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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

  • #1,421
  • Dec 1, 2006 5:31pm Dec 1, 2006 5:31pm
Hey jason,


To me it looks like a two bar low (trend continuation) A sell order below the two bar low would have been the best way to trade it.I would not have played it as a dblhc because of the strong downward trending that the pair had been doing previous to the bars. Take care .......... Later

Rsq955
  • #1,422
  • Dec 1, 2006 5:36pm Dec 1, 2006 5:36pm
that's funny, i actually got into the EURAUD trade but on the short side. i got in at the top of today

Quoting mbqb11
Hey clam,

For that trade I would wait to take a break out of the 365 or 200 ema cause it got trapped right in. Then i would prob place my stop on the other side of whichever ema it broke out of.

Oh hope everyone caught this trade also.

This is eur/aud pinbar im still in...and im at +80, ill take some profit now and move stops to b/e
  • #1,423
  • Dec 1, 2006 5:36pm Dec 1, 2006 5:36pm
Quoting Skyhr
Wow!

I've finally read all 95 pages of this thread. Now, I know where you - James - and everyone else is coming from. And like most people here, I'm extremely grateful and pleased that people like you, people who help others like me, exist.

Really, James, your integrity for yourself and love for others really, really show. So don't let my stern avatar fool you, I really am grateful that you've chosen "to follow your dream" even though initially you were afraid of it.

Congratulations on all of your endeavors and the whole private forum project. (a little late for me to add, haha)


Well, I guess it's time to move on to the private section!!!

-Evan

A very informative thread.

Babefx.
  • #1,424
  • Dec 1, 2006 5:41pm Dec 1, 2006 5:41pm
Ah the million dollar question. Well I think this becomes a personal thing, where your comfort level is at. I have developed my personal take profit system tht works for me. Some people only want 20-30 pips. I couldnt tell you an exact number. I do not believe in having an exact target profit level prior to entering a trade. I believe its up to the market to tell you when to exit. Never let a big winner turn into a loser though. That will mess with your head.

I know thats not a clear cut answer, but in my opinion there isnt one.

Just my 2 cents enjoy your weekends, time to drink some beers and take a break from the market(although do we ever really stop thining about it, i sure dont).

Mike

Quoting clam61
lets say that it was successful. where do you take profits?
  • #1,425
  • Dec 1, 2006 5:41pm Dec 1, 2006 5:41pm
thats the thing about the db set ups. . they are two set ups in one. the set up by definition will also be a two bar high or low. it takes practice and always be aware of support and resistance areas.
Quoting rsq955
Hey jason,


To me it looks like a two bar low (trend continuation) A sell order below the two bar low would have been the best way to trade it.I would not have played it as a dblhc because of the strong downward trending that the pair had been doing previous to the bars. Take care .......... Later

Rsq955
  • #1,426
  • Dec 1, 2006 5:44pm Dec 1, 2006 5:44pm
Quoting jlowder
I've run into this situation before when a pair starts a strong run. Would the circled bars be considered a DBLHC, indicating a buy situation (off of the support lines) or a TBL? I put in a buy, thinking it was the former but ended up getting stopped out. Did I misinterpret the chart or is this just one of those cases where the trade just wasn't meant to work out?

Thanks,

Jason
Hi Jason,

I don't know what others will have to say, but in situations where the price has had a sudden drop, like what preceded your DBLHC, you have to be careful that you aren't playing the "pause" or retracement before it continues. It happens on all time frames. Look back through your charts and you will see it happen time and again. The retracement will often be at least to the 23.6% fib before continuing on.

In fact, in this case you could have played the BREAK of that Double Bar Low. A really good trade BTW.

It may take a little while to get a feel for some of these common movements that will act as guides to some trades. (I'm still absorbing different formations myself!)
That formation/pattern was one of the first I picked up. It's one of the easiest trades you can make. Play the break of the low. BUT on lower time frames watch out for stop hunting , which often gives you a fake-out. Run close stops once you are in profit. You tend to get a feel for the fake moves after a while.

,Bundy
Bundy's status today: "Waiting..."
  • #1,427
  • Dec 1, 2006 5:47pm Dec 1, 2006 5:47pm
James

If I join your group this weekend when will I have access to the information

Thanks

Tom
  • #1,428
  • Dec 1, 2006 5:49pm Dec 1, 2006 5:49pm
its instant! its all automated.

Hope to see you inside,
Mike
  • #1,429
  • Dec 1, 2006 11:16pm Dec 1, 2006 11:16pm
Tom,


You know what they say, once you go PF you never go back. It's pretty damn good. I hope you enjoy.

Rsq955
  • #1,430
  • Dec 2, 2006 2:54am Dec 2, 2006 2:54am
On this 15 minute chart would this double high and lower close merit getting out of that trade when having bought the gbp/usd
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  • #1,431
  • Dec 2, 2006 3:05am Dec 2, 2006 3:05am
James on these entries do you automatically just enter the next day based on the dhlc and dlhc do you automatically enter in the next day or wait for the trend to develop?




http://www.forexfactory.com/forexfor...ntid=278&stc=1
  • #1,432
  • Dec 2, 2006 3:11am Dec 2, 2006 3:11am
Considering cable ended the day at having hit a high of 1.9848 before closing at 1.9797 the answer is no.
This is why I no longer trade the short-term charts, too many times I came out of a trade only to wonder should I go back in and ended up jumping back in when it was too late, or missing a big move altogether through indecision.
Jim has always said these patterns gain more validity as you move up the scale to higher time-frames.
Quoting goodthings
On this 15 minute chart would this double high and lower close merit getting out of that trade when having bought the gbp/usd
  • #1,433
  • Dec 2, 2006 3:14am Dec 2, 2006 3:14am
james

On your first short entry here you entered two days after the dbhlc. Can't really tell from the chart but it looks like that second day may have a higher close then opening.

http://www.forexfactory.com/forexfor...ntid=279&stc=1
  • #1,434
  • Dec 2, 2006 3:29am Dec 2, 2006 3:29am
With it returning to the 38.2 Fib Level and retracing toward the high this looks like it could be good for a 200 of pips?
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  • #1,435
  • Dec 2, 2006 3:30am Dec 2, 2006 3:30am
bad wording on the last post. Sorry
  • #1,436
  • Dec 2, 2006 5:24am Dec 2, 2006 5:24am
Jim going through this part of your thread a second time. Seeing lots of new stuff and I am trying to hold back and see if my questions are answered latter but I am asking this one. When you say great bearish divergence what do you mean.
http://www.forexfactory.com/forexfor...ntid=388&stc=1
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  • #1,437
  • Dec 2, 2006 7:49am Dec 2, 2006 7:49am
The divergence is between the white line drawn on the chart and the white line drawn on the lower oscillator.
What you look for is price making higher highs while at the same time the oscillator's peaks are getting lower.
To make the screen less cluttered I've cut out the relevant section and pasted it below.
Quoting goodthings
Jim going through this part of your thread a second time. Seeing lots of new stuff and I am trying to hold back and see if my questions are answered latter but I am asking this one. When you say great bearish divergence what do you mean.
http://www.forexfactory.com/forexfor...ntid=388&stc=1
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  • #1,438
  • Dec 2, 2006 8:07am Dec 2, 2006 8:07am
Quoting PeterFM
The divergence is between the white line drawn on the chart and the white line drawn on the lower oscillator.
What you look for is price making higher highs while at the same time the oscillator's peaks are getting lower.
To make the screen less cluttered I've cut out the relevant section and pasted it below.
Thanks for clearing that up. I will have to start giving this more attention. Need to learn more first but that will come.
  • #1,439
  • Dec 2, 2006 3:26pm Dec 2, 2006 3:26pm
On the weekly chart, does this qualify for a dblhc with the lows being 6 pips different (lows are 2.3336 & 2.3330). Looks like a great set up with it bouncing off of the 38.2 Fib level. Is the more of a confirmation of making the trade then actually entering it? Because waiting for it to fully form you would be around 300 pips beyond the fib level.
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  • #1,440
  • Dec 2, 2006 3:41pm Dec 2, 2006 3:41pm
Taking in mind the previous chart of the weekly bars (which we do not have that luxury at the beginning of the week) what would have been a good entry point based on the daily?
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