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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

  • #133,381
  • Dec 15, 2014 3:18am Dec 15, 2014 3:18am
I'm also from Ukraine. Thank you very much Mike and all who help.
  • #133,382
  • Dec 15, 2014 5:27am Dec 15, 2014 5:27am
I see some PA on this chart.
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  • #133,383
  • Dec 15, 2014 5:31am Dec 15, 2014 5:31am
Quoting prasad99
I see some PA on this chart. {image}
Trade Entry: Break of 156400
FTA: 156000 move stop BE
Profit Target:155600
  • #133,384
  • Dec 15, 2014 10:46am Dec 15, 2014 10:46am
Quoting prasad99
{quote} Trade Entry: Break of 156400 FTA: 156000 move stop BE Profit Target:155600
How I see it:

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In range trading your tp should be on top/bottom of the range not on fake breakouts. There is high chance that price will reach border of the range but low that will reach former breakout.
  • #133,385
  • Dec 15, 2014 2:22pm Dec 15, 2014 2:22pm
Quoting S_winner
I'm also from Ukraine. Thank you very much Mike and all who help.
hey S-winner

thanks for dropping by

Mike
  • #133,386
  • Dec 15, 2014 3:24pm Dec 15, 2014 3:24pm
Potential setup on this beob on the eurjpy. I'm only looking to trade this if price closes below those previous bar lows (blue line). A good amount of space to the left, but like I say, it's gotta close below those bar lows for me

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  • #133,387
  • Edited 5:54pm Dec 15, 2014 3:54pm | Edited 5:54pm
Quoting jr241
Potential setup on this beob on the eurjpy. I'm only looking to trade this if price closes below those previous bar lows (blue line). A good amount of space to the left, but like I say, it's gotta close below those bar lows for me {image}
Are you sure? It's packed with supports, risk to reward is something like 2:1. It can be just retrace to former resistance before going more up, Yen is extremely weak, maybe even weaker than EUR.

What do you mean by "space to the left"? You should look on upside and downside space, price don't really care about "left and right" since time is relativistic, different people have different times on charts.

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EDIT: It kind of looks like head and shoulders pattern and price is now in range from 148.3 to 145.6. Break below 145.6 would mean price is realising head and shoulders pattern, break above 148.3 would mean we are going for peak at 149.75, if peak is broken, back to uptrend, if peak is defended then back in range or double top pattern. But I wouldn't take short right here.
  • #133,388
  • Dec 16, 2014 3:04am Dec 16, 2014 3:04am
Morning Yen has done the opposite to what I thought the fundies where saying ( that'll teach me ) Luckily my order in USDJPY wasn't triggered. Yen could still be in a correction - I'll be looking out for PA around key areas in next few days.

EG - GBPJPY, heading towards a Monthly S/R line and 50% fib from previous monthly base. This area has proved tough before, so will be looking for PA guidance if we reach there to see if this is a deep Yen retracement or reversal, and look for good PA trade opportunities

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Similar story with EURJPY:

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By the way - if anyone can tell me how I can pull the chart to the left, so I could get some space on my charts on the right hand side ( for adding arrows of possible directions etc ), I would be most grateful!

Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,389
  • Dec 16, 2014 3:20am Dec 16, 2014 3:20am
Quoting Berserker
Morning Yen has done the opposite to what I thought the fundies where saying ( that'll teach me ) Luckily my order in USDJPY wasn't triggered. Yen could still be in a correction - I'll be looking out for PA around key areas in next few days. EG - GBPJPY, heading towards a Monthly S/R line and 50% fib from previous monthly base. This area has proved tough before, so will be looking for PA guidance if we reach there to see if this is a deep Yen retracement or reversal, and look for good PA trade opportunities {image} Similar story with EURJPY:...
By selecting chart shift
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  • #133,390
  • Dec 16, 2014 5:27am Dec 16, 2014 5:27am
Brilliant, thanks
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,391
  • Dec 16, 2014 6:25am Dec 16, 2014 6:25am
Quoting Berserker
Morning Yen has done the opposite to what I thought the fundies where saying ( that'll teach me ) Luckily my order in USDJPY wasn't triggered. Yen could still be in a correction - I'll be looking out for PA around key areas in next few days. EG - GBPJPY, heading towards a Monthly S/R line and 50% fib from previous monthly base. This area has proved tough before, so will be looking for PA guidance if we reach there to see if this is a deep Yen retracement or reversal, and look for good PA trade opportunities {image} Similar story with EURJPY:...
Great!!!
  • #133,392
  • Dec 16, 2014 10:41am Dec 16, 2014 10:41am
I think Ruble is going down constantly --does ruble participate in Fx trading. Can we short the Ruble.
  • #133,393
  • Dec 16, 2014 10:50am Dec 16, 2014 10:50am
Quoting prasad99
I think Ruble is going down constantly --does ruble participate in Fx trading. Can we short the Ruble.
sure it does, but you might be too late.
Anyway I rly wouldnt recommend ruble. There might be an intervention anytime soon causing huge spikes/fixings.

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Hero calls followed by margin calls...
  • #133,394
  • Dec 16, 2014 10:50am Dec 16, 2014 10:50am
Quoting prasad99
I think Ruble is going down constantly --does ruble participate in Fx trading. Can we short the Ruble.
It depends on broker. Broker I used half a year ago had Ruble but one I'm using now doesn't. I heard some brokers are now disallowing trading ruble.

Ruble went in highly unpredictable state. Yestarday it went down 14% without any good reason and then suddenly 5% up because their central Bank raised interest rate from 10 to 17%. You can't know what will happed next.
  • #133,395
  • Dec 16, 2014 10:56am Dec 16, 2014 10:56am
Quoting Dovilo
{quote} How I see it: {image} In range trading your tp should be on top/bottom of the range not on fake breakouts. There is high chance that price will reach border of the range but low that will reach former breakout.
Dovilo

Thanks for suggestion. I got out at BE on this trade and made a profit of 2 pips. The price reverted back at FTA. I was expecting the price to hit profit target as it was a key price level. I am trying to find if we can use key price levels to support PA and additional confluence.
  • #133,396
  • Dec 16, 2014 11:00am Dec 16, 2014 11:00am
Quoting Dovilo
{quote} It depends on broker. Broker I used half a year ago had Ruble but one I'm using now doesn't. I heard some brokers are now disallowing trading ruble. Ruble went in highly unpredictable state. Yestarday it went down 14% without any good reason and then suddenly 5% up because their central Bank raised interest rate from 10 to 17%. You can't know what will happed next.
One still needs to watch for PA and stick to the strategy but I think it is easier to make money in markets that are trending in general. The ruble might have already hit the bottom but we cannot be sure. I dont think Forex the broker that I use has a Ruble though I have to check the settings.
  • #133,397
  • Dec 16, 2014 11:06am Dec 16, 2014 11:06am
Quoting mbqb11
{quote} Hey P I use a 5pm et close. I only really scan it 20 minutes before close personally so things don't change to much Best Mike
Thanks Mike. I read elsewhere and it seems like NY close 1700 is the standard.
  • #133,398
  • Dec 16, 2014 12:04pm Dec 16, 2014 12:04pm
Quoting PhAnTi'
{quote} sure it does, but you might be too late. Anyway I rly wouldnt recommend ruble. There might be an intervention anytime soon causing huge spikes/fixings. {image}
I think you are right about spikes because there is intervention to boost ruble. I am not sure if anyone made some money trading oil...it is also going down. It is expected to go to $40/-
  • #133,399
  • Dec 16, 2014 12:16pm Dec 16, 2014 12:16pm
I have one question about Fibonacci levels. Do those levels form naturally on price charts or because traders and big banks use them in the charts and thus they form on the chart. There is a difference between the two.

If those levels form naturally arising from the nature of trading itself then that is something.
  • #133,400
  • Dec 16, 2014 12:23pm Dec 16, 2014 12:23pm
Just got:

"Important announcement on USDRUB and EURRUB
Dear Valued Client,

Due to the lack of market pricing on USDRUB and EURRUB, as of today the 16th of December, the instruments are not available for trading until further notice.

The instruments are available for close only purpose.

If you are trading these currency pairs, it is important that you make the appropriate adjustments to your equity and/or positions."
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