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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

  • #21,561
  • Feb 16, 2009 9:42am Feb 16, 2009 9:42am
A Pin bar on 4H chart EUR/USD...anybody yet in trade?
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  • #21,562
  • Feb 16, 2009 9:49am Feb 16, 2009 9:49am
Quoting scorpionFX
A Pin bar on 4H chart EUR/USD...anybody yet in trade?
Hey Scorpion

Be real careful here. Euro has been a choppy mess for some time now. Trades like this in heavy traffic are sometimes a crap shoot or VERY VERY hard to manage. The best is to wait for the much more obvious trades. These are the types of trades that can eat your account up and prevent progress to profitability.

The good ones will stick out

Mike
  • #21,563
  • Feb 16, 2009 9:54am Feb 16, 2009 9:54am
Quoting mbqb11
Hey emda

We have generally all go by the "play it as you see it". So whatever your broker gives just play your charts like that. As price is still the same it is just how it is aggregated.

I personally prefer a close more near NY close time. Oanda closes real late for my liking. So I would simply use whatever is most comfortable to you

Mike

thanks
I agree I don't like oanda daily charts but sometimes I see more pinbars in oanda charts than in others charts.

I like hourly charts. I know it is lower timeframe but I think it is the biggest timeframe where all brokers have the same candles
  • #21,564
  • Feb 16, 2009 9:56am Feb 16, 2009 9:56am
Quoting mbqb11
Hey Scorpion

Be real careful here. Euro has been a choppy mess for some time now. Trades like this in heavy traffic are sometimes a crap shoot or VERY VERY hard to manage. The best is to wait for the much more obvious trades. These are the types of trades that can eat your account up and prevent progress to profitability.

The good ones will stick out

Mike
Thanks, I am not in the trade, becouse I didnt test the pin bars by myself yet. So I will look what will happen.

Regards,
scorpionFX
  • #21,565
  • Feb 16, 2009 9:56am Feb 16, 2009 9:56am
Quoting mbqb11
Hey Scorpion

Be real careful here. Euro has been a choppy mess for some time now. Trades like this in heavy traffic are sometimes a crap shoot or VERY VERY hard to manage. The best is to wait for the much more obvious trades. These are the types of trades that can eat your account up and prevent progress to profitability.

The good ones will stick out

Mike

I agree
specially when previous bar is like another pinbar but opposite direction.
  • #21,566
  • Feb 16, 2009 9:57am Feb 16, 2009 9:57am
Quoting scorpionFX
A Pin bar on 4H chart EUR/USD...anybody yet in trade?
What pin bar ? I cannot see it through the jungle of indicators you have on your charts, and I can't see one on any of my feeds ?

EURUSD = Slop at the moment, I have not made a trade all day, and I doubt I will. Every pair is a mess in my eyes lol but especially today with the US holiday. Officially nothing going on.

I'd stay out at the moment.
  • #21,567
  • Feb 16, 2009 10:02am Feb 16, 2009 10:02am
GBPCHF we have strong support at yellow line. usually a bearish H+S the right shoulder should be lower than the left.
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  • #21,568
  • Feb 16, 2009 10:09am Feb 16, 2009 10:09am
Quoting AlexWong76
it won't be a bearish H+S until it breaks out. i will put on my watch list
PATIENCE... DISCIPLINE
  • #21,569
  • Feb 16, 2009 10:13am Feb 16, 2009 10:13am
Quoting AlexWong76
GBPCHF we have strong support at yellow line. usually a bearish H+S the right shoulder should be lower than the left.
yeah true, well pointed out bro ,i hadnt noticed.
one thing is for sure,its a bit scrappy, which is why i asked.lets see what happens??
PATIENCE... DISCIPLINE
  • #21,570
  • Feb 16, 2009 10:19am Feb 16, 2009 10:19am
Quoting Jigsaw
What pin bar ? I cannot see it through the jungle of indicators you have on your charts, and I can't see one on any of my feeds ?

EURUSD = Slop at the moment, I have not made a trade all day, and I doubt I will. Every pair is a mess in my eyes lol but especially today with the US holiday. Officially nothing going on.

I'd stay out at the moment.
The pin bar is in the end of the chart in blue circle.
  • #21,571
  • Feb 16, 2009 10:29am Feb 16, 2009 10:29am
Quoting Angel65
Hi guys,

Thanks for your quick reply, it's very kind of you !!

ODL is a good broker but unfortunatly, the 'Spread-Betting' plateform doesn't include 'trailing stop' capabilities

I'm going to try Finotec but don't really know if they are reliable ? Any live testimonials on it ?

Cheers

Happy US holiday,

Angel


*Sorry to be off topic
Spread betting and holding a position like a daily pinbar will cost you the spread for every day you hold it. i.e gbpjpy 7 pips held for 5 days costs you 35 pips.

Minimum position size is usually 50p minimum with spread brokers so a weekly pin bar with a 600 pip stop loss equals £300 risk. Is this something you are ok with?

I use Oanda which does not have the tax breaks as per spread betting but the afforementioned points when using J16 style makes it neccessary.

hth

fxp
  • #21,572
  • Feb 16, 2009 10:56am Feb 16, 2009 10:56am
Quoting fxprocessor
Last weeks daily pinbar held above the strong PPZ at approx 130.

Friday also closed above this PPZ.

The daily pin bar has not been invalidated until the low is taken out.

All I was saying was that the market feeds off orders and there will no doubt be a cluster of orders berlow 130. Whether price continues to drop if it hits these orders or moves up to close the gap is an unknown but nice pins like this daily one one can usually be good for a decent move.
are you still watching this one? last night on my demo i set a buy limit for 130.30 w/ sl at 129.00 & tp way up at 132.50 (next daily ppz?). this morning (est my time) when price was at 131.30, i sold half of my position and moved the sl up to 130.30. from here if it continues to move up, then i will continue to adjust my sl accordingly. i based this move off the continuation of the daily pin from 2/12 & took the price gap over the weekend into consideration. what do you guys think?
  • #21,573
  • Feb 16, 2009 11:52am Feb 16, 2009 11:52am
thanks jd,

no i never pull anything off.

jim

Quoting Jduester
Hi James,
Again, many thanks for all you've done, especially when you started this thread, and followed through on your vision for what this thread could be. Then starting the PF and all the countless hours/days/weeks/etc... getting it up and running and then switching websites.

I am working diligently on learning PA, going through this thread. Right now, I am putting my full energy into this. But I haven't looked into the Guest section of PF yet... Do you ever pull things off of the Guest section? Meaning, should I instead work to catch up on...
  • #21,574
  • Feb 16, 2009 11:56am Feb 16, 2009 11:56am
i saw this on friday and it made my weekend.

thank you.

sometimes i think 3 or 4 blown accounts can be a positive for some people. for me it was about 25.

jim

Quoting tokwanden
I'm rarely post my thought/insight here Jim, bcoz I'ts already been done by you and the great/kind hearted friends of yours (there are many and I bet u must be proud of them) in this thread. What you stated in this and all your previous post is very, very, very true (at least to me).

I blown 3 of my live acc, before I found your thread. It has been 8month's now and I'm around pg960 (kinda slow I'm). And you know what these pg 1-960 done to me? 6 months profits in a row! It's damn simple.

What else I can say...
  • #21,575
  • Feb 16, 2009 12:08pm Feb 16, 2009 12:08pm
Here is my first fully anotated chart with Support and Resistance and all Fib Confluences posted. Can a senior member here look at it and tell me what they think, or what is missing to help me trade better? Thank you, this is for GBp/USD
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Dr. C
  • #21,576
  • Feb 16, 2009 12:37pm Feb 16, 2009 12:37pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks,Mike, you anwsered my question. I will look into it again, hopefully could have a big forward from there. Thanks again, Mike

Quoting mbqb11
Hey Krue

I think I understand your question. You are saying how much of a difference does it make by judging what is going on around the bar? And it can/will make all the difference in the world. No 2 bars are the same and that is where time and experience will come in and pay off.

Not sure if I read your question correct though

Mike
  • #21,577
  • Feb 16, 2009 1:03pm Feb 16, 2009 1:03pm
Quoting james16
i saw this on friday and it made my weekend.

thank you.

sometimes i think 3 or 4 blown accounts can be a positive for some people. for me it was about 25.

jim
OMG 25 BLOWN ACCOUNT!!!!!!

PERSEVERANCE=JIM
  • #21,578
  • Feb 16, 2009 1:06pm Feb 16, 2009 1:06pm
Good spot for shorting e/g if price will make it there. Trendline/fib confluence + fresh s/r flip zone , 0.9200 round number could be good place to look for price reversal.
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  • #21,579
  • Feb 16, 2009 1:12pm Feb 16, 2009 1:12pm
Quoting cvcamper
Here is my first fully anotated chart with Support and Resistance and all Fib Confluences posted. Can a senior member here look at it and tell me what they think, or what is missing to help me trade better? Thank you, this is for GBp/USD
First let me say your chart is awesome, clean . . Everything drawn out beforehand so when Price action does occur, you are confident in pulling the trigger.

Which is the opposite of waiting for Price action to occur and then going and hunting and looking for reasons to trade it.

I have a question - with regards to those "Scalp Lines" you have posted are they for scalping longs or shorts ? Or what way do you play them, this reminds me a bit of the NickB method or whatever it's called.
  • #21,580
  • Feb 16, 2009 1:46pm Feb 16, 2009 1:46pm
Quoting Jigsaw
First let me say your chart is awesome, clean . . Everything drawn out beforehand so when Price action does occur, you are confident in pulling the trigger.

Which is the opposite of waiting for Price action to occur and then going and hunting and looking for reasons to trade it.

I have a question - with regards to those "Scalp Lines" you have posted are they for scalping longs or shorts ? Or what way do you play them, this reminds me a bit of the NickB method or whatever it's called.
Yes, I actually did learn alot from the NickB forums before I found forex factory. I guess I use the world "scalp" just to mean an area of "interest" it can either blow by it and prove upward trend or be knocked back and be shorted.... My Lime green shows me that it is a low level of priority to watch for, but nonetheless I want to have it on my chart....
Dr. C
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