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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

  • #20,221
  • Edited 2:58pm Feb 2, 2009 2:29pm | Edited 2:58pm
Hi Guys

Anybody looking at this 4 hour pin bar (Closed at 20h00 GMT).

Good
1. The formation looks good on this feed
2. Off a round number 11600
3. PPZ - going back to Nov/Dec 2008
4. With trend

Not so Good?
1. Space?
2. Some indecision on Weekly with last week being an inside bar.
3. Fib Confluence - need some help here

Where would the fibs be drawn? I prefer drawing the fibs on the Daily chart but not quite sure which high/lows to use and i don't want to make the fib fit the price action.

Any comments from you guys.

Attached Image (click to enlarge)
Click to Enlarge Name: EurJpy_4H.JPG Size: 84 KB
  • #20,222
  • Feb 2, 2009 2:36pm Feb 2, 2009 2:36pm
Quoting jarroo
Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.

Jim
Hello,
First post > I would like to thank you all for the great info
Pleasure to be here

Q.
Is it possible to see the 8H charts also online ?

Hari
  • #20,223
  • Feb 2, 2009 2:47pm Feb 2, 2009 2:47pm
weekly and daily battle front..

my bias: up to 122/123, void if fiber breaks 127 and today's PB on dow fails...
.
Attached Images
  • #20,224
  • Feb 2, 2009 2:50pm Feb 2, 2009 2:50pm
Quoting Jigsaw
USD/NZD looks good if it closes right . . .

EDIT - My thoughts on it anyway

2ND EDIT -



DAMN ! I love KISS, great band. I was actually just listening to Symphony Alive IV yesterday. Great band, great album . . . hmmm
Thanks guys for the clarification. looks like nzdusd indeed has a daily PB formation. I'm new to this, so i'm asking how would you trade this? entry buy order at the top with SL at the end of the PB? I'm looking for the safest trade.

thanks!
fxsheep
  • #20,225
  • Feb 2, 2009 2:58pm Feb 2, 2009 2:58pm
Quoting mbqb11
I'll just give you the other side of the coin....
there is a slight problem with this for new guys.

In the past I was involved with a group of new traders and when such setups (A setups) occurred on 6 pairs (it happens quite often), 8 of them lost their small accounts in a day....
Two of the survivor picked the best looking setup and used 5%. The rest felt so confident, they took all setups with about 5% each. Nothing goes straight up, so you can imagine what happened on the first retrace when when initial stops were not moved yet...
I haven't met one new trader yet, who would understand that this is not get rich scheme and even the A trades fail.

Welcome to the beautiful and the least understood world of MM...
  • #20,226
  • Feb 2, 2009 3:01pm Feb 2, 2009 3:01pm
Quoting fxsheep
Thanks guys for the clarification. looks like nzdusd indeed has a daily PB formation. I'm new to this, so i'm asking how would you trade this? entry buy order at the top with SL at the end of the PB? I'm looking for the safest trade.

thanks!
fxsheep
I hope if you are new to this you are practising on demo my friend ?

Safest way : Buy order at 10 pips above the bar high, SL at 10 pips below the bar low.

Exit : Whatever way you want.
  • #20,227
  • Feb 2, 2009 3:03pm Feb 2, 2009 3:03pm
Watching daily pin on USD/NZ - one hour to go on my feed but looks promising. Anyone watching any other possible setups? Other than the above don't see much else at the moment.........waiting is the name of the game: we don't get paid to trade, we get paid to wait guys.
PA is where its at!!
  • #20,228
  • Feb 2, 2009 3:09pm Feb 2, 2009 3:09pm
Hi Everyone,

I see a goodlooking Pb on Nzd JPY; itis not closed yet

Good aspect:

Good formation
Good location
Divergence with Macd

Not so good aspects:

Counter trend movement
Not clear TP point

What do u guys think??
Attached Image (click to enlarge)
Click to Enlarge Name: nzd jpy pb daily.gif Size: 14 KB
  • #20,229
  • Feb 2, 2009 3:16pm Feb 2, 2009 3:16pm
Quoting ljr
Hi Guys

Anybody looking at this 4 hour pin bar (Closed at 20h00 GMT).

Good
1. The formation looks good on this feed
2. Off a round number 11600
3. PPZ - going back to Nov/Dec 2008
4. With trend

Not so Good?
1. Space?
2. Some indecision on Weekly with last week being an inside bar.
3. Fib Confluence - need some help here

Where would the fibs be drawn? I prefer drawing the fibs on the Daily chart but not quite sure which high/lows to use and i don't want to make the fib fit the price action.

Any comments from you guys.

Attachment ...
Hey Ljr ,

Concerning this trade, as everyone has said earlier "is it really worth your money?" It really isnt an A or a B trade in my oppinion. The trade that you may have considered taking was the reversal.
Btw it's the end of the session and I personaly dont like opening a trade on the Asian session.
My piece of advice, dont take the trade. It's just not worth the risk.

Amis
simple....
  • #20,230
  • Feb 2, 2009 3:25pm Feb 2, 2009 3:25pm


Quoting Jigsaw
DAMN ! I love KISS, great band. I was actually just listening to Symphony Alive IV yesterday. Great band, great album . . . hmmm
  • #20,231
  • Feb 2, 2009 3:37pm Feb 2, 2009 3:37pm
Quoting raczekfx
eg
.

Hey raczek, you nailed that location once again. Is that just a 38 Fib retrace from last week's High and Low?

Or was it more of the voodoo that you do? lol
(sorry I can't post my own charts now)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #20,232
  • Feb 2, 2009 3:49pm Feb 2, 2009 3:49pm
Hi Guys

Anyone looking at this one? At a swing low with plenty of space, could be good for a ride up to 0.8000 if it breaks?
Attached Image (click to enlarge)
Click to Enlarge Name: vt020209.2.jpg Size: 150 KB
PA is where its at!!
  • #20,233
  • Feb 2, 2009 3:50pm Feb 2, 2009 3:50pm
Quoting jarroo
Hey raczek, you nailed that location once again. Is that just a 38 Fib retrace from last week's High and Low?

Or was it more of the voodoo that you do? lol
(sorry I can't post my own charts now)
Let's just say it's a voodoo with a name..... Its name: 111995..
wonder if e/j ad g/u(kind of did already) V will play its magic as well....
.
Attached Image
  • #20,234
  • Feb 2, 2009 4:05pm Feb 2, 2009 4:05pm
Quoting raczekfx
..... Its name: 111995..
wonder if e/j ad g/u(kind of did already) V will play its magic as well....
.
Ok I give up I'm lost.
Indicators show the past. Price Action "Indicates" the future.
  • #20,235
  • Feb 2, 2009 4:10pm Feb 2, 2009 4:10pm
Quoting jarroo
Ok I give up I'm lost.

the date
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #20,236
  • Feb 2, 2009 4:12pm Feb 2, 2009 4:12pm
Jarroo and others,

Hope you've moved your pin up to B/E... not a great looking bar on the 8 hour for me. I'm out.

Did nearly reach 116 though.

Night all. Got a small stop entry on the NZD day 'pin' (few pips outside previous low) but very small and may not even get hit. (Stop for all 3 micro lots is at 0.4990, despite what it shows.)

Interested to hear all comments.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY 020209_2.GIF Size: 42 KB
Click to Enlarge Name: NZDUSD 020209.GIF Size: 51 KB
  • #20,237
  • Feb 2, 2009 4:13pm Feb 2, 2009 4:13pm
Quoting djambazov84
the date
I understand, Novemeber 1995. Where do I go from there? lol
Indicators show the past. Price Action "Indicates" the future.
  • #20,238
  • Feb 2, 2009 4:17pm Feb 2, 2009 4:17pm
Quoting jarroo
Ok I give up I'm lost.
Me to. My only clue is the price on EURO index. S/R @ 111.95

Anywhere near?

The date DOH!
  • #20,239
  • Feb 2, 2009 4:31pm Feb 2, 2009 4:31pm
Quoting Jduester
Jarroo and others,

Hope you've moved your pin up to B/E... not a great looking bar on the 8 hour for me. I'm out.

Did nearly reach 116 though.

Night all. Got a small stop entry on the NZD day 'pin' (few pips outside previous low) but very small and may not even get hit. (Stop for all 3 micro lots is at 0.4990, despite what it shows.)

Interested to hear all comments.
E/J: A classic James16 trade. Price did everything it was suppose to do.

Was it an "A" trade . . a Mike trade. No, it was not. Pin Bar to small compared to recent Pin Bar Lows that didn't work, support level was not well defined, etc. Price Action is a powerful thing and this stuff works. It just takes time to understand what works, what doesn't, and where Price is likely to go.
Indicators show the past. Price Action "Indicates" the future.
  • #20,240
  • Feb 2, 2009 4:33pm Feb 2, 2009 4:33pm
Quoting Jduester
Jarroo and others,

Hope you've moved your pin up to B/E... not a great looking bar on the 8 hour for me. I'm out.

Did nearly reach 116 though.

Night all. Got a small stop entry on the NZD day 'pin' (few pips outside previous low) but very small and may not even get hit. (Stop for all 3 micro lots is at 0.4990, despite what it shows.)

Interested to hear all comments.
Hi Jduester

Imo this pin is to small compared to the last down move. I would prefer longer wick and smaller body. A no trade for me
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