james16 Chart Thread | Page 622 | 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

  • #12,421
  • Aug 11, 2008 5:30pm Aug 11, 2008 5:30pm
Sunday bars should be ignored.

Scott

Quoting eltrot1979
Actually, I guess its a bearish outside bar rather than a pin bar, unless you ignore Sundays bar?
  • #12,422
  • Aug 11, 2008 5:48pm Aug 11, 2008 5:48pm
Haven't seen anyone trading Sunday bar's... You could be first!
  • #12,423
  • Aug 11, 2008 10:39pm Aug 11, 2008 10:39pm
Quoting stopman
I have one question. Maybe the answer is somewhere in the thread, but it's huge, i'm only at the page 300 (and maybe just forgot the answer till this page).

In Jim's plan, first 3 step's is trading with Daily charts only.
That's about a year.

Shouldn't newbies (like me) use lower time frames to make a decision, where to put limit, stop orders and TP, SL? Or we need to concentrate ONLY on the Daily period?

Thanks for your posts Jim, always reading them with exaltation.

Kaspars.
No
  • #12,424
  • Aug 11, 2008 10:52pm Aug 11, 2008 10:52pm
i agree with hip and a few others but will add this.

some people after a period of time get good at zeroing in on exact entries on a lower time frame.

its not necessary but its an option FOR THOSE THAT KNOW AND UNDERSTAND THE MATERIAL AFTER SOME TIME AND PRACTICE.

This really comes down to the research and development part of your business.

if it interests you put it into your demo process and see if it works for you.

newbies should get good at sitting on there hands first and concentrating on taking only the best set ups. then they have to get good at managing things during the trade.

when your good at those two things then you can start to try and refine some other things such as micro entries on lower time frames.

jim






Quoting HipsterPipster
No
  • #12,425
  • Aug 12, 2008 1:07am Aug 12, 2008 1:07am
Quoting james16

newbies should get good at sitting on there hands first and concentrating on taking only the best set ups. then they have to get good at managing things during the trade.

jim
This should be a required reading disclaimer for newbies when first registering here at FF.

Love the thread Jim!

Jmc
  • #12,426
  • Aug 12, 2008 1:58am Aug 12, 2008 1:58am
Quoting ezz
i see no setups t0day

DAm the Dollar is still shooting cmon babi reverse plz

maybe a round of coke
Ezz, if the dollar is "STILL SHOOTING" why do you want it to reverse?! It's similar to saying "Oh, I am still making money, when will this stop?"
One Chart is Worth Ten Thousand Words.
  • #12,427
  • Aug 12, 2008 2:08am Aug 12, 2008 2:08am
yes, either ignore them or add them to the monday bar and make one bar out of them.

jim

Quoting phpscott
Sunday bars should be ignored.

Scott
  • #12,428
  • Aug 12, 2008 2:14am Aug 12, 2008 2:14am
CHART
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd811.gif Size: 35 KB
  • #12,429
  • Aug 12, 2008 2:45am Aug 12, 2008 2:45am
One or the other on the Gbp/Jpy. Price Action show me the way.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,430
  • Aug 12, 2008 4:05am Aug 12, 2008 4:05am
Thanks!
  • #12,431
  • Aug 12, 2008 4:18am Aug 12, 2008 4:18am
As promised earlier to Ghous....

I'm in @38 retracement of pinbar. Cause of Dollar Strength...I might just scalp this trade.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 120 KB
  • #12,432
  • Aug 12, 2008 4:22am Aug 12, 2008 4:22am
hi jaroo, did u buy on support? or u are waiting for confirmation on 1H/4H?
  • #12,433
  • Aug 12, 2008 4:27am Aug 12, 2008 4:27am
I just wanted to get some thoughts on this Aussie. I have been in for quite awhile and was thinking of pulling the trade due to this 4hr Pin. But the nose is pretty short, but we have had a huge descent very quickly. I know it probably wouldn't be a trade I entered, but would it be a sign of a slow down and perhaps a good retracement? But as you can see it hasn't really broken to the upside? I do have a marked support around the .8750 area on the daily chart. I just am not sure what I see, which is why I don't trade on the 4hr, but am looking to learn on exiting as I am doing this on demo.

Thanks!
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 4hour.gif Size: 12 KB
  • #12,434
  • Aug 12, 2008 5:07am Aug 12, 2008 5:07am
Quoting sertio
hi jaroo, did u buy on support? or u are waiting for confirmation on 1H/4H?
I took a small buy at 208.90. That Price level has a nice history.

Yes, I'm waiting for the 4 hour potential Inside Bar and I'll take the break either way.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,435
  • Aug 12, 2008 5:18am Aug 12, 2008 5:18am
Quoting cluelessbroadband
I just wanted to get some thoughts on this Aussie. I have been in for quite awhile and was thinking of pulling the trade due to this 4hr Pin. But the nose is pretty short, but we have had a huge descent very quickly. I know it probably wouldn't be a trade I entered, but would it be a sign of a slow down and perhaps a good retracement? But as you can see it hasn't really broken to the upside? I do have a marked support around the .8750 area on the daily chart. I just am not sure what I see, which is why I don't trade on the 4hr, but am looking to learn on exiting as I am doing this on demo.

Thanks!
You might want to look more closely at the daily and take your signals from that timeframe - the 4 hourly is more difficult to trade at the best of times and can be suicide in these periods of extreme volatility. James and Seeking each posted an excellent reminder/warning on this point very recently:

http://www.forexfactory.com/showpost...ostcount=12394

and

http://www.forexfactory.com/showpost...ostcount=12414

The daily is going down the toilet still for the Aussie - a massive drop with no entry signal either direction in my view. Your time may be well spent figuring out the right entry points and conditions on the daily and then patiently sitting and watching. Look for continuation signals as well as reversal signals: no-one knows whether the Aussie will recover or falter from here. Ambush the Aussie but not on the 4H would be my advice.
  • #12,436
  • Aug 12, 2008 5:22am Aug 12, 2008 5:22am
Quoting cluelessbroadband
I just wanted to get some thoughts on this Aussie. I have been in for quite awhile and was thinking of pulling the trade due to this 4hr Pin. But the nose is pretty short, but we have had a huge descent very quickly. I know it probably wouldn't be a trade I entered, but would it be a sign of a slow down and perhaps a good retracement? But as you can see it hasn't really broken to the upside? I do have a marked support around the .8750 area on the daily chart. I just am not sure what I see, which is why I don't trade on the 4hr, but am looking to learn on exiting as I am doing this on demo.

Thanks!
One thing I love about a trade I've been in for a long while is the luxury of exiting purely by stop hit. ( Unless there's a strong entry in the opposing direction.) One option if I think the run is over is to bring the stop really close rather than just hitting the close button there and then. If things continue on you're still in. Back test it.

.
Bundy's status today: "Waiting..."
  • #12,437
  • Aug 12, 2008 5:25am Aug 12, 2008 5:25am
Quoting TraderZer0
You might want to look more closely at the daily and take your signals from that timeframe - the 4 hourly is more difficult to trade at the best of times and can be suicide in these periods of extreme volatility. James and Seeking each posted an excellent reminder/warning on this point very recently:

http://www.forexfactory.com/showpost...ostcount=12394

and

http://www.forexfactory.com/showpost...ostcount=12414

The daily is going down the toilet still for the Aussie - a massive drop with no entry signal either direction in my view. Your time may be well spent figuring out the right entry points and conditions on the daily and then patiently sitting and watching. Look for continuation signals as well as reversal signals: no-one knows whether the Aussie will recover or falter from here. Ambush the Aussie but not on the 4H would be my advice.
One thing about the four hour, is it's affected by the different trading sessions. I love it for drawing my trend lines and support etc though.
Bundy's status today: "Waiting..."
  • #12,438
  • Aug 12, 2008 5:27am Aug 12, 2008 5:27am
Quoting bundyraider
One thing I love about a trade I've been in for a long while is the luxury of exiting purely by stop hit. ( Unless there's a strong entry in the opposing direction.) One option if I think the run is over is to bring the stop really close rather than just hitting the close button there and then. If things continue on you're still in. Back test it.

.
It's a bloody nice problem to have Bundy - should be more of it!
  • #12,439
  • Edited 6:10am Aug 12, 2008 5:30am | Edited 6:10am
Quoting bundyraider
One thing I love about a trade I've been in for a long while is the luxury of exiting purely by stop hit. ( Unless there's a strong entry in the opposing direction.) One option if I think the run is over is to bring the stop really close rather than just hitting the close button there and then. If things continue on you're still in. Back test it.

.
Couple approaches. I like bundy's tighting up or hiding in the bushes of S/R level. I like your .8750 level, above that.

Or wait for bullish PA on the Daily, meaning wait for a Bullish PA formation to present itself and that's your exit signal.

Edit: I just said the same thing as bundy said "strong entry in the opposite direction" duh, on my part.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,440
  • Aug 12, 2008 5:52am Aug 12, 2008 5:52am
Quoting TraderZer0
It's a bloody nice problem to have Bundy - should be more of it!
I tell you what. With the strong bearish daily bars forming still, nothing short of following daily PA for exit is the way to go. Who cares if you give back a little!

Will be interesting to see how it reacts to the 8660 area.

I don't have any currency trades going either, BTW. ...I wish. LOL
Too much fun with the indices.
Bundy's status today: "Waiting..."
53 traders viewing now