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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

  • #12,241
  • Aug 6, 2008 3:20am Aug 6, 2008 3:20am
Quoting Shermenator
I am new to this thread...let me know what you guys think of this pin in the 1 hour chart for the gbp usd thanks...

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Hi Shermenator, I think that is a good indication that price isn't ready to move higher. I would look for a move down around the 1.95-1.9450 and in order to get long. Things can change until then but that's what I am looking at for the time being.
  • #12,242
  • Aug 6, 2008 4:09am Aug 6, 2008 4:09am
Break of the 212.00 ppz with retrace and rejection with 4hr pin. First time back to the 150 ema. 365 first tentative tp
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  • #12,243
  • Edited 8:13am Aug 6, 2008 6:35am | Edited 8:13am
Nothing to see here folks ~ just passing through

Aud/Cad
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  • #12,244
  • Edited 1:43pm Aug 6, 2008 6:42am | Edited 1:43pm
Edited:

GBP/USD

Will be waiting for bounce off of longterm 23.6% Fibonacci retracement level!
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  • #12,245
  • Aug 6, 2008 8:56am Aug 6, 2008 8:56am
Quoting bundyraider
I certainly don't mind the heads up.

I'll wait for a retrace to 1.5520 area on this one though. If we get one! lol
Sometimes you miss a trade.

...but better to miss a good move than to enter a trade badly.

Was waiting for the pullback ...pink arrow. This time I had a limit sell at 1.5517
Didn't even get a good PA confirm entry. (in my book)

THEN I was hoping for a pullback after the DBHLC ...yellow arrow...(which broke the preceding low and trendline AND PPZ return). Not an A+ trade , but from experience, I knew it was a good trade to take, ...for me.

As Jim says. "Sometimes they just take off and you miss the trade". ...or something like that.

Tomorrows another day people. For this pair anyway. We'll get mor pullbacks etc. My account is less stressed now, by forgetting lost opportunities quickly and moving on.
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Bundy's status today: "Waiting..."
  • #12,246
  • Aug 6, 2008 9:16am Aug 6, 2008 9:16am
Quoting HipsterPipster
Break of the 212.00 ppz with retrace and rejection with 4hr pin. First time back to the 150 ema. 365 first tentative tp
I entered that one too HP, but got out as soon as my eyes ventured to the daily chart. ...and reversed the position when I seen the Outside Bullish Bar on the 1 hour and it's subsequent pullback. The daily pin-like bar wasn't that good, that's why I wanted another reason first to enter above the PPZ.
Bundy's status today: "Waiting..."
  • #12,247
  • Aug 6, 2008 9:21am Aug 6, 2008 9:21am
Quoting HipsterPipster
Break of the 212.00 ppz with retrace and rejection with 4hr pin. First time back to the 150 ema. 365 first tentative tp
Hi HP. Thank you for posting the GJ chart. I really value all of the great charts that are posted by all of the experienced traders on this thread. That chart you posted makes sense to me, however I kept my long trade in tact because of the nicely placed PB at yesterdays close. My current view is that we will see the 213.90 area if we close on 1hr or 4 hr above 213.13.
  • #12,248
  • Aug 6, 2008 9:28am Aug 6, 2008 9:28am
Quoting bundyraider
I entered that one too HP, but got out as soon as my eyes ventured to the daily chart. ...and reversed the position when I seen the Outside Bullish Bar on the 1 hour and it's subsequent pullback. The daily pin-like bar wasn't that good, that's why I wanted another reason first to enter above the PPZ.
Thats the cruddy thing about all these charts closing their daily candles at different times. My daily PB looks great to me. Sometimes I'll dial down to lower TF to see where supply/demand is and be able to get in on the breakout before the PB is actually formed. You get lucky and see them sometimes before they happen and it really gives you an edge in the trade. You can ride up to the break of the PB and then ride it again further for more profit.
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  • #12,249
  • Edited 9:41am Aug 6, 2008 9:31am | Edited 9:41am
Quoting KissFan
Hi HP. Thank you for posting the GJ chart. I really value all of the great charts that are posted by all of the experienced traders on this thread. That chart you posted makes sense to me, however I kept my long trade in tact because of the nicely placed PB at yesterdays close. My current view is that we will see the 213.90 area if we close on 1hr or 4 hr above 213.13.
Hi KF

Not sure about 213.90 ( myself ). I'm aiming lower. ....213.40-ish .
And that 213.13 you mention is a barrier for sure. That's why I've already taken some profit on this one.

Edit: Oh yeah, watch out for divergence on the daily chart too.
Bundy's status today: "Waiting..."
  • #12,250
  • Aug 6, 2008 10:04am Aug 6, 2008 10:04am
Quoting bundyraider
Hi KF

Not sure about 213.90 ( myself ). I'm aiming lower. ....213.40-ish .
And that 213.13 you mention is a barrier for sure. That's why I've already taken some profit on this one.

Edit: Oh yeah, watch out for divergence on the daily chart too.
Thanks for the heads up Bundy! Good to hear from you again!
  • #12,251
  • Aug 6, 2008 1:26pm Aug 6, 2008 1:26pm
Quoting mbqb11
Hey Boomswitch

My opinions below in bold
Thank you for these clear explanations.
  • #12,252
  • Aug 6, 2008 1:53pm Aug 6, 2008 1:53pm
Off topic question: Does anyone here run parallels on a Mac? I have a devil of a time trying to post charts off my GFT platform. Cheers.
Patience + Humility + Study = Success
  • #12,253
  • Aug 6, 2008 1:55pm Aug 6, 2008 1:55pm
What do You think about EUR/GBP ?
There is a confluence - Daily pivot, 21 and 79 SMA.
And looks like there will be a pin bar.
Maby it will be a good trade, will see...
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  • #12,254
  • Aug 6, 2008 2:18pm Aug 6, 2008 2:18pm
What about this one ?

http://perso.numericable.fr/pillow/audcadh4.gif

On H1 we just had a dblhc on the same pair. Seems like a good trade but not too sure as I'm new to this thread.

http://perso.numericable.fr/pillow/audcadh1.gif
  • #12,255
  • Aug 6, 2008 2:36pm Aug 6, 2008 2:36pm
Hi,

Stopman,

Ive attached an image od eurgbp, of of what i think is a good valid A grade pin bar, take a look.

The one you've pointed out looks too small of a bar for me, i like them to stick out and leave a nice long wick

N
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  • #12,256
  • Aug 6, 2008 2:43pm Aug 6, 2008 2:43pm
Quoting n_aftab
Hi,

Stopman,

Ive attached an image od eurgbp, of of what i think is a good valid A grade pin bar, take a look.

The one you've pointed out looks too small of a bar for me, i like them to stick out and leave a nice long wick

N

Agreed. I want that PB to show off a nice long wick. Also, don't miss the fact that this one shown above is also placed well for a reversal. I've seen many a great looking PB right in the middle of traffic. Make sure that the PB is at swing low/high and take your trade at the break of the PB with a stop loss at the end of the wick. Keep your SR levels on your chart as well. They will also help you to make a good trading decision.
  • #12,257
  • Aug 6, 2008 3:03pm Aug 6, 2008 3:03pm
Quoting n_aftab
Hi,

Stopman,

Ive attached an image od eurgbp, of of what i think is a good valid A grade pin bar, take a look.

The one you've pointed out looks too small of a bar for me, i like them to stick out and leave a nice long wick

N
yep that is what we look for in an A+ pinbar.

Stopman, todays bar is an Insidebar(as of 4pm est). This is when it is contained within the previous bars high and low. A pinbar can not be an inside bar also.

Take care,

Mike
  • #12,258
  • Aug 6, 2008 3:08pm Aug 6, 2008 3:08pm
Quoting HipsterPipster
Break of the 212.00 ppz with retrace and rejection with 4hr pin. First time back to the 150 ema. 365 first tentative tp
I saw this also.
Talk about a nice setup Hipster; 4 hour PB, off a strong PPZ and 150 EMA. Talk about a confluence of events! James would be proud of a setup like this.

But that Daily PB (the 800 pound Gorilla in the room) isn't going away.

Like KissFan, I liked the location of the Daily PB (although its Open and Close are not inside the preivous bar). It too was on PPZ and a trendline. But more importantly, on a higher time frame.

So maybe this 4 hour PB shows a retrace of the Daily PB. That happens all the time on higher time frames. Price went from 212.00ish to 210.25ish a bunch of times last month and in June.

I guess what I'm saying is that I wouldn't fault anyone for taking this trade. Sure, easy to say after the fact Jim, where were you when I entered smart a**?

I'm still learning as well and a failed set-up like this just tells me (screams to me) that higher time frame PA : Rules.

And that if a set-up like this 4 hour PB, with all of its strong confluences, fails. It is a strong indication that Price is going the other way.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #12,259
  • Edited 3:32pm Aug 6, 2008 3:21pm | Edited 3:32pm
But, again. I read that the inside bar can point of contination of trend (or i'm wrong?). And the 21,79 SMA's are showing down, with a divergence agreement.

Is this trade at least "B" trade? (Is it worth to try to catch a few pips with low lot size?)
  • #12,260
  • Aug 6, 2008 3:54pm Aug 6, 2008 3:54pm
Quoting DutchTrader
Off topic question: Does anyone here run parallels on a Mac? I have a devil of a time trying to post charts off my GFT platform. Cheers.

I do. i love it. its seemless between the two. Same as having 2 computers.
When you install its simple, just follow the promts. I have only called customer service once.
It will ask you when setting up, which you prefer for performance while running your typical use. I selected pc for charting, this will slow the mac functions a little bit but not enough to piss me off. On the weekends i shut down the pc side & just run the mac and its at its faster speed.
I installed windows xp not vista. I have had it on my mac for 1 year with no problems.
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