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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

  • #3,081
  • Mar 28, 2007 3:38am Mar 28, 2007 3:38am
Quoting the_wizard
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
here was the 4hr pin bar entry on your nzd/usd
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  • #3,082
  • Mar 28, 2007 3:41am Mar 28, 2007 3:41am
and here is what the gbp/jpy is working off. An inside bar broke south on the daily.
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  • #3,083
  • Mar 28, 2007 4:46am Mar 28, 2007 4:46am
Argh!

What's there left for me to post if you guys already are banging out all the great setups?

Ok, fine, I'll do another tribute to Raczekfx, never wrong...

Price, fibs and trendlines, tradeable without even much of PA setups, just reactions -> buy support, sell resistance, look for confluence.
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Trust price. Know yourself.
  • #3,084
  • Mar 28, 2007 9:09am Mar 28, 2007 9:09am
Quoting SeekingLight
Just some thoughts on USDJPY here
http://forexfactory.com/showpost.php...postcount=3067 << update for this one


Notice how we retested the short term TL first before dropping down -> makes a good entry
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Trust price. Know yourself.
  • #3,085
  • Mar 28, 2007 9:37am Mar 28, 2007 9:37am
Zooming in, you COULD be creative and spot some more trendlines..

These are a bit creative perhaps, but they DO shape price.

If you look at price and see these "angles" you realize there's stuff moving price. As always: if price is above it, they are support, once broken and price is below it, resistance.
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Trust price. Know yourself.
  • #3,086
  • Mar 28, 2007 10:38am Mar 28, 2007 10:38am
found support at a pivot on 240min buy buy buy
of course wait and see wher this bar closes
  • #3,087
  • Mar 28, 2007 11:57am Mar 28, 2007 11:57am
Quoting Jimmywa
found support at a pivot on 240min buy buy buy
of course wait and see wher this bar closes
Not only that, but there appears to be a pin forming on the daily, we'll have to wait and see how the day ends but its off a pivot further confirming your buy.
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  • #3,088
  • Mar 28, 2007 2:10pm Mar 28, 2007 2:10pm
Quoting SeekingLight
Zooming in, you COULD be creative and spot some more trendlines..

These are a bit creative perhaps, but they DO shape price.

If you look at price and see these "angles" you realize there's stuff moving price. As always: if price is above it, they are support, once broken and price is below it, resistance.
hey seeking looks good here too and both euro yen and £ yen reached ema support on 4hr and daily respectively enough to make this 4hr pin a goer?
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GOD IS NOT SHORT OF CASH
  • #3,089
  • Edited 3:45pm Mar 28, 2007 2:21pm | Edited 3:45pm
a large fall today for the nzd.
i find the symmetry of this three session move that started with a pin bar, really fascinating.
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  • #3,090
  • Mar 28, 2007 3:13pm Mar 28, 2007 3:13pm
Quoting Swami S
hey seeking looks good here too and both euro yen and £ yen reached ema support on 4hr and daily respectively enough to make this 4hr pin a goer?
Hey Swami.
4h is tricky, especially this "small" after such a large decline.
We've fallen out of a lot of trendlines if you ask me and on my chart the most I have is a 2x1H PB, and that currently can't get over 117.00 for good.
Also keep in mind that it's hard for a lower timeframe to stem a larger one after most of the larger one is already over.

I believe Price is stalling at this 117.00 and may just run risk of falling down again unless we make it back above that level and stabilize a bit.
Looking at daily currently, my daily close being 4h away, ask yourself - is this a bar people would buy?
I think it's trying to rescue itself, but currently it's struggling, and all the "following" EMAs on 4h and 1h are chasing it...

Currently too unclear for me to decide, but given today's drop and the fact we're still below a descending TL on GJ for example I favor the downside -> I believe we may get a drop back down maybe even retest 115.50-80 Price Pivot if this goes on.

I'm not a good reference currently, as I'm not in good shape. I've missed so many obvious things lately and made some bad decisions, I'm worried about getting back on track. I think I have a problem and I really need to get over that in order to move on and get past this barrier I've set myself.

Anyway - after this steep a decline, I wouldn't risk trying anything other than a perfect pin on really good confluence + s/r. Also ask yourself - where could it go?

Just my opinion.

Take care,

SeekingLight
Trust price. Know yourself.
  • #3,091
  • Edited 5:59pm Mar 28, 2007 3:47pm | Edited 5:59pm
Quoting SeekingLight

I'm not a good reference currently, as I'm not in good shape. I've missed so many obvious things lately and made some bad decisions, I'm worried about getting back on track. I think I have a problem and I really need to get over that in order to move on and get past this barrier I've set myself.

Anyway - after this steep a decline, I wouldn't risk trying anything other than a perfect pin on really good confluence + s/r.

SeekingLight
Hey Seeking,

We all go thru those hard times when we miss the good ones and we just take the most stupid trades
(i know i do ), but u are a good trader as we all know in here, u have posted a lot of the most valuable post in this thread...

You will go thru this tough times and get even better
Keep it up bro!!

Matty
  • #3,092
  • Mar 28, 2007 10:56pm Mar 28, 2007 10:56pm
wow! I am so happy to have taken the time to stick and read this forum. The information that is given by James16 is incredible and James I cannot thank you enough for the time that you take to post your comments and charts about the different setups.

I am so much enjoying this thread that I really think to consider becoming a member of PF of the group.

I am just very good comment about PF and I am sure it will boost my knowldege to become a better trader manytime. I am really happy to be part of this great community at forexfactory.

The funny thing (maybe it is destiny) I was aware of this thread and the PF since I join forexfactory in early 2006 but it is only since this week that it has really get me really interested. I guess I was not ready before and maybe as, now, I know the basic of forex (after 2 years of study different system) it will malke the whole process more easy for learning this great stuff in there.


So Dear James, Dial, Fijitrader and others, thank you all very much for making this thread and the PF available.

Will certainely be a PF member very soon

Wishing you all a great trading day and week

shreem
  • #3,093
  • Mar 29, 2007 7:03am Mar 29, 2007 7:03am
Hi!

I took today this PB. And the day before the one on NZDSD. I just know the pinbars a little from the PDF's. But so far I like them and i will start to read this thread from the beginning. So thanks for all the infos.
I am not sure how to exit. I took out the half position at 1R and moved the SL near BE and let the second part run to the next major resistance on daily timeframe...
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  • #3,094
  • Mar 29, 2007 7:36am Mar 29, 2007 7:36am
Quoting Swami S
hey seeking looks good here too and both euro yen and £ yen reached ema support on 4hr and daily respectively enough to make this 4hr pin a goer?
The combined support across the carry trade made this work
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GOD IS NOT SHORT OF CASH
  • #3,095
  • Mar 29, 2007 7:43am Mar 29, 2007 7:43am
Quoting Swami S
The combined support across the carry trade made this work
Hi Swami, I was just thinking about you
Turns out you were right after all

Here's what after we scaled the TL again with the 2x1H PB -> .618 retrace along with the TL support being tested again, held, and then it was all go from there...the messed up part being, the drop back to .618 actually formed a BEOB which never took.

Price did however take about 10 hours of struggle at 117 first..

Hope you made a bundle if you did take it

Take care,

SeekingLight
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Trust price. Know yourself.
  • #3,096
  • Mar 29, 2007 10:58am Mar 29, 2007 10:58am
I have meta Trader 4....does anyone know how to do back testing on that or do I need other software....and if I can do back testing on the MT4...how do I set it up.

Thanks

Bill
It's All About Attitude ...
  • #3,097
  • Mar 29, 2007 11:13am Mar 29, 2007 11:13am
Quoting billser
I have meta Trader 4....does anyone know how to do back testing on that or do I need other software....and if I can do back testing on the MT4...how do I set it up.

Thanks

Bill
Heya Bill.

Since PA is discretionary and needs YOU to trade it, all you need is MT4 and your charts to go over the historic chart data and look over the charts for setups and how they went. You could start by looking for good Pin Bars at swing ends on the daily timeframe and checking out whether or not they retraced, how much it took for them to break, which ones faked out, ran into s/r and so forth...and looking for confluence of s/r levels (price pivots, fibs, EMAs) where they happen.

Same thing with other formations. I assume that's what you were asking?

Take care,

SeekingLight
Trust price. Know yourself.
  • #3,098
  • Mar 29, 2007 11:34am Mar 29, 2007 11:34am
Quoting SeekingLight
Heya Bill.

Since PA is discretionary and needs YOU to trade it, all you need is MT4 and your charts to go over the historic chart data and look over the charts for setups and how they went. You could start by looking for good Pin Bars at swing ends on the daily timeframe and checking out whether or not they retraced, how much it took for them to break, which ones faked out, ran into s/r and so forth...and looking for confluence of s/r levels (price pivots, fibs, EMAs) where they happen.

Same thing with other formations. I assume that's what you were asking?

Take care,

SeekingLight
Hi SeekingLight,

I was actually curious about the 365 ema and how many times price either retraced when it hit the 365 or how many times price went through the 365 ema

So I was thinking if someone had any ideas about writing a simple EA that did 2 things 1. if it retraced then buy/sell and take profit at 10-20 pips and 2. if it went through the 365 ema then buy/sell and take profit at 10-20 pips.

Just curious to know if this would be of value and make some more pips whilst waiting for the right PA's to form

Thanks
It's All About Attitude ...
  • #3,099
  • Mar 29, 2007 6:53pm Mar 29, 2007 6:53pm
Quoting SeekingLight
Hi Swami, I was just thinking about you
Turns out you were right after all

Here's what after we scaled the TL again with the 2x1H PB -> .618 retrace along with the TL support being tested again, held, and then it was all go from there...the messed up part being, the drop back to .618 actually formed a BEOB which never took.

Price did however take about 10 hours of struggle at 117 first..

Hope you made a bundle if you did take it

Take care,

SeekingLight
Unfortunately I went with the concensus and got stopped out but it is the first time i really feel that I can now trust my analysis without checking with the various crystal balls...worth the loss.
Have you seen the mtly chart of £Y it's quite interesting........Can history repeat itself?
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GOD IS NOT SHORT OF CASH
  • #3,100
  • Mar 29, 2007 7:09pm Mar 29, 2007 7:09pm
Hi James,

(and Seekinglight and Swami....)

This is my first post on this thread but I'm one of the guys thats been sitting here in stealth reading, copying, reading again, checking charts, etc..etc.. trying to learn as much as I can before I start asking questions. I still have only made it to 105 odd pages although I do jump to the latest posts.

A wonderful environment and I'm impressed at how this thread has managed to stay on track and not get overwhelmed with requests for EAs (not that I have anything against EAs' it s just that one must learn in fine detail how to do something before relying on automation - reliance on blind automation in this game I feel is a sure way to failure), impressed with the spirit and impressed with you James and your friends, Merlin and crew...

My FOREX journey has been one of 2 years now and I still haven't taken a single live trade, only demo. Its taken a while for me to be convinced that indicators or too many for me anyway don't work....well I always suspected it but needed my own proof. I love PA and have always watched pin bars with fascination !

Ok enough of being too nice...hehe and down to the first question...

Do you James, Swami or Seekinglight have any specific rules about how far back you plot your Fibonacci retracements ? Just looking at your latest 2 charts it strikes me that you both picked the exact same high and low to plot your retracement from....whereby for me I picked a more recent swing.....

Congratulations to all for creating a wonderful environment for learning and sharing, you should all be proud of yourselves !

Best wishes,

From Joey downunder
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