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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

  • #11,981
  • Jul 25, 2008 4:27am Jul 25, 2008 4:27am
Quoting jarroo
Price Action Rules!
that Pin bar was'nt all that nice on my 4H chart it was more like a green candle with a long tail, it was however quite pretty on the 1H, DAMN! i hate to control emotions...
I believe . . .
  • #11,982
  • Jul 25, 2008 4:30am Jul 25, 2008 4:30am
here is Uj a Pin Bar as good as ever!
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 13 KB
I believe . . .
  • #11,983
  • Jul 25, 2008 4:34am Jul 25, 2008 4:34am
Quoting n_aftab
Hi everyone,

I just wanted to say hi, and thanks for some of the best forex content i`ve seen in a long time.

I was one who used be moving on from one indicator to the next, until i started to look at candle sticks and support and resistance.

I`ve got to admit the pin bars have to be one if not the best trade signal to watch out for.
Hi Aftab all of this credit goes to none other than the master himself! Jim!

Keep in touch and let us all know how you find and manage PA in your trading style, and i am glad you got rid off all those nasty indicators to trust the king of signals, with some practice and experience as you go along you will surely groom as a trader and become a successful man (err, hope i got that gender department right ).

And yeah Pin bars are like right on top of the pinnacle amongst loads of other PA signals but make sure you take them on confluences with pivots or fibs or ppz's or MA or all of these to be able to extract the most out of the pin bar you decide to take.

Regards,
Ghous.
I believe . . .
  • #11,984
  • Jul 25, 2008 4:44am Jul 25, 2008 4:44am
Hi again,

I took the long on the eurusd last night, it was on support and looked like a qualifying pin bar to me.

Jim, and extended thanks to you, if you`d not started this thread, I dare say a lot of people would still be in indicator land. I`m not anymore and boy am i glad, when i look back at it, watching indicators in my case ema crosses, they are nothing compared to what the actual candles themselves are telling you.

"Candles light the way"

happy trading

N
  • #11,985
  • Jul 25, 2008 5:02am Jul 25, 2008 5:02am
Quoting n_aftab
Hi again,

I took the long on the eurusd last night, it was on support and looked like a qualifying pin bar to me.

Jim, and extended thanks to you, if you`d not started this thread, I dare say a lot of people would still be in indicator land. I`m not anymore and boy am i glad, when i look back at it, watching indicators in my case ema crosses, they are nothing compared to what the actual candles themselves are telling you.

"Candles light the way"

happy trading

N
yes that was a valid pin bar setup, were you able toy spot the Fib confluence?
I believe . . .
  • #11,986
  • Jul 25, 2008 5:13am Jul 25, 2008 5:13am
Hi,

Fib confluence??

I once upon a time did look at fibs, but to be honest i could never get them to work for me, so i ditched them

I only look at
Trend direction
support and resistance lines
and finally look for reversal candles.

I took that eurusd trade on the basis it was bouncing off resistance and it was a pin bar. As far as i could see it was a trade worth looking at,

if you could possibly draw a screen grab of Fib confluence so i could see what you mean?


N
  • #11,987
  • Jul 25, 2008 5:20am Jul 25, 2008 5:20am
this is what i mean...
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 17 KB
I believe . . .
  • #11,988
  • Jul 25, 2008 5:30am Jul 25, 2008 5:30am
Hi,

so you`ve pulled the fib tool from the low to the high, and its retraced at 50% which in fibo world is significant?

Thanks for the diagram explains what u ment a lot better.


N
  • #11,989
  • Jul 25, 2008 5:56am Jul 25, 2008 5:56am
Quoting ghous
Hi Bundy, there is no offending matter here you have all the right in the world to disagree, however i would like you to hear my end of thought as well...

i think it was a good short on Au because it was basically a breakout trade, a trade that i was (and still am) anitipating to break the trendline.

let me show you an example...(refer to the attatched chart)
Great post! ...I'm hearing you .

Very much a "traders trick" entry technique. A great one , which works very well, in many instances. (Even used it Wednesday on an index trade. lol) They're a great way to enter a trade and have something banked before the main test. Often use it when day-trading daily bar set-ups.

...But at the same time I personally still use a confluence of some sort for that early entry even. Mostly in the company of a pattern with an expected projection target.
The reason I do that is I always want my new trade's stop-loss protected by a strong wall ...so to speak.

Not knocking anyone else's techniques. It's just the way I prefer to do things. I'm a lot pickier with my trades than I was 12 months ago and it's a trait that gets stronger every month.

Regarding the A+++ rating thing: To illustrate my point, allow me to post another chart....

( this following chart doesn't take into account higher time frame charts, which you should always check, people. :nerd:blush:
Attached Image (click to enlarge)
Click to Enlarge Name: au selecting trades.gif Size: 42 KB
Bundy's status today: "Waiting..."
  • #11,990
  • Jul 25, 2008 6:05am Jul 25, 2008 6:05am
God one can get used to waking up to sweet golden profits in the morning... EURUSD is looking good... she retraced excatly where i wanted to get in @ 5665 moved S/L to BE now so I am in this trade for FREE!!! Whoo hoo!!! Holding to go back up to the 5970 level... Trade what you see not what you think...
  • #11,991
  • Jul 25, 2008 6:06am Jul 25, 2008 6:06am
Quoting KissFan
How's it going bundy!
Great man!

Good to see you're still around.
Have been keeping an eye on Tikis thread. I've read some good posts from you there and other threads.

Hope all's good?

Rock on man!! (...hey, I'll use any excuse to use that smiley! )
Bundy's status today: "Waiting..."
  • #11,992
  • Jul 25, 2008 6:31am Jul 25, 2008 6:31am
Hello all,

I just like all of you guy. I dont know why but I just love all of you. You all make this thread alive. Healthy discussion and very usefull and informative. Let's keep it that way.

You all make my trading standard up to another level. It's ture

James must be proud of us.
Go figure.. Simplicity work
  • #11,993
  • Jul 25, 2008 8:36am Jul 25, 2008 8:36am
USD/CAD 1hr chart

hmn....still 30min left to close the 1hr bar....near the daily trend line...not a perfectly set up..but i guess it has a potential to fall down....

what is u guys opinion??

ps. the chart(demo) is little different from Live chart...
Attached Image (click to enlarge)
Click to Enlarge Name: cad.GIF Size: 56 KB
  • #11,994
  • Jul 25, 2008 8:58am Jul 25, 2008 8:58am
Quoting donsleep
USD/CAD 1hr chart

hmn....still 30min left to close the 1hr bar....near the daily trend line...not a perfectly set up..but i guess it has a potential to fall down....

what is u guys opinion??

ps. the chart(demo) is little different from Live chart...
i have already discarded this pair but from what i see on your chart you're basically targeting the lower highs and the tails that ar in the making, personally i feel these kinds of trade are difficult, yes you're looking at the primary definition of a trend but then you need further confirmation maybe, from the chart you posted if i have anything to make out i'll say down, but this is what i call anticipation i won't react to any of my anticipations (a rule of mine ) maybe wait for a better PA setup...

Quote
Hello all,

I just like all of you guy. I dont know why but I just love all of you. You all make this thread alive. Healthy discussion and very usefull and informative. Let's keep it that way.

You all make my trading standard up to another level. It's ture

James must be proud of us.

Hi Tokwanden Glad you're loving it, let's keep the big train moving...

Quote
Great post! ...I'm hearing you .

Very much a "traders trick" entry technique. A great one , which works very well, in many instances. (Even used it Wednesday on an index trade. lol) They're a great way to enter a trade and have something banked before the main test. Often use it when day-trading daily bar set-ups.

...But at the same time I personally still use a confluence of some sort for that early entry even. Mostly in the company of a pattern with an expected projection target.
The reason I do that is I always want my new trade's stop-loss protected by a strong wall ...so to speak.

Not knocking anyone else's techniques. It's just the way I prefer to do things. I'm a lot pickier with my trades than I was 12 months ago and it's a trait that gets stronger every month.

Regarding the A+++ rating thing: To illustrate my point, allow me to post another chart....

( this following chart doesn't take into account higher time frame charts, which you should always check, people. :nerd:blush:
Hey bundy nice to see we have some kind of a strategy in common, but lol you're still stuck on that A+++ trade i mentioned earlier, you think it was'nt a great trade i think it was that's it end of story, i respect your opinion 100% and like the way you look at things too...so great going bro, was a nice battle...

and abt the frequesncy of trades, yes it's gonna decrease a bit, from next week on i'm focusing on Jim's 100 pip trading method (not a system guys just a trade managment theory) that will allow me to take fewer trades and as i mentioned earlier this is just what i need to put the icing on the cake, but hey that AU trade i still would have taken (LOL i hope i am not relighting the glowing splinter ) and the market has'nt yet proved me wrong ...but that's it please let's focus on trading more than A+++ lolz...

Quote
Hi,

so you`ve pulled the fib tool from the low to the high, and its retraced at 50% which in fibo world is significant?

Thanks for the diagram explains what u ment a lot better.


N

Hi Aftab, drawing Fibs is'nt an exact science, some ppl draw it from opens and closes others like me draw it from highs and lows, either way it only shifts the line here and there a bit and both are absolutely exceptable. and yes the 50% fib is the most important fib number, confluences off it are generally strongtrades like this Eu trade.

Regards,
Ghous.
I believe . . .
  • #11,995
  • Edited 10:09am Jul 25, 2008 9:05am | Edited 10:09am
Quoting donsleep
USD/CAD 1hr chart

hmn....still 30min left to close the 1hr bar....near the daily trend line...not a perfectly set up..but i guess it has a potential to fall down....

what is u guys opinion??

ps. the chart(demo) is little different from Live chart...
Hey,

IMO this isnt close to being a A+ trade.
On a side note, the 1H charts are very tricky. For newer traders they can be deadly (in a bad way ). I recommend staying away from them.

Back to this trade, there's no real confirmation to take it.
It's just price approaching a trendline but there's no PA setup.
It might drop like a stone, but I don't see an entry here.

Tom
  • #11,996
  • Jul 25, 2008 9:09am Jul 25, 2008 9:09am
Quoting donsleep
USD/CAD 1hr chart

hmn....still 30min left to close the 1hr bar....near the daily trend line...not a perfectly set up..but i guess it has a potential to fall down....

what is u guys opinion??

ps. the chart(demo) is little different from Live chart...
i second moneybags opinion i forgot to mention this point, if you're a new trader first of all you should only be looking to take pin bars and good PA setups besides the 1H is too difficult to trade anything under 4H is just out of bounds for a trader having any less than 1 year of trading experince atleast...
I believe . . .
  • #11,997
  • Jul 25, 2008 9:21am Jul 25, 2008 9:21am
Let me tell you what Jim would say about what I am seeing:

"Get good at weekly and daily charts before moving down in time frames."

In other words, those 1 hour charts are not very valid most of the time. I can think of nothing that helped my trading more than following this advice. Besides, who in the hell wants to be glued to a computer monitor all day? It's not exactly living the dream is it?

There is a lot more noise on the 1 hour chart than the 4 hour chart. And the 4 hour is nosier than say the weekly.

As a general rule, in our private forum, you rarely see anything less than a 4 hour chart posted. And for good reason.

However, the premise seems solid. Just the time frame is wrong, and a little more dangerous.

Clockwork
  • #11,998
  • Jul 25, 2008 9:22am Jul 25, 2008 9:22am
er where have all the Euro bulls gone?
  • #11,999
  • Jul 25, 2008 9:23am Jul 25, 2008 9:23am
Quoting ghous
i second moneybags opinion i forgot to mention this point, if you're a new trader first of all you should only be looking to take pin bars and good PA setups besides the 1H is too difficult to trade anything under 4H is just out of bounds for a trader having any less than 1 year of trading experince atleast...
thanks for the advice! i knew that it was not a perfect set up.. i just put a little bit wish in there.. there was a new home sale report and oil price was testing the support....also Friday!!!;;; but the dream of jackpot is gone... ;;
  • #12,000
  • Jul 25, 2008 9:28am Jul 25, 2008 9:28am
Quoting donsleep
thanks for the advice! i knew that it was not a perfect set up.. i just put a little bit wish in there.. there was a new home sale report and oil price was testing the support....also Friday!!!;;; but the dream of jackpot is gone... ;;
in the beginning stay away from news more than you look to trade it, keep it simple go on to the hgiher tfs and enjoy the lack of noise there, it may seem boring at first but i bet you'll feel more comfortable and a lot realxed as you get used to it, take our advice and do your trading some good Dude!
I believe . . .
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