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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

  • #40,461
  • Aug 9, 2009 2:49pm Aug 9, 2009 2:49pm
Quoting phpscott
I believe it is best to play a break of the 1.66 area like you plan to. Also, PPZs are zones. I place them at the nearest round number such us 1.6600, 1.6650 etc.

You are right

In addition, I have just noticed a kinda B pin bar on the monthly (even a natural bar...but the location is good).

Ben

http://img248.imageshack.us/img248/4425/2332u.jpg
  • #40,462
  • Aug 9, 2009 3:04pm Aug 9, 2009 3:04pm
Ben,
PBs have a long nose. I do not consider the monthly nor weekly bars to be PBs. The monthly bar does not come close but the weekly is getting there. The weekly bar is roughly the same length as the bars before it, but how can an average sized bar have a long nose? I label the weekly and monthly bars as average bearish bars that happen to have the open and close within the previous bar.

Scott

Quoting benji533
You are right

In addition, I have just noticed a kinda B pin bar on the monthly (even a natural bar...but the location is good).

Ben
  • #40,463
  • Aug 9, 2009 3:14pm Aug 9, 2009 3:14pm
Quoting phpscott
Ben,
PBs have a long nose. I do not consider the monthly nor weekly bars to be PBs. The monthly bar does not come close but the weekly is getting there. The weekly bar is roughly the same length as the bars before it, but how can an average sized bar have a long nose? I label the weekly and monthly bars as average bearish bars that happen to have the open and close within the previous bar.

Scott
I very much agree with you Scott. These are the tempting ones, but I don't take em any more. It will be in the back of my mind, and I will watch 1.65 real close but won't play this one outright either.

Hope everyone had a terrific weekend !

Mike
  • #40,464
  • Aug 9, 2009 3:40pm Aug 9, 2009 3:40pm
Quoting mbqb11
I very much agree with you Scott. These are the tempting ones, but I don't take em any more. It will be in the back of my mind, and I will watch 1.65 real close but won't play this one outright either.

Hope everyone had a terrific weekend !

Mike
Yeah, also after all the news at the end of the week GNP related, I would like to see how things play out on Monday.
I hear and I forget. I see and I remember. I do and I understand.
  • #40,465
  • Aug 9, 2009 3:43pm Aug 9, 2009 3:43pm
Quoting phpscott
Ben,
PBs have a long nose. I do not consider the monthly nor weekly bars to be PBs. The monthly bar does not come close but the weekly is getting there. The weekly bar is roughly the same length as the bars before it, but how can an average sized bar have a long nose? I label the weekly and monthly bars as average bearish bars that happen to have the open and close within the previous bar.

Scott
ok. Thanks sir.

Ben
  • #40,466
  • Edited 6:31pm Aug 9, 2009 4:15pm | Edited 6:31pm
Quoting warta
hello guys , after the H&S pattern formation has been failed and price rebounce to the 162 area , as i can see we are in a strong R/S level
but a cup and handle pattern has been played out with this up move on friday
for me the key level will be 164-166 area in fe break then long
good luck all

Attachment
Warta, I like the cup and handle formation that you've pointed out. We may see the USDJPY take the lead again on the GY. The possiblity of a long term UJ breakout correlates nicely with your C&H on GY. UJ seems to be breaking out of a Bullish Flag pattern, but until some hard PA, I'll stay on the sidelines....If UJ does in fact breakout of BuFlag on Weekly, we could see a very profitable run on a long UJ trade (impulsive wave 3 perhaps). but that is just IMHO (BTW...it took me close to a month to figure out what "IMHO" even meant...I knew what a BUOB was and I knew what a BEOB and what a DBLHC was...but I couldn't for the life of me figure out what an IMHO formation was...lol)

Seems to me, that we have a nice BUOB on GY daily to take advantage of the GY C&H long....GY bounced off of a 50% retrace swing low in confluence with a monthly support level @ 158.65 and PA has also pierced the 161.89 ppz paving the way for a run up to 167.63.

GregB
Attached Image(s) (click to enlarge)
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  • #40,467
  • Aug 9, 2009 4:29pm Aug 9, 2009 4:29pm
Back from holiday, read another chunk of the thread. One of the things I have been thinking about it whether to use one time frame (Daily) for all analysis, not even looking at weekly or monthly. Zooming out to get a bigger picture though. I see the benefits of this are you wont get MT4 screwing up trend lines and also it will keep thing simple. What do you guys think?
I hear and I forget. I see and I remember. I do and I understand.
  • #40,468
  • Aug 9, 2009 4:33pm Aug 9, 2009 4:33pm
Hi,
Is There Any Good Broker For Demo Trading That Has GMT Hours Like IBFX And ODL ? (Except Them !)

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #40,469
  • Aug 9, 2009 5:16pm Aug 9, 2009 5:16pm
Quoting Basber
Hi,
Is There Any Good Broker For Demo Trading That Has GMT Hours Like IBFX And ODL ? (Except Them !)

Regards,
Basber
Not sure about that time zone, I use FXPro which has the standard 5pm EST close, and I love their demo. I am demoing daily charts and have access to 90+ instruments including most forex pairs (I have hidden some of the more exotic pairs) the major stocks and indices. Metals and commodities futures. Just hope I can find a broker who can do all of them on live!. Who needs lower time frames when you have that many things to trade?

Nice PB has a bit of support close by though.

Mark
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-09_2318_NZ_USD.png Size: 45 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #40,470
  • Aug 9, 2009 5:37pm Aug 9, 2009 5:37pm
I had a pending order on this one, however, my broker canceled it due to slippage. I just added the pending order back in. I am aiming for the 0.6600 area as well.

Scott

Quoting tac
Not sure about that time zone, I use FXPro which has the standard 5pm EST close, and I love their demo. I am demoing daily charts and have access to 90+ instruments including most forex pairs (I have hidden some of the more exotic pairs) the major stocks and indices. Metals and commodities futures. Just hope I can find a broker who can do all of them on live!. Who needs lower time frames when you have that many things to trade?

Nice PB has a bit of support close by though.

Mark
  • #40,471
  • Aug 9, 2009 5:54pm Aug 9, 2009 5:54pm
Quoting tac
Not sure about that time zone, I use FXPro which has the standard 5pm EST close, and I love their demo. I am demoing daily charts and have access to 90+ instruments including most forex pairs (I have hidden some of the more exotic pairs) the major stocks and indices. Metals and commodities futures. Just hope I can find a broker who can do all of them on live!. Who needs lower time frames when you have that many things to trade?

Nice PB has a bit of support close by though.

Mark
Thanks For The Reply, But I'm Much More Comfortable With GMT Servers. Anyone Can Help Me On This ?

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #40,472
  • Aug 9, 2009 6:01pm Aug 9, 2009 6:01pm
Quoting phpscott
I had a pending order on this one, however, my broker canceled it due to slippage. I just added the pending order back in. I am aiming for the 0.6600 area as well.

Scott

I am as well considering that trade. Check out for trouble at the previous bar highs, 1.663.

Ben
  • #40,473
  • Aug 9, 2009 6:36pm Aug 9, 2009 6:36pm
Quoting PippingMama
Hello Jarroo,

Just assume you enter cadchf trade and getout at break even and the high of the pin still havn't been breached yet.

Will you still prefer to enter if there is a chance you see a 4h or 1h PA to go short again?

Or

You would prefer place another short entry at the low of the last break? If you can't find any good PA on 4h and 1h. (Not sure if this is a good method to reenter a a trade)

Thanks!

PippingM
Since Price made a weak break of the PB to the 1st minor area of trouble ( the .9800) and then rose to the stronger PPZ level, 1.0000. This tells me many things, . . . could this be a retest to the 1.000 then down we go or weak PB break and up we go after we break and retest the 1.0000? I'm thinking more of the latter, but I will wait for a strong setup around the 1.0000 for a possible short or long.

The Daily is showing a BUOB that is above the 1.000, although BUOB are best played at Swing Lows. A strong break BUOB and then retest of the 1.0000 could be a nice PA continuation play.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #40,474
  • Edited 7:21pm Aug 9, 2009 6:53pm | Edited 7:21pm
Quoting benji533
You are right

In addition, I have just noticed a kinda B pin bar on the monthly (even a natural bar...but the location is good).

Ben
As you know we wait for the close of the Bar (Candle) to determine if a PA formation is formed. That "Monthly Pin" is not even near to closing and should be ignored until the end of the month.

Although the Weekly Bearish PB's size and traffic that Price is running into is not ideal, it has pontential. imo
I agree that the 1.66-1.65 area are the key to either move to break even if it breaks or wait for bearish PA below and/or off these levels.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #40,475
  • Edited 8:33pm Aug 9, 2009 7:53pm | Edited 8:33pm
Quoting tac
...whether to use one time frame (Daily) for all analysis, not even looking at weekly or monthly. Zooming out to get a bigger picture though.
I am a big fan of zooming in and out. I usually have my PPZs marked on the weekly and daily, and then trade off the daily and 4H - sometimes stepping down to the 1H to finess my entry/exit points. That way, I can cut down my risk and potentially squeeze a bit more out of my exit. Sometimes.

I'd post a chart or two, but I am at work atm.

I know alot of people here recommend to just stick to one timeframe though, and I can see the benefits - if two charts are giving conflicting signals, it can put you in a difficult spot.

And to be honest, when you are starting out, the last thing you need to do is add another layer of complexity. KISS (the acronym, not the rock gods) is such a popular concept because, well, it works.

But when the weekly, daily and 4H are all telling you the same thing...well, its time to start eyeing off that new Audi R8


Quoting TiaForex
...
Quoting tac
...
thanks guys, I am flattered - even if I dont think I really deserve it!

I've gotten so much from this thread, so more than happy to try and return the favour by helping to shed some light on some of the more arcane and less useful things that come up
When you have to shoot, shoot. Dont talk.
  • #40,476
  • Aug 9, 2009 8:06pm Aug 9, 2009 8:06pm
Quoting Basber
Hi,
Is There Any Good Broker For Demo Trading That Has GMT Hours Like IBFX And ODL ? (Except Them !)
so far, i have found Forex UA/Forex Ltd. as the only GMT broker outside ODL & IBFX. unlike IBFX & ODL, Forex UA has CFDs, Indices, the $ & Eur Index (USDX & EURX).

There's possibly some other GMT brokers out there though.
  • #40,477
  • Aug 10, 2009 12:58am Aug 10, 2009 12:58am
Hi Guys, any thoughts on this set up?

The purple lines mark areas where I think it will first have trouble.
Attached Image (click to enlarge)
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  • #40,478
  • Aug 10, 2009 2:44am Aug 10, 2009 2:44am
Seems nice long signal.
Attached Image (click to enlarge)
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  • #40,479
  • Aug 10, 2009 2:56am Aug 10, 2009 2:56am
Hi guys,

I am not posting so often, but it doesn't mean I am not following thread - thanks for all shared ideas and screens . As I saw, few of you were watching GBPUSD on weekly, when at friday nice PIN was made. I started to build my position around @6660, with leaving SL lvl @6740. Targets are mainly previous PPZ, rounds and fibo lvls. Lets see how real it comes in few days.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_weeklyPIN.PNG Size: 35 KB
  • #40,480
  • Aug 10, 2009 2:58am Aug 10, 2009 2:58am
Quoting Jdl500
Seems nice long signal.
The Pin Bar is bit smaller than we like, but the location (PPZ level, 1.0800) looks good. Manage it carefully.
Attached Image (click to enlarge)
Click to Enlarge Name: cad.gif Size: 23 KB
Indicators show the past. Price Action "Indicates" the future.
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