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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

  • #33,181
  • Jun 11, 2009 3:46pm Jun 11, 2009 3:46pm
Hi Bones,

Indeed, quite a difference between varios brokers' feeds...
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One Chart is Worth Ten Thousand Words.
  • #33,182
  • Jun 11, 2009 3:50pm Jun 11, 2009 3:50pm
Personally don't really like the full bar stop myself. Seems more profitable to find a better location, perhaps a fib retrace and some ppz or something, and putting the stop behind there. Although if your liking a trade for the location it occured, that location is obviously going to be good protection as well. I think whats important when considering your stop, is considering your likely profit target, that is reasonable. Been looking lately, as per advice recieved on this thread, to look for at least 2:1 on CT trades, and at least 1:1 on trend trades. CT trades are obviously going to be tougher to profit on, as buying momentum is still very present, but the potential to catch a greater move seems more likely too. Would love any clarification myself.
  • #33,183
  • Jun 11, 2009 3:53pm Jun 11, 2009 3:53pm
Yea man the first chart you posted is corrupt I would say and I would not like to see you short on it

Quoting Forex007
Hi Bones,

Indeed, quite a difference between varios brokers' feeds...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #33,184
  • Edited 4:15pm Jun 11, 2009 3:56pm | Edited 4:15pm
Quoting Bones
Hi Forex 007 ,I think maybe your data is corrupt cause theres no gap there heres mine I think is the same close.
Besides shooting star should have little to no lower wick
Interesting chart, Bones! Hope you wouldn't mind a few questions. Thanks A LOT!

Do you mark the setups (their names) by hand?

Do you always watch 50% of 3 crows when the price gets to that level again? Does the same principle work for 3 white soldiers?

P.S. The chart WAS corrupt - I just noticed big GAP on GU D1 from that broker (IBFX) - chart below
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One Chart is Worth Ten Thousand Words.
  • #33,185
  • Jun 11, 2009 3:58pm Jun 11, 2009 3:58pm
Quoting advfntrader
How do you guys get 8 hr charts on MT4 ?? thanks
Here you go;

http://www.forexfactory.com/showpost...ostcount=28491
Indicators show the past. Price Action "Indicates" the future.
  • #33,186
  • Jun 11, 2009 4:04pm Jun 11, 2009 4:04pm
Same broker tho ? data the same.

Yea of course by eye it’s the only way ,even with J16 stuff your eye is best ,
Really the crows were nice unlike the daily ones we had last week which were defective ,each days bodies reducing and upper wicks ....
I think its common practice to apply fibs to pa set up.




Quoting Forex007
Interesting chart, Bones! Hope you wouldn't mind a few questions. Thanks A LOT!

Do you mark the setups (their names) by hand?

Do you always watch 50% of 3 crows when the price gets to that level again? Does the same principle work for 3 white soldiers?

P.S. The chart WAS corrupt - I just noticed big GAP on D1
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #33,187
  • Jun 11, 2009 4:07pm Jun 11, 2009 4:07pm
Considering euraud.
(4h in next post.)
Strong weekly PPZ, divergence in daily + standing onto TL
Any ideas?
Thanks!
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Trading: the skill of avoiding trades
  • #33,188
  • Jun 11, 2009 4:08pm Jun 11, 2009 4:08pm
opps sorry I thought you were saying the daily also has gap


Quoting Forex007
Interesting chart, Bones! Hope you wouldn't mind a few questions. Thanks A LOT!

Do you mark the setups (their names) by hand?

Do you always watch 50% of 3 crows when the price gets to that level again? Does the same principle work for 3 white soldiers?

P.S. The chart WAS corrupt - I just noticed big GAP on D1
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #33,189
  • Jun 11, 2009 4:09pm Jun 11, 2009 4:09pm
Last euraud chart: looks like an interesting PB, according to previous post.
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Trading: the skill of avoiding trades
  • #33,190
  • Jun 11, 2009 4:50pm Jun 11, 2009 4:50pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I am in E/U now, traffic seems not a problem to me, if you look at daily bar, ups & downs, you can see it happenning regularly. what I am not sure about is the fib, it seems a second time price reacting to the same level, I don't know if this 61.8 still hold valid after the first test. probably I should not trade it when I am not sure about something, but, still learning how to control myself on reducing trading.

Quoting Jlr
Thanks, guess I'll watch and see. Prefer E/U myself, like that strong reaction past 61.8, and that ppz region. Traffic is pretty poor though, as you noted. No plans to trade either though.
  • #33,191
  • Jun 11, 2009 4:58pm Jun 11, 2009 4:58pm
Quoting krue
I am in E/U now, traffic seems not a problem to me, if you look at daily bar, ups & downs, you can see it happenning regularly. what I am not sure about is the fib, it seems a second time price reacting to the same level, I don't know if this 61.8 still hold valid after the first test. probably I should not trade it when I am not sure about something, but, still learning how to control myself on reducing trading.
I don't think its a bad trade at all, and the fib level is still valid, but I think it depends on how its managed. I think that the 1.4050 level is a pretty decent level to be respected, so if I were to take the trade, I would probably set my stop pretty tight, knowing I may not get a lot out of the trade. Would probably consider B/E or partial at that level too. Anyway though, not an expert, and a horrible overtrader myself, just throwing it out there, open for discussion.
  • #33,192
  • Jun 11, 2009 5:05pm Jun 11, 2009 5:05pm
Quoting Jlr
I don't think its a bad trade at all, and the fib level is still valid, but I think it depends on how its managed. I think that the 1.4050 level is a pretty decent level to be respected, so if I were to take the trade, I would probably set my stop pretty tight, knowing I may not get a lot out of the trade. Would probably consider B/E or partial at that level too. Anyway though, not an expert, and a horrible overtrader myself, just throwing it out there, open for discussion.
What is a "tight" SL? And how does it help you with a trade which you don't consider to be AAA+ one?

If your SL represent 1% risk, it's not "tight". If it's 1%, but based on a "shorter" (in pips) location, is that location logical (simply "shortening" SL does not fool the market).

Just my USD0.02
One Chart is Worth Ten Thousand Words.
  • #33,193
  • Jun 11, 2009 5:12pm Jun 11, 2009 5:12pm
Quoting Forex007
What is a "tight" SL? And how does it help you with a trade which you don't consider to be AAA+ one?

If your SL represent 1% risk, it's not "tight". If it's 1%, but based on a "shorter" (in pips) location, is that location logical (simply "shortening" SL does not fool the market).

Just my USD0.02
Haha ya, I'm just saying, would you really want 100 pip stop on a trade that may only give you 50 pips max? I'm not saying to just come up with random S/L figure, based on where you think price is going, and try to make RR from that. I'm just saying you could look for a better location for a stop. Would have to be a really great trade I think, to risk 1 percent, for .25 percent, or whatever it is. You could put it just past the 61.8, that would give you 1:1, a lot more profitable I think. Does that really seem horrible?... maybe so
  • #33,194
  • Jun 11, 2009 5:41pm Jun 11, 2009 5:41pm
Quoting Jlr
Haha ya, I'm just saying, would you really want 100 pip stop on a trade that may only give you 50 pips max? I'm not saying to just come up with random S/L figure, based on where you think price is going, and try to make RR from that. I'm just saying you could look for a better location for a stop. Would have to be a really great trade I think, to risk 1 percent, for .25 percent, or whatever it is. You could put it just past the 61.8, that would give you 1:1, a lot more profitable I think. Does that really seem horrible?... maybe so
Without being negative, tome that sounds like you are looking for a reason/excuse to TAKE a trade. Mike or Jim wrote once that they are always looking for reasons NOT to trade...

Being ULTRA (MEGA!) picky with what you trade makes a LOT of difference. My rule is simple: "If in doubt, don't!"
One Chart is Worth Ten Thousand Words.
  • #33,195
  • Jun 11, 2009 5:53pm Jun 11, 2009 5:53pm
Quoting Forex007
Without being negative, tome that sounds like you are looking for a reason/excuse to TAKE a trade. Mike or Jim wrote once that they are always looking for reasons NOT to trade...

Being ULTRA (MEGA!) picky with what you trade makes a LOT of difference. My rule is simple: "If in doubt, don't!"
If in doubt, Stay out!

Nothin' doin' tonight for me. Took final profits on EUR/GBP at 0.85 today. Probably too early, but got my 2R. Boy, I love price action. And to humor Jarroo... PRICE ACTION RULES!

Josh
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  • #33,196
  • Jun 11, 2009 5:57pm Jun 11, 2009 5:57pm
Quoting Jduester
If in doubt, Stay out!

Nothin' doin' tonight for me. Took final profits on EUR/GBP at 0.85 today. Probably too early, but got my 2R. Boy, I love price action. And to humor Jarroo... PRICE ACTION RULES!

Josh
Forgot to mention that we are now at the 61.8%FIB level from most recent run up on EUR/GBP...
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  • #33,197
  • Jun 11, 2009 6:26pm Jun 11, 2009 6:26pm
Quoting Jduester
Forgot to mention that we are now at the 61.8%FIB level from most recent run up on EUR/GBP...
that'd be a nice place for a pin to form, looks like price had all kinds of trouble breaking .8500 on the way up. Will sit in my sniper hole and wait.
  • #33,198
  • Jun 11, 2009 7:13pm Jun 11, 2009 7:13pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
well said, "if in doublt, don't!". I am learning this lesson hard, any thing to share with how you overcame the challenge of this type?

Quoting Forex007
Without being negative, tome that sounds like you are looking for a reason/excuse to TAKE a trade. Mike or Jim wrote once that they are always looking for reasons NOT to trade...

Being ULTRA (MEGA!) picky with what you trade makes a LOT of difference. My rule is simple: "If in doubt, don't!"
  • #33,199
  • Edited 7:15pm Jun 11, 2009 7:13pm | Edited 7:15pm
Quoting Jduester
If in doubt, Stay out!

Nothin' doin' tonight for me. Took final profits on EUR/GBP at 0.85 today. Probably too early, but got my 2R. Boy, I love price action. And to humor Jarroo... PRICE ACTION RULES!

Josh
Caught the double inside bars at .862 down to .85 in about 7 hours

Quote
Tipers,
just to clarify things...
i think u got support & resistance all mixed up in the above post.
the "resistance" mentioned in the chart should've been "support" & the 1.0830 "support" u mentioned should've been called "resistance" (or minor PPZ)
u could've elected to exit partially/remaining position in the 1.0830 area if u indeed expected it to be a strong resistance.

Nice trade before hitting the sack...
Haha yep it was just getting late into the night and was being bugged by the girl to pay her some attention. Girls just don't get why its so exciting to be at the 61.8 fib level of the eurgbp weekly : )

First chart I'll post to day is of the USDCHF weekly showing a retrace to the 61.8 and some decent support. Seems to be hoding well with the second most recent bar testing and closing much higher. Watching this area for some strong PA.
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  • #33,200
  • Jun 11, 2009 8:35pm Jun 11, 2009 8:35pm
this is the hardest part for me to explain. this is how i trade but its certainly not the only way. holding for a drawdown after a 125 pip move would never happen in my account in a milion million years. here are a couple of posts that might help. is it wrong to hold a weekly trade into a drawdown after a 125 pip move into profit with the thought that the bar will not fail and still go for more than 125? all i can say is its wrong for my account but if someone has tested that approach thru demo and finds it compatible with there style then by all means its there choice. ive said a thousand times that risk/reward ratios dont mean a thing to me because my trading style is very few trades, high win percentage and losses are small. do i get a lot of small wins and breakevens? sure i do but thats what works for me.

once again account size has everything to do with how anyone will trade an account.

none of you will trade the same with a large account as you did with the small one.

http://www.forexfactory.com/showpost...ostcount=32422


http://www.forexfactory.com/showpost...ostcount=32395




Quoting Forex007
Hi Jim,

I think the question was asked from a different perspective. Surely, getting out with 125 pips in the bag is better than ANY loss, but 125pips represented just RR0.2. So, if you "win" five trades by exiting at that level (surely, the price indeed stalled at the "left eye's Low" - but we know that with the hindsight; would/should anyone exit there "live"?..), just one RR1 loss would wipe any profit we made with such five trades.

Also, technically speaking, that PB has not yet failed as SL (above PB) has not been hit. If we exit...
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