james16 Chart Thread | Page 608 | 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

  • #12,141
  • Aug 1, 2008 12:13pm Aug 1, 2008 12:13pm
Hi guys,

ok this is my last trade of the week which i closed just before the NFP release with some nice profits...

it basically was a divergence trade on the break of a trendline with some price action to confirm it. we know that from the last 5 days price wanted to break the 214 level unsucceffuly, with nice bearish divergence with the macd on the daily tf and indescion candles appearing on a nice uptrend i was willing to take the short.

the biggest risk obviosuly was that i was going countertrend but it was the divergence that really did assure me of the high probability of the trade going on to the lower tfs i waited for price to show some bearih momentum enough to atleast break the trendline which resulted from the formation of two very good pin bars earlier on.

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: gj trade.gif Size: 12 KB
I believe . . .
  • #12,142
  • Aug 1, 2008 12:32pm Aug 1, 2008 12:32pm
I think I FINALLY found something Jim hasn't posted yet

Not as clean/pretty as Jim's yet, but I'm getting better at trying to hold myself back with my creativity

Just some examples as I just discussed this chart recently.

I don't think many words need to be said for this one.
Placement of the marked bars was as always crucial, price had as much room to go as one would expect in basically every move and reactions at the zones are very visible.

The pair is a bit noisy at times, but the important zones stand out. Tradeable despite tight spacing if you know where to look.

Have a great weekend everyone.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud_080801_daily_setups.gif Size: 23 KB
Trust price. Know yourself.
  • #12,143
  • Aug 1, 2008 2:09pm Aug 1, 2008 2:09pm
Quote
Now that's some great positivity, get something out even from an empty bag, even a handful of dust alarms you it needs some dusting...
Well that bag was far from being empty.

Say somebody took a 60 - 65 pips loss from that pin bar. The following break on the downside was +130 pips. And you can't say the short trade wasn't v. obvious below 0.7386. Easy recovery.
  • #12,144
  • Aug 1, 2008 2:13pm Aug 1, 2008 2:13pm
Quoting Forex007
Nice one! I should try it on the leather

DIBS worked really well for me too (compared to many other system which I - well, typical "trail" - have tried over the years), but then I do use "modified" rules for establishing the prevailing trend. I am now looking to add more PA to my toolbox. I had bad experience with PBs (so I guess I was doing smth wrong ), good experience with OBs - it seems to be that PA (used in conjunction with Fibos, S/R etc) IS the way to go...


I would not say that I have you're knowledge or experience yet. I only trade PA and Dibs on the Daily TF I do pay attention to the trend and S+R levels but thats about it... I dont mess with the Fib at all and I know it works for many people it just doesn't suit my style. I am able to look at the charts for about 10-20 min each night sometime between 1900 and 2100 EST and my results have been solid (short term only a few weeks in I'll hollar if I can keep it going for 6 months)
  • #12,145
  • Aug 1, 2008 2:28pm Aug 1, 2008 2:28pm
you are very observant and into a more advanced area i always hope people will reach over time. a lot of practice begins to unfold these revelations like reading a book.

multiple failed attempts at a strong s/r can be money in the bank even without a bar confirmation and lend themselves to very low risk entries. Trading a blind ( no bar confirmation) entry off of a strong pivot zone ( my term for strong horizontal s/r (not trendlines)) is not the most conservative way of trading but it sure gives you a low risk entry and a super tight initial stop.

your never going to find a better risk/reward set up. The key is not taking these blind entries off of anything other than the strongest/tightest proven pivot zones.

demo is the key and i honestly dont even like the term.

This is the research and developement part of your business. Without it your business will fail.

BTW, this was not a failed pin bar as it did exactly what you would have expected it to do.

thanks gooz for giving me a lead in,

jim



Quoting Goozman
In situation like this one - volatile periods, multiple daily closes below a very strong support area - failed PBs can become highly profitable signals
  • #12,146
  • Aug 1, 2008 2:31pm Aug 1, 2008 2:31pm
Hi Jaroo

I am not Jim, but I play him on TV...

I discussed this very PB on an email yesterday. The PB itself did not fail, but went exactly where I would have expected it to go. It was a PB just below a PPZ, so the trade would be good for a couple of pips only - so it was not my cup of tea. Looking for a PB to break the PPZ, and banking on it is pretty risky.

See the attached screen shot for where I draw the PPZ - Look back to Sep of 2007 - and see why this is a good place for it.

Now have a look at the TBHLC (or is it an BEOB - your call) on 7-29. Right off of the PPZ. I put in another PPZ at 7250. Zoom out to see the reason. Since the PPZ is normally a place where price reacts strongly, can you guess where I took profit? (Congrats on spotting it! it is an A+ trade)




Quoting jarroo
Great chart Jim.

Would you say that when a Price Action set up fails its a good indication that Price is going the other way? Now I'm not saying this is an "A" trade (the PB 7-24-08) but it was close in my book. The nose was to small in hindsight and probably not enough space. Also, "A" trade don't fail. lol.

Just curious on your thoughts on a failed PA setup, the "B+" trades.


Jim

I am currently in the BEOB.
Attached Image (click to enlarge)
Click to Enlarge Name: kiwi 8-1.gif Size: 26 KB
I'm pretty much done with all this ...
  • #12,147
  • Aug 1, 2008 2:45pm Aug 1, 2008 2:45pm
[quote=StoragePro;2142412]Hi Jaroo

Quote
I am not Jim, but I play him on TV...

LOL. Where are my royalty checks?
  • #12,148
  • Aug 1, 2008 3:04pm Aug 1, 2008 3:04pm
CHART
Attached Image (click to enlarge)
Click to Enlarge Name: 81b.gif Size: 25 KB
  • #12,149
  • Edited 3:52pm Aug 1, 2008 3:27pm | Edited 3:52pm
Quoting StoragePro
Hi Jaroo

I am not Jim, but I play him on TV...

I discussed this very PB on an email yesterday. The PB itself did not fail, but went exactly where I would have expected it to go. It was a PB just below a PPZ, so the trade would be good for a couple of pips only - so it was not my cup of tea. Looking for a PB to break the PPZ, and banking on it is pretty risky.

See the attached screen shot for where I draw the PPZ - Look back to Sep of 2007 - and see why this is a good place for it.

Now have a look at the TBHLC (or is it an BEOB - your call) on 7-29. Right off of the PPZ. I put in another PPZ at 7250. Zoom out to see the reason. Since the PPZ is normally a place where price reacts strongly, can you guess where I took profit? (Congrats on spotting it! it is an A+ trade)
Thanks StoragePro. Well said.
I sometimes look to PA setups to break PPZs, which they do at times.

Following the areas of least resistence, with Price Action leading the way, is the way to go.

Thanks again,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #12,150
  • Aug 1, 2008 4:00pm Aug 1, 2008 4:00pm
Quoting james16
CHART
Here's a different look. I was actually watching this one last week. Out of the blue, price started heading up and just as fast as it went up, it came right back down during the Asian session. It was really weird only a matter of minutes. Once I saw the bearish pin, it was enough for me to stay away. If anyone played the nice bearish outside bar (I think Jarroo mentioned it), you would have gotten a few pips. I know I did.

Question for Seek, Mike, Jim, or any senior member. Everyone asks about exits, what about entries? I seem to be struggling in this area. Some bar formations on certain pairs take off right away once the break happens, while others turn right back around. If I play a retrace should it be the 23 or the 50 fibo? I'm at the point now where I feel that retraces have to be the norm when trading cable. Guess I'm going to have to do some detailed research and development in that area. Jim can't thank you enough for this method that you have shared with us all. I've been trading live now since mid May and my account is looking respectable. No draw downs yet, and I want it to stay that way by moving along with caution and care. Thanks again.
Attached Image (click to enlarge)
Click to Enlarge Name: kiwi_anotherlook.gif Size: 9 KB
"Don't trade to trade . . . trade to win." - James16
  • #12,151
  • Edited 5:10pm Aug 1, 2008 4:44pm | Edited 5:10pm
Quoting Flem26

Question for Seek, Mike, Jim, or any senior member. Everyone asks about exits, what about entries? I seem to be struggling in this area..
Firstly congrats on your account performance.

I will give my 2 cents on entries.

I sum it up in one word. Consistency. That is for me, I want to be consistent. Because of this I play all my entries almost the same way. I am a very conservative trader as most will tell you, and for this reason I always wait for a break of the bar. I am comfortable doing this.

Can you play retraces, and all the other entry methods, absolutely. But I still think one needs to be consistent with it, no matter what path. Just practice and try a bunch of ways. Find your comfort zone and then just stick with what works for you.

Again this is just my view

Have a great weekend

Mike
  • #12,152
  • Aug 1, 2008 4:51pm Aug 1, 2008 4:51pm
Quoting mbqb11
Firstly congrats on your account perfermoance.

I will give my 2 cents on entries.

I sum it up in one word. Consistency. That is for me, I want to be consistent. Because of this I play all my entries almost the same way. I am a very conservative trader as most will tell you, and for this reason I always wait for a break of the bar. I am comfortable doing this.

Can you play retraces, and all the other entry methods, absolutely. But I still think one needs to be consistent with it, no matter what path. Just practice and try a bunch of ways. Find your comfort zone and then just stick with what works for you.

Again this is just my view

Have a great weekend

Mike
Thanks Mike. Appreciate it.
"Don't trade to trade . . . trade to win." - James16
  • #12,153
  • Aug 1, 2008 6:02pm Aug 1, 2008 6:02pm
Quoting SeekingLight
I think I FINALLY found something Jim hasn't posted yet

Not as clean/pretty as Jim's yet, but I'm getting better at trying to hold myself back with my creativity

Just some examples as I just discussed this chart recently.

I don't think many words need to be said for this one.
Placement of the marked bars was as always crucial, price had as much room to go as one would expect in basically every move and reactions at the zones are very visible.

The pair is a bit noisy at times, but the important zones stand out. Tradeable despite tight spacing if you know where to look.

Have a great weekend everyone.
hmmmm....looks to me like you are inside jim's head! lol...check the email archives at least you beat him this time!
  • #12,154
  • Aug 2, 2008 3:10am Aug 2, 2008 3:10am
any comments about this monthly PB please
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1.gif Size: 9 KB
  • #12,155
  • Aug 2, 2008 7:37am Aug 2, 2008 7:37am
if i can get a 2000 account to a 4000 account does it mean that i am ready to go live?
  • #12,156
  • Aug 2, 2008 8:59am Aug 2, 2008 8:59am
Quoting ezz
if i can get a 2000 account to a 4000 account does it mean that i am ready to go live?
Possible. But there are many other considerations to take into account as well. While I certainly would not want to discourage you, there are some things I would ponder first:

1 - How are you going to feel about "real money" instead of the fake stuff?

This is the hardest part of transitioning in Forex. While you have doubled your account, it does throw one more factor into the mix when you can feel the fear of loss. In fact, it's one of the biggest hurdles we face as traders.

2 - How was your discipline during this demo period?

I can double an account. I can even do it in a day if I try. However, that's not the same as plugging away everyday for weeks. In fact, it can be simple luck. How your discipline has held up can make a huge difference as to how you do in real life. When you get that first "real loss", you could have the urge to "get it back" right away. A recipe for disaster.

3 - Set goals.

Most traders have something brilliant to say like "My goal is to get rich". I am talking real goals, ways to measure your success. If you set some goals, you will feel fulfilled on the way to achieving them. If not, you can sometimes feel like "it's not going fast enough".

I am sure there are other things to consider, but these 3 things came to mind right away...

Best of luck,
Clockwork
  • #12,157
  • Aug 2, 2008 9:45am Aug 2, 2008 9:45am
Quoting PB_lover
any comments about this monthly PB please
This pair has been going sideways the last 4 months. There's still indecision.
This monthly bar is not that great of a pin, IMO. The open and close are too far apart. And aside from the actual formation, it's not really sticking out much from price to the left, again because of the sideways action.
I don't see a great entry here.

Tom
  • #12,158
  • Aug 2, 2008 11:10am Aug 2, 2008 11:10am
Hi to all, ... Aud/nzd weekly chart homework for the weekend .... study purpose only!

So looking at the chart I see a bullish trend that started the very last weeks of 2005, it infact shoot up a nice 2000 pip approx leg ...
After 30 weeks in the mid -2006 it finally corrected, a very deeeeep correction .... something like 70% ... however, 2007 could be seen as a yearly IB (i noticed it on january this year) and just look what happened when this huge Y-IB got broke ... it broke the resistance, retest it as support and then 900 pip up ! .. Would have been a nice long term investement.
This year, as in 2006, after 30 weeks we have our 2000 pip leg up .... This week closed as a 2bar PB ... maybe it's time for a little correction? If yes ... can we consider the areas in gray PPZ (targets) ? ...

Any Thoughts ???
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd.gif Size: 19 KB
  • #12,159
  • Aug 2, 2008 1:13pm Aug 2, 2008 1:13pm
Quoting giusepp8
Hi to all, ... Aud/nzd weekly chart homework for the weekend .... study purpose only!

So looking at the chart I see a bullish trend that started the very last weeks of 2005, it infact shoot up a nice 2000 pip approx leg ...
After 30 weeks in the mid -2006 it finally corrected, a very deeeeep correction .... something like 70% ... however, 2007 could be seen as a yearly IB (i noticed it on january this year) and just look what happened when this huge Y-IB got broke ... it broke the resistance, retest it as support and then 900 pip up ! .. Would have been a nice long term investement.
This year, as in 2006, after 30 weeks we have our 2000 pip leg up .... This week closed as a 2bar PB ... maybe it's time for a little correction? If yes ... can we consider the areas in gray PPZ (targets) ? ...

Any Thoughts ???

here are my thoughts...
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd.gif Size: 12 KB
I believe . . .
  • #12,160
  • Aug 2, 2008 1:29pm Aug 2, 2008 1:29pm
i have a question about ur Nzd/Usd
its a DBLC entry but isn't there traffic just before the signal so is this an agressive entry?
Attached Image (click to enlarge)
Click to Enlarge Name: aa.gif Size: 34 KB
112 traders viewing now