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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

  • #139,181
  • Edited 2:29am Jun 9, 2016 2:16am | Edited 2:29am
All the best with it Bill!

AUD/USD H4 8hr PB. Rejecting BRN 0.75000. However, price has a lot of room to move north, so if it trades above 0.75000 i will cut out and look to sell from 0.76000 or higher. See how she goes.

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EUR/JPY W1. Bringing home the Jalapeno's.

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'Fail to plan, plan to fail'
  • #139,182
  • Jun 9, 2016 2:29am Jun 9, 2016 2:29am
Hi,

What do you think about this trade I opened last night. There was a pinbar on daily chart at fibo 61. I waited for little pullback at 1Hour chart and then buy at 1.447. TP around 1.45. SL 1.444.
Thanks for your commments.
Have a nice trading day.....
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  • #139,183
  • Jun 9, 2016 2:55am Jun 9, 2016 2:55am
Quoting VKTrader
Hi, What do you think about this trade I opened last night. There was a pinbar on daily chart at fibo 61. I waited for little pullback at 1Hour chart and then buy at 1.447. TP around 1.45. SL 1.444. Thanks for your commments. Have a nice trading day..... {image}
Hi VK. That is not a pinbar. It is a doji candle, which is a sign of indecision. Price is ranging in a box formation last couple of weeks, and because you are at bottom of that box range, price may go north again as it has done from this area recently. But i also note those 2 bearish bars to your left, which indicates selling pressure is present. Price may go up from here, but for me, no trade as there is some selling/bearish pressure. The overall trend is also down. This is just my view friend. But i would exercise caution buying here. Good luck. GB.
'Fail to plan, plan to fail'
  • #139,184
  • Jun 9, 2016 4:20am Jun 9, 2016 4:20am
Quoting Guitarbloke
{quote} Hi VK. That is not a pinbar. It is a doji candle, which is a sign of indecision. Price is ranging in a box formation last couple of weeks, and because you are at bottom of that box range, price may go north again as it has done from this area recently. But i also note those 2 bearish bars to your left, which indicates selling pressure is present. Price may go up from here, but for me, no trade as there is some selling/bearish pressure. The overall trend is also down. This is just my view friend. But i would exercise caution buying here....
This is my biggest problem- I can not identify the trend. I used many ways, but nothing serves me reliable.... What metod do you use for identifiing the trend ?
How do I spot, that the trend has changed ? Many times when I finally identify the trend and try to trade with it, suddenly it becames to change against me....
I tried to use fibonaci, but when it comes to 50% or 68%, the trend was allready changed and the signal formed on this levels was false. I think that the more time it takes the market to retreace to fibo 50or 68, the weaker these levels are or am I wrong ?
Thanks for your help.
  • #139,185
  • Jun 9, 2016 5:21am Jun 9, 2016 5:21am
Quoting VKTrader
{quote} This is my biggest problem- I can not identify the trend. I used many ways, but nothing serves me reliable.... What metod do you use for identifiing the trend ? How do I spot, that the trend has changed ? Many times when I finally identify the trend and try to trade with it, suddenly it becames to change against me.... I tried to use fibonaci, but when it comes to 50% or 68%, the trend was allready changed and the signal formed on this levels was false. I think that the more time it takes the market to retreace to fibo 50or 68, the weaker...
I will usually zoom out on a daily, weekly or monthly chart to see the overall trend and the bigger picture. At least zoom out on your daily charts first to see.

Here is a simple post on identifying trends. I couldn't find anything here on FF, but there is sure to be some more info.

http://www.babypips.com/school/high-...ng-market.html
'Fail to plan, plan to fail'
  • #139,186
  • Jun 9, 2016 8:10am Jun 9, 2016 8:10am
GBP/CHF H4. Caught this Break out of 1.39000, TL and 61.8 fib level. See how he goes.

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'Fail to plan, plan to fail'
  • #139,187
  • Jun 9, 2016 8:31am Jun 9, 2016 8:31am
Quoting VKTrader
{quote} This is my biggest problem- I can not identify the trend. I used many ways, but nothing serves me reliable.... What metod do you use for identifiing the trend ? How do I spot, that the trend has changed ? Many times when I finally identify the trend and try to trade with it, suddenly it becames to change against me.... I tried to use fibonaci, but when it comes to 50% or 68%, the trend was allready changed and the signal formed on this levels was false. I think that the more time it takes the market to retreace to fibo 50or 68, the weaker...
Hey VK

Trend is important, but it's a small component in picking a trade. I prefer to think of what is the story of the market. Usually it's either the market is sideways so IF I find a trade, be quicker to take profit cut out, or a market is breaking out and I look for things to run better. But, really it's about looking for strong solid areas more than anything. Formulating the trade plan around that area.

So I think of my plays like this. General swing point trades. That is outside bars and pinbar swing highs lows , and what confluence supports it. Breakout trades. Clean clear patterns looking for breakout confirmations, or false breakouts. Sideways market plays. Finding nice boxing and looking for PA at the extremes.

Some form of this. Generally I think people try to just hop on a trending market which seems easy in hindsight but a strong trending market I find the least conducive to finding a good trade(again my style). It's much easier to find a significant point where the market is likely to go one way or the other. Meaning it's a critical point in the market.

Chf jpy is a good example of a market respecting areas very well. It has great areas to look for multiple potential trades IF price action comes to show us that(ie pre-emptive breakout bar, false breakout bar, exhaustion bar for another confirmation of a move higher with the divergence)

Just some thoughts to help keep at it,

Mike
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  • #139,188
  • Jun 9, 2016 1:05pm Jun 9, 2016 1:05pm
Quoting mbqb11
{quote} Hey VK Trend is important, but it's a small component in picking a trade. I prefer to think of what is the story of the market. Usually it's either the market is sideways so IF I find a trade, be quicker to take profit cut out, or a market is breaking out and I look for things to run better. But, really it's about looking for strong solid areas more than anything. Formulating the trade plan around that area. So I think of my plays like this. General swing point trades. That is outside bars and pinbar swing highs lows , and what confluence...
thx mbqb11
  • #139,189
  • Edited 2:11am Jun 10, 2016 1:13am | Edited 2:11am
NZD/USD H4. BO and close below 0.71000 BRN. FTA 0.70500. order triggered on retrace.

Update: GBP/CHF closed trade for 20 pip loss.

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'Fail to plan, plan to fail'
  • #139,190
  • Jun 10, 2016 1:53am Jun 10, 2016 1:53am
Quoting mbqb11
{quote} Hey VK Trend is important, but it's a small component in picking a trade. I prefer to think of what is the story of the market. Usually it's either the market is sideways so IF I find a trade, be quicker to take profit cut out, or a market is breaking out and I look for things to run better. But, really it's about looking for strong solid areas more than anything. Formulating the trade plan around that area. So I think of my plays like this. General swing point trades. That is outside bars and pinbar swing highs lows , and what confluence...
Thank you very much. I understand your comment like this : Its more important to read the story of the market and find areas than to identify the trend.
Then I have two another problems:
1.What does it mean to read the story of the market and
2.How to identify this areas ?

Ad1.For example when I look at your chf/jpy chart, what is the story of this chart? I only see, that the overall trend from jun 2015 is down and that is all...So please give me your sight - what story do you see on this chart ?
I go back to my last EUR/CAD trade. I saw this: From end of april when market was at 1,42 it makes big move up to 1,48- It seems to me, that the market is going up. After reaching 1,48 the market becames to ratreace. I considered to go long.... I waited for retracement around 1,444 which was also fibo 61 and the market allready rejected this area at 26. of may. But between as guitarbloke said- i see bearish pressure there. I am very confused about this . Because everytime when the market goes up and the retreaces there must be bearish pressure, or not. Please explain it for me.... I try to analyze the chart but I can not see what the others see..

2.What metod do you use to reliable identify this areas? I read a lot of stuff about this but I cannot find any metod which works for me. when I look at the chart I see a lot of support and ressistance areas, how do you know which is important and you can looking for trade there.

I will be very thankful for your reply.
  • #139,191
  • Edited 1:19pm Jun 10, 2016 12:27pm | Edited 1:19pm
@VKtrader i will try to respond you; maybe Mike will add later
1. to answer at this i think is best to use a chart; the chart that Mike posted(CHF/JPY 4h) the trend is down; you can see that the trend is down( it's easy to see, the price is making new LL and a new LH) but now the price when make a new low shoot up and enter in the previous swing; that's divergence( you can see the divergence without an indicator- still you can use an indicator if you want). Also you can see that we have a trendline that connect 3 points( for a trendline to be valid, IMO i want at least 3 points). Now we look for price action at the trendline for a breakout(BOUB) or fakeout (BEOB)
2. for this i think you must look at the chart and see where the price touch multiple times that area

P.S. LL= Lower low; LH= Lower high
sorry for my english

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  • #139,192
  • Jun 10, 2016 1:19pm Jun 10, 2016 1:19pm
AUD/USD H4. Moving down nicely. Some profit locked in.

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NZD/USD H4. at BE.

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'Fail to plan, plan to fail'
  • #139,193
  • Jun 11, 2016 7:39am Jun 11, 2016 7:39am
Quoting florinellz
@VKtrader i will try to respond you; maybe Mike will add later 1. to answer at this i think is best to use a chart; the chart that Mike posted(CHF/JPY 4h) the trend is down; you can see that the trend is down( it's easy to see, the price is making new LL and a new LH) but now the price when make a new low shoot up and enter in the previous swing; that's divergence( you can see the divergence without an indicator- still you can use an indicator if you want). Also you can see that we have a trendline that connect 3 points( for a trendline to be valid,...
Thank you for your explanation, it helps me a lot...Now I have another question about CHF/JPY chart....Like you wrote, now we look for price action at trendline. If it will be BEOB-the downtrend will continue-sell position- target could be about +-109....But what if comes bullish sign- BOUB - trendline breakout- what would you do? Would you take it and make a buy trade, or would you wait for break above PPZ ? Because we can not expect one big bullush bar which breaks trendline and closes above PPZ.
Thank you for answer.
Nice weeked to all.
  • #139,194
  • Jun 11, 2016 3:30pm Jun 11, 2016 3:30pm
@VKTrader if the price make a BOUB, i will buy ; my target will be the PPZ
  • #139,195
  • Jun 11, 2016 5:34pm Jun 11, 2016 5:34pm
Thanks for the heads up on CHF/JPY chart friends. Depends how market opens, but i will likely be a seller from 111.000 area if it pulls back a little more. Either way, a great chart to be watching.

CHFJPY W1 BEOVB.

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'Fail to plan, plan to fail'
  • #139,196
  • Edited 4:16am Jun 13, 2016 1:06am | Edited 4:16am
CHF/JPY took off without me. No probs. Next.....

Update: CHF/JPY W1 BEOVB. I got in on a pullback to 110.000 area. Target 109.000 zone.

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EUR/USD W1 BUOVB.

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'Fail to plan, plan to fail'
  • #139,197
  • Jun 13, 2016 2:40am Jun 13, 2016 2:40am
I have another potential trade... I would like to buy USD/CAD. I see bullish engulfing candle od daily chart around 1,2740-70 area which is fibo 68 and market respected this lvls in the past. I will wait for little retreacement on lower timeframes- 4h or 1h... Target around 1,2910, SL 1,2650. What do you think about it ?
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  • #139,198
  • Jun 13, 2016 4:39am Jun 13, 2016 4:39am
Quoting VKTrader
I have another potential trade... I would like to buy USD/CAD. I see bullish engulfing candle od daily chart around 1,2740-70 area which is fibo 68 and market respected this lvls in the past. I will wait for little retreacement on lower timeframes- 4h or 1h... Target around 1,2910, SL 1,2650. What do you think about it ? {image}
Hi VK. Since you ask i'll respond, but please know that i am just a humble student. Look above. You are trading into a PPZ at around 1.28000 BRN area, so you might have some trouble there. I've attached a weekly chart which gives a slightly bigger picture. The immediate trend also looks down to me, but price may very well go up from here too. For me, i would be looking for short trades on this chart. Are you trading with real money? Good luck.

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'Fail to plan, plan to fail'
  • #139,199
  • Jun 13, 2016 5:32am Jun 13, 2016 5:32am
hi. anyone watch US Oil, weekly pinbar. looks good to short?
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  • #139,200
  • Jun 13, 2016 5:56am Jun 13, 2016 5:56am
Quoting forexlife
hi. anyone watch US Oil, weekly pinbar. looks good to short? {image}
I watching that weekly pinbar on oil to :-) and a spx weekly pinbar
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