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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

  • #132,921
  • Nov 10, 2014 3:50pm Nov 10, 2014 3:50pm
Quoting Xamarass
Anyone look at CHFJPY D1 chart ? think is pretty interest at least as swing high cheers xam
I don't know about that... Price is near all-time high and last week's bar indeed has wick on support but this wick is shorth compared to the body of the candle. I think we will see some struggle near high but for now I don't know where price will go.

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  • #132,922
  • Nov 10, 2014 6:47pm Nov 10, 2014 6:47pm
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i just got in earlier today on a pin bar right underneath the weekly fib and ppz.

i chose the stop at the bottom of one of the previous bars but i think a better alternative would have been to take two positions and close one at the TP shown and the other at the weekly swing low. what do you guys think?
  • #132,923
  • Nov 10, 2014 7:58pm Nov 10, 2014 7:58pm
Quoting mmb91
what do you guys think?
Here's my thoughts on how I'd go about it. I don't trade daily charts anymore so the levels marked are from 8H charts.
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My entries are conservative by waiting for price to break the pin bar before entering, and my stops are relatively tight. I find this works for me. You could definitely take half off and move to break even at the green level, it just depends on your style of trading. Personally, I think the TP you have is a little too low, price could bounce off the bodies of the candle lows around 0.7690 and never hit your target.
Confluence is king.
  • #132,924
  • Nov 10, 2014 8:10pm Nov 10, 2014 8:10pm
alright, thanks for the advice, i appreciate it a lot. TP around .78861 does seem better. i looked on the H1 chart and there was a lot of demand around there as well, ill move my TP.
  • #132,925
  • Nov 10, 2014 9:38pm Nov 10, 2014 9:38pm
Quoting mmb91
{image} i just got in earlier today on a pin bar right underneath the weekly fib and ppz. i chose the stop at the bottom of one of the previous bars but i think a better alternative would have been to take two positions and close one at the TP shown and the other at the weekly swing low. what do you guys think?
Hey MM

Careful here

Remember we want to look for pinbars at nice swing points. Notice your bar is not at a swing point but right in a sideways market. This gives it no space to move(see my video on space vs traffic).

We could be selling right into the new support here. These will give new traders the biggest headaches in my opinion

Hope this helps

Mike
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  • #132,926
  • Nov 10, 2014 11:05pm Nov 10, 2014 11:05pm
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  • #132,927
  • Nov 11, 2014 9:41am Nov 11, 2014 9:41am
Quoting PhAnTi'
cant see any bullish price action here, Ill keep to my shorts for 0.8315-50 Lets c how daily will close {image} Cheers, J
Hi Phanti. Big fan of yours I am also in a short trade on AUDUSD following the small PB from yesterday, but today i see quite a strong bullish move. what do you think? will 8650 level hold the bulls?
Market can stay irrational longer than you can stay solvent.
  • #132,928
  • Nov 11, 2014 9:52am Nov 11, 2014 9:52am
Markets not moving much due to holidays.

Update

EUR/NZD - Closed with 200 Pips.

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NZD/CHF - locked 50 pips.

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  • #132,929
  • Nov 11, 2014 9:56am Nov 11, 2014 9:56am
Quoting FXBat
{quote} Hi Phanti. Big fan of yours I am also in a short trade on AUDUSD following the small PB from yesterday, but today i see quite a strong bullish move. what do you think? will 8650 level hold the bulls?

well, bulls make case, bears do... timing thing.

All in all Aussie trend is bearish. I know a lot of you still playing longs for the gap, maybe it will work out, but im short heading for 0.8315.
Today price tested the NFP bar and bounced back up to 0.865x levels right now.

A clear n cleand daily close above 0.8700 levels would turn the daily bearish setup into trash.... currently the daily retests the origin breakout level, in general broken support areas gonna turn into resistance and vice versa.

Take care and trade wise

Best,
Jonas


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Hero calls followed by margin calls...
  • #132,930
  • Nov 11, 2014 9:59am Nov 11, 2014 9:59am
Quoting PhAnTi'
{quote} well, bulls make case, bears do... timing thing. All in all Aussie trend is bearish. I know a lot of you still playing longs for the gap, maybe it will work out, but im short heading for 0.8315. Today price tested the NFP bar and bounced back up to 0.865x levels right now. A clear n cleand daily close above 0.8700 levels would turn the daily bearish setup into trash.... currently the daily retests the origin breakout level, in general broken support areas gonna turn into resistance and vice versa. Take care and trade wise Best, Jonas...

Mike, whats your opinion to the Daily TF on Aussie?
Hero calls followed by margin calls...
  • #132,931
  • Nov 11, 2014 10:12am Nov 11, 2014 10:12am
Quoting PhAnTi'
{quote} Mike, whats your opinion to the Daily TF on Aussie?
Hey P

Here are some notes I sent to the group last night. Some of the info on the charts is in regards to some other things I was speaking about

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  • #132,932
  • Edited 10:55am Nov 11, 2014 10:34am | Edited 10:55am
Quoting mbqb11
{quote} Hey MM Careful here Remember we want to look for pinbars at nice swing points. Notice your bar is not at a swing point but right in a sideways market. This gives it no space to move(see my video on space vs traffic). We could be selling right into the new support here. These will give new traders the biggest headaches in my opinion Hope this helps Mike {image}
im somewhat confused as to what a swing point is, as im still on the earlier pages of this thread. is there a video or post that you can recommend for an explanation?

thanks for the reply

edit: watching your first webinar now
  • #132,933
  • Nov 11, 2014 10:59am Nov 11, 2014 10:59am
Quoting mbqb11
{quote} Hey P Here are some notes I sent to the group last night. Some of the info on the charts is in regards to some other things I was speaking about {image} {image}
Nice logic, Mike!
Have a nice day
  • #132,934
  • Nov 11, 2014 11:05am Nov 11, 2014 11:05am
Quoting mmb91
{quote} im somewhat confused as to what a swing point is, as im still on the earlier pages of this thread. is there a video or post that you can recommend for an explanation? thanks for the reply edit: watching your first webinar now

a swing point is something like a turning point, where a new lower low, lower high, higher low or higher high is being formed.
It is a term from the trend analysis.
Hero calls followed by margin calls...
  • #132,935
  • Nov 11, 2014 12:31pm Nov 11, 2014 12:31pm
I'm also still short AUDUSD. I have my stop now at .87 looking to take some profit off the table if it reaches .85 and then close the rest of the trade if it makes it down towards .835. But I can see this one is dividing opinion!
  • #132,936
  • Nov 11, 2014 12:46pm Nov 11, 2014 12:46pm
Hi guys,
I just got this message from my broker....
does it mean that my broker knows that the swiss government is intervening into the swiss currency?
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Have a nice day
  • #132,937
  • Nov 11, 2014 12:51pm Nov 11, 2014 12:51pm
Quoting jr241
I'm also still short AUDUSD. I have my stop now at .87 looking to take some profit off the table if it reaches .85 and then close the rest of the trade if it makes it down towards .835. But I can see this one is dividing opinion!
And just as I say that it hits .87
  • #132,938
  • Nov 11, 2014 1:09pm Nov 11, 2014 1:09pm
Quoting jr241
{quote} And just as I say that it hits .87
well I took a loss on this one as well. Closed my short as the 0.8650 I was assuming would hold as a resistance did not fill its commitments...
Second loss this month due to a bad appreciation of the strenght of a level.
thats life
Slow & steady
  • #132,939
  • Edited 1:26pm Nov 11, 2014 1:11pm | Edited 1:26pm
Quoting doerpn
Hi guys, I just got this message from my broker.... does it mean that my broker knows that the swiss government is intervening into the swiss currency? {image}
Well actually everybody knows that. There is referendum in Switzerland in which people vote about returning to the gold standard. If that pass there will be huge
moves on CHF and their Central Bank will intervene a lot. We can expect that gold market will rush too since Switzerland does not have enough gold.

My broker decreased leverage on RUB today.
  • #132,940
  • Nov 11, 2014 4:16pm Nov 11, 2014 4:16pm
Quoting mbqb11
{quote} Hey P Here are some notes I sent to the group last night. Some of the info on the charts is in regards to some other things I was speaking about {image} {image}
we can see price closing now as a buob over the major PPZ and box area now
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