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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

  • #14,821
  • Oct 30, 2008 10:12am Oct 30, 2008 10:12am
Thank you ghous. The 4 hour is tricky, because the brokers different times creating different bar formations, and obviously you know this. So I didn't have the same set-up on my MT4 broker. So it makes sense to me, thank you

My broker rolled back one hour this weekend. We have the daylight savings time change coming up this weekend, so I will be back on my regular schedule. Strange the broker changed a week early.
  • #14,822
  • Oct 30, 2008 10:16am Oct 30, 2008 10:16am
Quoting unlv_tj
Thank you ghous. The 4 hour is tricky, because the brokers different times creating different bar formations, and obviously you know this. So I didn't have the same set-up on my MT4 broker. So it makes sense to me, thank you

My broker rolled back one hour this weekend. We have the daylight savings time change coming up this weekend, so I will be back on my regular schedule. Strange the broker changed a week early.
Yes that can happen. Specially when it comes to formations like double bars and inside and outside bars you missed these ones cuz your feed did'nt show them, i will miss some cuz my feed won't have them so it somewhat balances out
I believe . . .
  • #14,823
  • Oct 30, 2008 10:24am Oct 30, 2008 10:24am
all trades except Gu (it's still young at +35) moved to breakeven.

It was uncomfortable waiting for the last 8 days for an opportunity to arise as i am still young at the art of waiting, but it sure boosts me a lot to see how patience can reward a trader will feel less stressful when i have to wait next time
I believe . . .
  • #14,824
  • Oct 30, 2008 10:39am Oct 30, 2008 10:39am
eur/usd chart
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.GIF Size: 21 KB
  • #14,825
  • Oct 30, 2008 10:58am Oct 30, 2008 10:58am
The CAD short may be forming a daily pinbar btw.. you guys gonna close and reverse? the huge retracements this week are forming pins left and right
Attached Image (click to enlarge)
Click to Enlarge Name: temp.png Size: 41 KB
I need to put up stop losses.
  • #14,826
  • Oct 30, 2008 11:05am Oct 30, 2008 11:05am
EUR/JPY D1 lookin like a PB...anyone??

Sonic
  • #14,827
  • Oct 30, 2008 11:14am Oct 30, 2008 11:14am
Quoting sonicdeejay
EUR/JPY D1 lookin like a PB...anyone??

Sonic
I like the pin forming on Pound/Yen better.
"Don't trade to trade . . . trade to win." - James16
  • #14,828
  • Oct 30, 2008 12:53pm Oct 30, 2008 12:53pm
i started to answer this and saw mikes response. i always appreciate long timers doing this and i would be lying if i didnt state clearly why. i also appreciate posters like eltrot who ask pointed questions and do it in a kind and mature manner. people like you eltrot are why this thread was started and why it prospers.

when mike or any number of old friends to this thread post why a bar did not fail but simply was not taken for clearly defined very good reasons it clearly shows that its legite and something they learned over time as opposed to some kind of excuse from me. this is a great example.

1. was the bar at a high? yes
2. was it a decently formed bar? yes
3. did it break the pin bar for an entry? yes

4. should ANYONE have taken this entry above 2400? NO!!!

5. is it clear as to why? yes

6. would someone with just a little experience with this thread have known that? no

7. is this just more proof that any method a trader decides to follow should go thru a minimum 3 to 6 month demo period? yes

jim

Quoting eltrot1979
nice chart, question though - do you think this was a higher probibility setup than the daily pin bar on the 22nd Oct that failed? That pin looked to be at a 'nicer' level to me, with 50% fib confluence from the down move on the monthly chart.

Thanks
  • #14,829
  • Oct 30, 2008 3:15pm Oct 30, 2008 3:15pm
We should make you a trader's party for #1000 , let's say Ibiza? :-))
  • #14,830
  • Oct 30, 2008 3:18pm Oct 30, 2008 3:18pm
yeah ive been paying attention since 900. lol

Quoting Jankone
We should make you a trader's party for #1000 , let's say Ibiza? :-))
  • #14,831
  • Oct 30, 2008 5:21pm Oct 30, 2008 5:21pm
There is a beautiful pin bar on daily chart for The Cable...FXOpen data feed. Is there any obstacle to taking this trade?
  • #14,832
  • Oct 30, 2008 5:26pm Oct 30, 2008 5:26pm
Thanks Mike and Jim. Round numbers are not something I've paid attention to before, but I will now - another thing to look for when finding reasons not to enter a trade, or where not to position yourself! So what is it about round numbers that makes them significant - its just another number after all!

Quoting james16
i started to answer this and saw mikes response. i always appreciate long timers doing this and i would be lying if i didnt state clearly why. i also appreciate posters like eltrot who ask pointed questions and do it in a kind and mature manner. people like you eltrot are why this thread was started and why it prospers.

when mike or any number of old friends to this thread post why a bar did not fail but simply was not taken for clearly defined very good reasons it clearly shows that its legite and something they learned over time as opposed to some kind of excuse from me. this is a great example.

1. was the bar at a high? yes
2. was it a decently formed bar? yes
3. did it break the pin bar...
  • #14,833
  • Oct 30, 2008 5:32pm Oct 30, 2008 5:32pm
Quoting eltrot1979
Thanks Mike and Jim. Round numbers are not something I've paid attention to before, but I will now - another thing to look for when finding reasons not to enter a trade, or where not to position yourself! So what is it about round numbers that makes them significant - its just another number after all!

ahh it is far from just another number. Round numbers are psychological areas, which means they attract orderflow. Prices move with orderflow. Without this orderflow we have nothing. It is a longer topic then that but understand price tends to react heavily around these areas(for many reasons). Plot round numbers on any chart, scroll back and observe all the reaction around these areas, you will learn A LOT.

Best of luck

Mike
  • #14,834
  • Oct 30, 2008 5:33pm Oct 30, 2008 5:33pm
Quoting eltrot1979
Thanks Mike and Jim. Round numbers are not something I've paid attention to before, but I will now - another thing to look for when finding reasons not to enter a trade, or where not to position yourself! So what is it about round numbers that makes them significant - its just another number after all!
It's a psychological thing for us sheep.
Bundy's status today: "Waiting..."
  • #14,835
  • Oct 30, 2008 5:37pm Oct 30, 2008 5:37pm
A few cherries out there to chose from Mike. Harvest time.
Bundy's status today: "Waiting..."
  • #14,836
  • Oct 30, 2008 5:44pm Oct 30, 2008 5:44pm
Quite a few cherries, if I may add.
Humble Lifetime Member
  • #14,837
  • Oct 30, 2008 5:44pm Oct 30, 2008 5:44pm
I think the Eur USD cherry has a big enough stem to pick...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #14,838
  • Oct 30, 2008 5:46pm Oct 30, 2008 5:46pm
Quoting Thexder
I think the Eur USD cherry has a big enough stem to pick...
Yes it does. Trying to decide on a good entry point.
Humble Lifetime Member
  • #14,839
  • Oct 30, 2008 5:51pm Oct 30, 2008 5:51pm
Quoting Safive
There is a beautiful pin bar on daily chart for The Cable...FXOpen data feed. Is there any obstacle to taking this trade?
On a break only Safive in this case.

I'm wondering about the 6100-6150 area too.
Bundy's status today: "Waiting..."
  • #14,840
  • Oct 30, 2008 5:56pm Oct 30, 2008 5:56pm
Quoting Ash
Yes it does. Trying to decide on a good entry point.
Same here. It's looking almost like a Head and Shoulder pattern down lower too. I'm heavily waited toward playing a break of the low myself. Haven't set an order yet though.

If I was a central bank I'd be getting ready to intervene again.
Bundy's status today: "Waiting..."
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