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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

  • #14,901
  • Nov 1, 2008 1:54pm Nov 1, 2008 1:54pm
My 4 pairs ( EUD/USD GBP/USD AUD/USD NZD/USD ) all show MAJOR reversal candle on Daily chart-(Evening STAR) and all except AUD closed Bearish. This to me screams go SHORT on these pairs at least as far as their Daily low(few hundred pips each pair) I predict all next weak to be Dollar Bullish. At least that is what my Forex Magic 8 Ball says! Good luck and may the FOREX be w/u.
FF = Forex Faggots
  • #14,902
  • Nov 1, 2008 7:11pm Nov 1, 2008 7:11pm
I think I am going to trade which ever way the market moves...
  • #14,903
  • Nov 2, 2008 5:54am Nov 2, 2008 5:54am
Quoting HipsterPipster
I think I am going to trade which ever way the market moves...
I guess ur aren't holding any overnite...

Good for ya,,,


Sonic
  • #14,904
  • Edited 8:51am Nov 2, 2008 8:43am | Edited 8:51am
Combining the last 2 wkly bars on cadchf(fx open feed) will give a very long PB across the supports .9600 and .9100.Though it counter trend looks very long.Tried to attach a picture that shows at the thumb arrow other points where it formed recently. Just learning, so mike Jaroo, J16, bundy et all will appreciate thots.

Also on USDCAD wkly joining the last 2 bars wil give a big PB. The close is Just beneath the high of d 2nd pair of Pb on the left.It s across 50% fib(from 2001 high to 2007 low) 365 wkly MA, 1.2700 PPZ.

Somene has mentioned the BEOVB on eurcad.

Im trying
to attach the charts.
  • #14,905
  • Edited 9:03am Nov 2, 2008 8:52am | Edited 9:03am
Quoting drtrade
Combining the last 2 wkly bars on cadchf(fx open feed) will give a very long PB across the supports .9600 and .9100.Though it counter trend looks very long.Tried to attach a picture that shows at the thumb arrow other points where it formed recently. Just learning, so mike Jaroo, J16, bundy et all will appreciate thots.

Also on USDCAD wkly joining the last 2 bars wil give a big PB. The close is Just beneath the high of d 2nd pair of Pb on the left.It s across 50% fib(from 2001 high to 2007 low) 365 wkly MA, 1.2700 PPZ.

Somene has mentioned the BEOVB on eurcad.

Im trying
to attach the charts.
u can try upload ur pic/chart tinypic dot con and post that link...

Sonic
  • #14,906
  • Nov 2, 2008 9:10am Nov 2, 2008 9:10am
Quoting sonicdeejay
I guess ur aren't holding any overnite...

Good for ya,,,


Sonic
No Sonic, I didn't hold any over the weekend.
  • #14,907
  • Nov 2, 2008 11:34am Nov 2, 2008 11:34am
Quoting drtrade
Combining the last 2 wkly bars on cadchf(fx open feed) will give a very long PB across the supports .9600 and .9100.Though it counter trend looks very long.Tried to attach a picture that shows at the thumb arrow other points where it formed recently. Just learning, so mike Jaroo, J16, bundy et all will appreciate thots.

Also on USDCAD wkly joining the last 2 bars wil give a big PB. The close is Just beneath the high of d 2nd pair of Pb on the left.It s across 50% fib(from 2001 high to 2007 low) 365 wkly MA, 1.2700 PPZ.

Somene has mentioned the BEOVB on eurcad.

Im trying
to attach the charts.
I would have liked the head of the 2 Week PB red instead of blue. But it sure will be fun to watch how it reacts to the current PPZ.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #14,908
  • Nov 2, 2008 11:37am Nov 2, 2008 11:37am
Quoting drtrade
Im trying
to attach the charts.
To post a chart:

If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart” at “600 x 600 pixels” the click “OK”
Save anywhere you want i.e. Desktop.

Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “Manage Attachments” button.
Done.
Indicators show the past. Price Action "Indicates" the future.
  • #14,909
  • Nov 2, 2008 1:40pm Nov 2, 2008 1:40pm
Jaroo,

I am with you on the 1750 area for the retrace..this to me looks like a good possible bounce area. Will be watching the smaller tf's for PA confirmation.
NP
Attached Image (click to enlarge)
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  • #14,910
  • Nov 2, 2008 2:11pm Nov 2, 2008 2:11pm
Quoting jarroo
To post a chart:

If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart” at “600 x 600 pixels” the click “OK”
Save anywhere you want i.e. Desktop.

Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “Manage Attachments” button.
Done.
Thanks Jarroo.

I will post the chart and my initial thots

Combining the last 2 wkly bars on cadchf(fx open feed) will give a very long PB across the supports .9600 and .9100.Though it counter trend looks very long.Tried to attach a picture that shows at the thumb arrow other points where it formed recently. Just learning, so mike Jaroo, J16, bundy et all will appreciate thots.

Also on USDCAD wkly joining the last 2 bars wil give a big PB. The close is Just beneath the high of d 2nd pair of Pb on the left.It s across 50% fib(from 2001 high to 2007 low) 365 wkly MA, 1.2700 PPZ.

Somene has mentioned the BEOVB on eurcad.
Attached Image(s) (click to enlarge)
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  • #14,911
  • Nov 2, 2008 3:51pm Nov 2, 2008 3:51pm
Quoting drtrade
thots

thots = thoughts
  • #14,912
  • Nov 2, 2008 4:09pm Nov 2, 2008 4:09pm
Quoting james16
CHART

I have to admit all though i understand Jim's comments on the chart very well i don't understand how to always apply mm to it. The Thursday pin was 271 pips. If you took the pin on a clean break of say 15 pips you would have a short entry of 1.4620. Now if you have you sl at the top of the pin that is 286 pips away... yes there is a potential tp level at the low of Wednesdays bar (and also confluence at the 61 fib) however that only gives you a potential 75 pips of profit.

I have usually felt an obligation to have at least 1:1 RR so my tp in this case would have been 286 pips. That probably would not have worked out to well in this scenario.

So can you trade with poor RvsR and stay alive in the long run with PA setups like these?
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  • #14,913
  • Nov 2, 2008 5:13pm Nov 2, 2008 5:13pm
Quoting saskgui
I have to admit all though i understand Jim's comments on the chart very well i don't understand how to always apply mm to it. The Thursday pin was 271 pips. If you took the pin on a clean break of say 15 pips you would have a short entry of 1.4620. Now if you have you sl at the top of the pin that is 286 pips away... yes there is a potential tp level at the low of Wednesdays bar (and also confluence at the 61 fib) however that only gives you a potential 75 pips of profit.

I have usually felt an obligation to have at least 1:1 RR so my tp in this case would have been 286 pips. That probably would not have worked out to well in this scenario.

So can you trade with poor RvsR and stay alive...
Hey

It all comes back to win rate. If you have a poor R:R and a high win rate you are fine. James always says he doesn't care about R:R, he trades his charts. There are a million ways to skin a cat in trading. I have a lower win rate and a higher R:R, because this is how I am comfortable. People were asking me if I was trading these types of pins when they popped up everywhere, and my answer was no. B/C it didn't fit into my style. But if you do trade these, you can not go looking for a big home run trade, you ahve to be well aware of the situation and at least get your stop to b/e at these areas. That is the difference in my opinion b/w a pin in traffic, and a pin not in traffic. They both offer opportunities, but it is how you handle your trade mgmt which is going to decide your profitability.

It really is just basic math in the end, if you have a win rate of 80+% you don't need to be getting 1:1 on every trade. So you have to find your style. I am very conservative in my entries, and look for entries that I feel usually give larger reward possibilities. But I still don't look to get a certain R:R.

James also always brings it back to account size. If you have a large account either A. These pip moves are going to be substantial, and you are going to take your profit at these areas, or at the least move your stops up. If you are trading a smaller account where the trade is worth 20$, you are never gonna want to take profit b/c the money is so little. Or B. You have a large account so you are not going to take setups that you feel are iffy. Find your balance as a trader and practice practice practice.

Best
Mike
  • #14,914
  • Nov 2, 2008 6:35pm Nov 2, 2008 6:35pm
On usdchf we have a long pin plus an inside bar, against strong daily resistance at 1.1600. But dollar is strong so I don't know...
Attached Image (click to enlarge)
Click to Enlarge Name: usdchfh4.gif Size: 16 KB
  • #14,915
  • Nov 2, 2008 7:28pm Nov 2, 2008 7:28pm
Quoting mbqb11
Hey

It all comes back to win rate....
Thanks alot for stating your piece Mike. "That is the difference in my opinion b/w a pin in traffic, and a pin not in traffic. They both offer opportunities, but it is how you handle your trade mgmt which is going to decide your profitability." That pretty much sums it up.
  • #14,916
  • Nov 2, 2008 10:48pm Nov 2, 2008 10:48pm
Hi guys,

some nice breakout trades seem to be cooking out there, would be nice to see some with the trend BOs from any of these...

these traingle breakout setups seem to be common in most pairs throughout the major and there crosses, i'll have to watch these.

Mike if you could shed some light on these, or any other...

Regards,
Ghous.
Attached Images
I believe . . .
  • #14,917
  • Nov 2, 2008 10:55pm Nov 2, 2008 10:55pm
Quoting ghous
Hi guys,

some nice breakout trades seem to be cooking out there, would be nice to see some with the trend BOs from any of these...

these traingle breakout setups seem to be common in most pairs throughout the major and there crosses, i'll have to watch these.

Mike if you could shed some light on these, or any other...

Regards,
Ghous.
Hey Ghous

One thing I am big on is the steepness of the trendlines in brekouts. These are all two steep for my liking which if they do break often lead to false breakouts, or breakouts minus pullbacks. B/c if price is going to pullback, it has to pullback very high(due to the steepness), which then tends to chop price with the next move down(as the move up in a downward break has usually created some support on the way up).

A bit difficult to explain but basically steep trendlines = no trade for me. Often these steep trenlines show price forming a bottom of sorts - at least temporary. So right now I wouldn't be look to initiate positions on these lines. Rather wait to see what happens depending which way we go. If we move lower, then we should create new less steep trendlines after price finds support somewhere. Then these would be playable to the downside.

Hope that makes sense, again just some of the things I personally do

Mike

ps, most of the downward sloping trendlines for a breakout long are much more appealing by the angle. Just as a side note
  • #14,918
  • Nov 2, 2008 11:22pm Nov 2, 2008 11:22pm
Quoting mbqb11
Hey Ghous

One thing I am big on is the steepness of the trendlines in brekouts. These are all two steep for my liking which if they do break often lead to false breakouts, or breakouts minus pullbacks. B/c if price is going to pullback, it has to pullback very high(due to the steepness), which then tends to chop price with the next move down(as the move up in a downward break has usually created some support on the way up).

A bit difficult to explain but basically steep trendlines = no trade for me. Often these steep trenlines show price forming a bottom of sorts - at least temporary. So right now I wouldn't be look to initiate positions on these lines. Rather wait to see what happens depending...
on the charts above the steepness seems to be overdone and exagerrated due to the reshaping of the image, the trendlines are'nt exactly as steep as they appear in my post above.

But anyways i get the point thanks Dude, this was something new to me, i can see what you mean

just for reference here is the Gu chart (as is):


Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 10 KB
I believe . . .
  • #14,919
  • Nov 2, 2008 11:52pm Nov 2, 2008 11:52pm
Quoting ghous
on the charts above the steepness seems to be overdone and exagerrated due to the reshaping of the image, the trendlines are'nt exactly as steep as they appear in my post above.

But anyways i get the point thanks Dude, this was something new to me, i can see what you mean

just for reference here is the Gu chart (as is):


Regards,
Ghous.
Ghous,,

Still trading LIVE?..update it in ur journal...Dude,,

Sonic
  • #14,920
  • Nov 3, 2008 12:39am Nov 3, 2008 12:39am
Quoting sonicdeejay
Ghous,,

Still trading LIVE?..update it in ur journal...Dude,,

Sonic
Hi Dj,

I feel good that you still remember that journal. The thing is i was not being able to find the consistency that was required, the journal will come up soon with a similiar idea but once i have enough confidence in me. In all the trades that i posted there my accunt was going sideways and i did'nt want to unnecesarrily provide boredom to the viewers, i am already on my way to finding that confidence.

Stay tuned,

and thnx for remembering


BtW yes i am still trading live and trading that same account, it went down to $14 last month, but recently some good trades have ensured it's pushing up into the twenties. I'll try to find some more movment north so as to gain that confidence and realize the consistency i so deseprately need before i open a journal and it probably would start off at $50, reaching $1000 still should be fun and an interesting challenge

Regards,
Ghous.
I believe . . .
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