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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

  • #28,581
  • Apr 29, 2009 7:12am Apr 29, 2009 7:12am
Quoting HipsterPipster
Careful here. These are not pins by this thread's definition. I like the minor hourly support for this BUOB, but I personally wouldn't trade it. The X is where price most likely would have trouble on this TF.
yes i see that resistance too which is why i haven't taken the trade or if i did i'd just be looking for 20 or 30 pips.
  • #28,582
  • Apr 29, 2009 7:13am Apr 29, 2009 7:13am
Quoting bakko85
I didn't post it because i wanted to wait how it closes.. and, in fact, it didn't close as i expected Pass on this trade and still waiting for good setup!
Ah ok no bother
  • #28,583
  • Apr 29, 2009 7:15am Apr 29, 2009 7:15am
Quoting Billy73
yes i see that resistance too which is why i haven't taken the trade or if i did i'd just be looking for 20 or 30 pips.
If those are your rules, your choice. The beginning of the thread does outline bar formations and how to properly identify them. It is a good place to start.
  • #28,584
  • Apr 29, 2009 7:24am Apr 29, 2009 7:24am
Quoting HipsterPipster
If those are your rules, your choice. The beginning of the thread does outline bar formations and how to properly identify them. It is a good place to start.
OUCH

sorry i spoke
  • #28,585
  • Apr 29, 2009 7:28am Apr 29, 2009 7:28am
Quoting Life of Pi_p
I'm not an expert on this, so take this for what its worth. This is the third time we've tested this level in the last 4 trading days. To me that's too much traffic and it might be ready to take the level out. If I had been long on this pair from lower levels and saw that pin, I'd be thinking about taking some profit off the table, but probably not exiting completely. This to me is a "C" at best if even that.
Just broke to the topside so good call on that.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #28,586
  • Apr 29, 2009 7:32am Apr 29, 2009 7:32am
Quoting Billy73
OUCH

sorry i spoke
Look, we are both on a public forum. I am not trying to be rude, but simply pointing out what I see and where the information is you asked for. We all have our beginnings and all are learning. There is no harm asking a question, but we should all strive to do our own work. New people come on this forum all the time and ask the same questions that have already been answered. I know that many of them have no idea where the information is that they are looking for, but most likely it has already been covered.
I truly wish you the best in your trading.
  • #28,587
  • Apr 29, 2009 7:39am Apr 29, 2009 7:39am
Hi HP

I have been away from this forum for a few weeks...personal issues I had to sort out...back now to my trading...a quick question as a relative newbie to this thread...where can I find an explanation/post as to why Jim/J16 prefer to use MACD as an indicator for divergence over other such indictors such as RSI and Stoch's...many thanks in advance.

Jeev
  • #28,588
  • Apr 29, 2009 7:43am Apr 29, 2009 7:43am
Quoting Jeev121
Hi HP

I have been away from this forum for a few weeks...personal issues I had to sort out...back now to my trading...a quick question as a relative newbie to this thread...where can I find an explanation/post as to why Jim/J16 prefer to use MACD as an indicator for divergence over other such indictors such as RSI and Stoch's...many thanks in advance.

Jeev
I don't think Jim gives a reason (that I recall anyway)... he just makes the point to only use it for divergence... no crossover type trading method. I've seen good traders use any of those three on this thread for explaining divergence. They are all basically the same anyway...

Happy Trading,

Josh
  • #28,589
  • Apr 29, 2009 7:47am Apr 29, 2009 7:47am
Quoting HipsterPipster
Look, we are both on a public forum....
Aye ok no harm done, i did say they were on a 1 hr chart in the original post and also said they might not meet the criteria.
  • #28,590
  • Apr 29, 2009 7:47am Apr 29, 2009 7:47am
Thanks Josh...I have used divergence in the past, but am currently trying to trade as naked as possible!

Jeev
  • #28,591
  • Apr 29, 2009 8:04am Apr 29, 2009 8:04am
I don't know why but i see conflict in direction in most currencies !!
Any one sharing same Thought? any idea Y
Thanks
  • #28,592
  • Apr 29, 2009 8:06am Apr 29, 2009 8:06am
Quoting g_j_hook@yah
hi mike, what..?? have you got a team of quick response secretaries there working for you??..
just wanted to ask if you took any of the 4h pins on the yen crosses yesterday???
thanx
jon
lol now that i got my iphone i can answer even more

No I did not take any of the jpy 4hr pins no good ones on my feed. I am still in my eur/jpy long daily pin though, just moved stops to b/e a few seconds ago


Mike
  • #28,593
  • Apr 29, 2009 8:14am Apr 29, 2009 8:14am
Quoting Jeev121
Hi HP

I have been away from this forum for a few weeks...personal issues I had to sort out...back now to my trading...a quick question as a relative newbie to this thread...where can I find an explanation/post as to why Jim/J16 prefer to use MACD as an indicator for divergence over other such indictors such as RSI and Stoch's...many thanks in advance.

Jeev
Here are a few posts from this thread. Note: What I did was use the thread search tool found at the top of the page and searched MACD posts by user James16. Hope that helps some.

http://www.forexfactory.com/showpost...ostcount=11700
http://www.forexfactory.com/showpost...ostcount=14473
http://www.forexfactory.com/showpost...ostcount=23976
http://www.forexfactory.com/showpost...&postcount=815
http://www.forexfactory.com/showpost...9&postcount=13

Correction: Actually, it looks like some of them are from other threads.
  • #28,594
  • Apr 29, 2009 8:15am Apr 29, 2009 8:15am
Quoting catiron
I reviewed both of these last night; played the USD. After a move up of about 30 pips, set stop to BE and went to bed. Stopped out. EUR action was very similar, but I would still be in the trade. For those of you who chose EUR over USD, what was your rationale? They both looked decent to me, but I thought USD had a clearer path up. Thanks.
there were many pinbar setups yesterday, almost all of them turned out alright.. personally i took AUDJPY, and i moved my stop to BE after the pair moved up 50 pips (30 is a little tight imo). i've closed the position now @70.0 w/ 1:3 RR ratio. (i entered on break of the daily bar, SL 45 pips)
  • #28,595
  • Apr 29, 2009 8:40am Apr 29, 2009 8:40am
Quoting mbqb11
lol now that i got my iPhone
Iphone's rock
  • #28,596
  • Apr 29, 2009 8:44am Apr 29, 2009 8:44am
Quoting fxprocessor
Iphone's rock
I prefer the Blackberry
Patience + Humility + Study = Success
  • #28,597
  • Apr 29, 2009 8:45am Apr 29, 2009 8:45am
Quoting dengzhi
there were many pinbar setups yesterday, almost all of them turned out alright.. personally i took AUDJPY, and i moved my stop to BE after the pair moved up 50 pips (30 is a little tight imo). i've closed the position now @70.0 w/ 1:3 RR ratio. (i entered on break of the daily bar, SL 45 pips)
That's one hard and steady break. Confirms to me that the setup is correct. Well done sir. Trading sure is easier when there's no draw down.

Very nice.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #28,598
  • Apr 29, 2009 8:49am Apr 29, 2009 8:49am
Quoting catiron
I reviewed both of these last night; played the USD. After a move up of about 30 pips, set stop to BE and went to bed. Stopped out. EUR action was very similar, but I would still be in the trade. For those of you who chose EUR over USD, what was your rationale? They both looked decent to me, but I thought USD had a clearer path up. Thanks.
I passed on USD/JPY because on my chart, it looked like I was trading right into the round number 97.00, so there wasn't enough room to move up until 97.00 was hit (blue ppz). Also, it looks like the 150 EMA is sitting right at 97.00. I usually only follow the 150 and 365 EMA, and this one has confluence with 97.00 and told me that it may act as resistance when combined with the ppz.

E/J looked like it had more room to run before the major ppz. I was figuring it had potential to hit at least 128.50 before having trouble (green line). There was also a bar low to the left at 127.30 (blue box) but this was far enough up to allow me some time to get my stops to breakeven.

My bar high was 126.86, so I personally waited for the break of 127.00 to enter. I entered at 127.04. At 127.35 my stops were moved to break even. I took partial profit at 127.50 and 129.00. I'm looking for a reaction at the large blue ppz around 1.30 to decide if I take profit or lock in some profit and let it run.


Hope this helps. If anyone has any comments or questions on my thoughts I'd like to hear them.

-Scott
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  • #28,599
  • Apr 29, 2009 8:49am Apr 29, 2009 8:49am
Hey Mark, what do you think the 813x level, magic number?
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #28,600
  • Apr 29, 2009 8:50am Apr 29, 2009 8:50am
Quoting Forex007
I guess there could be some confusion re SL. A smaller/tighter SL should not mean smaller loss. With the correct position sizing, any SL - when hit - should result in, say, 1% equity loss.

Smaller SL improves RR potential, that's all. I think Jarroo's logic is as follows: "correct" SL is say 100pips (above/below the setup), but as the setup is AAA+++, the price is likely to move (fast) at least 30-40pips. So, by going for 30pip SL and closing 1/2 at RR1, Jarroo achieves (I'd say with the same degree of probability) the same result as if he went...
That's it 007.

I try to trade only the AAA+++, but as you know some of them may be "B-ish". lol
Indicators show the past. Price Action "Indicates" the future.
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