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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

  • #15,241
  • Nov 12, 2008 11:59am Nov 12, 2008 11:59am
decent pinbar on the H4 EUR/CHF, hit the 23.6 and 1.4800 support and is heading back up, doesn't look like it'll run more than 50 pips, big pivot area around 1.4918, got an almost 1:1 ratio with the TP at 1.4918 and the SL at 1.4790.
  • #15,242
  • Nov 12, 2008 11:59am Nov 12, 2008 11:59am
Quoting doubletop
Hi all,

New at this (trading naked that is) so please treat me gently!

Sticking to 4hr charts for the time being and think I may of spotted a buy on what looks to be a nice pin_bar formation.

Just would like you experienced chaps to assist me please

Would like any opinions good or bad, I can take it

Looking forward to the advise!

Bye the way excellent thread and thanks James16 et all.

Doubletop.

Hey DT

Welcome to our naked thread

Yes this is exactly the type of thing we look for. My chart isn't a pin, but just look at it, it is bouncing right off the 61.8 also. and the former resistance. Also make sure you wait to see how the bar closes, I checked Interbankfx and there is still 2 hours before the close of that bar. In this market 2 hours is an eternity

Take care

Mike
  • #15,243
  • Nov 12, 2008 12:02pm Nov 12, 2008 12:02pm
Quoting Icehocey77
decent pinbar on the H4 EUR/CHF, hit the 23.6 and 1.4800 support and is heading back up, doesn't look like it'll run more than 50 pips, big pivot area around 1.4918, got an almost 1:1 ratio with the TP at 1.4918 and the SL at 1.4790.
This is similar to what DT just posted, but on my chart this is a closed bar(don't forget to let them close DT )
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  • #15,244
  • Nov 12, 2008 12:06pm Nov 12, 2008 12:06pm
Quoting mbqb11
Hey DT

Welcome to our naked thread

Yes this is exactly the type of thing we look for. My chart isn't a pin, but just look at it, it is bouncing right off the 61.8 also. and the former resistance. Also make sure you wait to see how the bar closes, I checked Interbankfx and there is still 2 hours before the close of that bar. In this market 2 hours is an eternity

Take care

Mike


Hello Mike,

Much appreciate your reply thank you

Yes sorry I just realised it isnt due to close for another 2 hours as Im also using Interbankfx.

If I see any other setups I will post, just dont get a lot of time these days due to returning to full time employment.


Take care,

Doubletop (Nigel)
  • #15,245
  • Nov 12, 2008 12:11pm Nov 12, 2008 12:11pm
careful, this is not an outside bar. outside bars must totally engulf the prior bar. its easy to do this so look real close when labeling bars. looks like your really getting involved with the thread betard. good for you. 5 minute? you guys worry me but hey anyone that has read this thread knows how i feel about time frames.



Quoting Betard
Here's a 5 minute trade I just took. BUOB, not touching the middle BB or EMA but still looked pretty good to me.
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  • #15,246
  • Nov 12, 2008 12:16pm Nov 12, 2008 12:16pm
Hi all,

Sorry to be a pain but is this another possible setup forming on NZD_USD?

Appreciate all help received.


Nigel.
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  • #15,247
  • Nov 12, 2008 12:20pm Nov 12, 2008 12:20pm
Quoting james16
careful, this is not an outside bar. outside bars must totally engulf the prior bar. its easy to do this so look real close when labeling bars. looks like your really getting involved with the thread betard. good for you. 5 minute? you guys worry me but hey anyone that has read this thread knows how i feel about time frames.

Says Mr 2000 tick
Keep taking CT trades, I need more money
  • #15,248
  • Nov 12, 2008 1:32pm Nov 12, 2008 1:32pm
Quoting Ryanmcd
Says Mr 2000 tick
Yeah, but not currencies and on an instrument Jim knows backwards. lol


I'm liking some of these set ups that have popped up. Glad I woke early to enter some stop orders.
Bundy's status today: "Waiting..."
  • #15,249
  • Nov 12, 2008 1:40pm Nov 12, 2008 1:40pm
U/J Pin looks good. Definitely would wait for the break of the high though with the current close sitting below all that fib. confluence.

20 Mins till close.
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Bundy's status today: "Waiting..."
  • #15,250
  • Nov 12, 2008 2:14pm Nov 12, 2008 2:14pm
here is the kind of intraday entry i take and why.

there is nothing on this chart other than price and floor trader pivots. floor trader pivots mean nothing to me unless i can find some confluence to go with them. the only thing missing here is a set up bar which is not always needed if you have enough confluence. IM POSTING THIS FOR ONE REASON. if your entries have nothing more than one criteria to enter your gonna get screwed. here are the reasons/confluence behind this entry decision. this entry was taken at 2795 and had around a 5 pip drawdown as it reached for 2800.

in the blue box we have.

1. a pure 50 fib retrace to the substantial number of 2800.
2. a clear price flip at 2800. (j16 pivot zone).
3. a floor trader pivot at 2775. very close and confluence with the others listed above.
4. setting a stop just above 2850 gives me the 61.8 fib level and the 2850 level to prevent my stop from being hit. THIS COMBINED WITH MY ENTRY CRITERIA VIRTUALLY GUARUNTEES I WILL AT THE VERY LEAST GET MY STOP TO BREAKEVEN AND CERTAINLY GIVE MYSELF THE OPTION TO TAKE PARTIAL PROFIT SHOULD I DESIRE.

THIS IS DIRT SIMPLE. THE ONLY THING HARD ABOUT IT IS WAITING FOR THINGS TO SET UP AND NOT GETTING TRIGGER HAPPY.
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  • #15,251
  • Nov 12, 2008 2:54pm Nov 12, 2008 2:54pm
I'm new to this idea of a tick charts. In for example the 2000 tick chart, does each bar simply represent how the price moved in the last 2000 fluctuations, with no regard to the time frame over which they occurred? So in a fast moving market your 2000 tick bar would open and close over a shorter time frame than a slow moving market? Can you use this to judge the momentum in a move?

Thanks
  • #15,252
  • Nov 12, 2008 3:18pm Nov 12, 2008 3:18pm
Quoting james16
here is the kind of intraday entry i take and why.

there is nothing on this chart other than price and floor trader pivots. floor trader pivots mean nothing to me unless i can find some confluence to go with them. the only thing missing here is a set up bar which is not always needed if you have enough confluence. IM POSTING THIS FOR ONE REASON. if your entries have nothing more than one criteria to enter your gonna get screwed. here are the reasons/confluence behind this entry decision. this entry was taken at 2795 and had around a 5 pip drawdown as it reached for 2800.

in the blue box we have.

1. a pure 50 fib retrace to the substantial number of 2800.
2. a clear price flip at 2800....


Nice chart Jim, always nice to see how others play it. For me that would be a long term trade
Keep taking CT trades, I need more money
  • #15,253
  • Nov 12, 2008 3:23pm Nov 12, 2008 3:23pm
based on actual trades. there are many advantages in my opinion. one of the biggest is it virtually elimates very large bars. very large bars are heart attacks for most traders and where they tend to really lose control when managing a trade.

just google it. ton of good explanations but your going to find most traders using small increments like 150 etc..

2000 works nicely for me and keeps my number oif trades at a minimum and allows me to more easily rifle shot my entries.

just me of course some do it differently.

jim

Quoting eltrot1979
I'm new to this idea of a tick charts. In for example the 2000 tick chart, does each bar simply represent how the price moved in the last 2000 fluctuations, with no regard to the time frame over which they occurred? So in a fast moving market your 2000 tick bar would open and close over a shorter time frame than a slow moving market? Can you use this to judge the momentum in a move?

Thanks
  • #15,254
  • Nov 12, 2008 3:27pm Nov 12, 2008 3:27pm
Quoting mbqb11
'
Hey Adrian,

Nevermind Bundy showed me how to pull up the chart with that little arrow I didn't know that!...
Hi ya Mike,

Thank you for this very informative explaination it has helped alot with the thoughts of how they should be traded ..

I've noticed your charts are on the daily TF....I think a lot of my problems are stemming from the fact i'm trying to focus on the 5 & 15min TF's which I have been using for a while with MA's and I can't seem to shake that idea but Ryanmcd gives me hope in using it as he is doing very well at it....
How ever i'm not sure that i should be trying to do these low TF's with OB, IB, PB at the moment until I start to get the hang of them properly..

thanx once again Mike for your help..

Adrian
  • #15,255
  • Nov 12, 2008 3:33pm Nov 12, 2008 3:33pm
i know this is like a monthly chart to ryan. lol.
but ya know what? it sure is nice to have a potential fortune in the making based on a daytrade entry. THERE IS NOTHING MORE GRATIFYING than nailing a daytrade entry and its accompanying lot size and watching it turn into a great swing or position trade.

Quoting Ryanmcd
Nice chart Jim, always nice to see how others play it. For me that would be a long term trade
  • #15,256
  • Nov 12, 2008 3:46pm Nov 12, 2008 3:46pm
Quoting james16
here is the kind of intraday entry i take and why.

there is nothing on this chart other than price and floor trader pivots. floor trader pivots mean nothing to me unless i can find some confluence to go with them....
Hi ya James16,

Thanx for the excellent post again..

Sorry but could you explain what the floor trader pivot is or is that just the normal Pivot Points on a daily chart?
Also sorry the chart being a 2000tick is that just a normal daily chart?..

Sorry peoples for clogging up the thread with most probably silly questions ..

Adrian
  • #15,257
  • Nov 12, 2008 3:51pm Nov 12, 2008 3:51pm
the easiest way to do this unless someone that can actually type wants to jump in is to just google both of them. they are both very simple terms to understand. your not clogging up anything. thats what we are here for. you wont get flamed in this thread.

jim

Quoting aarangio
Hi ya James16,

Thanx for the excellent post again..

Sorry but could you explain what the floor trader pivot is or is that just the normal Pivot Points on a daily chart?
Also sorry the chart being a 2000tick is that just a normal daily chart?..

Sorry peoples for clogging up the thread with most probably silly questions ..

Adrian
  • #15,258
  • Nov 12, 2008 3:58pm Nov 12, 2008 3:58pm
i see here in FF experienced trades using the expansion tool without ajusting the retrecement point. I think the correct is put the third point at the bottom of the retrecement, no? See the pic, yellow is ajusted and blue i choose only the bottom and the top.

opinions?

and Bundy, you are only waiting the breakout of a 123 and using the 100 as the target? Or using the 100% to enter (in this example in my pic to go short against the trend)?
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  • #15,259
  • Nov 12, 2008 4:03pm Nov 12, 2008 4:03pm
Hi Jim,

Do tick charts that, for example, one Forex broker offers show the number of contracts traded at that single brokerage firm or do they indicate the number of contracts traded all over the world at that time?

Thx,
Adriana
  • #15,260
  • Nov 12, 2008 4:32pm Nov 12, 2008 4:32pm
thats one heck of a great question.
i have never made a secret of the fact that i know the futures markets and how they operate much better than the forex markets. another form of trade based charts are volume charts. they are also available with tradestation. for years i have gone back and forth between the two and one of my longest running projects is trying to figure out a way to use them together to refine entries. im a chart freak to an extreme. when i first started trading forex i got sidetracked trying to "understand" the market/s and it was a mistake. all i really need or want to know about any instrument or market is. ?????

1. can it be charted.
2. are there times when volitility is high.
3. can i know when that time is.
4. can i get in and out easily.
5. did my demo process tell me that what i do works in this market.

i trade stock symbols all the time that i dont even know the name of the company. i could care less. does it have a chart and do i see a great set up?
everything else is a waste of my time.


Quoting adriana
Hi Jim,

Do tick charts that, for example, one Forex broker offers show the number of contracts traded at that single brokerage firm or do they indicate the number of contracts traded all over the world at that time?

Thx,
Adriana
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