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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

  • #3,101
  • Mar 29, 2007 7:22pm Mar 29, 2007 7:22pm
I plot fibs from every significant high and low from past to present see which ones are of interest and remove the rest.
Can repeat on lower time frames too.
Just see them as a way to understand price action
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GOD IS NOT SHORT OF CASH
  • #3,102
  • Mar 29, 2007 8:02pm Mar 29, 2007 8:02pm
Quoting Swami S
I plot fibs from every significant high and low from past to present see which ones are of interest and remove the rest.
Can repeat on lower time frames too.
Just see them as a way to understand price action
Thankyou Swami,

When you say "which ones are of interest and remove the rest" do you mean the ones that match the most recent PA ? It seems to me that determining trends, support and resistance are a major factor in understanding forex yet it is probably the hardest part to learn or explain since it seems fairly subjective.... I guess this is one of the reasons why it takes so long to learn because one must take the time to study the charts and price movement/action...

For newbies (that includes yours truly) does anyone have any insights or links into learning how to determine trends, support and resistance. Its something that I tend to struggle with yet I know its vitally important..

Thanks again,

Joey Downunder
  • #3,103
  • Mar 29, 2007 8:08pm Mar 29, 2007 8:08pm
Quoting drj6564
Thankyou Swami,

When you say "which ones are of interest and remove the rest" do you mean the ones that match the most recent PA ? It seems to me that determining trends, support and resistance are a major factor in understanding forex yet it is probably the hardest part to learn or explain since it seems fairly subjective.... I guess this is one of the reasons why it takes so long to learn because one must take the time to study the charts and price movement/action...

For newbies (that includes yours truly) does anyone have any insights or links into learning how to determine trends, support and resistance. Its something that I tend to struggle with yet I know its vitally important..

Thanks again,

Joey Downunder
I would pick up Pring on Price Patterns. He does great work on support/resistance and trend lines. It's worth pcikin up a used copy for your library.

Best,
Mike
  • #3,104
  • Mar 29, 2007 8:23pm Mar 29, 2007 8:23pm
Posible setup on usd/jpy 4h

Any comments?

Matty
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  • #3,105
  • Mar 29, 2007 8:29pm Mar 29, 2007 8:29pm
Its also breaking 1h TL

usd/jpy 1h

matty
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  • #3,106
  • Mar 29, 2007 8:33pm Mar 29, 2007 8:33pm
Quoting Matiasfx
Posible setup on usd/jpy 4h

Any comments?

Matty
I should wait at least for the bar to close.
I would say it's all hanging in the balence just now but my bias is not short
GOD IS NOT SHORT OF CASH
  • #3,107
  • Mar 29, 2007 8:36pm Mar 29, 2007 8:36pm
Quoting Swami S
I should wait at least for the bar to close.
I would say it's all hanging in the balence just now but my bias is not short
yup..always wait for close of bar.. let see

Matty
  • #3,108
  • Mar 29, 2007 8:37pm Mar 29, 2007 8:37pm
Quoting Matiasfx
Its also breaking 1h TL

usd/jpy 1h

matty
Yes but the top of it broke a descending tl too.
Just playing devils advocate here I am actually short $Y but long £Y and the latter has my bias
GOD IS NOT SHORT OF CASH
  • #3,109
  • Mar 29, 2007 9:35pm Mar 29, 2007 9:35pm
On my FXDD chart, there is an I4B on the daily. Hopefully this will get us out of the range bound situation :-)

Ken
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  • #3,110
  • Mar 29, 2007 11:05pm Mar 29, 2007 11:05pm
Here is the 1HR GBP chart with the PIN on the trendline. I took this on my demo account. We will see how it goes.

Ken
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  • #3,111
  • Edited 5:18am Mar 30, 2007 3:18am | Edited 5:18am
who wants to trade oil?
1 contract off that I4b circled is now worth $6,390 after a 639 point rise in 7 days.
i was lucky i saw this even if i am only on demo still.



+++++ follow up post +++++

this post seems to have generated some interest by the mails i am getting and i would say one other thing on the subject of oil. the $2.16 premium that brent crude has on the spread with nymex crude right now, seems real high - i have been watching this pair for over two years. going short brent and long nymex seems to be a very low risk, high reward opportunity to me.

+++++ follow up post +++++
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  • #3,112
  • Mar 30, 2007 5:49am Mar 30, 2007 5:49am
Quoting Matiasfx
Its also breaking 1h TL

usd/jpy 1h

matty
Hi Matiasfx,

Could you be so kind as to post a copy of that Fib indicator you're using on your charts? The one with the % levels and the price as well.

Much appreciated
Colin.
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  • #3,113
  • Mar 30, 2007 6:12am Mar 30, 2007 6:12am
Quoting cologg
Hi Matiasfx,

Could you be so kind as to post a copy of that Fib indicator you're using on your charts? The one with the % levels and the price as well.

Much appreciated
Colin.
Colin,

it is not a separate indicator. You can change your "fibo properties" by adding "%$" in the description of the fibo levels. This will show the price.
Regards
Kpt
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  • #3,114
  • Mar 30, 2007 7:20am Mar 30, 2007 7:20am
euro/cad 4 hr chart looks promising
  • #3,115
  • Mar 30, 2007 8:38am Mar 30, 2007 8:38am
Thanks Kpt,
Appreciate it.
Enter Signature
  • #3,116
  • Mar 30, 2007 10:03am Mar 30, 2007 10:03am
who likes to drink coffee?
i hope all you forex traders aren't missing the best setups.
pin bar at resistance (and look what happened to that last one on the far left of the chart)
then, yesterday, a dbhlc.
back to back signals like that on a daily time frame always get my attention, now.
this move was worth $142 per contract and falling further as i post this.
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  • #3,117
  • Mar 30, 2007 10:44am Mar 30, 2007 10:44am
i'm on a mission to post all my trades from this week.
now usd/mxn
i bet not many small traders play this exotic - i don't blame them when my spread is 80.
but this move is a nice example of support turned into resistance. see how the pin bar failed there and then closed back beneath the 38 fib.
if you exited at the bottom - as conservative traders would have done when it hit the support there...BANG...you just made yourself 650 pips in 2 days.
incidentally, some people complain about spreads. they say to me: "there is no way i would trade gbp/jpy - i'm not touching something with a spread of 10". these people obviously haven't seen the train move.
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  • #3,118
  • Mar 30, 2007 12:08pm Mar 30, 2007 12:08pm
Quoting the_wizard
i bet not many small traders play this exotic - i don't blame them when my spread is 80.
but this move is a nice example of support turned into resistance. see how the pin bar failed there and then closed back beneath the 38 fib.

incidentally, some people complain about spreads. they say to me: "there is no way i would trade gbp/jpy - i'm not touching something with a spread of 10". these people obviously haven't seen the train move.
Heya Wizard.
The circle may be obscuring the wick, but it doesn't look like the "pin" closed within the prior bar's range. If it did, okay. But still, the proportions are totally off and it looks more like a gamble to me than a proper PB setup. No offense. The Kiwi PB and the IB one I think it was you posted look better to me.
Also spread is usually proportioned to the ATR of the pairs, so it's just a question of using proper position sizing. As long as your stop is always the same, then spread becomes irrelevant, as you think in r/r.
If a pair's ATR is 100 and spread 3 there's not that much difference to an ATR 300 and spread 10.

Some nice posts Wizard, always cool to see someone else catching the PA fever

Take care,

SeekingLight
Trust price. Know yourself.
  • #3,119
  • Mar 31, 2007 6:52am Mar 31, 2007 6:52am
Quoting kptMisiu
Colin,

it is not a separate indicator. You can change your "fibo properties" by adding "%$" in the description of the fibo levels. This will show the price.
Regards
Kpt

Thank you kpt.
  • #3,120
  • Apr 1, 2007 10:43am Apr 1, 2007 10:43am
Quoting SeekingLight
Heya Wizard.
The circle may be obscuring the wick, but it doesn't look like the "pin" closed within the prior bar's range. If it did, okay. But still, the proportions are totally off and it looks more like a gamble to me than a proper PB setup. No offense. The Kiwi PB and the IB one I think it was you posted look better to me.
SeekingLight
hi seeking. thanks for your response. i appreciate the feedback because i am still learning this pa. i guess i have found that it works so well when you take the good setups that i start trying to "see" pin bars everywhere.

still, i would like to respond to what you said about that pin bar being a "gamble." you are right - the pins did not close within the previous bars range and the proportions are off, in the sense that the body (open-close) makes up more than 1/3 of the candle.

however, since i am now on demo i am taking these signals and i have found that they are working so far - these two i posted that were not technically correct pins (coffee and usd/mxn) were just the most profitable. i have a suggestion for why this might be.

i guess if you were just entering on a retracement of the pin OR just on the close of the pin as some traders do, then it would be a total gamble but i am always waiting until the next session and entering a few ticks under the pin. now what these patterns show me is that regardless of the length of the body, they have met some resistance, fib level etc and pulled sharply away from it which leaves a long wick. however, since the body is fairly large you have less chance of entering on a false signal e.g. the price dips below the pin by a few ticks and then comes back up - which seems to be what happened to a lot of people who took the kiwi trade recently. in the trades i have shown, the price has to have a siginificant fall (because the body is longer), meaning that it is more likely to be "reliable" in my opinion.

i may be completely wrong and would value others comment on this. i know that this is not the way james taught it - thats not really debatable but i wonder if there is any merit to what i am saying. it certainly seems to be working for me so far but that is the beauty of demo...if it stops then i can drop it
once again, thanks for your feedback. i love this pa stuff.
cheers,
tom

p.s. i'm about page 150 on this thread so far...can't wait to get onto the pf stuff when i've finished...trying to follow it all in order...free thread first and i'm reading as fast as my eyes can go..
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