james16 Chart Thread | Page 6408 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #128,141
  • Oct 19, 2013 1:38pm Oct 19, 2013 1:38pm
How about a little game.

Let's see how many can predict where these are going.

Consider you are looking at these as potential setups. Now I know you're restricted to the information that you see on the chart but the real purpose is not to make those big beefy predictions but to learn how immediate action to the left can be used to determine short term targets and trouble areas to manage the trade off of.

What you need to be doing is simply by looking at the bar itself and other available information make an educated guess where you think price is headed straight away, where you think it might find trouble and what your potential trade plan would be based on the market either holding up at your designated trouble areas or blowing past them.

So for example it could go like "This is where I think the trouble areas are (a chart) and I'll be taking x% off at the trouble area A as I think its important, and look to take full profit at B"

DO NOT FEAR GETTING IT WRONG. This getting wrong, will eventually help you learn to get it right when it would really matter.

I will be posting the answers once we have some decent feedback.

PS Don't cheat by scrolling down and taking note of others predictions and thoughts. They don't matter and are not important. What's important and beneficial for you as well as others is your genuine opinion on the two setups.

Attached Image (click to enlarge)
Click to Enlarge Name: chart 1 qs.png Size: 23 KB


Attached Image (click to enlarge)
Click to Enlarge Name: chart 2 qs.png Size: 19 KB


g.
I believe . . .
  • #128,142
  • Oct 19, 2013 2:01pm Oct 19, 2013 2:01pm
Quoting ghous
How about a little game. Let's see how many can predict where these are going. Consider you are looking at these as potential setups. Now I know you're restricted to the information that you see on the chart but the real purpose is not to make those big beefy predictions but to learn how immediate action to the left can be used to determine short term targets and trouble areas to manage the trade off of. What you need to be doing is simply by looking at the bar itself and other available information make an educated guess where you think price is...
My opinion on chart1.

Attached Image (click to enlarge)
Click to Enlarge Name: chart 1 qs.png Size: 72 KB


And on chart 2

Attached Image (click to enlarge)
Click to Enlarge Name: chart 2 qs.png Size: 44 KB
  • #128,143
  • Oct 19, 2013 2:08pm Oct 19, 2013 2:08pm
Quoting ghous
{quote} Actually it extends beyond just the concept of confluence. Every skill that you need to eventually master this art is going to be the one that you will really be needing to find success in every other domain of your life. This is precisely why I find trading to be so much ahead of any other form of business. People can get very good at their business and be a total failure in bringing their life together in a meaningful picture by connecting all the aspects. Sound trading requires you to be patient. It requires you to be healthy (physically...
Wow Ghous.

This needs to be printed and read every morning.

One of the best post that I have come across in recent times.



Thanks.
Z
  • #128,144
  • Oct 19, 2013 5:45pm Oct 19, 2013 5:45pm
Quoting ghous
How about a little game. Let's see how many can predict where these are going. Consider you are looking at these as potential setups. Now I know you're restricted to the information that you see on the chart but the real purpose is not to make those big beefy predictions but to learn how immediate action to the left can be used to determine short term targets and trouble areas to manage the trade off of. What you need to be doing is simply by looking at the bar itself and other available information make an educated guess where you think price is...
My little view...


Jibson


Attached Image (click to enlarge)
Click to Enlarge Name: chart 1 qs.png Size: 38 KB
Attached Image (click to enlarge)
Click to Enlarge Name: chart 2 qs.png Size: 34 KB
Still trying to get to meet myself...
  • #128,145
  • Oct 20, 2013 1:20am Oct 20, 2013 1:20am
Quoting jibson007
{quote} My little view... Jibson {image}{image}
For the pin bar setup you didn't mention how you would manage the trade? What would you do if price holds up at that consolidation box? What if it blows past or never reaches it?

g.
I believe . . .
  • #128,146
  • Oct 20, 2013 2:54am Oct 20, 2013 2:54am
Quoting ghous
{quote} For the pin bar setup you didn't mention how you would manage the trade? What would you do if price holds up at that consolidation box? What if it blows past or never reaches it? g.

I guess this will be a little better.


Jibson
Attached Image (click to enlarge)
Click to Enlarge Name: chart 2 qs.png Size: 54 KB
Still trying to get to meet myself...
  • #128,147
  • Oct 20, 2013 3:32am Oct 20, 2013 3:32am
Chart 1 ,, the price is approaching a possible area of trouble and will possibly move in a slightly upward but mostly sideways move.

Chart 2, entry could be just below the low of the pin,127900 with a stop just above the high of the pin ( a bit far away), 1 st target the low of the previous candle. 127678 ?? and to take half off, move stop to previous highs, and would probably take final off at low of 2 nd previous candle 127670 ??
  • #128,148
  • Oct 20, 2013 4:12am Oct 20, 2013 4:12am
PRICE CLOSES ABOVE WHCR, DHCR, BRN 1.05, FOLLOWED BY RETEST OF BRN 1.05.

ENTRY - LMT ORDER 1.5
SL - BELOW LOW OF PINBAR
FTA ~ 1.0567

Neytiri
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 35 KB
  • #128,149
  • Oct 20, 2013 4:14am Oct 20, 2013 4:14am
Quoting ghous
How about a little game. Let's see how many can predict where these are going. g.
This is my version. Hopefully I did not get too far.

Attached Image (click to enlarge)
Click to Enlarge Name: Ghous 2013_10_20_Chart1.gif Size: 40 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Ghous 2013_10_20_Chart2.gif Size: 36 KB


-Rami
  • #128,150
  • Oct 20, 2013 5:07am Oct 20, 2013 5:07am
CAC40 futures

PB&CA DHCR, BRN 4200 FOLLOWED BY CONSOLIDATION AND BREAKOUT OF THE CONSOLIDATION BOX.

Neytiri
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 31 KB
  • #128,151
  • Oct 20, 2013 5:13am Oct 20, 2013 5:13am
Quoting ghous
{quote} Actually it extends beyond just the concept of confluence. Every skill that you need to eventually master this art is going to be the one that you will really be needing to find success in every other domain of your life. This is precisely why I find trading to be so much ahead of any other form of business. People can get very good at their business and be a total failure in bringing their life together in a meaningful picture by connecting all the aspects. Sound trading requires you to be patient. It requires you to be healthy (physically...

Hats off to you my friend. This is just as good as anybody can get with a lifetime of effort. There is just nothing I can add to this splendid post. It is perfect.
  • #128,152
  • Oct 20, 2013 6:49am Oct 20, 2013 6:49am
Quoting ghous
How about a little game. Let's see how many can predict where these are going. Consider you are looking at these as potential setups. Now I know you're restricted to the information that you see on the chart but the real purpose is not to make those big beefy predictions but to learn how immediate action to the left can be used to determine short term targets and trouble areas to manage the trade off of. What you need to be doing is simply by looking at the bar itself and other available information make an educated guess where you think price is...
Hey Ghous,

Chart 1 - I will not take the trade. There are too many trouble areas close by.

Chart 2 - I will place a stop order few pips below the low of the pinbar and stop loss above the high. I will use only one lot and take full profit at the bar high indicated in the chart. After that in my opinion price might have a difficult time getting past the consolidation box,

Neytiri
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 26 KB
  • #128,153
  • Oct 20, 2013 6:54am Oct 20, 2013 6:54am
Quoting Neytiri
{quote} Hey Ghous, Chart 1 - I will not take the trade. There are too many trouble areas close by. Chart 2 - I will place a stop order few pips below the low of the pinbar and stop loss above the high. I will use only one lot and take full profit at the bar high indicated in the chart. After that in my opinion price might have a difficult time getting past the consolidation box, Neytiri {image}
So this becomes a set and forget trade then where price hits either your set SL or TP or are there any contingency plans in case price shows some real strength to the downside or struggles to even break the pin bar?

Some really nice analyses coming along from so many of you. Glad you've all decided to chime in and participate.

g.
I believe . . .
  • #128,154
  • Oct 20, 2013 8:04am Oct 20, 2013 8:04am
Quoting ghous
{quote} So this becomes a set and forget trade then where price hits either your set SL or TP or are there any contingency plans in case price shows some real strength to the downside or struggles to even break the pin bar? Some really nice analyses coming along from so many of you. Glad you've all decided to chime in and participate. g.
Hey Ghous,

For a 2 lots strategy, if price reaches the bar high indicated in the chart, I will take half profit. After that I will move my stop to breakeven. Then I will see how it pans out.
1.If I see bullish price action on the same time frame, I will exit the trade immediately.
2.If price goes sideways for a week, I will exit the trade because on Monday price might gap up beyond my breakeven stop.
3.If price continues to make lower lows, I will trail using a 2 bar stop all the way till price hits the 150 ema.

For both 1 lot and 2 lots strategy, if price does not go south after entering the trade, i.e. I can see on a 1 hour or a 4 hour time frame that price is making higher highs, I will exit the trade without waiting for price to take out my stop loss.


Neytiri
  • #128,155
  • Oct 20, 2013 8:30am Oct 20, 2013 8:30am
Quoting ghous
How about a little game. Let's see how many can predict where these are going. Consider you are looking at these as potential setups. Now I know you're restricted to the information that you see on the chart but the real purpose is not to make those big beefy predictions but to learn how immediate action to the left can be used to determine short term targets and trouble areas to manage the trade off of. What you need to be doing is simply by looking at the bar itself and other available information make an educated guess where you think price is...
chart1: BUOB was the result of a beartrap (or FO), to the left you'll see a clean double bottom at the right price breaks the double bottom but there's no follow through and instead price rockets up also engulfing the swinglow just above. Also the PA at the red ellipse suggests that sell orders were consumed so price may move up fairly easy here through. So imho price will pullback to retest the breached double bottom and my final target would be the red rectangle, that's were the downmove started from. Also the two blue rectangles may form another beartrap in order to provide enough sell orders to buy against for the move up. My SL would be below the double bottom, but I'll need the lower TF's to pinpoint it.
Attached Image (click to enlarge)
Click to Enlarge Name: gh1.jpg Size: 120 KB
Pipcrawler
  • #128,156
  • Oct 20, 2013 9:03am Oct 20, 2013 9:03am
Quoting xmzhang
{quote} chart1: BUOB was the result of a beartrap (or FO), to the left you'll see a clean double bottom at the right price breaks the double bottom but there's no follow through and instead price rockets up also engulfing the swinglow just above. Also the PA at the red ellipse suggests that sell orders were consumed so price may move up fairly easy here through. So imho price will pullback to retest the breached double bottom and my final target would be the red rectangle, that's were the downmove started from. Also the two blue rectangles may form...
Quote
Also the PA at the red ellipse suggests that sell orders were consumed so price may move up fairly easy here through

The red ellipse is actually highlighting consolidation, and that is hardly ever a signal of consumed order flow. It represents a battlefield that price is always nervous heading back into. To put it more simply, we understand that consolidation boxes represent trouble areas for us.

Just a little clarification.

g.
I believe . . .
  • #128,157
  • Oct 20, 2013 9:04am Oct 20, 2013 9:04am
Quoting Neytiri
{quote} Hey Ghous, For a 2 lots strategy, if price reaches the bar high indicated in the chart, I will take half profit. After that I will move my stop to breakeven. Then I will see how it pans out. 1.If I see bullish price action on the same time frame, I will exit the trade immediately. 2.If price goes sideways for a week, I will exit the trade because on Monday price might gap up beyond my breakeven stop. 3.If price continues to make lower lows, I will trail using a 2 bar stop all the way till price hits the 150 ema. For both 1 lot and 2 lots...
Sounds like a plan

g.
I believe . . .
  • #128,158
  • Oct 20, 2013 9:04am Oct 20, 2013 9:04am
Quoting ghous
How about a little game. Let's see how many can predict where these are going. Consider you are looking at these as potential setups. Now I know you're restricted to the information that you see on the chart but the real purpose is not to make those big beefy predictions but to learn how immediate action to the left can be used to determine short term targets and trouble areas to manage the trade off of. What you need to be doing is simply by looking at the bar itself and other available information make an educated guess where you think price is...

I just took a look at both the charts. In the first chart it is going to face a lot of resistance at 1.27 and also it is facing a TL and MA which also can act as resistances to the flow above. I think it is a difficult trade to take.

However you can try the second one but it has two major support lines (FTAS) coming up....one is very close and has the potential to kill the trade and if it survives that there is a another one that can take you to break even. Not a great trade as per my view. Attaching the screenshot.
Attached Image (click to enlarge)
Click to Enlarge Name: chart 2 qsp.PNG Size: 41 KB
  • #128,159
  • Oct 20, 2013 9:22am Oct 20, 2013 9:22am
The BUOB at the swing low is HUGE and engulfing. Price is heading into traffic so a powerful candle is needed so I would trade this long after a 50% retracement and TP at one of the TP lines shown. Traffic could stop this dead so I would move to BE quickly.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.GIF Size: 36 KB
  • #128,160
  • Oct 20, 2013 9:29am Oct 20, 2013 9:29am
Nice pinbar. This would meet my criteria for a short to one of the TPs shown. I will trade into traffic as long as the signal candle is A+ and occurs at S/R which this does.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.GIF Size: 37 KB
52 traders viewing now