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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

  • #47,901
  • Nov 10, 2009 7:01pm Nov 10, 2009 7:01pm
Quoting Bryan
Daily bullish pin on 60ma, daily & weekly pivot. Me likes.
I might be interested in a long position on this cross as well. However, at a different location. I can't get too exited about a mediocre pin asking me to buy near a swing high. I have enclosed a chart that will explain what I'm looking for in a long position trade candidate. I'm not knocking your choice of trade, I'm just trying to get you thinking about what is available out there to trade vs what in my opinion is a "C" trade at best. You may very well profit here and I hope you do my friend. On this thread we speak often about PA at swings with areas of confluence. These are the highest probability trades to take. I'll take my long if I have the right bar show me to buy at the 1.6800 level. This would coincide with a retracement of the 618 fib and an upward sloping trendline that started back on nov 3. I hope this helps you. Best of luck to you and thanks for posting.

K.I.S.S.
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  • #47,902
  • Nov 10, 2009 7:38pm Nov 10, 2009 7:38pm
Quoting KissFan
I might be interested in a long position on this cross as well. However, at a different location. I can't get too exited about a mediocre pin asking me to buy near a swing high. I have enclosed a chart that will explain what I'm looking for in a long position trade candidate. I'm not knocking your choice of trade, I'm just trying to get you thinking about what is available out there to trade vs what in my opinion is a "C" trade at best. You may very well profit here and I hope you do my friend. On this thread we speak often about PA at swings...
Heya Kiss,

Before I read your post, I thought you went long there and was pretty surprised. Haha. That looked like a BIG "C" grade to me as well on a tiny pin going into immediate traffic + ranging market.

Kinda glad I'm on the same page as you. Prob means I'm "getting it".
Am also watching 6800. PPZ visible on daily.
Watching 6700 on cable on daily pin that rejection PPZ.

I'm beginning to realise that when Mike & Jim talk about "location", one can often identify that area waaay in advance and wait for price to come to you. [edit: ok. I think what I said is a subset of "location"]

A real pro said to me very recently,
"You're the boss. You make the rules.
Find an good area and wait for price to come to you".
I think his bread and butter is touch trading too. Insane skill.
[Edit: Sorry. He snipes order flow and focuses on the "white spaces" on the chart. Still figuring this one out proper]

Been liking your posts!

Cheerio~
One Mind, Any Market
  • #47,903
  • Nov 10, 2009 7:44pm Nov 10, 2009 7:44pm
well, nothing has formed on any of my daily charts that would induce any type of trade. However, I have a question about the daily EURUSD.

two consecutive matching highs = trend breakout up?
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Many choose unhappiness over uncertainty.
  • #47,904
  • Nov 10, 2009 8:10pm Nov 10, 2009 8:10pm
Hey Dan,

If I may answer this.

2 matching highs doesn't mean a breakout. In essence, it means that there's pretty strong resistance there so a push beyond that might constitute a breakout. I'd wait for a pullback, Mike style but tt's preference cause I suck at doing "raw" breakouts.

For ED, that's the 1.5000 mark and there's also weekly & monthly pivots smack on the 1.5000 region +/- 10 pips. Heavy heavy R indeed.
I know alota guys here dont like pivots, but I find them very useful. To each his own. Works for me. =)

Open to correction as usual if I'm wrong. =)

Cy

ED. 1hour.
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One Mind, Any Market
  • #47,905
  • Nov 10, 2009 8:32pm Nov 10, 2009 8:32pm
Quoting Cyrus
I know alota guys here dont like pivots

what thread do you think you're in? looool....


but yeah I understand your point, but how many times can 1.5000 be tested before a break upwards, given the trend we have been dealt that has been so steady for so long?
Many choose unhappiness over uncertainty.
  • #47,906
  • Edited 10:27pm Nov 10, 2009 8:55pm | Edited 10:27pm
Hi guys.

I've been out of the loop what happened to Chris' silent service thread?
How you act is more important than how you feel.
  • #47,907
  • Edited 9:29pm Nov 10, 2009 9:13pm | Edited 9:29pm
Quoting supremeChaos
check the "Under Evaluation" Commercials sub-forum

Ah I see ty.


I took this NZDUSD pin recently off IBFX feed 4 hr chart, anybody else bite on this one? The one marked with an arrow. I didnt get the whole thing though.

Those other sells I have in there for the gap.
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How you act is more important than how you feel.
  • #47,908
  • Nov 10, 2009 10:42pm Nov 10, 2009 10:42pm
OK, here is my trade (very small amount and it is against the main trend):

AUSUSD4H
triple top
div
BEOB not as big as I would like
not perfect room and some traffic but I will watch as a hawk and bail out if necessary!
first area is the bottom of the channel (.9250-9260).
If it breaks down I have red lines for the next PPZ's.

If it doesn't breakdown most likely will bounce off the bottom channel TL and take off upstream with the trend.

There is a similar situation on the NZDUSD adding the weekly opening gap to the picture
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Plan The Trade - Trade The Plan
  • #47,909
  • Nov 10, 2009 10:47pm Nov 10, 2009 10:47pm
hey dummie. i was looking at this to. au and eu look the same with the div and round numbers. I didnt take this one as i new i wouldnt really take it if i was trading live.
Seems like abit to much congestion and i think your right about hitting the 92.50 region and bouncing.
  • #47,910
  • Nov 10, 2009 11:27pm Nov 10, 2009 11:27pm
Quoting bluetrader
Trying to get acquainted with J16 here looking at shorting N/U. Bar close is in 20 minutes. Here are my thoughts. Please let me know why you would/wouldn't trade this pin.

Pros: Good location, TL break/retest, off 62 fib
Cons: Small protrusion, traffic awaits (notice 2 gray bars below)

Waiting for: Close below left eye, then break of low on the next bar

I would manage this trade *very* tightly once it arrives at traffic. Your take?

Thanks.

-- danny
Hi Bluetrader,

This is very far from a good location for a bullish pin bar.

Remember that a bullish pin bar is best when located at a swing low, an absolute swing low is even better,

This one is at a swing high and was rejected off the 7450 region which is historically important.

I call this an IPB (a bullish pin bar at a swing high) and like to trade it short at least down to the IPB low. I discussed these in detail in a few of my posts and how I like to play them, but if you're new to this stuff I would urge you to stick to the hardcore basics and understand that this just isn't a valid trade long for it's poor location, just like Mike commented.

cheers,
Ghous.
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I believe . . .
  • #47,911
  • Nov 11, 2009 1:29am Nov 11, 2009 1:29am
Hello Mike,

Quote
Yes the ex4 files goes into just the Experts folder of your brokers directory

Mike
Thanks for your quick reply !

In fact, I thought that I should have the .ex4 and the .mq4 file for running properly an EA in MT4.

Happy holiday

Cheers

Angel
  • #47,912
  • Nov 11, 2009 2:15am Nov 11, 2009 2:15am
Quoting triger88990
just saw your request

initially I was tempted to set a sell order off the high made by wednesday candel.
Basically this wasn't a blind trade,I scroll down to lower tf to find there PA when I know a strong PPZ.If you have a look on the 1h tf you would see a beob that will give you the entry signal.

Although it's seems that today we got a lower price I exited yesterday.

hope that helps!!
Thanks for the explanation.

You called the trade a Touch trade so i got a little confused.
  • #47,913
  • Nov 11, 2009 2:27am Nov 11, 2009 2:27am
USDCAD is at a 61% fib ret level from it previous highs.
I'll be looking for PA on the hourly upwards here for a possible entry.
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If you can wait and not be tired by waiting...
  • #47,914
  • Nov 11, 2009 4:13am Nov 11, 2009 4:13am
Quoting Cyrus
Heya Kiss,

Before I read your post, I thought you went long there and was pretty surprised. Haha. That looked like a BIG "C" grade to me as well on a tiny pin going into immediate traffic + ranging market.

Kinda glad I'm on the same page as you. Prob means I'm "getting it".
Am also watching 6800. PPZ visible on daily.
Watching 6700 on cable on daily pin that rejection PPZ.

I'm beginning to realise that when Mike & Jim talk about "location", one can often identify that area waaay in advance and wait for price to come to you. [edit:...
Hey Cyrus! Yeah we do make the rules. The challenge is sticking with what works. We see the wizards go by feel and think that it looks easy enough and then we are suddenly in the business of philanthropy. This stuff takes time and dedication on many levels. I'm not a negative person but I think to myself everyday that I trade that I'm just a click away from a big mistake. All I'm saying here is that we need to be very picky about what we buy or sell.

K.I.S.S.
  • #47,915
  • Nov 11, 2009 6:10am Nov 11, 2009 6:10am
Just recovered after the H1n1,still alive...not so strong as the media are reporting...so don't be scared.....

Here is my analisys on Gbp/Yen for the next days....i'd like your comment guys and galls about it:

Price is in a sort of descending channel.I want to see a break up of the blue TL and a pull back,or a down break of the green PPZ that represent a confluence of 50%Fib an PPZ with a pull pack to retest it for a down move.

Here my biggest doubt:

I think to play a bounce of the green rectengle is a bit risky beacause we are in uncertain area.
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Patience is essential
  • #47,916
  • Nov 11, 2009 6:16am Nov 11, 2009 6:16am
Quoting glyder
USDCAD is at a 61% fib ret level from it previous highs.
I'll be looking for PA on the hourly upwards here for a possible entry.
You call it.....but in my opininion is a bit small Pin Bar.....

Anyway good call.....
Patience is essential
  • #47,917
  • Nov 11, 2009 6:26am Nov 11, 2009 6:26am
Quoting ghous
Hi Bluetrader,

This is very far from a good location for a bullish pin bar.

Remember that a bullish pin bar is best when located at a swing low, an absolute swing low is even better,

This one...
Thanks Ghous. I was actually thinking of shorting this bar. Thanks for the explanation though. I decided against taking it b/c it is not a pin to short.

Amazing how we can all look at the same chart in so many different ways -- I know some guys here are long N/U on the 4H.

Thanks guys for the great insight.

-- Danny
  • #47,918
  • Nov 11, 2009 6:32am Nov 11, 2009 6:32am
Quoting benem
You call it.....but in my opininion is a bit small Pin Bar.....

Anyway good call.....
Hi Benem,
Agreed, I waited for the 4 hr bar to end and yes, it is too small a pin to be convincing.
If you can wait and not be tired by waiting...
  • #47,919
  • Nov 11, 2009 6:57am Nov 11, 2009 6:57am
Moved my stoploss to just above 1.5750, 40 pips locked in profit. Will see if 1.5700 now acts as resistance. If it does and price heads down further I will most stop to just above 1.5700 and lock in 90 pips.

1.5650 is a definite area and if this area holds I will get more aggressive with my stop. Without a break below 1.5650 it is telling me it will likely bounce higher/pause. A strong break below 1.5650 (if it gets there) tells me to hold on.

Just my analysis..............but as Mike has said better than me, you need to have your plan ahead of time. That is how you get to stress-free trading.


Nathan
  • #47,920
  • Nov 11, 2009 6:59am Nov 11, 2009 6:59am
At first I thought it was a holiday for veterans day, but now i noticed the stock markets have opened....
If you can wait and not be tired by waiting...
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