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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

  • #15,901
  • Nov 28, 2008 6:19pm Nov 28, 2008 6:19pm
Quoting Forex007
That's exactly the problem I was fixing Also, I wanted a double-line alert (S and R), so that I can watch range BO I can make it to a single line, if needed, but SR seems to make more sense.

The last problem was alerts themselves - the best original version kept giving alerts at every bar once conditions were met, e.g. once once crossed S and stayed below, alerts would keep coming in. I changed that to one alert at crossing SR or TL. New alert would only be given after re-test (i.e. crossing back, and the breaking the line again)....
Thanks 007. I'll check them out next week.

Thanks again.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #15,902
  • Nov 28, 2008 6:29pm Nov 28, 2008 6:29pm
Quoting ghous
I took both these IBs and have no reason to think they were poor. The shape is perfect and so is the location.

Both the trades are with the overall trend and have come off solid confluence, which seems like a tick mark to each of the things you need to check for when getting in a trade,

Eur/usd was off the confluence of the...
Hi Ghous,

do you consider correlations in your trading? EURUSD and USDCHF are highly correlated markets (in negative meaning) for quite long time. So it would be maybe wise to check both first to ensure it is supporting each other but trade just one. At least, you'll save spread. It is quite probably that if one pair fail, the other will do it too.
What do you think? Thanks!
  • #15,903
  • Nov 28, 2008 8:27pm Nov 28, 2008 8:27pm
Quoting sonicdeejay
thx man...
I am waiting for jarro comment abt my entry too..

Sonic
The PB at 50% retrace, at 4 hour PPZ level, above 121.00 Round number. Anything else?

We'll have to wait for the break on the PB. Looks good.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #15,904
  • Nov 28, 2008 8:33pm Nov 28, 2008 8:33pm
Quoting ajchi
Hi Ghous,

do you consider correlations in your trading? EURUSD and USDCHF are highly correlated markets (in negative meaning) for quite long time. So it would be maybe wise to check both first to ensure it is supporting each other but trade just one. At least, you'll save spread. It is quite probably that if one pair fail, the other will do it too.
What do you think? Thanks!
They have somewhat been in a negitive relationship, i.e Eu was headed up in the long run while usd/chf is headed down, but to be precise i don't really pay a lot of attention to such correlations. I simply take into consideration price action only dealing each pair individually, what happens is most of the time you do tend to get on the right side of the correlation part, just like i did on this occasion. The correlation point just came to my end after you mentioned it, going back and comparing the 2 pair trades i took they were aligned for the correlation, so e.g when Eu shows me a bullish Pin bar, it is extremely improbable that usd/chf will do the same, in case it does the opposite (which it should) i.e a bearish pin you take it independently of all the rest of your trades.

Regards,
Ghous.
I believe . . .
  • #15,905
  • Nov 28, 2008 8:40pm Nov 28, 2008 8:40pm
Quoting jarroo
...
Sorry folks, just a minor intervention.
Jarroo, you have to have recognised already that dibbs can be greatly enhanced with J16PA.

I would be interested in hearing your views on a compilation of the two WITH the understanding that it would be Research & {at this point,} Not Trade Advice.
  • #15,906
  • Edited 9:25pm Nov 28, 2008 8:49pm | Edited 9:25pm
Quoting Bemac
Sorry folks, just a minor intervention.
Jarroo, you have to have recognised already that dibbs can be greatly enhanced with J16PA.

I would be interested in hearing your views on a compilation of the two WITH the understanding that it would be Research & {at this point,} Not Trade Advice.
Yes I have been thinking of that enhancment ( I guess we think alike)

Then again what system or methodology wouldn't be enhanced by J16PA.

An added confluence to the mix of many.

We'll do, sir.
Indicators show the past. Price Action "Indicates" the future.
  • #15,907
  • Nov 28, 2008 9:03pm Nov 28, 2008 9:03pm
Quoting jarroo
Yes I have been thinking of that enhancment ( I guess we think alike)

Then again what system or methodology wouldn't be enhanced my J16PA.

An added confluence to the mix of many.

We'll do, sir.

That's what I did with the 3/5min stuff, it made money before with just the RSI divergence and BB but once you add some price action you get that 60% winners to 80% and it's nice.
Keep taking CT trades, I need more money
  • #15,908
  • Nov 28, 2008 10:15pm Nov 28, 2008 10:15pm
Quoting jarroo
Here is what I have for PPZs on the Daily.
Hello friends! I need help getting rid of this 'MML_LatestCalcBar' Arrow distracting my monitoring of latest bar. I can see you guys don't have the arrow in your last bars. Thanks
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"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #15,909
  • Edited Nov 29, 2008 12:40am Nov 28, 2008 11:29pm | Edited Nov 29, 2008 12:40am
Quoting jarroo
The PB at 50% retrace, at 4 hour PPZ level, above 121.00 Round number. Anything else?

We'll have to wait for the break on the PB. Looks good.
The price fail to tak my TP jus by few pips..(less than 10 pips range..)
My TP is near Fib 38.2 lvl...haha..

Learning is an never ending for me...Excited to sharpen my skill with Price Action trading....with mix of fib and trend line..

Hav gr8 weekend...guys
Thx Jaroo
Sonic
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  • #15,910
  • Nov 29, 2008 12:43am Nov 29, 2008 12:43am
Quoting saskgui
How about Usd/Cad? Not my favorite pair or an ideal pin but i do like the location.
Hey saskgui,

I was anticipating this setup before Friday close. On my chart there is more to the pin bar then just a ppz (the blue one you mentioned). I have the Pin bar in a somewhat OK shape though not perfect but the location can't get any better as i have it with triple confluence in an area I was pretty confident will hold.

1) the 1.24 ppz
2) the 38.2 fib from the recent swing low
3) the 23.6 fib from the older swing low.

The only drawback i find on this occasion is that we're going against the overall trend but the current momentum cannot be ignored either which is on the bearish side

In my opinion quite a good and valid setup
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I believe . . .
  • #15,911
  • Nov 29, 2008 8:53am Nov 29, 2008 8:53am
Quoting Ryanmcd
That's what I did with the 3/5min stuff, it made money before with just the RSI divergence and BB but once you add some price action you get that 60% winners to 80% and it's nice.
Ryan, how do you determine whether the day is "up" or "down"? For M3-5, do you use H1 or some other "reference points"? MANY THANKS!
One Chart is Worth Ten Thousand Words.
  • #15,912
  • Nov 29, 2008 10:33am Nov 29, 2008 10:33am
Quoting Ryanmcd
That's what I did with the 3/5min stuff, it made money before with just the RSI divergence and BB but once you add some price action you get that 60% winners to 80% and it's nice.
Yep.. thats all I'm doing..
  • #15,913
  • Nov 29, 2008 12:44pm Nov 29, 2008 12:44pm
Quoting mbqb11
Hey LTBF

I4B simply refers to an inside bar that has a smaller range(that is the high -low), then the previous 3 bars.

SO an I3B, would be an inside bar, that then has a smaller range then the previous 2 bars.

So you can have an I9B, I10B, etc. As long as the range is smaller then the previous X amount of bars(note these bars don't have to be decreasing in range in order, just the inside bar has to be smaller).


Mike
Great reply, thank you.
  • #15,914
  • Nov 29, 2008 5:14pm Nov 29, 2008 5:14pm
Quoting jarroo
Yes I have been thinking of that enhancment ( I guess we think alike)

Then again what system or methodology wouldn't be enhanced by J16PA.

An added confluence to the mix of many.

We'll do, sir.
I basically am using the same foundation of entering the market during market opens and times of new trader additions, but using pa <1hr as entry. This method can have many stop outs or 1R:1R, but those runners in the direction of the strong day pay very nicely.
  • #15,915
  • Nov 29, 2008 5:53pm Nov 29, 2008 5:53pm
So does history repeat in Forex? GBP/JPY Monthly going back to 1995.

Being new, what is the price action telling us with this almost vertical drop starting in Oct 08? I know we are in historic financial times...
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #15,916
  • Nov 29, 2008 11:57pm Nov 29, 2008 11:57pm
Quoting Forex007
Ryan, how do you determine whether the day is "up" or "down"? For M3-5, do you use H1 or some other "reference points"? MANY THANKS!

Not trying to be a smartass here but if price is up then it's a up day, down and it's a down day. THIS is why so many people fail, they have 100+ lines and all kinda other crap trying to see something any 5 year old or anyone can see. If it opens up and price it hitting or has hit the upper BB it's up and the bottom BB it's down. Easy stuff here but most need to be told this this and this take the trade, no cookie cutter system or setup is like that. It's like playing the drums, sure you can play it but the "Feeling" is what makes someone great.
Keep taking CT trades, I need more money
  • #15,917
  • Nov 30, 2008 1:29pm Nov 30, 2008 1:29pm
anyone thinking of trading long usd/chf continuation pinbar? nose has bounced of broken trendline and 61.8 fib level from last bear rally, target once pin has broken would be the ema365, your thoughts please.
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  • #15,918
  • Nov 30, 2008 5:17pm Nov 30, 2008 5:17pm
Quoting Ryanmcd
Not trying to be a smartass here but if price is up then it's a up day, down and it's a down day. THIS is why so many people fail, they have 100+ lines and all kinda other crap trying to see something any 5 year old or anyone can see. If it opens up and price it hitting or has hit the upper BB it's up and the bottom BB it's down. Easy stuff here but most need to be told this this and this take the trade, no cookie cutter system or setup is like that. It's like playing the drums, sure you can play it but the "Feeling" is what makes someone great....
Thanks, Ryan. Sorry, for not being clear with my question. The day could start up, and then reverse. E.g. price hitting outer BB limits could be a continuation of the trend, or it could be a reversal. If days start "up" (say, hits upper BB, retraces, hit upper BB again and so on), at what point do you decide (and how) that it's not "up" anymore, and that it reversed to "down". I am not looking for a "To do" list of instructions, but for a "general direction" (e.g. high outside BB, followed by hig inside AND RSI div - could be trend reversal).
One Chart is Worth Ten Thousand Words.
  • #15,919
  • Nov 30, 2008 9:07pm Nov 30, 2008 9:07pm
Quoting ghous
Hey saskgui,

I was anticipating this setup before Friday close. On my chart there is more to the pin bar then just a ppz (the blue one you mentioned)....
I have a sell limit at 1.2300 at the break of the daily pin. Yup you are correct about against the trend and thx for pointing out confluence. At this point i am not comfortable with trading real money with PA setups against the trend so that is why this is a 1% risk on demo trade.
  • #15,920
  • Nov 30, 2008 9:18pm Nov 30, 2008 9:18pm
Not often i see a DBHLC on the weekly to the pip. Location is almost swing high but too bad we are nose diving right into likely support.
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