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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

  • #75,221
  • Sep 21, 2010 5:01am Sep 21, 2010 5:01am
Quoting jarroo
Maybe as a stand alone DBLHC setup it is not the best setup by the reasons you mentioned; not as a swing low, etc.

But as a consolidation breakout trade its up with the best of them. Especially with the DBLHC as an indication to provide that breakout, meaning the momentum it provided behind the breakout. Nice Space too.. . . I like your target as well.

Another example of this would be the breakout at the check mark, June of this year.

Thanks Jarroo

I have seen these little breakout DBLHC / BUOB work so many times at this precise location (after the Head + Shoulders / Triple bottom)

It was not an A setup but I was fully aware of the risk. It just looked right.

Thanks J16
  • #75,222
  • Sep 21, 2010 6:08am Sep 21, 2010 6:08am
Quoting jarroo
PPZ levels tells a big story of the behavior of Support and Resistance.
Much like when strong Support is broken it will act as strong Resistance. . .most of the time. Add some more confluences to this level and your odds improve. . .do they work all the time? . .no. But often they allow for enough reaction to cover your risk.

Take the Gbp/Cad for example . .

The 1.6200 was a proven Resistance level . .by "proven" I mean it acted as Resistance many times and Price fell from it hard, meaning a long way down. Also like the purple check mark,...
Quoting jarroo
Sorry about that ppfx . .I blinked out there for a minute.


Just to continue .. now look for more confluences at this level to take a...

Quoting jarroo
Take Rac's chart for example . .he is showing us a strong resistance level on the #YMZ0. . .the 10680.

( I'm not trying to throw fire behind you as you walk ppfx . .its just an example . .http://cdn.forexfactory.com/images/s.../yim/happy.gif)

You could enter a short right at the 10680 with a 20-30 pip stop loss or...
Thanks a lot Jim Much appreciated. Haha, and no your not throwing fire behind me as I walk, loll... You're just showing me the way. Thats exactly why i love this thread so much. Because of the nice people who unselfishly help others. So thanks again.

ppfx
  • #75,223
  • Sep 21, 2010 7:14am Sep 21, 2010 7:14am
Quoting john225
I use the VLC media Player since the new uptade it works good for me ;-)
John,

Thanks for the update. Unfortunately, all video recordings are not playable on one media player. Right now I can play the video recording uploaded by Mike. Video recordings of Seeking Lights webinar's cannot be played on VLC or Flip4mac. Mike has pointed me to one of the solutions but right now I am struggling with it.
Can you play Seeking Lights and James's video recordings.
Cheers
Novice 198
  • #75,224
  • Sep 21, 2010 7:54am Sep 21, 2010 7:54am
Quoting The Lord
Attachment

Hi, I just came back from a little trip and now 'back to trading'.

The pin you are describing is a blue small pin in a big falling market. Look at the red bars prior to it and compare with the size of the pin. Not convincing at all. Also, the support is not convincing (just a minor area). But still managed to hit the FTA.

Then, there is another pin (now a red one for short). This is a very good pin in a downtrend and with a resistance. The FTA is also clear in traffic regards. And it did hit the FTA. Nice one!...
Hi The_Lord,

Wouldn't trading the 2nd pin (red one) be countertrend? Cause I was under the impression that the overall market trend had changed to a bullish one and the 'big falling market' was a retracement.

Fully understand the BUOB though. My eyes didnt see that for some reason ahhahaa. Needs more practice I guess.
  • #75,225
  • Sep 21, 2010 7:55am Sep 21, 2010 7:55am
The videos from Jim only play with MPlayer Extended on my Mac.

Scott

Quoting novice198
John,
Thanks for the update. Unfortunately, all video recordings are not playable on one media player. Right now I can play the video recording uploaded by Mike. Video recordings of Seeking Lights webinar's cannot be played on VLC or Flip4mac. Mike has pointed me to one of the solutions but right now I am struggling with it.
Can you play Seeking Lights and James's video recordings.
Cheers
Novice 198
  • #75,226
  • Sep 21, 2010 8:56am Sep 21, 2010 8:56am
Anticipating some some actions between the daily PPZ of 85.40ish and the ascending TL.


CY
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  • #75,227
  • Sep 21, 2010 9:12am Sep 21, 2010 9:12am
I think the USDCAD could be good long, I see a weekly bullish pin, a daily inside bar, and a 4 hr bullish outside bar.
Price is beautiful. A repetitive method is a competitive method.
  • #75,228
  • Sep 21, 2010 9:30am Sep 21, 2010 9:30am
Hi guys, how often do you spot a pinbar on D1 per month on average? I was back testing June and noticed a no trade on most of the currency pairs. How many currency pairs do you guys look?. Thanks.
  • #75,229
  • Sep 21, 2010 9:41am Sep 21, 2010 9:41am
Quoting phpscott
The videos from Jim only play with MPlayer Extended on my Mac.

Scott
Hi Scott,
I have down loaded the MPlayer extended from No 1 below but don't know how to install the codecs
Infact I am not sure what to do on the site at Sr No 2 below:-


1. Download MPlayer here:

http://code.google.com/p/mplayerosxe...nded_rev11.dmg

2. Install Mplayer essential codec package.

http://www.mplayerhq.hu/design7/dload.html

Your guidance would be appreciated.

Cheers
Novice 198
  • #75,230
  • Sep 21, 2010 9:43am Sep 21, 2010 9:43am
Quoting melvin87
Hi guys,

Was doing some backtesting on the AUDUSD (may-june 2010 period) and would like your opinion on my thought process for the following pin:

-bullish pin trading on an uptrend with macd divergence
-size/structure of the bar is ok but would be better if its slightly larger
-confluence of 61.8 fibs with ppz
-however, its trading right into the blue area highlighted (traffic)

As a whole, this won't be an ideal bar to trade (even though price did push strongly upwards after that).
Hey Melvin

The pinbar had a nice exact trouble area of the Big round number, then notice a few bars later we get a BUOB that closed above that range and above the BRN.
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  • #75,231
  • Sep 21, 2010 9:46am Sep 21, 2010 9:46am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting nwo-trader
I think the USDCAD could be good long, I see a weekly bullish pin, a daily inside bar, and a 4 hr bullish outside bar.

NWO,

IMHO, I don't put much stock in that 4 hour BUOB. You want an outside bar to have a strong close, which means very close to the end it is heading toward. I think seniors would label that more of an "indecision bar" due to the huge wicks and the tiny body right in the middle of the bar.
JDL
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  • #75,232
  • Sep 21, 2010 9:59am Sep 21, 2010 9:59am
Quoting jdl
NWO,

IMHO, I don't put much stock in that 4 hour BUOB. You want an outside bar to have a strong close, which means very close to the end it is heading toward. I think seniors would label that more of an "indecision bar" due to the huge wicks and the tiny body right in the middle of the bar.
JDL
Thank you JDL, I think that is twice now in the last week where I've incorrectly labeled a 4hr bar as bullish outside, when in fact both of them had weak closes and were fairly neutral. Point taken and noted!

Cheers,
NWO
Price is beautiful. A repetitive method is a competitive method.
  • #75,233
  • Sep 21, 2010 10:04am Sep 21, 2010 10:04am
Quoting mbqb11
Very interesting one , if you notice it is a BUOB at a swing high. You can play that BUOB a buy above the high as a continuation BUOB too. I often play breakouts that way as well. It feels really uncomfortable buying a new high, but if you nail the breakout/location/pattern etc it can be very nice
An update AL , this one took off nice
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  • #75,234
  • Sep 21, 2010 10:05am Sep 21, 2010 10:05am
Hey guys, although I know how Mike analyzed this trade from his point of view, but I suppose I am not the only one who managed it with low risk. Entry was based on daily chart, but swichted to 4hr to get best RRR. I have set up two TPs along PPZ on 4hr and move SL by "2bar" high method. I love to have plenty of time to make a decission, so 4hr are great for those like me need to work at the same time
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  • #75,235
  • Sep 21, 2010 10:18am Sep 21, 2010 10:18am
Quoting nwo-trader
Thank you JDL, I think that is twice now in the last week where I've incorrectly labeled a 4hr bar as bullish outside, when in fact both of them had weak closes and were fairly neutral. Point taken and noted!

Cheers,
NWO
Mind you the close to the 4hr bar on the IBFX feed is much stronger,
http://imgur.com/CDsaY.gif
Price is beautiful. A repetitive method is a competitive method.
  • #75,236
  • Sep 21, 2010 10:22am Sep 21, 2010 10:22am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting nwo-trader
Mind you the close to the 4hr bar on the IBFX feed is much stronger
Ah, valid point. That's why some people use four different 4H brokers, to see all the possible setups!
  • #75,237
  • Edited 11:15am Sep 21, 2010 11:12am | Edited 11:15am
Quoting melvin87
Hi guys,

Was doing some backtesting on the AUDUSD (may-june 2010 period) and would like your opinion on my thought process for the following pin:

-bullish pin trading on an uptrend with macd divergence
-size/structure of the bar is ok but would be better if its slightly larger
-confluence of 61.8 fibs with ppz
-however, its trading right into the blue area highlighted (traffic)

As a whole, this won't be an ideal bar to trade (even though price did push strongly upwards after that).
Newbie opinion: Hindsight's 20:20, but the bullish outside bar three bars to the right of that pin may have been the PA signal to wait for -- closed at the top-end of or higher than the price range of the busy blue box you identified.

I've a question of my own for anyone who can answer it. I notice some people post charts which show how much time until the end of the current bar in the top left corner. What is that? How can I get that on my MT4 charts?

Cheers

D

PS Logged my first solidly successful demo trade (AUDCAD) at my blog moneyblogpost.com :-)
  • #75,238
  • Sep 21, 2010 11:16am Sep 21, 2010 11:16am
Quoting mbqb11
An update AL , this one took off nice

i would take 1/2 profit now and move stop to BE. just to be on safe side if market turns crazy because of fomc.
meine augen sind die sterne
  • #75,239
  • Sep 21, 2010 11:18am Sep 21, 2010 11:18am
Quoting aserbfx

i would take 1/2 profit now and move stop to BE. just to be on safe side if market turns crazy because of fomc.
yeah 75 mark was a good target area too
  • #75,240
  • Sep 21, 2010 11:19am Sep 21, 2010 11:19am
Quoting dabbledave
Newbie opinion: Hindsight's 20:20, but the bullish outside bar three bars to the right of that pin may have been the PA signal to wait for -- closed at the top-end of or higher than the price range of the busy blue box you identified.

I've a question of my own for anyone who can answer it. I notice some people post charts which show how much time until the end of the current bar in the top left corner. What is that? How can I get that on my MT4 charts?

Cheers

D

PS Logged my first solidly successful demo trade (AUDCAD) at my blog moneyblogpost.com...
hey dave I have attached the indicator

http://www.forexfactory.com/attachme...2009%2010:26am
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