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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

  • #37,361
  • Jul 14, 2009 12:46pm Jul 14, 2009 12:46pm
Quoting DynamicFx
Can I ask you a quick question.

If you trade 5 minute charts, why did you move away from the ES. I'm in the process of moving over completely to ES trading, as I find it much easier than forex. The patterns are more consistent, and it just feels like a much more technical-oriented instrument.

Also the fact that there is a day session, makes it much easier than having this 24 hour market. I've also found that the first 2 hours of the session are the most profitable, so you're basically talking about a 2 hour-day.

I'd appreciate your, and others,...

Trade whatever you like, I did the ES can still do it and play it maybe 1-2 days a month, it all works on any market once you can trade. I left the ES for something new and doing the long term stuff I have more markets here. The ES is a 9:30 - 4:00 deal as well if that is what you are looking for. I can go back anytime I want but trying to learn how to trade different times so I can do whatever I want on any timeframe I wish. Also as far as the market moving yes I used to trade TIME, I could tell you at 10:30 and 2:30 with about 70% being right if it's going down or up at that time, I still use time here just dont post much on it.
Keep taking CT trades, I need more money
  • #37,362
  • Jul 14, 2009 12:57pm Jul 14, 2009 12:57pm
Quoting mbqb11
Hey Casey welcome to the thread. I think you are mistaken on the definition of a pinbar. That is just a bullish looking bar. Pinbars are reversal bars.

Check out some of the earlier posts and work your way through.

Here is an example posts with some pinbar stuff

http://www.forexfactory.com/showpost...8&postcount=34

http://www.forexfactory.com/showpost...ostcount=14627

here is a good "summary" made by Josh about this thread to get an overview

http://www.forexfactory.com/showpost...ostcount=23250

At...
Yes...I've plowed thru the 1st 55 pages....very helpful....only 2438 more pages to go!! I should be finished by the end of 2010....lol

Maybe this summary can give me the Readers Digest version.....Thanks!

GregB
  • #37,363
  • Jul 14, 2009 1:22pm Jul 14, 2009 1:22pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting TiaForex
Loved your post Stoli. Went back to check it out when Mike gave the heads up.

I have a question about divergence though. Perhaps one of the seniors could chime in. I don't think the divergence you show in your charts supports your trade. The oscillator is diverging from price true, but it is pointing away from the direction you're taking the trade. So it would only be a useful sign if price was making higher highs and the oscillator was showing lower highs AND you were looking to sell.

I'm not sure about this. So maybe one the guys can tell...
Hi Aaron,

I am looking at the use of divergence at the moment and I thought exactly the same as you when I saw Stoli's post. I have since found there to be two kinds of divergence, regular and hidden. I just wondered how you got on with this as I have not got my head around it yet and I don't want to over complicate something that is maybe something simple.
Your take on this would be appreciated...Thanks,

Kean
  • #37,364
  • Jul 14, 2009 1:25pm Jul 14, 2009 1:25pm
Quoting kean
Hi Aaron,

I am looking at the use of divergence at the moment and I thought exactly the same as you when I saw Stoli's post. I have since found there to be two kinds of divergence, regular and hidden. I just wondered how you got on with this as I have not got my head around it yet and I don't want to over complicate something that is maybe something simple.
Your take on this would be appreciated...Thanks,

Kean
A few posts after I posted this someone told me of hidden divergence. I hadn't looked into it but I did a little reading. Divergence is not a reason for me to take a trade on its own, just another confluence so it's nice to know about the hidden kind. I'll be watching for it over the next few months.
  • #37,365
  • Jul 14, 2009 1:27pm Jul 14, 2009 1:27pm
Quoting batesmotel
Yes...I've plowed thru the 1st 55 pages....very helpful....only 2438 more pages to go!! I should be finished by the end of 2010....lol

Maybe this summary can give me the Readers Digest version.....Thanks!

GregB

I'm in the same boat as you. After the first 250 pages...what I did was, check all the new posts and go back to my book mark and keep reading from where i left off. Kind of trying to get a grasp of what the senior members do while I'm reading all the old stuff. It's interesting to see people improve from post to post. Gives me assurance that this stuff works. It seems like the PF is jam packed with all the goodies with less clutter so I think I'll be signing up this month.

Ghetto
  • #37,366
  • Jul 14, 2009 1:36pm Jul 14, 2009 1:36pm
Quoting triger88990
http://www.forexfactory.com/showpost...ostcount=37209

TP taken,nicely +125 pips,Nice start for the weekend, now I'm looking for opportunities for short.
look at my chart after the break it was a nicely pullbak to the ppz,an with good opportunity to form a PB,and there is confluence with 38.2 fib.
let's see haw will develop this setup!
could be next stop to 141 it may be let see what the market will tell us! this could be nicely +1000pips
the only problem that concern me is the low of the precedent bar over the weekley chart

enybody thinking else?
Attached Image
  • #37,367
  • Jul 14, 2009 1:47pm Jul 14, 2009 1:47pm
Quoting Ghettobuddha
I'm in the same boat as you. After the first 250 pages...what I did was, check all the new posts and go back to my book mark and keep reading from where i left off. Kind of trying to get a grasp of what the senior members do while I'm reading all the old stuff. It's interesting to see people improve from post to post. Gives me assurance that this stuff works. It seems like the PF is jam packed with all the goodies with less clutter so I think I'll be signing up this month.

Ghetto
Good Idea! I too, would like to join up to the PF ....I'm in 3 trades right now....all 3 are in profit (2 are risk free with 1/2 position tp'd and SL to BE). I was contemplating a couple others last night, but I told myself to cool my jets a little...those would be in profit also, if I took them that is....yes, I know..."would've & could've" don't mean a tinkers damn in this business.

BTW, I emailed Jim about paying with PayPal for PF (i haven't received a response yet)....anybody know if this is possible?

GregB
  • #37,368
  • Jul 14, 2009 1:48pm Jul 14, 2009 1:48pm
Quoting triger88990
look at my chart after the break it was a nicely pullbak to the ppz,an with good opportunity to form a PB,and there is confluence with 38.2 fib.
let's see haw will develop this setup!
could be next stop to 141 it may be let see what the market will tell us! this could be nicely +1000pips
the only problem that concern me is the low of the precedent bar over the weekley chart

enybody thinking else?
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You read my mind!

GregB
  • #37,369
  • Jul 14, 2009 1:49pm Jul 14, 2009 1:49pm
hey colud somebody tell me what is happening with the GBP/USD

yesterday we haved a bullish PB and today it could be a bearish PB olso the are with the friday bar within the range of the thusday bar!

any suggestion is wellcomed!
  • #37,370
  • Jul 14, 2009 1:59pm Jul 14, 2009 1:59pm
close my gbp/chf after it was reach and breake the proview high another +165 pips, afther that huge move I'm expecting to some retracement,but who knows, I'm out for today
  • #37,371
  • Jul 14, 2009 2:01pm Jul 14, 2009 2:01pm
Quoting triger88990
hey colud somebody tell me what is happening with the GBP/USD

yesterday we haved a bullish PB and today it could be a bearish PB olso the are with the friday bar within the range of the thusday bar!

any suggestion is wellcomed!
I'm going to stay away from gbpusd for now...not only is there some heavy traffic to plow thru, there is a strong Monthly resistance level at 1.6395, and it's also sandwiched between that resistance and an ascending trend line.

Just looking at it gives me Claustrophobia!

GregB
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  • #37,372
  • Jul 14, 2009 2:11pm Jul 14, 2009 2:11pm
Hi there,
Just wanted to shear how i played aud/chf, about what we have been talking (as i still learning it was on demo). But was really interesting to see how it will plays out.
Ed
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  • #37,373
  • Jul 14, 2009 2:19pm Jul 14, 2009 2:19pm
Quoting triger88990
hey colud somebody tell me what is happening with the GBP/USD

yesterday we haved a bullish PB and today it could be a bearish PB olso the are with the friday bar within the range of the thusday bar!

any suggestion is wellcomed!

Hi trigger,

I think you kind of answered your own question. These PB's don't stick out and are stuck within a price range, and they're conflicting. So.....do nothing and wait until something worthwhile shows up.
  • #37,374
  • Jul 14, 2009 2:28pm Jul 14, 2009 2:28pm
Quoting batesmotel
I'm going to stay away from gbpusd for .........
GregB
hey thanks a lot you open my mind with thoes TL's they are so useful

thanks food4Monkeys
  • #37,375
  • Jul 14, 2009 2:53pm Jul 14, 2009 2:53pm
Hi guys,

I just closed my two pin trades from yesterday and I am very happy with them (gbpchf +169, euraud +177 pips)...

I would like to ask you though, what are your opinions about it being too early. I know, it is my trade, but I am trying to learn something here for the future I marked my first resistance areas, which were TP for me, but I am thinking now, if I am not too "shy" here...

Do you think my resistance areas and fibs are drawn allright?
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Live it or leave it!
  • #37,376
  • Edited 3:24pm Jul 14, 2009 3:12pm | Edited 3:24pm
Quoting Slurpee
Hi guys,

I just closed my two pin trades from yesterday and I am very happy with them (gbpchf +169, euraud +177 pips)...

I would like to ask you though, what are your opinions about it being too early. I know, it is my trade, but I am trying to learn something here for the future I marked my first resistance areas, which were TP for me, but I am thinking now, if I am not too "shy" here...

Do you think my resistance areas and fibs are drawn allright?
Looks good to me....and if you are playing the 4hr timeframe, there does seem to be a nice 61.8% and 50% retrace confluence happening around the 1.7630 area...perhaps look for a reversal PB to ride on up to resistance at 1.7768.

Also, you could look for a PB bounce off of the ascending Trend line.....looks quite nice actually, if we get the right price action...looks like there's about a 150 pip window of opportunity if you get a bounce off of the trendline up to the monthly resistance at 1.7768.

I'm doing what James suggested...I'm playing the daily or weekly TF only...so I've taken 1/2 position off my EURAUD short, moved SL to BE and hopefully the 1.7768 resistance will protect my SL.

GregB
Attached Image (click to enlarge)
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  • #37,377
  • Jul 14, 2009 3:32pm Jul 14, 2009 3:32pm
I took 3 trades today and finally they all worked out:
-GBPCHF bullish pin bar closed now
-AUDCHF bullish pin bar, locked some profit and now waiting for 0,8680
-EURGBP bearish pin bar, SL moved to BE, TP at 0,8525

Thanks James, thanks every member of this thread..it seems i'm finally (and slowly) seeing the light at the end of tunnel
  • #37,378
  • Jul 14, 2009 3:34pm Jul 14, 2009 3:34pm
Quoting Slurpee
Hi guys,

I just closed my two pin trades from yesterday and I am very happy with them (gbpchf +169, euraud +177 pips)...

I would like to ask you though, what are your opinions about it being too early. I know, it is my trade, but I am trying to learn something here for the future I marked my first resistance areas, which were TP for me, but I am thinking now, if I am not too "shy" here...

Do you think my resistance areas and fibs are drawn allright?

I see absolutely no reason to close the GBPCHF trade early.

Look at my chart below. Price has been in an uptrend since late December and there is all that lovely space above.

You will NEVER catch the big moves closing trades early.

Had you considered taking 1/2 profit at your target, moving stoploss to break-even, and letting the rest run? Doing it this way you would now be in a 'free trade' and you just don't know what it might do over the next day/week/month(s).....
Attached Image (click to enlarge)
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  • #37,379
  • Jul 14, 2009 3:39pm Jul 14, 2009 3:39pm
Just wondering why FF shows the two suggested similiar threads at the bottom of the screen? They have nothing to do with PA.
  • #37,380
  • Jul 14, 2009 3:44pm Jul 14, 2009 3:44pm
Assuming we get a good close, this looks like a good short 4h trade.
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