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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

  • #6,861
  • Oct 9, 2007 2:44pm Oct 9, 2007 2:44pm
Thanks !!

And belive me... I am not taking anymore PBs that are not right on Rodeo Drive !!!

Quoting mbqb11
He is referring to the break of the pinbar as being the confirmation. But trading blindly IMO is trading without confirmation of what is going on around the price bars (ie: Location) as SL has referred to as well.

I agree with seeking that playing breaks of the bars is the best way to start to learn them(and I still play most bars this way personally).
  • #6,862
  • Oct 9, 2007 2:59pm Oct 9, 2007 2:59pm
Quoting mbqb11
This is a BUOB(buillish outisde bar)

A dblhc is when the two LOWs are matching and then the close has to be higher then the previous bars high.

Mike
thanks mike, Always most accurate.

btw, for those who did not trade, it did worked out for me
100% of traders are losers. Just that some win more than they lose!
  • #6,863
  • Oct 9, 2007 3:32pm Oct 9, 2007 3:32pm
Quoting SeekingLight
...Even when I was on a spreadbetter I still charted and traded off Metatrader. Spreadbetting charts S U C K. They're only made in nice, soothing looking colors because the brokers want to distract from their own suckyness, imho

Thieves, robbers, liars, the lot(freezes, slips, mini-account minimum, delayed quoting, requotes..think of something bad, they're sure to have or do it ;p).
Seeking, I agree with you, they look nice but can't be trusted, that's why I am looking out for a better charting package while still perhaps place trades with the spreadbetting company I'm with currently.

I got a tip from a friend about demo of Ninjatrader.. with a free datafeed from opentick for futures.. (yes, I don't want to chuck my old YM scalps away.. even if I'm going cold turkey on them while demoing forex for a while..)

But I think ninjatrader has a internal forex data feed for their demo?
Anyway, If your not a total computer wizkid it's not easy to set up a totaly new software and start to fiddle about with external datafeeds and then trying to learn the program.. I shiver by the thought.. maybe an age thing..

But since everyone is using Metatrader4 maybe I should too. can you get it for free with a free live datafeed for forex? what about E-minis?
Dont want to sound to mean but if I am going to follow Jim's advice to papertrade forex for 3 months..
  • #6,864
  • Oct 9, 2007 6:10pm Oct 9, 2007 6:10pm
Quoting oloman
Seeking, I agree with you, they look nice but can't be trusted, that's why I am looking out for a better charting package while still perhaps place trades with the spreadbetting company I'm with currently.

I got a tip from a friend about demo of Ninjatrader.. with a free datafeed from opentick for futures.. (yes, I don't want to chuck my old YM scalps away.. even if I'm going cold turkey on them while demoing forex for a while..)

But I think ninjatrader has a internal forex data feed for their demo?
Anyway, If your not a total computer wizkid it's not easy to set up a totaly new software and start to fiddle about with external datafeeds and then trying to learn the program.. I shiver by the thought.. maybe an age thing..

But since everyone is using Metatrader4 maybe I should too. can you get it for free with a free live datafeed for forex? what about E-minis?
Dont want to sound to mean but if I am going to follow Jim's advice to papertrade forex for 3 months..
http://www.northfinance.com/demo-account/

Hope this helps - FX and futures
  • #6,865
  • Oct 9, 2007 7:10pm Oct 9, 2007 7:10pm
GBPUSD, beautiful 1hr pin off of 38% fib level today at 10AM ET, to the tune of 100 pips up so far. Even with a very conservative 50 pip initial stop, you would have already locked in 1R, and if you closed now you'd have 2R.
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  • #6,866
  • Oct 9, 2007 7:15pm Oct 9, 2007 7:15pm
I would have loved to pick up the 4hr pin earlier today that just led to a daily pin. The 4 hr was off of my PZ.
  • #6,867
  • Oct 9, 2007 7:29pm Oct 9, 2007 7:29pm
Quoting the_wizard
I've had four positions in this - been taken out of two for +93 and still stubbornly holding the other two. One of which was bought as it faked out the top of the range, the other right in the middle.

I'm emotionally exhausted with this and almost prepared to give it up and write it off.

The opportunity cost of this trade has been huge. It has been the main focus of my attention for the last two weeks.
Wiz,
I too agree that the AUD/CAD was a big let down. I was totally siked when this pair finally broke 8740....I thought here we go back to 9050 area, then 9250/70 area at least before we ran out of steam. Well that didn't happen at all. I can see why now.....those EMA's and that stubborn fib zone you have shown is exactly where I was afraid we would have trouble. Oh well on to the next pairs......Anyone watching EUR/AUD, and EUR/GBP.....????? Waiting......waiting......waiting is the name of the game.

PS....what are those EMA's set at Wiz? I want to confirm that mine are the same. I believe they are. And if so how do you use all those EMA's you have? Different set-ups use different EMA's? Can you explain please? Thanks
  • #6,868
  • Oct 9, 2007 7:34pm Oct 9, 2007 7:34pm
Wiz,
The fib area came from my charts on AUD/CAD. Let me post it for you. Any comments welcome. The range on this pair could have provided some pips, before it broke out too.
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  • #6,869
  • Oct 9, 2007 10:37pm Oct 9, 2007 10:37pm
Quoting JoshDance
GBPUSD, beautiful 1hr pin off of 38% fib level today at 10AM ET.
Is that fib taken from the retracement from the daily range between 9/18 and 10/1?
This past few weeks I've started paying attention to just Cable (try to master one thing first) and I've finally taken note of the significance of fibs on this pair at least, but I am still getting used to what to look out for and how to react to it.

I'm new to this site and this thread, so I've only jumped in at the last few pages (I just finished 201 pages of Bago's method and probably 200 other random pages so I can't read start to finish in HERE just yet) so I'd like to ask, what is the significance of these pins, at least this one bouncing off the major fib...does it mean if the direction can successfully reverse from the pin/major fib (triple signal, pin, fib, Major fib) then it's a good time to get in?

Considering the long move down and then the sudden reversal, I'd be caught up in "going against the trend" etc, but then again on the daily, it just penetrated a ...I forget my elementary terms now, wedge? symmetric triangle? Well, a dead end consolidation bound to explode any second. So I guess there was no real daily trend and it was open season...

Well I'm just trying to learn how to flow with this pair so I thought I'd ask more about that pin's significance.
Thanks
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #6,870
  • Oct 10, 2007 1:19am Oct 10, 2007 1:19am
Quoting Thexder
Is that fib taken from the retracement from the daily range between 9/18 and 10/1?
That is correct Thexder. If you're using MT, pull up a 1H chart of GBPUSD, zoom all the way out, and you'll see that this was the last truly significant swing low, from the July-October period--hence this point as the low I chose.

Quoting Thexder
This past few weeks I've started paying attention to just Cable (try to master one thing first) and I've finally taken note of the significance of fibs on this pair at least, but I am still getting used to what to look out for and how to react to it.

I'm new to this site and this thread, so I've only jumped in at the last few pages (I just finished 201 pages of Bago's method and probably 200 other random pages so I can't read start to finish in HERE just yet) so I'd like to ask, what is the significance of these pins, at least this one bouncing off the major fib...does it mean if the direction can successfully reverse from the pin/major fib (triple signal, pin, fib, Major fib) then it's a good time to get in?
You've got the right idea thexder. Reading the first few pages of this thread will give you insight into pins and their significance, but the short of it is that a pin represents (in this case) selling pressure, and an immediate (immediate in the context of the current time frame at least) buying pressure. The buying pressure was stronger than the selling pressure, and it was decisively so. Think of the pin as sellers testing that particular price, but too many buyers eventually rejecting it. This is a window, a cross examination of market participation at that time. This in itself can be a strong clue as to the direction the market wishes to go, on higher time frames especially. However, at a fibonacci level, which works because everyone uses them, then it is doubly significant, as there are many buyers waiting to purchase on this retracement from the high. So you have your area of interest, coupled with your price action. This gives a high probability trade, and while anything can and will happen, at least it's an edge over randomness, which is all we can hope to have.

Quoting Thexder
Considering the long move down and then the sudden reversal, I'd be caught up in "going against the trend" etc, but then again on the daily, it just penetrated a ...I forget my elementary terms now, wedge? symmetric triangle? Well, a dead end consolidation bound to explode any second. So I guess there was no real daily trend and it was open season...
See the annotated picture for a different perspective.
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  • #6,871
  • Oct 10, 2007 1:28am Oct 10, 2007 1:28am
beauty of a picture and how simplistic this can be, just gotta be patient

nice one JD
  • #6,872
  • Oct 10, 2007 2:58am Oct 10, 2007 2:58am
Quoting Wall_Street
PS....what are those EMA's set at Wiz? I want to confirm that mine are the same. I believe they are. And if so how do you use all those EMA's you have? Different set-ups use different EMA's? Can you explain please? Thanks
Hi Wall_Street,

The EMAs on my AUD/CAD chart are the 89, 150 and 365. I know that many people use these but I must confess, I don't. I just like to look at them because I know other people like to look at them. I use the 10, 21 and 50 on the charts I trade off.

Wiz
  • #6,873
  • Oct 10, 2007 4:01am Oct 10, 2007 4:01am
Quoting vlazaf
http://www.northfinance.com/demo-account/

Hope this helps - FX and futures
Thank's vlazaf - your a top man!
(or at least I think youre a man.. .. Oh, why do I bother sometimes..)

FX and futures demo with live prices for free! Too good to be true.
AND I get to melt my brain learning a new program.. MT4.. hooooraay..
Right now I am going through the PF Systems Trading Tutorial like Viking through france...
/Oloman
  • #6,874
  • Oct 10, 2007 4:11am Oct 10, 2007 4:11am
Anyone going long on the pin on GBP_JPY kind of missed the boat a little as it has moved past the break but I think we are in for a move on the up.....any thought's people.....???
Stay Lucky Mimas
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  • #6,875
  • Oct 10, 2007 4:51am Oct 10, 2007 4:51am
Quoting mimas
Anyone going long on the pin on GBP_JPY kind of missed the boat a little as it has moved past the break but I think we are in for a move on the up.....any thought's people.....???
Stay Lucky Mimas
I've been in this for a while now, and Price has broken thro' MY Weekly PPZ.
Knowing that this pair will usually run out of steam sometime I've decided to wait before adding in any more trades. I'm waiting to see how this 4hr bar finishes. If it closes well above the PPZ, I'll stick a Fib on this run and add a small position on the 38 retracement. If it closes with any sign of weakness, I may consider putting a small Buy Limit order around the PPZ which should become Support (239.60 area).

This is not a Trade Recommendation, just my thoughts. But I know you're more sensible than to take my advice
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  • #6,876
  • Oct 10, 2007 5:10am Oct 10, 2007 5:10am
Quoting PeterFM
I've been in this for a while now, and Price has broken thro' MY Weekly PPZ.
Knowing that this pair will usually run out of steam sometime I've decided to wait before adding in any more trades. I'm waiting to see how this 4hr bar finishes. If it closes well above the PPZ, I'll stick a Fib on this run and add a small position on the 38 retracement. If it closes with any sign of weakness, I may consider putting a small Buy Limit order around the PPZ which should become Support (239.60 area).

This is not a Trade Recommendation, just my thoughts. But I know you're more sensible than to take my advice

Thanks for the reply Peter,
Interesting way of playing it....I'm in for the long haul on the daily so will move my stop once I'm far enough ahead...!!!!

Have you jumped into the cable pin also ????
I have to admit missed this one completly......however there is quite a bit of resistance up ahead to get through.....!!
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  • #6,877
  • Oct 10, 2007 5:16am Oct 10, 2007 5:16am
hi,what is the thumbnail in james 16 all about. how does it work.
  • #6,878
  • Oct 10, 2007 5:41am Oct 10, 2007 5:41am
Quoting mimas
Thanks for the reply Peter,
Interesting way of playing it....I'm in for the long haul on the daily so will move my stop once I'm far enough ahead...!!!!

Have you jumped into the cable pin also ????
I have to admit missed this one completly......however there is quite a bit of resistance up ahead to get through.....!!
Took Buy Limit earlier off S/R area, now with TS getting close, I'll let this play out.
If my trail is hit. I'll wait for any pullback to the Fibs (as drawn) which also is a S/R area, and play it by ear from there.
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  • #6,879
  • Oct 10, 2007 5:55am Oct 10, 2007 5:55am
Quoting mimas
Anyone going long on the pin on GBP_JPY kind of missed the boat a little as it has moved past the break but I think we are in for a move on the up.....any thought's people.....???
Stay Lucky Mimas

To be honest, taking an entry that "late" to me would have felt like buying a top.

And I spent a LOT of my lost money in my beginning time doing just that.

So mostly cured of that...I shy away from it now. Others might argue differently and yes, there ARE exceptions for this, too(strong trending EURUSD BUB + IB daily combos, okay, one might talk me into that for example if there's also another reason coming into it), but to me it always induces "fear of exhaustion close by" due to a late entry, feels like chasing, etc...

Anyhow.

Just wanted to throw up the 4h. Most arrows are simply to illustrate s/r touches, some are PBs / 2 bar reversals / 2 bar PBs.

Just felt left out with everyone posting charts :o




(there's also a trendline in there, but I wanted to stick to s/r)
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Trust price. Know yourself.
  • #6,880
  • Oct 10, 2007 6:07am Oct 10, 2007 6:07am
With New York opening soon, I've decided to hang on to what I've got.

There's always tomorrow IF I have to trade
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