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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

  • #47,521
  • Nov 4, 2009 8:34am Nov 4, 2009 8:34am
this might be worth watching??
jon
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PATIENCE... DISCIPLINE
  • #47,522
  • Nov 4, 2009 8:43am Nov 4, 2009 8:43am
Quoting jspeakman
If I read it correctly, stop loss should be placed just below H/L of pin bar and buy/sell after the break of the pin. Looking on the EU/USD and USD/CHF currently where pin PA may be forming on the daily (I think), the number of pips between SL and potential buy order would be over 150 - is that correct? Just seems a lot

Thanks

js

I wouldn't play either of those, way too sideways for me but yes you are correct. You would just adjust your position size based on number of pips - otherwise you risk being stopped out because you didn't give it enough room. I wouldn't reduce my stop loss, instead reduce my position size.
  • #47,523
  • Nov 4, 2009 8:57am Nov 4, 2009 8:57am
Quoting didymario
Hi,

I would like to know what ur thought process was just looking at the trade. Could u pls explain?

Thanks

Hunri
Chaos did the job well,

just to add in...

We ideally want our Ibs to be near the top of the range of the mother bar for short and near the bottom of the range of the mother bar for long...this provides the trade with some initial space and allows quick profit taking. Eur?cad was a great example of such a setup...in addition to all the confluence factors Chaos was kind enough to mention...

charts to follow...

g.
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I believe . . .
  • #47,524
  • Nov 4, 2009 9:03am Nov 4, 2009 9:03am
How do you guys highlight the pivot zones on your chart in MT4????
Many choose unhappiness over uncertainty.
  • #47,525
  • Nov 4, 2009 9:10am Nov 4, 2009 9:10am
Quoting Dan Gilbert
How do you guys highlight the pivot zones on your chart in MT4????
Insert/Shapes/rectangle

At least that's how I do it
  • #47,526
  • Nov 4, 2009 9:22am Nov 4, 2009 9:22am
Quoting Dan Gilbert
How do you guys highlight the pivot zones on your chart in MT4????
Horizontal lines.

rectangle tool.

trend lines.

g.
I believe . . .
  • #47,527
  • Nov 4, 2009 9:37am Nov 4, 2009 9:37am
Quoting NosferatuMan
Insert/Shapes/rectangle

At least that's how I do it
so pretty... Thank you.
Many choose unhappiness over uncertainty.
  • #47,528
  • Nov 4, 2009 9:48am Nov 4, 2009 9:48am
Quoting ghous
Chaos did the job well,

just to add in...

We ideally want our Ibs to be near the top of the range of the mother bar for short and near the bottom of the range of the mother bar for long...this provides the trade with some initial space and allows quick profit taking. Eur?cad was a great example of such a setup...in addition to all the confluence factors Chaos was kind enough to mention...

charts to follow...

g.
hi Ghous,nice post as usual,
just to emphasize the point heres that gb/chf 4h IB trade.
jon
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PATIENCE... DISCIPLINE
  • #47,529
  • Nov 4, 2009 9:49am Nov 4, 2009 9:49am
.
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  • #47,530
  • Nov 4, 2009 9:55am Nov 4, 2009 9:55am
Quoting benji533
.
Man, you are sharp
  • #47,531
  • Nov 4, 2009 10:02am Nov 4, 2009 10:02am
Quoting benji533
.
nice trades there bro, but i would be careful with that divergence you marked on the eu/us chart, you pushed the boat out a little on that one!!(as im sure your aware)
jon
PATIENCE... DISCIPLINE
  • #47,532
  • Nov 4, 2009 10:02am Nov 4, 2009 10:02am
Quoting benji533
.
That it great stuff rac ... oh no it's benji

Congrats.
  • #47,533
  • Nov 4, 2009 10:08am Nov 4, 2009 10:08am
Benji,

something similar here. EUR/USD is approaching the 50%-61% fib retrace, with PPZ and round number - and we are just before the FOMC statement (at 11:15 New York time) - I am tightening my stops.

I would stay in given the fact that the gold is breaking new all time highs - not good for the dollar.
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Plan The Trade - Trade The Plan
  • #47,534
  • Nov 4, 2009 10:18am Nov 4, 2009 10:18am
Quoting g_j_hook@yah
nice trades there bro, but i would be careful with that divergence you marked on the eu/us chart, you pushed the boat out a little on that one!!(as im sure your aware)
jon
On the daily chart that area is right off the uptrenting long term trend line and off a clear 4H PPZ.

ON the 15min there is a clear support forming by a triple bottom + PA (BUOB) + DIV.

I check the div on a closed line chart and there you can see that during that time touched less or more the same line of support while the RSI was trending up hardly. That is how I measure div.

Or I am misunderstanding you buddy
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  • #47,535
  • Nov 4, 2009 10:18am Nov 4, 2009 10:18am
the FOMC statement is in 2:15 New York time.
Plan The Trade - Trade The Plan
  • #47,536
  • Nov 4, 2009 10:25am Nov 4, 2009 10:25am
Quoting fxdummie
Benji,

something similar here. EUR/USD is approaching the 50%-61% fib retrace, with PPZ and round number - and we are just before the FOMC statement (at 11:15 New York time) - I am tightening my stops.

I would stay in given the fact that the gold is breaking new all time highs - not good for the dollar.
Happy you are making pips

Basically for trailing stops, all I see is a minor round number confluenced with a major PPZ. That is a good enough sign for me to start folding up.

I'm quite dumb if you going to talk about gold, dollar, correlation, news, whatever....I do not much know|understand|care about these a chart is a chart
  • #47,537
  • Nov 4, 2009 10:49am Nov 4, 2009 10:49am
Quoting benji533
On the daily chart that area is right off the uptrenting long term trend line and off a clear 4H PPZ.

ON the 15min there is a clear support forming by a triple bottom + PA (BUOB) + DIV.

I check the div on a closed line chart and there you can see that during that time touched less or more the same line of support while the RSI was trending up hardly. That is how I measure div.

Or I am misunderstanding you buddy
hi benji, your not misunderstanding me mate i was just pointing out for the newer traders here that your prices are flat at best(which is div. but pretty weak((for me at least))and in fact they look to be rising slightly along with the rsi. divergence yes but as i said its pushing the boat out a little. for me at least.good trades though bro, your gonna go far
cheers
jon

p.s. how are you finding trading with the real account??
PATIENCE... DISCIPLINE
  • #47,538
  • Nov 4, 2009 10:57am Nov 4, 2009 10:57am
Quoting g_j_hook@yah
hi benji, your not misunderstanding me mate i was just pointing out for the newer traders here that your prices are flat at best(which is div. but pretty weak((for me at least))and in fact they look to be rising slightly along with the rsi. divergence yes but as i said its pushing the boat out a little. for me at least.good trades though bro, your gonna go far
cheers
jon

p.s. how are you finding trading with the real account??
ok I got you. That is the way I look for div anyway.

The only trades I took on my real account are those I have posted here. Firstly I am very busy now days, so I don't have time to stay at home or monitor my live trades closly - So I am abit afraid leaving real money on the table while I'm not here. In addition, I have decided that I am going to trade only a certain setup that had the highest win rate on my demo trading. That way I can build my account slowly but safely, and after period of time I can start trading more aggressive setups with profits only

And thanks for the kid words bro
  • #47,539
  • Nov 4, 2009 10:59am Nov 4, 2009 10:59am
Nice

That 5m pin with div would have done the job too. Also nice touch on the 4hr support.

I got out at +20 for 2R, impatient me!

Quoting benji533
On the daily chart that area is right off the uptrenting long term trend line and off a clear 4H PPZ.

ON the 15min there is a clear support forming by a triple bottom + PA (BUOB) + DIV.

I check the div on a closed line chart and there you can see that during that time touched less or more the same line of support while the RSI was trending up hardly. That is how I measure div.

Or I am misunderstanding you buddy
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  • #47,540
  • Nov 4, 2009 11:00am Nov 4, 2009 11:00am
Quoting supremeChaos
Hello Hunri,
since ghous is most likely offline, i'll try to explain, if i may.
looking at his chart, u can see a 'confluence trade':
TL (trendline) + 1.5900 round number + 61.8 fib retracement + RSI divergence + trade based on break of IB (inside bar; red line)
ideally, we take setups with several/many confluences stacking the odds in our favor.
blue horizontal line is his expected initial problem/traffic area.

simple, isn't it?
ThanKs Guys its real simple. Except that the RSI does not seem to diverge with the direction of the price.
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