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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

  • #3,821
  • May 28, 2007 10:21pm May 28, 2007 10:21pm
I'm not a conservative trader and love S/R, TL and fib/confl. bounces, but this weekly setup has good potential ..
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  • #3,822
  • May 29, 2007 2:23am May 29, 2007 2:23am
Quoting raczekfx
I'm not a conservative trader and love S/R, TL and fib/confl. bounces, but this weekly setup has good potential ..
What setup is it? Raz
Never say never.
  • #3,823
  • May 29, 2007 7:14am May 29, 2007 7:14am
Swing high, .786, s/r, even retraced nicely, fell.
Bar itself was tiny however, just under 90 pips and shorting a carry trade is always like spitting against the wind.

I guess this pair is also the reason cable is getting such a drag down and EURGBP a relief..

Just wanted to post something since I'm deathly bored...
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Trust price. Know yourself.
  • #3,824
  • May 29, 2007 9:24am May 29, 2007 9:24am
4 hr pin forming off of the 150, 200 and 365 ma's...however it did break a support trendline.
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Life is too short to have anything but delusional notions about yourself.
  • #3,825
  • Edited 9:55am May 29, 2007 9:43am | Edited 9:55am
Also pin bar in the making on EUR AUD 4hour however has a little way to go till formed !!!
Not a trade I would take at the momenet however.
Also hitting on a long term res line......
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Click to Enlarge Name: eur_aud_4_hour_.jpg Size: 69 KB
  • #3,826
  • May 29, 2007 10:11am May 29, 2007 10:11am
Quoting razldazl
What setup is it? Raz
Scroll back to post #10
R
  • #3,827
  • Edited May 30, 2007 3:06am May 29, 2007 11:17am | Edited May 30, 2007 3:06am
Quoting charlies
Following James suggestion:
Some daily PINs, demo only to see how they play out.....

23/5 AUDUSD daily PIN off 20MA & 50% fib
Short 82.10 (early entry), stop 82.78,
half off at 8180 (+30)
remaining half stop now at 82.20

23/5 AUDJPY daily PIN off highs
Short 99.72, stop 100.50
(weak, against trend, close around previous daily high)
24/5 move stop 100.22 (daily high)

24/5 GBPCHF daily PIN off 76% fib
Short 2.4351, stop 2.4453
(weak, short nose, against trend, against monthly PIN)
half off 2.4230 (+121), stop on remainder to 2.4390

None of these are 5 star PINs (with trend, long nose & strong confluence), but I'll monitor them to see how they play out.
Possible set-ups at end of today on EURAUD & GBPUSD, depending on close
Close confirmed PINs on EURAUD & GBPUSD, EURJPY & EURUSD, pending orders waiting....
  • #3,828
  • May 29, 2007 11:28am May 29, 2007 11:28am
Quoting raczekfx
Scroll back to post #10
R
Post #10 shows bearish outside vertical bars. This post that Razl is talking about is not one though. Infact, it doesn't look like any bar that James covers.

Wiz
  • #3,829
  • May 29, 2007 12:25pm May 29, 2007 12:25pm
Quoting hoss
4 hr pin forming off of the 150, 200 and 365 ma's...however it did break a support trendline.
It stands on another support trendline now.
  • #3,830
  • May 29, 2007 10:57pm May 29, 2007 10:57pm
Quoting the_wizard
Post #10 shows bearish outside vertical bars. This post that Razl is talking about is not one though. Infact, it doesn't look like any bar that James covers.

Wiz
Bullish outside on weekly was a good confirmation for a long trade off j16 PP and that’s all I care about. Taking partial profit and moving rest to BE ++ allows to play 18 at a remote, quite location.
Happy trading Wiz

R
  • #3,831
  • May 30, 2007 2:29am May 30, 2007 2:29am
Quoting raczekfx
Bullish outside on weekly was a good confirmation for a long trade off j16 PP and that’s all I care about. Taking partial profit and moving rest to BE ++ allows to play 18 at a remote, quite location.
Happy trading Wiz

R
Hi Rac,
Sorry for being a pain, I really didnt see what setup you meant. I get confused with these BUOB/BEOBs, but Im sure Mike said the other day they should close above the last bar, or close as high up as possible. How did you play it then, on a retracement? Because if you played the break of the weekly it wouldnt have gone very far, yet...I am here to learn, which often means asking questions, so if you post a setup, expect questions to follow (Actually, nobody ever asks questions about any setups I post so you never know I guess Im just a pain in the ass) In any case, good luck with your trade, Raz
Never say never.
  • #3,832
  • May 30, 2007 7:32am May 30, 2007 7:32am
Quoting razldazl
Hi Rac,
Sorry for being a pain, I really didnt see what setup you meant. I get confused with these BUOB/BEOBs, but Im sure Mike said the other day they should close above the last bar, or close as high up as possible. How did you play it then, on a retracement? Because if you played the break of the weekly it wouldnt have gone very far, yet...I am here to learn, which often means asking questions, so if you post a setup, expect questions to follow (Actually, nobody ever asks questions about any setups I post so you never know I guess Im just a pain in the ass) In any case, good luck with your trade, Raz
Hi Raz,

I went long (trade daily and higher timeframe) on May 21 when price touched res/supp line going back to Dec. 2006. This is more aggressive way of trading instead of waiting for a confirmation of PA. When on weekly chart priced formed BUOB (2nd and 3rd bar from the right) it was a confirmation for me that trend will probably resume. Regardless of trend, I took half the profits when price hit resistance zone near 9870 and moved another half to BE +. hope this helps.

R
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  • #3,833
  • May 30, 2007 12:36pm May 30, 2007 12:36pm
Quoting charlies
Possible set-ups at end of today on EURAUD & GBPUSD, depending on close
Close confirmed PINs on EURAUD & GBPUSD, EURJPY & EURUSD, pending orders waiting....
charlies, you nailed all of these!! good work!! I got in on EURAUD and GU, and I'm happy I did :-)
  • #3,834
  • May 30, 2007 9:05pm May 30, 2007 9:05pm
A real novice here still plugging away.
On the above chart (& I don't know how to transfer charts, sorry, if that's possible), the 3rd line says "do not enter until the bar is broken w/ b/s (buy/ stops?) stops". What does 'broken" mean? Next line says, "other side of pin or under 1st eye". What does that mean? Does "eye" refer to entire bar to the left of the pb or just the area covered by the buy & sell?

I know how to set up the fib retrace. lines, but how do you set up the pivot pt line & the S1,2,3 & R1,2,3? If I have to program an indicator for that, then forget it---I don't know how to do that. I asked this ques on the MT4 forum, but got no answer.

Also, on the chart in post #821, what does "TBH" mean?
Thnx in advance---you guys/gals are great w/ your quick & friendly (I hope) answers.
Sid
  • #3,835
  • May 30, 2007 9:15pm May 30, 2007 9:15pm
Quoting yendis70
A real novice here still plugging away.
On the above chart (& I don't know how to transfer charts, sorry, if that's possible), the 3rd line says "do not enter until the bar is broken w/ b/s (buy/ stops?) stops". What does 'broken" mean? Next line says, "other side of pin or under 1st eye". What does that mean? Does "eye" refer to entire bar to the left of the pb or just the area covered by the buy & sell?

I know how to set up the fib retrace. lines, but how do you set up the pivot pt line & the S1,2,3 & R1,2,3? If I have to program an indicator for that, then forget it---I don't know how to do that. I asked this ques on the MT4 forum, but got no answer.

Also, on the chart in post #821, what does "TBH" mean?
Thnx in advance---you guys/gals are great w/ your quick & friendly (I hope) answers.
Sid
Hey Sid,

When we say the pin bar broken, we mean the low(if we are shorting) or the high of the bar(if we are taking a long). So in the case of the post you are referring to we wait until price breaks the high of the pinbar to enter our trade(the orange line). You can place a buy stop here.

The other side of the pin or first eye is in refrence to where we place our stops. The other side of the pin simply means the low of the bar in this case(where the arrow is). Or if you want a tighter stop(which also means more likely to get stopped out) you can place it under the first eye. The first eye is always in refrence to the bar before the pin bar. The eye is the close of the previous bar. I circled it(in greyish didn't come out to well).

A TBH refers to match highs, when two price bars have equal highs. Or you can have a TBL, two mtaching consecutive lows.

As for price pivots(R1 S1 etc), you can use an indicator that will auto place them on your chart. I will refrence the post where you can get that here: http://forexfactory.com/showthread.p...ighlight=pivot
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  • #3,836
  • May 30, 2007 9:52pm May 30, 2007 9:52pm
Quoting mbqb11
Hey Sid,

When we say the pin bar broken, we mean the low(if we are shorting) or the high of the bar(if we are taking a long). So in the case of the post you are referring to we wait until price breaks the high of the pinbar to enter our trade(the orange line). You can place a buy stop here.

The other side of the pin or first eye is in refrence to where we place our stops. The other side of the pin simply means the low of the bar in this case(where the arrow is). Or if you want a tighter stop(which also means more likely to get stopped out) you can place it under the first eye. The first eye is always in refrence to the bar before the pin bar. The eye is the close of the previous bar. I circled it(in greyish didn't come out to well).

A TBH refers to match highs, when two price bars have equal highs. Or you can have a TBL, two mtaching consecutive lows.

As for price pivots(R1 S1 etc), you can use an indicator that will auto place them on your chart. I will refrence the post where you can get that here: http://forexfactory.com/showthread.p...ighlight=pivot
Thnx for your quick response--greatly appreciated. Saw the indicator, but never did one, of course. I'll work on it. How do I drag it to my chart?
Sid
  • #3,837
  • May 31, 2007 1:15am May 31, 2007 1:15am
Quoting yendis70
Thnx for your quick response--greatly appreciated. Saw the indicator, but never did one, of course. I'll work on it. How do I drag it to my chart?
Sid
Hey sid,
As with any indicator on mt4 you save it to your mt4 indicator file- do this with your mt4 platform shut down, then open up, look on your navigator and when you see it on the list, drag it to the chart you want to put it on. Simple as pie , Raz
Never say never.
  • #3,838
  • May 31, 2007 2:24am May 31, 2007 2:24am
im not an expert in pin bars, but i think that for newcomers it is important to consider the "location" or "context" of the pin bar...you can do sort of a ranking here

1. class A pin bar

a pin bar that is created when a market/timeframe is about to put in a SWING LOW in an overall UPTREND (and vice versa)

2. class B pin bar

a pin bar that is created when a market/timeframe is about to put in a SWING LOW in an overall DOWNTREND (and vice versa)

3. class B pin bar

a pin bar that is created when a market/timeframe is in a consolidation episode/formation like a triangle or trading range (no trend pattern to the swing highs and lows)
  • #3,839
  • May 31, 2007 2:30am May 31, 2007 2:30am
example...usdcad...a A class and a B class pin bar (the latest pin bar is not yet triggered)
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Click to Enlarge Name: A class PB.JPG Size: 59 KB
  • #3,840
  • May 31, 2007 2:33am May 31, 2007 2:33am
Quoting JoshDance
charlies, you nailed all of these!! good work!! I got in on EURAUD and GU, and I'm happy I did :-)
Update
Stopped on AUDUSD (for a few pips) & AUDJPY (few pips loss, but missed opportunity to take half off at +70)

GBPCHF & EURAUD are going well (186 pips banked, stops trailing)

GBPUSD & EURUSD are still developing

EURJPY not triggered, will leave order in place while 164 holds

Today: USDCAD PIN formed at 127% extension, but against strong trend, will take only if 1.07-1.0710 holds up
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