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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

  • #29,781
  • May 12, 2009 8:17am May 12, 2009 8:17am
not a trade signal/recommendation, just a heads-up/FYI...

on IBFX MT4:
H1 $jpy formed a PB, 3+hours to go for a possible H4 PB. possibly similar H4 PB on Aud, but a very small PB at that.
Euro 2-bar PB possibly on H4 & an inversely similar one on $chf.

(i'll delete this post if ever any1 has already mentioned these)
  • #29,782
  • May 12, 2009 8:24am May 12, 2009 8:24am
Quoting TotalNewbie
Thanks for clarifying. Each piece of the jigsaw is slowly slotting into place. One day, maybe I'll get the whole picture.
to get a grip on this don't try running before you can walk.

I promise you that one day it will all fall into place. Trades will still go against you as there are things going on in the market that you can't always know about but at least this style of chart-analysis gives you better understanding of what you're doing and, more importantly, why you're doing it.

As long as you understand your money management and apply it correctly you'll have the time to develop the skills necessary to survive.
  • #29,783
  • May 12, 2009 8:28am May 12, 2009 8:28am
Quoting MinceMeat
Retrace of daily BEOB to weekly PPZ and 50 fib level. No clear PA. Not playing this timeframe .... just find it interesting to watch 4 now.
Mince,
I'm no senior, just following the basic rules, but...
Fib's should be drawn, as I understand, from top to bottom of the move. look at the chart.
You have drawn yours to the place that was "comfortable" to you, hence getting 50% at the wrong place .

Hope I could help.

Ady
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  • #29,784
  • May 12, 2009 8:32am May 12, 2009 8:32am
Quoting KissFan
mseaz9/pipslapped-

Here is a chart of how I saw this set-up and why I didnt feel it was worth trading. The pin you are talking about showed as a BEOB on my feed IBFX. I still did not take a short position because it was trading into a PPZ (blue sheaded area.) I took no trade here at all. Hope that helps. Every small bit of info you can digest here will help you in the long run. I'd be interested to see what Mike or Jim says about this chart. I missed the PF webinar last night. (Sick all week)

K.I.S.S.
K.I.S.S.,
Your chart shows what I was thinking too... it's a good example of a breakout higher, then a retrace to test the 0.6000 level. It holds, thus showing a change from Resistance to Support... and a subsequent rally now towards yesterdays highs. Wizard's post pointed this out as well.

The main reason I didn't take this trade (which took me nearly an hour to decide) was because of where the bar closed. As Peter pointed out, the close was just under 0.6000. This didn't convince me that we were 'rejecting' the 0.6000 level. In fact, it was still above the NOSE of the previous swing high (4-6-09).

Finally, although it's tougher to see, this pinbar symbolized the famous catching a falling knife, imo. I think someone else might have mentioned this too, but maybe not...

I wouldn't say it was a terrible setup, but I wouldn't say it was perfect in the least. Maybe we'll get a Pinbar that breaks through and then rejects the 0.6100 level... or maybe I'm just trying to predict what's going to happen, which has never paid me

Josh
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  • #29,785
  • May 12, 2009 8:36am May 12, 2009 8:36am
Quoting Jduester
K.I.S.S.,
Your chart shows what I was thinking too... it's a good example of a breakout higher, then a retrace to test the 0.6000 level. It holds, thus showing a change from Resistance to Support... and a subsequent rally now towards yesterdays highs. Wizard's post pointed this out as well.

The main reason I didn't take this trade (which took me nearly an hour to decide) was because of where the bar closed. As Peter pointed out, the close was just under 0.6000. This didn't convince me that we were 'rejecting' the 0.6000 level. In fact, it was...

Hey Josh-

Thanks for your take here also. Can you tell me what time your candle closed? I'm in central time (Texas).

Thanks-

K.I.S.S.
  • #29,786
  • May 12, 2009 8:53am May 12, 2009 8:53am
Quoting ady27
Mince,
I'm no senior, just following the basic rules, but...
Fib's should be drawn, as I understand, from top to bottom of the move. look at the chart.
You have drawn yours to the place that was "comfortable" to you, hence getting 50% at the wrong place .

Hope I could help.

Ady
Hi Ady,

Should have made my chart a bit more clear. I was actually showing a retrace of the prior days BEOB and not a retrace of swing high to low. See updated chart. I have highlighted the daily BEOB on the hourly time frame. Similar to playing a retrace on a daily pinbar.

Kind of the stuff that RaczekFX plays
http://www.forexfactory.com/showpost...ostcount=25039

Lol, by no means am i comparing my trading to his .... I'm no where near him, not yet anyway

Thx for the post,
MM

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  • #29,787
  • May 12, 2009 9:09am May 12, 2009 9:09am
Quoting 4fun
Ok slowly its shaping up short at 98 imho 97 is key if it can get below and prove to me its now resistance going to add on with some pa or resistance proof action this pair is now flirting on a cliffs edge im my eyes time will tell, really enjoyable to watch a plan unfold either way.
Starting to look like the bears are pushing the bulls off the cliffhttp://www.forexfactory.com/images/icons/icon6.gif
  • #29,788
  • May 12, 2009 9:13am May 12, 2009 9:13am
MinceMeat has just replied... but i was just gonna say that he probably deliberately placed a fib via a previous low (lowest low then) & retained that Fib projection until such time he deemed necessary. in short, it was a unique fib, it was "his" Fib, u can say a MinceMeat Fib.
So, essentially, he did nothing wrong & did not advocate Fib projections should be placed as he did. On the other hand, MinceMeat could have forewarned readers about it. Still, no harm done....


By the way, using raczekfx (his performance par excellance) as a "target zone" to reach is i think a noble & challenging thing to do
  • #29,789
  • May 12, 2009 9:26am May 12, 2009 9:26am
Quoting supremeChaos
MinceMeat has just replied... but i was just gonna say that he probably deliberately placed a fib via a previous low (lowest low then) & retained that Fib projection until such time he deemed necessary. in short, it was a unique fib, it was "his" Fib, u can say a MinceMeat Fib.
So, essentially, he did nothing wrong & did not advocate Fib projections should be placed as he did. On the other hand, MinceMeat could have forewarned readers about it. Still, no harm done....


By the...
lol, thanks supreme. I really need to be more careful about what I post ... don't want ppl to get the wrong idea. I guess the point I was trying to make, is there are a couple of people who play the retrace of BUOB or BEOB bars. So if there was a BEOB on the daily or weekly TF for example they may look for Price Action at the 50 fib retrace of that BEOB on the 4 hour or 1 hour timeframe.

This was prob more discussed on this forum some time ago but it is more commonly played on the break of the PA setup. I still play the break of these setups but like to look at other possibiliies which may reduce the risk and maximise the rewards.
  • #29,790
  • May 12, 2009 9:28am May 12, 2009 9:28am
eugbp after 4hr pin. retrace to 90 sell

gbpchf break of buob

gj 4hr pin @ 61 fib retrace.. sell @ break of 1hr bars. stop to be @ bar highs to left..
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  • #29,791
  • May 12, 2009 9:36am May 12, 2009 9:36am
MinceMeat,
yes, we must always be prudent & very careful.. as some readers/traders are newer than us (in trading experience &/or in this thread) & probably have just started reading the thread (some possibly may have started reading right at your previous 2 posts, ) & have failed to read/lack time reading this thread from the very beginning.




small update on eur$. just saw the eur$ daily, forming a pseudo-BUOB / non-strict DBLHC (7-pip difference on the lows, IBFX MT4). Let's see if the Daily PA will assert itself on H4 PA by the end of this day..
  • #29,792
  • May 12, 2009 9:40am May 12, 2009 9:40am
rustyjeff,
great trades, great charts...

i specially like looking at the gbpchf chart with that upmove. H-U-G-E PB (at least for me; with small bars as nuisance in between ) followed by a H-U-G-E BUOB.
  • #29,793
  • May 12, 2009 9:42am May 12, 2009 9:42am
[quote=TiaForex;2727935]I don't know anything better than Fiji's stuff, specifically when he says that if you can't conquer your ego on demo you'll ....../quote]

Wow. I can't say anything myself, posts from you are so heavy in content aaron, that's a real good essay on demo vs live.

Thanks a lot.

Marcel
  • #29,794
  • May 12, 2009 9:44am May 12, 2009 9:44am
Quoting supremeChaos
MinceMeat,
yes, we must always be prudent & very careful.. as some readers/traders are newer than us (in trading experience &/or in this thread) & probably have just started reading the thread (some possibly may have started reading right at your previous 2 posts, ) & have failed to read/lack time reading this thread from the very beginning.
That's a good point
  • #29,795
  • May 12, 2009 10:13am May 12, 2009 10:13am
Quoting Jduester
K.I.S.S.,
Your chart shows what I was thinking too... it's a good example of a breakout higher, then a retrace to test the 0.6000 level....

I was going to post a chart up but this is a great chart. That first high has right now caught price up. I was hoping to see a bit of a deeper retrace(with the divergence + round number) and right now am caught in drawdown. If you trade like James where you move stops, then your stops would be at b/e at that first high Josh has marked.

Best
Mike
  • #29,796
  • May 12, 2009 10:14am May 12, 2009 10:14am
Quoting Jduester
I'm using strategy 10 from the word document in this post for all of my April trades (demo). That strategy provides for some great gains, but doesn't allow me to reduce my risk until we are at 0.5R, which is sometimes substantial on a weekly trade...So I might switch/modify/change at some point.
http://www.forexfactory.com/showpost...ostcount=26123

I will be testing a few others, in addition to continuing to test that list. Will provide an update at the end of the month... remind me if I forget.

Josh
Ok, so my last few demo trades from April were recently stopped out. My final results for demo trading using my exit strategy 10:

Split order into 1/3rds. First TP is at 0.5R:R and move stop on 1/3 to B/E and final 1/3 to -0.5R:R. Second TP is 1R:R and move final stop to B/E. Final TP is 2R:R. A few clauses, but that's the basics....

Feb - 11.01% (13/15)
March - 5.47% (13/16)
April - 7.34% (10/13)

February and March were actually demoed with different exit methods. To get the above numbers, I went back and applied the strategy based on where price moved after my entry. April trades did use this exit strategy.

So it can be done guys. It takes a lot of time commitment, patience, dedication, and most importantly a plan. Now can it be done on live trades? There is no reason why it can't. It simply comes down to whether I can apply the same patience and discipline going forward that I have applied the last 3 months.

I would be happy to discuss other exit strategies that I tested or will be testing, but let's do it through PMs please. Things get lost on this thread and there's no sense in clogging it up.

I can't thank the people on this thread enough. You have truly shown me that I don't have to struggle through years of frustration learning to trade with indicators, news, 5 minute charts... Each month seems to show a clearer and clearer picture of what price action is. Thanks to you all.

Josh
  • #29,797
  • May 12, 2009 10:16am May 12, 2009 10:16am
Quoting KissFan
Hey Josh-

Thanks for your take here also. Can you tell me what time your candle closed? I'm in central time (Texas).

Thanks-

K.I.S.S.
FXAccucharts
5:00PM ET.
4:00PM CT.

Josh
  • #29,798
  • May 12, 2009 10:21am May 12, 2009 10:21am
Quote
So it can be done guys. It takes a lot of time commitment, patience, dedication, and most importantly a plan. Now can it be done on live trades? There is no reason why it can't. It simply comes down to whether I can apply the same patience and discipline going forward that I have applied the last 3 months.

Jduester,
Hopefully i can discuss with u your exits & possibly some other exit strats in the future..

Excellent results & congratulations
Keep it up!
  • #29,799
  • May 12, 2009 10:39am May 12, 2009 10:39am
Quoting mbqb11
I was going to post a chart up but this is a great chart. That first high has right now caught price up. I was hoping to see a bit of a deeper retrace(with the divergence + round number) and right now am caught in drawdown. If you trade like James where you move stops, then your stops would be at b/e at that first high Josh has marked.

Best
Mike

Hey Mike. I did not take this trade. Sorry I missed ya'll last night. I'll bet you discussed this chart too. I need some clarification of the context of this post. I am assuming that you shorted this pair yesterday based on the BEOB at swing high. Is that correct? Then you are saying that the stop should be at the first high that Josh marked. I'm missing something because the first high (the one farthest to the left) is at the precise point of the break of the pinbar/beob depending on feed. Forgive me please if this is something real obvious that I should see. Thanks.

K.I.S.S.
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  • #29,800
  • May 12, 2009 10:43am May 12, 2009 10:43am
Quoting ady27
Scott,
Here you go.
one is simpler just moves to b/e.
The other can move to b/e + X , X=the number of pips above/below b/e.
Have fun

Ady
Thanks a bunch. Just what I was looking for.

Scott
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