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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

  • #40,501
  • Aug 10, 2009 11:31am Aug 10, 2009 11:31am
good to be a short today
  • #40,502
  • Aug 10, 2009 11:37am Aug 10, 2009 11:37am
just broke 300 pips... not a bad morning
  • #40,503
  • Aug 10, 2009 11:39am Aug 10, 2009 11:39am
Quoting benji533
Currently +90 pips and stop moved to BE.
I have zoomed into the 4H to fined the next point to trail my stop to.
I fully expect the 1.64500 area to act as support now. If price breaks through, it will most likely act as resistance....so I will move my stop above it.

Ben
Pretty easy stuff, right Ben?
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Indicators show the past. Price Action "Indicates" the future.
  • #40,504
  • Aug 10, 2009 12:02pm Aug 10, 2009 12:02pm
Quoting jarroo
Pretty easy stuff, right Ben?
Ohh sure it is now! I am beginning to think that after I know the material, the only thing that can kill me is not being patient and pick enough...or having a bad MM.

Ben
  • #40,505
  • Aug 10, 2009 12:09pm Aug 10, 2009 12:09pm
Quoting benji533
Ohh sure it is now! I am beginning to think that after I know the material, the only thing that can kill me is not being patient and pick enough...or having a bad MM.

Ben

James16, Mike, Bundy and many others will say the same thing; the only thing that will stop you now is . . . . you.


Now don't get cocky . . .just kidding. lol

Nice trade Ben.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #40,506
  • Aug 10, 2009 12:44pm Aug 10, 2009 12:44pm
what a beautiful setup on the GBP/USD on the weekly with the pin. A pin also developed on the EUR/USD weekly but not as nice as the pounds.

I'm dumb for not taking that setup since i recognized it on sunday, instead I took the bullish outside bar on the EUR/JPY daily at a resistance level.

Either way congratulations to those that took the setup on the GBP/USD.

Also can anyone comment on the pin bar on the USD/CAD weekly showing a reversal towards USD appreciation? This trade was also appearing on sunday and at a support level.

Just now I saw the news that the BoC is intervening in the market to help Canadian exporters which should help that trade.
  • #40,507
  • Aug 10, 2009 1:08pm Aug 10, 2009 1:08pm
Quoting jarroo
James16, Mike, Bundy and many others will say the same thing; the only thing that will stop you now is . . . . you.


Now don't get cocky . . .just kidding. lol

Nice trade Ben.

Jim

LOL Jarroo, I just need to make sure I hold the rights for it

Just had my third (little) trade....three winners out of three This stuff rocks!

ok you are kidding but right...I shut my mouth now
Thanks again instructors and seniors.

Ben


PS - I have closed my position with +107 pips. Maybe a mistake...but I'm still new. I will learn to control those emotions that tell me to close early when I hit my first take profit target. Currently price has trouble where I predicted. I won't beat myself up if I exited too early. I will learn from it.


PSS - Anyone uses alertfx.com? How do I enable my account with them? or use it.
  • #40,508
  • Aug 10, 2009 1:09pm Aug 10, 2009 1:09pm
My target have finaly hit and I have manage to grab 380 pips.

I was looking in playing the PB over the weekly chart to adding in my position but I wasn't at my pc at that moment.

Here are my thoughts this PB is not an A++ setup because of the sideway market to the left and we are fighting against 1.65 round number and a TL that is carrying the price up

this TL have a great view over the dayli chart,the bullish trend have started from the beginig of this year
the primary trend is up and the last down move that have started from the rejection over the 1.7 may have here probleme(this is the secondary trend that is against the primary trend)

the trend can resume now

also we can see over the 4h chart that the price have lost from his momentum and is resting for the moment, that is a sign for the end of the secondary move.

what do you guys think about this?

I'm looking for bullish setup right on the blue box

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  • #40,509
  • Aug 10, 2009 1:12pm Aug 10, 2009 1:12pm
I was eyeing this one, but the pin is small and it has to get through the 150EMA

EDIT - Oops....I just noticed that divergence lines are wrong
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  • #40,510
  • Aug 10, 2009 1:16pm Aug 10, 2009 1:16pm
Guys what do you think of this setup that is a possible BUOB H4 set up in 2 hours time on EURAUD
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  • #40,511
  • Aug 10, 2009 1:27pm Aug 10, 2009 1:27pm
Quoting mjotic

Also can anyone comment on the pin bar on the USD/CAD weekly showing a reversal towards USD appreciation? This trade was also appearing on sunday and at a support level.

.
here are my thoughts

-it's right on suport line that is big round number 1.0800
-there is 61.8 fib nr
-we have enought space to run

I'm playing this on a demo account and I'm curetly up by 35pips after the break of the PB with my TP target at 1.1250

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  • #40,512
  • Aug 10, 2009 1:50pm Aug 10, 2009 1:50pm
Quoting mjotic

Also can anyone comment on the pin bar on the USD/CAD weekly showing a reversal towards USD appreciation? This trade was also appearing on sunday and at a support level.

Just now I saw the news that the BoC is intervening in the market to help Canadian exporters which should help that trade.
I don't know about the news, but I do see that PB trading into a PPZ and round number. I'd be willing to buy a bounce off of the 1.9200 with PA. Or sell a sharp rejection of it. Waiting....

PPZ marked. Need some confirmation to get in.
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I'm pretty much done with all this ...
  • #40,513
  • Aug 10, 2009 1:55pm Aug 10, 2009 1:55pm
Quoting mjotic
Also can anyone comment on the pin bar on the USD/CAD weekly showing a reversal towards USD appreciation? This trade was also appearing on sunday and at a support level.
Hi mjotic,
That pin isn't long. You have a strong PPZ right above at the 1.09000
I will Wait for Price action confirmation on that level.

Ben

http://img216.imageshack.us/img216/8130/tradew.jpg
  • #40,514
  • Aug 10, 2009 1:55pm Aug 10, 2009 1:55pm
Thanks for your thoughts. I'm new to this so when you say waiting for PA to trade a possible rejection are you looking for another pin or a bearish outside bar in order to short at this level?

This level looks to be important and it would make a lot of sense to be prepared for what the market offers long or short.

I'm just not very advanced so I can only wrap my head around the long off the support level.
  • #40,515
  • Aug 10, 2009 2:46pm Aug 10, 2009 2:46pm
Quoting mjotic
Thanks for your thoughts. I'm new to this so when you say waiting for PA to trade a possible rejection are you looking for another pin or a bearish outside bar in order to short at this level?

This level looks to be important and it would make a lot of sense to be prepared for what the market offers long or short.

I'm just not very advanced so I can only wrap my head around the long off the support level.

mjotic, I myself am new (also to forex in general).
If I can give an advice, it is to take your time and read through this thread from page one. I have read till page 135 and I got so much out of it personally. Pay most attention to james16 posts, read each of them carefully. Then go and watch the videos at the guest area of the group's website.
That was benefiting for me at least.

For your question, there are several price action setups.

You would like to look for bullish setups for going long: dblhc, buob, pin bar with a nose pointing south.
Or bearish setups for short: dbhlc, beob, pin bar with a nose pointing north.

There are more setups that cab be traded to the breakout direction like inside bars, I4B, double bar low (bearish) and double bar high (bullish) at breakout.

The idea is to find those patterns on PPZs and trade them off those levels. Most of the time they work if you take the good setups.

The reason why the USDCAD wasn't a good (theoretically) trade, is because you traded into a PPZ level instead of trading a bounce off of it.
Most likely those levels will reject price when it reaches it, that 's why we want room between our entry and those levels (so our position will have room to run before it gets rejected).

Hope that helps. If something is still not clear, just let me know and I'll try to explain better.

Ben
  • #40,516
  • Aug 10, 2009 2:55pm Aug 10, 2009 2:55pm
Quoting Jigsaw
Hey bro,

Not that I am great or anything but here's my two pips.

Short answer - It's chopville USA to the left, and the trend is down.

Long Answer - Explained on the charts, I use a line chart a lot of the time to see where the bounces are taking place, sometimes there are just so many wicks all over the place here on the candlestick chart, if I plotted them all it would look like a scene from star wars .

Theres three big levels on EURGBP, the two outlined in the first chart and then .85. The only setup I would be comfortable playing would...
thanks jigsaw. 'Not that I am great or anything', but you sure saw something i missed. i know what you meant the chart was choppy, i took it as a sideways trade(b/c when i saw it, it reminded me of J16's EURCAD sideways video).

in my eyes it was more like chart 1 than chart 2 below. when you put the line chart next to it, it really shows.
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  • #40,517
  • Aug 10, 2009 2:57pm Aug 10, 2009 2:57pm
Ben that's some great insight, I really appreciate it. I will look into your suggestions and be better prepared for future trades.

I'm definitely not as far into this as you are and it'll take some time but i'm looking forward to learning this stuff.

Thanks and I wish you all the best.
  • #40,518
  • Aug 10, 2009 3:04pm Aug 10, 2009 3:04pm
Quoting jarroo
EurGbp BUOB or DBLHC was going as expected until the NFP came out. I, like James16 and others, don't care about News. But the NFP and Interest Rate Anouncements I stay out. Especially if PA at the release is going to be the break.
thanks jarro. i stay out of news also. i read you, but not sure i understand you(well maybe if we're talking abt intraday trading, then the relation btw hourly PA break and news release is more applicable). but this is a daily trade, are you saying we should be extra careful or maybe even not taking PA formed on the day of NFP? can you clarify?
  • #40,519
  • Aug 10, 2009 3:05pm Aug 10, 2009 3:05pm
Quoting mjotic
Ben that's some great insight, I really appreciate it. I will look into your suggestions and be better prepared for future trades.

I'm definitely not as far into this as you are and it'll take some time but i'm looking forward to learning this stuff.

Thanks and I wish you all the best.

Now that's what I'm talking about

mjotic, zoom into the 4H chart and look how that PPZ rejected price. It's amazing. On me feed I got a beautiful pin bar off that major PPZ level. Got kinda confluence with a fib a well.
Price broke through, now mad a pull back to the PPZ and we have a PA setup confirming that the price is ready ti continue it's move down.
There is one hour left on my feed for that bar to close. Lets see what we will get

Ben

http://img81.imageshack.us/img81/4241/usdcad.jpg
  • #40,520
  • Aug 10, 2009 3:07pm Aug 10, 2009 3:07pm
4H Pinbar off the 1.4100 PPZ and Round Number.
78.6 retrace & multiple hits on a trend line.

Trouble around the 1.4175 area, will have to watch the trade fairly close, but the idea is that the uptrend will continue.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
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