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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

  • #31,441
  • May 28, 2009 5:19pm May 28, 2009 5:19pm
Here are some update charts from the group. Some of them get here on day one but not all.

I will try to post more of these after things have run there course.

chart 1 was from 4/29

chart 2 from 4/30

chart 3 from today
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  • #31,442
  • May 28, 2009 5:23pm May 28, 2009 5:23pm
Josh,
Which trade was that? I went short a couple days ago on an IB and closed half the trade for about 60 pips when it reached the bar highs at 0.77 and moved my SL to breakeven on the rest to break-even. The second half was closed at break-even. Even six months ago that same trade would have been a loss for me. Now I try to always have my SL at break-even at the very first support or resistance; no matter how close it is.

Scott

Quoting Jduester
Results have been skewed for a few reasons, most notably because I haven't seen as many great setups this month. But I still have a pretty decent chance to have a positive month. Only locked in loss is the AUD/USD trade that 'fooled' a lot of us.

Welcome back Ghous. Do well on your exams and get back here full time...

Josh
  • #31,443
  • May 28, 2009 5:26pm May 28, 2009 5:26pm
Howdy y'all,

I shorted the break of this beob 2days ago. I am now thinking that if I had of waited for a definitive break of the .1090 level then I would have been saved from having to watch this trade languish in this zone. I am also thinking about shorting the beob on the USDCHF if it breaks. I am focusing on price action setups that go in the direction of the current trend right now. Any comments on these would be appreciated.

M
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  • #31,444
  • May 28, 2009 5:39pm May 28, 2009 5:39pm
Quoting ephisi
sorry for the late reply. was out. What i posted was talking about the GBPUSD pinbar mentioned on the thread yesterday. I was only using another system to say why i wouldnt take the trade yet. The 4hr chart is Auslancos system from forexfactory. I combine both J16 and Aus system. , personally if Aus 4hr system gives a confirmation i may have taken the trade. But not to bother i trade only GJ. dis is just for sharing purposes chart for you
The pinbar is enticing. However, it would've been more attractive if the pinbar was formed around 1.670 level. (61 fib & price pivot area). Currently, price may retrace to 1.5723 area creating a support area to continue bullish move.
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  • #31,445
  • Edited 5:45pm May 28, 2009 5:43pm | Edited 5:45pm
Quoting phpscott
Josh,
Which trade was that? I went short a couple days ago on an IB and closed half the trade for about 60 pips when it reached the bar highs at 0.77 and moved my SL to breakeven on the rest to break-even. The second half was closed at break-even. Even six months ago that same trade would have been a loss for me. Now I try to always have my SL at break-even at the very first support or resistance; no matter how close it is.

Scott
AUD/USD trade
(The trade I lost on was the BEOB from 5-13-09. My strategy didn't have me taking profits till 0.7380.)
  • #31,446
  • May 28, 2009 6:05pm May 28, 2009 6:05pm
Ah, I skipped that one because it did not occur at solid resistance. If the BEOB would have occurred at 0.7800, I would have placed an order. Only take PA setups at solid support/resistance levels or price extremes. Your mind will automatically discard the rest with practice.

Scott

Quoting Jduester
AUD/USD trade
(The trade I lost on was the BEOB from 5-13-09. My strategy didn't have me taking profits till 0.7380.)
  • #31,447
  • May 28, 2009 6:28pm May 28, 2009 6:28pm
Quoting james16
sounded fine to me mike.

great video.

i sounded like that a lot in the late 70's but it wasnt due to a sinus infection.

  • #31,448
  • May 28, 2009 7:14pm May 28, 2009 7:14pm
its not an indicator. u got it right there on MT4. Just select the fib.....right click.....fib properties. u will see two columns. level and description. To make MT4 show price against fib follow dis example.

level=0.236 then type in description as 23.6%$. then select ok. Repeat for other levels. quite easy





Quoting ljr
Hi All

I'm looking for the indicator for MT4 that shows the price next to the FIB numbers. I'm sure someone posted this a while ago but I've looked through the attachments and cannot find it.

Can anybody help?

Thanks

Ljr
  • #31,449
  • May 28, 2009 7:20pm May 28, 2009 7:20pm
Quoting smikester
When you told me to short AUD/CAD I believed you but now it's doing this:

What do these patterns mean, please?
I haven't told anyone to short the Aud/Cad. I did however, show a potential PA BEOB setup on the Weekly Aud/Cad that looked promising to short.
(Chart: not a current chart, the lowest it got to was the .8690 level) (Sorry can't post charts now)

I have taked profits on this one at .8708 and moved my stop loss not at break even but just above the actual break at .8772. So if I'm stopped out, a net profit will be made.

You are showing a 4 hour time frame when the setup was off the Weekly. I like to determine the management of a given trade on the same time frame that the setup was given. Meaning, if you take a setup on the Daily, manage it on the Daily. Looking at lower time frames when the setup was presented on a higher time frame can get confusing and provide false information.

What do these patterns mean? Price is trending down.

Jim

http://i42.tinypic.com/kbcepw.jpg
Indicators show the past. Price Action "Indicates" the future.
  • #31,450
  • May 28, 2009 7:28pm May 28, 2009 7:28pm
Quoting ghous
You get it Smike!

Keep pondering over this aspect and you'll be a real successful trader sooner than you may have thought...

Support and resistance ....It's got a lot more to it then just an MA...keep looking and congrats for being on the right path...if it's anything out there that affects the markets in a technical way then it has to be this....Support and Resistance

Oh and BTW...

Folks what's up?

I am not back up, and the exams are still in progress, just decided to stroll into the thread, it's been one hell of a time...
Hey junior. Your exams may be ending but your studying will never end.

See you soon,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #31,451
  • May 28, 2009 7:28pm May 28, 2009 7:28pm
Re: AUDCAD Weekly Beob: 1st lot= 24pips banked 9:14am 22/05; 2nd lot= still open.

I'm guilty of dropping down to the 4h looking @ resistance as well.
WARNING: Don't follow me as I'm just learning
  • #31,452
  • May 28, 2009 8:26pm May 28, 2009 8:26pm
its not an indicator. u got it right there on MT4. Just select the fib.....right click.....fib properties. u will see two columns. level and description. To make MT4 show price against fib follow dis example.

level=0.236 then type in description as 23.6%$. then select ok. Repeat for other levels. quite easy





Quoting ljr
Hi All

I'm looking for the indicator for MT4 that shows the price next to the FIB numbers. I'm sure someone posted this a while ago but I've looked through the attachments and cannot find it.

Can anybody help?

Thanks

Ljr
  • #31,453
  • May 28, 2009 8:33pm May 28, 2009 8:33pm
its not an indicator. u got it right there on MT4. Just select the fib.....right click.....fib properties. u will see two columns. level and description. To make MT4 show price against fib follow dis example.

level=0.236 then type in description as 23.6%$. then select ok. Repeat for other levels. quite easy





Quoting ljr
Hi All

I'm looking for the indicator for MT4 that shows the price next to the FIB numbers. I'm sure someone posted this a while ago but I've looked through the attachments and cannot find it.

Can anybody help?

Thanks

Ljr
  • #31,454
  • May 28, 2009 8:41pm May 28, 2009 8:41pm
Quoting ephisi
its not an indicator. u got it right there on MT4. Just select the fib.....right click.....fib properties. u will see two columns. level and description. To make MT4 show price against fib follow dis example.

level=0.236 then type in description as 23.6%$. then select ok. Repeat for other levels. quite easy
ephisi ma paddy,
wetin carry u come j16 thread, na here we dey trade naked.....pure price action
Respect a man, and he will do all the more.
  • #31,455
  • May 28, 2009 8:47pm May 28, 2009 8:47pm
Quoting james16
Here are some update charts from the group. Some of them get here on day one but not all.

I will try to post more of these after things have run there course.

chart 1 was from 4/29

chart 2 from 4/30

chart 3 from today
At the time of this pin bar there was a confirming Reversal on RSI with a target of 80.56. RSI is still in the ascending channel of RSI.
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  • #31,456
  • Edited 9:13pm May 28, 2009 8:58pm | Edited 9:13pm
USDCHF at new lows - always relevant to the others - whether it holds or fails.
  • #31,457
  • May 28, 2009 9:13pm May 28, 2009 9:13pm
This is where i hang now. combining price action and a good system results in higher efficiency. i have seen the light


Quoting urchman
ephisi ma paddy,
wetin carry u come j16 thread, na here we dey trade naked.....pure price action
  • #31,458
  • May 28, 2009 9:21pm May 28, 2009 9:21pm
USD/CHF could be on its way down because GBP/CHF is pushing it down. Look at that resistance at 17,500.

http://i40.tinypic.com/99nhci.jpg
  • #31,459
  • May 28, 2009 9:28pm May 28, 2009 9:28pm
Quoting james16
sounded fine to me mike.

great video.

i sounded like that a lot in the late 70's but it wasnt due to a sinus infection.
hahaha, I hear ya. I bet the meds made you eat a lot too
Keep taking CT trades, I need more money
  • #31,460
  • May 28, 2009 9:39pm May 28, 2009 9:39pm
Quoting pi piper
USD/CHF could be on its way down because GBP/CHF is pushing it down. Look at that resistance at 17,500.
Holy largness charty U got derr batman... But, yes we could have a drop in store.
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