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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

  • #24,961
  • Edited 1:14pm Mar 26, 2009 12:59pm | Edited 1:14pm
Quoting Life of Pi_p
Hey Rac,

I'm sure you're watching U.S. indexes move into former support
of course, how often do we get price at important resistance like that?
Here are just a few, I'm in.. (just scalping 40-80 pips today here and there - while waiting for a real PA)

1.3561
1.4530
1.4291
&
1.3357

p.s. just like these below.
break, retest, boom.. etc. (learned it from Mike - mbqb11, light years ago...in Dunster Castle )
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  • #24,962
  • Mar 26, 2009 1:07pm Mar 26, 2009 1:07pm
I attempted to sell on the retracement before the sell off but was unable to get in at the price I wanted. I will now start adding to my short positions from smaller timeframes. As well as counter trade my short with differnt lot size and stops so by no means I am hedging...

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  • #24,963
  • Mar 26, 2009 1:08pm Mar 26, 2009 1:08pm
Quoting jarroo
Pretty good break of the 2 Day PB Shermen. Good for 40 pips. I'd be at breakeven or a tight stop right now.

Good eye.

(close look on the Hourly)
Nice Jarroo. I'm also in this trade and looking at hourly chart, price broke the previous support with great momentum, the way you like it I had my TP around ~1.4350 area. This area is also will be the first retest of previous bar high - clearly can be seen in 4H (if we can make it to this area,hopefully and I'm at BE just in case). And confluence .5 and .382 Fib. Sorry no chart. Thanks guy for all the precious inputs.
  • #24,964
  • Mar 26, 2009 1:26pm Mar 26, 2009 1:26pm
Quote
I'm posting my eur/usd daily chart...the thin purple lines are my daily ppz areas whilst the shorter orange horizontal lines are my 4hr potential problem zones.

Do you think my intrpretation is ok?...I feel that I may be drawing in too many ppz lines...hence may scare myself out of pulling the trigger on a trade.

Jeev
Thanks for asking that question Jeev. I was experiencing the same after marking my charts with so many lines, I was talking myself out of pulling the trigger.

Two things are helping me. Mike's advice is great is will keep your charts clean while still be able to visualize the major ppz's.

The second, which may be obvious, but nonetheless was tripping up a noobie like me, was that with the charts zoomed out so I can draw the major ppz areas/lines....I was often not realizing how significant a gap really did exist between even the minor support and resistance areas.

As a result I was turning a blind eye to set-ups that could clearly have the potential for between 40 to 100 pips.

And if you spot a nice looking set-up, as long as you're aware of the closest potential trouble area, those are trades you may very well want to take.

I was zoomed in close enough to see pin bars, BEOB, etc.....but not close enough to realize there was actually space for a legitimate movement.

Happy pip hunting.
  • #24,965
  • Mar 26, 2009 2:06pm Mar 26, 2009 2:06pm
Hi folks,

I've written a strategy for ninja trader for PA indication. Basically you add the strategy to any chart (doesn't matter which one as this is a multi instrument/multitimeframe strategy) and at every bar close of every pair of every timeframe (1hr-1Week) it looks to see if it is a PA bar (PB, IB, BEOB, BUOB, DBLHC, DBHLC) and if so adds them to a grid (with sound alert), with other useful data (entry,exit, stop size, pin nose size etc).

Here is a screen shot from now. Let me know if anyone is interested and ill send it,want to give something back as this thread gives so much. I only use NT for this and MT4 for the charts BTW. Don't trade off just this, just use it to alert you to the chart and then analyse using usual methods.
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Economists have forecast 9 out of the last 5 recessions
  • #24,966
  • Mar 26, 2009 2:07pm Mar 26, 2009 2:07pm
Quoting arcus
Nice Jarroo. I'm also in this trade and looking at hourly chart, price broke the previous support with great momentum, the way WE like it I had my TP around ~1.4350 area. This area is also will be the first retest of previous bar high - clearly can be seen in 4H (if we can make it to this area,hopefully and I'm at BE just in case). And confluence .5 and .382 Fib. Sorry no chart. Thanks guy for all the precious inputs.

Nice job. I like the 1.4400 area 1st. I can't post a chart right now, but maybe you can see why on the Daily.
Indicators show the past. Price Action "Indicates" the future.
  • #24,967
  • Mar 26, 2009 2:09pm Mar 26, 2009 2:09pm
Quoting Shermenator
I attempted to sell on the retracement before the sell off but was unable to get in at the price I wanted. I will now start adding to my short positions from smaller timeframes. As well as counter trade my short with differnt lot size and stops so by no means I am hedging...
Sounds pretty complicated. Maybe its just me. (Its probably is just me).

Nice trade Shermen.
Indicators show the past. Price Action "Indicates" the future.
  • #24,968
  • Mar 26, 2009 2:19pm Mar 26, 2009 2:19pm
i enjoyed this post kp.

looks like your heading in the right direction.

jim

Quoting kptMisiu
Hey guys,

I don't post here much but I am around for a long time. I took a great trade last week which I wanted to share. This one jumped out at me and this is something what happens over and over when you are patient. I have learned in the last couple of months that I don't need to force a trade, because they will come and "jump out at you".

There was a lot of discussion last week regarding the weekly BeOB on USDCAD. I was planning to take the weekly trade. However, before this happened, a beautiful Pinbar on 1h showed up. So far I have not...
  • #24,969
  • Mar 26, 2009 2:23pm Mar 26, 2009 2:23pm
Quoting markmm
Hi folks,

I've written a strategy for ninja trader for PA indication....
sounds interesting, send to me if you would please. ty. i'll give you feedback too after i check it out
  • #24,970
  • Mar 26, 2009 2:25pm Mar 26, 2009 2:25pm
ok krue i talked to it and got you positive a bit.


whacha gonna do with it?


Quoting james16
hey krue,

the honor is all mine.

your taking a very big risk jumping into this before it broke the top of your two day "pin" bar. i put quotation marks around pin because its not a pin until it breaks.

lets see how it works out. im going to have a talk with it on your behalf but if i convince it to go your way you gotta promise to be more careful in the future.

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  • #24,971
  • Mar 26, 2009 2:33pm Mar 26, 2009 2:33pm
Quoting james16
ok krue i talked to it and got you positive a bit.


whacha gonna do with it?
A teaching moment. I love it.
Indicators show the past. Price Action "Indicates" the future.
  • #24,972
  • Mar 26, 2009 2:34pm Mar 26, 2009 2:34pm
James..if I send a couple of PA's your way from time to time...will you give them a friendly talk on my behalf too?
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #24,973
  • Mar 26, 2009 2:38pm Mar 26, 2009 2:38pm
lol. looks like i got him around 50.





Quoting jarroo
A teaching moment. I love it.
  • #24,974
  • Mar 26, 2009 2:39pm Mar 26, 2009 2:39pm
Quoting coscorp
James..if I send a couple of PA's your way from time to time...will you give them a friendly talk on my behalf too?
You stole my line. before i could . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #24,975
  • Mar 26, 2009 2:40pm Mar 26, 2009 2:40pm
lol,


i would try but i would rather you not put me under that kind of pressure.

in all honestly i was pretty sure he was going to get his chance.

question is did he take the oppurtunity?

i hope so.

jim

Quoting coscorp
James..if I send a couple of PA's your way from time to time...will you give them a friendly talk on my behalf too?
  • #24,976
  • Mar 26, 2009 3:13pm Mar 26, 2009 3:13pm
Quoting markmm
Hi folks,

I've written a strategy for ninja trader for PA indication....
Hi Markmm
i could like very much to get that indicator. I am a silent follower of this thread. still reading it as my plan is to read every post in this thread.
i,ll appreciate mark.

edward
  • #24,977
  • Mar 26, 2009 3:16pm Mar 26, 2009 3:16pm
very nice of you mark.

jim

Quoting markmm
Hi folks,

I've written a strategy for ninja trader for PA indication. Basically you add the strategy to any chart (doesn't matter which one as this is a multi instrument/multitimeframe strategy) and at every bar close of every pair of every timeframe (1hr-1Week) it looks to see if it is a PA bar (PB, IB, BEOB, BUOB, DBLHC, DBHLC) and if so adds them to a grid (with sound alert), with other useful data (entry,exit, stop size, pin nose size etc).

Here is a screen shot from now. Let me know if anyone is interested and ill send it,want to give something...
  • #24,978
  • Mar 26, 2009 5:05pm Mar 26, 2009 5:05pm
Quoting markmm
Hi folks,

I've written a strategy for ninja trader for PA indication....

interested too,many thanks for your efforts.
Good PiPs to you.
Patience is essential
  • #24,979
  • Mar 26, 2009 5:19pm Mar 26, 2009 5:19pm
Quoting markmm
Hi folks,

I've written a strategy for ninja trader for PA indication....
Hello Markmm,
how do we get this stuff?
  • #24,980
  • Edited 6:55pm Mar 26, 2009 6:20pm | Edited 6:55pm
Quoting kptMisiu
Hey guys,

There was a lot of discussion last week regarding the weekly BeOB on USDCAD. I was planning to take the weekly trade. However, before this happened, a beautiful Pinbar on 1h showed up. So far I have not taken any 1h trades, but this one was an invitation to trade. I have cleared the 1h chart to show you how it looked like as it closed. It has reacted to minor flip zone and was in a good retracement (61.8 fibo and "space created"). I said to myself, when it can make it under the 1.29 round number and the highs to the left, I am willing...
NuckingFuts would be proud. (if he still trades that way)

Meaning when there is a Higher time frame, good quality PA set up (Weekly Cad BEOB), which has or has not broken yet, he will "fish" on a lower time frame for a PA setup that is inline with the Higher time frame bias (in your case, the "fish" you caught was the Hourly Bearish PB).

Sorry I can't post charts right now. And maybe NuckingFuts can add more to this if he is around.

Very nice indeed kptM.
Indicators show the past. Price Action "Indicates" the future.
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