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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

  • #10,981
  • May 28, 2008 5:37am May 28, 2008 5:37am
Quoting kenllau
I think you need to be wary on this, almost every other pair that I watch showed a small inside Monday bar and a big outside bar the following day. The small inside bar on Monday was a result of Memorial day in the US and a Bank Holiday in the UK. i.e. none of the big players were around.
And when everyone got back they created the outside bar.

When I back tested all my set ups I didn't take into account bank holidays etc. ...So I'll keep trading with what keeps proving itself. As the northern summer comes around I'll take that into account. But that's it. I'm not sabotaging my end result average by changing the rules midway.
Bundy's status today: "Waiting..."
  • #10,982
  • May 28, 2008 2:02pm May 28, 2008 2:02pm
In case anyone's interested ive spotted some nicely placed PB's on the 4hr U/J and U/CHF. Just a heads up in case anyone wants 'em.
All I ask for is a chance to prove that money cannot make me happy.
  • #10,983
  • May 28, 2008 2:12pm May 28, 2008 2:12pm
EURUSD. BEOB at the same resistance former PB formed. First on 4h, then on daily. Once that closed, long pin bar on mini-PPZ to initiate the retrace up to the .618. Hit it to the pip along with several short orders(now who would do such a thing!) and dropped like a stone.

The long 4h PB was endangered because of the daily BEOB(in case anyone was tempted long). Also 1.5740 had a small chunk of minor s/r as well, which was where you could have become cautious as well.


I understand it's hard to "know" when the long PB or the short BEOB is more important...and sometimes it's hard for anyone to tell. In this case imho a second move was still missing on EURUSD and both daily and monthly were not giving that many thumbs up to buy up here.
Also the PB/BUOB looks a bit in mid-air to me(and has a terrible shape), despite the small PPZ flipzone
Regardless - even that mini-PB would have worked for a handful of pips with an aggressive TP or swiftly adjusted stop.

I'm curious to see how far this will all go. EURGBP should run parallel pretty much most of the time is my personal guess.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_80528_4h_beob.gif Size: 28 KB
Trust price. Know yourself.
  • #10,984
  • May 28, 2008 2:27pm May 28, 2008 2:27pm
The retrace of the daily was a great entry. Adding the fact that it was also a retrace of the weekly BEOB from 20/04/08 made it a must take trade for me


Quoting SeekingLight
EURUSD. BEOB at the same resistance former PB formed. First on 4h, then on daily. Once that closed, long pin bar on mini-PPZ to initiate the retrace up to the .618. Hit it to the pip along with several short orders(now who would do such a thing!) and dropped like a stone.

The long 4h PB was endangered because of the daily BEOB(in case anyone was tempted long). Also 1.5740 had a small chunk of minor s/r as well, which was where you could have become cautious as well.


I understand it's hard to "know" when the long PB or the short BEOB is more important...and sometimes it's hard for anyone to tell. In this case imho a second move was still missing on EURUSD and both daily and monthly were not giving that many thumbs up to buy up here.
Also the PB/BUOB looks a bit in mid-air to me(and has a terrible shape), despite the small PPZ flipzone
Regardless - even that mini-PB would have worked for a handful of pips with an aggressive TP or swiftly adjusted stop.

I'm curious to see how far this will all go. EURGBP should run parallel pretty much most of the time is my personal guess.
  • #10,985
  • May 28, 2008 2:31pm May 28, 2008 2:31pm
Quoting SeekingLight
EURUSD. BEOB at the same resistance former PB formed. First on 4h, then on daily. Once that closed, long pin bar on mini-PPZ to initiate the retrace up to the .618. Hit it to the pip along with several short orders(now who would do such a thing!) and dropped like a stone.

.
.......
  • #10,986
  • May 28, 2008 3:22pm May 28, 2008 3:22pm
Hey everybody, How does this 4 hour pin look? Its not quite closed yet, but it looks like it will close within the body of the previous bar. Good confluence with previous PPZ and 50% fib line. Only problem is that the nose does not stick out beyond the previous bar.
Attached Image (click to enlarge)
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  • #10,987
  • May 28, 2008 3:41pm May 28, 2008 3:41pm
Hi eltrot1979


If it closes as per the one on your chart it will be an inside bar.

cheers

fxp


Quoting eltrot1979
Hey everybody, How does this 4 hour pin look? Its not quite closed yet, but it looks like it will close within the body of the previous bar. Good confluence with previous PPZ and 50% fib line. Only problem is that the nose does not stick out beyond the previous bar.
  • #10,988
  • May 28, 2008 3:43pm May 28, 2008 3:43pm
Quoting eltrot1979
Hey everybody, How does this 4 hour pin look? Its not quite closed yet, but it looks like it will close within the body of the previous bar. Good confluence with previous PPZ and 50% fib line. Only problem is that the nose does not stick out beyond the previous bar.
It might just be a reaction of that prior highs area. Looking at daily, it looks more like it's moving out of a wedge formation.

Personally, with EURGBP bearish (and hence GBPUSD robust) I won't be very GBPCHF bearish. But I'm biased

Lacking a bit of "price data" to make much sensible markings on the chart though...could mean erratic moves eventually.

Oh, and what FXP said - there's no pin on my lower TF chart, either

The whole definition of the pin is the long nose protruding out clearly from the bar before it
Attached Image (click to enlarge)
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Trust price. Know yourself.
  • #10,989
  • May 28, 2008 3:56pm May 28, 2008 3:56pm
Thanks guys, I'm dissapointed I didn't recognise the inside bar!
  • #10,990
  • May 28, 2008 5:00pm May 28, 2008 5:00pm
Hi Everyone,

Been lurking for awhile, traded a bit in Forex and years ago in the Futures Market. This question goes out to those that have done both.
What should I trade Forex or Futures, and why? Having a full time job my time is either early in the morning or in the evening Florida time. My goal is to, when ready and making profits on Demo, yup it is back to Demos, is first to replace my income with a cushion, and go at it full time. This is a really great group and I value your thoughts and input.

Thanks,

Jimmy K
"Think Globally, Act Locally, Start Within".
  • #10,991
  • May 28, 2008 5:11pm May 28, 2008 5:11pm
Bummed that I missed this killer 4h pin on EURJPY, I was home all day! I might still take the daily pin. Thoughts?
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Hindsight is 20/20
  • #10,992
  • May 28, 2008 5:12pm May 28, 2008 5:12pm
Quoting Jimmy K
Hi Everyone,

Been lurking for awhile, traded a bit in Forex and years ago in the Futures Market. This question goes out to those that have done both.
What should I trade Forex or Futures, and why? Having a full time job my time is either early in the morning or in the evening Florida time. My goal is to, when ready and making profits on Demo, yup it is back to Demos, is first to replace my income with a cushion, and go at it full time. This is a really great group and I value your thoughts and input.

Thanks,

Jimmy K
\


Hey Jimmy,

Due to your commitments, and like most people James recommends trading only the daily/weekly especially in the beginning. This means you only need to look at your charts once a day, place your orders and you are done. As for forex vs futures. Why not both,. This will give you more markets to look at and let you cherry pick the best trades on the daily/weekly timeframe.

James says if you can't trade the daily/weekly you shouldn't be trading lower then that. So it is a progression to the lower timeframes when and IF you ever decide to leave the higher timeframes.

So more markets = more opportunities.


Take care,

Mike
  • #10,993
  • May 28, 2008 6:09pm May 28, 2008 6:09pm
Quoting bundyraider
Just a question JoeBryce. ....Do you ever zoom out?

Personal preferences I s'pose.
.
I actually crop and zoom for posting. Not sure why.

Quoting bundyraider

Anyway, the BUOB was good enough for me to mark it down for trade watch first this this morning (Oz time, just after daily close). It's shown good support the past few days. Also 38.2% ret.
...There's also a trend line that I had in there.

I never got in, due to other trades popping up as well. Don't like getting too thin. ...If I had of though, I'd have entered on that strong BUOB on the 1 hr chart.

In other words , I'd would have been using the Daily as the setup , then waiting all day for a trade in that preferred direction. ...Easy!
All you have to do then is trail your stops in the days ahead. ( And take part profits at some point also, if you prefer. ) If it keeps to that direction.
.

For the record, I've just done a similar thing on a couple of other pairs.

I was up late here watching for that entry. Went to bed 30min. before it struck. I was already in the Euro short and it seemed to be the same trade really. I pretty much skipped the demo stage so I try not to be in too much at once. I haven't really figured out how to use trailing stops effectively. I just set targets based SR. Swing points mostly. I am making a run at doing this full-time so while I like to trade of the daily, I am watching almost always.
  • #10,994
  • May 28, 2008 6:13pm May 28, 2008 6:13pm
Quoting kenllau
I think you need to be wary on this, almost every other pair that I watch showed a small inside Monday bar and a big outside bar the following day. The small inside bar on Monday was a result of Memorial day in the US and a Bank Holiday in the UK. i.e. none of the big players were around.
I just ignored the holiday candle since they all seemed to indicate indecision. If you put the BUOB next to the candle from Friday it is still pretty much a BUOB. Same with the Euro only it was a BEOB.
  • #10,995
  • May 28, 2008 6:17pm May 28, 2008 6:17pm
I think I must agree this time with Bundytrader... !! The holiday candle is not indecision.... just a lack of volume and the big players not around... !! But over all... time and time again... BUOB or BEOB work... !! doesn't matter holiday candle or not.. !! go back and look... forget about holiday or not... BEOB and BUOBs in my opinion are better to play than Pin Bars.... !!! They are very reliable... !!

Quoting joebryce
I just ignored the holiday candle since they all seemed to indicate indecision. If you put the BUOB next to the candle from Friday it is still pretty much a BUOB. Same with the Euro only it was a BEOB.
  • #10,996
  • May 28, 2008 6:21pm May 28, 2008 6:21pm
Quoting SeekingLight
EURUSD. BEOB at the same resistance former PB formed. First on 4h, then on daily. Once that closed, long pin bar on mini-PPZ to initiate the retrace up to the .618. Hit it to the pip along with several short orders(now who would do such a thing!) and dropped like a stone.
I think that might have been me. http://www.forexfactory.com/images/icons/icon10.gif

Quoting SeekingLight
The long 4h PB was endangered because of the daily BEOB(in case anyone was tempted long). Also 1.5740 had a small chunk of minor s/r as well, which was where you could have become cautious as well.


I understand it's hard to "know" when the long PB or the short BEOB is more important...and sometimes it's hard for anyone to tell. In this case imho a second move was still missing on EURUSD and both daily and monthly were not giving that many thumbs up to buy up here.
Also the PB/BUOB looks a bit in mid-air to me(and has a terrible shape), despite the small PPZ flipzone
Regardless - even that mini-PB would have worked for a handful of pips with an aggressive TP or swiftly adjusted stop.

I'm curious to see how far this will all go. EURGBP should run parallel pretty much most of the time is my personal guess.
I have taken most of my position off. I may add to it if we get the right price action tonight. I am a little hesitant to chase the Dollar too much. I am a contrarian, but I see no reason to buy Dollars too aggressively.
  • #10,997
  • May 28, 2008 6:35pm May 28, 2008 6:35pm
weekly PA on g/cad.. and potential R areas.
Attached Image
  • #10,998
  • May 29, 2008 9:09am May 29, 2008 9:09am
Price sure has it's hooks in the 365 ema I've taken half off my 1.9474 and 1.9635 entries at 1.9812. Now I'm managing my stop loss for a long term trade. Current s/l at 1.9610 for both trades. Any suggestions?
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #10,999
  • May 29, 2008 9:14am May 29, 2008 9:14am
Quoting jarroo
Price sure has it's hooks in the 365 ema I've taken half off my 1.9474 and 1.9635 entries at 1.9812. Now I'm managing my stop loss for a long term trade. Current s/l at 1.9610 for both trades. Any suggestions?
Massive resistance around 2.0030. Hopfully price gets closer and show obvious PA so I can sell.
  • #11,000
  • May 29, 2008 11:07am May 29, 2008 11:07am
all this waiting, hopefully ends in a big payday
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