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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

  • #5,161
  • Aug 1, 2007 12:51pm Aug 1, 2007 12:51pm
Quoting razldazl
Hi Lava,
all three of these pins are following the trend, I have taken eur and cable, really on the BEOB from last week, but the pins were a nice confirmation. I took eur on a pullback, which I usually dont do, but since it was good rr I decided to risk it. Also, it has been moving so few pips these days I figured it would take all week to get down to the entry point again...cad isnt getting far in either direction as yet but it could be another goodie Nice work, Raz
Hi Raz,
When you say all are following the trend can you expand on this at the moment cable looks like in an up trend while were all going short on this pin ???
As seeking Light has already said on my feed I only have a pin off cable the GBP_JPY and EUR_USD are not showing any on daily......!
Be interested in your comments
Stay Lucky
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  • #5,162
  • Aug 1, 2007 1:04pm Aug 1, 2007 1:04pm
You can't be serious!

A pin bar with a huge nose off the 150ema, indicating to go long and I've just gone short off a monthly pin?!

This is the third trade I've done in this pair in the last two weeks!

Two stopped out for large losses and now this third one losing.


ARGH
  • #5,163
  • Aug 1, 2007 1:14pm Aug 1, 2007 1:14pm
Quoting mimas
Hi Raz,
When you say all are following the trend can you expand on this at the moment cable looks like in an up trend while were all going short on this pin ???
As seeking Light has already said on my feed I only have a pin off cable the GBP_JPY and EUR_USD are not showing any on daily......!
Be interested in your comments
Stay Lucky
Hi Mimas,
Well, we all know its all going to go back up again, but I personally see this as a major correction. And I could be completely wrong, but if you look at the longer timeframes like the weekly, you see the pa is signalling down on gbpusd and eurusd. So thats my cue. When I see a pin following that, it confirms my opinion (IM not saying its right its just the way I see things)We had a strong move down, followed by a weak pullback, which makes me think this move isnt over yet. Also, eur and cable have risen at a shocking rate over the past few months, as has cad dropped, and other pairs (but Im not good at watchingand understanding a lot of pairs at once Im only a multitasker in real life )so a bigger drop wouldnt be impossible imho. Anyway Friday is NFP and anything can happen with NFP, lets just say Im dollar bullish for the time being, and now that Ive said that watch usd strength go to helllllll. Take care, Raz.
Never say never.
  • #5,164
  • Aug 1, 2007 1:24pm Aug 1, 2007 1:24pm
Quoting ianf0ster
Question for SL, Jim, Mike or other experienced guys:

How do you handle the situation where in volatile conditions, different brokers show different PBs etc. ?

Is there a recommended close time for Daily bars?

(I am spread betting with IGINDEX in the UK - they have useless charts - max 1Hr and close FX bars at 10pm local time = 5pm EST. For charts I use MT$ a demo account with a broker whose server time is GMT+2 , but they again close bars at 5pm EST. Neither of them have any bar fror a sunday except from 5pm EST onwards).

Is it recommended to use or to ignore/avoid Sunday bars?

Thanks,
Ian
Hey Ian,

The best thing to do is play it as you see it, if you want to look at two brokers with different timezones, you can play things on each broker. You will get a different view of price, but in the end price is still price. Since the FX markets are 24 hours there really is no definitive close time for a daily bar. I use IBFX charts, others use NF charts. Neither is better then the other(at least in all my time doing this no one could prove it to me )

As for sunday bars, I have always ignored them, others I know combine them into the previous bar. For me I do what James taught which was ignore those little suckers.

Hope this helps,
Mike
  • #5,165
  • Aug 1, 2007 1:25pm Aug 1, 2007 1:25pm
Quoting charlies
Hope you held on to your CAD pinbar, now at 1.0560. Good things come to those who wait....
Yes, I did hold onto it, and I'm now 40-something pips in profit, and my TP level got missed by 3 pips (frustrating, but whatever). The SL:TP ratio was about 1:1, and while it's temping to close now, I have GOT to learn to not think that way, as today's bar so far is turning out to be a BEOB, and it could drop further. Taking profits early is a big thing I'm trying to avoid...

At any rate, I've moved my stop to BE because price is so choppy right now that a move down is just as likely as a move up, so at least I won't lose anything now.
  • #5,166
  • Aug 1, 2007 1:45pm Aug 1, 2007 1:45pm
Any thoughts on this 2BH on AUDUSD? Seems like a good place to place a buy stop.
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  • #5,167
  • Aug 1, 2007 1:53pm Aug 1, 2007 1:53pm
Quoting JoshDance
Any thoughts on this 2BH on AUDUSD? Seems like a good place to place a buy stop.
yep josh good eye, that could be our next breakout point(retrace) before the move down(monthly in mind here)
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  • #5,168
  • Aug 1, 2007 1:55pm Aug 1, 2007 1:55pm
Quoting mbqb11
yep josh good eye, that could be our next breakout point(retrace) before the move down(monthly in mind here)
Ah wow, I had not noticed the monthly pinbar. Yikes. Are you planning on going short on a significant break of this? I would hesitate to go long above the 2BH, if it's going to be just a short move up. Hmmmm, decisions, decisions...

EDIT: btw mike, I really appreciate you posting that line graph... they really do help smooth out the noise, and I have switched all 19 pairs over to line for the next few minutes to try to change my perspective and see if I'm missing anything. Again, you've helped me take a renewed look at things :-)
  • #5,169
  • Aug 1, 2007 2:00pm Aug 1, 2007 2:00pm
Quoting JoshDance
Ah wow, I had not noticed the monthly pinbar. Yikes. Are you planning on going short on a significant break of this? I would hesitate to go long above the 2BH, if it's going to be just a short move up. Hmmmm, decisions, decisions...
yep I have orders pending in on both of these with their proper position size
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  • #5,170
  • Aug 1, 2007 2:08pm Aug 1, 2007 2:08pm
Quoting mbqb11
yep I have orders pending in on both of these with their proper position size
That will be one hell of a large SL .. hehe... For my 2% risk profile, that should equate to about 0.1 lots traded But ya gotta start somewhere I guess..

Just noticed the USDCAD monthly PB too... it would seem that monthly PBs are probably the most reliable you could get...?
  • #5,171
  • Aug 1, 2007 2:26pm Aug 1, 2007 2:26pm
Looks like daily Pinbars forming on EURCHF and GBPCHF, the latter is touching the 200 sma. There's a Monthly PB on EURCHF which is touching the lower channel line on the uptrend, somewhat similar on the GBP.
Any views re possible LONG trades?
  • #5,172
  • Aug 1, 2007 2:35pm Aug 1, 2007 2:35pm
Quoting mbqb11
yep I have orders pending in on both of these with their proper position size
Mike,

I got an entry question for you.

I noticed on your pics that you seem to be looking for en entry greater than the 10 pips that we normally discuss. Have you found that larger distances for entry orders works better for larger tims frames? Or are there other factors involved here?

Thanks in advance,

Steve
Nothing is impossible, with a willing mind!
  • #5,173
  • Aug 1, 2007 2:40pm Aug 1, 2007 2:40pm
Here's a consideration I just had...

So, it looks like there are a few good monthly trade possibilities. It would seem to me that a minimal SL would be idea. A monthly pinbar I just saw spanned 800 pips, so this would only allow me to trade a very small position size. On that note, wouldn't it be better to trade things like breakouts at S/R levels, where the SL could be kept in the 300-400 pip range?
  • #5,174
  • Aug 1, 2007 2:44pm Aug 1, 2007 2:44pm
Quoting Trader_V
Mike,

I got an entry question for you.

I noticed on your pics that you seem to be looking for en entry greater than the 10 pips that we normally discuss. Have you found that larger distances for entry orders works better for larger tims frames? Or are there other factors involved here?

Thanks in advance,

Steve
yeah they are greater then 10pips, because you have to kind of magnify each, like i might use a 10 pip entry on the 4hr, so to me a 10pip on the monthly isn't enough. I basically eye it up, as if it was a 4hr/daily chart. That is how I try to view all my charts

Mike
  • #5,175
  • Aug 1, 2007 2:47pm Aug 1, 2007 2:47pm
Quoting JoshDance
Here's a consideration I just had...

So, it looks like there are a few good monthly trade possibilities. It would seem to me that a minimal SL would be idea. A monthly pinbar I just saw spanned 800 pips, so this would only allow me to trade a very small position size. On that note, wouldn't it be better to trade things like breakouts at S/R levels, where the SL could be kept in the 300-400 pip range?
that is going to be up to the trader Josh. If this is something you feel comfortable doing. I try to treat all my trades the same across timeframes. The one bad thing is the margin tie up involved in the longer term trades. So I transfer that money in so it is like those trades aren't even there taking up margin.

some might just use the monthly for direction, and once the pin breaks, look for an entry on the weekly charts. All up to the trader, and that is why there is no one right way.

Mike
  • #5,176
  • Aug 1, 2007 3:29pm Aug 1, 2007 3:29pm
Quoting the_wizard
You can't be serious!

A pin bar with a huge nose off the 150ema, indicating to go long and I've just gone short off a monthly pin?!

This is the third trade I've done in this pair in the last two weeks!

Two stopped out for large losses and now this third one losing.


ARGH
As long as your stop is above 1.6680 you might be ok. I would not bet on it. Keep in mind that 'fundamentally' speaking, there are more rate increases in the making for Euro....
Personally I see 1.70 coming unless there is panic on Wall Street and heavy carry trades unwinding..

.
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  • #5,177
  • Aug 1, 2007 9:19pm Aug 1, 2007 9:19pm
I really like the looks of this
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  • #5,178
  • Aug 1, 2007 9:21pm Aug 1, 2007 9:21pm
USDCAD BEOB daily. Man, my TP keeps getting poked at but missed by 3 pips this last time. Daily BEOB, so I may just optimistically move the TP down some more. Or not :-)
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  • #5,179
  • Aug 1, 2007 9:39pm Aug 1, 2007 9:39pm
i like the look of gbp and eur (jpy) pins too. looks nice
100% of traders are losers. Just that some win more than they lose!
  • #5,180
  • Edited 4:30am Aug 2, 2007 2:14am | Edited 4:30am
Since I'm sharing the confusion of some folks, I just wanted to say:
It's probably best to pick a side and stick with it. Especially when you're just beginning. If you're going to believe the monthly, size to that and put that on as a trade/order. Ignore the other TF.
If you're going to believe the daily, use that one. And so forth.

Currently I do not trust either side so I'm sticking to setups that seem more clear to me. Both the daily PB's are clogged as well as some of the big ones threatened by s/r. It's all fly by ear currently.
Doing it like Mike does by just isolating what you're looking at is the best way to stay sane without getting 50 things conflicting each others.
Set rules, set criteria, stringent entries and exits - and he stays cool no matter how many other TFs say otherwise.
Trust price. Know yourself.
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