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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

  • #135,521
  • Edited 8:39am Jun 28, 2015 7:23am | Edited 8:39am
Quoting fxstart
hi, what do you think about take short position on AUD/NZD next week? IMO we have space and nice confluence: - PPZ 1.13000 - TL - IB - FIB 38.2 - RN I suppose that a little problem can be up trend I would like to set sell stop around 15 pips below last close. Is it a good option for your - professional traders? {image}
Hey FXbat. I am in this trade short. chart posted page or 2 back. See how it goes.

Moetzger, I have similar thinking with your GBP/USD analysis.

Bladerunner, USD/CAD. I agree with the others. You'd be trading into a bit of traffic (=headache!) plus the BRN just below those bars. Plenty of better set-ups around the corner. Good trading. GB.

EDIT: EUR/CAD D1. I will look for short PA on a retrace back to new resistance. See how market opens.

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'Fail to plan, plan to fail'
  • #135,522
  • Jun 28, 2015 8:26am Jun 28, 2015 8:26am
Quoting Bladerunn3r
{quote} Hello Incognito, firstly let me say Happy Birthday for tomorrow and secondly thank you for adding your advice on this one. I answer your question of what kind of trader I am, I am a more long term trader, I stopped scalping the 5 and 15 minute account due to over trading and whilst i never saw a negative on my demo account I was killing my positive numbers with impulsiveness. I find that I do not have the time to sit in front of the computer winning money and then over trading it away, so i do like to hold trades for longer periods and...
Hey Blade, thanks for the birthday wishes, and you're welcome. Indeed it's a very useful place to hangout, there are a lot of friendly and helpful traders here.
  • #135,523
  • Jun 28, 2015 8:31am Jun 28, 2015 8:31am
Quoting Guitarbloke
{quote} Hey Inco. Happy birthday friend! I would be looking for shorts at the moment on this pair, as it looks to be more in a downtrend than a box/range, with room still to fall. Plus PB with bearish close doesn't help. I will watch this pair for a pullback to a swing high then look for PA to go short. Take care, GB.
Thank you Guitarbloke yes indeed it's been going south for some time now. But at this rate if it drops any lower they'd have to start closing down the silver mines.
  • #135,524
  • Jun 28, 2015 8:46am Jun 28, 2015 8:46am
Quoting incognito517
{quote} Thank you Guitarbloke yes indeed it's been going south for some time now. But at this rate if it drops any lower they'd have to start closing down the silver mines.
It has taken off from this zone before, so may well do so again soon. Price is approaching an area of interest.

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'Fail to plan, plan to fail'
  • #135,525
  • Jun 28, 2015 8:51am Jun 28, 2015 8:51am
Quoting fxstart
hi, what do you think about take short position on AUD/NZD next week? IMO we have space and nice confluence: - PPZ 1.13000 - TL - IB - FIB 38.2 - RN I suppose that a little problem can be up trend I would like to set sell stop around 15 pips below last close. Is it a good option for your - professional traders? {image}
Hello FxStart, your question was directed at professional traders. That's why I'm going to answer it. Because I'm as professional a trader as you get. Now you listen to me carefully lad and you will never go wrong in the markets. LOL I'm such an idiooot! No I'm actually a law student and candidate attorney. My ex boyfriend got me hooked on currency trading and I've been doing it ever since. I enjoy it and have a passion for it (plus it makes me a decent amount of pocket money). So even though I'm no 'professional trader' I'm going to say something anyway.

My speculation:
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  • #135,526
  • Jun 28, 2015 8:57am Jun 28, 2015 8:57am
Quoting Guitarbloke
{quote} It has taken off from this zone before, so may well do so again soon. Price is approaching an area of interest. {image}
Does that mean you're going to take the trade? I'm going to place a small risk on it, and... well hope for the best I guess.
  • #135,527
  • Jun 28, 2015 9:06am Jun 28, 2015 9:06am
Quoting incognito517
{quote} Does that mean you're going to take the trade? I'm going to place a small risk on it, and... well hope for the best I guess.
No. I'd like to see it fall a bit further before looking to buy. All the best with it though. It may well take off north.
'Fail to plan, plan to fail'
  • #135,528
  • Jun 28, 2015 9:29am Jun 28, 2015 9:29am
GBP/JPY D1. Any comments folks on where price might be heading? Price at a major S/R zone and BRN. Strong uptrend, but I'm watching for bearish PA from this level. It also could just be having a rest and break north soon. We have a BEOVB and some bullish PB's.

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'Fail to plan, plan to fail'
  • #135,529
  • Jun 28, 2015 9:49am Jun 28, 2015 9:49am
Quoting Guitarbloke
GBP/JPY D1. Any comments folks on where price might be heading? Price at a major S/R zone and BRN. Strong uptrend, but I'm watching for bearish PA from this level. It also could just be having a rest and break north soon. We have a BEOVB and some bullish PB's. {image}
Well the bulls are in complete control of this market. So I'm only interested in buying here, either at a dip or I'll wait for a continuation signal after it breaks the consolidation box on the upside.

By the way, GB. What does the yellow thingamajig next to your alias mean? I noticed that some users have orange ones and some have red as well.
  • #135,530
  • Jun 28, 2015 10:41am Jun 28, 2015 10:41am
Someone wanted to take a trade on USD/CAD daily. I was going through the charts. I spotted a nice IB at good location on USD/CAD. The friday bar did not
break below the IB. Lets see monday bar if it can break below the IB, if it does , it should make it to at least 2200. R/R is about 1:1.

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  • #135,531
  • Jun 28, 2015 10:48am Jun 28, 2015 10:48am
Quoting Guitarbloke
GBP/JPY D1. Any comments folks on where price might be heading? Price at a major S/R zone and BRN. Strong uptrend, but I'm watching for bearish PA from this level. It also could just be having a rest and break north soon. We have a BEOVB and some bullish PB's. {image}
hey GB, the we have a nice PB @ 193.5 area , but trouble sitting right above , infact we are almost there. My analysis that is if EUR crashes tomorrow we should get a good rally on GBP and if it does I m not so sure we will get a pullback to the 195.5 area but if we do, that is where i would be looking to enter.

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  • #135,532
  • Edited 1:19pm Jun 28, 2015 12:25pm | Edited 1:19pm
Quoting Guitarbloke
GBP/JPY D1. Any comments folks on where price might be heading? Price at a major S/R zone and BRN. Strong uptrend, but I'm watching for bearish PA from this level. It also could just be having a rest and break north soon. We have a BEOVB and some bullish PB's. {image}
Im in on this one GB, im hoping for price to push up before i will likely take profit. Im 57 pips up on it at the moment so will move to break even when the market opens tonight and see what occurs. I am hoping that price pushes up and beyond the messy zone it is moving into.
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  • #135,533
  • Edited 9:32pm Jun 28, 2015 6:54pm | Edited 9:32pm
Quoting Bladerunn3r
{quote} Im in on this one GB, im hoping for price to push up before i will likely take profit. Im 57 pips up on it at the moment so will move to break even when the market opens tonight and see what occurs. I am hoping that price pushes up and beyond the messy zone it is moving into. {image}
Thanks everyone for your analysis on GBP/JPY D1. Blader, looks like you have been taken out by the gap down. Bad luck friend. A bullish PB has formed on H1 though which may mean it will head north again? I'm watching this pair with interest.

EDIT: GBP/JPY H1. Taking advantage of the opening gap down to get long on this PB. Looking to enter 2nd order on a pullback at some stage. S/L moved up once trade took off to reduce risk.

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NZD/USD H4 PB Long. 2 orders. Looking to TP at first TA.

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'Fail to plan, plan to fail'
  • #135,534
  • Edited Jun 29, 2015 1:00am Jun 28, 2015 6:56pm | Edited Jun 29, 2015 1:00am
Quoting incognito517
{quote} By the way, GB. What does the yellow thingamajig next to your alias mean? I noticed that some users have orange ones and some have red as well.
It means I'm special.


EDIT: I just received this email from my live account broker and thought some might find it of interest, especially the sentence in red re stop losses.


Dear GB,

Given continued uncertainty surrounding the Greek economic situation we advise clients that we will be monitoring the situation very closely and will respond to any changes in market conditions concerning volatility and liquidity.

Under these circumstances, we may determine and consider it reasonably appropriate to vary the margin requirements. Please refer to clause 10.6 and section 27 of the client agreement regarding margins and exceptional market conditions.

What will happen?

We may raise margin requirements on EUR and some stock indices from current levels to reflect increased volatility and decreased liquidity in the underlying markets.

We may not have sufficient time to provide prior notice of our decision to take such action.

What do I need to do?

Review your positions and margin requirements and ensure you have sufficient free equity to cover a potential rise in margin requirements and adverse price movements.


Be advised that stop loss orders may not in all circumstances provide protection against adverse price movements.

If uncertain, reduce or close positions and reassess the situation.

We would still ask clients with open trades to monitor their accounts closely during this time.

'Fail to plan, plan to fail'
  • #135,535
  • Jun 29, 2015 1:00am Jun 29, 2015 1:00am
Quoting Kershey
{quote} No, sorry man. SL hit after 4H close above weekly high. 3 loosers in a row, approx. minus 5%. Monthly account balance turned from winning month to loosing month. I will just turn my entries around. Everytime I intent to enter short it will be a long and vice versa. @ aserbfx: I saw there a beginning downtrend, after the uptrend channel from february to may did not continued. Price closed below a major support (1.0900), which was confirmed by a pin the following day. AUD/CAD, which is a setup which I did not entered because I was short CAD,...
Hey!

I have been struggling with PA a trading for some time and here is what actually helped me: When it comes to PA many traders are too obsessed with
1) Finding a PA
2) Finding S/R levels
but they don't really care about the quality of any of these. And there is one thing that I think is the most important is that you must have the trend in your favor.
So I would advise you to do the following:
- Think about what size of moves do you want to catch. If you have it think about in which timeframes do these moves occur. If you already have a timeframe specified then measure the swings, so that you have some kind of expectation - like "how much money can you take out" on the average.
- Then examine the trend reversals. (Price action, volume, Technical analysis whatever). If you can identify the trend reversal it is already a huge advantage!
- Having the trend reversal identified, now you know in which direction price is going in the bigger picture - now you can start looking for pullbacks and S/R and PA.

Yes it takes some time to do the work, but there is no other way around.
It's all psychology...
  • #135,536
  • Jun 29, 2015 1:14am Jun 29, 2015 1:14am
Quoting Guitarbloke
{quote} It means I'm special. EDIT: I just received this email from my live account broker and thought some might find it of interest, especially the sentence in red re stop losses. Dear GB, Given continued uncertainty surrounding the Greek economic situation we advise clients that we will be monitoring the situation very closely and will respond to any changes in market conditions concerning volatility and liquidity. Under these circumstances, we may determine and consider it reasonably appropriate to vary the margin requirements. Please...
Interesting, seems like a risky time to be trading whilst this Greek situation is unfolding.

I had 150 pips wiped out due to the gap down on the GBP/JPY at market open. Does James advise against holding trades over the weekend? Its a bit of a gamble as to the outcome.
  • #135,537
  • Jun 29, 2015 1:17am Jun 29, 2015 1:17am
Quoting Bladerunn3r
{quote} Interesting, seems like a risky time to be trading whilst this Greek situation is unfolding. I had 150 pips wiped out due to the gap down on the GBP/JPY at market open. Does James advise against holding trades over the weekend? Its a bit of a gamble as to the outcome.
Yes, always trade intra week. The dragon can be dangerous if you don't close your positions on weekends.
  • #135,538
  • Jun 29, 2015 1:40am Jun 29, 2015 1:40am
Quoting zamfir
{quote} Yes, always trade intra week. The dragon can be dangerous if you don't close your positions on weekends.
Understood and lesson learned.
  • #135,539
  • Jun 29, 2015 1:46am Jun 29, 2015 1:46am
Hi, guys!

What do you think about USD/JPY H4?
PB with a long nose, after gap. Enter at ~50% ret close to S/R, TP (or B/E) in the middle of the box.
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  • #135,540
  • Jun 29, 2015 9:27am Jun 29, 2015 9:27am
Is anybody using Oanda webtrader to see charts?

EUR/JPY and EUR/USD seem to be forming massive pinbars.

However, on all other MT4 charts, it shows EUR as gap down this morning and a green bar up to close the gap.
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