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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

  • #39,741
  • Aug 3, 2009 3:17am Aug 3, 2009 3:17am
Quoting ghous
No I meant 1.676,

And I missed it with a hair line

lol, a trade would have been up 40 pips (my BE point on touch trades) so a missed trade get's pulled off here. next...

(no intents of shorting the 4h pin...risk constraints...)

oh and BTW the $1000 a pip thingie was a joke.

lol

Ghous.
I like the 1.6840 area for PA to go short as it coincides with TL
Just my thoughts..!!
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #39,742
  • Aug 3, 2009 4:03am Aug 3, 2009 4:03am
is it me or does monday seem to produce alot of pa? i noticed on my h4 there is some decent setup starting. none of the candles are closed so I wont post any charts yet.

im still eyeing that cadchf but it is moving the wrong way.
the eurgbp, eurcad, eurchf, gbpchf, gbpcadm and gbpaud all seem to be forming either pb's or ib's. maybe it is monday indecision or lack of momentum like ghous was saying. ill just have to keep a watchful eye.

@Jim

Quote
lol Cute kid.

Looks like he just saw that PB on the Weekly Cad/Chf. lol

thanks!! he owes his cuteness to his mama
  • #39,743
  • Aug 3, 2009 6:11am Aug 3, 2009 6:11am
I have said this before but will make the observation again for the newer traders here. We have a strong up trend on this pair and I wouldn't be surprised to see it move on to 1.7 despite the massive divergence that we are all observing. In the back of our minds we all are thinking that this run will not last forever and are ready to bank some pips. Folks wait for some good solid PA based on J16 lessons. Keep your views on a conservative entry based on confirmation not anticipation. The reason why I caution here is that I can feel the apprehension building. In times like these, the patient will take the money from the impatient. We have so many opportunities to trade with so many pairs that if we miss this chance to short, we will have many more. This is an ideal cricumstance to learn from your peers. I write this not to admonish anyone but in keeping with the spirit of the J16 thread to help those along who have the commitment to learn and improve their skills. Thanks for reading and best regards to all.

K.I.S.S.
  • #39,744
  • Aug 3, 2009 6:31am Aug 3, 2009 6:31am
How do you like this AUDUSD set up? Strong uptrend, next resistance about 100pips above, and a nice 4H BuOB. Worth a long?
Attached Image (click to enlarge)
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  • #39,745
  • Aug 3, 2009 6:34am Aug 3, 2009 6:34am
KissFan,
excellent point, Sir.
divergence from an indicator is just one footprint/clue/evidence we look into. we look at many others (PA, PPZ, S/R, etc).

also, $ is very weak currently. it's beneficial to look at other $-pairs or the $ index. Dollar index-wise, we are nearing the 77.63 weekly low (Dec.14, 2008).
if price bearishness continues, the $ index may try & go down further (in turn, the major pairs will continue upwards).
  • #39,746
  • Aug 3, 2009 6:35am Aug 3, 2009 6:35am
Quoting fx-Junior
How do you like this AUDUSD set up? Strong uptrend, next resistance about 100pips above, and a nice BuOB. Worth a long?
The BUOB is on a swinghigh and that is a big problem!
  • #39,747
  • Aug 3, 2009 6:36am Aug 3, 2009 6:36am
Quoting fx-Junior
How do you like this AUDUSD set up? Strong uptrend, next resistance about 100pips above, and a nice BuOB. Worth a long?
Is it "worth" a long entry. Not in my opinion. We would prefer to see the BUOB at a swing low. I would caution you on a long because of the divergence that has formed on this pair on the daily chart. Now if that was a BEOB we'd likely be in business for a short entry. We want to see BEOB's at swing highs and BUOB's at swing lows. Hang in there FXJunior. That was a very good question.

K.I.S.S.
  • #39,748
  • Aug 3, 2009 6:37am Aug 3, 2009 6:37am
Quoting KissFan
I have said this before but will make the observation again for the newer traders here....
Amen KISS. Great post.

After learning the basics, it all comes down to psychology. And one of my demons is "not wanting to miss out". I'm aware of that so I keep my powder dry when I feel the itch to get in.

Divergence alone is the account killer, because it can go on and on and on. Sooner or later these ranging pairs will produce some killer PA that looks so obvious. When that happens we don't want to find ourselves thinking "man, even if that gives me 3:1 it'll only make me back what I lost by being impatient in waiting for it"

Wait mode is probably the hardest mode to learn. I know it is for me.
  • #39,749
  • Aug 3, 2009 6:40am Aug 3, 2009 6:40am
Quoting supremeChaos
KissFan,
excellent point, Sir.
divergence from an indicator is just one footprint/clue/evidence we look into. we look at many others (PA, PPZ, S/R, etc).

also, $ is very weak currently. it's beneficial to look at other $-pairs or the $ index. Dollar index-wise, we are nearing the 77.63 weekly low (Dec.14, 2008).
if price bearishness continues, the $ index may try & go down further (in turn, the major pairs will continue upwards).
Yes SC. Saw that too. I'm cautious here. Would like to see 1.45 for euro and maybe 1.7 for pound before I am completely comfortable shorting. Of course PA is our guide and I will as always be watching and waiting. I'm in no hurry to lose money.

K.I.S.S.
  • #39,750
  • Aug 3, 2009 6:49am Aug 3, 2009 6:49am
Quoting TiaForex
Amen KISS. Great post.

After learning the basics, it all comes down to psychology. And one of my demons is "not wanting to miss out". I'm aware of that so I keep my powder dry when I feel the itch to get in.

Divergence alone is the account killer, because it can go on and on and on. Sooner or later these ranging pairs will produce some killer PA that looks so obvious. When that happens we don't want to find ourselves thinking "man, even if that gives me 3:1 it'll only make me back what I lost by being impatient in waiting for it"

Wait...
Aaron-

Divergence is so powerful and you see it work time after time without PA. Sucks you in by making you think that bar confirmation is for sissy's. It's a sirens song bro. Wait mode is a little easier after some drawdown therapy. I hope that I have had my last session.

K.I.S.S.
  • #39,751
  • Edited 7:30am Aug 3, 2009 7:00am | Edited 7:30am
Quoting TiaForex
Wait mode is probably the hardest mode to learn. I know it is for me.
Yes Sir.
Patience is very difficult for the aggressive & very impatient (i used to be .... very).

Quoting KissFan
.... I'm in no hurry to lose money.
I, on the other hand, seem to be losing money more slowly than ever. I hope it becomes a habit. lol

btw, Here's the USDX ($ index) charts. (from Forex UA/Forex Ltd. MT4 --- same timezone as IBFX, ODL MT4)
If bearishness continues, we may revisit the 74 - 76 area.

Attached Image (click to enlarge)
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  • #39,752
  • Aug 3, 2009 7:03am Aug 3, 2009 7:03am
Thanks for the feedback!

Here the second one I took today. 4H EURUSD pin bar and BeOB at the same time. It's at swing high, strong resistance area, not immediate support below. I entered at 1.4231, and it went only 26pips to my way, but I had put my stop to BE, so it was ok.

How does that look like?
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  • #39,753
  • Aug 3, 2009 7:10am Aug 3, 2009 7:10am
fx-Junior,
it was great that u were quick to put stop to BE. so it was considered a win, (albeit a "BE win"). PPZ was around the area of the green horizontal line & around 1.42 round number. the immediate turnaround in price demonstrates the current strong uptrend. (btw, in Alpari, u can also check out the invalidated H1 PB. in other MT4s, your H4 BEOB was actually an invalidated H4 PB too)
Good job!

(btw, i was planning to short eur$ at current prices if i see weakness. so far, eur$ has not shown 'concrete'/convincing weakness)
  • #39,754
  • Aug 3, 2009 7:16am Aug 3, 2009 7:16am
Quoting fx-Junior
Thanks for the feedback!

Here the second one I took today. 4H EURUSD pin bar and BeOB at the same time. It's at swing high, strong resistance area, not immediate support below. I entered at 1.4231, and it went only 26pips to my way, but I had put my stop to BE, so it was ok.

How does that look like?
You are going to experience the same emotions that I had back when I first started. You are might even think that some of the more experienced traders here never trade at all. I used to think to myself are these guys just looking for a reason "not to trade". Well yes. You will develop your own rationale for trading based on your experience. My experience tells me that I would not have taken that trade. Before I get to why, I would like to congratulate you on having the fortitude to move the stop to BE when you did. Most just watch their money disappear and then go kick their dog. OK here goes. BEOB at swing high-good. BEOB at swing high after monster green bar on steriods-a little agressive for me. I want my reversal bar to be in more of a proportion to the previous bar. The next bar looks to me like the bulls are waiting for some short passengers to board their long train for a shakedown. I could be wrong but the point is that we have many high probability set-ups that we take and we wait for those. Ask enough questions and read enough J16 thread and you will start to see a picture emerge from the dots.

K.I.S.S.
  • #39,755
  • Aug 3, 2009 7:19am Aug 3, 2009 7:19am
Quoting supremeChaos
Yes Sir.
Patience is very difficult for the aggressive & very impatient (i used to be .... very).


I, on the other hand, seem to be losing money more slowly than ever. I hope it becomes a habit. lol

btw, Here's the USDX ($ index) charts. (Forex UA/Forex Ltd. MT4 --- same as IBFX, ODL MT4)
If bearishness continues, we may revisit the 74 - 76 area.
Hey SC: Does IBFX have the USDX? I can't see it...Which MT4 gives you that Chart? Let us know, thanks.

GregB
  • #39,756
  • Aug 3, 2009 7:22am Aug 3, 2009 7:22am
what is the thinking on a bar like this... I would steer clear due to the traffic and the position but it looks very pinnish - would anyone play this and why?
Attached Image (click to enlarge)
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  • #39,757
  • Edited 7:52am Aug 3, 2009 7:25am | Edited 7:52am
Quoting KissFan
You are going to experience the same emotions that I had back when I first started....
I can attest to that. I was up +100 pips on EU short on daily Beob from entry last Wednesday....now I'm hanging on from being stopped out by just 1 "short and curly" . Ditto on AUDUSD short (SL already taken out). I'm learning the hard way not to let a winner turn into a loser....

the USD ISM Manufacturing PMI in 1.5 hours from now will most likely decide my fate on my EU short.

GregB

PS If I had a dog, I would kick it right now...
  • #39,758
  • Aug 3, 2009 7:26am Aug 3, 2009 7:26am
Quoting KissFan
I have said this before but will make the observation again for the newer traders here....

Hi KissFan,

Thank you for the post. Basically I was off my computer for a while. When I was back I saw a bullish PB on my feed, so I have just canceled the pending order.
It was also good cause I have placed my entry point lower enough so it didn't trigger.

You have a very good point about patience....I personally know it's a thing that can have bad a effect on me (lack of patience) and I will work on it.

Any way, I'm trading the demo...as jim said "there is no reason to lose a dime while learning to trade" But still I try to treat it like it's the reality.

Ben


Ben
  • #39,759
  • Aug 3, 2009 7:34am Aug 3, 2009 7:34am
Quoting batesmotel
Hey SC: Does IBFX have the USDX? I can't see it...Which MT4 gives you that Chart?...
From what i know, IBFX, & many others, do not.
u might have overlooked Forex UA i mentioned in that post.
so far, from what i know, only Forex UA & Broco MT4 have USDX. while Sig MT4 has USDLFX not USDX.
see my post back in April for the URLs/websites.


Quoting supremeChaos
....
btw, Here's the USDX ($ index) charts. (from Forex UA/Forex Ltd. MT4 --- same (timezone) as IBFX, ODL MT4)....
  • #39,760
  • Aug 3, 2009 7:39am Aug 3, 2009 7:39am
Quoting KissFan
You are going to experience the same emotions that I had back when I first started....
Thanks again guys! Good points I hadn't thought.

Actually I have a winning intraday-scalping strategy that I have developed myself, but due to studying I want to concentrate more on longer term trades (takes less screen time), and this thread's trading style is probably what I want to learn very well! So much possibilities with this style! What I am thinking now is whether to join or not J16's group. I think I'm going to try to get better with this thread first, and if it won't work then join the group. Let's see! Happy to see so many helping people here!!!
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