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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

  • #131,581
  • Jul 25, 2014 9:08am Jul 25, 2014 9:08am
Quoting Dariusek
I would like to ask you about one thing. If we trade A+ setup, we want to have a space with no traffic. At charts below on gbpjpy we have nice BUOB but have we got a space to trade? Or first trouble area is so close to take this trade? Cheers! Darius {image}
The thing is that I suppose none of Mike*s followers will call this an A+ setup. And I think also none will trade setup like this.
It has no confluence exept that it is off the TL. It has lot of troble zones ahead and we never know where price stops. Its a mess above. It could go againts right at the point of entry. We dont play like this. The more accurate and obvious is the pattern the more obvious is the trade. U dont need to guess what line is right, you need to pick those where you know exactly the line is right. Example:
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If not up, then down, otherwise sideways :-)
  • #131,582
  • Jul 25, 2014 10:09pm Jul 25, 2014 10:09pm
Quoting Donkey
{quote} Enjoying your charts Lester...keep up the great work!
Thanks mate. See you on the other side soon. Hope you had a great trading week.

Cheers,
Lester
Follow me on twitter @FxLester
  • #131,583
  • Jul 26, 2014 12:56pm Jul 26, 2014 12:56pm
aud/nzd is in a very interesting situation.
i will build positions here for a longtime investment...
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meine augen sind die sterne
  • #131,584
  • Jul 27, 2014 3:25am Jul 27, 2014 3:25am
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...
Just thought I'd follow up on some of the analysis I posted earlier during the week. AUDCAD played out exactly as expected. Hitting the 01000 I had marked out to the pip and reversing with a pinbar off the 1H. Price stalled exactly where you would expect (01250) before continuing on. I spoke about this on my post week analysis before the site crashed from the traffic!

Thank you to all the lovely emails of support everyone had sent.

Cheers,
Lester
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Follow me on twitter @FxLester
  • #131,585
  • Jul 27, 2014 3:36am Jul 27, 2014 3:36am
Quoting FxLester
{quote} Just thought I'd follow up on some of the analysis I posted earlier during the week. AUDCAD played out exactly as expected. Hitting the 01000 I had marked out to the pip and reversing with a pinbar off the 1H. Price stalled exactly where you would expect (01250) before continuing on. I spoke about this on my post week analysis before the site crashed from the traffic! Thank you to all the lovely emails of support everyone had sent. Cheers, Lester {image}
Hey Lester

You played it perfectly on the 1H TF. One day I'll quit healthcare too and be a trader instead.
  • #131,586
  • Jul 27, 2014 6:02am Jul 27, 2014 6:02am
What do you guys think about Silver? It is pretty much trending down for a few last years, broke one triangle upwards and got close to the descending TL, formed another triangle and broke south with momentum - now coming back to the triangle and, as I see it, zone of resistance.
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  • #131,587
  • Jul 27, 2014 6:11am Jul 27, 2014 6:11am
Quoting bangster
What do you guys think about Silver? It is pretty much trending down for a few last years, broke one triangle upwards and got close to the descending TL, formed another triangle and broke south with momentum - now coming back to the triangle and, as I see it, zone of resistance. {image} {image} {image}
never traded it but looks interesting. I'd campaign trading it long, but the conservative approach is to wait for that W TL to break and buy the pullback.
  • #131,588
  • Jul 27, 2014 6:41am Jul 27, 2014 6:41am
Quoting contrails
{quote} never traded it but looks interesting. I'd campaign trading it long, but the conservative approach is to wait for that W TL to break and buy the pullback.
I see it as quite a nice short trade, although wouldn't feel good holding it for long - probably would end up as a short term trade.

*edit: the good think about the area is that it requires (my personal opinion) a quite small S/L - just above the triangle
  • #131,589
  • Jul 27, 2014 6:53am Jul 27, 2014 6:53am
USD/CAD is in an interesting area. 1.081-2 is an area that clearly acted as support 2 times before since May, pierced through in June and now got back into the area - will be interesting to see where the price opens. Again, wouldn't feel safe shorting it as there is quite a significant trendline 170 pips away (short term trade if price action would suggest a selling power)
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  • #131,590
  • Jul 27, 2014 7:25am Jul 27, 2014 7:25am
My EUR/USD view - looks like it closed Friday while breaking the bottom TL. Gonna be watching the opening price, if opened at the same/lower level, would be watching for retrace at the bottom TL somewhere at the gray marked zone. If it would retrace further at the descending TL I would feel much safer.
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  • #131,591
  • Jul 28, 2014 4:35am Jul 28, 2014 4:35am
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On weekly chart the trend is up and notice how price likes to retrace 400 pips at a time.

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On daily chart, we see that the 0.8400 is a key area to look out for.
Long 0.8390
SL 0.8290
1st target 0.8700
Whether you can or you can't, you are both right.
  • #131,592
  • Jul 28, 2014 5:30am Jul 28, 2014 5:30am
Quoting contrails
{quote} Hey Lester You played it perfectly on the 1H TF. One day I'll quit healthcare too and be a trader instead.
Thanks for the feedback Contrails. You'll get there too mate!

Quoting fartist
{image} On weekly chart the trend is up and notice how price likes to retrace 400 pips at a time. {image} On daily chart, we see that the 0.8400 is a key area to look out for. Long 0.8390 SL 0.8290 1st target 0.8700
Agree with your analysis. NZD/USD is also on my watchlist. I'm scouting the 8400 for PA on all TF's.

Trade safe.
Follow me on twitter @FxLester
  • #131,593
  • Jul 28, 2014 6:57am Jul 28, 2014 6:57am
Quoting FxLester
{quote} Thanks for the feedback Contrails. You'll get there too mate! {quote} Agree with your analysis. NZD/USD is also on my watchlist. I'm scouting the 8400 for PA on all TF's. Trade safe.
hi guys
this was my view on NZD/USD
bit of a trend line there
could the 8500 level meet with the trend line and act as support?

thoughts?
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  • #131,594
  • Jul 28, 2014 9:06am Jul 28, 2014 9:06am
Quoting flash4
{quote} hi guys this was my view on NZD/USD bit of a trend line there could the 8500 level meet with the trend line and act as support? thoughts? {image}
I'm bearish at NZD. It shows signs of weakness on all pairs. Also have my pending order short on NZD/JPY, but if it doesnt trigger today, ill cut it.
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If not up, then down, otherwise sideways :-)
  • #131,595
  • Jul 28, 2014 2:47pm Jul 28, 2014 2:47pm
What do U think about this pair , is short possible ?
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Man lie, woman lie, numbers don't
  • #131,596
  • Jul 28, 2014 7:35pm Jul 28, 2014 7:35pm
Quoting MisterG
What do U think about this pair , is short possible ? {image}
Hey MrG

It depends on what you are looking to do here. Price is essentially stock in a box. We can see price swiveling around the BRN that you correctly identified at 95. It's going to be tougher to find your entry on the daily i'd probably look to watch the 4hr and expand that "boxed" area. I'd prefer seeing us close and get below the bottom box. Like a lot of pairs not the cleanest of situations right now. On an even larger level price is winding up around that 95 level which could take some time to play out but is worth watching down the line

Best
Mike
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  • #131,597
  • Jul 29, 2014 2:24am Jul 29, 2014 2:24am
I thought I'd share a tasty chart with you all...

You're looking at the EUR/GBP. I've marked out a historic SR zone at the 7900 which dates back to 1994 (back when you had to buy the Wall Street Journal and a sheet of graph paper from your newsagent and plot the open/high/low/close yourself just like Livermore in '24.

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Contextually we are in a downtrend and I am looking for a breakdown and a pullback to the confluent trendline+historic zone and PA here to short.

I am also looking at another possibility, which is a break to the upside ie. invalidation of the trendline and then revisiting the trendline+historic zone and seeing some respect of this confluent point with PA.

Our oscillators show bullish divergence. Therefore, I do not have a bias to the upside or down.

Either scenario may not play out and this is fine by me. In my opinion, I am not trying to predict the market, but determine what a high probability zone is and if price comes into that zone with PA, I am taking that setup rain, hail or shine.

I received an email the other day about my trading style and about these areas I trade from. I just wanted to briefly mention, that I believe the area I trade from is the most important factor. Only then I look for price action. I see a lot of people on this thread who flick through their charts and notice a pinbar and get excited and take it. You might as well go to a casino. Personally, I mark out an area first which is an area with multiple levels of confluence and then wait for PA confirmation at that area.

Trade safe everybody!
Follow me on twitter @FxLester
  • #131,598
  • Jul 29, 2014 12:33pm Jul 29, 2014 12:33pm
Hey everyone. I'm new here and eager to follow this thread. I've just spoken to Mike via message and he said they will be doing a webinar in about 30 min. As I cannot send any more messages today (3 a day I've just found out) can anyone tell me how can I join the webinar?

Mike? Anyone?

Thanks
  • #131,599
  • Jul 29, 2014 1:51pm Jul 29, 2014 1:51pm
you need to be a part of the group to attend the webinar
  • #131,600
  • Jul 29, 2014 2:21pm Jul 29, 2014 2:21pm
Thanks moretti12.

I am now a happy member of the james16group and I did attend to the webinar. I have to thank Mike for his great work and for replying to all my questions there. Very good webinar and what a nice guy he is. Thank you to all other members that know a lot more that me (I will be working hard to change that) and that had the patience to listen to some basic stuff.
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