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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

  • #129,901
  • Feb 12, 2014 8:51am Feb 12, 2014 8:51am
Quoting ghous
{quote} Nice. And how did that GU long did for you? g.
That was a superb trade.



N
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  • #129,902
  • Feb 12, 2014 9:53am Feb 12, 2014 9:53am
Quoting slade1986
Eur-Cad Daily, Aud-JPY Weekly & GBP-JPY Weekly. The easy one, Eur-Cad made a quick pop this morning to close out the trade at my TP +56. Aud-Jpy, missed my TP by 8 pips over night. I had already locked in some profit, but decided to close it after saving the image to lock in +37. I'm sure it take back off now.... GBP-Jpy Weekly is still open with the SL at BE. {image} {image} {image}

GBP-JPY, worked out pretty well....
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  • #129,903
  • Feb 12, 2014 10:06am Feb 12, 2014 10:06am
Hello everyone!

I would like to ask you about two setup on daily charts.
AUD/USD. I know, pin bar is small and is not on swing low but can I take it like continuation bar?

GBP/CHF. It is after fact but yesterday we had BUOB on daily charts. 1.48 was a trouble area. Was it a A+ setup?

Thanks you for any comment.
Darius
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  • #129,904
  • Feb 12, 2014 10:29am Feb 12, 2014 10:29am
Quoting Dariusek
Hello everyone! I would like to ask you about two setup on daily charts. AUD/USD. I know, pin bar is small and is not on swing low but can I take it like continuation bar? GBP/CHF. It is after fact but yesterday we had BUOB on daily charts. 1.48 was a trouble area. Was it a A+ setup? Thanks you for any comment. Darius {image} {image}
Hey D

That gbp/chf buob is in a very sideways market so that's very very tough to play. Yes a big move today but that's not worth looking at for new traders

Aud/usd is better if you look to play that buob. That pinbar is very tiny and again very very tricky. Stick to the more obvious ones

I took the aud/sgd for a quick move that was very similar to the aud/usd but better as price confirmed the TL a 3rd time.

Hope that helps
Mike
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  • #129,905
  • Feb 12, 2014 11:31am Feb 12, 2014 11:31am
Quoting michal7
{quote} Hi there! I'm in this trade too. Almost BE already(entry at 1.3618, SL now at 1.3635) but not profit yet. My first TP is at 1.3560 so few pips and I'm there. 2nd Tp at 1.3505. I also wanted to go short EURGBP but changed my mind. Should have not.
I took the eur/gbp BEOB trade at the swing-high. I entered and exited the trade while sleeping. I woke up to a nice surprise.

I passed on the eur/usd trade because of the short PB and too much traffic. I do think that the odds of success are still pretty good because of that channel, but I like higher probability trades. Good luck.
Forex is for the lifestyle.
  • #129,906
  • Edited 1:54pm Feb 12, 2014 12:27pm | Edited 1:54pm
I have a question for the senior members. In the situation displayed on the chart, where price has pulled back from a RN on three previous occasions and the overall trend is in your favor, if a large PB or BEOB forms in the (blue) target area would you trade into the existing traffic?

In other words, all factors considered, is this a high probability trade? Thank you.
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Forex is for the lifestyle.
  • #129,907
  • Feb 12, 2014 1:42pm Feb 12, 2014 1:42pm
Thanks Mike for reply. Now it is clear for me.

Today I'm watching gbp/aud. Need to wait for close. Any advice?

Darius
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  • #129,908
  • Feb 12, 2014 3:29pm Feb 12, 2014 3:29pm
Quoting Dariusek
Thanks Mike for reply. Now it is clear for me. Today I'm watching gbp/aud. Need to wait for close. Any advice? Darius {image}
Overall the support area is solid, although the BUOB is in sideways range. If you play it, I consider it more of a channel breakout trade (just look at the hourly chart to see what I mean) than a reversal, and I would expect 1.8600 to provide some resistance on any break. Good job on marking the support!

N

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  • #129,909
  • Edited 5:49pm Feb 12, 2014 5:33pm | Edited 5:49pm
Oil looks mighty fine, retreating from a BRN ($100) and the 150 MA at a swing-high double-top.
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Forex is for the lifestyle.
  • #129,910
  • Feb 12, 2014 9:17pm Feb 12, 2014 9:17pm
Quoting Tail Gunner
I have a question for the senior members. In the situation displayed on the chart, where price has pulled back from a RN on three previous occasions and the overall trend is in your favor, if a large PB or BEOB forms in the (blue) target area would you trade into the existing traffic? In other words, all factors considered, is this a high probability trade? Thank you. {image}
Hey TG,

Space and location are two separate elements to your story. The blue region you pointed out at, sure makes for a sweet spot for a PA bar but that doesn't take away the fact that it would still be headed back into consolidation.

This doesn't mean that you can't take the trade but rather manage it keeping in mind the market rhythm (that is, if the bar and the location appeal to you)

hope this helps.

g.
I believe . . .
  • #129,911
  • Feb 12, 2014 10:33pm Feb 12, 2014 10:33pm
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  • #129,912
  • Feb 12, 2014 10:38pm Feb 12, 2014 10:38pm
Hi All,

Just popping by to see all is well in J16 land.
I'm awesome & loving life... AND to let all new wannabe traders know it takes time, work, perseverance, & finding your own way sometimes.

I still live a life on the sea but trade with a style that is very profitable. But it is not the only thing I do. Ask James.. he & Mike do more than one thing & it makes nothing but sense....Above all.. do what you love first.

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  • #129,913
  • Feb 12, 2014 10:48pm Feb 12, 2014 10:48pm
Quoting rustyjeff
Hi All, Just popping by to see all is well in J16 land. I'm awesome & loving life... AND to let all new wannabe traders know it takes time, work, perseverance, & finding your own way sometimes. I still live a life on the sea but trade with a style that is very profitable. But it is not the only thing I do. Ask James.. he & Mike do more than one thing & it makes nothing but sense....Above all.. do what you love first. http://youtu.be/RNuUgbUzM8U <iframe width="560" height="315" src="//www.youtube.com/embed/y6Sxv-sUYtM" frameborder="0"...
Its really good to hear from you Jeff.

g.
I believe . . .
  • #129,914
  • Feb 12, 2014 11:30pm Feb 12, 2014 11:30pm
Great to sea you here G"

Your awesome...

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  • #129,915
  • Feb 12, 2014 11:32pm Feb 12, 2014 11:32pm
Sorry Guys for breaking thread protocol but sometimes you just need to know that everything will be ok.. Just Keep on going...
  • #129,916
  • Feb 13, 2014 3:01am Feb 13, 2014 3:01am
Quoting michal7
{quote} Hi there! I'm in this trade too. Almost BE already(entry at 1.3618, SL now at 1.3635) but not profit yet. My first TP is at 1.3560 so few pips and I'm there. 2nd Tp at 1.3505.
So I'm out of this trade with little loss. Price missed my 1. TP by 3 pips. I had an itch to close it manually but I kept to my rule not to fiddle with trade once it's set up as thinking should be done before I enter trade. After a hard brake of my entry I moved my SL little bit above low of pin bar. Got stopped out there.
  • #129,917
  • Feb 13, 2014 3:20am Feb 13, 2014 3:20am
GBPAUD hit FTA as expected after BUEB.

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Lose small, win BIG
  • #129,918
  • Feb 13, 2014 3:33am Feb 13, 2014 3:33am
Quoting michal7
{quote} So I'm out of this trade with little loss. Price missed my 1. TP by 3 pips. I had an itch to close it manually but I kept to my rule not to fiddle with trade once it's set up as thinking should be done before I enter trade. After a hard brake of my entry I moved my SL little bit above low of pin bar. Got stopped out there.
I'm out with a profit of 19 pips. After I moved my stop up yesterday to the 50% retracement, I left it. I remember thinking and posting that this trade still had a way to go down... Have a look at it now - it's swung round like an wild animal, and bang, hit the bottom trendline that I sold off again! Goes to show that I never know what's going to happen. Reading Turtle traders on bus this morning - a good trader never tries to predict the future...
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,919
  • Feb 13, 2014 3:39am Feb 13, 2014 3:39am
EURUSD - look at how the price closed yesterday right on the long term weekly uptrend. I think this is what Tail Gunner would call traffic, and what I should have been aware of before entering the trade. Or played it with tight stops to maximise profits...

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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,920
  • Feb 13, 2014 4:24am Feb 13, 2014 4:24am
Quoting rustyjeff
Sorry Guys for breaking thread protocol but sometimes you just need to know that everything will be ok.. Just Keep on going...
No worries from me pal, what a great tune by Pharrel, and a great start to the day
We are what we repeatedly do. Excellence, then, is not an act, but a habit
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