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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

  • #45,121
  • Oct 2, 2009 4:24am Oct 2, 2009 4:24am
Quoting jarroo
Here you go:

http://www.forexfactory.com/showpost...ostcount=11319
LOL ....That post still snags a couple!


Jim did that on purpose a looooong time ago, I'm sure. LOL
Bundy's status today: "Waiting..."
  • #45,122
  • Oct 2, 2009 4:35am Oct 2, 2009 4:35am
Ah thanks a bunch jarroo.

It's freaking misleading when you're starting out from the front as you want to get the basics right before moving on. (Lay the foundations before building the house.) I think jarroo's idea of 'archiving' is good.

So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?

Okay, maybe that was a dumb question. Or perhaps I shall find the answer further along the thread...

*tries not to feel faint-hearted at the thought of labouring through 3000+ pages*
  • #45,123
  • Oct 2, 2009 5:14am Oct 2, 2009 5:14am
Quoting james16
welcome fx.

mike was correct and i also use tradestation. probably use TS more than i do met4.

jim
Jim,

Could you, please, post your TS templates, i.e. the way you set up all the windows - I signed up with TS recently, but it seem so less user-friendly compared to Oanda and MB. MANY THANKS!
One Chart is Worth Ten Thousand Words.
  • #45,124
  • Oct 2, 2009 5:50am Oct 2, 2009 5:50am
Quoting raczekfx
No, it was manual execution.

I was watching price move down to 61 in mid day, it then retraced back up some 40pips and started falling again. When it reached and broke 61 few hours later, I was glued to the screen waiting for a sign of sellers' exhaustion. When I thought this was it, I simply bought. Few minutes later price formed a PB. When it broke to the upside, I moved stops to just below it and went to bed. Set alert to call my cell whenever price goes back to 1.0430 (20ps below previous high).
... and this was it...
Raczek, do you mean SMS (text) alert to mobile or an actual call which would read you via an automated service the price level?
One Chart is Worth Ten Thousand Words.
  • #45,125
  • Edited 8:53am Oct 2, 2009 6:11am | Edited 8:53am
Not sure if anyone's posted this yet. But here goes

Went long EURGBP and short GBPCHF.
Both showing very similar PA. So it was a GBP side move.

Both in direction of the daily & 4hour trends.


GBPCHF 4hour:
Double PB (I really liked this one!), rejected mPivot + 1.6700.
Closed below wR1.
Stop was initially above PB highs, so I figured if I was gonna be wrong, price would have to fight quite hard to get my stop.

Sell stop below tt minor PPZ on e left... wanted to make sure that price was really gonna tank to get me in.
Main pros of this trade is...
(1) With the broad trend,
(2) great PA, great "defense" levels guarding stop loss.
(3) Downside traffic relatively light, great PA
Tgt: 1/2 off @ swing low. Giving it room to breathe until then. Stop alr @ small profit above a PPZ.

EURGBP 1hour.
(1) Broad trend up
(2) Rejection of weekly + monthly pivot + found number
(3) BUOB (pinbar) + Inside Pinbar.
(4) Divergence

I liked that it was some sorta matching low as well.

I was actually waiting for the 4hour to close, but the inside PB was pretty compelling, so I placed buy stop after close of tt bar instead.

Hid stop under low of BUOB.

T/P 1/2 @ PPZ which is also wkly pivot.

=)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPCHF; 4hour;.gif Size: 20 KB
Click to Enlarge Name: EURGBP; 1hour;.gif Size: 28 KB
One Mind, Any Market
  • #45,126
  • Oct 2, 2009 6:13am Oct 2, 2009 6:13am
Hi

I have justed started trading again this month after a break, i used to be a member of the private forum. Im tring just to take pins at the mo on daily charts. Im took gbpusd short earlier on and im in usdjpy long at the mo.
  • #45,127
  • Oct 2, 2009 6:15am Oct 2, 2009 6:15am
I have had my eye on this trade for the past two days, it had to break sooner or later with the present action GBP, at least this trade has no direct exposure to the USD for today's non-farms, yet not holding my breath either, moved to BE

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHF_Oct. 02 21.10.jpg Size: 94 KB
Without women, money would have no meaning - Aristotle Onassis
  • #45,128
  • Oct 2, 2009 6:35am Oct 2, 2009 6:35am
Quoting Cyrus
Not sure if anyone's posted this yet. But here goes

Went long EURGBP and short GBPCHF.
Both showing very similar PA. So it was a GBP side move.

Both in direction of the daily & 4hour trends.


GBPCHF:
Double PB (I really liked this one!), rejected mPivot + 1.6700.
Closed below wR1.
Stop was initially above PB highs, so I figured if I was gonna be wrong, price would have to fight quite hard to get my stop.

Sell stop below tt minor PPZ on e left... wanted to make sure that price was really gonna tank to get me in.
Main pros of this trade...
I see quite a few of us have taken this short GBPCHF trade with the strong move down, I like to keep both the GBPUSD and USDCHF charts open along side, especially ahead of the USD fundamental, sometimes it is good to cancel out the USD, how about you ?


Good luck
Without women, money would have no meaning - Aristotle Onassis
  • #45,129
  • Oct 2, 2009 6:37am Oct 2, 2009 6:37am
I don't come to J16 often these days, but it's the thread which put me on the right path.

It has everything one needs to stop bleeding and start healing, and then moving on to consistent profitability.

THANK YOU, once again, Jim and all the "regulars" (you know who you are )!!
One Chart is Worth Ten Thousand Words.
  • #45,130
  • Oct 2, 2009 6:39am Oct 2, 2009 6:39am
Quoting arctos
Ah thanks a bunch jarroo.

It's freaking misleading when you're starting out from the front as you want to get the basics right before moving on. (Lay the foundations before building the house.) I think jarroo's idea of 'archiving' is good.

So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?

Okay, maybe that was a dumb question. Or perhaps I shall find...
I would read the first thousand or so pages, and then the guest section of the private forum, and then follow along daily here. You'll soon learn who's post history you want to read, then click on their profile and read through it. That's a good way. The second and third thousand pages can wait until you've done all that. I think by then you'll be able to whip through the post looking for the important nuggets of information.

The important thing I believe is to not dutifully trawl through the thread hoping that it will just enter by osmosis. Better to read less and make sure you understand every bit of it, ask questions etc. Most of the information you need is in those first thousand pages.

I think looking in daily is also a great way to see discussions of current market setups and post your charts for comment.

This thread exists to help new people, especially those new people who are willing to put in the effort. It was started for that purpose and those who have benefitted from it, continue to help on here. It really is a beautiful thing.
  • #45,131
  • Oct 2, 2009 6:46am Oct 2, 2009 6:46am
Quoting Forex007
Raczek, do you mean SMS (text) alert to mobile or an actual call which would read you via an automated service the price level?
sms
  • #45,132
  • Oct 2, 2009 6:58am Oct 2, 2009 6:58am
It was also interesting to note that the GBPCHF also gave us an "old-school" gartley formation, for those that can remember and reversed at the less popular 78.6 and for those that dont it's worth a mention, I thought, quite often I believe, it is the least travelled path that provides us with an edge...
Without women, money would have no meaning - Aristotle Onassis
  • #45,133
  • Oct 2, 2009 7:12am Oct 2, 2009 7:12am
audusd m15
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  • #45,134
  • Oct 2, 2009 7:27am Oct 2, 2009 7:27am
2d PB.
.
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  • #45,135
  • Oct 2, 2009 7:35am Oct 2, 2009 7:35am
audusd daily
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Click to Enlarge Name: audusd.png Size: 10 KB
  • #45,136
  • Oct 2, 2009 8:09am Oct 2, 2009 8:09am
breakout trade
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Simplicity is the key to success
  • #45,137
  • Oct 2, 2009 8:36am Oct 2, 2009 8:36am
Hi guys, hope everybody is doing well on this NFP day.

I've been wondering if this following method will work well with Pinbar.

Let say we enter sell on GBPUSD at 1.5933 with stoploss 30pips (30 Sept pinbar). Our stoploss got hit and price went up to 1.6023, but the pinbar is still valid as the high was not broken. As the price coming down, we reenter same sell order at same exact price 1.5933 and stoploss 30pips. Our order got triggered, and we are riding the price down. So instead of watching the price going against our position for 90pips, we only risking 30pips on the 1st trade and another 30pips on 2nd trade.


I read about this method from other thread in FF (i think most of you know which thread I am talking about) and it seem pretty good idea to combine this method with Pinbar entry. Any comment?
  • #45,138
  • Oct 2, 2009 8:54am Oct 2, 2009 8:54am
Guys I am currently in the GU and GBP CHf/ GU just missed my TP at 1.58 by 1 pip ( :-/) shot back up. I have my stops set to BE because I am definitely not taking a loss on this one.

On the GBF CHF I have reduced risk but not on break ever i see a nice area of resitance where I intial took teh trade and it is looking quite bearish on the 4hr.

My question to some of you mor season guys who have taken dailys into the weekend is how do you treat them. From my personal expereicne I liek to kill intraday Friday trades before weekend for fear of slippage and because the mo=mentum from an itraday standpoint may fade. Whereas a Daily trade is more of a long term trade.

I know most of you will say its personal preference but just wondering what the concensus is out there.

Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 12 KB
  • #45,139
  • Oct 2, 2009 9:23am Oct 2, 2009 9:23am
Quoting mattfx
I see quite a few of us have taken this short GBPCHF trade with the strong move down, I like to keep both the GBPUSD and USDCHF charts open along side, especially ahead of the USD fundamental, sometimes it is good to cancel out the USD, how about you ?


Good luck
Heya Matt,

Do you mean that you put on a synthetic hedge for GBPCHF prior to key fundamental data? (long GBPCHF, short USDCHF)

I'm not quite clear what you're saying. Sorry.

I'm not too sure if this works, but I look @ the announcements and kinda guesstimate how long the trade might take to work out before I can shift it to BE. I dont put anything on before US fundamental data.

Food for thought about a synthetic short either way though! =)

Thanks Matt
One Mind, Any Market
  • #45,140
  • Oct 2, 2009 9:24am Oct 2, 2009 9:24am
hi

i took the usdjpy daily pin long a few days ago I thought it was a good pin, at a swing low long nose etc.

At the mo the market has moved down I was wondering if anyone else has took the pin and if not was it not a good pin to take.

ps i dont know how to attach charts

dave
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