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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

  • #44,361
  • Sep 22, 2009 11:57am Sep 22, 2009 11:57am
Quoting benji533
Yea I know lower TF are much less reliable. I'm just practicing a new method.
Thanks for the other answer


If I see the correct 4H bar, it broke and went exactly where it should

Ben
I like your method Ben. Go, Ben , Go!


Its fun reading Price like a book.
Indicators show the past. Price Action "Indicates" the future.
  • #44,362
  • Sep 22, 2009 11:58am Sep 22, 2009 11:58am
Quoting jarroo
I'm still in it. I've taken 67 pips off the 1st half and the 2nd half is at break even. I would like to see the daily close above the 1.6300 and then shoot for the 1.64 and 1.6500 and then look for a shorting possibility.
Possible. But I think 17R will be good enough for me in this case lol.
Moved my stop slightly down just in case we bounce off these bar highs and shoot up

Ben
  • #44,363
  • Sep 22, 2009 12:02pm Sep 22, 2009 12:02pm
Quoting jarroo
I like your method Ben. Go, Ben , Go!
**Ryan's method**, I'm just the follower

Quote
Its fun reading Price like a book.


Yep, we are doing it together my friend

Ben
  • #44,364
  • Sep 22, 2009 12:09pm Sep 22, 2009 12:09pm
Quoting benji533
**Ryan's method**, I'm just the follower

Ben
By the way, I think this is a great Idea. Identifying PA bars on daily, and then entering with Ryan's method on lower TFs. Usually a good daily pin will produce at least one daily bar move. If it's really at a good location, all I need is a real good entry and ride the daily bar. In this case it was easy because it broke really hard and clean on the 5min, so I moved my stop to BE after a few minutes and just let it ride the daily move. BE is ok if happen.

Ben
  • #44,365
  • Sep 22, 2009 12:11pm Sep 22, 2009 12:11pm
Quoting benji533
**Ryan's method**, I'm just the follower




Yep, we are doing it together my friend

Ben

Oh, I thought it was PA retracing or retesting the round number that the PA formed on. I like that one.
Indicators show the past. Price Action "Indicates" the future.
  • #44,366
  • Sep 22, 2009 12:15pm Sep 22, 2009 12:15pm
Quoting jarroo
Oh, I thought it was PA retracing or retesting the round number that the PA formed on. I like that one.
That's Mike's
  • #44,367
  • Sep 22, 2009 1:10pm Sep 22, 2009 1:10pm
I might go short if bar close as an BOVB, there is some confluence from weekly fib 50 and 61.8
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  • #44,368
  • Sep 22, 2009 1:43pm Sep 22, 2009 1:43pm
Quoting g_j_hook@yah
...nice trade KISS, that was the bar i was wishing id caught!! lol it actually closed a DBLHC on my feed.
p.s. wot does MVP mean??
Yeah GJHook Jarroo got it right "Most Valuable Player" but in this case it could have been "Most Valuable Pin". The EU long didn't even take that much "Most Valuable Patience". Thanks for the Kudo's Jarroo/GJHook, I had been watching the USDCAD pin all day and did not place an order at the break as I had time to watch the chart and I freak'n missed it! So this was a good consoliation. Took a nice profit on the GJ 4hr pin and the GU 4hr pins yesterday as well.

Till next time....

K.I.S.S.
  • #44,369
  • Sep 22, 2009 2:22pm Sep 22, 2009 2:22pm
Quoting g_j_hook@yah
hi FunkyJee,..lol..cool name!
regarding the r:r question,(if you havnt had an answer yet?) yes you got it right. return compared to risk.
But as for your charts, im sorry but i can hardly see anything on them.they are a bit dark for my dodgy eyes!!lol.
jon.
Thanks, next time i'll post better quality pics

Quoting mbqb11
Hey FunkyJee

Yes these are done well, just remember one thing. These are zones, not lines. So if you took each of those lines on your chart, and used the rectangle tool in mt4 to enlarge them, you will now be able to see how these are "areas/zones" we must look out for rather then a single line. We also will have more minor PPZs within these larger zones, that can then become our focus once we are in a trade for mgmt.

Let me know if that makes sense

Mike
Yes it makes sense, thank you. BTW I watched all the videos in the guest area of the james16 private forum, its very interesting, i like the way you, james16 and the others explain how to read charts, it's really clear.
  • #44,370
  • Sep 22, 2009 3:01pm Sep 22, 2009 3:01pm
Quoting ekling
I might go short if bar close as an BOVB, there is some confluence from weekly fib 50 and 61.8
I'm with you....TP 0.8870.....
Patience is essential
  • #44,371
  • Sep 22, 2009 4:05pm Sep 22, 2009 4:05pm
hi guys anyone have their eye on this pin off 8700 on GbpAud daily?
this is the first time the 8700 level has been hit since Jan 1996!
what a great location for a pa setup?
well i could be wrong but im going to look to enter on break on the pin high like all of you experienced guys say to noobs like me

the 8800 level and some bar highs and lows are looming just above so may have to be carefull im not sure.
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  • #44,372
  • Sep 22, 2009 4:07pm Sep 22, 2009 4:07pm
Quoting ekling
I might go short if bar close as an BOVB, there is some confluence from weekly fib 50 and 61.8
Was just about to post and saw your post. Here is my chart, the bar is at a PPZ area and 50% fib confluence plus the weekly fib on your chart too. It's not a large bar and I don't like entering trades overnight (so I cant manually move stop loss etc - I'm in UK) but wouldn't have thought price would move that much during Asia market.

First area to target is the area marked in red.

Would welcome any comments on this potential setup...
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  • #44,373
  • Sep 22, 2009 4:15pm Sep 22, 2009 4:15pm
i think 1 of the good things about the eg trade is that it has alot of space
  • #44,374
  • Sep 22, 2009 4:21pm Sep 22, 2009 4:21pm
Your chart looks similar to mine, but i wonder why you put your first target below that huge confluence at 0.8950. Theres 2 fib levels, 50% and 38.2%. there is also one bar high and one bar low. I'd put my first target around 0.8970, some pips above this pivot zone.

But thats just me, and im far from proffesional or anything.

Am also not very fond of placing orders overnight, but as you said, the market moves very little at night. Im Swe so im 1 hour ahead of you. I put my entry order with stops and limit, then i go up very early to check it.
  • #44,375
  • Sep 22, 2009 4:22pm Sep 22, 2009 4:22pm
Quoting supermatt
i think 1 of the good things about the eg trade is that it has alot of space
Just my take on both these as I talked about on the other side

Both bars to me are just too small in comparison to the run we just made. Small bars frankly scare the hell out of me. Too much to go wrong. On gbp/aud we have a lower close that just looks sloppy(yes divergence, so we might be slowing down soon but would rather a big pin or buob). And on the eur/gbp we have the .9000 level directly underneath.

I would be which means those that trade it need to be extra fast with moving stops or not be taking full bar losses on these less the stellar bars.

Just my 2 cents

Mike
  • #44,376
  • Sep 22, 2009 4:30pm Sep 22, 2009 4:30pm
Hi all,

Nice last 10 pages. I loved the posts. However to all of you who are going short on E/U I wanted to say my opinion ( so don't take it too serious ). There is round number near the price 0.9000 which is also a strong PPZ. On the other side the PB is tooooo small compared to the other bars before. So I can't believe that this bar could manage to turn around the strong uptrend. Thats all, I hope it helps. It is just my opinion .

Good Luck .

Edit: Sorry Mike, I didnt saw your post.Or was I too slow.Nevermind . So I believe that we have confluence with the opinions here xaxa
  • #44,377
  • Sep 22, 2009 4:34pm Sep 22, 2009 4:34pm
hmm yeh i think i might be getting a little hastey, havnt seen a good setup that jumps out at me in weeks. better lock my wallet up asap
  • #44,378
  • Sep 22, 2009 5:14pm Sep 22, 2009 5:14pm
I know you were talking about E/G, however, I believe the same can be said about the H4 EU pinbar.

Now, I am in the trade due to the following reasons:

1. An emotional decision based on an unsubstantiated thought that the E/U has hit a major resistance area and is due for a retracement.

2. An emotional decision based on my last E/U trade stopping out at BE, and wanting to get back in on my trade per say.

The above two are some of the dumbest reasons to enter a trade, and I have "buyers remorse"

Now that I have looked at the trade with a clear head and a non emotional mind, I am seeing merits to this trade.

3. If you look at the H4, that pin is a valid pin for a small retracement (Not saying reversal here)

4. We are approximately 150 pips from the EMA 62 on the H4. Historically this would be the time we move back towards it.

5. We are head butting a major resistance area and stalled very abruptly. Again historically, we should bounce down before breaking through such a major resistance area.

What does this all mean to me? This is a B- trade at best, but it looks as if there is a good potential for pulling 100-150 pips. That alone tells me this was a bad trade for me. I prefer to swing trade, and IF we move that distance is will be during the London session putting this trade sub 24 hrs. I should have waited on one of two things. A clear sign of reversal, or the retracement to happen, then initiate a long to go with the trend.

Just my thoughts on this issue.

Que

*edit* I also want to note that even though this is a bad trade (Initiated based mainly on emotions rater than hard facts), it ended up being a positive educational experience. The last 12 months has taught me to go back to each and every trade I make, and reevaluate it to see what I am doing right and wrong. This time, the above was my discoveries. As long as I learn from my mistakes, I am making progress.

Quoting atton
Hi all,

Nice last 10 pages. I loved the posts. However to all of you who are going short on E/U I wanted to say my opinion ( so don't take it too serious ). There is round number near the price 0.9000 which is also a strong PPZ. On the other side the PB is tooooo small compared to the other bars before. So I can't believe that this bar could manage to turn around the strong uptrend. Thats all, I hope it helps. It is just my opinion .

Good Luck .

Edit: Sorry Mike, I didnt saw your post.Or was I too slow.Nevermind . So I believe that...
Que
  • #44,379
  • Sep 22, 2009 5:14pm Sep 22, 2009 5:14pm
Just echoing Mike here. Looks like a simple reaction to a PPZ, not a reversal.
  • #44,380
  • Sep 22, 2009 5:30pm Sep 22, 2009 5:30pm
Quoting Que
As long as I learn from my mistakes, I am making progress.
No more to say Good night all
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