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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

  • #34,301
  • Jun 22, 2009 10:23pm Jun 22, 2009 10:23pm
hi guys,
this is my first post even I am in a sideline for quite sometimes reading your posts and trying to applied to my trading. I am very new in forex. I would like express my million thnks to all of you especially the founder dearest dr james for such making all the senses for me to study charts.lol

thank you and may god bless you all..


p.s. forgive my english..
  • #34,302
  • Jun 22, 2009 10:24pm Jun 22, 2009 10:24pm
Quoting Autumm
Weekly IB of AudUsd has broken to the downside.

Having seen little discussion of the management of IB trades, would like some advice on taking IB trades and what to look out for.
Example....

EURCAD (4hr)

Where the preference is a long, even though I suspect a possible retrace to the pink trend line first. BUT the long is the potentially better plan to me with the positioning on the daily chart and the fact it's on top of that 38.2% fib.

See how any short trade would want to break not just the previous inside bar but the one before that? ...Because of the positioning and the IMPORTANT level it all rests on.

It's (the first IBs) low is just south of that 38.2 line. So I would choose a break of that level (1.5959) (or even a break of even 10 pips lower because of the "50" 'half handle'.

This is all the same stuff you would do when entering a pin etc. No need to be scared of IBs. But do practice them first to learn the ones to take. Just like the other bar formations.
.
Attached Image
Bundy's status today: "Waiting..."
  • #34,303
  • Jun 22, 2009 10:28pm Jun 22, 2009 10:28pm
Quoting berisinc
hi guys,
this is my first post even I am in a sideline for quite sometimes reading your posts and trying to applied to my trading. I am very new in forex. I would like express my million thnks to all of you especially the founder dearest dr james for such making all the senses for me to study charts.lol

thank you and may god bless you all..


p.s. forgive my english..
Welcome B, your english is great no worries

I like that. Dr. James. A doctor of the charts

Mike
  • #34,304
  • Jun 22, 2009 10:29pm Jun 22, 2009 10:29pm
Quoting bundyraider
Example....

EURCAD (4hr)

Where the preference is a long, even though I suspect a possible retrace to the pink trend line first....
Good stuff Bundy,

What matters more than the bar itself is where it occurs.
I believe . . .
  • #34,305
  • Jun 22, 2009 10:32pm Jun 22, 2009 10:32pm
Quoting plus50
What do you use to mark PPZs? Just horizontal S&R? Or a Pivot Point calculation / indicator?
Yep PPZ is just horizontal flip b/w s/r

Check this out

http://www.forexfactory.com/showpost...ostcount=15100

Mike
  • #34,306
  • Jun 22, 2009 10:32pm Jun 22, 2009 10:32pm
Quoting plus50
What do you use to mark PPZs? Just horizontal S&R? Or a Pivot Point calculation / indicator?
Both. And all.

I like the ones that line up with LOTS of confluence. I also tend to look for PPZs that are started by a close price swing high/low on higher time frames. i.e. by using a line chart.

It's good to see them land on a round number too. That's relatively new for me though. ....Makes it more of a no brainer then.

I use floor trader pivot points when trading intraday. But ignore them (and often any trade) if they are totally out of whack with every other level the chart tells me to watch.
.
Bundy's status today: "Waiting..."
  • #34,307
  • Jun 22, 2009 10:32pm Jun 22, 2009 10:32pm
Quoting berisinc
hi guys,
this is my first post even I am in a sideline for quite sometimes reading your posts and trying to applied to my trading. I am very new in forex. I would like express my million thnks to all of you especially the founder dearest dr james for such making all the senses for me to study charts.lol

thank you and may god bless you all..


p.s. forgive my english..
A very warm welcome Berisinc. Enjoy your stay.

Regards,
Ghous.
I believe . . .
  • #34,308
  • Jun 22, 2009 10:36pm Jun 22, 2009 10:36pm
Quoting elfinchilde
eh well, my problem's the opposite. I start talking about charts and technicals, and all the guys give me a wide berth. http://i290.photobucket.com/albums/l...s/gonnacry.gif

interesting conditions we're having on the current markets.
Yeah, well I get the response from a some guys too. lol

The current market conditions are good, in that they eventually give us a lead in to some kind of excellent set up. That's how I see it right now. We are about to get some good trade set ups out of this frustration. We just don;t see it clearly yet.
.
Bundy's status today: "Waiting..."
  • #34,309
  • Jun 22, 2009 10:40pm Jun 22, 2009 10:40pm
Do we have a nice pinbar being formed on 4hr G/J. At low and nice support level.
Also bullish divergence.
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  • #34,310
  • Jun 22, 2009 10:47pm Jun 22, 2009 10:47pm
Quoting ffbk
Do we have a nice pinbar being formed on 4hr G/J. At low and nice support level.
Also bullish divergence.
Only thing is that 4 hour closes in another hour. SO it has to range for another hour and close around same level for it to be a PB.
  • #34,311
  • Jun 22, 2009 10:54pm Jun 22, 2009 10:54pm
This one puzzles me - how to play it ?

The H4 pin is on a very strong area, and is with the up trend..

HOWEVER, the H&S is pretty clearly in play for a downside break.
Further the monthly is forming a very strong pin for the downside break also.

The only way i can see playing the H4 pin is to manage stop quickly to BE.

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  • #34,312
  • Jun 22, 2009 10:55pm Jun 22, 2009 10:55pm
Gj 4H.

I missed the entry but have left a pending order in case price decides to retest the current bar's low during the next few bars.

But here is a visual example of how I play these blind entries.

A head and shoulders pattern and a dominant down trend...but I said in an earlier post that...

Quote
The problem I face with most touch trades is that very few turn out to be long lasters, the big runners...

Precisely for this reason the basis of the technique lies not in expecting a lasting long term trend changing bounce off a ppz (no matter how strong) but rather on the expectation that the supp/res will at least temporarily hold.

We can see that Gj has responded to the support level. My trades are based on these initial bounces. Could this bounce result in the overall up trend resuming? It may and may not...either ways we've made money.

On a side note...THIS IS NOT RECOMMENDED FOR NEWBIES. BLIND ENTRIES ARE THE LAST ACTIONS YOU WANT TO TAKE IF YOU'RE NEW AT THIS...

Regards,
Ghous.
Attached Image
I believe . . .
  • #34,313
  • Edited Jun 23, 2009 12:01am Jun 22, 2009 11:03pm | Edited Jun 23, 2009 12:01am
Quoting elfinchilde
eh well, my problem's the opposite. I start talking about charts and technicals, and all the guys give me a wide berth. http://i290.photobucket.com/albums/l...s/gonnacry.gif
interesting conditions we're having on the current markets.
elfinchilde,
that just means u are too hot to handle. They can't take u on. they are not good enough for u.



Quote
hi guys,
this is my first post even I am in a sideline for quite sometimes reading your posts and trying to applied to my trading. I am very new in forex. I would like express my million thnks to all of you especially the founder dearest dr james for such making all the senses for me to study charts.lol
berisinc,
Another excellent post #1. u are in the right thread.
Read on, be patient & good luck!!
  • #34,314
  • Jun 22, 2009 11:24pm Jun 22, 2009 11:24pm
Hi,
This my chart post.what you guys thinks. Am I right, taking a long on it.
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  • #34,315
  • Jun 22, 2009 11:26pm Jun 22, 2009 11:26pm
Quoting bundyraider
Yeah, well I get the response from a some guys too. lol

The current market conditions are good, in that they eventually give us a lead in to some kind of excellent set up. That's how I see it right now. We are about to get some good trade set ups out of this frustration. We just don;t see it clearly yet.
.
Yes, I see it about the same way. Pairs are completely oversold on 4H, 1H, yet the longer tfs look down (AU, EU, UJ). Which means we're probably due for a bounce before the major move. I've just been waiting for days for the EU since the H&S formation.

Equities are on the same cliffhanger too. Money's just waiting for money to move.

Quoting supremeChaos
elfinchilde,
that just means u are too hot to handle. They can't can't take u on. they are not good enough for u.



berisinc,
Another excellent post #1. u are in the right thread.
Read on, be patient & good luck!!
haha, i shall take comfort in my pips. yups, this thread definitely changed my forex trading.
  • #34,316
  • Jun 22, 2009 11:34pm Jun 22, 2009 11:34pm
Another pb in making on Cad/Jpy on 4h?
The nose is very small
At good PPZ
Bullish Divergence.

Any comments?
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  • #34,317
  • Jun 22, 2009 11:36pm Jun 22, 2009 11:36pm
Quoting berisinc
Hi,
This my chart post.what you guys thinks. Am I right, taking a long on it.
trading into a major round number, hope you got your stop to BE.
  • #34,318
  • Jun 22, 2009 11:39pm Jun 22, 2009 11:39pm
Actually too many PB in formation. If it works for one it will work for most i guess. One more on Aud/Jpy on 4 hour.
All have bullish div on 4 hour chart.
  • #34,319
  • Jun 22, 2009 11:41pm Jun 22, 2009 11:41pm
Quoting ffbk
Another pb in making on Cad/Jpy on 4h?
The nose is very small
At good PPZ
Bullish Divergence.

Any comments?
Hey FF

Be careful here, with such a small nose, this is like trying to catch a falling knife with one finger. The clear pins will have a large nose and be much more powerful in the long run

Best
Mike
  • #34,320
  • Jun 22, 2009 11:46pm Jun 22, 2009 11:46pm
Quoting berisinc
Hi,
This my chart post.what you guys thinks. Am I right, taking a long on it.

Nice thinking.

The nose wasn't quite long enough for mine. But you do have bullish divergence.

I would be looking to get out at about .8530isha, and get there soon. If you mark that out, you'll see some bar highs and a low.

I personally wouldn't let this get into too much drawdown. The .85 round number area might be enough to send it south again.

If you're starting out, i wouldn't suggest a trade like this, because managing it looks to be fairly difficult. But keep looking, remember that a clear swing low is where you want to see a good pin, this is a double bottom of sorts.

Cheers
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