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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

  • #1,801
  • Jan 3, 2007 5:29am Jan 3, 2007 5:29am
Quoting habeeb
Target reached ... well, not completely, but I'm out. Price is stalling within 2pips from 1.3217. Moving on ... waiting for the next trade. Caught the drop on cable too ... DBHLC on 4hr gave the game away:. Hope ya'll caught it too.
Heya Habeeb!
Great call last night!
Yes, caught the BEOB/DBHLC on cable, made 70 pips
You're simply amazing! =)

Keep it up!

Attaching a nicer version of the setup I posted over in the cable thread.

Best wishes,

SeekingLight

P.S. minor typo on pic, DBLHLC (it's sposed to be DBHLC = double high, lower close)
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Trust price. Know yourself.
  • #1,802
  • Jan 3, 2007 6:55am Jan 3, 2007 6:55am
Hi Everybody!

First of all : Dear Habeeb, I followed your progress as I went through the James16 chart thread for the n-th time. I followed your posts with admiration and respect to your attitude. Yesterday you made my day with your call. And today...just as I noticed the DBHLC formation on Cable, I logged in to FF to find out, that you already made a trade.
Congratulations! You never cease to amaze me. Everytime a little bit more.
Keep it up!!!

Bluefish
  • #1,803
  • Jan 3, 2007 10:18am Jan 3, 2007 10:18am
Also posted this in the cable thread, but it really belongs here:
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Trust price. Know yourself.
  • #1,804
  • Jan 3, 2007 10:23am Jan 3, 2007 10:23am
Dito
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  • #1,805
  • Jan 3, 2007 10:25am Jan 3, 2007 10:25am
Hm 30 second wait

Same setup situation on EURUSD 1h -> pin bar when cable made the BEOB.

Can you BELIEVE this descent? Seems the fireworks came for FX, too....wow.
Americans really making up for their lost time today, aren't they?
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Trust price. Know yourself.
  • #1,806
  • Jan 3, 2007 10:42am Jan 3, 2007 10:42am
Oh and I JUST saw this....
Could this be true? 3x BEOB in one day? Can the markets be this crazy?

Let's find out
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  • #1,807
  • Jan 3, 2007 2:00pm Jan 3, 2007 2:00pm
Ok, another setup, this time confirming the EJ which is already working out fine so far.

Pin Bar on USDJPY, if this drops then EJ should drop a bit, too.
Waiting for retrace to enter near left eye(s) level.

I'm cautious since this is a counter-trend trade but heck, gotta give it a shot.
If it won't come to my retrace entry I will simply scratch it.
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Trust price. Know yourself.
  • #1,808
  • Jan 3, 2007 3:22pm Jan 3, 2007 3:22pm
Quoting SeekingLight
Heya Habeeb!
Great call last night!
Yes, caught the BEOB/DBHLC on cable, made 70 pips
You're simply amazing! =)

Keep it up!

Attaching a nicer version of the setup I posted over in the cable thread.

Best wishes,

SeekingLight

P.S. minor typo on pic, DBLHLC (it's sposed to be DBHLC = double high, lower close)
Thanx SeekingLight,
seems like you're having fun with the charts today.
Keeping it Simple
  • #1,809
  • Jan 3, 2007 3:35pm Jan 3, 2007 3:35pm
Quoting bluefish
Hi Everybody!

First of all : Dear Habeeb, I followed your progress as I went through the James16 chart thread for the n-th time. I followed your posts with admiration and respect to your attitude. Yesterday you made my day with your call. And today...just as I noticed the DBHLC formation on Cable, I logged in to FF to find out, that you already made a trade.
Congratulations! You never cease to amaze me. Everytime a little bit more.
Keep it up!!!

Bluefish
Hi Bluefish,
Glad to be of some help, in any way.

Take Care
Habeeb
Keeping it Simple
  • #1,810
  • Jan 3, 2007 3:39pm Jan 3, 2007 3:39pm
Once again, here why I don't like IB's. For some reason I think today's move was a stop hunting thing. Here's the weekly chart.
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Keeping it Simple
  • #1,811
  • Jan 3, 2007 3:40pm Jan 3, 2007 3:40pm
wow guys, really nailed the new year already, i missed those trades, wasn't around, I started gettin butterflies reading the posts tho.

awesome stuff
  • #1,812
  • Jan 3, 2007 3:44pm Jan 3, 2007 3:44pm
i know i missed the early entry with that 4hr pin, bu

what about this beob on daily, what you guys recon?
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  • #1,813
  • Jan 3, 2007 3:46pm Jan 3, 2007 3:46pm
On the Daily I've got support at 1.9465 (11 dec low). Price is however making higher lows (bottom trendline). If price closes below, we might see new lows. A close above, and we could see price go test the top trendline.
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Keeping it Simple
  • #1,814
  • Jan 3, 2007 3:51pm Jan 3, 2007 3:51pm
Not so great pin on 4hr ... actually, it's not a pin according to the way I like it, but the close is above 1.9500. I guess it's more psychological than anything else ... but that's just how cable is.
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Keeping it Simple
  • #1,815
  • Jan 3, 2007 3:55pm Jan 3, 2007 3:55pm
agreed habeeb about the 4hr semi pin. Its also sitting right on the 200 ema as well as the psychological level you stated

posted this in the cable thread
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  • #1,816
  • Jan 3, 2007 4:33pm Jan 3, 2007 4:33pm
Looking at Fiber, the bottom trendline seems to be holding quite strong support. Price stopped where the 2 trendlines meet. The only price action for a long trade is the BuOB on the 1hr chart. If the bottom trendline holds, then we could see the highs tested again.
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Keeping it Simple
  • #1,817
  • Jan 3, 2007 4:47pm Jan 3, 2007 4:47pm
hi folks,


I'm curious where you would enter a trade on a DBHLC? A pip below the low of the bar?

thanks,

CFII
Attitude + Power = Performance
  • #1,818
  • Jan 3, 2007 4:56pm Jan 3, 2007 4:56pm
Quoting CFII
hi folks,


I'm curious where you would enter a trade on a DBHLC? A pip below the low of the bar?

thanks,

CFII
Hey CFII,

This is all a matter of opinion. The "safe" way is to play a break of the Low of the bar. Depending on the time frame you would want more pips. This method causes larger stops. Others play a retrace of the DBHLC bar to minimize your stop. This runs the risk of never breaking down below meaning you will trade more often but with smaller stops. The best thing is just to demo these bars out to find your comfort level. For me the higher the time frame the more likely I will play a retrace of the bar, becasue they become more reliable.

Hope this helps,.
Mike
  • #1,819
  • Jan 3, 2007 5:02pm Jan 3, 2007 5:02pm
Quoting CFII
hi folks,
I'm curious where you would enter a trade on a DBHLC? A pip below the low of the bar?

thanks,

CFII

Hi CFII,

I'm no senior, but in general there's two ways to go about it - go in on a potential small retrace and get a smaller stop and a few more pips or enter on a break one or more pips lower. Considering feeds usually aren't THAT precise it prolly won't hurt if you use a few. But if s/r zones are nearby it might be tricky. Always be careful you aren't selling/buying into s/r zones, but also try not to overthink a trade or it will just end in you being blocked..

I think both variants are fine. It's perhaps safer to go by the break to confirm, but if you save and make more pips with retraces on each and every time, they can accumulate enough to compensate for a failed trade you could have weeded out with a break entry that never would have happened.
Personal preference I guess?

Maybe some more experienced folks could chime in

Btw heya Habeeb, yes, today was a good day for charting examples, charts are full of them
Traded half of em, too, which was the best part

Best wishes,

SeekingLight
Trust price. Know yourself.
  • #1,820
  • Jan 3, 2007 5:04pm Jan 3, 2007 5:04pm
Quoting mbqb11
Hey CFII,

This is all a matter of opinion. The "safe" way is to play a break of the Low of the bar. Depending on the time frame you would want more pips. This method causes larger stops. Others play a retrace of the DBHLC bar to minimize your stop. This runs the risk of never breaking down below meaning you will trade more often but with smaller stops. The best thing is just to demo these bars out to find your comfort level. For me the higher the time frame the more likely I will play a retrace of the bar, becasue they become more reliable.

Hope this helps,.
Mike
Thanks for the explanation. Sounds similar to the way some people trade pin bars.

regards,

CFII
Attitude + Power = Performance
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