james16 Chart Thread | Page 127 | 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

  • #2,521
  • Edited 6:51pm Feb 6, 2007 6:29pm | Edited 6:51pm
Hi Gang,

This group is great and I'm learning a lot from you all....Thank you.

This is my first time posting and I just want to say how impressed with James I am. I emailed his this week to ask a question and in less than 2 hours got a reply....I thought I would either not get a reply or be waiting for several days.....So thank you James for that......Very Impressive...

I have a demo account with FXDD for the meta trader charts and a live acount with gftforex.....when I look at the 4H charts on both accounts they are always different in terms of one will show a perfect long nose pin and the other one will not even come close to even thinking about trading...Any thoughts on what to do about that or why it happens so that I can understand what to do.

Thanks again James and the Gang

Bill
Las Vegas

PS I'm on page 40....130 to go..........
It's All About Attitude ...
  • #2,522
  • Feb 6, 2007 6:34pm Feb 6, 2007 6:34pm
Quoting hoss
I'm sure most of you have seen, but for those that haven't there is a double-low, high close forming on the EUR/USD daily.
Yes I saw that BUT On the 4H chart (metatrader) there is also a double bounce off of the 365 ema.

What do do......
It's All About Attitude ...
  • #2,523
  • Feb 6, 2007 6:54pm Feb 6, 2007 6:54pm
Quoting billser
Hi Gang,

This group is great and I'm learning a lot from you all....Thank you.

This is my first time posting and I just want to say how impressed with James I am. I emailed his this week to ask a question and in less than 2 hours got a reply....I thought I would either not get a reply or be waiting for several days.....So thank you James for that......Very Impressive...

I have a demo account with FXDD for the meta trader charts and a live acount with gftforex.....when I look at the 4H charts on both accounts they are always different in terms of one will show a perfect long nose pin and the other one will not even come close to even thinking about trading...Any thoughts on what to do about that or why it happens so that I can understand what to do.

Thanks again James and the Gang

Bill
Las Vegas

PS I'm on page 40....130 to go..........
Hey Bill,

Welcome aboard here.

Depending on what broker feed you use your charts will look different. So the general conclusion is that to play it like you see it. If you want to try a different feed try InterbankFX. I don't have any experience with any of the other feeds, but we have all found interbankFX feed very reliable in the PF. This is also the feed James uses inside the PF to show examples.

Hope this helps,
Mike
  • #2,524
  • Edited 7:09pm Feb 6, 2007 6:57pm | Edited 7:09pm
Thanks Mike I will look into InterbankFX

Do you know how much the spread can change when there is news?

Bill
It's All About Attitude ...
  • #2,525
  • Feb 6, 2007 7:47pm Feb 6, 2007 7:47pm
Quoting billser
Yes I saw that BUT On the 4H chart (metatrader) there is also a double bounce off of the 365 ema.

What do do......
Good point. I missed that one. Hopefully it will bust through.
Life is too short to have anything but delusional notions about yourself.
  • #2,526
  • Feb 6, 2007 8:13pm Feb 6, 2007 8:13pm
Quoting hoss
I'm sure most of you have seen, but for those that haven't there is a double-low, high close forming on the EUR/USD daily.
the euro looks poised for a breakout
  • #2,527
  • Feb 6, 2007 8:29pm Feb 6, 2007 8:29pm
Dont do anything, wait for the price break yesterday high and then enter long.thx

Quoting billser
Yes I saw that BUT On the 4H chart (metatrader) there is also a double bounce off of the 365 ema.

What do do......
  • #2,528
  • Feb 6, 2007 9:34pm Feb 6, 2007 9:34pm
i know some of you are thinking geez wish he would reply to me that quick. bill got lucky. LOL. the truth is i put all questions in a seperate folder and try not to let them back up. when i dont answer any for several days im hopelessly behind. some dont get answered and it truly bugs me but its a fact of life these days. if you find your question not getting answered there is one way to make sure it does. send it again. chances are good it wont get past me twice. each and every question i get whether from this free thread or the pf is important to me. it truly humbles me that people like what i share and teach. i appreciate each and everyone of you. mb is correct, whatever feed you use play em like you see em.

jim


Quoting billser
Hi Gang,

This group is great and I'm learning a lot from you all....Thank you.

This is my first time posting and I just want to say how impressed with James I am. I emailed his this week to ask a question and in less than 2 hours got a reply....I thought I would either not get a reply or be waiting for several days.....So thank you James for that......Very Impressive...

I have a demo account with FXDD for the meta trader charts and a live acount with gftforex.....when I look at the 4H charts on both accounts they are always different in terms of one will show a perfect long nose pin and the other one will not even come close to even thinking about trading...Any thoughts on what to do about that or why it happens so that I can understand what to do.

Thanks again James and the Gang

Bill
Las Vegas

PS I'm on page 40....130 to go..........
  • #2,529
  • Feb 6, 2007 10:04pm Feb 6, 2007 10:04pm
this is what I was referring to. Is this a pin on usd/cad?
Attached Image
  • #2,530
  • Feb 6, 2007 10:12pm Feb 6, 2007 10:12pm
Quoting Jimmywa
this is what I was referring to. Is this a pin on usd/cad?
It is a pin in your picture, but the location of it isnt great. Not good enough for me to play at least. It's better at more of a swing high or swing low, or with a really long nose protruding from everything. Looks like this one was back to the 61.8. There are better ones then this to pass it IMO. Remeber to qualify as a pinbar doesn't mean that you should play it. Like all the price action bars, it is where they are located that means the most. The daily is an I4B though so a better play would be a break of that IMO.

Mike
  • #2,531
  • Feb 6, 2007 10:20pm Feb 6, 2007 10:20pm
Here is what I am looking at on the USD/CAD. This is really more then an I4B it is the smallest bar of the last 25 bars I counted! I think were at a crucial point here.

Heres chart
Mike
Attached Image
  • #2,532
  • Feb 7, 2007 12:43am Feb 7, 2007 12:43am
looks like a short term bottom?

will thing s get hairy with GSEVEN meeting tomm?
  • #2,533
  • Feb 7, 2007 3:17am Feb 7, 2007 3:17am
I'm going to post some pics because Moneybags asked me about BUOBs/BEOBs and even though I'm not sure I'm the most qualified person for this I'll try to answer.

First just for some overview a big picture of the GJ stuff and some unqualified guessing at the patterns

And yes yes, I know, the double bottom makes it two left shoulders, let's just say Quasimodo wasn't built in one day
Attached Image
Trust price. Know yourself.
  • #2,534
  • Feb 7, 2007 3:44am Feb 7, 2007 3:44am
Now for the BUOB.

It was only a small one but the principle should be the same most of the time.

The questions are:

Question:
Do you usually play those setups as a trend continuation sign?
Or do you sometimes play them as a trend reversal?

Answer:
If you reach a high with one bar, then the next bar makes a few pips higher high but closes below the last bar, then you got a BEOB at a high. I'd take this as a potential sign for a reversal, sort of like a 2 bar pin, with the second part already feeling gravity.

They also work as signs of continuation as in the attached example - you get a move out then a retrace or a pause, then things move on.

--

Question:
Do you mostly wait for a retrace and then enter? Which fibs do you look for a retrace entry?

Answer:
I'd recommend retraces, but sometimes you don't get them. James recommends to just shrug and wait for those that do retrace I believe?
Not sure. As for fibs - I think you should just look for points of s/r and/or confluence like on the attached chart and usually those work best I find.

Question:
Which timeframes do you trade those setups mostly on? All?

Answer:
I try to look for them on 4h and daily, but if you already have a setup on a higher timeframe they can give clues on the lower TF for entries, too. Just like pins. Say you got a daily pin and you get a 1h pin at a retrace fib line or a BUOB at a fib ret line for example.

All in all they CAN work, but they dont HAVE to. A lot of times in a ranging market you can get the setup and then either: no retrace, moves out a bit, makes pin or simply comes back, then fails.
Or: retrace, then out a bit, then the turnaround. This is why retrace entries help and you can move your stop to roughly your entry once it did move out again. If it is a genuine move out then it shouldn't come racing back past the lowest retrace point after it moves out of the BUOB/BEOB again I guess.

Hope this helps.
Attached Image
Trust price. Know yourself.
  • #2,535
  • Edited 5:48am Feb 7, 2007 4:07am | Edited 5:48am
Quoting billser
Thanks Mike I will look into InterbankFX

Do you know how much the spread can change when there is news?

Bill
Widening of the spread is normal with all borkers, so if you're following the basic premise of Jim's PA, and trading daily/4 hr charts it matters less than for those guys fighting the good fight on short-term charts.
Some prefer to hold back from trading on the major announcement days, waiting to see how the market settles, and others, like me, pretend they're not happening .
From some of the other threads I've read it can happen with the ECN traders as well, so it's not just a problem with 'market-makers'. I've used IBFX for several months now and am happy with them, mind you I'm only trading micro-lots so they're not going to take a lot from me if they try any funny business hunting my stops
  • #2,536
  • Feb 7, 2007 6:15am Feb 7, 2007 6:15am
One of different possible perspectives
Attached Image
Trust price. Know yourself.
  • #2,537
  • Feb 7, 2007 6:15am Feb 7, 2007 6:15am
Closeup (Moneybags, this is a good example for where a retrace line/area could be at...prior highs, open and closes line up)
Attached Image
Trust price. Know yourself.
  • #2,538
  • Edited 10:26am Feb 7, 2007 8:42am | Edited 10:26am
Quoting parlenk
Dont do anything, wait for the price break yesterday high and then enter long.thx
Thanks Parlenk,

Last night I set my automatic buy at 1.2996 a few pips above the price break of the high and I went long sometime this morning...... So far so good.

Any thoughts on where the stop loss should go.......? (I'm still on a demo a/c)

By the way James great business plan regarding the 3 months positive trading on a demo, then 3 months positive trading on a mini account then 3 months positive trading on a standard.....thanks


http://www.onestoplasvegashomes.com/_images//euro.gif

It's All About Attitude ...
  • #2,539
  • Feb 7, 2007 8:47am Feb 7, 2007 8:47am
Quoting billser
Thanks Parlenk,

Last night I set my automatic buy at 1.2996 a few pips above the price break of the high and I went long sometime this morning...... So far so good.

By the way James great business plan regarding the 3 months positvie tradinf on a demo, then 3 month positive on a mini account then 3 months posivitve on the stanard.....thanks
Do us a favour Bill and resize your image to 600x600 MAX. It makes it easier to scroll the thread and read your post
  • #2,540
  • Feb 7, 2007 8:56am Feb 7, 2007 8:56am
Quoting PeterFM
Do us a favour Bill and resize your image to 600x600 MAX. It makes it easier to scroll the thread and read your post
Fixed and sorry about that......its still early and I haven't had coffee yet.......
It's All About Attitude ...
71 traders viewing now, 1 is registered:
Zojahamad