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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

  • #32,961
  • Edited 9:15pm Jun 9, 2009 9:12pm | Edited 9:15pm
Double inside bar on the 4 hour I'm thinking about playing short. There seems to me strong resistance at 2.02800. Placing sell stop just below that
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  • #32,962
  • Jun 9, 2009 9:15pm Jun 9, 2009 9:15pm
Quoting Tipers
Double inside bar on the 4 hour I'm thinking about playing short
Do you have any supporting confluences? Like Fibs, Daily/Weekly PPZ levels, swing High, etc.

Sorry I can see my regular charts.
Indicators show the past. Price Action "Indicates" the future.
  • #32,963
  • Jun 9, 2009 9:16pm Jun 9, 2009 9:16pm
for the rant. thanks for all the time conversion websites, but all i need to know is when london opens in my time zone & when dibs open was in relation to that. thx again.
  • #32,964
  • Jun 9, 2009 9:28pm Jun 9, 2009 9:28pm
Quoting bjohn34
Tia and Others -

When you take PB trades like these and they do break in your favor and run, at what point or by what system do you move your SL as the trad progresses?

thanks
Firstly bjohnl, I'm new here and just working things out so bear that in mind with what I say. I'm no old timer like mbqb11, jarroo or james16 himself.

It really is situational. Depending on what I think the trade is going to do, I make a plan, before pulling the trigger. And then I do my best to stick to it. So I have a level marked out where I would look to go to BE or take profit. Last couple of months I had been moving to BE and taking profit too quickly getting small winners. Then along came a loser and wiped a lot of my hard earned gains out. So I am refining my strategy. It's more of an art than a science.

James16 recommends that when you start out with this you move your stop to BE at the first area of support/resistance that could halt your trade. Jarroo quotes from that post all the time. I think it goes: when we reach the first area where out trade could have trouble we can either a) take full profit b) take partial profit and get our stop to break even c) just put our stop to break even. That's the best place to start.

But then I also know that someone like mbqb11 gives his trades a little more room to breathe and doesn't go to BE as quick. But he's super picky, only picking trades that he feels will run.

Hope that covers some of your question. Sorry it's not an easy answer. I am also rambling a bit because it's 3:30am...
  • #32,965
  • Jun 9, 2009 9:34pm Jun 9, 2009 9:34pm
Quoting jarroo
Do you have any supporting confluences? Like Fibs, Daily/Weekly PPZ levels, swing High, etc.

Sorry I can see my regular charts.
I've attached a larger 4 hour chart with some support lines/even numbers labeled. I believe we're in a downtrend and currently at a swing high. Lower high's and lower lows etc. The bar hasn't closed yet but it is taking the form of a dbhlc with the latest inside bar.

Prices are currently at 23.6 fib with the 50 fib lining up with the ppz of 2.01500 (quite a way down).

Anything wrong with this analysis? once it breaks past the 2.02800 it seems like it should retrace to easily 1:1 RR and possibly hit the 2.01500 support and spring back up or go down to make new lows and continue its downtrend
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  • #32,966
  • Jun 9, 2009 9:44pm Jun 9, 2009 9:44pm
Quoting TiaForex
Firstly bjohnl, I'm new here and just working things out so bear that in mind with what I say. I'm no old timer like mbqb11, jarroo or james16 himself.

It really is situational. Depending on what I think the trade is going to do, I make a plan, before pulling the trigger. And then I do my best to stick to it. So I have a level marked out where I would look to go to BE or take profit. Last couple of months I had been moving to BE and taking profit too quickly getting small winners. Then along came a loser and wiped a lot of my hard earned gains...
Thanks. Go to bed. I am in Thailand so is 09:43 here.
"Money is easy to make, but hard to keep" - FWV 1975
  • #32,967
  • Jun 9, 2009 9:57pm Jun 9, 2009 9:57pm



Quoting fxprocessor
Just wanted to leave a quick note before disapearing for a while.

I have been an avid reader/part time poster on the thread for the last 2 1/2 years and feel it's time to drop off for a while.

Jim, thanks so much for your help both here and in the PF and also a big thanks to Mike and everyone else who has been so giving of their time

I will still be hunting for my A+ setups but feel it's time to move on from the forum and minimise outside influences in order to become even more picky

take care all and thanks again

FXP...
  • #32,968
  • Jun 9, 2009 10:03pm Jun 9, 2009 10:03pm
honestly i find the daily easier for me also. the main thing is that it sucks to watch 130 pips profit turn into ANY kind of loss.

i like your attitude jd, always have.

Quoting Jduester
Thanks Jim. I got stopped out early this afternoon. My 365 is at 1.6404 (now, anyway)...entry at 1.5930, so up somewhere in ballpark of 130 pips. First take profit was at 1.5730 (0.5R). I wanted to give this all the chance it could so had my stop at 1.6330, using the 6/2/09 as final resistance...As we know, technically, the setup hasn't failed yet, as we still have 300 pips to the top of the pinbar. But a 400 pip drawdown was enough to tell me that my expectation on the trade was in this case wrong, and so get out...

For good or bad, I've found...
  • #32,969
  • Jun 9, 2009 10:14pm Jun 9, 2009 10:14pm
Quoting 4fun
No doubt hotter than my bar-b-que. Hey Alexandra you follow some of those yen pairs u watchin G/J at all?
I'm a bull there as well from the weekly on down. One has to respect that bottom on the weekly and the likely new daily highs pending.

The weekly 50 followed by 184 seems prudent. One has to fight off those brewing divergences, though.

Eyes at the moment squarely on E/J and D/J for the PA off solid levels.
  • #32,970
  • Jun 9, 2009 10:21pm Jun 9, 2009 10:21pm
Quoting Tipers
I've attached a larger 4 hour chart with some support lines/even numbers labeled. I believe we're in a downtrend and currently at a swing high. Lower high's and lower lows etc. The bar hasn't closed yet but it is taking the form of a dbhlc with the latest inside bar.

Prices are currently at 23.6 fib with the 50 fib lining up with the ppz of 2.01500 (quite a way down).

Anything wrong with this analysis? once it breaks past the 2.02800 it seems like it should retrace to easily 1:1 RR and possibly hit the 2.01500 support and spring back up or...
Looks Good Tipers, but let's start the Weekly and Daily PPZ levels and see how they are reflected on the 4 hour time frame.

First impressions of the Weekly and Daily charts show a lot consolidation so we know that Price is going to be a bit choppy.

Let's put some bold round numbers on the charts near PPZ levels and see what we got.
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Indicators show the past. Price Action "Indicates" the future.
  • #32,971
  • Jun 9, 2009 10:24pm Jun 9, 2009 10:24pm
Quoting TiaForex
Firstly bjohnl, I'm new here and just working things out so bear that in mind with what I say. I'm no old timer like mbqb11, jarroo or james16 himself.

It really is situational. Depending on what I think the trade is going to do, I make a plan, before pulling the trigger. And then I do my best to stick to it. So I have a level marked out where I would look to go to BE or take profit. Last couple of months I had been moving to BE and taking profit too quickly getting small winners. Then along came a loser and wiped a lot of my hard earned gains...


"James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken."
Indicators show the past. Price Action "Indicates" the future.
  • #32,972
  • Jun 9, 2009 10:35pm Jun 9, 2009 10:35pm
Quoting Bilyb
I bought two really cheap watches at the dollar store. My London watch is Red. My New York Watch is Blue. I used a sharpie to write "London" and "New York" on them. I cut off the straps and used velcro to mount them on my desk next to my computer.

I can't imagine how much actual cash that $2 investment has made/saved me by knowing when markets opened or news was coming up!
Quoting dkmb92
funny, but doesnt answer simple question, thx.
hmmm... wasn't trying to be funny. ...and I know funny... I'm a clownfish! (jk)

I have daily trade that I look for starting at 2 hrs before the London open. It makes me money so I keep a clock set to that time. I sure don't want any confusion about what time it is in London when I'm risking my hard earned dough!!!
Mine?
  • #32,973
  • Jun 9, 2009 10:52pm Jun 9, 2009 10:52pm
Quoting jarroo


"James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4....
J. you know this verbatim or do you just cut and paste?
"Don't trade to trade . . . trade to win." - James16
  • #32,974
  • Jun 9, 2009 10:55pm Jun 9, 2009 10:55pm
Quoting jarroo
Looks Good Tipers, but let's start the Weekly and Daily PPZ levels and see how they are reflected on the 4 hour time frame.

First impressions of the Weekly and Daily charts show a lot consolidation so we know that Price is going to be a bit choppy.

Let's put some bold round numbers on the charts near PPZ levels and see what we got.

So we go down to the 4 hour time frame with our Weekly and Daily PPZ levels, also the Fib levels you have off the Daily. We have the Double Inside bar or just a IB at a sorta swing high.

To be honest, its a tough looking chart. Nothing really stays out or is easily definable. The 2IB or IB broke and the 4 hour PPZ lines up with the 38.2 Fib. Looks like Price has a good chance of heading there. IMO, there's easier pairs to trade.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #32,975
  • Jun 9, 2009 10:57pm Jun 9, 2009 10:57pm
Quoting Flem26
J. you know this verbatim or do you just cut and paste?
cut and paste. lol

And I know it by heart.
Indicators show the past. Price Action "Indicates" the future.
  • #32,976
  • Jun 9, 2009 11:10pm Jun 9, 2009 11:10pm
Quoting jarroo
cut and paste. lol

And I know it by heart.
same here.

I'm surprised no one has mentioned this one: Eur/CAD daily pin. Nice long nose off of 153.50 area. Not really familiar with this cross, so may demo this one . . .
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"Don't trade to trade . . . trade to win." - James16
  • #32,977
  • Jun 9, 2009 11:18pm Jun 9, 2009 11:18pm
Quoting jarroo
So we go down to the 4 hour time frame with our Weekly and Daily PPZ levels, also the Fib levels you have off the Daily. We have the Double Inside bar or just a IB at a sorta swing high.

To be honest, its a tough looking chart. Nothing really stays out or is easily definable. The 2BI or IB broke and the 4 hour PPZ lines up with the 38.2 Fib. Looks like Price has a good chance of heading there. IMO, there's easier pairs to trade.

Hmm yeah I see your point. I think one of my main flaws in seeing this trade was that I was too zoomed in and didn't consider the whole picture. I think you're right in saying it will hit the 38.2 easy enough and will move to BE there and take half profit. This isn't even a 1 RR trade so it probably isn't worth the risk when there is so much traffic around it.

I'm sorta hoping I do lose a trade sometime soon, I'm 5/5 in all my daily and below trades(and up 6.5% in two days (demo). Think it might be getting to my head and jumping into all these B setups.

I really do appreciate all your counter analysis's/comments you're doing for me Jarroo.

Is anyone playing the aususd weekly pin? I'm really not liking these weekly pins (stopped out at 10 profit on the gbpusd yesterday, first one). The aususd is approaching the 50 fib in a retrace of the pb. It's been in a strong uptrend recently with the cloest strong support at .77
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  • #32,978
  • Jun 9, 2009 11:28pm Jun 9, 2009 11:28pm
Quoting Tipers
Hmm yeah I see your point. I think one of my main flaws in seeing this trade was that I was too zoomed in and didn't consider the whole picture. I think you're right in saying it will hit the 38.2 easy enough and will move to BE there and take half profit. This isn't even a 1 RR trade so it probably isn't worth the risk when there is so much traffic around it.

I'm sorta hoping I do lose a trade sometime soon, I'm 5/5 in all my daily and below trades(and up 6.5% in two days (demo). Think it might be getting to my head and jumping into all these...
No problem Tipers, glad I could be of help.

And don't ever say that again "I'm sorta hoping I do lose a trade . . " because guess what, you will. Loss is a 4 letter word, so we don't say them.


See how much cleaner the Aud/Usd and Flem26's chart of the Eur/Cad look complared to the Gpb/Aud.
Indicators show the past. Price Action "Indicates" the future.
  • #32,979
  • Jun 9, 2009 11:32pm Jun 9, 2009 11:32pm
NIce PB on this pair!
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  • #32,980
  • Edited Jun 10, 2009 12:29am Jun 9, 2009 11:37pm | Edited Jun 10, 2009 12:29am
Quote
I think one of my main flaws in seeing this trade was that I was too zoomed in and didn't consider the whole picture.
Tipers,
Yes i think zooming is necessary. zoom out, zoom in accordingly.


Quote
Think it might be getting to my head and jumping into all these B setups.
This is normal, but do avoid it. practice more patience & discretion/pickiness


& looking at your previous H4 chart, the MACD is showing a bearish hidden/reverse divergence, so price may indeed go down somehow, amid the traffic.

overall, i like & will heed jarroo's view that there are better, more clearer pairs/setups to trade.

Good luck with your demo.. Keep at it until u are really ready to go live!
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