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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

  • #25,501
  • Mar 31, 2009 6:39am Mar 31, 2009 6:39am
Quoting Jigsaw
Agreed on this,

I personally did not like the location of this one....
No, no jigsaw, it's not about the amount of things on the chart, I mean about the way I view the markets, even if horizontal lines are drawn down to the H4 TF, I'm still more comfortable watching it than diagonal trendlines.

If I say it's about the amount of things on the charts, charts with trendlines has proven to be a blessing to a lot of the people here, while for me, they're just really hard to digest.
  • #25,502
  • Mar 31, 2009 6:40am Mar 31, 2009 6:40am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Jigsaw
Inverted hammer - that sounds correct !

Lol yeah I am not even sure of the proper Candlestick name at it
just for info only

http://www.babypips.com/images/candl...oting-star.gif

The inverted hammer occurs when price has been falling suggests the possibility of a reversal. Its long upper shadow shows that buyers tried to bid the price higher. However, sellers saw what the buyers were doing, said “oh hell no” and attempted to push the price back down. Fortunately, the buyers had eaten enough of their Wheaties for breakfast and still managed to close the session near the open. Since the sellers weren’t able to close the price any lower, this is a good indication that everybody who wants to sell has already sold. And if there’s no more sellers, who is left? Buyers.

The shooting star is a bearish reversal pattern that looks identical to the inverted hammer but occurs when price has been rising. Its shape indicates that the price opened at its low, rallied, but pulled back to the bottom. This means that buyers attempted to push the price up, but sellers came in and overpowered them. A definite bearish sign since there are no more buyers left because they’ve all been murdered.
  • #25,503
  • Mar 31, 2009 6:41am Mar 31, 2009 6:41am
Quoting bertie123
Guys

Just taking a quick peep at what y'all are up to.......I am working my way thru entire thread, some 25,000 posts, for 2nd time. Phew! Determined to come back better and stronger than before.....now truly believe that it is mastery of self which is most important in trading, something which has to be worked on! Anyway, looking forward to joining all of you FX luminaries in a couple of weeks when I finish the thread! Again! Many pips to you all,

berti
The Second Time!?
You've just became a second role model of reading the whole thread for me bertie, first one was josh.

Thank You for the inspiration
  • #25,504
  • Mar 31, 2009 6:41am Mar 31, 2009 6:41am
Quoting james16
Just stopping in for a second to post this but i will drop back in later today

i just posted a short video in the guest area on pivot zones.

btw, i did see krue's message and all i can say is this.

i got just as lucky as you did. well maybe not. LOL.

jim
Hi Jim

Thanks for the video...was a great help to me being a newbie to ppz.

On another note guys don't drink and work...not for the obvious cloud your judgement kind of thing but for the...'sh*t what have I done!!' kind of thing.
At the weekend I was using my laptop to look for a family holiday for this summer when I fancied a beer...not had a beer for ages and it seemed right...only to find 10 mins later that my arm (telling my daughter where to find something she was looking for) had kindly hit the bottle of beer and knocked it onto th keyboard...ooopppsss!!!....the aforementioned laptop is still in pieces dehydrating...it did consider suicide by jumping out the window but I managed to persuade it that all my emails were still on there and had not been backed up for a month...will put it back together tomorrow to see if it is still awake or as I believe to be in state of acute depression!

Back to reading the thead.
  • #25,505
  • Mar 31, 2009 6:42am Mar 31, 2009 6:42am
As I'm just learning to spot pins, would this be one (GBPUSD) that fits the criteria nicely?

While it only touched my support of 4100, it did poke through my weaker SR a ways. I missed it form as I fell asleep but if this fits, would it still be a good play?

Thank You
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Ghost Rider - WWTBMD?
  • #25,506
  • Mar 31, 2009 6:42am Mar 31, 2009 6:42am
Quoting TotalNewbie
I have read most of the first 200 pages of this thread - so its not as though I'm trying to get a free ride here. The problem is there is so much to remember. For example, I had remembered the concept of a OB but hadn't retained the fact that it needs to occur at a swing to be valid. Likewise, I hadn't picked up on the fact that the previous bar was a sunday. Basic newbie errors that I will now not repeat having been so graciously and gently corrected by yourself and others on this thread. Thanks again for your help, consideration and...
If you are a TOTAL newb, and trading demo on daily charts, just wait until your daily candle finishes forming and trade what you see there. There are many crosses to look at while you are learning to trade and you will find many opportunities to pull the trigger. It will teach you not to overtrade. You are on the right track though with your attempt to find "placement or positioning" for your trade entry.
  • #25,507
  • Mar 31, 2009 6:43am Mar 31, 2009 6:43am
Quoting joebryce
Keep it simple. Horizontal support is clear and concise unlike trend lines which can be very subjective. I have just recently begun to use trend lines but they must be clear and obvious and I only use them when in confluence with other key areas.
Yeah, I'm beginning to think trendlines are for more advance chart readers... boy now I'm feeling dumber than ever lol.
  • #25,508
  • Mar 31, 2009 6:44am Mar 31, 2009 6:44am
if 4H NZD/USD ends up a pin, combined with H&S, good short opportunity? im watching the pin on EJ at the moment, looking promising for a short.
  • #25,509
  • Mar 31, 2009 7:06am Mar 31, 2009 7:06am
Quoting marcelnyo
Yeah, I'm beginning to think trendlines are for more advance chart readers... boy now I'm feeling dumber than ever lol.
Nothing to do with how advanced one is. Just look at Jim, I don't think he uses any trend lines whatsoever. Don't be so hard on yourself.
  • #25,510
  • Mar 31, 2009 7:27am Mar 31, 2009 7:27am
Quoting marcelnyo
Hey guys, do any of you view markets as diagonally or horizontally?
Hey marcelnyo,

As an alternative view - I do use TL's. I know Jim doesn't put much faith in them and there are many of his followers that tend to ignore them too. But i just think they are another tool in the box to be honest. Yes they can be subjective - but so can a PPZ - well the minor ones anyway. So it would be like all of this stuff - practice them - put them on your charts and see what happens - you don't have to trade off them immediately.

couple of recent example for you:

here was my original post http://www.forexfactory.com/showpost...ostcount=25317
it was the Tl on Eurjpy that took me out of the weekly pin at max profit
it was the TL that got me into the GBPUSD trade - +100pips at the moment
it was the TL that got me into the EURUSD trade - +180pips at the moment

the last two are quite agressive trades and so do not have my full position size on though. (a little Rac inspiration)


hope that helps

Simon
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  • #25,511
  • Mar 31, 2009 7:38am Mar 31, 2009 7:38am
Quoting MPP
just for info only
Awesome !

Thanks for that, I keep forgetting those candlestick names

Quoting marcelnyo
Yeah, I'm beginning to think trendlines are for more advance chart readers... boy now I'm feeling dumber than ever lol.
I don't think theres such a thing as an "advanced chart reader".

You can have a large amount of experience, and an advanced understanding of the forex market derived from observation of the market and/or other market education but the best trading ideas are the just darn simplest.

Price can only ever go up and down.

Look at Jim, Mbqb11, Jarroo all dead simple stuff.


I know you are probably messing but if you start saying stuff like "im dumber than ever" etc you will be stuck in a circle of self doubt.

I know James16 is a big Tolle fan, I think Tolle explains it well in The Power of Now about how you need to "watch what you are thinking" and do not trust it.

I think that sort of thinking permeates the sub-conscious over time and then acts as a barrier to your eventual success.

Thats just my take on it anyway

Regards
Jig
  • #25,512
  • Mar 31, 2009 7:41am Mar 31, 2009 7:41am
Quoting simoncs
Hey marcelnyo,

As an alternative view - I do use TL's. I know Jim doesn't put much faith in them and there are many of his followers that tend to ignore them too. But i just think they are another tool in the box to be honest. Yes they can be subjective - but so can a PPZ - well the minor ones anyway. So it would be like all of this stuff - practice them - put them on your charts and see what happens - you don't have to trade off them immediately.

couple of recent example for you:

here was my original post http://www.forexfactory.com/showpost...ostcount=25317
it...
Yes, I agree, I think I'll try adding them and see what happens in the long run, although backtesting them would be almost impossible without buying forextester.

Thanks simon
  • #25,513
  • Mar 31, 2009 7:42am Mar 31, 2009 7:42am
Quoting simoncs
it was the Tl on Eurjpy that took me out of the weekly pin at max profit
it was the TL that got me into the GBPUSD trade - +100pips at the moment
it was the TL that got me into the EURUSD trade - +180pips at the moment
I'm on the EURUSD also,

But I have a few feeds and it looked very different on my FxPro feed.

What was your entry if you don't mind me asking ?

EDIT - It's EURUSD 4HR that i meant to call this

Regards
Jig
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  • #25,514
  • Mar 31, 2009 7:44am Mar 31, 2009 7:44am
Quoting Jigsaw
Awesome !

Thanks for that, I keep forgetting those candlestick names



I don't think theres such a thing as an "advanced chart reader".

You can have a large amount of experience, and an advanced understanding of the forex market derived from observation of the market and/or other market education but the best trading ideas are the just darn simplest.

Price can only ever go up and down.

Look at Jim, Mbqb11, Jarroo all dead simple stuff.


I know you are probably messing but if you start saying stuff like "im dumber than ever" etc...
That has opened my eyes Jig, thanks, I think I have a bad habit of limiting myself to a certain degree, it's time to head back to fiji's section I think, and I'll look into Tolle.
  • #25,515
  • Mar 31, 2009 7:45am Mar 31, 2009 7:45am
good trades, simoncs
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #25,516
  • Mar 31, 2009 7:53am Mar 31, 2009 7:53am
Hi,

I'm currently drawing up my charts with pivot point zones (I've included a PPZ legend indicator and PA Indicator I made for MT4 BTW).

One question to ask is some charts go back to the 70's, do we have to look that far back when drawing PPZ's? (I hope not for daily!) . Am I right in thinking for monthly going back to early 90's is enough, Weekly the last 10 years? I know there it no hard and fast rule but just an idea?
Attached File(s)
File Type: zip markmmPAIndicators.zip   14 KB | 876 downloads
Economists have forecast 9 out of the last 5 recessions
  • #25,517
  • Mar 31, 2009 7:57am Mar 31, 2009 7:57am
Does this qualify as a pin bar! Is the nose long enough?
Attached Image
Economists have forecast 9 out of the last 5 recessions
  • #25,518
  • Edited 8:10am Mar 31, 2009 8:03am | Edited 8:10am
Quoting Jigsaw
I'm on the EURUSD also,

But I have a few feeds and it looked very different on my FxPro feed.

What was your entry if you don't mind me asking ?

EDIT - It's EURUSD 4HR that i meant to call this

Regards
Jig
sure Jig -
http://www.forexfactory.com/showpost...ostcount=25350

scaled in at 1.3146and 1.3196

edit - prices were the stops amended now
  • #25,519
  • Mar 31, 2009 8:12am Mar 31, 2009 8:12am
Quoting fisu
I have been following this thread about ˝ year now and demo trading as much as I can but I'm so busy with my real work that I miss lot of setups.
Well just trying to learn, no rush here.
Hey Bro,

I think Jim has a post on this somewhere, I think it could be one of the linked ones at the front page but do not quote me on that. He's better at explaining it than I.

If you have a high % win rate then the poor R:R . . . in a sense does not really matter.

Just like if you have a system where you have awesome R:R and a poor %wins it does not really matter either.

Your GBPUSD plan sounds fine.

I would not worry about missing trades, I think I read the quote on here "Once in a lifetime forex trades come around a few times a month" lol , awesome quote is awesome

Quoting albchr
As I'm just learning to spot pins, would this be one (GBPUSD) that fits the criteria nicely?
Yep it's a pin on that feed.

I don't get what you are saying here, are you saying "Should I still enter now after it broke through" ?

If that was me then no, I would have already missed the boat, I just try not to chase things. Let them come to me etc etc

Quoting markmm
One question to ask is some charts go back to the 70's, do we have to look that far back when drawing PPZ's? (I hope not for daily!) . Am I right in thinking for monthly going back to early 90's is enough, Weekly the last 10 years? I know there it no hard and fast rule but just an idea?
As far back as data can go I would imagine. For all of them.

Quoting simoncs
sure Jig -
scaled in at 1.3074 and 1.3147
Awesome job man,

I am in at 1.3177 . . . it was a 1HR BUOB after the 4HR Pin on my other feed.

EDIT - Was wondering about those prices hehe, I see them now . good stuff
  • #25,520
  • Mar 31, 2009 8:20am Mar 31, 2009 8:20am
Quoting markmm
Does this qualify as a pin bar! Is the nose long enough?
Yeah that is probably the A+sst of pin bars you'll ever see

...

EDIT: that's a spike mate, and on the negative side of the picture

Your broker needs some spanking for this.

Regards,
Ghous.
I believe . . .
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