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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

  • #35,641
  • Jun 30, 2009 6:04pm Jun 30, 2009 6:04pm
Gbp/Usd Daily BEOB. Not the prettiest and alot of traffic but let's see how hard she breaks.

http://i39.tinypic.com/8zr7et.gif
Indicators show the past. Price Action "Indicates" the future.
  • #35,642
  • Jun 30, 2009 6:11pm Jun 30, 2009 6:11pm
Quoting Ryanmcd
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
As you can see, not many stand out on the 4 hour time frame as one would like. But they're usually worth the wait when they do.
Indicators show the past. Price Action "Indicates" the future.
  • #35,643
  • Jun 30, 2009 6:17pm Jun 30, 2009 6:17pm
Quoting TiaForex
. 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?

Aaron
Personally i reduce position size and left it a little wiggle room - being such congestion you have to acknowledge it will play around a bit - but with such a massive tail on the pin, i was satisfied it was showing a fake breakout that could mean a large drop.
  • #35,644
  • Jun 30, 2009 6:53pm Jun 30, 2009 6:53pm
EUR/JPY made it to risk free trade.

USD/CAD still working on it.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: james8.gif Size: 12 KB
  • #35,645
  • Jun 30, 2009 7:11pm Jun 30, 2009 7:11pm
Hello,

I would like to see the same bar formations that most of you show. in this thread... that is why I am not asking this question in the Broker Section. I am using ODL but is FXPRo the one used by most? What is the gmt for fxpro? Any others?

Thanks
Unus pro omnibus, omnes pro uno
  • #35,646
  • Jun 30, 2009 7:12pm Jun 30, 2009 7:12pm
EURUSD presents a nice R/R here if the PA supports it over the next hour or two.
  • #35,647
  • Jun 30, 2009 7:14pm Jun 30, 2009 7:14pm
Quoting moneda
Hello,

I would like to see the same bar formations that most of you show. in this thread... that is why I am not asking this question in the Broker Section. I am using ODL but is FXPRo the one used by most? What is the gmt for fxpro? Any others?

Thanks
James uses IBFX, so a lot of people use that. I would say IBFX and fxpro are most popular followed by alpari fxdd etc

Sorry not sure the GMT times

Mike
  • #35,648
  • Edited 7:29pm Jun 30, 2009 7:22pm | Edited 7:29pm
Quoting mbqb11
James uses IBFX, so a lot of people use that. I would say IBFX and fxpro are most popular followed by alpari fxdd etc

Sorry not sure the GMT times

Mike
Thanks Mike.

P.S.... found out that fxpro is gmt+3 ... atm their local time is 5:28am (july 1st.)
Unus pro omnibus, omnes pro uno
  • #35,649
  • Jun 30, 2009 7:54pm Jun 30, 2009 7:54pm
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...
Very similar situation for me. I traded live for 2 months before starting 4hr (which I did this week).
Biggest difference so far is finding out what times I'm going to sleep, lol. Speaking of... I'm out for a few hours. ZZZZZZZZ...
  • #35,650
  • Jun 30, 2009 8:26pm Jun 30, 2009 8:26pm
Quoting g_j_hook@yah
i
jon

GBP/CAD

I'm eyeballing this one too. Pin is a little small for a full reversal

Some support @ the 1.91area, but if it breaks it could be a pretty sweet move since it has shot up so hard and fast, maybe it needs to retrace a bit. Interesting to see what happens.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #35,651
  • Jun 30, 2009 10:04pm Jun 30, 2009 10:04pm
Hi All..

Long time reader of James 16. I must admit that I have read this thread since the beginning and actually was one of the original members of the PF for the first few months. Like so many I have wondered from time frame to time frame and system to system only to discover that S & R and PA on longer time frames is the best way to trade. Starting in July I will be trading using 4hr and daily charts, what a massive change in mind set from the fast action of the 2M and 5M charts..lol. It may take some time to get use to the longer time frame charts but I know this is a much more efficient and safer way to trade.

So looking at the EU 4hr chart we have a BEOB and a second bounce from the bottom of the close of the BEOB. Is it safe to say that most of the experienced traders here on the forum would wait for a retrace to the 50 or 61% fib before entering a short position. If we don't get a retrace to the above mentioned fibs and we get a break of the low @ 1.400 would you consider a short position on the break?
Attached Image (click to enlarge)
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  • #35,652
  • Jun 30, 2009 10:20pm Jun 30, 2009 10:20pm
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 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...
Hey Aaron,
To be honest I havent traded at all for the last 3 weeks till today... yes I have seen some pins after the fact that I would have traded but i saw them too late.
I just happened to see this one at an area i am watching so i didnt hesitate & pulled the trigger in about 3 minutes after opening the laptop.

but, in that time I did check news events & the other majors to see what, if anything was happening. I dont pay attention to news when i am trading full time but when i am out of the loop for a while i like to check.

all in all, it was just a pa thing that triggered something in me that has worked for me before.. & so far has this time as well...
My initial stop was above the pin as usual... since i cant follow trades as much I have reduced risk & at this location am willing to trail it down . so i have moved my stop now to above the eyes..

each trade & more importantly where it occurs is different to me so I have a different plan to match.
It, this stuff takes continuous effort... Just when you think you have it worked out it will bite you, & thats when newbs will look for another answer. It just needs to be realized that the market is allways changing but the same. Its only us that make this hard.
  • #35,653
  • Jun 30, 2009 10:24pm Jun 30, 2009 10:24pm
Quoting Ryanmcd
Thanks for the chart, I thought it was something right now not yesterday or last night
It was at 0645am est on 6/30/09.
Sorry Ryan I know thats too early for you
  • #35,654
  • Jun 30, 2009 10:26pm Jun 30, 2009 10:26pm
Quoting LasVahGoose
GBP/CAD

I'm eyeballing this one too. Pin is a little small for a full reversal

Some support @ the 1.91area, but if it breaks it could be a pretty sweet move since it has shot up so hard and fast, maybe it needs to retrace a bit. Interesting to see what happens.
Nice break, already in BE, lets see where it is going
Attached Image (click to enlarge)
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  • #35,655
  • Jun 30, 2009 10:26pm Jun 30, 2009 10:26pm
Quoting g_j_hook@yah
im in from the 4h so im maybe a little bias, but to me it looks very good.

Bundy,
this makes a lot of sense also,thanx for pointing it out i hadnt thought of this.

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
My decision had a lot more to do with the first target expectation than position on the chart. Trade has good prospects after some breaks. I'm just going to wait for something else. Mind you, I could have woken up different and seen it in a different light any other day. You never know. lol

I'm happy.
.
Bundy's status today: "Waiting..."
  • #35,656
  • Jun 30, 2009 10:30pm Jun 30, 2009 10:30pm
and here's the second interesting break, in traffic but going nice yet
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  • #35,657
  • Jun 30, 2009 10:33pm Jun 30, 2009 10:33pm
Hey Dave

Welcome back to the calm world of larger timeframes and less stress

I don't really have an official plan beyond watching what price does around the 1.4 PPZ. To me this is the clear battle line and I will watch how price reacts around this area. Overall this pair (on the h4) has been very very choppy, so when it comes time for trade mgmt(if a good trade presents), well for me personally it would be a very quick trade.

Again I have my own way of attacking the lower timeframes, but as long as your plan is well thought out with some good confluence and waiting for some strong PA, it is all good to me

Mike



Quoting ozziedave
Hi All..

Long time reader of James 16. I must admit that I have read this thread since the beginning and actually was one of the original members of the PF for the first few months. Like so many I have wondered from time frame to time frame and system to system only to discover that S & R and PA on longer time frames is the best way to trade. Starting in July I will be trading using 4hr and daily charts, what a massive change in mind set from the fast action of the 2M and 5M charts..lol....
  • #35,658
  • Jun 30, 2009 10:42pm Jun 30, 2009 10:42pm
ooooohhhhhhh Mikey.
I nearly made it in to NYC on my way up the coast.
My wife was saying call that cheeky bugger. Wait till the Dolphins play those bastards this year......
  • #35,659
  • Jun 30, 2009 10:50pm Jun 30, 2009 10:50pm
oz whats up!

good to see you.

jim

Quoting ozziedave
Hi All..

Long time reader of James 16. I must admit that I have read this thread since the beginning and actually was one of the original members of the PF for the first few months. Like so many I have wondered from time frame to time frame and system to system only to discover that S & R and PA on longer time frames is the best way to trade. Starting in July I will be trading using 4hr and daily charts, what a massive change in mind set from the fast action of the 2M and 5M charts..lol. It may take some time to get use to the longer time frame...
  • #35,660
  • Jun 30, 2009 10:50pm Jun 30, 2009 10:50pm
Quoting jarroo
Gbp/Usd Daily BEOB. Not the prettiest and alot of traffic but let's see how hard she breaks.
Hey Jarroo! Do you consider this for hard break?
ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
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