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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

  • #126,821
  • Jul 15, 2013 2:59pm Jul 15, 2013 2:59pm
Quoting mbqb11
think this is an interesting continuation buob if it triggers. This is based purely on "boxing" a more aggressive touch trade would be around 4300 obviously new traders should be looking for buobs at swing lows while starting out how James teaches {image}
Hi, similar situation also on AUDDKK, but I guess it´s not that big surprise since both pairs contain AUD.

Mav
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  • #126,822
  • Jul 15, 2013 3:48pm Jul 15, 2013 3:48pm
Watching
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  • #126,823
  • Jul 15, 2013 4:21pm Jul 15, 2013 4:21pm
Quoting Winston Reed
{quote} Hello Swede. Long time. Nice to hear from you!

Hi Winston...indeed a long time, hope all is well with you. Can't help checking in here once in awile to keep my thinking straight on the big picture. To have a moderator like Mike is worth solid gold imho. (don't tell him though, it might jinx things lol)
  • #126,824
  • Jul 15, 2013 4:29pm Jul 15, 2013 4:29pm
Quoting Swede
{quote} Hi Winston...indeed a long time, hope all is well with you. Can't help checking in here once in awile to keep my thinking straight on the big picture. To have a moderator like Mike is worth solid gold imho. (don't tell him though, it might jinx things lol)

All's good Swede. Mike is the MAN!
  • #126,825
  • Jul 15, 2013 11:27pm Jul 15, 2013 11:27pm
Quoting mbqb11
{quote} Hey Steve I wouldn't say it's necessarily wrong to ignore the extreme if it fits. The problem I have is the gaps that occur b/w your touches. You have a large amount of time that spans and I think this makes it difficult to use that area any way. For me you might as well start the TLs from after that major amount of lapsed time. For me it's almost more a coincidence that it lines up then really making it relevant. I think this will influence a traders decision thinking it's a major LONG term TL, when it's really just a short term TL. That's...
hi mike

thanks for the heads up. something more like this might look a bit more like it then. looks to me like 1.45 is the key level atm. do we go up from 1.45 or down from 1.45? is this a pair that is manipulated to hold around certain levels? i think i heard/read somewhere that the EURCHF is engineered to stay around the 1.20 level?

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hope ur girlfriend is ok

cheers

steve
Learning for Earning and Trading for Freedom
  • #126,826
  • Jul 16, 2013 2:12am Jul 16, 2013 2:12am
Watched the 5am (NY time) EJ bar close with much interest. I was looking for a close below 130 BRN/PPZ. Ended up passing as the zone is currently looking to hold as support.
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  • #126,827
  • Jul 16, 2013 2:32am Jul 16, 2013 2:32am
Quoting Donkey
Watched the 5am (NY time) EJ bar close with much interest. I was looking for a close below 130 BRN/PPZ. Ended up passing as the zone is currently looking to hold as support. {image}
great pass mate, easy to get into bars like that.
there was jus too much trouble in the way. the story wasnt there for me either. maybe it will work out as a good trade missed? but imho better that than a bad trade taken.



jon
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PATIENCE... DISCIPLINE
  • #126,828
  • Jul 16, 2013 2:41am Jul 16, 2013 2:41am
A dbl IB i am in. retraced to the 50% fib and PPZ @1.9450. ( i bet theres an ema there somewhere aswell? both IBs have wicks down through the 1.9300 RN which i liked as it makes that direction the path of least resistance imo. (Price didnt get to test the 1.9500 level so lots of orders likely to be still there??). Got a nice hard break.
Looking to take full profit at 1.9120
EDIT: SL initially above the first ib, now at BEish.





jon
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PATIENCE... DISCIPLINE
  • #126,829
  • Jul 16, 2013 3:46am Jul 16, 2013 3:46am
Quoting g_j_hook@yah
A dbl IB i am in. retraced to the 50% fib and PPZ @1.9450. ( i bet theres an ema there somewhere aswell? both IBs have wicks down through the 1.9300 RN which i liked as it makes that direction the path of least resistance imo. (Price didnt get to test the 1.9500 level so lots of orders likely to be still there??). Got a nice hard break. Looking to take full profit at 1.9120 EDIT: SL initially above the first ib, now at BEish. jon {image}
weekly chart. what do u think of this. my watch list.

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"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #126,830
  • Jul 16, 2013 4:31am Jul 16, 2013 4:31am
Weekly USDJPY watchlisted. Weekly beob

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"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #126,831
  • Edited 5:02am Jul 16, 2013 4:43am | Edited 5:02am
Quoting Libra
{quote} weekly chart. what do u think of this. my watch list. {image}
Hi Libra!

First thoughts- that pinbar is HUGE! However that's not the only factor that we take in consideration while trading. SPACE and POSITION is much more important in my opinion. Does this pinbar have space? Not really. When I look for FTAs these are my places: The Highest close at the bottom of the last swing low - (the close of that green bar that sits down there. - EDIT: However in this case its an irrelevant Trouble area, since price didnt consolidate down there) Then the Lowest Close / Lows of the last swing. Its not marked on your chart! And then obviously your trade profit area.

What obstacles shall price beat so that it can get down til your TP? Lows, and traffic etc - i personally dont want to trade into such traffic cause trades are unmanageable in these areas.

I know you might say: "But it was a HUGE pin, that occured after the TL breakout, and even tested the LOW of the consolidation." - you are right there, and you might gonna have a successful trade. But this is definitely not an A+, A trade.

And last but not least - remember what our good old jarroo says: "A good setup is usually followed by a high momentum move..." If it were really that strong and good setup then why does price want to go up now? (I know that its only the 2nd day of the week, but still... )

personal Advice
When I was REALLY new to forex i did the same - tried to look for setups on real time charts. Its not the right way. Scroll back on your EURUSD or some pair, and go bar by bar... And mark EVERY SINGLE PIN you will see.. by the time you are finished with the first few years you already saw a few A+ pinbars and many shitty B, C pinbars. Now simply cut these A+ pinbars to a word doc. or whatever and look for similarities
After you are done come back to real time charts... And look at your "ex-possible" trades... You will be surprised!

I think this is the most efficient way of getting clear with setups... Otherwise you just gonna struggle here for weeks, months, posting here B,C setups and asking if they are good. I mean later you can learn how to trade these B,C - higher risk setups, but save it for later


Have a nice time,
Take care,

Stephen

EDIT:
About momentum - of course we have to wait for a weekly close since we are on the weekly TF... But if weakly would close like that i would be worried...
Stop-loss: I would move it a bit higher, so its above that bar high. -> Bar highs can function as S/R area, and in this case you only would have widen your SL with a few pips for it...
It's all psychology...
  • #126,832
  • Jul 16, 2013 5:54am Jul 16, 2013 5:54am
Quoting LamerTrader
{quote} Hi Libra! First thoughts- that pinbar is HUGE! However that's not the only factor that we take in consideration while trading. SPACE and POSITION is much more important in my opinion. Does this pinbar have space? Not really. When I look for FTAs these are my places: The Highest close at the bottom of the last swing low - (the close of that green bar that sits down there. - EDIT: However in this case its an irrelevant Trouble area, since price didnt consolidate down there) Then the Lowest Close / Lows of the last swing. Its not marked on...

Hi Lamer,

thank you very very much for the reply and advice. i appreciate.
"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #126,833
  • Jul 16, 2013 6:37am Jul 16, 2013 6:37am
Quoting Libra
{quote} Hi Lamer, thank you very very much for the reply and advice. i appreciate.
Keep up the good work buddy

take care,
stephen
It's all psychology...
  • #126,834
  • Jul 16, 2013 7:57am Jul 16, 2013 7:57am
Quoting hally0301
{quote} hi mike thanks for the heads up. something more like this might look a bit more like it then. looks to me like 1.45 is the key level atm. do we go up from 1.45 or down from 1.45? is this a pair that is manipulated to hold around certain levels? i think i heard/read somewhere that the EURCHF is engineered to stay around the 1.20 level? {image} hope ur girlfriend is ok cheers steve

yep much better Steve , if you think about it simply it justm akes more sense to draw it like that

As for levels, Eur/chf was under some intervention for awhile but has since made some volatile moves away. I don't pay attention to that stuff though just follow the technicals

Thanks as well!
Mike
  • #126,835
  • Jul 16, 2013 11:48am Jul 16, 2013 11:48am
Hi guys!
How are we doing?
meanwhile on xxx/jpy (Usd/jpy specifically )
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  • #126,836
  • Jul 16, 2013 3:39pm Jul 16, 2013 3:39pm
Hi, here is a trade I´m currently thinking about. It´s AUDPLN, it was for a few days in a downtrend, then price consolidated for some time and formed a box, finally we broke down, retraced and formed inverse pin bar off bottom of previous box and also 3.0 BRN. Disadvantage here is that this pair is pretty choppy. I´ve got my order set so we´ll see, i Hope that tomorrow will price continue in it´s move downward.
As always I will be happy for all comments.

Mav
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  • #126,837
  • Jul 16, 2013 5:47pm Jul 16, 2013 5:47pm
back on the radar
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  • #126,838
  • Jul 16, 2013 5:50pm Jul 16, 2013 5:50pm
Quoting Libra
{quote} weekly chart. what do u think of this. my watch list. {image}
Firstly i have my TL drawn a little different, i have three touches, which makes it a valid line imo and a better story to the break. but i think it is a pretty minor swing high even though it is a retrace situation. in the case of small moves like the move down on this chart i find it hard to put any significance of the fib levels as price is bound to hit one of them on a retracement. The PB is a nice shape but i personally would be looking for that PPZ to hold that you drew in at about .7450 to have any confidence in the setup. Also it would need carefull managment at the FTA which i have at the .7200 area. May work out well but not an A+ setup imho, a bit of an higher swing would be more significant for a PB to form....

hope this helps



jon
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PATIENCE... DISCIPLINE
  • #126,839
  • Jul 16, 2013 6:01pm Jul 16, 2013 6:01pm
Quoting g_j_hook@yah
A dbl IB i am in. retraced to the 50% fib and PPZ @1.9450. ( i bet theres an ema there somewhere aswell? both IBs have wicks down through the 1.9300 RN which i liked as it makes that direction the path of least resistance imo. (Price didnt get to test the 1.9500 level so lots of orders likely to be still there??). Got a nice hard break. Looking to take full profit at 1.9120 EDIT: SL initially above the first ib, now at BEish. jon {image}
took full profit soon after the post, price was near as damn it to my TP and i had to go to work anyway. turned out to be a good place to do so....


jon
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PATIENCE... DISCIPLINE
  • #126,840
  • Jul 16, 2013 6:07pm Jul 16, 2013 6:07pm
Quoting Mav13
Hi, here is a trade I´m currently thinking about. It´s AUDPLN, it was for a few days in a downtrend, then price consolidated for some time and formed a box, finally we broke down, retraced and formed inverse pin bar off bottom of previous box and also 3.0 BRN. Disadvantage here is that this pair is pretty choppy. I´ve got my order set so we´ll see, i Hope that tomorrow will price continue in it´s move downward. As always I will be happy for all comments. Mav {image}
jus my opinion but remember that IPBs on a swing low are a bullish thing (if i understand correctly) maybe the expert on them ghous might give his opinion??.....

jon
PATIENCE... DISCIPLINE
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