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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

  • #132,701
  • Oct 20, 2014 8:50pm Oct 20, 2014 8:50pm
Quoting Kouroushi
{quote} Hi Lester, What do you think on USDJPY? looking at the chart below, do you think the same scenario as SGDJPY would be applicable? Yours {image}
Hey K

I see a lot of similarities here with my current trades I posted about a few posts back

Usd/jpy is again off a strong area but also weak bounce. This is very "wick" like. Here is an example of a wick play and see if you can see the application here
Inserted Video


Again is it one I would sell into? No. I have enough of that going on. But when I try to give myself a view of what might happen, i'm more bias to the downside through that wick

Here is the weekly wick too. Again it's a more complicated concept to understand for a lot of people but it's simple like eveyrthing else. Just think about price. We want to use all the clues. A lot of times you'll find clues and you'll have a real solid idea. It's not until all the clues line up and you can see it doing nothing else that we actually want to trade
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Mike
  • #132,702
  • Oct 20, 2014 9:57pm Oct 20, 2014 9:57pm
[quote=mbqb11;7813256]
Quoting Winston Reed
{quote} good job winston, that's the right move in that situation. It certainly offered something and MAY go further. But once you lose the locations to manage in a confident way we have to leave too much on hope and people get into tricky situations. You played it in a really great manner I hope others take note of Best Mike
Thanks Mike. Good set-ups can present on H1 but I find you need to be ready to cut'em loose fairly quickly. I'm finding that taking full profit is becoming more and more appealing rather than closing a portion of the trade and "hoping" for more. I would have closed with double my profit if I would have just closed it all.
  • #132,703
  • Oct 20, 2014 10:38pm Oct 20, 2014 10:38pm
[quote=Winston Reed;7813378]
Quoting mbqb11
{quote} Thanks Mike. Good set-ups can present on H1 but I find you need to be ready to cut'em loose fairly quickly. I'm finding that taking full profit is becoming more and more appealing rather than closing a portion of the trade and "hoping" for more. I would have closed with double my profit if I would have just closed it all.
ya i'm not a partial profits fan myself. Of course like everything in trading it has goods and bads and is largely method and personality dependent to a degree also. I always did better with full profits and stick with that myself

Mike
  • #132,704
  • Oct 21, 2014 5:10am Oct 21, 2014 5:10am
Quoting mbqb11
{quote} Hey K I see a lot of similarities here with my current trades I posted about a few posts back Usd/jpy is again off a strong area but also weak bounce. This is very "wick" like. Here is an example of a wick play and see if you can see the application here https://www.youtube.com/watch?v=hIQlZyloXMM Again is it one I would sell into? No. I have enough of that going on. But when I try to give myself a view of what might happen, i'm more bias to the downside through that wick Here is the weekly wick too. Again it's a more complicated...
Thanks Mike,
But from philosophy perspective!!! Why "wicks" should be filled like it's a gap?
Yours
  • #132,705
  • Oct 21, 2014 9:30am Oct 21, 2014 9:30am
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Target hit on my home from work. Nice surprise.
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  • #132,706
  • Oct 21, 2014 9:52am Oct 21, 2014 9:52am
Quoting mbqb11
{quote} Hey K I see a lot of similarities here with my current trades I posted about a few posts back Usd/jpy is again off a strong area but also weak bounce. This is very "wick" like. Here is an example of a wick play and see if you can see the application here https://www.youtube.com/watch?v=hIQlZyloXMM Again is it one I would sell into? No. I have enough of that going on. But when I try to give myself a view of what might happen, i'm more bias to the downside through that wick Here is the weekly wick too. Again it's a more complicated...
Thanks for sharing wick play Mike! But i don't understand clearly rules of it?
1.bar with tail (not a pinbar)
2. breakdown and close under/abow s/r or TL
3. SL under/abow high/low of a wick bar, TP on end of tail?
I understood correctly?
Thanks
  • #132,707
  • Oct 21, 2014 10:51am Oct 21, 2014 10:51am
Quoting Winston Reed
{image} Target hit on my home from work. Nice surprise. {image}
Would you care to elaborate what made you take the trade? DBLHC? The Close of the green bar is at the same level as the long-tailed red bar's high! (0.8343)
  • #132,708
  • Oct 21, 2014 11:58am Oct 21, 2014 11:58am
Quoting Verbal
{quote} Would you care to elaborate what made you take the trade? DBLHC? The Close of the green bar is at the same level as the long-tailed red bar's high! (0.8343)
No problem Verbal. I would have jumped in after the first BUOEB but I was in a deep slumber. After the second BUOEB I felt momentum would carry this throug the TL. A PPZ above was target which I set so I wouldn't miss it. As you can see price barely touched the PPZ and fell right back down. H1 trades to me are basically scalps. Set your target and be ready to bail if it doesn't get there in a hurry. This was a bit of a risky trade and I took full profit right away rather than hope for more.
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  • #132,709
  • Oct 21, 2014 6:43pm Oct 21, 2014 6:43pm
So my new month of trading starts today.

I'm not sure if I will trade today because of huge amount of red news but here are some charts I will look into in near future:

AUDCAD W1 two wicks (for now) on very strong resistance. Possible short.

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AUDJPY W1 theoretically a long wick on support but resistance is near so I will stay aside.

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AUDNZD D1 on strong support, I think it will break it but will see.

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AUDUSD W1 price is squeezing between a really strong support and pinbars.

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CADJPY W1 double pinbar (for now) on very stron support.

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EURGBP Mn interesting chart. Price from one side has double pinbars and from other a really strong support. Breaking one of them will clear in what direction price will go for next months.

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EURNZD W1 price bounced from top of really big descending triangle. Maybe price will go down for next 500 pips, who knows?

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EURUSD W1 price broke from range and now is retesting former support, I see it will probably bounce off and go down because of two pinbars.

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NZDUSD W1 price broke and now is retesting former support.

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USDJPY W1 price broke and now is retesting former resistance.

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Remember, this are only pairs I find interesing in near future, by no meaning it means I will trade on them or, even worse, encourage you to mindlessly trade them!
  • #132,710
  • Oct 21, 2014 6:51pm Oct 21, 2014 6:51pm
EURUSD may close with a nice BEOEB on my Oanda feed. However the BRN 1.27000 is right there. Hmmmm
  • #132,711
  • Oct 21, 2014 6:58pm Oct 21, 2014 6:58pm
Quoting Winston Reed
EURUSD may close with a nice BEOEB on my Oanda feed. However the BRN 1.27000 is right there. Hmmmm
Here's the chart.

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  • #132,712
  • Oct 22, 2014 5:24am Oct 22, 2014 5:24am
Hey guys, long time lurker here who's going to start posting some of my trades! Just wanted to say a huge thanks to everyone that's been a part of this thread, especially Mike. This thread is the most valuable thread on the entire internet!
I trade reversals on the 8H charts from S+R levels using both pin bars and doji candles. Here's my most recent trade. I'll be posting each one of my trades from now on, and would love to hear some feedback.

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Confluence is king.
  • #132,713
  • Oct 22, 2014 7:47am Oct 22, 2014 7:47am
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Quoting Winston Reed
{quote} Here's the chart. {image}
  • #132,714
  • Oct 22, 2014 8:12am Oct 22, 2014 8:12am
Quoting Winston Reed
{image}{quote}
Thanks Winston!
On your recent chart why did you take that TL and not the more recent one which is marked in yellow on my chart?
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  • #132,715
  • Oct 22, 2014 8:17am Oct 22, 2014 8:17am
Quoting Verbal
{quote} Thanks Winston! On your recent chart why did you take that TL and not the more recent one which is marked in yellow on my chart? {image}

The PA (a BEOEB) occurred on the original TL. The other TL you speak of doesn't make sense to me at this point. Not sure how to explain it.
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  • #132,716
  • Oct 22, 2014 8:29am Oct 22, 2014 8:29am
Daily view makes things clearer. No other TL from this view.

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  • #132,717
  • Oct 22, 2014 10:38am Oct 22, 2014 10:38am
Closed a bit before target.

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  • #132,718
  • Edited 6:16pm Oct 22, 2014 5:36pm | Edited 6:16pm
Today I made +6%, my monthly minimum is 10%, first day of trading.
-41 pips AUD/CAD
+1 pip EUR/NZD
-1 pip CAD/JPY
+55 pips EUR/USD
+5 pips NZD/USD first trade
+64 pips NZD/USD second trade
+14 pips USD/JPY
Quite nice start of the month.

What I should work on:
-better enters. I enter when I see good situation on D1. I should be more precise and enter on M15 on pulbacks.
-better exits. I'm trying to protect my profits but I see that I can do more just by staying in trade. Price is moving in my direction and no S/R zones are incoming so I should stay but I'm leaving because of fear. That's bad.

I will place some pending orders on night, will see how it will work out.
  • #132,719
  • Oct 22, 2014 6:51pm Oct 22, 2014 6:51pm
Watching this one. My daily candle close on Oanda is not for another 4 hours.

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  • #132,720
  • Oct 22, 2014 7:05pm Oct 22, 2014 7:05pm
Another on looking interesting.

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