be really big and the JPY pairs are quite volatile so it could still go downwards. I may be wrong on my observations so if you could spare a few minutes and please advice me on this.

Regards
Dennis
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  • #125,991
  • Edited 10:42am Jun 9, 2013 10:04am | Edited 10:42am
Quoting dennis4u15
Hi mbqb11, Just wanted some advice on Eur/Cad, Cad/Chf and Usd/Jpy. Eur/Cad has formed a BEOB at a swing high, ppv and has broken the 1.35 BRN. I see the price going down and it seems that this could be a start of a downtrend. There could be a bit of support near the april highs though. Could be some buy orders stored at 1.345 region. I still see it going down. As for Cad/Chf there is a BUOB formed at a swing low and price just touched the 0.9 round number which was a good PPV. Price shot up from this...
Dennis,

Here is my take on a few of these.

Cad / CHF - Nice big BUOB as you have highlighted and you picked out the first trouble spot perfect. Now this thin could shoot up but what keeps me away from taking this trade is that it is sort of trapped in a sideways box right now. .9000 is the lower level of the box and .9500 is the upper. This is trading towards the middle which is a PPZ. The blue highlighted area you drew is just too close for me personally but as you said you can watch price get there and see how it reacts.

USD/JPY - This is a big pin bar at a swing low, but a few things don't seem unfavorable to me. 1) most of the body is within the previous bar, I am not 100% sure what that means but it just looks funky. 2) we only were able to touch the 95.00, i'd much rather the 95.00 be somewhere in the middle foe the bar for stop loss protection. If this bar does trigger there just doesn't seem like there is too much support (BRN or PPZ to protect your stop). Also this pinbar formed on a Friday which is a notorious take profit day, so my thoughts are that it formed in part because people were taking profits for the weekend after that massive move down.

Eur/Cad - I don't have a great analysis on this one. BEOB, BRN, breaking a trend line. MY problem with this is that the trendline is really steep and that it seems to hit multiple trouble areas really quickly.

I most likely wont take any of these for the reasons stated above, but just know I am SUPER picky! I only have 8 FX trades so far this year and had around 20 last year. Just want to make sure you understand where I am coming from.

Those are my thoughts.
  • #125,992
  • Jun 9, 2013 10:06am Jun 9, 2013 10:06am
Quoting dennis4u15
Hi mbqb11, Just wanted some advice on Eur/Cad, Cad/Chf and Usd/Jpy. Eur/Cad has formed a BEOB at a swing high, ppv and has broken the 1.35 BRN. I see the price going down and it seems that this could be a start of a downtrend. There could be a bit of support near the april highs though. Could be some buy orders stored at 1.345 region. I still see it going down. As for Cad/Chf there is a BUOB formed at a swing low and price just touched the 0.9 round number which was a good PPV. Price shot up from this...
Hey Dennis

I think a lot of the bars formed friday are weird ones as I was speaking with some in the PF. For me they all lack a lot of solid confluence leaving me feeling a bit"weird" about them. For example the yen pairs all seem tempting but upon further investigation we have quite a bit of trouble on them and the structure of the bars formed isn't the best to settle for. Coming on a friday which is a notorious profit taking day a lot of these just leave me feeling lackluster.

My overall opinion on all the bars that formed this friday is that one should be cautious. So if they break hard, GREAT. But if they don't I think having a tight leash on them is more than the right thing to do. I won't be playing any of these myself

For example eur/cad I would have preferred to see it more closely off that major swing high. So it's a decent size beob and looks nice but watch your FTA closely which for me is right under the low of the beob. Overall price is in a very tight box and if it doesn't break hard I would get out quick.

cad/chf- again price is massively in consolidation. Nice big buob, but again I think it's one that price either needs to break very hard or we ditch out. FTA are very important there. So just be careful

Usd/jpy - see attached chart

So overall I would be passing on these but if I had to play them I would do so with caution and watching them very close

Best
Mike
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  • #125,993
  • Jun 9, 2013 10:22am Jun 9, 2013 10:22am
Quoting dennis4u15
Hi mbqb11, Just wanted some advice on Eur/Cad, Cad/Chf and Usd/Jpy. Eur/Cad has formed a BEOB at a swing high, ppv and has broken the 1.35 BRN. I see the price going down and it seems that this could be a start of a downtrend. There could be a bit of support near the april highs though. Could be some buy orders stored at 1.345 region. I still see it going down. As for Cad/Chf there is a BUOB formed at a swing low and price just touched the 0.9 round number which was a good PPV. Price shot up from this...

EUR/CAD has printed a bearish weekly pin with several layers of confluence on my feed
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  • #125,994
  • Jun 9, 2013 10:30am Jun 9, 2013 10:30am
Quoting dmc
{quote} Dennis, Here is my take on a few of these. Cad / CHF - Nice big BUOB as you have highlighted and you picked out the first trouble spot perfect. Now this thin could shoot up but what keeps me away from taking this trade is that it is sort of trapped in a sideways box right now. .9000 is the lower level of the box and .9500 is the upper. This is trading towards the middle which is a PPZ. The blue highlighted area you drew is just too close for me personally but as you said you can watch price get there and see how it reacts. USD/JPY - This...
This is great Dave! Thanks!

Mike
  • #125,995
  • Edited 11:42am Jun 9, 2013 10:55am | Edited 11:42am
Just a reminder I am off for a small vacation in Antigua leaving early tomorrow and back late friday.

Thanks to all that come in here and help all those new traders looking for a way to actually make it in this business with a way that works. Your help is so greatly appreciated and why this is the best thread out there hands down

Will be around most of today to help but then I will catch you all in a week


Best
Mike
  • #125,996
  • Jun 9, 2013 11:25am Jun 9, 2013 11:25am
Quoting mbqb11
Just a reminder I am off for a small vacation in Antigua leaving early tomorrow and back late friday. Thanks to all that come in here and help all those new traders looking for a way to actually make this business that works. Your help is so greatly appreciated and why this is the best thread out there hands down Will be around most of today to help but then I will catch you all in a week Best Mike
Have a nice time dude and dun't forget sun spray
  • #125,997
  • Jun 9, 2013 11:58am Jun 9, 2013 11:58am
Quoting mbqb11
{quote} Hey Dennis I think a lot of the bars formed friday are weird ones as I was speaking with some in the PF. For me they all lack a lot of solid confluence leaving me feeling a bit"weird" about them. For example the yen pairs all seem tempting but upon further investigation we have quite a bit of trouble on them and the structure of the bars formed isn't the best to settle for. Coming on a friday which is a notorious profit taking day a lot of these just leave me feeling lackluster. My overall opinion on all the bars that formed this friday...
Mike, what do you think about other JPY pairs like CADJPY 2 day pin bar and AUD JPY pin bar?

On USD JPY I think the pin bar has confluence with a PPZ and a trend line. What do you think? Did I drew them correctly?
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  • #125,998
  • Jun 9, 2013 2:15pm Jun 9, 2013 2:15pm
have fun Mike and make sure you get some rest. you've definitely earned it.
  • #125,999
  • Jun 9, 2013 2:39pm Jun 9, 2013 2:39pm
Quoting str8
{quote} Mike, what do you think about other JPY pairs like CADJPY 2 day pin bar and AUD JPY pin bar? On USD JPY I think the pin bar has confluence with a PPZ and a trend line. What do you think? Did I drew them correctly? {image}
Hey Str8

My view on all the jpy pairs is basically the same. Pretty weak or weird looking bars with not a ton of confluence for me. They are all most likely going to either work or not work. So be careful if you decide to play a few of them. For me that usd/jpy TL isn't all that important yet. It's not really well defined in terms of swing points. If price continues to move higher than that TL would come into play for me later. Price is off a minor PPZ. Ultimately I think these are the ones that are tempting but if mis played can leave a trader in a world of hurt. I would like to see more confluence or a better placed bar(sitting lower and more through the BRN ) myself

Best
Mike
  • #126,000
  • Jun 10, 2013 12:30am Jun 10, 2013 12:30am
Hi dmc, mbqb11,

Thanks for helping me with my queries...it helped me alot.. i tried the USD/JPY on demo and i got out with a 40 pips loss...well thats what demos are for i guess...those pairs did look good with the bar formations but not enough confluences... i am learning with the help of you guys...i mean its better to have confluences to support bar formations. thanks again guys


Regards

Dennis
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