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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

  • #138,961
  • Apr 25, 2016 1:48pm Apr 25, 2016 1:48pm
Quoting florinellz
Mike are you watching this squeeze? {image}
Hey Flo

I sure am these are my charts from the PF

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Glad to see your charts always so spot on

Mike
  • #138,962
  • Apr 25, 2016 2:30pm Apr 25, 2016 2:30pm
hi mike .. nice seeing u here

does this valid pinbar on gold?

best wishes,,
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Investing is SIMPLE but NOT EASY
  • #138,963
  • Apr 25, 2016 2:44pm Apr 25, 2016 2:44pm
Quoting Moly_Cam5
hi mike .. nice seeing u here does this valid pinbar on gold? best wishes,, {image}
Hey Moly

Good to see you too

Yes it's a valid pinbar in terms of structure but location for me is worrisome. It's in a lot of traffic here trading right into that FTA of the former resistance. This is a VERY sideways market on the 4hr. Tough to me

Best
Mike
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  • #138,964
  • Apr 25, 2016 4:31pm Apr 25, 2016 4:31pm
thanks for fast reply ..
Investing is SIMPLE but NOT EASY
  • #138,965
  • Edited 7:19pm Apr 25, 2016 6:56pm | Edited 7:19pm
I think AUD/USD is headed down sometime in the next hours, days or weeks...

W1 ok pinbar, D1 2-day beob and H4 beob too. I think its longer term retrace is near exhaustion and that its general downtrend will resume shortly. Headed back to 0.70?
This will be a longer term trade (if price goes my way lol) looking for multiple shorts over multiple weeks. Waiting for price to retrace a little higher before shorting, with a small SL/risk. See how she goes.

@ Mike, wow man you have some big balls with that G/N trade, some serious lots against such a strong trend. Hope it works out well for you!

Happy Pips to all
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  • #138,966
  • Apr 26, 2016 2:43am Apr 26, 2016 2:43am
Quoting Guitarbloke
{quote} GBP/USD D1 BEOVB {image}
GBP/USD Stopped out for a loss.

USD/CAD H4 BEOVB. Moving down staying below trend line. BE.

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'Fail to plan, plan to fail'
  • #138,967
  • Apr 26, 2016 2:46pm Apr 26, 2016 2:46pm
Quoting Bill618
I think AUD/USD is headed down sometime in the next hours, days or weeks... W1 ok pinbar, D1 2-day beob and H4 beob too. I think its longer term retrace is near exhaustion and that its general downtrend will resume shortly. Headed back to 0.70? This will be a longer term trade (if price goes my way lol) looking for multiple shorts over multiple weeks. Waiting for price to retrace a little higher before shorting, with a small SL/risk. See how she goes. @ Mike, wow man you have some big balls with that G/N trade, some serious lots against such...
Bill, I also see some Aussie weakness in the weeks following, mainly because the Aussie’s massive rally was a result of ore prices rocketing; that, together with the Ching Chong’s demand for steel. However, it’s expected to subside now, hence the weakness is kicking in. The RBA are still holding the cards here (assuming the FEDs disappoint again), will wait for Aus Q1 inflation data and then the rate statement should provide us with some ammunition. Regardless, I am bullish from 0.72500. I missed the current drop by 9 pips, if I don’t get in I’ll just wait to buy 0.7250. Long-term I reckon we’re off to test 0.85 at the very least.
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  • #138,968
  • Apr 26, 2016 3:11pm Apr 26, 2016 3:11pm
Quoting Guitarbloke
{quote} GBP/USD Stopped out for a loss. USD/CAD H4 BEOVB. Moving down staying below trend line. BE. {image}
GB me old chum, nice to see you're still around. How is things with you, trading-wise and otherwise?
  • #138,969
  • Apr 26, 2016 3:17pm Apr 26, 2016 3:17pm
Buy on a pullback . what do you think?
buy on a pullback . what do you think?
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  • #138,970
  • Apr 26, 2016 3:47pm Apr 26, 2016 3:47pm
Quoting eXceed16
Buy on a pullback . what do you think? buy on a pullback . what do you think? {image}
Buying 2.07500 here
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  • #138,971
  • Apr 26, 2016 3:48pm Apr 26, 2016 3:48pm
Quoting incognito517
{quote} GB me old chum, nice to see you're still around. How is things with you, trading-wise and otherwise?
Hello my friend. I am in good shape all round here thanks. Hope all's well with you. Good to see you.

Hi Excell. All the best with that trade. You might also have an opportunity to sell at next resistance above. GB
'Fail to plan, plan to fail'
  • #138,972
  • Apr 26, 2016 4:40pm Apr 26, 2016 4:40pm
Quoting Guitarbloke
{quote} Hello my friend. I am in good shape all round here thanks. Hope all's well with you. Good to see you.
GB, I'm doing great. I've moved to Cape Town a couple months back as I have a new job at a law firm specialising in property law. Been away for a while... studying, I am now a certified conveyancer and certified for notarial practices too. As for trading, it couldn't be any better. I have been profitable every month for more than half a year, I will not jump the gun and say that I have found my holy grail yet, but I am very pleased nonetheless. Here are my stats for the current month (excuse the small dollar value, I'm trading a small account):
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PS: will keep you updated on my progress.
  • #138,973
  • Apr 26, 2016 4:57pm Apr 26, 2016 4:57pm
Inco, that's raaawkin!

Gr8 to hear. Yes, please keep me posted. Glad you are back. All the best with the job.
'Fail to plan, plan to fail'
  • #138,974
  • Apr 26, 2016 5:11pm Apr 26, 2016 5:11pm
Quoting Guitarbloke
Inco, that's raaawkin! Gr8 to hear. Yes, please keep me posted. Glad you are back. All the best with the job.
  • #138,975
  • Apr 26, 2016 5:34pm Apr 26, 2016 5:34pm
Here's a pretty 'surefire' trade if price can break down below, worst case scenario you will get 140 pips profit. My optimistic target however is 0.82500, i.e. after locking in a free trade.
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  • #138,976
  • Apr 26, 2016 5:37pm Apr 26, 2016 5:37pm
Quoting incognito517
{quote} Bill, I also see some Aussie weakness in the weeks following, mainly because the Aussies massive rally was a result of ore prices rocketing; that, together with the Ching Chongs demand for steel. However, its expected to subside now, hence the weakness is kicking in. The RBA are still holding the cards here (assuming the FEDs disappoint again), will wait for Aus Q1 inflation data and then the rate statement should provide us with some ammunition. Regardless, I am bullish from 0.72500. I missed the current drop by 9 pips, if I dont get in...
Hey inco,

Congrats on your qualifications!

Looking over your analysis, i would guess you are a Techno-fundamentalist, say 50-50?
Nice monthly stats, seems like you are being patient and entering accurately, then cutting the bad trades early and letting the winners run awhile. Sweeeeet.

Hope you're right about the AUD! If price does confidently move down soon, will you close your 0.725 long and re-enter later?

Bill
  • #138,977
  • Apr 26, 2016 8:04pm Apr 26, 2016 8:04pm
Quoting Bill618
{quote} Hey inco, Congrats on your qualifications! Looking over your analysis, i would guess you are a Techno-fundamentalist, say 50-50? Nice monthly stats, seems like you are being patient and entering accurately, then cutting the bad trades early and letting the winners run awhile. Sweeeeet. Hope you're right about the AUD! If price does confidently move down soon, will you close your 0.725 long and re-enter later? Bill
OMG I fell asleep with my laptop next to me. Sorry!

Thank you, Bill.

I would say 50/50 pretty much sums it up; I am a technical trader however, but after learning about what drives these markets, I cannot help but consider the fundamentals. What I like to see is the Fundamentals and Technical’s agree.
Let’s see what Tuesday’s rate statement gives us, but regardless 0.725 will hold long enough for me to get my SL to BE without F’ing up the trade. AUDUSD is one of the pairs that respects support and resistance and S/R flips (PPZs). If however, it just cuts through like a slice of chocolate fudge, then I will have a second chance to get out at about BE on a retest of the zone. But that is very unlikely to occur; at worst we’ll get a decent bounce here.
  • #138,978
  • Apr 26, 2016 8:54pm Apr 26, 2016 8:54pm
Quoting incognito517
{quote} OMG I fell asleep with my laptop next to me. Sorry! Thank you, Bill. I would say 50/50 pretty much sums it up; I am a technical trader however, but after learning about what drives these markets, I cannot help but consider the fundamentals. What I like to see is the Fundamentals and Technicals agree. Lets see what Tuesdays rate statement gives us, but regardless 0.725 will hold long enough for me to get my SL to BE without Fing up the trade. AUDUSD is one of the pairs that respects support and resistance and S/R flips (PPZs). If however,...
lol, you obviously need some sleep lady (or are we that boring). Let's hope you weren't at work when you nodded off...

Some people say that once you get to BE that it's a free trade. To me that's BS. If you are up 300 pips and you get stopped out at BE, then you have just lost 300 pips.

Because price is at a very important area and could reverse, at the very least i'd be looking for a strong support area below and if it's breached consider closing your long for some nice pip-a-dee-do-daas and re-enter at a later time. Just my thoughts...
Ni Nite
  • #138,979
  • Apr 27, 2016 9:30am Apr 27, 2016 9:30am
Quoting Bill618
{quote} lol, you obviously need some sleep lady (or are we that boring). Let's hope you weren't at work when you nodded off... Some people say that once you get to BE that it's a free trade. To me that's BS. If you are up 300 pips and you get stopped out at BE, then you have just lost 300 pips. Because price is at a very important area and could reverse, at the very least i'd be looking for a strong support area below and if it's breached consider closing your long for some nice pip-a-dee-do-daas and re-enter at a later time. Just my thoughts......
HAHA I was in bed at the time, and to be honest, I was reading through the previous month’s posts on this thread (a lot of which was yours) when I fell asleep. So yes, it was probably the boredom that got to me.

It’s not BS, Bill. I saw you complain about scrambling for pips and that you were looking for a lower frequency trading method that would give you running trades instead. Well how are you going to get runners if you are unwilling to lose your floating profits? If that is what you want, then get to BE and let the friggin’ thing run for the hills.
  • #138,980
  • Apr 27, 2016 5:35pm Apr 27, 2016 5:35pm
Quoting incognito517
{quote} Bill, I also see some Aussie weakness in the weeks following, mainly because the Aussies massive rally was a result of ore prices rocketing; that, together with the Ching Chongs demand for steel. However, its expected to subside now, hence the weakness is kicking in. The RBA are still holding the cards here (assuming the FEDs disappoint again), will wait for Aus Q1 inflation data and then the rate statement should provide us with some ammunition. Regardless, I am bullish from 0.72500. I missed the current drop by 9 pips, if I dont get in...
​You didn't really use the term " ching chong's " did you?
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