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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

  • #139,041
  • May 10, 2016 8:44am May 10, 2016 8:44am
Quoting Grousman
Been a bit quiet on here as we've been busy moving Long GBP JPY 155.403. Most of the profit taken off and SL now to 156.40 I entered on the 1HR bar blowing right through 155 and waited for a re-trace. Might keep going so I've left a small lot on. Sorry the quality is not great on the chart. {image}

way to go G good luck with the move!
  • #139,042
  • May 10, 2016 8:45am May 10, 2016 8:45am
Quoting Osman
{quote} Thx for your answer Mike. This is an EUR/GBP chart in which i made a BEOB, in this case, even if price hasn't gone below the bar, you would enter around the 0.79-0.7925 ? Thx in advanced. {image}

yep your thinking is SPOT on here. The 7900 rn is your pivot and major area of confluence. Entering on a break won't help you much and the true importance is at the retrace of that beob

Best
Mike
  • #139,043
  • May 10, 2016 8:46am May 10, 2016 8:46am
Quoting mbqb11
{quote} breakeven now on this one. Looking for one final push towards the next BRN of 2.15 and the gap open {image}

took profit early this morning
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  • #139,044
  • Edited 2:36pm May 10, 2016 2:14pm | Edited 2:36pm
Hey Mike, what do you think of this PB ? Like the location but..

1. We need a close below 1.68
2. Traffic very near,marked as pink areas

What do you think ? We have a similar setup on NZD/USD but doesnt seems its gonna close as a PB.

Thx !
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Trade Smart
  • #139,045
  • May 10, 2016 3:36pm May 10, 2016 3:36pm
Quoting Osman
Hey Mike, what do you think of this PB ? Like the location but.. 1. We need a close below 1.68 2. Traffic very near,marked as pink areas What do you think ? We have a similar setup on NZD/USD but doesnt seems its gonna close as a PB. Thx ! {image}
Hi Osman, not Mike but IMO the pinbar is small; since the EUR/NZD is in a box and the price arrived at the top of the box, i think that maybe someone take profit there

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  • #139,046
  • Edited 6:06pm May 10, 2016 5:56pm | Edited 6:06pm
Quoting florinellz
{quote} Hi Osman, not Mike but IMO the pinbar is small; since the EUR/NZD is in a box and the price arrived at the top of the box, i think that maybe someone take profit there {image}
Thx for your answer florinellz, yes my main concern was that the FTA was very near and we couldnt close below the 1.68 area.
Update: It went straight to the FTA and back
Trade Smart
  • #139,047
  • May 11, 2016 3:07am May 11, 2016 3:07am
Quoting Bill618
Been waiting for Oil to decide what to do when at the TL. Re-entering and closing back inside the channel a few times now (D1) + some nice BEOB's on the 4h have me convinced (cough cough) that it's now headed lower. The obvious long term target is the bottom of the channel but as always TP will be dynamic. Early days... UPDATE: Stopped out as price is testing the TL again. Will look to get in on better TIMING! (i'm to impatient it seems). {image} {image}
Let's have another go at getting the timing right! Retrace entry, D1 BEOB...
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  • #139,048
  • May 11, 2016 4:46am May 11, 2016 4:46am
Hi all
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  • #139,049
  • May 11, 2016 7:10am May 11, 2016 7:10am
Quoting Bill618
{quote} Let's have another go at getting the timing right! Retrace entry, D1 BEOB... {image}
Hey Bill,

I would be cautious with the red marked area.

Good luck with the trade !
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Trade Smart
  • #139,050
  • May 11, 2016 2:28pm May 11, 2016 2:28pm
Quoting Osman
{quote} Hey Bill, I would be cautious with the red marked area. Good luck with the trade ! {image}
If only it could have got to the red marked area Osman, if only...

My short fx history with Oil has produced 1 win and 6 losses lol. Actually i shouldn't laugh, the lesson for me here is one i keep sprouting and that is "the trend is your friend, go with the flow"...

Picking a trend reversal is not for me it seems. Oh well, chin up
  • #139,051
  • Edited 6:43pm May 11, 2016 4:04pm | Edited 6:43pm
Quoting Bill618
{quote} If only it could have got to the red marked area Osman, if only... My short fx history with Oil has produced 1 win and 6 losses lol. Actually i shouldn't laugh, the lesson for me here is one i keep sprouting and that is "the trend is your friend, go with the flow"... Picking a trend reversal is not for me it seems. Oh well, chin up
.

Hey Bill im sorry for your loss, IMO the main problem was a sideways market, trading against the trend and very little space for price to move, that same bar in a different location and day (important news) would have worked.

Im not sure if u knew that today we had crude oil inventory numbers which can change the whole market sentiment in a second.

As James and Mike always say, try to be super picky with your trades.

Take care
Trade Smart
  • #139,052
  • Edited 8:00pm May 11, 2016 7:33pm | Edited 8:00pm
Quoting Osman
{quote}. Hey Bill im sorry for your loss, IMO the main problem was a sideways market, trading against the trend and very little space for price to move, that same bar in a different location and day (important news) would have worked. Im not sure if u knew that today we had crude oil inventory numbers which can change the whole market sentiment in a second. As James and Mike always say, try to be super picky with your trades. Take care
Hi Osman,
No i wasn't aware of the Crude news. I generally don't care about the funnymentals, however, i'm sensing more and more that in the currency world, news and the like plays a much more pivotal role in PA then it does in shares.
I guess that if the news was different and it therefore drove price my way (down), i would have looked like a trading guru
Thanks for the feedback man.

-------

Here's an interesting one guys and gals. Not saying i'm going to trade it but it's interesting.
USD/CAD, nice big reversal bar on the W1. Price is retracing to the expected area (yellow).
Has the downward trend finished?
WIPG? The 1.300 BRN above is an obvious target but it's not far away.
It's a nice looking bar with price now at a possible resistance now support area. Could be worth watching for all the trend reversal experts
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  • #139,053
  • May 12, 2016 10:00am May 12, 2016 10:00am
Quoting Bill618
{quote} Here's an interesting one guys and gals. Not saying i'm going to trade it but it's interesting. USD/CAD, nice big reversal bar on the W1. Price is retracing to the expected area (yellow). Has the downward trend finished? WIPG? {image}
Heck knows! Maybe we're just in for a good correction? Can I take a really wild guess?
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  • #139,054
  • May 12, 2016 10:14am May 12, 2016 10:14am
NZDUSD H12 IB on a pullback to the TL. This trade isn't doing too well, there's a lot of support in that 0.68 area. I came mighty close to getting stopped out.
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  • #139,055
  • May 12, 2016 10:23am May 12, 2016 10:23am
For those familiar with bar aggregation, this is a 3 period BUOB, bought on a pullback to the TL.
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  • #139,056
  • May 15, 2016 5:20pm May 15, 2016 5:20pm
Quoting feri z kosic
Hi folks. A lost son is back Embarrassed. Well, years ago I used to post some pictures to this thread, but then I gave up and started to look for a HOLY GRAIL somewhere else... Did not know that I have a holy grail, in my head. After years of some wins, but a lot of losses I stopped trading at all and sat down to find out what the heck is wrong with me. And you will not believe what made me to come back! Just the change of point of view a have had about "trading". Instead of to make 100K in...
welcome back Feri

You sound like you have made great progress. The truth is most people don't want to spend the time doing what you did. Slow and steady. 8% over 3 months is FANTASTIC.

I am all about understanding the risks we take to make the return we make. Keep doing EXACTLY what you are doing. Study closely what changes you make. Do not make drastic changes because of a few losing trades instead try to be as consistent as possible. Your English is just fine and keep at it

Best
Mike
  • #139,057
  • May 15, 2016 5:36pm May 15, 2016 5:36pm
Quoting incognito517
For those familiar with bar aggregation, this is a 3 period BUOB, bought on a pullback to the TL. {image}
beautiful
  • #139,058
  • May 16, 2016 6:25am May 16, 2016 6:25am
Hi All,

Give your comment about this one. Location in more than PIN bar characteristic..

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Adhav
  • #139,059
  • May 17, 2016 11:33am May 17, 2016 11:33am
hi mike,, seeing you doing well and being around in the thread alot GREAT
what do you think of this bearish pinbar (the red arrow) ,, good chance?
It looking more nice and clear at bar charts (ALT+1)
happy trading for you
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Investing is SIMPLE but NOT EASY
  • #139,060
  • May 17, 2016 3:26pm May 17, 2016 3:26pm
Quoting Moly_Cam5
hi mike,, seeing you doing well and being around in the thread alot GREAT what do you think of this bearish pinbar (the red arrow) ,, good chance? It looking more nice and clear at bar charts (ALT+1) happy trading for you {image}

Hi Moly, IMO the pinbar is in the middle of the box; we only want to trade at the bottom or the top of the box

P.S. if the chart is from gold, i will look for price action at the area marked with blue in my pic
sorry for my english

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