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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

  • #134,761
  • May 3, 2015 6:21am May 3, 2015 6:21am
AUD/NZD Weekly. Does it want to go higher just yet?

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'Fail to plan, plan to fail'
  • #134,762
  • May 3, 2015 6:26am May 3, 2015 6:26am
Quoting Bryan
{quote} 1st target 7550 - 7600 2nd 7700 3rd 7750
Yes we are on the same page, in longer term i am expecting 7800
cheers
  • #134,763
  • May 3, 2015 6:31am May 3, 2015 6:31am
Quoting Guitarbloke
AUD/JPY H1. Aussie rockin' the house....if you're short! Missed getting in at swing high double bar top, but entered a few pips below break of BEOVB and BRN at 94.80. Target 365 ema at 93.35 level. Good trading to you. {image}
GB, just curious, and to help my education, and you were right, but did that pin bar bouncing off a bit of resistance just before you entered the market worry you?
  • #134,764
  • May 3, 2015 6:34am May 3, 2015 6:34am
Quoting Guitarbloke
AUD/NZD Weekly. Does it want to go higher just yet? {image}
I am expecting aud nzd pullback first before breaking above 1.052sh
  • #134,765
  • May 3, 2015 6:47am May 3, 2015 6:47am
Quoting Guitarbloke
My question: AUD/NZD. Daily chart. Is this now in an uptrend and should it be traded as such, or would you say......you're crazy, that pin bar is a classic screaming short me? {image}
Im a newbie trader but I can think of reasons to go short:

1) Jan 7 2015 price had moved up 420 pips also but it was still in long term downtrend. It looks more like a pullback to me. With the trend

2) Very solid SR as seen in this picture. Lots of spot-on bounces from 2004 to 2005, 2014 to 2015.

3) Fib 38.2

4) And yep, classic screaming pinbar like you said GB.

5) Daily MA 150

If this is not an A+ trade, then someone please tell me what is.
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  • #134,766
  • May 3, 2015 7:24am May 3, 2015 7:24am
Quoting Guitarbloke
{quote} Wes, others will answer this one more informatively, but I know that sometimes price can gap up or down on Monday's open slicing through stops at times as you probably know. I've seen price gap to around 50-60 pips plus, which can be a good thing or not so good depending where your trade's at. A few traders have said they don't worry so much about this phenomena on larger time frames like daily, weekly, monthly. But theoretically, I suppose some sort of major news event over the weekend could send price haywire, we don't know. I know some...
But there is also possibilities of unprecedented major news anytime of the week right? Like the swiss surprise.
Is James and Mike pure technical?
Do gaps trigger sell stops and buy stops also?

Thanks for the inputs.
  • #134,767
  • May 3, 2015 7:43am May 3, 2015 7:43am
Technical mainly here Wes, and unsure re other questions. I'm looking for AUD/NZD PB to head south for around 100 pips, but there are definitely bullish forces afoot. On the weekly the 50% fib level could be where price heads to soon before resuming downtrend. My bias is bullish overall, but I cannot ignore that outstanding bearish PB rejecting a significant SR level so I am in short for now even though I am trading into support zone. This zone is not as significant as resistance zone so I'm looking for price to slice through eventually.
'Fail to plan, plan to fail'
  • #134,768
  • May 3, 2015 8:01am May 3, 2015 8:01am
Just noticed I've been blessed with a little yellow diamond like Idkurv and a few others. It say's I'm a 'low impact member top 9%'. What the hell does that mean? Why not top 4%? Should I post more to be high impact? Ha! I shall cherish it.

Back to reading page 1 link 1. Plenty of potential set-ups this week.
'Fail to plan, plan to fail'
  • #134,769
  • May 3, 2015 8:08am May 3, 2015 8:08am
Quoting Wes21
{quote} Im a newbie trader but I can think of reasons to go short: 1) Jan 7 2015 price had moved up 420 pips also but it was still in long term downtrend. It looks more like a pullback to me. With the trend 2) Very solid SR as seen in this picture. Lots of spot-on bounces from 2004 to 2005, 2014 to 2015. 3) Fib 38.2 4) And yep, classic screaming pinbar like you said GB. 5) Daily MA 150 If this is not an A+ trade, then someone please tell me what is. {image} {image}
HeY wes

Someone asked me about this in the pf the other day, here was my response and chart
Quote
i find this one very tricky since we lack any real story of why price should continue lower. I'd always prefer to sell at the top point of a retracement if that's the case.

so we can see a PPZ just below the beob, So i'd really only feel comfortable selling a deep pullback to the 'left eye' type area.

Again very tricky one here for me without more story information

hope that helps


so I think selling a break puts you right into that major last flip zone and we have very little story to support a downside move here Based on your TL too you are showing price may be breaking now to an uptrend. That area just below us is going to be key to maintain that uptrend. If one sells a break this area needs to give and price needs to break HARD

Hope that helps
Mike
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  • #134,770
  • May 3, 2015 8:10am May 3, 2015 8:10am
Quoting Wes21
{quote} But there is also possibilities of unprecedented major news anytime of the week right? Like the swiss surprise. Is James and Mike pure technical? Do gaps trigger sell stops and buy stops also? Thanks for the inputs.
Hey Wes,

Yep we will always have black swan type events in the market. I've been around for a bunch over my 13 years.

But with that said yes I am purely a technical trader. My focus is on my charts with the occasional awareness of major news. Week to week though my focus is solely on my charts

Yes gaps will trigger sell stops and buy stops. A buy stop is a marketable order as a stop loss order is a marketable order

Best
Mike
  • #134,771
  • May 3, 2015 8:21am May 3, 2015 8:21am
Hey Mike,

Good to see you and hope all's well with the family.

I'm watching this trade like a hawk (AUD/NZD D1) and note the heavy flip zone below the daily PB just formed. I've seen these slice through before, but I also know you've seen this kind of scenario more often than I have. I just can't believe such a big PB won't make a dent. Sure is a tricky one! Best wishes, G
'Fail to plan, plan to fail'
  • #134,772
  • May 3, 2015 8:37am May 3, 2015 8:37am
Quoting Guitarbloke
Hey Mike, Good to see you and hope all's well with the family. I'm watching this trade like a hawk (AUD/NZD D1) and note the heavy flip zone below the daily PB just formed. I've seen these slice through before, but I also know you've seen this kind of scenario more often than I have. I just can't believe such a big PB won't make a dent. Sure is a tricky one! Best wishes, G
absolutely it could GB. I pass on a lot of things that work out. The key for me when I pull the trigger is leaving as many question marks out. So that start to finish I can properly manage my trade as well as be able to cut my losses on a trade.

A trader needs to feel comfortable and confident(however they trade) so that they can replicate that process going forward.

Thanks for the well wishes

Mike
  • #134,773
  • May 3, 2015 8:42am May 3, 2015 8:42am
Quoting mbqb11
{quote} absolutely it could GB. I pass on a lot of things that work out. The key for me when I pull the trigger is leaving as many question marks out. So that start to finish I can properly manage my trade as well as be able to cut my losses on a trade. A trader needs to feel comfortable and confident(however they trade) so that they can replicate that process going forward. Thanks for the well wishes Mike
Yeah, absolutely Mike. I'm slowly realising that any trade that I'm questioning, I might as well skip, because there is always a good set-up around the corner anyway, so why take more risk than necessary in an already tough game.
'Fail to plan, plan to fail'
  • #134,774
  • May 3, 2015 8:51am May 3, 2015 8:51am
Hi guys, just a question — what is a left eye area (I've often heard people talk about it) and how does it relate to PBs and price action?

Thank you!
  • #134,775
  • May 3, 2015 9:01am May 3, 2015 9:01am
Quoting Guitarbloke
{quote} Yeah, absolutely Mike. I'm slowly realising that any trade that I'm questioning, I might as well skip, because there is always a good set-up around the corner anyway, so why take more risk than necessary in an already tough game.
If I may. .. I often consider staying on the sidelines and watching a trade develops. It is very informative as it modifies or reinforces some preconceived ideas I have without putting any money on the table.Take care
Slow & steady
  • #134,776
  • May 3, 2015 9:15am May 3, 2015 9:15am
Quoting Guitarbloke
{quote} It looks a rippa Donkey. How will you trade it? Will you apply a fib on that BEOVB and set a sell limit for a certain level, or break of the bar? Thanks, G
Hey GB. I will play a retrace a few pips under the previous bar low with stop above the BEOB.

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  • #134,777
  • May 3, 2015 9:16am May 3, 2015 9:16am
Quoting patapouer
{quote} If I may. .. I often consider staying on the sidelines and watching a trade develops. It is very informative as it modifies or reinforces some preconceived ideas I have without putting any money on the table.Take care
Right on Patapouer. I'm one of those fancy out of town fast talkin gunslingers quick to pull the trigger, who sometimes needs to take a step back and wait.
'Fail to plan, plan to fail'
  • #134,778
  • May 3, 2015 9:18am May 3, 2015 9:18am
Quoting Donkey
{quote} Hey GB. I will play a retrace a few pips under the previous bar low with stop above the BEOB. {image}
Thanks Don. Appreciate your response/chart. Looks good. G
'Fail to plan, plan to fail'
  • #134,779
  • May 3, 2015 9:22am May 3, 2015 9:22am
Quoting Fotovinic
Hi guys, just a question what is a left eye area (I've often heard people talk about it) and how does it relate to PBs and price action? Thank you!
Hey Foto. Page 1 friend. Check it out. Best wishes, G

http://www.forexfactory.com/showpost...ostcount=23250
'Fail to plan, plan to fail'
  • #134,780
  • May 3, 2015 1:09pm May 3, 2015 1:09pm
Quoting Fotovinic
Hi guys, just a question what is a left eye area (I've often heard people talk about it) and how does it relate to PBs and price action? Thank you!
Hey Foto

The left eye area is used in reference to the highest/lowest support and resistance point that a price action bar closes under. Most often referred to with Pinbars.

These areas make great entry points as you become a buyer/seller at the last major area of s/r that your pinbar has confirmed up on.

I've marked left eye areas with an orange line for each corresponding bar
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