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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

  • #26,421
  • Apr 7, 2009 11:08am Apr 7, 2009 11:08am
Quoting ghous
I like it
Trade update:

1st half: 50 pips.
2nd half: BE.

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I believe . . .
  • #26,422
  • Apr 7, 2009 11:22am Apr 7, 2009 11:22am
Here are a couple of setups I missed today,
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I believe . . .
  • #26,423
  • Edited 12:03pm Apr 7, 2009 11:25am | Edited 12:03pm
Quoting 4fun
I started live trading last July and kept my head above water but just couldnt attain any consistency. I stopped for two weeks the end of Nov to analyze what my problem was, and as luck would have it stumbled onto this awesome thread.I wanted to keep this game fun and profitable at the same time so this is what I did.I cut my account size in half and re-did my charts this time only plotting major mn & wk ppz nothing else.My previous charts kept gathering more clutter and all that did was clutter my brain.I cant see through a dirty windshield nor...
good tips, less acc & positions size, higher TF,
how did you get rid of over-analyze? any tips?
  • #26,424
  • Apr 7, 2009 11:35am Apr 7, 2009 11:35am
Quoting hendrix
Hi guys,

just wondering if anyone here trades the daily TF on the 6 majors only? (EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD) If yes, do you find enough trading opportunities?

Thanks!
I am a great believer in the more pairs the better and I think it helps avoid overtrading.

Really good setups don't appear that often per pair. And analysing the dailies every night takes hardly any time. Most nights there is no bar, so I close the charts. If I'm only watching 6 pairs then it may well be months before a trade comes along. And then I get tempted by B trades.

So personally I watch 25. Daily and weekly time frames. And I look for 3-5 trades a month. I am aiming to expand to commodities and metals and indices when I have fully backtested these. That'll mean many more chances to catch the very best slam dunk setups. And I still am only looking for a handful of setups a month.

When people talk of watching fewer pairs their rationale is often based on the amount of analysis they have to do per pair. With this method it's so simple. The bar, the location, the pivot zones. Only then will I start looking for confluence and even that is limited to fibs, the 150 and 365 EMAs, and MACD for divergence. That's it. I open my charts at night and cycle through my pairs in about 10-15 minutes.

Gotta love the simplicity of this method. The complicated part is my ego which often gets in the way. You wouldn't believe the dance it has done with me today because just as I was about to place an order for the NU daily pin, the darn thing shot down to my first target. But that's another story.....
  • #26,425
  • Apr 7, 2009 11:38am Apr 7, 2009 11:38am
I've been watching this one from the sidelines for quite some time now,

I specially like the momentum price has picked up from point 1 down at the "support" border of the range, smooth rhythmic higher highs higher lows.

A BUOB close around the 8200 would be cool!

Regards,
Ghous.
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I believe . . .
  • #26,426
  • Apr 7, 2009 11:52am Apr 7, 2009 11:52am
Quoting ghous
Here are a couple of setups I missed today,
Well that seals it. I'm using my FXpro feed. The pins you point out on those three charts stick out like sore thumbs with them. With IBFX, nothing to see...
Ghost Rider - WWTBMD?
  • #26,427
  • Apr 7, 2009 11:59am Apr 7, 2009 11:59am
Quoting albchr
Well that seals it. I'm using my FXpro feed. The pins you point out on those three charts stick out like sore thumbs with them. With IBFX, nothing to see...
Dailies don't tend to conflict much Chris, The Pin's quite Ok on my Fxpro just like on my fxopen feed.
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  • #26,428
  • Apr 7, 2009 12:07pm Apr 7, 2009 12:07pm
Quoting ghous
Here are a couple of setups I missed today,
sorry about that but dont worry buddy ,there will be others....i caught those 2 plus the eurusd beob....
u cld watch dis daily cadchf though, just came off a ppz...shld have room to run, the bar closes in 2 hrs time on my feed.....post chart now and also when the bar closes in 2 hrs time

trying to teach myself how to hold trades and not exit prematurely...lol

yeah, check gbpchf too, i think its also a buob...but havnt cheked to c if the location is ok...if it has room to run
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Simplicity is the key to success
  • #26,429
  • Apr 7, 2009 12:07pm Apr 7, 2009 12:07pm
Quoting ghous
Dailies don't tend to conflict much Chris, The Pin's quite Ok on my Fxpro just like on my fxopen feed.
Well here's my IBFX Daily. I see what I think is called a (BEOB??) but not a pin? And I was watching these all day yesterday but wasn't sure how to act on what I saw. Looking for those pins. Am I wrong here and maybe need new glasses??...LOL
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Ghost Rider - WWTBMD?
  • #26,430
  • Apr 7, 2009 12:11pm Apr 7, 2009 12:11pm
Quoting albchr
Well here's my IBFX Daily. I see what I think is called a (BEOB??) but not a pin? And I was watching these all day yesterday but wasn't sure how to act on what I saw. Looking for those pins. Am I wrong here and maybe need new glasses??...LOL
Technically that isn't a BEOB either because we ignore the sunday bar(which is the bar before it). So that would just be a big BEB, unless you choose to use the sunday bar then it would be a BEOB(but James ignores them).

Best
Mike
  • #26,431
  • Apr 7, 2009 12:11pm Apr 7, 2009 12:11pm
Quoting ghous
Dailies don't tend to conflict much Chris, The Pin's quite Ok on my Fxpro just like on my fxopen feed.
dailies can look very very different depending on your broker close time. FXpro is hours earlier then some brokers


Mike
  • #26,432
  • Apr 7, 2009 12:14pm Apr 7, 2009 12:14pm
Quoting mbqb11
Technically that isn't a BEOB either because we ignore the sunday bar(which is the bar before it). So that would just be a big BEB, unless you choose to use the sunday bar then it would be a BEOB(but James ignores them).

Best
Mike
I wasn't aware of ignoring Sunday's bar. Thanks Mike! God I just love this thread.

And yes, the FXpro closes 5:00 EST. The IBFX is GMT (8:00 EST) I believe. For a new guy trying to learn to spot them in Pennsylvania, I think FXpro is the way to go...LOL
Ghost Rider - WWTBMD?
  • #26,433
  • Apr 7, 2009 12:21pm Apr 7, 2009 12:21pm
Ok so what do u guys think of these potential pin bars ?

Oh and glad i didn't enter long on the Eur/Gbp yesterday !
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  • #26,434
  • Apr 7, 2009 12:24pm Apr 7, 2009 12:24pm
Quoting Billy73
Ok so what do u guys think of these potential pin bars ?

Oh and glad i didn't enter long on the Eur/Gbp yesterday !
careful here billy based on your charts (as is). The first one is a neutral bar(open and close in middle of bar shows indecision). And the second is neutral with more of a BUOB look if it closes high(has a lower low, and higher high then previous bar).

Best

Mike
  • #26,435
  • Apr 7, 2009 12:27pm Apr 7, 2009 12:27pm
Quoting ghous
It's something you'll need to get used to Jellybean,

I get to check my daily charts at least 5 hours after the close, and so yes I'll miss a few setups too, I missed the Nu short today but I've stopped cribbing and whining over it,

If you want you could set alarms at the time your daily bar closes but you'll be disturbing your sleep so to say....I on the contrary don't feel the need for any such acts, It's fine if I get to miss a setup (an 8 hour sleep period is more important to me) I do end up taking "most" so it's not a problem...
Thanks Ghous

I appreciate your comments. I can see my impatience is at the root of my frustration, so I'll practise just sitting back and waiting for the best ones to come.

Cheers
Jellybean
  • #26,436
  • Apr 7, 2009 12:33pm Apr 7, 2009 12:33pm
Quoting FXGator
I have been watching this one as well. I actually saw it from a differenct perspective though. If it closes at or near where it is at, it looks to be a DHLC or BEOB depending on your feed and the high of the 2 bars. I can't post a chart right now, but it also appears to have broken a daily TL to the downside.

I guess an argument against this is that it isn't at a swing high, would that be correct?

Any thoughts on this scenario?
Good observation. The question is where it closes. If it closes as a pin I will be looking at it at that time as a candidate for a long trade. I say a candidate because even a long position will need to be babysat with tight stops because of the previous couple of weks worth of PA. It has broken a daily TL ( i use trendlines as a crutch) but often trendlines are retested. I will not trade this pair short even if we do have a break as it would be headed into a very busy area on just about any time frame.
  • #26,437
  • Apr 7, 2009 12:34pm Apr 7, 2009 12:34pm
Quoting mbqb11
careful here billy based on your charts (as is). The first one is a neutral bar(open and close in middle of bar shows indecision). And the second is neutral with more of a BUOB look if it closes high(has a lower low, and higher high then previous bar).

Best

Mike
Yes see that now, thanks for the quick response, back to the drawing board !
  • #26,438
  • Apr 7, 2009 12:35pm Apr 7, 2009 12:35pm
Quoting raczekfx
% gain is relative to your trades selection and discipline. I don't pressure myself to do 1 or 5% every month. Whatever comes, I'll welcome it. I don't necessary agree with some comments I've read in the past, what's good and what's not, but everyone is entitled to have an opinion....

Hey, Rac!
Great results! Which data feed do you use? I like your trading way and my thinking is like yours. Wanted to check that up, I mean your results from your pdf, but cannot understand what kind of time zone are they, so could you please tell me? Thanks! Keep up the good work!
  • #26,439
  • Apr 7, 2009 12:39pm Apr 7, 2009 12:39pm
Quoting Billy73
Ok so what do u guys think of these potential pin bars ?

Oh and glad i didn't enter long on the Eur/Gbp yesterday !
Also, even if you get a pin on the aud/cad pair, the market there is consolidating now over the past few days. You may consider more of a breakout strategy for this trade short or long. Many things to consider when you find one of these "pin" bars and there is a wealth of information here on this thread to help you trade them for profit.
  • #26,440
  • Apr 7, 2009 1:23pm Apr 7, 2009 1:23pm
Good trade so far. Entering first area price zone .5722.
Instead of taking 1/2 off and letting ride until second target what does anyone think of adding another unit at the break of this first target?
Just wondering for sake of conversation and learning.


BPP Grasshopper
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