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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

  • #135,541
  • Jun 29, 2015 7:34am Jun 29, 2015 7:34am
SL hit.
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  • #135,542
  • Jun 29, 2015 7:43am Jun 29, 2015 7:43am
Quoting Kershey
SL hit. {image}
Hey Kershey. That PB was trading against strong downward momentum if I look at those bearish candles before it. I think it was too much for that PB to fight against. Plus, still room for price to move lower than that PB. These are some reasons that stand out to me first off. GB
'Fail to plan, plan to fail'
  • #135,543
  • Jun 29, 2015 7:51am Jun 29, 2015 7:51am
Quoting fascist
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.
This is my chart FXDD EUR/JPY D1. (excuse the late entry. on H4 PB)

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'Fail to plan, plan to fail'
  • #135,544
  • Jun 29, 2015 7:52am Jun 29, 2015 7:52am
Quoting Kershey
SL hit. {image}
Hey K

This is a big issue I see with new traders. They expect too much from their trades instead of taking profit or getting to b/e(reducing risk) at logical areas. Bigger locations will lead to bigger moves but trades that have less of a story like this one will often get to their FTA and then its anyones guess. This is usually due to smaller account sizes and people are hoping each next trade is a bigger move and they forget to protect themselves. I was just speaking with a member about this last week

If you look the much larger support is much lower on this pair. This pibnar is just sort of hanging in the middle of no where. Now can you play that pinbar? Sure but you MUST take notice of what you are trading back into. In this case both the FTA(small red box with purple arrow) and the larger PPZ which is the midpoitn of the larger box(yellow area). The midpoint of ALL boxes is a PPZ. You MUST do something at that area in my view. I'd be out, but many others would get to b/e. You can not take full bar losses in this situation it will wreck havoc on your account

Hope that helps and keep at it

Mike
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  • #135,545
  • Jun 29, 2015 8:00am Jun 29, 2015 8:00am
Quoting dmd
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. {image}
Looks good to me Dmd. Good to be taking profit at first trouble area which is where price has stalled before. I'm in this trade too and at BE. Best wishes GB.

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'Fail to plan, plan to fail'
  • #135,546
  • Jun 29, 2015 8:18am Jun 29, 2015 8:18am
Quoting Guitarbloke
{quote} This is my chart FXDD EUR/JPY D1. (excuse the late entry. on H4 PB) {image}

Imagine if there were no gaps. Its a pinbar.

Oanda webtrader show no gaps down on Monday.
  • #135,547
  • Jun 29, 2015 8:24am Jun 29, 2015 8:24am
This is how EURGBP looks on Oanda.

And for EURUSD:
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  • #135,548
  • Jun 29, 2015 9:02am Jun 29, 2015 9:02am
Lost the heart to trade a bit today after seeing all my profits from last week wiped out by the gap on the GBP/JPY as the market opened yesterday. Key lesson learned and just making sure that I do not trade purely to make some immediate pips back
  • #135,549
  • Edited 1:20pm Jun 29, 2015 12:10pm | Edited 1:20pm
Maybe GBPCHF will get interesting soon.
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USDSGD is a possible short although it is against the major trend and not that trouble free area.
would only want to try to get a small target here, marked in green.
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EDIT: I am holding off on the USDSGD trade. trading right into a messy area right there - not clean enough.
Patience is key.
  • #135,550
  • Jun 29, 2015 2:24pm Jun 29, 2015 2:24pm
hey guys
did anyone played EUR/USD Gap?
  • #135,551
  • Jun 29, 2015 10:17pm Jun 29, 2015 10:17pm
Quoting fascist
This is how EURGBP looks on Oanda. And for EURUSD: {image} {image}
Interesting that Oanda has no gaps. I'm demo-ing using FXCM's Trading Station and they show the gaps too.

On another topic: I'm wondering if the J16 PF is still running and taking new subscribers? Also, does anyone know what's happening with the new service that Jim announced a couple of months ago?
  • #135,552
  • Edited 1:00am Jun 30, 2015 12:16am | Edited 1:00am
Quoting Guitarbloke
{quote} Looks good to me Dmd. Good to be taking profit at first trouble area which is where price has stalled before. I'm in this trade too and at BE. Best wishes GB. {image}
Thanks for your reply, GB!
And what is your logic, when you move trade to BE? You do it at some pips (30,50,70, 1R), at FTA, or it depends from trade?

AUD/CHF H4, DBLHC from bottom of the box
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  • #135,553
  • Edited 1:53am Jun 30, 2015 12:47am | Edited 1:53am
Quoting Reza.glm
hey guys did anyone played EUR/USD Gap?
Hey Reza. I played the EUR/JPY gap which was similar. H4 PB Long from around 50% retrace of bar to resistance. Now I am short from TP level on a H1 breakout. Some good pips, but my other AUD/NZD trade is proving a little tricky. Best wishes, GB.

EDIT: Stopped out on AUD/NZD for a loss. Stupid idea to look for a reversal in an uptrend with plenty of room to move further north.
Attached Image (click to enlarge)
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'Fail to plan, plan to fail'
  • #135,554
  • Jun 30, 2015 4:03am Jun 30, 2015 4:03am
Here is a Audcad trade that I have entered after what I saw was a move lower on Daily and strongly bounced off the ppz around 0.94240 area. Zooming into the 4hr, I saw a 4hr BUOB and entered on the opening of the next bar. It's a break even trade now. FTA 1, 2 and 3 identified. Canadian GDP report comes out soon so I want to take all the risk off.
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  • #135,555
  • Jun 30, 2015 4:23am Jun 30, 2015 4:23am
Quoting Fonz28
Here is a Audcad trade that I have entered after what I saw was a move lower on Daily and strongly bounced off the ppz around 0.94240 area. Zooming into the 4hr, I saw a 4hr BUOB and entered on the opening of the next bar. It's a break even trade now. FTA 1, 2 and 3 identified. Canadian GDP report comes out soon so I want to take all the risk off. {image} {image}
Nice catch Fonz. Looks like price may flap around that 0.95000 zone for awhile. Good job getting to BE. Did you take some profit?
'Fail to plan, plan to fail'
  • #135,556
  • Jun 30, 2015 4:37am Jun 30, 2015 4:37am
Hi Guitarbloke, I haven't yet. I will think about taking profit when it gets to the first troubled area at 0.95600 area but if you combine Friday and Monday bars it looks like a nice 2 day pin and the momentum of going up could be strong with double/triple bottoms. I don't want to get ahead of myself yet so I will watch to see how price reacts at the FTA areas before taking further action. Best.
  • #135,557
  • Edited 8:09am Jun 30, 2015 5:12am | Edited 8:09am
Quoting Fonz28
Hi Guitarbloke, I haven't yet. I will think about taking profit when it gets to the first troubled area at 0.95600 area but if you combine Friday and Monday bars it looks like a nice 2 day pin and the momentum of going up could be strong with double/triple bottoms. I don't want to get ahead of myself yet so I will watch to see how price reacts at the FTA areas before taking further action. Best.
All the best with it. I hope this current chop isn't a PITA for too long and it doesn't reverse.

EDIT: Ah hell, why not take the trade. H1 Breakout rejecting 0.95000 BRN. BE. Fonz, you would be smiling!

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GBP/JPY H4. Blended candle creating a BUOVB off 192.000 S/R zone. Entered the dragon. 1st target hit. BE. Next target 196.000 area.

EDIT: Stopped out at BE. took some profit so no probs.

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EUR/USD H1. PB sell. PB closed bearish below BRN 1.12000 s/r level. Profits taken and locked in. BE.

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'Fail to plan, plan to fail'
  • #135,558
  • Jun 30, 2015 9:33am Jun 30, 2015 9:33am
USD/CAD BE.

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  • #135,559
  • Jun 30, 2015 4:42pm Jun 30, 2015 4:42pm
Quoting Kershey
SL hit. {image}
Hi Kershey,

I actually took that pinbar as well. It formed around a cluster of daily lows. Thing is you are trading daily support with a 4hr pinbar; we have to be ready to be in and out. Take profit or breakeven at the first trouble area as always; in this case at .7180 where you see those first bar lows. That trade was worth around 40pips if you played the retracement and took profit at the first sight of trouble. That's what I did.

My thoughts, thanks for sharing.

Kenny
  • #135,560
  • Jun 30, 2015 5:13pm Jun 30, 2015 5:13pm
Quoting zamfir
USD/CAD BE. {image}


Welcome Kenny.
'Fail to plan, plan to fail'
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