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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

  • #126,941
  • Jul 24, 2013 2:02pm Jul 24, 2013 2:02pm
Pin bar on the pair I dont like traded today. I thought it was preaty nice one.
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If not up, then down, otherwise sideways :-)
  • #126,942
  • Jul 24, 2013 2:19pm Jul 24, 2013 2:19pm
A chart that currently grabs my attention.
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If not up, then down, otherwise sideways :-)
  • #126,943
  • Jul 24, 2013 5:15pm Jul 24, 2013 5:15pm
CHFJPY is related to EURJPY, and BTW i enjoyed the video, too.

Mike, in the past days, you and Ghous posted a chart about CHFJPY.

There's something I can't understand :

Price broke the TL and didn't retest the same TL but formed a Pinbar at the RN 106.
Could it be considered for an entrance?
As you can see I marked the FTA ( RN 107), and I have to say there's no room for managing.

On the TF H4, the Pinbar is nice but is in the middle of the chaos.

After this analysis I didn't enter the market because i thought "Maybe I have to wait for a clear retest of the TL".
Am i wrong?

Hope i made myself clear, cheers!!!
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  • #126,944
  • Jul 24, 2013 6:37pm Jul 24, 2013 6:37pm
Quoting pip_la
Interesting set up. (Potential) DBHLC off 61 retrace, minor pivot zone and 150 EMA. Price action looks pretty 'clean' but the bar unfortunately doesn't look too strong. Anyone thinking to take it? {image}
Hey pip_la!

I'm not incredibly versed in all of this, but there does seem to be a lot of resistance where you noted:

1. 38.2 retracement from the previous weekly swing high (blue line)
2. 61.8 retracement from the daily swing high (white line)
3. 150 EMA (yellow line)
4. PPZ @ BRN (orange line)
5. Double (triple) high with a lower close

If you take the PA, you'd obviously wait for the break of the bar but you may also want to wait for the break of the 500 retracement. Price was rejected there in the recent past and as we know, former support/resistance flips quite often. From there, it looks as though the FTA would be the next PPZ.

My problem (teaching opportunity, someone "learn me"!) is seeing the -140 pip stop and being scared off. I'm not sure when to move to BE or how to manage it well once it's open.
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  • #126,945
  • Jul 24, 2013 6:54pm Jul 24, 2013 6:54pm
Here's a sell trade which i think will do well on the daily chart aud jpy, any comments are welcome.
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  • #126,946
  • Jul 24, 2013 7:28pm Jul 24, 2013 7:28pm
Quoting aioico
CHFJPY is related to EURJPY, and BTW i enjoyed the video, too. Mike, in the past days, you and Ghous posted a chart about CHFJPY. There's something I can't understand : Price broke the TL and didn't retest the same TL but formed a Pinbar at the RN 106. Could it be considered for an entrance? As you can see I marked the FTA ( RN 107), and I have to say there's no room for managing. On the TF H4, the Pinbar is nice but is in the middle of the chaos. After this analysis I didn't enter the market because i thought "Maybe I have to wait for a clear...
Hey A

Pip asked me a similar question here

http://www.forexfactory.com/showthre...=6841567#reply

I would want to see that pinbar touch the previous TL that's what gives it the most strength of confluence . This was an easy pass for me as well


Best
Mike
  • #126,947
  • Edited 10:25pm Jul 24, 2013 8:40pm | Edited 10:25pm
hi mbqb11,

From all your replies i can see that you have a lot of patience as there are not many set up that gets a thumbs up from you. I mean its always good to see what can keep you out of a trade than what can get you in. There are set ups in different pairs everyday but most are not A or A+ so its better to stay away from them. i am trying to be patient and wait for good ones even though i just trade on demos. I think that lots of chart time will be good for traders like us and then there is always you to guide us. Thanks again for all your help.

regards

Dennis
  • #126,948
  • Jul 24, 2013 11:14pm Jul 24, 2013 11:14pm
Quoting Magestic
A chart that currently grabs my attention. {image}

Nice spotting and posting. Thanks!
  • #126,949
  • Jul 25, 2013 12:15am Jul 25, 2013 12:15am
Quoting pip_la
Interesting set up. (Potential) DBHLC off 61 retrace, minor pivot zone and 150 EMA. Price action looks pretty 'clean' but the bar unfortunately doesn't look too strong. Anyone thinking to take it? {image}
Hi pip_la

Look how the price turned back into the dymanic consolidation and retested the old support !
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Nothing personal,just business
  • #126,950
  • Jul 25, 2013 6:21am Jul 25, 2013 6:21am
Quoting dennis4u15
hi mbqb11, From all your replies i can see that you have a lot of patience as there are not many set up that gets a thumbs up from you. I mean its always good to see what can keep you out of a trade than what can get you in. There are set ups in different pairs everyday but most are not A or A+ so its better to stay away from them. i am trying to be patient and wait for good ones even though i just trade on demos. I think that lots of chart time will be good for traders like us and then there is always...


In my view this is what separates winning and losing traders being patient. In times like this when the market is at a crawl one really needs to sit on their hands and wait for the good setups. It's also why i watch a lot of pairs and a lot of equity charts. Allows me to keep my patience. Doesn't mean I don't get antsy either it happens lol!

Thanks for the nice words
Mike
  • #126,951
  • Jul 25, 2013 9:08am Jul 25, 2013 9:08am
So here is my last demo trade, next month I´m propably going live. Big H8 BEOB closing below BRN, target around 0.94 . And a few patterns I´m watching
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  • #126,952
  • Jul 25, 2013 9:13am Jul 25, 2013 9:13am
Quoting mbqb11
{quote} In my view this is what separates winning and losing traders being patient. In times like this when the market is at a crawl one really needs to sit on their hands and wait for the good setups. It's also why i watch a lot of pairs and a lot of equity charts. Allows me to keep my patience. Doesn't mean I don't get antsy either it happens lol! Thanks for the nice words Mike
Holy sh...i just started reading the thread (page 100) and saw you started posting around that time mbqb11. Still around and running hot? I admire your commitment. As it will take me a little bit less than a year to read the whole thread at 20 pages a day, do you think its worth the ride? I honestly do think so..

Cheers
  • #126,953
  • Jul 25, 2013 9:18am Jul 25, 2013 9:18am
Quoting baccarat
{quote} Holy sh...i just started reading the thread (page 100) and saw you started posting around that time mbqb11. Still around and running hot? I admire your commitment. As it will take me a little bit less than a year to read the whole thread at 20 pages a day, do you think its worth the ride? I honestly do think so.. Cheers
Welcome on board.

As you read along you'll see he isn't the only terminator around.

We have quite a few super humans willing to sit here day in day out and answer countless questions and help traders.

Some of them haven't been with the group since that long but their impacts have been very similar.

You've got to be admired yourself to understand the importance of going through the entire thread despite the size. Dang...is this thread an angel magnet?

g.
I believe . . .
  • #126,954
  • Jul 25, 2013 9:42am Jul 25, 2013 9:42am
Quoting ghous
{quote} Welcome on board. As you read along you'll see he isn't the only terminator around. We have quite a few super humans willing to sit here day in day out and answer countless questions and help traders. Some of them haven't been with the group since that long but their impacts have been very similar. You've got to be admired yourself to understand the importance of going through the entire thread despite the size. Dang...is this thread an angel magnet? g.
Thanks for the headsup ghous . After wandering around for 26 years on this world and 2 years in this business plus 3 years of playing poker professionally, ruining relationships and my health, going broke, emigrating to China and taking on a dayjob i started to learn some humbleness.
My only weapon is my motivation, my enemy until now was time. Now, time is my friend .
  • #126,955
  • Jul 25, 2013 10:08am Jul 25, 2013 10:08am
Quoting baccarat
{quote} Holy sh...i just started reading the thread (page 100) and saw you started posting around that time mbqb11. Still around and running hot? I admire your commitment. As it will take me a little bit less than a year to read the whole thread at 20 pages a day, do you think its worth the ride? I honestly do think so.. Cheers
welcome B, glad to have you I think this thread is stacked with great info

After a few hundred pages paying close attention to James16 posts you will be more caught up then you think and ready to begin to demo and get some experience under your belt

Glad to have you

Mike
  • #126,956
  • Jul 25, 2013 2:11pm Jul 25, 2013 2:11pm
One more preaty accurate formation unfolds. I think, worth watching
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If not up, then down, otherwise sideways :-)
  • #126,957
  • Jul 26, 2013 3:24am Jul 26, 2013 3:24am
Hi Mike. Do you know brokers with a lot of futures and mt4 as platform?
  • #126,958
  • Jul 26, 2013 3:58am Jul 26, 2013 3:58am
Is there a specific post on this thread dealing with the use of the 150 and 365 ema's ?
I cannot find one.
every Saint has a past. Every Sinner has a Future
  • #126,959
  • Jul 26, 2013 4:37am Jul 26, 2013 4:37am
Quoting Viktor_749
Hi Mike. Do you know brokers with a lot of futures and mt4 as platform?
Hi Viktor,

Futures brokers don't use MT4. They will provide their own proprietary trading and charting platform in most cases.

you can only trade CFDs with Mt4 brokers.

Also note that MT4 is not designed for the centralized Exchange markets , only OTC markets.
  • #126,960
  • Jul 26, 2013 4:43am Jul 26, 2013 4:43am
Hi turnip15,
I believe that 150 and 365 ema are used just as another source of confluence like fibo retracements, round numbers,... For example 365 ema could line up with a RN and PPZ and give your trade more strength. But not everyone uses ema´s.

Just my 2 cents though

Mav
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