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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

  • #27,061
  • Apr 15, 2009 8:17am Apr 15, 2009 8:17am
Quoting Shermenator
You would be buying into a well overbought market and location is not great in my opinion....the more price goes up the more buyers run out
Overbought based on which ?
Have a look at the daily - theres a fair amount of space above this high for it to run - sterling bullish ..

Your opinion appreciated..
  • #27,062
  • Apr 15, 2009 8:18am Apr 15, 2009 8:18am
Quoting Concept
I know the daily bar still has some time to go before close... but if it does close as a PB, where would you put your TP? The next PPZ level I figure is around 1.8110ish? Does that sound about right?
ever since the mid march wkly bearish pb this one has just fallen over a cliff. i might look to hold this one until ~1.75 level judging from wkly chart. hopefully/maybe if daily pb forms this would be good entry to get into a "free" trade. swap will be nice too.
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  • #27,063
  • Apr 15, 2009 8:29am Apr 15, 2009 8:29am
Quoting Shermenator
That's just a big candle with half of it being wick, the other half being body. It simply shows that sellers are present but not dominating to reverse the entire price action during that period of time.
Thank you, I got it
  • #27,064
  • Apr 15, 2009 8:31am Apr 15, 2009 8:31am
Quoting pipmyride
Overbought based on which ?
Have a look at the daily - theres a fair amount of space above this high for it to run - sterling bullish ..

Your opinion appreciated..

Yes you do have space ...but you have keep in mind that the time frame your getting the price action tells a different story. When I look at it I see a huge move up with out retracement meaning the probabilty of profit taking of the buyers increase. Meaning selling would be taking place from a good portion of the people Long. By this mean the people longing now should be smaller compare to the amount of people profit taking , so this would cover the new longs and most likely price would drop to pick up new sell stops creating the snowball effect
  • #27,065
  • Apr 15, 2009 9:00am Apr 15, 2009 9:00am
Quoting g_j_hook@yah
if a person doesnt trade CONSISTANTLY profitably he will never pay for that life style from trading!! EACH AND EVERY trade ,imho, is pitting your income on the line. when i want to gamble i play cards with a few mates.
Trading is speculation (some same gambling and speculation are the same, I disagree), there are no g'tees. Even high-probability setups fail. Risking 1% per trade has nothing to do with putting something "on the line". Consistent profitability comes from a number of factors; after all there are many profitable (consistently) hedge funds that do algo-based high-frequency trading. One can have low win rate, but good RR; another trader doesn't care about RR, but goes for max win rate.
One Chart is Worth Ten Thousand Words.
  • #27,066
  • Apr 15, 2009 9:11am Apr 15, 2009 9:11am
Here is a trade I just entered...

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  • #27,067
  • Apr 15, 2009 9:19am Apr 15, 2009 9:19am
Nice chart Shermen, clean and naked, wich time frame is that?

Quoting Shermenator
Here is a trade I just entered...

Attachment
  • #27,068
  • Apr 15, 2009 9:29am Apr 15, 2009 9:29am
Quoting malvarezdel
Nice chart Shermen, clean and naked, wich time frame is that?
Thanks...1 hour mate
  • #27,069
  • Apr 15, 2009 9:30am Apr 15, 2009 9:30am
Quoting Shermenator
Here is a trade I just entered...

Attachment
Is it a BUY or SELL?
In all your ways acknowledge Him and He will direct your path.
  • #27,070
  • Apr 15, 2009 10:00am Apr 15, 2009 10:00am
buy
  • #27,071
  • Apr 15, 2009 11:05am Apr 15, 2009 11:05am
Hey guys, just wanted to get some feed back from some of the pros on here.

I am watching the GBPUSD Daily and it looks like a DLHC could be forming. Here are my thoughts on it and I would appreciate any feedback.

The main thing I don't like about it is it doesn't appear to be at a swing low. But it does appear to be resting on a monthly and weekly ppz. I would play it at the break of the 2nd candles high, because that would be above the daily ppz around 1.4985. I would also like it more if the daily closes above the 1.4985 mark. I would probably put my TP around 1.53 since that is the next major resistance that I see above 1.50.

Thoughts? Anything I am missing?
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  • #27,072
  • Apr 15, 2009 11:17am Apr 15, 2009 11:17am
Quoting FXGator
Hey guys, just wanted to get some feed back from some of the pros on here.

I am watching the GBPUSD Daily and it looks like a DLHC could be forming....
Well you are correct, we want to play these at swing lows. This is how James teaches to play them. They are much trickier to play as continuations. But with that said if you are going to play this as a continuation, then I would prefer to see a close above 1.5 which is the large round number above. If it can't close above this today, playing as a quick continuation would be very aggressive IMO

Mike
  • #27,073
  • Edited 11:46am Apr 15, 2009 11:32am | Edited 11:46am
Quoting Forex007
Trading is speculation (some same gambling and speculation are the same, I disagree), there are no g'tees. Even high-probability setups fail. Risking 1% per trade has nothing to do with putting something "on the line". Consistent profitability comes from a number of factors; after all there are many profitable (consistently) hedge funds that do algo-based high-frequency trading. One can have low win rate, but good RR; another trader doesn't care about RR, but goes for max win rate.
im sorry we have to agree to disagree here mate,imo that was not a good pin.compare it to the daily pins on that pair and you will see what i mean(on my feed it closed a very bearish bar).i agree it was a good location,but ,imo, the poor quality pin hinted at a poor quality return.i like a decisive bar,showing a clear shortage of orders.if i was trading a big account the risk would have been too great for me.
jus me though, thanx
jon
EDIT: interestingly the following 4h pinbar on my chart shows why it is a good idea to place orders a few pips above the trigger bar to show that break is genuine.
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PATIENCE... DISCIPLINE
  • #27,074
  • Apr 15, 2009 11:40am Apr 15, 2009 11:40am
Quoting simoncs
audjpy - beob with target of bar lows - set and sleep aka RustyJeff style

audusd - 2 bar pin on daily coincided with break of 4hr rising wedge

also in gbpusd - double top divergence
Its amazing, what can be done while asleep..
  • #27,075
  • Apr 15, 2009 11:51am Apr 15, 2009 11:51am
Quoting jarroo
I thought I would revisit this post I did on March 19th on the 4 hour Gbp/Jpy of this year. It was a quick summary of rating these PBs at the time.

The B- set up would be an "A" if you followed #4 of James16's "This is Critical".

But the A+ trade really stands out.

Question? Is there any other trades that you can find on the Gbp/Jpy, 4 hour time frame from the beginning of the year that stands out like this A+ setup?
I found maybe 3.
I remember taking both of those. When I see a chart like that I wounder if I should be trend follower type trader.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #27,076
  • Apr 15, 2009 3:19pm Apr 15, 2009 3:19pm
hello!
i was wondering what you guys think of this 3 charts of yen pairs.to me they all seem to be heading up off ppzs.but maybe some experienced trader would share his thoughts on this
thanks for any reply!

maklla
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  • #27,077
  • Apr 15, 2009 3:51pm Apr 15, 2009 3:51pm
I´m not still an experienced trader, but I really like EUR/JPY because of the room and the rejection at Monthly PPZ (131.00), 61.8% Fib of last bull run confluence, I´ll set my buy order @ 132.00 with SL @ 129.90 will bank 50% of profits at 134.00 and let the other half running trailing the stop.

Hope this helps.


Quoting Maklla
hello!
i was wondering what you guys think of this 3 charts of yen pairs.to me they all seem to be heading up off ppzs.but maybe some experienced trader would share his thoughts on this
thanks for any reply!

maklla
  • #27,078
  • Apr 15, 2009 4:33pm Apr 15, 2009 4:33pm
I'm thinking about "my m5 but ryanmcd style" forum
you don't want me here to post.
PM me , if you are interested.
  • #27,079
  • Apr 15, 2009 4:52pm Apr 15, 2009 4:52pm
Quoting Jankone
I'm thinking about "my m5 but ryanmcd style" forum
you don't want me here to post.
PM me , if you are interested.
Interested,

"forum" ? Just put it on FF ? Thread you mean ?
  • #27,080
  • Apr 15, 2009 4:58pm Apr 15, 2009 4:58pm
Out of the JPY pairs I like the NZD/JPY the most because it is sitting above resistance between 56.98 and 56.37 ..see chart. Also it is above EMA (150) and EMA (200) on my chart so you have some confluence.

Today's Pin also broke below the Pin of a few days below. The negative side is that it is a sideways market for now so it might not be ideal... I would rate this trade B at the most. Just my 2c.

Rubin


Quoting Maklla
hello!
i was wondering what you guys think of this 3 charts of yen pairs.to me they all seem to be heading up off ppzs.but maybe some experienced trader would share his thoughts on this
thanks for any reply!

maklla
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