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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

  • #129,781
  • Feb 4, 2014 5:33pm Feb 4, 2014 5:33pm
Quoting respectosik
hello traders! Thank you for what you are doing with our FX stupidity!) it motivates not stop learning. after close each deal I keep it, and then consider the reasons for success or failure. in this case I do not see the unique loss reasons. what did I do wrong? down trend, candle closed below the blue level and tested it after, then pending order placed below round level {image}

I too was trying to enter that 4H PB, but second-guessed myself by pulling the order when price approached, when it rejected 0.81 again, I placed my sell limit again at 0.8098, but it wasn't taken in before moving lower, so I cancelled again.

Price would however have hit my TP before moving higher (0.8065), and I think you misjudged the close FTA in this situation.

Just some food for thought!
(I'm still in demo mode for the entire 2014 at least)
It's a sport, an artform and a science.
  • #129,782
  • Feb 4, 2014 5:43pm Feb 4, 2014 5:43pm
Quoting billmac3
Hi All - Just found this thread yesterday and wanted to give a shout out. Also, what would the experts say to the following daily chart of the NZDUSD? Nice PB nose up into fib ret and resistance at 1.0910. Now look at the monthly.. Big PB going the other way. Would it be a high probability short trade for at least 80-100 pips upon the break of the low? Thanks Bill {image} {image}
Looks quite good!

I was looking at this one too, and I think It's a little trickier than you've put it in your chart, but I could be wrong in assuming this.
I think it's tradeble, but considering the monthly PB, I'd be very cautious of trading far against it.
A retrace entry at the 1.0870 area would be feasable considering 1.0805 as the FTA/TP.
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Keep us posted
It's a sport, an artform and a science.
  • #129,783
  • Feb 4, 2014 8:47pm Feb 4, 2014 8:47pm
Hey Guys,

Just wanted to post this chart from my demo acct.

Noticed this swing high pin on the AUDNZD. Nose is pretty long and I saw confluence with Fib Ret 38.2 and daily resistance ( blue rectangle ). Entered in on a retracement of the pin ( 1.0830 ) and looking to get out at (1.0740 ).

Disadvantages: Possibly not enough stronger confluence.

What are your thoughts about this trade? Thanks a lot!

gf
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  • #129,784
  • Feb 5, 2014 1:15am Feb 5, 2014 1:15am
Quoting billmac3
Hi All - Just found this thread yesterday and wanted to give a shout out. Also, what would the experts say to the following daily chart of the NZDUSD? Nice PB nose up into fib ret and resistance at 1.0910. Now look at the monthly.. Big PB going the other way. Would it be a high probability short trade for at least 80-100 pips upon the break of the low? Thanks Bill {image} {image}
Imho if you trade daily up to monthly charts you shouldnt go for a 80 pip shake...you should trade the trends then....

anyway NZDUSD should be still in bearish mode,


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best,
Jonas
Hero calls followed by margin calls...
  • #129,785
  • Feb 5, 2014 1:33am Feb 5, 2014 1:33am
Quoting grayfox90
Hey Guys, Just wanted to post this chart from my demo acct. Noticed this swing high pin on the AUDNZD. Nose is pretty long and I saw confluence with Fib Ret 38.2 and daily resistance ( blue rectangle ). Entered in on a retracement of the pin ( 1.0830 ) and looking to get out at (1.0740 ). Disadvantages: Possibly not enough stronger confluence. What are your thoughts about this trade? Thanks a lot! gf {image}

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best,
Jonas
Hero calls followed by margin calls...
  • #129,786
  • Feb 5, 2014 5:37am Feb 5, 2014 5:37am
Quoting grayfox90
Hey Guys, Just wanted to post this chart from my demo acct. Noticed this swing high pin on the AUDNZD. Nose is pretty long and I saw confluence with Fib Ret 38.2 and daily resistance ( blue rectangle ). Entered in on a retracement of the pin ( 1.0830 ) and looking to get out at (1.0740 ). Disadvantages: Possibly not enough stronger confluence. What are your thoughts about this trade? Thanks a lot! gf {image}
I personally would pass on this as a daily timeframe short.
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  • #129,787
  • Feb 5, 2014 7:44am Feb 5, 2014 7:44am
pretty quiet in here today
Hero calls followed by margin calls...
  • #129,788
  • Feb 5, 2014 8:03am Feb 5, 2014 8:03am
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Hero calls followed by margin calls...
  • #129,789
  • Feb 5, 2014 8:05am Feb 5, 2014 8:05am
Quoting PhAnTi'
pretty quiet in here today
I was keeping my head down as I'd gone long on NZDUSD

Saw it a bit different from yourself - I saw a long uptrend:

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And going down to daily, I saw a fake out of the recent sideways channel and bought on the break of the 150ema:

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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,790
  • Edited 11:49am Feb 5, 2014 11:36am | Edited 11:49am
Quoting Berserker
{quote} I was keeping my head down as I'd gone long on NZDUSD
Dang, that is a great deal of traffic to push through! Just remember that traffic is one of your worst enemies. While the trade might work in this particular instance, the probabilities certainly work against you over the long term if you make a habit of trading into traffic. Good luck.
Forex is for the lifestyle.
  • #129,791
  • Feb 5, 2014 1:27pm Feb 5, 2014 1:27pm
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Hey. How do you scan throught charts using MT4? Do you have all charts opened and then click on tabs below charts? Or is there a quicker way?
  • #129,792
  • Feb 5, 2014 1:46pm Feb 5, 2014 1:46pm
Quoting BlazG
Hey. How do you scan throught charts using MT4? Do you have all charts opened and then click on tabs below charts? Or is there a quicker way?
That's exactly how I do it.
Tried the Alt+Tab shortcut once, but it doesn't work that well.
It's a sport, an artform and a science.
  • #129,793
  • Feb 5, 2014 2:04pm Feb 5, 2014 2:04pm
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Quoting Donaciello
{quote} That's exactly how I do it. Tried the Alt+Tab shortcut once, but it doesn't work that well.
Just Googled a neat hot key Ctrl+F6 which activates the next chart window.
  • #129,794
  • Feb 5, 2014 2:09pm Feb 5, 2014 2:09pm
Quoting Tail Gunner
{quote} Dang, that is a great deal of traffic to push through! Just remember that traffic is one of your worst enemies. While the trade might work in this particular instance, the probabilities certainly work against you over the long term if you make a habit of trading into traffic. Good luck.
I put this order in at work, so I didn't have my "Traffic and space" post-it note to remind me of your good advice!

But seriously, I'm starting to realise that when I see something I like the look of I immediately tend to get a bias towards it, like I'm doing a Derren Brown job on myself - "This is a great trade... This is a great trade..." - so much so that warning signs become invisible to me. Need to read "The Disciplined Trader" again.

As it turns out, price has been churning around my order point all day, so might be another expensive lesson for me. But even if it does work out, it's not great practice. Thanks for the heads up again Tail Gunner.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,795
  • Feb 5, 2014 2:17pm Feb 5, 2014 2:17pm
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
What do you think? It pierced throuh a BRN 14000 but the next bar worries me. Is this still a valid entry?
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  • #129,796
  • Feb 5, 2014 2:20pm Feb 5, 2014 2:20pm
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Wishing for a stronger close...
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  • #129,797
  • Feb 5, 2014 2:21pm Feb 5, 2014 2:21pm
Quoting BlazG
{quote} Just Googled a neat hot key Ctrl+F6 which activates the next chart window.

Much appreciated!!
It's a sport, an artform and a science.
  • #129,798
  • Edited 3:15pm Feb 5, 2014 2:39pm | Edited 3:15pm
Quoting BlazG
What do you think? It pierced throuh a BRN 14000 but the next bar worries me. Is this still a valid entry? {image}
If it closes like this, then it looks like you have an inside bar, so my guess would be to play it like an inside bar and place your entry accordingly - If you have a bullish bias go for entry at the top of the inside bar, and vice versa for a bearish bias.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,799
  • Feb 5, 2014 4:23pm Feb 5, 2014 4:23pm
Quoting hginvestor
It might be just a false breakout...
there was possible.
but our task is to identify potential false breakout. therefore I see what could missed
  • #129,800
  • Feb 5, 2014 10:13pm Feb 5, 2014 10:13pm
Hi guys,

Here's a trade that I'm in. AUDSGD - Pattern breakout with divergence. Entry signal will be the H4 BUOB.

Also, I'm looking at two other charts for entry signal.

Ken
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