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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

  • #46,781
  • Oct 25, 2009 6:12am Oct 25, 2009 6:12am
Hi Mike,

Thanks for reply. May I ask you some basic questions.
I have started a demo account with ForexPro: do you think that's a good place to start or do you suggest something better.

Quoting mbqb11
Hey PeterPan

Welcome!

The really great thing about PA are the rules are there for you to do whatever fits your life. My suggestion is to trade only the daily and weekly. The actual chart time is very little. For daily once a day if need be, if that is too much stick to the weekly and check once a week. Read every single one of James16 posts.

If you have questions post here or shoot me a msg too

Have a great weekend
Mike
  • #46,782
  • Oct 25, 2009 6:17am Oct 25, 2009 6:17am
Quoting stewrigh
Jon,

You don't say, but I think you're looking at going long....

Be very careful....

Fundamentals are all against you.

UK GDP figures published on Friday were much worse than expected. Canada is an Oil based economy and Oil price is going up....
yeah thanx mate, duly noted and i wont be ignoring the strength of that trend!!thats for sure. it could well turn out to be no trade or no set up at all??or it might just run 50 pips?? but i rarely have any risk on the table by the end of my day so i dont really worry about the longer term results,just for another entry lol
cheers jon
PATIENCE... DISCIPLINE
  • #46,783
  • Oct 25, 2009 6:30am Oct 25, 2009 6:30am
As you rightly say guilt feelings stem from loyalty to profession!
  • #46,784
  • Oct 25, 2009 10:21am Oct 25, 2009 10:21am
Quoting dmc
This was a trade I was goign to take yesterday but did not becasue my IBFX for some odd reasons lets you chart this pair but not trade it. I kind of feel lucky that I did not. I have been trying to be ultra picky this month. So when I saw this, I thought:

Big 8 hour bar
Swing High
RN 1.74
61.8 Fib
365 EMA

I thought this thing would shoot down. I understadnt the 1.72 ppz right below but imho it is not stronger then 1.74 I also understand thhe better RN to wait for is 1.76 and is still on my radar if this thing continues to move higher. And I...
You didn't miss anything in my book, D. I would have taken that one in a heart beat for all the reasons you stated. This one had all the makings for a nice runner. But it didn't. This is where my tight mangement style comes into play and saves me from a full bar loss. It did give up about 40 pips so a quick move to break even or reducing your stop loss was a easy way to go.

I've see this type of setup many times break and never look back with no draw down. Hitting the 1st obvious target easily. If this setup presented itself again I would trade it with a smile.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #46,785
  • Oct 25, 2009 10:23am Oct 25, 2009 10:23am
got run over by the retracement bus eh, happens to the best of us.
  • #46,786
  • Oct 25, 2009 10:32am Oct 25, 2009 10:32am
Well I am sure you guys all see the EURGBP BUOB that has formed on Friday.
I am just curious how some of you guys would play it.

One one think that the bar is from people unloading some short positions, along with a few fundamental factors.

With such a big BUOB on the daily... is it safe to say that if one does trade that bar to do so with caution and a tight stop???

It also looks like a PB on the weekly, and would like to think that it this would make a good trend continuation play.


Now on the flip side of things (coming from BRV's No Brainer Trades thread) RedCabbage/BRV have coined something called the QuasiModo which is a little bit of a twisted Head+Shoulders pattern. So I am kind of torn as what to do here - This pattern tells me that I could be shorting in the near future.

2 Charts will be the EURGBP and one of a QuasiModo.

Any help/comments would be greatly appreciated.
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  • #46,787
  • Oct 25, 2009 10:34am Oct 25, 2009 10:34am
Quoting FX_Serg
Anybody watching GBPAUD? 1.8 round number + ppz + 61.8 fib (around 1.83) + with a global trend.
KaBoom. No draw down on this after the break.

Nice.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #46,788
  • Oct 25, 2009 10:39am Oct 25, 2009 10:39am
The harsh Friday GBP moves were a result of the news that the UK is still in technical recession. Generally move after news give nice retraceements to get in
  • #46,789
  • Oct 25, 2009 11:13am Oct 25, 2009 11:13am
Quoting Concept
Well I am sure you guys all see the EURGBP BUOB that has formed on Friday.
I am just curious how some of you guys would play it.

One one think that the bar is from people unloading some short positions, along with a few fundamental factors.

With such a big BUOB on the daily... is it safe to say that if one does trade that bar to do so with caution and a tight stop???

It also looks like a PB on the weekly, and would like to think that it this would make a good trend continuation play.


Now on the flip side of things (coming from BRV's No...

A retrace before it breaks is a possibility. It could just keep running having the .9200 PPZ level as support. Or of course, with any PPZ level, bearish PA could show us the way downward.
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Indicators show the past. Price Action "Indicates" the future.
  • #46,790
  • Oct 25, 2009 12:02pm Oct 25, 2009 12:02pm
Quoting PeterPan
Hi Mike,

Thanks for reply. May I ask you some basic questions.
I have started a demo account with ForexPro: do you think that's a good place to start or do you suggest something better.
Hey Peter

As for demo, that seems fine place, they have a lot of securities to watch which will be good. They are my primary charting.

Best
Mike
  • #46,791
  • Oct 25, 2009 12:44pm Oct 25, 2009 12:44pm
Quoting james16
hey my friend lesson learned.

DO NOT TRADE THESE BARS UNTIL THEY BREAK.

you will see some doing it but most of them have been doing it for a while.

a pin bar does not become a pin bar until it breaks.
Quoting Mikali
Agreed!! I was lucky my sell stop order was never triggered In fact I better cancel the order before I forget
Here's a great James16 post about this subject. It's always good to re-read them often.

http://www.forexfactory.com/showpost...ostcount=29519
Indicators show the past. Price Action "Indicates" the future.
  • #46,792
  • Oct 25, 2009 12:46pm Oct 25, 2009 12:46pm
Forgot about this one, Mike. Awesome.


http://www.forexfactory.com/showpost...ostcount=29510
Indicators show the past. Price Action "Indicates" the future.
  • #46,793
  • Oct 25, 2009 1:51pm Oct 25, 2009 1:51pm
Quoting jarroo
A retrace before it breaks is a possibility. It could just keep running having the .9200 PPZ level as support. Or of course, with any PPZ level, bearish PA could show us the way downward.
So now theoretically the Daily chart shows us that there is bearish signals, but dropping down to the 4hr like you did shows us that it broke the 9200 level and closed right on it.

Since we noticed the PA on the Daily, is it best to watch the 4hr now and see what it does to manage the entry?? (*IF* there is a valid entry)??
  • #46,794
  • Oct 25, 2009 2:37pm Oct 25, 2009 2:37pm
I apologize if someone else has brought this up already and I missed it, but EURUSD looks like it's headed for quite a reversal right now (good PPZ @ 1.4840 - potential retrace spot, this number has also been mentioned in Jacko's thread)... I also see (I already posted this earlier) that USDJPY is aiming up towards a very strong confluence zone (93.00)... I don't know about you guys, but I'm going to be fairly bullish on USD this week... I think.... lol....

Here is what I'm seeing on the Daily chart. Divergence on both the RSI(6) and MACD:
http://i380.photobucket.com/albums/o...h32/eurtop.gif


Same story on the 4hr, Divergence, lower support line and upper resistence are coming together. have the bulls lost steam at 1.5000?:
http://i380.photobucket.com/albums/o.../eurtop4hr.gif


Here is my zoomed out display to show 1.4840 (there is also some FIB confluence if you zoom in on the 1hr and stack up some retracements...):
http://i380.photobucket.com/albums/o...2/eurtopw1.gif




Let me know if I'm completely off-base here....
Many choose unhappiness over uncertainty.
  • #46,795
  • Oct 25, 2009 3:08pm Oct 25, 2009 3:08pm
Quoting glyder
James,
that quote from someone who left Britain to live abroad, is so spot on.
I've lived in UK for all my 40 odd years on this planet so far, I love the place, its geography,beauty, the people and its many strengths, but...
Bermuda!
British, but with better weather and no tax.
  • #46,796
  • Oct 25, 2009 3:16pm Oct 25, 2009 3:16pm
Quoting Interceptor
Bermuda!
British, but with better weather and no tax.
Move Over... I'm thinking of coming in.
  • #46,797
  • Oct 25, 2009 3:17pm Oct 25, 2009 3:17pm
Here is that parallel I mentioned earlier, it hits the spot quite right.
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ok Friendo? This is madness!?!? - THIS, IS, FOREX!!!
  • #46,798
  • Oct 25, 2009 3:20pm Oct 25, 2009 3:20pm
Quoting Liger86
Here is that parallel I mentioned earlier, it hits the spot quite right.
I have one more development on this. 4hr chart:

http://i380.photobucket.com/albums/o...esicktrade.jpg


Also note the PinBar at the top of the chart here, I did infact short this signal on the 1hr chart with success....
Many choose unhappiness over uncertainty.
  • #46,799
  • Oct 25, 2009 3:26pm Oct 25, 2009 3:26pm
Quoting Liger86
Here is that parallel I mentioned earlier, it hits the spot quite right.
The First thing I would prepare for here is a solidification of the Previous {First Attempt} at breaking this ceiling.

I'm still in 'First Mode'

If it fails; what are your plans?

(very Old Adage. Triple Tops Never Last.)
It's your Money, Play it as you see it.

btw. Two Points does not a Trendline Make. Especially when the second point is SO Close to current Time.

Bemac
  • #46,800
  • Oct 25, 2009 3:35pm Oct 25, 2009 3:35pm
Quoting Interceptor
Bermuda!
British, but with better weather and no tax.
Thanks Interceptor.
Sounds attractive.
I'll definitely be looking into it.
If you can wait and not be tired by waiting...
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