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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

  • #139,801
  • Oct 26, 2016 4:01pm Oct 26, 2016 4:01pm
Quoting mbqb11
{quote} spot on George. That .9900 area is a major FTA and really a great target for that usd/chf. James played it PERFECT by selling the retrace. That's the ONLy way that bar should/can be played in my book Good job guys Mike
It was a great target, but I was greedy and ended up with BE (again). Still learning.

Great work with SP500 mini. Congrats.
  • #139,802
  • Oct 26, 2016 4:33pm Oct 26, 2016 4:33pm
Quoting Jsbs
{quote} It was a great target, but I was greedy and ended up with BE (again). Still learning. Great work with SP500 mini. Congrats.

Thanks ok James, you did just fine. Deciding to go to b/e at that point and then use hope for a runner is just great. The fact you entered where you did is what is key to being able to manage a trade the way you did. So you should be proud of that. Winners/losers/be trades are all part of it

Keep it up!
Mike
  • #139,803
  • Oct 27, 2016 2:50am Oct 27, 2016 2:50am
Quoting mbqb11
{quote} spot on George. That .9900 area is a major FTA and really a great target for that usd/chf. James played it PERFECT by selling the retrace. That's the ONLy way that bar should/can be played in my book Good job guys Mike
Hi Mike,

Please can you explain it techically ? Situation like this often happens to me - You said 0,99 is FTA- but when I look at the chart I see blue line which goes through 3 swing highs and in my opinion it is strong resistance zone there - and market rejected this zone.
So I am confused here - It seems like market rejected resistance zone - and could go down---- or market breaks through this zone and now tries to retest this zone ( which means it is support area now ) and could possibly go higher ?.
Do you know what I mean ? it think you know, but I write it with other words :
The problem is : Often when the market is near strong support or resistance zone I can not identify if the market breaks through or rejected it . For example in this case : Has market broken this ressistance area ? In my opinion no, because it is marked with blue line, but you said yes - and you identified it on 0,99...
Sorry for my boring comment, but I would be very thankful for your comment.

Have a nice day
  • #139,804
  • Oct 27, 2016 8:10am Oct 27, 2016 8:10am
Quoting VKTrader
{quote} Hi Mike, Please can you explain it techically ? Situation like this often happens to me - You said 0,99 is FTA- but when I look at the chart I see blue line which goes through 3 swing highs and in my opinion it is strong resistance zone there - and market rejected this zone. So I am confused here - It seems like market rejected resistance zone - and could go down---- or market breaks through this zone and now tries to retest this zone ( which means it is support area now ) and could possibly go higher ?. Do you know what I mean ? it think...
Hey VK

This is a situation I wouldn't trade for the exact reasons you explain. From a technical standpoint the ONLY way to sell this pinbar is by placing a sell limit near the left eye and bar highs around 9950 BUT the PPZ flip around 9900 is critical to this trade. Meaning UNTIL price can close under that localized support which at the time is the bar low just prior to the pinbar, that is a STRONG support area. So taking profit there makes the most sense to me. Unless you have a much bigger and stronger story to support holding it. So yes there is a reason to sell here but also we must understand that short term S/R very clearly too.

I spoke about this bar in my webinar this week and the major points were. Watch the ppz flip at 9900. Only enter on a retrace to the bar highs around 9950. IF you want to see if price can cruise down post 9900 that's a personal choice, but I think you should have NO risk on the table at that point. The new area to watch now is the new localized low put in yesterday. Closes below that low are very strong for seller control

Here is a cropped out part of that webinar that may help with this answer too
Inserted Video



Hope that helps
Mike
  • #139,805
  • Oct 27, 2016 4:36pm Oct 27, 2016 4:36pm
In a setup like this (ENTG) do you guys think there is too much traffic just above the pin bar? otherwise I think its' a nice setup, but not sure whether I should consider that as too much resistance
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  • #139,806
  • Oct 30, 2016 12:05pm Oct 30, 2016 12:05pm
Mike is this more along the lines of what you mean? Setup on NPTN- beob closed under support, entry on retrace to resistance...
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  • #139,807
  • Oct 30, 2016 3:05pm Oct 30, 2016 3:05pm
Quoting Ir1sh
Mike is this more along the lines of what you mean? Setup on NPTN- beob closed under support, entry on retrace to resistance... {image}
yes that's exactly the idea!
  • #139,808
  • Oct 30, 2016 3:47pm Oct 30, 2016 3:47pm
Quoting mbqb11
{quote} yes that's exactly the idea!
Happy days.

in trying to replicate and only take trades like this past setup on VRSN.... Do you think it's a good benchmark? Big bar at support with tonnes of space
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  • #139,809
  • Oct 31, 2016 1:28pm Oct 31, 2016 1:28pm
Quoting Ir1sh
{quote} Happy days. in trying to replicate and only take trades like this past setup on VRSN.... Do you think it's a good benchmark? Big bar at support with tonnes of space {image}
Hey Irish,

I would have liked to see that buob close above those previous bar highs. That would really add extra bullish strength and put that previous resistance behind you better. But other than that it was a great one

Mike
  • #139,810
  • Oct 31, 2016 1:29pm Oct 31, 2016 1:29pm
here was my trade from twitter this week

Usd/try false breakout pinbar

https://twitter.com/mbqb11/status/792896119336472576

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  • #139,811
  • Oct 31, 2016 3:49pm Oct 31, 2016 3:49pm
USD/CAD 1H the price is in a wedge. I want the price to touch the 1.345 PPZ and then break the trendline

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GBP/JPY i'm watching the price to break the 128.4-128.7 area and then try to buy at the retest of that area

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PS Mike in your USD/TRY trade you put a limit order at the open of the market or was a market order?
  • #139,812
  • Nov 1, 2016 10:34am Nov 1, 2016 10:34am
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Pip Project - Trading Channel
  • #139,813
  • Nov 1, 2016 11:15am Nov 1, 2016 11:15am
Quoting florinellz
USD/CAD 1H the price is in a wedge. I want the price to touch the 1.345 PPZ and then break the trendline {image} GBP/JPY i'm watching the price to break the 128.4-128.7 area and then try to buy at the retest of that area {image} PS Mike in your USD/TRY trade you put a limit order at the open of the market or was a market order?
Hey F

I was actually short from fridays false break on the 4hr but the daily pinbar made me hold it. If you were coming in fresh then opening on the open is the best way in this case since it was right at those highs from the localized trendline

Best
Mike
  • #139,814
  • Nov 2, 2016 2:38pm Nov 2, 2016 2:38pm
EUR/ZAR great area to watch for price action at 14.75

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  • #139,815
  • Nov 2, 2016 4:34pm Nov 2, 2016 4:34pm
Quoting florinellz
EUR/ZAR great area to watch for price action at 14.75 {image}
sure is Flor well spotted, this is the one chart we spoke about in my webinar yesterday that really excited me

Be careful and wait for the market to get to great areas guys. Especially until these elections are behind us. It's ok to be sitting on the sidelines when needed

Mike
  • #139,816
  • Nov 3, 2016 11:10am Nov 3, 2016 11:10am
another one to start watching
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  • #139,817
  • Nov 3, 2016 12:34pm Nov 3, 2016 12:34pm
Quoting mbqb11
another one to start watching {image}
Agree, great area to watch for PA on that GBPJPY Mike.

GBPCHF D1,
watching also this one, let's see how it treats that 1.2200 level, a break above this resistance level should turn it into support and give us a story.
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  • #139,818
  • Nov 3, 2016 2:31pm Nov 3, 2016 2:31pm
Quoting george359
{quote} Agree, great area to watch for PA on that GBPJPY Mike. GBPCHF D1, watching also this one, let's see how it treats that 1.2200 level, a break above this resistance level should turn it into support and give us a story. {image}

  • #139,819
  • Nov 3, 2016 3:09pm Nov 3, 2016 3:09pm
Quoting mbqb11
another one to start watching {image}
A close above the trendline and 129.5 i think is a great opportunity to buy at the retest of that area. Am i right?

also GBP/NZD a great area on H4 to watch 1.765-1.767

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  • #139,820
  • Nov 3, 2016 4:54pm Nov 3, 2016 4:54pm
Quoting florinellz
{quote} A close above the trendline and 129.5 i think is a great opportunity to buy at the retest of that area. Am i right? also GBP/NZD a great area on H4 to watch 1.765-1.767 {image}
not quite for me. I just did a market overview video for the group that I talk about this one let me upload it here too

Mike
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