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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

  • #18,181
  • Jan 9, 2009 4:37pm Jan 9, 2009 4:37pm
Quoting jarroo
Oh I see, thanks.
Np dude.


Any areas you got your eye on for next week?

Here's one on GBPCHF. 4 hour 365EMA, 1.7500 round number and previous support + potential trendline.
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  • #18,182
  • Jan 9, 2009 5:46pm Jan 9, 2009 5:46pm
A bit late....but I'm only just back after a break....Happy New Year all and good luck in your trades in 2009
  • #18,183
  • Jan 9, 2009 5:47pm Jan 9, 2009 5:47pm
Quoting fxprocessor
Np dude.


Any areas you got your eye on for next week?

Here's one on GBPCHF. 4 hour 365EMA, 1.7500 round number and previous support + potential trendline.
Now you're talking
  • #18,184
  • Jan 9, 2009 6:11pm Jan 9, 2009 6:11pm
Quoting fxprocessor
Np dude.


Any areas you got your eye on for next week?

Here's one on GBPCHF. 4 hour 365EMA, 1.7500 round number and previous support + potential trendline.
I will be watching for a pullback PA (the Mike way ) at the blue box: PPZ, 150 ema, RD, trendline.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #18,185
  • Jan 9, 2009 6:12pm Jan 9, 2009 6:12pm
CHART
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  • #18,186
  • Jan 9, 2009 6:29pm Jan 9, 2009 6:29pm
Hi James16

Im unable to say how much i have gained from the private forum and this thread but i noticed something and need to ask.
What happened to your daytrading. At the beginning of this thread you were posting lot of m5/m15 setups which were high probability. I remember you wrote somewhere that scalping is something you do from day to day to increase your overall profit. I'm guessing that you build your account to such point that there is no need to trade frequently and somehow i know that trader like you with such excellent skills can squize pips form trading on every timeframe. As for myself im doing pretty good rightnow trading mostly H1 having in mind whats going on , on higher tfs but somehow you put doubts in my method in the long run.
  • #18,187
  • Jan 9, 2009 6:31pm Jan 9, 2009 6:31pm
Quoting james16
CHART
Deja vu all over again.

Fun seeing these set-ups happen over and over again.

Thanks Jim.
Indicators show the past. Price Action "Indicates" the future.
  • #18,188
  • Jan 9, 2009 6:37pm Jan 9, 2009 6:37pm
Quoting jarroo
Deja vu all over again.

Fun seeing these set-ups happen over and over again.

Thanks Jim.
How would you play a pin like this? Would you wait for some kind of retracement and then enter? Or would you wait until the low of the pin is broken to enter?
  • #18,189
  • Jan 9, 2009 6:42pm Jan 9, 2009 6:42pm
Quoting scott087
How would you play a pin like this? Would you wait for some kind of retracement and then enter? Or would you wait until the low of the pin is broken to enter?
Enter at the break of the Pin Bar (candle). All Price Action set-ups are entered at the break. Other entries, like retraces, are more aggressive.
Stop loss would be placed above the PB.
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Indicators show the past. Price Action "Indicates" the future.
  • #18,190
  • Jan 9, 2009 6:50pm Jan 9, 2009 6:50pm
Quoting jarroo
Enter at the break of the Pin Bar (candle). All Price Action set-ups are entered at the break. Other entries, like retraces, are more aggressive.
Stop loss would be placed above the PB.
Thanks for the advice!

Also, what time do your daily bars close? I'm in NYC and my bars close at 5:00PM EST. On my chart it looks like the pinbar close was higher than the previous bars high which made me a little concerned.
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  • #18,191
  • Jan 9, 2009 6:51pm Jan 9, 2009 6:51pm
be even more picky than the year before . . . i like that. watching pound swissy too. will be interesting to see what it does around 174 or 175. I see that there is a bullish outside bar on my feed.

Here is a chart of the dollar index. Looks like a two day pinbar on the daily. i also noticed that a bullish divergence is on the weekly.

Plus, an inside bar has developed on cable. Now, cable broke out this week with an inside bar. Will this inside bar cause a break down next week? We'll see.

Additionally, there is a bullish divergence that has been playing out on the dollar swissy. This one might have a little bit more to run, taking up pound swissy to 174 - 175. In a nutshell, that's what i been looking at. Thoughts?
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"Don't trade to trade . . . trade to win." - James16
  • #18,192
  • Jan 9, 2009 6:59pm Jan 9, 2009 6:59pm
Quoting scott087
How would you play a pin like this? Would you wait for some kind of retracement and then enter? Or would you wait until the low of the pin is broken to enter?
Hi Scott,

I'm in this trade and entered 10 pips below the low of the pin bar at 92.63 with a stop loss 10 pips above the pin at 94.70.

I tend to enter with three lots and set profit targets for two and let the third lot run.

The first profit target for me was 91.63 so one lot was closed for +100 pips. The second lot stop loss was moved to break even and I redeuced the exposure on the third lot by bringing its stop loss to 93.70.

The second profit target was 90.90 and that was worked out by looking at previous bar lows and highs that could act as support or resistance.

This profit target was hit and I closed the second lot of +173 pips and moved the stop loss on the remaining lot to break even.

Before the close of trading I moved the stop on the final lot down to 91.63 locking in +100 pips and leaving around 140 pips of space for the trade to move.

Just one way of managing the trade.....everyone is different and I'm just comfortable managing them this way and cutting down the exposure and locking in profit as the trade progresses.

Mikes two bar stop is a great way to manage a trade also.

Cheers

Dave
  • #18,193
  • Jan 9, 2009 7:03pm Jan 9, 2009 7:03pm
Quoting scott087
Thanks for the advice!

Also, what time do your daily bars close? I'm in NYC and my bars close at 5:00PM EST. On my chart it looks like the pinbar close was higher than the previous bars high which made me a little concerned.
Yes, different platforms will show Price chopped up differently. I have many platforms that I look at for that reason.

Somtimes you have to weight the decision with other factors like strong confluences (PPZs, with the trend, etc.) with the PA formation being off by a few pips.

I noted that with invalid PB on the Usd/Chf Daily a few days ago.

http://www.forexfactory.com/showpost...ostcount=18001
Indicators show the past. Price Action "Indicates" the future.
  • #18,194
  • Jan 9, 2009 7:08pm Jan 9, 2009 7:08pm
Quoting tehuringa
Hi Scott,

I'm in this trade and entered 10 pips below the low of the pin bar at 92.63 with a stop loss 10 pips above the pin at 94.70.

I tend to enter with three lots and set profit targets for two and let the third lot run.

The first profit target for me was 91.63 so one lot was closed for +100 pips. The second lot stop loss was moved to break even and I redeuced the exposure on the third lot by bringing its stop loss to 93.70.

The second profit target was 90.90 and that was worked out by looking at previous bar lows and highs that could...
Very nice Dave.

Dave is a Rock Star in the PF. (at least to me.)

His info should be well noted.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #18,195
  • Jan 9, 2009 7:21pm Jan 9, 2009 7:21pm
Quoting Flem26
be even more picky than the year before . . . i like that. watching pound swissy too. will be interesting to see what it does around 174 or 175. I see that there is a bullish outside bar on my feed.

Here is a chart of the dollar index. Looks like a two day pinbar on the daily. i also noticed that a bullish divergence is on the weekly.

Plus, an inside bar has developed on cable. Now, cable broke out this week with an inside bar. Will this inside bar cause a break down next week? We'll see.

Additionally, there is a bullish divergence that has...
Looks good Flem. What time frame is the divergence on the swissy?
Indicators show the past. Price Action "Indicates" the future.
  • #18,196
  • Edited 8:37pm Jan 9, 2009 8:26pm | Edited 8:37pm
great question and one that never gets asked mostly because people dont read the entire thread.

the answer is simple.

a large percentage of my trading to this day IS daytrading but not forex.

why did i talk about it then and not now?

forex factory back then was about 50 people total and i never in a million years saw this happening to this thread. what started out to be "just another thread headed for oblivion" quickly became very serious stuff for a growing number of people. once i saw that i knew the right thing to do was to be upfront and honest. what is upfront and honest?

beginner daytraders never make it in this business. MOST position/swing traders dont make it long term.

I knew i stood a pretty good chance of helping a fair percentage of people find some position/swing trading success but daytrading is different.

You can give most traders a daytrading method that finds a decent profit 80 plus percent of the time and 80 plus percent of them will still fail and find a way to lose all there money.

i also knew when i quit talking about it that a certain percentage of people that followed my stuff would find success with the longer time frames and use the same material to find some success daytrading

my choice has been to let that happen naturally and its probably the single best decision i have ever made pertaining to this thread.

succesful daytraders are not born they are made. made by blood, sweat and tears and countless hours of brutal hard work and self discovery.

succesful daytrading is a personal journey after a succesful method is discovered. its 95 percent between the ears and psychological in virtually every respect.

jim



Quoting Greenhaze
Hi James16

Im unable to say how much i have gained from the private forum and this thread but i noticed something and need to ask.
What happened to your daytrading. At the beginning of this thread you were posting lot of m5/m15 setups which were high probability. I remember you wrote somewhere that scalping is something you do from day to day to increase your overall profit. I'm guessing that you build your account to such point that there is no need to trade frequently and somehow i know that trader like you with such excellent skills can squize...
  • #18,197
  • Jan 9, 2009 8:36pm Jan 9, 2009 8:36pm
YES HE IS AND YES IT SHOULD.




Quoting jarroo
Very nice Dave.

Dave is a Rock Star in the PF. (at least to me.)

His info should be well noted.

Jim
  • #18,198
  • Jan 9, 2009 8:51pm Jan 9, 2009 8:51pm
Quoting jarroo
Looks good Flem. What time frame is the divergence on the swissy?
it's on the weekly. the pin just took off.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_chf_weekly.gif Size: 16 KB
"Don't trade to trade . . . trade to win." - James16
  • #18,199
  • Jan 9, 2009 9:00pm Jan 9, 2009 9:00pm
Quoting james16
YES HE IS AND YES IT SHOULD.
Cheers double Jims

I wouldn't be here if it wasn't for you guys
  • #18,200
  • Jan 9, 2009 9:29pm Jan 9, 2009 9:29pm
Quoting Flem26
it's on the weekly. the pin just took off.
I use the standard settings for MACD of 12, 26, 9.

Also (I may be wrong on this) divergence should be measured above the 0.00 line (or waterline). My thick red line.

Yours is shown after MACD broke the 0.00 line and then broke below the 0.00 line. I believe this makes an invalid divergence indication.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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