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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

  • #15,941
  • Dec 1, 2008 9:07am Dec 1, 2008 9:07am
Quoting HipsterPipster
I shorted the AU 5m IB ~.6430 ish and the NU BEOB 15min. GU and EU following suit.

nu may be at a sticking point. I'm waiting for pa on the 4hr @ 61.8 & ppz.
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  • #15,942
  • Dec 1, 2008 9:31am Dec 1, 2008 9:31am
Very good 1st trade @ this month / week.
http://img388.imageshack.us/img388/5537/euroqn8.gif
  • #15,943
  • Dec 1, 2008 9:33am Dec 1, 2008 9:33am
Quoting rustyjeff
nu may be at a sticking point. I'm waiting for pa on the 4hr @ 61.8 & ppz.
I am still holding, waiting for it to break that support now. Also in GU short above 1.49. Still holding AU.
  • #15,944
  • Dec 1, 2008 9:38am Dec 1, 2008 9:38am
Quoting HipsterPipster
I am still holding, waiting for it to break that support now. Also in GU short above 1.49. Still holding AU.

nice.
i think you might get a good r/r on gu today..
  • #15,945
  • Dec 1, 2008 9:46am Dec 1, 2008 9:46am
Quoting rustyjeff
nice.
i think you might get a good r/r on gu today..
Yeah, closed the others at BE, and took profit on GU.
  • #15,946
  • Dec 1, 2008 10:44am Dec 1, 2008 10:44am
A coulpe worth watching
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  • #15,947
  • Dec 1, 2008 10:50am Dec 1, 2008 10:50am
Okay, Ryan's 5 min pinbars inspired me. My usual strategy wasn't showing any set ups, so I thought I'd fool around with the pin bars for the fun of it. I missed the ones you guys got on the EU (breakfast, plus I wasn't looking for pin bars at the time), but I found a pin bar on the UJ, and also a pseudo pinbar too. The trades:

1) I call this a pseudo-pin bar because the price movement is the same (price shoots up and then back down. It would be a pin bar if the time of open and close was shifted a bit). Trend was down, defined by the 50 ema. Took it. Won. SL and TP was the length of the Pseudo Pinbar.

2) This pinbar looked pretty good to me. I even got in at what I thought was a good price. SL was at the top of the PB. TP was the length of the PB from my point of entry. (Again, I thought this shifted the R:R in my favor even more.) Nope. Didn't work out.

Ryan, I know you don't trade the UJ, but if you did, would you have taken these? Why, or why not?

Also, can you elaborate a bit about how you use the RSI? It seems that you're playing PBs with the trend, and from what I read, oscillators work best in ranging markets... No?

Comments from others are welcomed as well....
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Money missed is better than money lost
  • #15,948
  • Dec 1, 2008 10:58am Dec 1, 2008 10:58am
Quoting Ryanmcd
Well you will be wrong 2 times, at the top and at the bottom. Most runs with the trend you get 1-3 maybe 5 times to get in, yes I have been on the last hit but the odds are with you. I will post a chart in 1 min.
Thank you, Ryan! Know I understand you approach better.
One Chart is Worth Ten Thousand Words.
  • #15,949
  • Dec 1, 2008 10:59am Dec 1, 2008 10:59am
Quoting Dahlia
Okay, Ryan's 5 min pinbars inspired me. My usual strategy wasn't showing any set ups, so I thought I'd fool around with the pin bars for the fun of it. I missed the ones you guys got on the EU (breakfast, plus I wasn't looking for pin bars at the time), but I found a pin bar on the UJ, and also a pseudo pinbar too. The trades:

1) I call this a pseudo-pin bar because the price movement is the same (price shoots up and then back down. It would be a pin bar if the time of open and close was shifted a bit). Trend was down, defined by the 50 ema....

I don't mess with the UJ, also EVERYTHING asked has been posted, you need to read the thread.

***********************************************
ALSO NOTE!!!! If you have never traded real money, or are just starting out do NOT screw around with the 5min stuff, this is for people that understand how the market moves and can trade the 4hr 1hr 30min and make money. Don't waste your time on the 5min if you can not trade the higher times or at least understand how and why price moves.
Keep taking CT trades, I need more money
  • #15,950
  • Dec 1, 2008 11:01am Dec 1, 2008 11:01am
Quoting rustyjeff
Yeah. Ive been watching the divergence. we may get 123reversal or just a rest before opening bell then lower again
After a big move the price do tend to get "tired".
One Chart is Worth Ten Thousand Words.
  • #15,951
  • Dec 1, 2008 11:04am Dec 1, 2008 11:04am
Quoting Ryanmcd
What I like to see is the bar that I am trading move FAST, if it screws around I am out. Also if you are right you know it in 2-3 min.

Also you can see the RSI divergence pretty easy, follow the red dots lol
Ryan, once you are in on M3 or M5, do you then switch to M1 to see if the price moves the way you were expecting?
One Chart is Worth Ten Thousand Words.
  • #15,952
  • Dec 1, 2008 11:09am Dec 1, 2008 11:09am
What do people think the outcome to the Bernankespeach will be? What will happen to the USD against the majors?
Probability Professor
  • #15,953
  • Dec 1, 2008 11:13am Dec 1, 2008 11:13am
Quoting Galation
What do people think the outcome to the Bernankespeach will be? What will happen to the USD against the majors?
dont know or care just watch the charts, that will tell you the outcome.
  • #15,954
  • Dec 1, 2008 11:18am Dec 1, 2008 11:18am
Quoting Forex007
Ryan, once you are in on M3 or M5, do you then switch to M1 to see if the price moves the way you were expecting?

I never goto the 1min, that will just shake you outa a trade. For me when I get in the trade I know why and what I am looking at, the 1st short I took today was easy. Resistance at the tail of the PB, with the trend, nice PB at the Mid BB in trend rsi low.

The 2nd short I took I wanted it to take out 1.2608 and take out the tails of the last move down, when price tested that and came back I knew it was bad news so I bailed.

Price almost ALWAYS tests the last high/low because that's where the stops are at and why people lose most of the time and why PB's work. PB's run the stops or shake out 99% of the people that do not know whats going on.
Keep taking CT trades, I need more money
  • #15,955
  • Dec 1, 2008 11:22am Dec 1, 2008 11:22am
Why I love the 3min
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Keep taking CT trades, I need more money
  • #15,956
  • Dec 1, 2008 11:40am Dec 1, 2008 11:40am
Quoting Ryanmcd
Why I love the 3min
I see you have Eurotrash, Junk, and Bigpounder there. Hehe...
  • #15,957
  • Dec 1, 2008 11:47am Dec 1, 2008 11:47am
Hi Guys

Anyone take the weekly pin on the above pair? I am riding with it at the moment, +30 odd pips, and was wondering if anyone else in this has specific targets for the exit in mind?
PA is where its at!!
  • #15,958
  • Dec 1, 2008 12:18pm Dec 1, 2008 12:18pm
Quoting Ryanmcd
I never goto the 1min, that will just shake you outa a trade. For me when I get in the trade I know why and what I am looking at, the 1st short I took today was easy. Resistance at the tail of the PB, with the trend, nice PB at the Mid BB in trend rsi low.

The 2nd short I took I wanted it to take out 1.2608 and take out the tails of the last move down, when price tested that and came back I knew it was bad news so I bailed.

Price almost ALWAYS tests the last high/low because that's where the stops are at and why people lose most of the time...
Thank you, Ryan, very helpful!
One Chart is Worth Ten Thousand Words.
  • #15,959
  • Dec 1, 2008 12:24pm Dec 1, 2008 12:24pm
Nice daily pin on usd/cad though the nose doesn't go much further than the last swing high, would you still short it ?
  • #15,960
  • Dec 1, 2008 12:28pm Dec 1, 2008 12:28pm
Quoting HipsterPipster
I see you have Eurotrash, Junk, and Bigpounder there. Hehe...


Yep it's the Eur / Bonds / GBP have to have fun with the names lol
Keep taking CT trades, I need more money
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