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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

  • #41,201
  • Aug 17, 2009 5:44am Aug 17, 2009 5:44am
Quoting alifari
AUDUSD Weekly closed as DBHLC (7 pips difference).

1) Last 2 weeks price closed under Weekly 61.8 Fib
2) Last 2 weeks price was unable to pass round number 85.00 and previous resistance of 85.18 (9/29/08)
3) Hidden Weekly Bearish Divergence
4) Daily closed as Bearish Outside Bar
5) Regular Daily Bearish Divergence

Would appreciate expert comments.

Alifari
It's so encouraging to see a profitable trade based on your own analysis and not influenced by others. Thanks J16 and group for this wonderful thread. Slowly but surely I am getting there. This thread is like a energy drink for me. Whenever I am down & out I read this thread and it gives me so much energy.

Alifari
The purpose of knowledge is action, not knowledge
  • #41,202
  • Aug 17, 2009 5:51am Aug 17, 2009 5:51am
Quoting tac
Im 100 pips up already, not bad looks like it breaking hard. Still it will retrace no doubt, will keep my stops till today has played out. Im sure I read somewhere mbqb11 only changes his stops once a day?
Good for you tac! Woke up this morning to see that I was stopped out on this one after all. I am flat now and looking for trades as we speak. Thanks again for your contributions to our discussion yesterday.

K.I.S.S.
  • #41,203
  • Aug 17, 2009 5:54am Aug 17, 2009 5:54am
Quoting KissFan
Good for you tac! Woke up this morning to see that I was stopped out on this one after all. I am flat now and looking for trades as we speak. Thanks again for your contributions to our discussion yesterday.

K.I.S.S.
Sorry to hear that KISS, I had played a similar pin bar on EUR/AUD going with trend ( last week) which put me off long position on AUD, but it also did the same. Could have went either way but divergence and 61.8 fib really convinced me of this one. Thanks for your comments also.

Update to this trade is I moved my stops to 0.8350 to cut my risk but still give room to move. Now at 110 pips Stop Loss rather than 250+

Mark
I hear and I forget. I see and I remember. I do and I understand.
  • #41,204
  • Aug 17, 2009 6:07am Aug 17, 2009 6:07am
Quoting tac
Sorry to hear that KISS, I had played a similar pin bar on EUR/AUD going with trend ( last week) which put me off long position on AUD, but it also did the same. Could have went either way but divergence and 61.8 fib really convinced me of this one. Thanks for your comments also.

Update to this trade is I moved my stops to 0.8350 to cut my risk but still give room to move. Now at 110 pips Stop Loss rather than 250+

Mark
congrats. I'm glad you are making pips

Ben
  • #41,205
  • Aug 17, 2009 6:21am Aug 17, 2009 6:21am
Quoting benji533
congrats. I'm glad you are making pips

Ben
Not yet, no even at BE yet, but thanks. Ill play this one with a wide stop;
I hear and I forget. I see and I remember. I do and I understand.
  • #41,206
  • Aug 17, 2009 6:26am Aug 17, 2009 6:26am
Quoting jarroo
1st target hit. Easy stuff, right guys?
Hi guys

Hope you had a nice weekend.

I took this trade on the break of the pin as well and got out at 0.6710, because it was a counter trend trade imho and I was worried about a possible reversal near the 0.6700 round number.

Risked 2% of my account. Stop was at top of pin bar.

Not really concerned about poor r:r.

Preferred this trade to aud/usd, even though that was also a nice trade for those who took it.

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  • #41,207
  • Aug 17, 2009 6:29am Aug 17, 2009 6:29am
EURCAD H4 BEOB

Pro:
BEOB formed
MACD Divergence
38.2 FIB Retracement
Just below the 1.5700 whoe number and 365EMA
Swing High

Con:
Not much room to run with the 150 EMA just below it
Not really seeing that it was rejected from the 1.5700 as it never passed it

Not really wanting to take this as it does not look ideal to me. What do you guys think
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  • #41,208
  • Aug 17, 2009 6:40am Aug 17, 2009 6:40am
maybe i am just paranoid but counting the amount of posted setups here, it seems that gmt-timezone gets the most setups. meanwhile my broker is alpari with gmt+2 and lesser setups.
just my experience.... anyone got the same?
meine augen sind die sterne
  • #41,209
  • Aug 17, 2009 6:48am Aug 17, 2009 6:48am
Quoting tradertt
EURCAD H4 BEOB

Pro:
BEOB formed
MACD Divergence
38.2 FIB Retracement
Just below the 1.5700 whoe number and 365EMA
Swing High

Con:
Not much room to run with the 150 EMA just below it
Not really seeing that it was rejected from the 1.5700 as it never passed it

Not really wanting to take this as it does not look ideal to me. What do you guys think
hi

this could work out to be a nice trade for the reasons you stated above.

However for me personally i think there is an issue with space.
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  • #41,210
  • Aug 17, 2009 6:50am Aug 17, 2009 6:50am
The previous EURJPY A++ setup was on GMT +2 if I am not wrong.

But i follow both GMT timings for fun lolz... 1 live MT4 account and 1 Demo
  • #41,211
  • Aug 17, 2009 6:51am Aug 17, 2009 6:51am
this a demo trade i placed on friday. i dont trade 1hr live as i am still not consistent on this time frame.

did this pin start the freefall we are seeing in sterling or was it Mr King?

pros

nice shape pin, off round number 1.6600 and 150 and 365 ema's.

cons

limited space.

could possibily have a longer nose.

overall good enough for me to take.

i full took profit at 1.6555.
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  • #41,212
  • Aug 17, 2009 6:57am Aug 17, 2009 6:57am
Quoting tradertt

But i follow both GMT timings for fun lolz... 1 live MT4 account and 1 Demo
hmmm, good idea. sometimes the obvious is so near.
meine augen sind die sterne
  • #41,213
  • Aug 17, 2009 7:03am Aug 17, 2009 7:03am
Quoting aserbfx
hmmm, good idea. sometimes the obvious is so near.
Glad to be of help
  • #41,214
  • Aug 17, 2009 7:11am Aug 17, 2009 7:11am
Quoting tradertt
Glad to be of help
may i ask you which broker you are using for gmt? thx
meine augen sind die sterne
  • #41,215
  • Aug 17, 2009 7:18am Aug 17, 2009 7:18am
Just caught up on the last 15 pages of the thread as I've been camping and visiting my new nephew most of last week. Missed several of those 4hr pins but hey, more will come.

There were several great posts but I wanted to thank Mike W for those posts about IBs with 4hr breakout confirmations. That is something that really has potential to work for high R returns.

Also liked RustyJeff's post about newbies having written rules and becoming comfortable with following them and learning discipline. Even if you eventually move to a more discretionary trading strategy, discipline is key... starting off on the right foot is paramount, as most seniors have repeatedly stated.

Good stuff guys... thank you.

Obviously not in anything now, but back to watching the charts and going through Rac's posts today for me...

Josh
  • #41,216
  • Aug 17, 2009 8:10am Aug 17, 2009 8:10am
Hello every one. like to know your comments on this one. Thanks.
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  • #41,217
  • Aug 17, 2009 8:15am Aug 17, 2009 8:15am
Hey benji 533, ghous and finnishforex thanks for your replies. I've never heard about Varengold before? What are your experiences? benji533 and ghous are you using this platform as well? What's a must when chosing a platform?
THX for your help!
  • #41,218
  • Aug 17, 2009 8:21am Aug 17, 2009 8:21am
Quoting nasir.khan
Hello every one. like to know your comments on this one. Thanks.
Not very convincing. Short nose. And closed a little too close to neutral for my personal liking.

Compare it to the one from the other day.

(the close on GJ the other day wasn't within the previous bar BTW)
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Bundy's status today: "Waiting..."
  • #41,219
  • Aug 17, 2009 8:31am Aug 17, 2009 8:31am
Quoting bundyraider
Not very convincing. Short nose. And closed a little too close to neutral for my personal liking.

Compare it to the one from the other day.
Thanks.

but i am in so i would also like to hear about daily TF also.
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  • #41,220
  • Edited 9:01am Aug 17, 2009 8:43am | Edited 9:01am
Quoting tradertt
Just wanted to clarify why this trade was taken. I thought that BEOBs should be taken at swing highs and this seems to be a sideways market to me

AUDUSD Daily
The ideal BEOB is at the highest peak of a swing High as we discussed on this post. http://www.forexfactory.com/showpost...ostcount=40210

Price Action is a powerful thing, even in a consolidation. Check out your fold of all James16 charts, that I'm sure you have which you study daily.

There were many supporting confluences that this Aud/Usd Daily BEOB screamed, "Trade Me!"

Off recent Highs.
At the Weekly 61.8 fib.
MACD Divergence
The size of the formation compared to previous bars.
Below the .8500 (strong round number) PPZ level.

I agree with you that we should only trade the Ideal or A+ setups. And I'm sure others didn't take this one because it didn't meet that ideal. Which is very good in my book. But I will take the slightly less then ideal and manage them carefully.
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Indicators show the past. Price Action "Indicates" the future.
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