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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

  • #1,621
  • Dec 20, 2006 4:42pm Dec 20, 2006 4:42pm
Quoting Lamdun
wow, thanks a lot. Good thing i came here first before putting in an order. And I would like to move away from indicators. What should i use? pivot points and fib retracements? One thing that I don't get is which two points i should use for the retracements.

thanks alot!
In regards to pivots again and my posted screen shots. It's best to not have all that information sitting on the screen at once. It can casue you to freeze and not take trades just because you think there is a possible wall in your way. You can trade without them.

There are more important concepts to grasp first.
Starting out you need to take in what James has been teaching right from the start of this thread, as Mike pointed out.

I'm sure James16 would suggest that you keep things as minimal as possible.
Somewhere he does mention that he just uses the main pivot line, anyway.

For the record, I have my screen split into four windows. ONLY ONE shows those pivot lines ...on a 15 minute chart. (it's also the only one with indicators at the bottom!!)
All the rest are succeeding higher timeframes, naked, with as little clutter as possible.

,Bundy
Bundy's status today: "Waiting..."
  • #1,622
  • Dec 20, 2006 4:45pm Dec 20, 2006 4:45pm
Quoting habeeb
I am looking for an entry to short. Will wait to see where today will close. Next target might be the middle trendline.
How about 1.9700-1.9720? ;D

I made a mini-TL
The lows at the 61.8% start at 1.9700 and the middle is around 1.9715 of the struggling IB, also it's just under the low of one 4h bar at the top...

Or maybe that 38.2% will cap us if it's a heavy decline.....it's these times I feel like it's the first time I'm making a trade again.....all guessing and no knowing =)

Btw, before I forget it in all the price poking frenzy:
I wish all of you and your families happy holidays and a great new year!

My best wishes,

SeekingLight
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Trust price. Know yourself.
  • #1,623
  • Dec 20, 2006 4:52pm Dec 20, 2006 4:52pm
Quoting habeeb
Might even get an inverted head-n-shoulders forming on the 4hr at around 1.9520 area.

Like this?
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Trust price. Know yourself.
  • #1,624
  • Dec 20, 2006 5:03pm Dec 20, 2006 5:03pm
Quoting SeekingLight
Like this?
Yup, something like that. Check out fiber 4hr chart. Might even get one there too.

Here's how I'd draw the line on the 15min chart. Blue area is resistance area.
(1.9654-66)
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Keeping it Simple
  • #1,625
  • Dec 20, 2006 5:16pm Dec 20, 2006 5:16pm
Onya Habeeb! Spoil it for me!!

That case for bearishness looks good too. LOL

Looking to take half profit at 61.8%/ Main Pivot area...
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Bundy's status today: "Waiting..."
  • #1,626
  • Dec 20, 2006 5:40pm Dec 20, 2006 5:40pm
Out of trade. Don't like it.

I'll see what happens later.
Bundy's status today: "Waiting..."
  • #1,627
  • Dec 20, 2006 6:07pm Dec 20, 2006 6:07pm
Here's a 1hr pin with the new daily pivot.
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Keeping it Simple
  • #1,628
  • Dec 20, 2006 6:09pm Dec 20, 2006 6:09pm
The pound before yesterdays 200 pip run has move 200 pips (difference between the daily high and the daily low) 30 times and 26 of those times (86.7% probability) of the time it has retraced to the 23.6 fib level which is 9647. Also on my chart it end with DBHLC (Double Bar High Lower CLose). We will have to wait and see how strong of an attraction the 23.6 fib level is and how strong the DBLHC is. That also would be the bounce of off the descending trend line. Just looking for technical direction. Now it has retraced 27 of 31 times to the 23.6 fib after a 200 pip run. I had to go to work so I set a conservative target at 1.9661 which is 14 pips above the 23.6 level of course it went beyond to 9619 with in 4 pips of 38.2 fib. Interesting to see how these fib levels work.
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  • #1,629
  • Dec 20, 2006 6:13pm Dec 20, 2006 6:13pm
Quoting goodthings
The pound before yesterdays 200 pip run has move 200 pips (difference between the daily high and the daily low) 30 times and 26 of those times (86.7% probability) of the time it has retraced to the 23.6 fib level which is 9647. Also on my chart it end with DBHLC (Double Bar High Lower CLose). We will have to wait and see how strong of an attraction the 23.6 fib level is and how strong the DBLHC is. That also would be the bounce of off the descending trend line. Just looking for technical direction. Now it has retraced 27 of 31 times to the 23.6 fib after a 200 pip run. I had to go to work so I set a conservative target at 1.9661 which is 14 pips above the 23.6 level of course it went beyond to 9619 with in 4 pips of 38.2 fib. Interesting to see how these fib levels work.
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Excellent research.
Keeping it Simple
  • #1,630
  • Dec 20, 2006 6:23pm Dec 20, 2006 6:23pm
What are your thoughts on the CHFJPY and the GBPJPY pin bars.

The GBPJPY is in a strong uptrend but looks as if it's at the top of a channel.
The CHFJPY got rejected at that high point. (plus the weekly was a SELL Pinbar so I've been keeping my eye on it for a Short)
  • #1,631
  • Dec 20, 2006 7:21pm Dec 20, 2006 7:21pm
As MoneyBags pointed out, there is a Pin on the daily chart for GBP/JPY.

Here's the chart with a few of my observations...

The pair's been happy to make the 61.8 Fib expansion (of the yellow A-B-C move) and the daily pin looks to set us up for a short trade.

The dark green dotted line is the 38.2% ret. level of the Pin bar itself and the pair seems to be finding resistance at this moment in that exact area.

First target I'll be looking for here is the purple line. A confluence of the 38.2% fib and resistance come support from a previous peak.

Another chart to follow...

EDIT: By the way, there is MACD divergance on the 4 hour.
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Bundy's status today: "Waiting..."
  • #1,632
  • Dec 20, 2006 7:28pm Dec 20, 2006 7:28pm
GBP/JPY 15 Min chart.

We've topped out at the same level 3 times now.... a confluence of the daily pivot and the 38.2% retracement area. I've entered on the close of that marked pin. 1 Lot for now.

I'll see how the 1 hour and 4 hour charts look later on before adding my second lot.
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Bundy's status today: "Waiting..."
  • #1,633
  • Dec 20, 2006 8:11pm Dec 20, 2006 8:11pm
With it closing below the daily trend line and the 23.6 fib. Anybody have any in put on this.
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  • #1,634
  • Dec 20, 2006 10:23pm Dec 20, 2006 10:23pm
Quoting habeeb
Hi Forex Man,
sorry for the delay.
here's the link to the VWB docs.
http://www.forexfactory.com/forexforum/showthread.php?t=4113

EA = Expert Advisor (automated trading)

Don't know how Highway did that. Best you ask him personally or some other MT4 guru.

I use InterbankFx, GciTrading and FxSolutions. No problems with any of them.

Hope it helps.

Take Care
Habeeb
http://www.forexfactory.com/forexfor...cons/icon3.gif
Thank you Habeeb http://www.forexfactory.com/forexfor...ons/icon14.gif
  • #1,635
  • Dec 20, 2006 10:30pm Dec 20, 2006 10:30pm
I still thinking short on this so we will see it play out.
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  • #1,636
  • Dec 20, 2006 10:37pm Dec 20, 2006 10:37pm
Actually it already did play out when I move the red verticle line. What is this a dbl inside bar? You wish the dbhhc would have played just confirming price action but it didn't. Lesson to learned on the 4hr chart are is there something else I should be seeing.
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  • #1,637
  • Dec 20, 2006 10:45pm Dec 20, 2006 10:45pm
Ignore that attachment let me post the right one. Not sure what happen there.
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  • #1,638
  • Dec 21, 2006 1:24am Dec 21, 2006 1:24am
Quoting bundyraider
As MoneyBags pointed out, there is a Pin on the daily chart for GBP/JPY.

Here's the chart with a few of my observations...

The pair's been happy to make the 61.8 Fib expansion (of the yellow A-B-C move) and the daily pin looks to set us up for a short trade.

The dark green dotted line is the 38.2% ret. level of the Pin bar itself and the pair seems to be finding resistance at this moment in that exact area.

First target I'll be looking for here is the purple line. A confluence of the 38.2% fib and resistance come support from a previous peak.

Another chart to follow...

EDIT: By the way, there is MACD divergance on the 4 hour.
Hi Bundy.
I think it'll be safer to enter on the break of this Pin. If USD is going to get stronger against the Yen, mostly this one will shoot up.
Keeping it Simple
  • #1,639
  • Dec 21, 2006 1:31am Dec 21, 2006 1:31am
Quoting goodthings
I still thinking short on this so we will see it play out.
Pin Bar on the 1hr. Daily Pivot also seems to be acting as support, which the the case with cable and fiber too (pivot acting as resistance).
BTW, I went short on cable close to the pivot.
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Keeping it Simple
  • #1,640
  • Dec 21, 2006 1:31am Dec 21, 2006 1:31am
GBP/JPY Chart - 15 Min

Pretty choppy on the 15-min (chart shown). Typical of a thin market (Xmas parties ). I had a limit order to sell at 232.94. Missed by 2 pips! LOL

Waiting to see how the the 4 hour bar closes out at London open. May get a pin. We already have a pin on the 1-hour. Promising, but no cigar yet.
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Bundy's status today: "Waiting..."
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