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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

  • #131,521
  • Jul 22, 2014 6:41am Jul 22, 2014 6:41am
Hi FxLester,

Nice Charts. Keep on posting.

What time frame you trade? The charts show 6H????

Your candles are not matching with mine.
  • #131,522
  • Jul 22, 2014 7:22am Jul 22, 2014 7:22am
Quote
Hi FxLester,

Nice Charts. Keep on posting.

What time frame you trade? The charts show 6H????

Your candles are not matching with mine.

I think he meant EURAUD - not the CAD on post #131543
  • #131,523
  • Jul 22, 2014 9:06am Jul 22, 2014 9:06am
Hi Morph! I meant what I meant in my other posts. Let me repost the images with some liner notes attached! I truncate my screenshots as I have an indicator which shows account equity and floaing P/L to the left of the screen.

whynotnaveen, I've reattached the charts below with the TF written. To answer your question, I use TF's 4 hours and above. This means I really only trade about 8 hours total a week but I learned at the start of my journey that less really is more. Our candles may look different as I'm on NY close for my candles. GMT+2 I believe off the top of my head.

EUR is really coming down now. I don't want to post hindsight trades I have not taken, so I wont. However, I will mention that a few of the EUR pairs really were throwing up a few PA signals short. Hope some of you caught them and have done something to protect your capital by now!

Cheers,
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  • #131,524
  • Jul 22, 2014 9:48am Jul 22, 2014 9:48am
Hope you guys don't mind another chart. I'm eventually going to be looking for longs on AUD/CAD. You're looking at a 4H chart.

We're in a consolidation box (blue) with a short term uptrend. We have just broken a long term high at minor psych 1000 and faked back into the consolidation box.

What I am looking for is for the bullish short term trend to continue, pullback to the 1000 and look to get long (blue arrows). As I see it, you have 4 areas of confluence supporting this trade in addition to any possible PA: (1) trendline (2) clear resistance-turned-support (3) minor psych (4) with short term uptrend.

Now another, far riskier scenario is possible. This is marked out by the red arrows. In this parallel world, the trendline is broken/invalidated and we pullback to go short. Now, I will not be taking any shorts from this level, as good as it looks. The consolidation box to the left concerns me a great deal.
Attached Image (click to enlarge)
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  • #131,525
  • Jul 22, 2014 10:02am Jul 22, 2014 10:02am
great charts lester

Lots of sideways pairs but eventually they always break out

A nice clean as it gets pattern. Great wedge all we need is PA to show the way
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  • #131,526
  • Jul 22, 2014 10:19am Jul 22, 2014 10:19am
Quoting FxLester
Hope you guys don't mind another chart. I'm eventually going to be looking for longs on AUD/CAD. You're looking at a 4H chart. We're in a consolidation box (blue) with a short term uptrend. We have just broken a long term high at minor psych 1000 and faked back into the consolidation box. What I am looking for is for the bullish short term trend to continue, pullback to the 1000 and look to get long (blue arrows). As I see it, you have 4 areas of confluence supporting this trade in addition to any possible PA: (1) trendline (2) clear resistance-turned-support...
You're upside is limited by longer TF down TL, I am stalking this pair for a short trade
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  • #131,527
  • Jul 22, 2014 10:24am Jul 22, 2014 10:24am
Quoting contrails
{quote} You're upside is limited by longer TF down TL, I am stalking this pair for a short trade {image}
I'll give my view

Price is sitting on a MAJOR ppz at parity. This level is massive.

From a weekly perspective you can see the PPZ and plus we are back in the box

Price is in a nice uptrend on the daily and formed a bullish channel. My favorite would be looking for breakouts of the channel

Of course looking for buys on a pullback to parity again is good(most ideal would even be we drift so that the TL and parity meet

Space is always at a premium when you are within this channel for longs or shorts hence why my favorite is a breakout of the entire range

Hope this helps
Mike
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  • #131,528
  • Jul 22, 2014 10:26am Jul 22, 2014 10:26am
What would you do? Tomorrow is RBZ rate decision and I took short off Friday's bearish bar

should I bail before news or stay in it? is this considered gambling if I stay?
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  • #131,529
  • Jul 22, 2014 10:32am Jul 22, 2014 10:32am
Quoting mbqb11
{quote} I'll give my view Price is sitting on a MAJOR ppz at parity. This level is massive. From a weekly perspective you can see the PPZ and plus we are back in the box Price is in a nice uptrend on the daily and formed a bullish channel. My favorite would be looking for breakouts of the channel Of course looking for buys on a pullback to parity again is good(most ideal would even be we drift so that the TL and parity meet Space is always at a premium when you are within this channel for longs or shorts hence why my favorite is a breakout of the...
Very very nice analysis. Thanks Mike. I am digging the drift scenario.

I've got to say that this thread is fantastic. There is a damn fine amount of info on these 6000 odd pages.

Mike, I read in a post all the way back in April that your profit factor is 5 . That is superb mate!
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  • #131,530
  • Jul 22, 2014 10:34am Jul 22, 2014 10:34am
Quoting FxLester
{quote} Very very nice analysis. Thanks Mike. I am digging the drift scenario. I've got to say that this thread is fantastic. There is a damn fine amount of info on these 6000 odd pages. Mike, I read in a post all the way back in April that your profit factor is 5 . That is superb mate!
it's a bit lower since then, had my first losing month of the year when the markets went dead but thanks sir

Your charts are fantastic, clean and simple and that's EXACTLY what we promote here

Look forward to more charts from you

Mike
  • #131,531
  • Jul 22, 2014 10:36am Jul 22, 2014 10:36am
Quoting contrails
What would you do? Tomorrow is RBZ rate decision and I took short off Friday's bearish bar should I bail before news or stay in it? is this considered gambling if I stay? {image}
Hey C

I'm a bit confused why you got short. That bar is just a bearish bar/neutralish bar. What was the story to get short?

Price is starting to show some divergence on the daily(stronger on 4hr) at a major PPZ at 1.55.

Mike
  • #131,532
  • Jul 22, 2014 10:47am Jul 22, 2014 10:47am
hey Mike,

here is my logic. 5 prior days of up bars, then bear. Eur is weakest currency and NZD is beast. I let fundamentals into my head and thought this is a gift from sky and that there is No way EURNZD is going to reverse on this swing. I just cant imagine that happening at this time.

Anyway, i booked pips on this trade already and I am closing it but keeping a tiny portion in case it rockets down tomorrow. IF RBZ disappoints tomorrow I have the down TL in my back, and we'll see how tomorrow candle closes

what u say?
  • #131,533
  • Jul 22, 2014 10:52am Jul 22, 2014 10:52am
Quoting contrails
hey Mike, here is my logic. 5 prior days of up bars, then bear. Eur is weakest currency and NZD is beast. I let fundamentals into my head and thought this is a gift from sky and that there is No way EURNZD is going to reverse on this swing. I just cant imagine that happening at this time. Anyway, i booked pips on this trade already and I am closing it but keeping a tiny portion in case it rockets down tomorrow. IF RBZ disappoints tomorrow I have the down TL in my back, and we'll see how tomorrow candle closes what u say?
Hey C

I guess for me the problem is the trigger point. Just having a few up days and a bear bar doesn't tell me much from a technical standpoint. In terms of the chart it's at a strong PPZ and is showing signs of lost momentum to the downside. Doesn't mean we can't head down but i'd be reluctant to pull a trigger short without more information or strong PA and my bias would lean more up towards a breakout long. Where you SL is, is a much strong spot to look for shorts.

Hope that helps
Mike
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  • #131,534
  • Jul 22, 2014 11:02am Jul 22, 2014 11:02am
Quoting mbqb11
{quote} Hey C I guess for me the problem is the trigger point. Just having a few up days and a bear bar doesn't tell me much from a technical standpoint. In terms of the chart it's at a strong PPZ and is showing signs of lost momentum to the downside. Doesn't mean we can't head down but i'd be reluctant to pull a trigger short without more information or strong PA and my bias would lean more up towards a breakout long. Where you SL is, is a much strong spot to look for shorts. Hope that helps Mike {image} {image}


ok I am 100% flat with it now. Not going to risk major news tomorrow, but seeing what is happening to EURUSD now makes me cry

BTW, when will yo be done revamping j16 site? and please post a youtube vid on the new website . thanks
  • #131,535
  • Jul 22, 2014 11:52am Jul 22, 2014 11:52am
Quoting contrails
{quote} ok I am 100% flat with it now. Not going to risk major news tomorrow, but seeing what is happening to EURUSD now makes me cry BTW, when will yo be done revamping j16 site? and please post a youtube vid on the new website . thanks
That's ok C, that's some common mistakes I see from aspiring traders. You get caught up in things and then your trade plan isn't as concrete as it needs to be for consistency going forward. That's really the biggest key. For example your stop loss is very far away which made me think(and I could be wrong ) that you were thinking "it should go here before it gets ALL the way back here" But from a technical standpoint you put your stop loss ahead of the real potential turning point which makes it sort of in no mans land.

New site is in the final stages. We've been a bit stalled due to some more things cropping up as we are getting closer to launch but we're not far at all. With the new open will be a new easier to follow and update guest section linked into our social media sites . We'll let you all know don't worry

Mike
  • #131,536
  • Jul 22, 2014 3:22pm Jul 22, 2014 3:22pm
Quoting mbqb11
{quote} Hey C I guess for me the problem is the trigger point. Just having a few up days and a bear bar doesn't tell me much from a technical standpoint. In terms of the chart it's at a strong PPZ and is showing signs of lost momentum to the downside. Doesn't mean we can't head down but i'd be reluctant to pull a trigger short without more information or strong PA and my bias would lean more up towards a breakout long. Where you SL is, is a much strong spot to look for shorts. Hope that helps Mike {image} {image}
Hi Mike

I also look at EURNZD from this point of view :
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Nothing personal,just business
  • #131,537
  • Jul 22, 2014 3:26pm Jul 22, 2014 3:26pm
Quoting fxgroup
{quote} Hi Mike I also look at EURNZD from this point of view : {image}

sure could be

just be careful cutting through the second swing point. Right now price hasn't bounced all that much and it may want to go lower to be a more accurate rising TL. We need a good bounce and even a slight swing to make sure. Definitely worth watching!
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  • #131,538
  • Jul 22, 2014 7:15pm Jul 22, 2014 7:15pm
Hi guys meshka onboard

I am ready to play those two today - just waiting for entries...
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  • #131,539
  • Jul 22, 2014 8:19pm Jul 22, 2014 8:19pm
Quoting meshka
Hi guys meshka onboard I am ready to play those two today - just waiting for entries...
Nice charts! Are you setting a sell-limit at the 136.823 level? My next project is to backward and forward test some breakout-engulfing bars with the retrace which is what it looks like that setup is?

Quoting contrails
{quote} ok I am 100% flat with it now. Not going to risk major news tomorrow, but seeing what is happening to EURUSD now makes me cry BTW, when will yo be done revamping j16 site? and please post a youtube vid on the new website . thanks
Contrails! I know the feeling mate. Believe me, I used to feel exactly the same after seeing a trade take off without me on board #TBT. With experience and chart time, it bothers me far less. Experience tells me that there is always another trade just around the corner. We could have 2 set ups in the next few days or 20 so if I miss one today, I just say "fine!" and wait for the next.

It's better to be out of a trade, wishing you were in it. It is far worse to be in a trade and wishing you were out of it.

I must admit, there are times where I see a B- or C+ set up and pass only to see it rocket and I almost have to tear myself away from the screen because I may end up trying to chase the trade and enter very late even if it has already moved to the first area.
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  • #131,540
  • Jul 22, 2014 9:27pm Jul 22, 2014 9:27pm
[quote=FxLester;7623951]{quote} Nice charts! Are you setting a sell-limit at the 136.823 level?

no I am just watching lower TF's for entries
all is eternal - this is good news for people who loves bad news
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