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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

  • #133,181
  • Nov 30, 2014 5:02am Nov 30, 2014 5:02am
Thank you Jonas. Yes, it is plain to see. I will re-read you e-book. I really appreciate your points and things you shared.
Michal9
  • #133,182
  • Nov 30, 2014 10:32am Nov 30, 2014 10:32am
hope you all had a nice few days and break if you got it, good to be back and getting plugged in as I recover from my food comas
  • #133,183
  • Nov 30, 2014 11:46am Nov 30, 2014 11:46am
Quoting Poinson
{quote} Hi Mike, please share your thoughts how did you know it is not a retracement and one should not sell here. As it really looks like 100% classic pattern Thank you {image}
Hey Poinson

Check out my recent webinar I posted up for guests here. I go over detailed why I was thinking this situation

Inserted Video


Hope it helps
Mike
  • #133,184
  • Nov 30, 2014 11:48am Nov 30, 2014 11:48am
Quoting mmb91
quick question guys. am i drawing my fibs correctly and in the correct direction? should the 0% level be on the swing high when in a downtrend or should that be that 100%? basically, should the 100% be where the 0% is in the attached pic or vice versa? not quite sure which way to chart fib. {image}
Hey MM

That's correct if you are measuring the retrace of the recent move from low to high. 100% would mean price has retraced 100% of the move that started at that swing low

Let me know if that makes sense
Mike
  • #133,185
  • Nov 30, 2014 11:54am Nov 30, 2014 11:54am
makes perfect sense, mike, thanks. watching the webinar right now.
  • #133,186
  • Dec 1, 2014 10:55am Dec 1, 2014 10:55am
Hi guys! Please check the charts, what do you think.
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  • #133,187
  • Dec 1, 2014 1:57pm Dec 1, 2014 1:57pm
Markets on the move. No trades yet but shorts might be possible on NZD/USD. Here's classic J16 on a low time frame last week. Strong price action, strong S/R, and room for profit. I usually just wait for these.
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  • #133,188
  • Dec 1, 2014 2:54pm Dec 1, 2014 2:54pm
I see a bullish enguling on XAU / USD. If we can go long on this trade do we have to wait till the second candle confirms the move and enter on that one. Or can we use the current candle to go long as soon as it breaks the previous high.
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  • #133,189
  • Dec 1, 2014 3:01pm Dec 1, 2014 3:01pm
There is some PA here also but the way this chart looks there is a lot of zig zag movement price going up and down. Break even trade seems possible with the price sitting on one minor and major support area. Not an A plus trade for me.
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  • #133,190
  • Dec 1, 2014 3:07pm Dec 1, 2014 3:07pm
Quoting prasad99
I see a bullish enguling on XAU / USD. If we can go long on this trade do we have to wait till the second candle confirms the move and enter on that one. Or can we use the current candle to go long as soon as it breaks the previous high. {image}
Nice chart, I think a close above that flip would be great especially with that previous BUOB at the bottom of the swing. Sellers getting toasted
  • #133,191
  • Dec 1, 2014 3:10pm Dec 1, 2014 3:10pm
I would watch the price on this chart as it has to breach 1.86000 and go above or test the resistance and come down to 1.80000. And most probably the price will test the resistance which it has done two times and will move down. A good area to watch for some PA.
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  • #133,192
  • Dec 1, 2014 3:22pm Dec 1, 2014 3:22pm
Anybody following this....this bullish bar engulfs three bearish bars...lot of space to the left...but it moves towards major resistance and at that point one has to be careful. But I am not sure if PA works equally well with all pairs and market conditions.
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  • #133,193
  • Dec 1, 2014 3:23pm Dec 1, 2014 3:23pm
Hey guys, here's a couple of trades I'm keeping an eye on

GBPUSD bullish outside bar from a swing low

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& USDCAD BEOB from this swing high

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  • #133,194
  • Dec 1, 2014 3:27pm Dec 1, 2014 3:27pm
Quoting prasad99
Anybody following this....this bullish bar engulfs three bearish bars...lot of space to the left...but it moves towards major resistance and at that point one has to be careful. But I am not sure if PA works equally well with all pairs and market conditions. {image}

JPY is too volatile for me ....it posted a nice pin bar at price extreme and then moved up and down and consolidated. I lost a trade with that one. It is kind of volatile. And then one fine day the price will come down for no reason and probably test major support. Such moves are less on USD, GBP or EURO currencies I guess.
  • #133,195
  • Dec 1, 2014 3:35pm Dec 1, 2014 3:35pm
Quoting jr241
Hey guys, here's a couple of trades I'm keeping an eye on GBPUSD bullish outside bar from a swing low {image} & USDCAD BEOB from this swing high {image}

My opinion on GBP/USD bullish bar is that it is according to PA rules...but I would like it much pronounced...does not seem to have enough steam to break the resistance above though it may take you to that point.

The engulfing on the second is better but it is approaching FTA. Also I have biased in favor of bearish engulfing as opposed to bullish and I am not sure if others think the same way. The FTA should at least be in a position to give us a break even trade and probably it is in this case I am not sure.
  • #133,196
  • Dec 1, 2014 4:04pm Dec 1, 2014 4:04pm
Thanks Prasad. gbpusd seems to be pulling back (last 4 hours have closed bearish and the closing price looks like it is going to be below yesterday's bar high, which for me makes it less tempting to trade than if it were to close, for example, 10 pips above yesterday's bar high)


usdcad as you say doesn't give much room to the FTA. Given that the SL would have to be above the resistance line, I interpret this as quite a risky trade given the need to get to B/E quickly.



On reflection I'd actually feel more comfortable taking the cross pair of gbpcad. Seems to be a little more room to work with (in terms of space) than the others


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  • #133,197
  • Dec 2, 2014 7:13am Dec 2, 2014 7:13am
Hi All,


I am looking to draw a single BRN value where I am wish to draw in MT4 chart..If you have that kind of indicator, kindly share with me..

Adhav
  • #133,198
  • Dec 2, 2014 8:18am Dec 2, 2014 8:18am
Quoting Adhavan
Hi All, I am looking to draw a single BRN value where I am wish to draw in MT4 chart..If you have that kind of indicator, kindly share with me.. Adhav
Is this something you are looking for? it draws a line every X pips on the round numbers. Cheers
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File Type: ex4 Grid_v1_0.ex4   5 KB | 282 downloads
  • #133,199
  • Dec 2, 2014 8:27am Dec 2, 2014 8:27am
Quoting kotsh
{quote} Is this something you are looking for? it draws a line every X pips on the round numbers. Cheers {file}
Thanks Kotsh...

But I am looking like, I draw a horizontal line @ price 1.30000 alone..

Adhav
  • #133,200
  • Dec 2, 2014 8:33am Dec 2, 2014 8:33am
Quoting jr241
Thanks Prasad. gbpusd seems to be pulling back (last 4 hours have closed bearish and the closing price looks like it is going to be below yesterday's bar high, which for me makes it less tempting to trade than if it were to close, for example, 10 pips above yesterday's bar high) usdcad as you say doesn't give much room to the FTA. Given that the SL would have to be above the resistance line, I interpret this as quite a risky trade given the need to get to B/E quickly. On reflection I'd actually feel more comfortable taking the cross pair of gbpcad....

Agreed that GBP/CAD has a lot of space in the chart and well respected support and resistance points. If there is some PA support at these points we may get a good trade on this one. While taking the trades we need to consider the size of the candles (pins, outside bars) with respect to the movement we are expecting.
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