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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

  • #4,201
  • Jun 27, 2007 8:52pm Jun 27, 2007 8:52pm
there's some resistance right at the open of the current pinbar. if it breaks, i am only interested in going short on a retracement back to that supoort level. What do you think?
  • #4,202
  • Jun 27, 2007 9:00pm Jun 27, 2007 9:00pm
Hi guys, I have posted earlier my Eu/Jpy strategy but got no responses. I don't know if this was a lucky move or not but it created a nice profit, hit my target and even went further. I would like to have some of you give me your opinion as to weather that was a move according to the James16 method or jsut a beginner's luck.
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  • #4,203
  • Jun 27, 2007 9:03pm Jun 27, 2007 9:03pm
Quoting dltvn
Hi guys, I have posted earlier my Eu/Jpy strategy but got no responses. I don't know if this was a lucky move or not but it created a nice profit, hit my target and even went further. I would like to have some of you give me your opinion as to weather that was a move according to the James16 method or jsut a beginner's luck.
very hard to see what is going on or read anything in your chart, that is why I didn't respond. Maybe when you want to post a chart, use mt4, it is much more clean for the forums at least. I can't quite see what your exact entry was if you could clarify it. I am going to guess you saw the Two bar low, and then played a break of the resistance and your TP was the pile of MAs?

If it worked it was a good entry. But if you can say exactly why you took the trade I can tell you if it is something taught here by James or not.

Thanks,
Mike
  • #4,204
  • Jun 27, 2007 9:19pm Jun 27, 2007 9:19pm
If it worked it was a good entry. But if you can say exactly why you took the trade I can tell you if it is something taught here by James or not.

Thanks,
Mike[/quote]
Hi Mike, I tried to make the screen shot as clear as I can (FXtrek is not the best for this). The 9:00 and 10:00 am bars seemed to form a low bottom although not a perfect one since the closing was not higher but, I looked at long move down that started at mid day of the 26th and reached a 50% ret. of a Fib. from 6/12 to 6/22 and thought that this was a good place to go long.
Entry was done during the formation of the next 2 bars (11:00&12:00 am )
that formed another low bottom.
Thanks for your help Mike. Dan
  • #4,205
  • Jun 27, 2007 9:20pm Jun 27, 2007 9:20pm
I see the same thing as you...and also on the eur/jpy, gbp/jpy, nzd/jpy and semi-nice PB's on the gbp/usd&eur/usd. The nzd/jpy was the best looking one that I saw. But I'm not quite sure if all those PB's are in good places or "traffic." Any comments from anyone? I'd post the charts, but not sure I can fit 5 of them on here.

Quoting mbqb11
no pinbar forming on mine, different broker timezone I am sure... but if we check the daily out we had a pin, that retraced and looked what is holding that right now... of course it hasn't broke the top of the pin yet, but just thought I would throw this up for you
  • #4,206
  • Jun 27, 2007 9:23pm Jun 27, 2007 9:23pm
Quoting dltvn
If it worked it was a good entry. But if you can say exactly why you took the trade I can tell you if it is something taught here by James or not.

Thanks,
Mike
Hi Mike, I tried to make the screen shot as clear as I can (FXtrek is not the best for this). The 9:00 and 10:00 am bars seemed to form a low bottom although not a perfect one since the closing was not higher but, I looked at long move down that started at mid day of the 26th and reached a 50% ret. of a Fib. from 6/12 to 6/22 and thought that this was a good place to go long.
Entry was done during the formation of the next 2 bars (11:00&12:00 am )
that formed another low bottom.
Thanks for your help Mike. Dan[/quote]

yeah it was a good trade, you used Support area to find a bounce. If you want to wait for price action bars to tip you off this can help a lot of times keep you out of false moves. Here you had a TBL in the rectangle so that was a goo sign. I would have waited for a breakout of the range that had formed, to be more confident in it.

Take care,
Mike
  • #4,207
  • Jun 27, 2007 9:28pm Jun 27, 2007 9:28pm
Quoting mbqb11
Hi Mike, I tried to make the screen shot as clear as I can (FXtrek is not the best for this). The 9:00 and 10:00 am bars seemed to form a low bottom although not a perfect one since the closing was not higher but, I looked at long move down that started at mid day of the 26th and reached a 50% ret. of a Fib. from 6/12 to 6/22 and thought that this was a good place to go long.
Entry was done during the formation of the next 2 bars (11:00&12:00 am )
that formed another low bottom.
Thanks for your help Mike. Dan
yeah it was a good trade, you used Support area to find a bounce. If you want to wait for price action bars to tip you off this can help a lot of times keep you out of false moves. Here you had a TBL in the rectangle so that was a goo sign. I would have waited for a breakout of the range that had formed, to be more confident in it.

Take care,
Mike[/quote]

Thanks for your comments Mike. It is a great help. Dan
  • #4,208
  • Jun 27, 2007 9:50pm Jun 27, 2007 9:50pm
We had an ok PB form on the usd/jpy pair today...but what caught my eye was the bounce near the 61.8 & 23.6 Fib levels. Also, the 122.10 area where price was rejected use to be resistance back around June 3rd, 2007 and Feb. 12th, 2007...possible support now? If price holds where it is or heads up to break the PB...we might have ourselves a nice trade I believe. Any comments or something perhaps I missed? Happy Trading!
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  • #4,209
  • Jun 27, 2007 10:07pm Jun 27, 2007 10:07pm
Quoting Tw0eleven
We had an ok PB form on the usd/jpy pair today...but what caught my eye was the bounce near the 61.8 & 23.6 Fib levels. Also, the 122.10 area where price was rejected use to be resistance back around June 3rd, 2007 and Feb. 12th, 2007...possible support now? If price holds where it is or heads up to break the PB...we might have ourselves a nice trade I believe. Any comments or something perhaps I missed? Happy Trading!
Our charts have different feeds I guess. My chart opening and close of the current bar and previous bar is different. Take a look.
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  • #4,210
  • Jun 28, 2007 12:15am Jun 28, 2007 12:15am
Does the pin up work on any time frame like 1 hr or mostly higher time frames?
  • #4,211
  • Jun 28, 2007 12:20am Jun 28, 2007 12:20am
Quoting seve
Does the pin up work on any time frame like 1 hr or mostly higher time frames?
it works on all timeframes however the specifications in the indicators code may need to be changed.
  • #4,212
  • Jun 28, 2007 12:21am Jun 28, 2007 12:21am
Quoting seve
Does the pin up work on any time frame like 1 hr or mostly higher time frames?
a pinbar works on all time frames, but is much more reliable the higher the timeframe. Learn to trade profitably on the daily/weekly before you even think about the hour timeframe.

Best,
Mike
  • #4,213
  • Jun 28, 2007 12:22am Jun 28, 2007 12:22am
Because I want to eventually start a live acct w/ micro-lots, I'm trying IBFX, but its spreads are wider than ODL Securities (whose MT4 charts I've been using, but doesn't have micro-lots) & Oanda (which I've been trading w/, but has very limited charting capabilities but does have micro-lots).

The concern is that I'll lose more money than I'll profit, at least in the beginning. Any thoughts, or should I just stop whining?

Thnx----Sid
  • #4,214
  • Jun 28, 2007 12:26am Jun 28, 2007 12:26am
Quoting yendis70
Because I want to eventually start a live acct w/ micro-lots, I'm trying IBFX, but its spreads are wider than ODL Securities (whose MT4 charts I've been using, but doesn't have micro-lots) & Oanda (which I've been trading w/, but has very limited charting capabilities but does have micro-lots).

The concern is that I'll lose more money than I'll profit, at least in the beginning. Any thoughts, or should I just stop whining?

Thnx----Sid
Hey Sid,

My recommendation to people first going into live money to trade small lots is Oanda. The platform is really great, the only bad thing is the spread widening, but should have little effect if you are trading the larger timeframes(which is what James recommends). They allow you to trade for less then pennies a pip, so the granularity is perfect. You can always use different charts, and place your trades on oanda. This is what I did with Oanda, and FXsol. I still use MT4 as my charting, and also Oanda for my charting. Oanda spreads are pretty good too on most pairs. Again I only have experience with a handful of brokers, and never an MT4 broker, so someone else might chime in here.


Best,
Mike
  • #4,215
  • Edited 12:32am Jun 28, 2007 12:31am | Edited 12:32am
Quoting mbqb11
a pinbar works on all time frames, but is much more reliable the higher the timeframe. Learn to trade profitably on the daily/weekly before you even think about the hour timeframe.

Best,
Mike
as far as trading pinbars, mbqb11 is exactly right. please don't trade price action bars in the lower time frames until you are very good at trading them on higher time frames. even then, be careful....
  • #4,216
  • Jun 28, 2007 2:17am Jun 28, 2007 2:17am
Quoting Tw0eleven
We had an ok PB form on the usd/jpy pair today...but what caught my eye was the bounce near the 61.8 & 23.6 Fib levels. Also, the 122.10 area where price was rejected use to be resistance back around June 3rd, 2007 and Feb. 12th, 2007...possible support now? If price holds where it is or heads up to break the PB...we might have ourselves a nice trade I believe. Any comments or something perhaps I missed? Happy Trading!
Hi 211,
I like the look of this one, could it be an mbq favorite pin type too , happy pipping all, Raz
Never say never.
  • #4,217
  • Jun 28, 2007 2:23am Jun 28, 2007 2:23am
Quoting razldazl
Hi 211,
I like the look of this one, could it be an mbq favorite pin type too , happy pipping all, Raz
here are some I am in now, although I lost on the jpy earlier this week. But these are the ones I salivate and wait for
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  • #4,218
  • Jun 28, 2007 2:46am Jun 28, 2007 2:46am
Quoting mbqb11
here are some I am in now, although I lost on the jpy earlier this week. But these are the ones I salivate and wait for
Your avatar explains who you are.
  • #4,219
  • Jun 28, 2007 3:10am Jun 28, 2007 3:10am
Quoting yendis70
Because I want to eventually start a live acct w/ micro-lots, I'm trying IBFX, but its spreads are wider than ODL Securities (whose MT4 charts I've been using, but doesn't have micro-lots) & Oanda (which I've been trading w/, but has very limited charting capabilities but does have micro-lots).

The concern is that I'll lose more money than I'll profit, at least in the beginning. Any thoughts, or should I just stop whining?

Thnx----Sid
IBFX is a good broker. You can do almost anything on MT4 and you can trade 1 cent lots. I guess the only thing I too don't like about them are the widenning of spreads, but that's not a big issue.
FxSol is a good broker too. Don't have any complaints about them (apart from the spreads being higher than most other brokers). They're rock solid ... hardly ever had requotes, always connected, and haven't experienced any slippage from them yet. You can trade 10cent lots with them. You can change your leverage/lot size manually on the trading platform.
I haven't traded with Oanda, but I've read somewhere that they don't offer trailing stops (corrections welcomed).

Take Care
Habeeb
Keeping it Simple
  • #4,220
  • Jun 28, 2007 3:20am Jun 28, 2007 3:20am
I have been reading the thread but I can't find the rules of the trades. Can someone post a link. Thank you
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