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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

  • #131,181
  • Jun 9, 2014 3:27am Jun 9, 2014 3:27am
Hi Mike,

Iīd like to know your opinion about this one. I was thinking about going short on NZDUSD. Good looking pinbar off 0.85 BRN that is also a PPZ, in the end I didnīt pull the trigger, because below is pretty strong support and I donīt know I guess maybe I am not enough agressive and this trade was worth taking eve for relatively small amount of pips? Also Iīd like to know what role would play in this trade that minor PPZ, that is a little above that major one ? There is some space created . I tried to mark all of these things in chart.

Quoting mbqb11
{quote} Yes RE will be a HUGE part of it. In fact we have it labeled as Forex and Beyond now cause we've evolved too much and James wants to do a lot of RE stuff
One more question. What will be this RE in the PF?

Mav
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  • #131,182
  • Jun 9, 2014 4:05am Jun 9, 2014 4:05am
Hi all,

Something I noticed today whilst scanning my charts. Looks good to me. Pattern size is a little small ... Mike could you remind us on the importance on pattern size when trading these types of setups ?


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Take care
Dan
  • #131,183
  • Jun 9, 2014 4:14am Jun 9, 2014 4:14am
Quoting fascist
{quote} I know you.. I am looking to long at around 1.3615-20 and TP at 1.3760 area. Since its a weekly bar, it will probably spend the earlier part of the week retracing. Are you looking to long USDCHF separately?
I'm anticipating a retracement as well coming mon tues.

I'm not looking at Usdchf as they're both correlated.

So i'd usually stick with Eurusd since the spread is lower for me.
Whether you can or you can't, you are both right.
  • #131,184
  • Jun 9, 2014 4:40am Jun 9, 2014 4:40am
Quoting Mav13
Hi Mike, Iīd like to know your opinion about this one. I was thinking about going short on NZDUSD. Good looking pinbar off 0.85 BRN that is also a PPZ, in the end I didnīt pull the trigger, because below is pretty strong support and I donīt know I guess maybe I am not enough agressive and this trade was worth taking eve for relatively small amount of pips? Also Iīd like to know what role would play in this trade that minor PPZ, that is a little above that major one ? There is some space created . I tried to mark all of these things in chart. ...
Hi Mav13, I believe RE stands for Real Estate as Mike mentioned James is working on real estate previously.
  • #131,185
  • Jun 9, 2014 5:16am Jun 9, 2014 5:16am
Quoting ken.b
{quote} Hi Mav13, I believe RE stands for Real Estate as Mike mentioned James is working on real estate previously.
Hi ken.b, yeah that makes sense, thanks for clarifying.
  • #131,186
  • Jun 9, 2014 5:40am Jun 9, 2014 5:40am
Quoting Mav13
Hi Mike, Iīd like to know your opinion about this one. I was thinking about going short on NZDUSD. Good looking pinbar off 0.85 BRN that is also a PPZ, in the end I didnīt pull the trigger, because below is pretty strong support and I donīt know I guess maybe I am not enough agressive and this trade was worth taking eve for relatively small amount of pips? Also Iīd like to know what role would play in this trade that minor PPZ, that is a little above that major one ? There is some space created . I tried to mark all of these things in chart. ...
Hey Mav,

Not Mike, but I do happen to sit on an open short on kiwi's

The minor PPZ on your chart, just above the bigger one is a good one to have found.
This - for me - actually means my SL to BE level (0.8480), whereas My TP is slightly above the Major PPZ.

See the 0.8480 acting as the left shoulder base in this H&S?
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It's a sport, an artform and a science.
  • #131,187
  • Jun 9, 2014 5:48am Jun 9, 2014 5:48am
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  • #131,188
  • Jun 9, 2014 8:50am Jun 9, 2014 8:50am
Quoting Donkey
{quote} Price did retrace, which isn't a surprise, to the previous bar lows. It managed to close below the top of the zone I was really watching and the BRN of 0.900 which gives me confidence to hold over weekend and see how it opens sunday evening. 20% of risk reduced, using top of small consolidation and the BRN to continue to hide my stop. {image}
Hey D, since I know you've been looking into supply/demand trading at Mark's thread, I'll share my view on this pair in terms of supply/demand perspective. First of all instead of looking for a buy oppertunity you've sold right into 4H-demand, on the 15m-TF there was a very nice buy oppertunity via a QM. I'am also looking for a sell oppertunity but only after the flag retrace has completed, my sell limit is at an engulfed 15m-demand @ 8983 just below we have a nice PPZ which may serve as a bulltrap.
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Pipcrawler
  • #131,189
  • Jun 9, 2014 10:06am Jun 9, 2014 10:06am
Quoting xmzhang
{quote} Hey D, since I know you've been looking into supply/demand trading at Mark's thread, I'll share my view on this pair in terms of supply/demand perspective. First of all instead of looking for a buy oppertunity you've sold right into 4H-demand, on the 15m-TF there was a very nice buy oppertunity via a QM. I'am also looking for a sell oppertunity but only after the flag retrace has completed, my sell limit is at an engulfed 15m-demand @ 8983 just below we have a nice PPZ which may serve as a bulltrap. {image} {image}
oh, one of the old boys. welcome back, xmzhang. long time no see. hope you are doing well. nice to see you posting.
meine augen sind die sterne
  • #131,190
  • Jun 9, 2014 10:10am Jun 9, 2014 10:10am
Quoting Donaciello
{quote} Hey Mav, Not Mike, but I do happen to sit on an open short on kiwi's The minor PPZ on your chart, just above the bigger one is a good one to have found. This - for me - actually means my SL to BE level (0.8480), whereas My TP is slightly above the Major PPZ. See the 0.8480 acting as the left shoulder base in this H&S? {image}
Yesterday's daily low was spared by .9 pip, but this is enough for me to move my SL to BE, since I'm heading for the sun now.

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It's a sport, an artform and a science.
  • #131,191
  • Edited 10:43am Jun 9, 2014 10:28am | Edited 10:43am
Quoting xmzhang
{quote} Hey D, since I know you've been looking into supply/demand trading at Mark's thread, I'll share my view on this pair in terms of supply/demand perspective. First of all instead of looking for a buy oppertunity you've sold right into 4H-demand, on the 15m-TF there was a very nice buy oppertunity via a QM. I'am also looking for a sell oppertunity but only after the flag retrace has completed, my sell limit is at an engulfed 15m-demand @ 8983 just below we have a nice PPZ which may serve as a bulltrap. {image} {image}
Hi X. Thanks for the feedback. I rarely drop timeframes anymore and really only watch the daily candles. I did notice that level there at 0.8900 via the daily lows and was aware when I put my entry in. I felt at the time that the huge BEOB with a strong close would have the momentum to cut through. Admittedly am surprised at the deep retracement. I was really expecting a hard break similar to the daily BUOB a few weeks or so ago on UC or the EURUSD BEOB on the same day.

For now I'm comfortable with my sl location....I guess the next 4-5 hours will be the tale of of the tape on this one. I would certainly like to see the day's candle close below 8950.
  • #131,192
  • Jun 9, 2014 11:07am Jun 9, 2014 11:07am
Quoting Neytiri
{image}
.
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  • #131,193
  • Jun 9, 2014 11:09am Jun 9, 2014 11:09am
Quoting KissFan
{quote} Good points made in this post. I really enjoy trading this pair & I believe that this is a good short trade idea. Additionally, look at Jim's charts from back in the day and you will see that he used the 365 and 150 ema's for additional evidence of a turn. I have a shot of the H4 here to show a nice illustration of such confluence. A classic "sell the rally" set up. K.I.S.S.
hey KissFan,

I like your analysis. Although I use different MA settings, the overall bias is the same.
today the H4 gave that beautiful entry. Coming from the D1 with a bearish bias, I was waiting for a better price. Very nice move
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Learn from yesterday, live for today and hope for tomorrow.
  • #131,194
  • Jun 9, 2014 1:12pm Jun 9, 2014 1:12pm
Quoting Mav13
Hi Mike, Iīd like to know your opinion about this one. I was thinking about going short on NZDUSD. Good looking pinbar off 0.85 BRN that is also a PPZ, in the end I didnīt pull the trigger, because below is pretty strong support and I donīt know I guess maybe I am not enough agressive and this trade was worth taking eve for relatively small amount of pips? Also Iīd like to know what role would play in this trade that minor PPZ, that is a little above that major one ? There is some space created . I tried to mark all of these things in chart. ...
Hey Mav

I was cautious against this one because although we are below that major support we are right near a major PPZ. So with the weaker closing pinbar and the previous more bullish bar being cautious here was what I was doing. Now a break of the bar would be the ONLY way I could see playing it in hopes that the BRN then holds. But there is no space so it's also trading into a tougher area. It looks like it should continue lower now that most of the USD pairs have gotten strong.

I caught the usd/mxn breakout, so hopefully come out with a nice profit to make up for more recent few losses

As for RE. That stood for real estate. James is going to be sharing how he buys and rents/sells homes and will be a big part of the evolution of the new site


Best
Mike
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  • #131,195
  • Jun 9, 2014 1:38pm Jun 9, 2014 1:38pm
Quoting KissFan
{quote} Good points made in this post. I really enjoy trading this pair & I believe that this is a good short trade idea. Additionally, look at Jim's charts from back in the day and you will see that he used the 365 and 150 ema's for additional evidence of a turn. I have a shot of the H4 here to show a nice illustration of such confluence. A classic "sell the rally" set up. K.I.S.S. {image} {image}
Hey Kiss. I was able to get in on this one. I like this pair too
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  • #131,196
  • Jun 9, 2014 1:43pm Jun 9, 2014 1:43pm
Quoting dan89
Hi all, Something I noticed today whilst scanning my charts. Looks good to me. Pattern size is a little small ... Mike could you remind us on the importance on pattern size when trading these types of setups ? {image} Take care Dan
Hey Dan

Your pattern size is just great there I have this same one on my watch list. Strong divergence just need good PA

The key with a pattern is can we get nice size PA relative to the pattern without losing room to work with. Meaning if we get a nice size PA bar here is a good size bar vs the pattern still leave some of the pattern to play with(manage with). Nothing wrong with this one, entries could be found on the 15m-1hr with no problems

Best
Mike
  • #131,197
  • Jun 9, 2014 2:19pm Jun 9, 2014 2:19pm
Quoting Winston Reed
{quote} Hey Kiss. I was able to get in on this one. I like this pair too {image}
Winston,

I always keep you in mind when I trade this one! LOL

TraderRolf,

I got a good entry but I'll get stopped at 8500 if price goes back that high. I think that if price closes 8475 on the daily, I'll make my target.

SRT,

Thanks for your chart. Your view makes good sense and the PA on other major USD pairs looks bearish for USD, so as always I am protecting myself. Price traversing back upward to 8500 will stop me for break even. I'll be looking short again above that level to my target. Ultimately, a close above .8591 before price achieves .8359 would invalidate my analysis completely.

Best of luck to all...

K.I.S.S.
  • #131,198
  • Jun 10, 2014 1:28am Jun 10, 2014 1:28am
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  • #131,199
  • Jun 10, 2014 4:16am Jun 10, 2014 4:16am
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  • #131,200
  • Jun 10, 2014 5:03am Jun 10, 2014 5:03am
Something which has caught my eye I think the inverted head and shoulders pattern on H4 for this pair looks decent. I entered on the BUOB, break above the 1.09 level and so far looking ok. First target @ 1.0970, and second TP @ 1.104 area.
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