james16 Chart Thread | Page 342 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #6,821
  • Oct 8, 2007 4:43pm Oct 8, 2007 4:43pm
Quoting Wall_Street
I hate to do this because I don't want to clutter this wonderful thread up with nonsense. I was wondering how you PM someone, or return a PM once you receive one? I try to PM people or reply to the PM's and I get and an error message pops up that says I don't have the rights to do this. The only thing I can think of is, do you have to have that other person on your buddy list before you can PM that person? If not then I don't know what else I have to do. I am pretty computer savvy so asking this question really makes me feel dumb. Thanks in advance for the help.
It is a preventative measure put into place by FF for new members/low post counts. You need a certain amount of posts to be able to use this feature. This is because a lot of people sign up and just spam PM people. At this time I am not sure if there is any other way around it. I could be wrong about that though.
  • #6,822
  • Oct 8, 2007 4:58pm Oct 8, 2007 4:58pm
Wow, you must be popular if youre already receiving pms WS, be careful about crazy people asking you to buy them houses in the Med....hehe, take care, Raz
Never say never.
  • #6,823
  • Oct 8, 2007 5:08pm Oct 8, 2007 5:08pm
Quoting vlazaf
Wizard,

Considering we had just dropped $2 (crude's ave ATR) and were nearing the end of the session, do you think taking a HS breakout so late in the day was a little optimistic if a little dangerous... in hindsight ofcourse.
Even though the trade was a +ve.
Both are valid points and as a simple day trade you are right, this would have been overtly optimistic, bordering on dangerous. However, I expect oil to head lower over the next few sessions and saw this as a decent entry with the expectation that Crude may well open lower tomorrow. Infact, it was only because the move was so sharp that I decided to close out not long after entering and wait for a retracement to enter short again.
  • #6,824
  • Oct 8, 2007 6:08pm Oct 8, 2007 6:08pm
I have a question for anyone watching the GBP/JPY tonight. I use Interbankfx feed and it looks like the GBP/JPY could be starting to form a pin bar on the daily around critical resistance (61.8% ret of 251.07 to 219.34 downward move @ 238.95). I say could be because I have about an hour before my daily bar closes. The bar to the left was sunday, so I will ignore it. The bar before that was friday and it had a high of 238.84. The open gapped up to 239.17 before coming back down. So this would put the open outside the high of the left eye. Would anyone still be looking at taking this pin bar on the break to the downside?

I understand s/r pretty well and my understanding of why pin bars work so well is, they allow you to spot areas were many large orders are being placed and price is being rejected at least in the short term. So combining this theory with this example (although not techincally a pin bar) could prove worthly. Also when you combine this with other indicators known to produce strong s/r areas, ie daily, weekly and monthly fibs and pivot points to name a few, these bounces can be played with a good deal of confidence.

Ok, to make a long story short I would like to hear opinions about this pair for tonight. Attaching a chart if it works. I am still new at this FF thing. Thanks everyone.
Attached Image
  • #6,825
  • Oct 8, 2007 6:20pm Oct 8, 2007 6:20pm
I just remembered a question I had while reading through this whole thread. (And let me tell you that was no easy task....but really loved it....thx everyone). I remember reading something about combining bars together to form a pin bar. Can someone explain this a little more?

Is it just as simple as taking the last two bars and adding them up? I would still think that location, location, location would still be king however. So the open would be from the first bar and the high and low would be a combination of the two bars. Then finally the close would be the last bars close? Do I have this right?
  • #6,826
  • Oct 8, 2007 6:24pm Oct 8, 2007 6:24pm
Quoting Wall_Street
I just remembered a question I had while reading through this whole thread. (And let me tell you that was no easy task....but really loved it....thx everyone). I remember reading something about combining bars together to form a pin bar. Can someone explain this a little more?

Is it just as simple as taking the last two bars and adding them up? I would still think that location, location, location would still be king however. So the open would be from the first bar and the high and low would be a combination of the two bars. Then finally the close would be the last bars close? Do I have this right?
yep this is correct and correct about that the location is still king
  • #6,827
  • Oct 8, 2007 7:00pm Oct 8, 2007 7:00pm
Quoting mbqb11
yep this is correct and correct about that the location is still king
Mike,
If you have time could you post some examples of recent charts that you combined bars to make a pin bar and what your results where? Thanks....still trying to learn all I can.

I will join the PF someday but I am very busy with my job for the next 2-3 months and I really don't want to join when I am so busy. I want to have ample time to study all there is in the PF without distractions. Thanks
  • #6,828
  • Oct 8, 2007 7:06pm Oct 8, 2007 7:06pm
So, this is my first chart accompanied by a very important question. When looking for setups containing two or more bars, do you take sunday bars into account? This would make a nice DBLHC if it werent a sunday bar. We are in an uptrend for the last weeks but there seems to be a small support zone above the current price. Would you take a trade if the bar is completed?

Cheers,
Chris

PS: Would anybody mind posting the pivot and "time left until the next bar" indicator?
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 22 KB
  • #6,829
  • Oct 8, 2007 7:09pm Oct 8, 2007 7:09pm
Thanks for sending me a PM. I don't think I can send you one yet because my post quota isn't up yet. Don't worry someday soon it will be. (You guys will be sick of me posting by then....). I would like some more information about your EMA system and the way you trade your system in general. Like are there any pairs you don't use this on? How long have you used it and anything else you feel like sharing. Do you use it mostly on longer time frames like the daily, weekly and monthly charts? I am always open to new ideas. I don't really have a good EMA system yet but I do use weekly and monthly fibs and pivot points to help me better pin point my areas of s/r. I also look to see where areas are hit multiple times on daily, weekly and monthly charts. I believe Jim calls them price pivot zones. Maybe that is why everyone calls them PPZ......funny Anyways thanks for all your help.
  • #6,830
  • Oct 8, 2007 7:14pm Oct 8, 2007 7:14pm
Quoting creeper
So, this is my first chart accompanied by a very important question. When looking for setups containing two or more bars, do you take sunday bars into account? This would make a nice DBLHC if it werent a sunday bar. We are in an uptrend for the last weeks but there seems to be a small support zone above the current price. Would you take a trade if the bar is completed?

Cheers,
Chris

PS: Would anybody mind posting the pivot and "time left until the next bar" indicator?
Should you take sunday bars into account? IMO, no--they only represent an hour or two of trading activity, compared with 24 hours for a regular daily bar. So, no.

As for the indicators, try searching the metatrader forum--all that stuff is posted there and is easy to find if you take a minute to search.
  • #6,831
  • Oct 8, 2007 7:17pm Oct 8, 2007 7:17pm
Quoting Wall_Street
I have a question for anyone watching the GBP/JPY tonight. I use Interbankfx feed and it looks like the GBP/JPY could be starting to form a pin bar on the daily around critical resistance (61.8% ret of 251.07 to 219.34 downward move @ 238.95). I say could be because I have about an hour before my daily bar closes. The bar to the left was sunday, so I will ignore it. The bar before that was friday and it had a high of 238.84. The open gapped up to 239.17 before coming back down. So this would put the open outside the high of the left eye. Would anyone still be looking at taking this pin bar on the break to the downside?

I understand s/r pretty well and my understanding of why pin bars work so well is, they allow you to spot areas were many large orders are being placed and price is being rejected at least in the short term. So combining this theory with this example (although not techincally a pin bar) could prove worthly. Also when you combine this with other indicators known to produce strong s/r areas, ie daily, weekly and monthly fibs and pivot points to name a few, these bounces can be played with a good deal of confidence.

Ok, to make a long story short I would like to hear opinions about this pair for tonight. Attaching a chart if it works. I am still new at this FF thing. Thanks everyone.
Whats nice about this pin is that it is sitting on the 61.8 fib from the most recent monthly low and high as well as a decent PZ. USD/JPY has about 60 pips before it is hitting its monthly fib 50. U/J is at the 365 MA on the daily.
I will wait for some PA on the 1-4 hr at a high before entering. As of right this minute, I think it will continue to move up a bit as both U/J and G/U have not made up their minds.
  • #6,832
  • Oct 8, 2007 7:36pm Oct 8, 2007 7:36pm
Quoting HipsterPipster
Whats nice about this pin is that it is sitting on the 61.8 fib from the most recent monthly low and high as well as a decent PZ. USD/JPY has about 60 pips before it is hitting its monthly fib 50. U/J is at the 365 MA on the daily.
I will wait for some PA on the 1-4 hr at a high before entering. As of right this minute, I think it will continue to move up a bit as both U/J and G/U have not made up their minds.
HP,
The current channel the GBP/JPY is stuck in is 239.70 to 238.50. You can see that from the 4 hr chart and 239.70/60 is a huge area I have dating back from the last 2 years. Also monthly pivot numbers show us R2 is 239.63 and M4 is 238.46 confirming above mentioned channel. 237.83, 235.20 and 234.80 are key numbers to watch as well going down. 238.50 would also break the daily pin bar. My only problem with GBP/JPY is the larger stops you have to put to stay in this bucking bronco. But once she gets rolling it is a thing of beauty to watch the pips add up.

PS...what confirming PA are looking for here besides the break of the low of the pin bar? And I just calculated where the close was in relation to the body. We are in the lower 25% of the overall range. Starting to shape up to be a pretty good set-up maybe if we can get G/U and U/J to play ball. The DJI taking another dive would be very nice also.
  • #6,833
  • Oct 8, 2007 7:42pm Oct 8, 2007 7:42pm
Quoting HipsterPipster
Whats nice about this pin is that it is sitting on the 61.8 fib from the most recent monthly low and high as well as a decent PZ.
Good point HP, here's yet another perspective to consider.

On my feed yesterday's daily bar is more of a doji, and while dojis sometimes signal reversals, they just as often signal a pause in a strong (new) trend. Since price consolidated for so long to form that nice triangle (over a month, from 8/22 to 9/26), however, and since we're only 8 days from the breakout of that, my feeling is that this is a true uptrend, and is not yet due for a reversal. I do, however, believe that price is due to retrace down to maybe 237 before resuming the uptrend. At any rate, I will wait for a pullback (from breakout to yesterday's high, the 38% mark is right at 237) before entering.
  • #6,834
  • Oct 8, 2007 7:55pm Oct 8, 2007 7:55pm
Quoting Wall_Street
HP,
The current channel the GBP/JPY is stuck in is 239.70 to 238.50. You can see that from the 4 hr chart and 239.70/60 is a huge area I have dating back from the last 2 years. Also monthly pivot numbers show us R2 is 239.63 and M4 is 238.46 confirming above mentioned channel. 237.83, 235.20 and 234.80 are key numbers to watch as well going down. 238.50 would also break the daily pin bar. My only problem with GBP/JPY is the larger stops you have to put to stay in this bucking bronco. But once she gets rolling it is a thing of beauty to watch the pips add up.

PS...what confirming PA are looking for here besides the break of the low of the pin bar? And I just calculated where the close was in relation to the body. We are in the lower 25% of the overall range. Starting to shape up to be a pretty good set-up maybe if we can get G/U and U/J to play ball. The DJI taking another dive would be very nice also.
Yeah.......... what is the $ doing? Sometimes I watch for a pin with U/J and G/U 1-4 hr, with same trend. Personally I don't have the bank/willingness to play this with a stop on the daily. I would love to see G/J retest 239.12 on the hourly though. I don't like getting bucked.
  • #6,835
  • Oct 8, 2007 8:00pm Oct 8, 2007 8:00pm
Quoting JoshDance
Good point HP, here's yet another perspective to consider.

On my feed yesterday's daily bar is more of a doji, and while dojis sometimes signal reversals, they just as often signal a pause in a strong (new) trend. Since price consolidated for so long to form that nice triangle (over a month, from 8/22 to 9/26), however, and since we're only 8 days from the breakout of that, my feeling is that this is a true uptrend, and is not yet due for a reversal. I do, however, believe that price is due to retrace down to maybe 237 before resuming the uptrend. At any rate, I will wait for a pullback (from breakout to yesterday's high, the 38% mark is right at 237) before entering.
I agree, not much of a shadow or momentum change for any long term trend reversal.
  • #6,836
  • Edited 9:05pm Oct 8, 2007 8:42pm | Edited 9:05pm
Quoting HipsterPipster
Yeah.......... what is the $ doing? Sometimes I watch for a pin with U/J and G/U 1-4 hr, with same trend. Personally I don't have the bank/willingness to play this with a stop on the daily. I would love to see G/J retest 239.12 on the hourly though. I don't like getting bucked.
HP,
I would love for a retest of 239.10 area too. I think if we get above 238.50 again then we will see at least a retest of that area, maybe even the previous daily high of 239.70. I have tried to stay away from the 1h TF, but if you look there is that H&S pattern with the neckline at the pin low 238.50. 239.10 was where the left and right shoulders was made.
  • #6,837
  • Oct 8, 2007 8:46pm Oct 8, 2007 8:46pm
Quoting JoshDance
Good point HP, here's yet another perspective to consider.

On my feed yesterday's daily bar is more of a doji, and while dojis sometimes signal reversals, they just as often signal a pause in a strong (new) trend. Since price consolidated for so long to form that nice triangle (over a month, from 8/22 to 9/26), however, and since we're only 8 days from the breakout of that, my feeling is that this is a true uptrend, and is not yet due for a reversal. I do, however, believe that price is due to retrace down to maybe 237 before resuming the uptrend. At any rate, I will wait for a pullback (from breakout to yesterday's high, the 38% mark is right at 237) before entering.
Josh,
I too agree that this area could provide some support. 237.83 is key too. You did mention something about a breakout from a triangle pattern. You should also remember that breaks of triangles are often times terminal moves, meaning they will reverse and retrace most if not all of that breakout. The fact that the GBP/JPY ran right into 61% area and couldn't stay above it could be a good first sign. Anyways with this pair we could both be right and still make pips. Good luck. The indices will tell how far these carry pairs move anyways.
  • #6,838
  • Oct 8, 2007 8:51pm Oct 8, 2007 8:51pm
here it is.. enjoy..

Quoting creeper
So, this is my first chart accompanied by a very important question. When looking for setups containing two or more bars, do you take sunday bars into account? This would make a nice DBLHC if it werent a sunday bar. We are in an uptrend for the last weeks but there seems to be a small support zone above the current price. Would you take a trade if the bar is completed?

Cheers,
Chris

PS: Would anybody mind posting the pivot and "time left until the next bar" indicator?
Attached File(s)
File Type: mq4 b-clock.mq4   2 KB | 758 downloads
  • #6,839
  • Oct 8, 2007 8:53pm Oct 8, 2007 8:53pm
Quoting Wall_Street
HP,
I would love for a retest of 219.10 area too. I think if we get above 238.50 again then we will see at least a retest of that area, maybe even the previous daily high of 239.70. I have tried to stay away from the 1h TF, but if you look there is that H&S pattern with the neckline at the pin low 238.50. 219.10 was where the left and right shoulders was made.
I think the ship is sailing south a bit now and I will be looking for an entry for a long with PA on the smaller timeframes. Yes, the 1-4 hr can be dangerous and you are wise to be careful.
  • #6,840
  • Oct 8, 2007 9:12pm Oct 8, 2007 9:12pm
Quoting milan47
here it is.. enjoy..
Milan47,
I know you didn't make this indicator, but do you know how to make it work. I mean I download it to my experts folder in interbankfx. Then I shut it down and restart it. I see the EA there and when I drag it to my charts, nothing happens. If you have time could you tell me how to get it working. Thanks
38 traders viewing now