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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

  • #3,281
  • Apr 13, 2007 2:10am Apr 13, 2007 2:10am
4h PB setup. Allowed one to pre-empt the daily inside bar breakout if one had kept it (HOLD YOUR TRADES).

30 pip stop if you were patient and daring enough for a retrace, moved out >110 pips so far.

Together with the other 4h PB trade WITH THE TREND that'd be > 300 pips from 2 trades, each at <= 40 pips stop.

Notice how s/r flips here again.

The reason the bearish PB doesn't scare you is A) because it's just from a TL bounce that's already been touched B) that bearish PB did not activate/move out and C) trend is up, not down. Also price held .618 of the 1.9725 - 1.9809 mini-upswing with that. Think of it as the retracement bus I keep mentioning back to the pin bar high before takeoff.

I think if someone hasn't gotten the point by now then nothing's gonna change that
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Trust price. Know yourself.
  • #3,282
  • Apr 13, 2007 3:41am Apr 13, 2007 3:41am
My, that oil is really going. Who'll believe in 70$+?

*raises hand*

And since I'm bored, another Raczekfx tribute on the small timeframes
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Trust price. Know yourself.
  • #3,283
  • Apr 13, 2007 5:00am Apr 13, 2007 5:00am
Yeah, nice setup, just not in my timezone.
I have been pondering this and i may have to alter my trading times, although i must admit, i don't like the sound of it.
I work in the UK, and in order for me to take trades from the daily, i really need to be up when the bar closes and the new one starts, otherwise i could well miss opportunities. I know it would probably only mean a quick scan through from about 11:00pm to 12:30 am to see if i should be initiating any trades, but a bit of a pain.
I just wondered what others do when operating from the UK?
  • #3,284
  • Apr 13, 2007 5:09am Apr 13, 2007 5:09am
Quoting steveshutts
I just wondered what others do when operating from the UK?
Just look at the daily chart at 0600 your time. From 0630 on things will start to shuffle, you should plan your strategy before that.
Most asian sessions are quiet - so either look at the chart before going to bed and some of the 4h formations or do the morning thing. I'm an hour ahead of you I believe, located in Germany and if I manage to survey the area before around 0700-0800 I'm usually good to go. Exception being those days when Asia just goes berzerk. This week was a bit like that.

BTW, it's Friday the 13th ahead of G7. No wonder the JPY pairs are getting a beating
Trust price. Know yourself.
  • #3,285
  • Apr 13, 2007 5:37am Apr 13, 2007 5:37am
Yeah, thats what i have been doing really. However, when i first started, i was only trading cable and this was very much looking at playing the asian session breakout and pullback entry with the aim of scaling out and catching a bigger ride based on the longer timeframes.
Since, frequenting this forum i realise the power of trading the longer term timeframes and trading many more instruments in order to find the best setup, just like you guys.
I suppose, not being able around to take entries directly when the new daily bar opens, i will have to wait and see what i can get in the morning. Sometimes you will miss nice entries, other times the daily bar entry may not have been triggered and you can get the entry you want during the session you trade, and othertimes it may have triggered but you can get in on a retrace. I suppose its swings and roundabouts really, and you can't be trading 24 hrs, we are not machines, and we need a life!!!
  • #3,286
  • Apr 13, 2007 6:08am Apr 13, 2007 6:08am
I have noticed that a few of you seem to have the MT4 broker on the bottom left corner of your charts. How do you get this? I would like this as i have no way of easily identifying my different MT4 feeds.
  • #3,287
  • Apr 13, 2007 7:00am Apr 13, 2007 7:00am
Great pin setting up on the GBP/JPY 240 on IB feed.
Off 61% fib, previous s+r zone. Plenty of room to travel back up to 238 area.

http://www.forexfactory.com/attachme...1&d=1176465588
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  • #3,288
  • Apr 13, 2007 7:11am Apr 13, 2007 7:11am
Ok, long from 235.70, stop at 234.70.
WIll be leaving this one until monday to see how it develops.
  • #3,289
  • Apr 13, 2007 7:20am Apr 13, 2007 7:20am
last night i posted a chart of eur/chf with the daily pin.
i entered this on a break of the session low this morning in my live account.
here is a breakdown of the hourly.
when it was up 17 pips, it reversed and formed a pin bar at which point i bailed out with only 5 pips.
since then it has continued on down. i guess this is confirmation - when you are trading daily, do not look at the hourly!
although in my defence, i was a bit nervous since this is about as contra trend trading as you can get.
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  • #3,290
  • Apr 13, 2007 8:39am Apr 13, 2007 8:39am
Quoting steveshutts
I have noticed that a few of you seem to have the MT4 broker on the bottom left corner of your charts. How do you get this? I would like this as i have no way of easily identifying my different MT4 feeds.
it shows up when you 'save as picture', it doesn't show up on the live charts...
  • #3,291
  • Apr 13, 2007 9:05am Apr 13, 2007 9:05am
steve,
sorry to hear you missed that move in oil - it was a very good call!
today i see WTI has a pin bar developing with the nose almost touching the 61 fib.
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  • #3,292
  • Apr 13, 2007 9:29am Apr 13, 2007 9:29am
Nice spot there Wizard. Its also bouncing off the weekly pivot. However, we have a contradicting weekly pin forming off the 38 fib and support confluence so mixed signals there. Would probably wait to see what happens for a bit longer.
  • #3,293
  • Apr 13, 2007 9:33am Apr 13, 2007 9:33am
nice posting here guys, especially liked your "hang on to trades series SL", thanks!

look forward to hopefully seeing some of you boys in the PF as well at some stage

good trading

dingo
  • #3,294
  • Apr 13, 2007 9:47am Apr 13, 2007 9:47am
Quoting dingo432
nice posting here guys, especially liked your "hang on to trades series SL", thanks!

look forward to hopefully seeing some of you boys in the PF as well at some stage

good trading

dingo
Seeking's "Hang on to trades" mini series deserves a spot on HBO. It was good stuff.
The posts in here are top notch.

Checking out the PF would be a good move Dingo.

Tom
  • #3,295
  • Apr 13, 2007 10:40am Apr 13, 2007 10:40am
Quoting steveshutts
Ok, long from 235.70, stop at 234.70.
WIll be leaving this one until monday to see how it develops.
Do you think its too late for me to get in on this one? There was a good retracement. Price is at 236.37.
  • #3,296
  • Apr 14, 2007 5:06am Apr 14, 2007 5:06am
for the double bar high with lower close (DBHLC) , the double bar high , need to be exactly same price ?because in larger timeframe , we hardly get exact price
  • #3,297
  • Apr 14, 2007 11:14am Apr 14, 2007 11:14am
Quoting the_wizard
last night i posted a chart of eur/chf with the daily pin.
i entered this on a break of the session low this morning in my live account.
here is a breakdown of the hourly.
when it was up 17 pips, it reversed and formed a pin bar at which point i bailed out with only 5 pips.
since then it has continued on down. i guess this is confirmation - when you are trading daily, do not look at the hourly!
although in my defence, i was a bit nervous since this is about as contra trend trading as you can get.
I also tried the daily pin but got stopped out.
For what I could tell it look like a good pin but I am new to this

Rick
  • #3,298
  • Apr 14, 2007 1:11pm Apr 14, 2007 1:11pm
Quoting rcthkd
I also tried the daily pin but got stopped out.
For what I could tell it look like a good pin but I am new to this

Rick
I ignored the pin as I was looking for an entry long to rejoin the main trend. That's not to say this wasn't a swing high as it's pitching up against the monthly 365 ema (see image).

I took a long off the hourly 150ema bounce but I may not hold this as long as I normally do, as the monthly shows that a reversal MAY be due.

If so, watching for a potential pin on the weekly may be a sound option if the 365 monthly barrier proves too strong, but, take care to position size carefully, or come down to lower TFs to search for entries.
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  • #3,299
  • Edited 9:53pm Apr 15, 2007 8:17pm | Edited 9:53pm
Quoting PeterFM
I ignored the pin as I was looking for an entry long to rejoin the main trend. That's not to say this wasn't a swing high as it's pitching up against the monthly 365 ema (see image).

I took a long off the hourly 150ema bounce but I may not hold this as long as I normally do, as the monthly shows that a reversal MAY be due.

If so, watching for a potential pin on the weekly may be a sound option if the 365 monthly barrier proves too strong, but, take care to position size carefully, or come down to lower TFs to search for entries.
Ok sounds like something to watch for.
I did have my stop pretty small and now going back to the chart it would of been stop by now as it is above the pin.

Thanks for the reply
Rick
  • #3,300
  • Apr 16, 2007 2:33am Apr 16, 2007 2:33am
Quoting PeterFM
I took a long off the hourly 150ema bounce but I may not hold this as long as I normally do, as the monthly shows that a reversal MAY be due.
Good one!

I sure hope you held it for all the 300 pips it did by now, at the very least

I've been cursing that an hour after I left the house that very thing took off after squeezing me out. I wouldn't worry about what the monthly does or doesn't show before the last day of the month is there and even then, closes.

As for anything else, let me refer to just a few posts back - stand by your man, er, trade

With a 50 pip stop, that trade was >3 times your capital within 5 hours...and 6 times as much if you dared hold it past the G7.
Trust price. Know yourself.
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