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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

  • #35,621
  • Jun 30, 2009 6:36pm Jun 30, 2009 6:36pm
Quoting Headless
Hi all, my name is Headless and this is my first post here - great thread!

Regarding the GBPCAD Pin, if you look at the big picture it is at a fairly major level going back a few years.

There is confluence of both 61 & 38 Fib levels going back to 2006, plus a significant PPZ.

BUT I am also well aware of the PPZ / Round Number below at 1.1900

Would be interested to hear other views.
You absolutely nailed this one H. I can't think of a thing you missed in your analysis.

Of course it may still lose (see recent weekly GU pin). But great job.
  • #35,622
  • Jun 30, 2009 6:40pm Jun 30, 2009 6:40pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting marcelnyo
IMO this is one of the better PA of the day, most PA on major pairs are showing new highs but no space and most of the Pins or Outside bars has a less impressive protruding high than this one. But the cons are we're facing a large round number on 1.9000, and price is on a definite uptrend since a few weeks ago, I doubt that this will be the top of movement for this pair, might hit PPZ at 1.8950-1.9000 and then continue to move up to retest the high of today's PA, with almost 300 pips stop you can catch a runner from 1.9060-1.9000ish, it's your call,...
Hi Marcel, there are as you say pros and cons for this one. I am aware of the 1.9 being close but there is such a lot of space to the left. Thanks for your comments....Kean
  • #35,623
  • Edited 8:04pm Jun 30, 2009 6:41pm | Edited 8:04pm
I'm still demoing 4H but I didn't take the GU because it was heading back into all that thick consolidation. Ah well.

I took the EURJPY which looked better to me. That's meandering at the moment and my risk has been reduced on a 2 bar trailing stop. All demo on the 4H of course.

I know Mike passed on the GU for the same reason. I am curious, for those of you that took it, did the range that it was heading back into mean that you pushed your stops to BE early?

And rustyjeff, do you use reduced stops on 4H a lot? I can see the second eye/previous sing high confluence. Just wondering how often you see the scenario here the stop is hit before the trade goes back in your favour.

Just trying to find my comfort zone with 4H trading while I demo.

Aaron
  • #35,624
  • Jun 30, 2009 6:44pm Jun 30, 2009 6:44pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting KissFan
Pull a fib from Oct 2008 high to Jan 25th low and Pin is printed at the 61.8 retracement. It's also at the 365ema on daily.

K.I.S.S.
Thanks KISS, I had not noticed the fib, lots of pros and cons...mmm

Kean
  • #35,625
  • Jun 30, 2009 6:54pm Jun 30, 2009 6:54pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting Headless
Hi all, my name is Headless and this is my first post here - great thread!

Regarding the GBPCAD Pin, if you look at the big picture it is at a fairly major level going back a few years.

There is confluence of both 61 & 38 Fib levels going back to 2006, plus a significant PPZ.

BUT I am also well aware of the PPZ / Round Number below at 1.1900

Would be interested to hear other views.
Hi Headless, welcome to the thread and thanks for your comments. All things considered, the more I looking at this one, the more I am becoming tempted to trade it. I am thinking that it is maybe worth a go but only with correct trade management.
Kean
  • #35,626
  • Jun 30, 2009 7:05pm Jun 30, 2009 7:05pm
Quoting TiaForex
I'm still demoing 4H but I didn't take the GU because it was heading back into all that thick consolidation. Ah well.

I took the EURJPY which looked better to me. That's meandering at the moment and my risk has been reduced on a 2 bar trailing stop. All demo on the 4H of course.

I know Mike passed on the GU for the same reason. I am curious, for those of you that took it, did the range that it as heading back into mean that you pushed your stops to BE early?

And rustyjeff, do you use reduced stops on 4H a lot? I can see the second eye/previous...

Post a chart if you can, I dont see anything on the 4hr on my charts.
Keep taking CT trades, I need more money
  • #35,627
  • Jun 30, 2009 7:11pm Jun 30, 2009 7:11pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting TiaForex
I'm still demoing 4H but I didn't take the GU because it was heading back into all that thick consolidation. Ah well.

I took the EURJPY which looked better to me. That's meandering at the moment and my risk has been reduced on a 2 bar trailing stop. All demo on the 4H of course.

I know Mike passed on the GU for the same reason. I am curious, for those of you that took it, did the range that it as heading back into mean that you pushed your stops to BE early?

And rustyjeff, do you use reduced stops on 4H a lot? I can see the second eye/previous...
Hi Aaron,
I am really interested to see how you and Josh get on with your 4H demoing, it is something that I am preparing to do myself in the near future, I just want to get a bit more done with my daily demoing before I start though. The 4H timeframe is about as low as I want to go. I have set up a separate demo account with Alpari UK and have all my charts ready to go. I noticed that there are a couple of pairs missing from my FX Pro account but still, there are 23 pairs available. I should make a start on it in the next 2-3 weeks but meanwhile, I will keep watching how you both get on.
Kean
  • #35,628
  • Jun 30, 2009 7:13pm Jun 30, 2009 7:13pm
Quoting kean
Hi Headless, welcome to the thread and thanks for your comments. All things considered, the more I looking at this one, the more I am becoming tempted to trade it. I am thinking that it is maybe worth a go but only with correct trade management.
Kean
I think it is everything we look for in a setup. imo (as others have stated).
It's worth a hard break look. If it hits 1.9000 and then retraces back to the break of the PB and then breaks the 1.9000, this would add confirmation that the setup is correct. Then again it may just keep on going.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #35,629
  • Jun 30, 2009 7:15pm Jun 30, 2009 7:15pm
Hey Ryan,

I am away from charting computer right now so am stealing rustyjeff's 4H chart. the sell order is his.
Attached Image (click to enlarge)
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  • #35,630
  • Jun 30, 2009 7:18pm Jun 30, 2009 7:18pm
Quoting kean
Hi Headless, welcome to the thread and thanks for your comments. All things considered, the more I looking at this one, the more I am becoming tempted to trade it. I am thinking that it is maybe worth a go but only with correct trade management.
Kean

On my FXPro feed there are 80 pips between break of pin and the 1.9000 level which gives you plenty of time to move your stop if you like to play it that way.
  • #35,631
  • Jun 30, 2009 7:19pm Jun 30, 2009 7:19pm
Quoting kean
Hi Aaron,
I am really interested to see how you and Josh get on with your 4H demoing, it is something that I am preparing to do myself in the near future, I just want to get a bit more done with my daily demoing before I start though. The 4H timeframe is about as low as I want to go. I have set up a separate demo account with Alpari UK and have all my charts ready to go. I noticed that there are a couple of pairs missing from my FX Pro account but still, there are 23 pairs available. I should make a start on it in the next 2-3 weeks but meanwhile,...
Good to hear Kean.

One piece of advice I have is to not take on too much at once. 4H can be overwhelming at first as Josh and I have found, and it's good to do it when you feel like the main parts of your daily trading are in place (in my case it was after I went live daily). Daily is automatic for me now. That's not to say I get it right, far from it. But I need to think about it less. Which makes it easier for me to concentrate on 4H.

Which is a long winded way of saying don't try to learn it all at once. IMO the best part of demoing dailies is the patience you learn from waiting days and days and days for a trade.
  • #35,632
  • Jun 30, 2009 7:27pm Jun 30, 2009 7:27pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting Headless
On my FXPro feed there are 80 pips between break of pin and the 1.9000 level which gives you plenty of time to move your stop if you like to play it that way.
Hi,
Yes, I have the same feed and I was just looking at trading it this way as I have 65 points between my chosen entry point and the 1.9 and, like you say enough to move SL to BE and see if it runs, if not nothing to lose.
Kean
  • #35,633
  • Jun 30, 2009 7:28pm Jun 30, 2009 7:28pm
The way i'm probably going to manage this trade:

1. Enter on break
2. Watch break (fast/slow)
3. a) If fast, once price gets to 1.9 area, take half off and move stop to 1.9200
b) If slow, once break gets to 1.9 area, take half off and move stop to breakeven.
c) If it breaks and doesn't reach 1.9 area, stop remains at top of pin for 2%.

4. If 3a happens and price reaches 1.89 move stop to breakeven.
5. 2nd half @ 1.8700
Attached Image(s) (click to enlarge)
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  • #35,634
  • Jun 30, 2009 7:29pm Jun 30, 2009 7:29pm
Quoting TiaForex
Hey Ryan,

I am away from charting computer right now so am stealing rustyjeff's 4H chart. the sell order is his.

Thanks for the chart, I thought it was something right now not yesterday or last night
Keep taking CT trades, I need more money
  • #35,635
  • Jun 30, 2009 7:29pm Jun 30, 2009 7:29pm
Here are more double inside bars for USD/CAD

Let's see how she goes..

And EUR/JPY
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  • #35,636
  • Jun 30, 2009 7:29pm Jun 30, 2009 7:29pm
Quoting TiaForex
Hey Ryan,

I am away from charting computer right now so am stealing rustyjeff's 4H chart. the sell order is his.
That was a beauty, Tia. Off a strong PPZ and Fib levels on the Daily and Weekly. Size relative to previous bars look great. Some traffic but worth hard break look. (what the heck was I doing to miss this one.)

Notice the hard break, then retrace to the break and then continue onward. Nice. (Hourly chart)
Attached Image (click to enlarge)
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Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #35,637
  • Jun 30, 2009 7:35pm Jun 30, 2009 7:35pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting TiaForex
Good to hear Kean.

One piece of advice I have is to not take on too much at once. 4H can be overwhelming at first as Josh and I have found, and it's good to do it when you feel like the main parts of your daily trading are in place (in my case it was after I went live daily). Daily is automatic for me now. That's not to say I get it right, far from it. But I need to think about it less. Which makes it easier for me to concentrate on 4H.

Which is a long winded way of saying don't try to learn it all at once. IMO the best part of demoing dailies...
Thanks Aaron,
Good advice, I take on board what you say. I do want to get further down the road with daily trading first and I do not intend to let any experimenting with 4H get in the way of my priority, the daily stuff. I look forward to daily becoming automatic for me, how ever long that takes.
Kean
  • #35,638
  • Jun 30, 2009 7:42pm Jun 30, 2009 7:42pm
Quoting Headless
On my FXPro feed there are 80 pips between break of pin and the 1.9000 level which gives you plenty of time to move your stop if you like to play it that way.
Exactly. I'm suspicious of the 9050 ( to 60) area too though.

But overall there's enough about the look of the pin for some people to take the trade.

I'm two minded on it, so I'm going to have to wait for something more clear cut.

USDCAD looks like a chance to break higher , and the pin could very well be a mirror of the GBP moves only. Why did I go to those two pairs?? ...because I obviously needed convincing. As soon as I thought that, I was out of the whole idea. lol ....Maybe if I'd been around for the 4 hour OB earlier I would have started from there.

It's worth a punt for others. My overall result improvements are coming from culling these trades though. Don't need to force it.
Bundy's status today: "Waiting..."
  • #35,639
  • Jun 30, 2009 7:54pm Jun 30, 2009 7:54pm
Quoting jarroo
That was a beauty, Tia. Off a strong PPZ and Fib levels on the Daily and Weekly. Size relative to previous bars look great. Some traffic but worth hard break look. (what the heck was I doing to miss this one.)

Notice the hard break, then retrace to the break and then continue onward. Nice. (Hourly chart)

Ya I have to start looking at the 08:00 bar, that one is the money bar lots of time, it's 1:00am here though but I can take it
Keep taking CT trades, I need more money
  • #35,640
  • Jun 30, 2009 7:58pm Jun 30, 2009 7:58pm
im in from the 4h so im maybe a little bias, but to me it looks very good.

Bundy,
Quote
USDCAD looks like a chance to break higher , and the pin could very well be a mirror of the GBP moves only.
this makes a lot of sense also,thanx for pointing it out i hadnt thought of this.
Quote
I could imagine we'd be all yapping and carrying on, beers etc in hand, when all of a sudden the 4hr chart alrms all go off... ....everyone goes quickly silent and shuffles to their blackberries/iphones etc for a few minutes. ...Then back to it like nothing had happened, the topless bar maids all confused and thinking something from the twighlight zone just popped into their lives. ....ahhhh.... goood times.
or make it happen please make it happen!!! lol well at least the cheers smiley, cool idea.
well this is why i like it....
jon
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PATIENCE... DISCIPLINE
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