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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

  • #3,061
  • Mar 25, 2007 12:21pm Mar 25, 2007 12:21pm
Quoting Philip Pirrip
i'm tempted to short this pair based on the bar configuration and because its at resistance, but just a heads up that the NZD trade balance is coming out today so event risk is kind of high
Good point. That news release can really move this pair (it's happened to me before). I might wait until after the news.
  • #3,062
  • Mar 26, 2007 4:47pm Mar 26, 2007 4:47pm
hello fellow traders,
nice pin bar developing here on GBP/EUR.
over here in london, the daily candle is just about an hour away from finishing.
it touches two areas of fib confluence - the 61 and the 38. I got these levels by fibbing not right from the top (23rd Jan) but on the retracements upwards on the 6 Feb and 23rd Feb.
the price has also retreated back below the daily pivot which is the firm black line just beneath the two fib levels.
what makes this really interesting for me is that the daily pivot was previous support in mid december - see that dbl on the left?
well, now that's resistance.
and finally, todays pin is just above the 365ema so if I put a short order beneath the low of the session today, then it would be trading beneath the 365.
i like the look of this - it's my first trade using price action. I'm going to give it a go and see if i get filled.
wish me luck
tom
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  • #3,063
  • Mar 26, 2007 5:56pm Mar 26, 2007 5:56pm
Quoting the_wizard
hello fellow traders,
nice pin bar developing here on GBP/EUR.
over here in london, the daily candle is just about an hour away from finishing.
it touches two areas of fib confluence - the 61 and the 38. I got these levels by fibbing not right from the top (23rd Jan) but on the retracements upwards on the 6 Feb and 23rd Feb.
the price has also retreated back below the daily pivot which is the firm black line just beneath the two fib levels.
what makes this really interesting for me is that the daily pivot was previous support in mid december - see that dbl on the left?
well, now that's resistance.
and finally, todays pin is just above the 365ema so if I put a short order beneath the low of the session today, then it would be trading beneath the 365.
i like the look of this - it's my first trade using price action. I'm going to give it a go and see if i get filled.
wish me luck
tom
lookin good on your chart,

Mike
  • #3,064
  • Mar 27, 2007 5:06am Mar 27, 2007 5:06am
hello everyone,
what a fall! (see chart above for the PA reason I took this)
this is my first trade using the techniques i learnt in this forum.
i just closed this out for 50 pips profit.
i am so happy right now and i have jim to thank.
thank you so much. you've made my day. honestly you have.
tom
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  • #3,065
  • Mar 27, 2007 5:42am Mar 27, 2007 5:42am
Quoting the_wizard
hello everyone,
what a fall! (see chart above for the PA reason I took this)
this is my first trade using the techniques i learnt in this forum.
i just closed this out for 50 pips profit.
i am so happy right now and i have jim to thank.
thank you so much. you've made my day. honestly you have.
tom

Hi Wizard,

congrats on your first catch!

Yes, that was a really nice PB (saw it here on EURGBP, but too late, didn't know there was a flipped pair to that..), and took off quite well. Nice one!
Trust price. Know yourself.
  • #3,066
  • Mar 27, 2007 10:44am Mar 27, 2007 10:44am
Just some thoughts on USDJPY here
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Trust price. Know yourself.
  • #3,067
  • Mar 27, 2007 11:36am Mar 27, 2007 11:36am
it's too early to call it right now but there is another pin bar forming on the nzd/usd daily.
this pair is certainly looking overextended now but i am cautious since i know some of you pro's got burnt with those two previous back to back pins...
this time i can also see what looks like bearish divergence on the rsi.
i've never traded off divergence before - hell, i've never really even looked for it until i came here - this is the first time i've seen it properly.
i could be reading it wrong but it looks like the rsi has failed to make a higher high from the previous peak on 26 feb.
i'll post a chart later if the pin holds.
tom
  • #3,068
  • Mar 27, 2007 11:50am Mar 27, 2007 11:50am
tips on divergence: always be cautious of divergence in a strong trending market. anytime your learning something new take some time and walk thru the past on a chart to notice anamolies. divergence can be outstanding when combined with the other stuff we learn but as i said it can burn you bad in a real strong trend. a quick look at the past on your charts will reveal this. it will also reveal some great early warnings of great trades if its used in conjunction with the other stuff.

Quoting the_wizard
it's too early to call it right now but there is another pin bar forming on the nzd/usd daily.
this pair is certainly looking overextended now but i am cautious since i know some of you pro's got burnt with those two previous back to back pins...
this time i can also see what looks like bearish divergence on the rsi.
i've never traded off divergence before - hell, i've never really even looked for it until i came here - this is the first time i've seen it properly.
i could be reading it wrong but it looks like the rsi has failed to make a higher high from the previous peak on 26 feb.
i'll post a chart later if the pin holds.
tom
  • #3,069
  • Mar 27, 2007 3:05pm Mar 27, 2007 3:05pm
Hello,

Can anyone point to where I can install a pivot calculator that only shows the pivots, not the R1,2,3, etc?

I have one installed that shows all the lines but it is way to busy on the chart. I tried deleting them but they just reappear after I close the object window.

Does this make any sense to anybody?

Thanks a bunch, Scott
  • #3,070
  • Mar 27, 2007 3:08pm Mar 27, 2007 3:08pm
Quoting nsscott
Hello,

Can anyone point to where I can install a pivot calculator that only shows the pivots, not the R1,2,3, etc?

I have one installed that shows all the lines but it is way to busy on the chart. I tried deleting them but they just reappear after I close the object window.

Does this make any sense to anybody?

Thanks a bunch, Scott
]

Here is one by habeeb, http://www.forexfactory.com/showthre...ivot+indicator
that shows just the daily weekly, monthly...if u remove all the .// from the code it shows all the r1s1 etc

best,
m
  • #3,071
  • Mar 27, 2007 3:23pm Mar 27, 2007 3:23pm
Quoting mbqb11
]

Here is one by habeeb, http://www.forexfactory.com/showthre...ivot+indicator
that shows just the daily weekly, monthly...if u remove all the .// from the code it shows all the r1s1 etc

best,
m
Thanks M. I will give it a try. This one defaults to no r and s lines?

Scott
  • #3,072
  • Edited 3:33pm Mar 27, 2007 3:31pm | Edited 3:33pm
Quoting mbqb11
]

Here is one by habeeb, http://www.forexfactory.com/showthre...ivot+indicator
that shows just the daily weekly, monthly...if u remove all the .// from the code it shows all the r1s1 etc

best,
m
Hello Again M,

I just loaded the one you gave me and it has all the R and S lines as well as pivots.

Can u clarify what it is I do in the code to delete these lines? JUST leaving the PIVOTS!

Thanks a bunch, Scott
  • #3,073
  • Mar 27, 2007 3:55pm Mar 27, 2007 3:55pm
I thought that one wqas without all the lines

here it is

Once again this is Habeebs indicator
Attached File(s)
File Type: mq4 AutoPivotIndicator.mq4   14 KB | 1,098 downloads
  • #3,074
  • Mar 27, 2007 4:13pm Mar 27, 2007 4:13pm
well, here we are. a couple of hours from the close and still looking good.
i'm not strong on negative divergence...that is it that i can see on my rsi, right? i'm in doubt because i am using onanda also - same setting on rsi but it's hasn't made a lower high like this...instead it's higher and looking healthy...
i was considering shorting but put off by two things:
a) the traders that got blown out the water shorting the second bar back when it broke the pin lower.
b) the major resistance at 72.00 - i checked back and corrections off this level are often sharp and very profitable if caught but the price movement around this area is highly erratic and could be brutal.
(see next chart)
good luck
tom
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  • #3,075
  • Mar 27, 2007 4:14pm Mar 27, 2007 4:14pm
check out that resistance!
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  • #3,076
  • Mar 27, 2007 4:46pm Mar 27, 2007 4:46pm
To be a true pin bar does the close need to be lower than the open.??

thanks
It's All About Attitude ...
  • #3,077
  • Mar 27, 2007 5:11pm Mar 27, 2007 5:11pm
Quoting billser
To be a true pin bar does the close need to be lower than the open.??

thanks
no.
but to qualify, the pin bars open and close must be within the previous bar's range AND should be approximately within the first third of the bar. e.g. if it is a candle, which i personally use, then two thirds of the pin bar should be it's wick.
finally, i remember james saying that a pin bar setup is not complete until the low/high is broken by the next bar.

tom
  • #3,078
  • Mar 27, 2007 9:36pm Mar 27, 2007 9:36pm
i see you lurking around trumpcard. been a while buddy, welcome back. where ya been man.

jim
Quoting the_wizard
well, here we are. a couple of hours from the close and still looking good.
i'm not strong on negative divergence...that is it that i can see on my rsi, right? i'm in doubt because i am using onanda also - same setting on rsi but it's hasn't made a lower high like this...instead it's higher and looking healthy...
i was considering shorting but put off by two things:
a) the traders that got blown out the water shorting the second bar back when it broke the pin lower.
b) the major resistance at 72.00 - i checked back and corrections off this level are often sharp and very profitable if caught but the price movement around this area is highly erratic and could be brutal.
(see next chart)
good luck
tom
  • #3,079
  • Mar 27, 2007 11:37pm Mar 27, 2007 11:37pm
Hi James It has certainly been a while! I'll be lurking around here a lot more from now on! All these great systems that have popped up! Amazing the changes that can happen in a year...!
Will try and contribute sooner rather than later - 1 more month of an absolute hellish job to go!

I remember you once made a very good point about the validity of using price action itself for entry and exit signals. I'm planning to brush up on price action theory and try and incorporate it into a BWILC's Median Grid/Daily Fozzy Method (the latter seem to fit nicely together, upon first glance).... happy trading! tea-cha....TEA-chaaaaa.....TEEAAACHHAAA!!!! pencil no, book no... grrrrrrrr
  • #3,080
  • Mar 28, 2007 3:22am Mar 28, 2007 3:22am
update: nzd broke as expected. for those new to this, lower line on chart was entry (5 pips below pin) and upper line is stop (5 pips plus spread above pin). for me this was a risk of 60 pips.
on the one hour, this had a beautiful setup for fine tuning entry...it broke the low of the pin, then came back up to form the right eye, then broke back below the pin. i was almost tempted to double up
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