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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

  • #48,341
  • Nov 19, 2009 4:26am Nov 19, 2009 4:26am
closed like rubbish .. lol

however i might play a break of the absolute high ...
  • #48,342
  • Nov 19, 2009 4:36am Nov 19, 2009 4:36am
Quoting pipmyride
closed like rubbish .. lol

however i might play a break of the absolute high ...
yeah a strong move off 67000....(no big surprise there then) i've still some on the table (not looking the may west atm)
  • #48,343
  • Nov 19, 2009 4:56am Nov 19, 2009 4:56am
aud/usd 1h.... is looking very interesting, dbl sat on a good ppz lvl
  • #48,344
  • Nov 19, 2009 5:00am Nov 19, 2009 5:00am
4h chart as the ppz is easier to see. please ignore the arrows (diff tf plays)

regards
  • #48,345
  • Edited 5:37am Nov 19, 2009 5:02am | Edited 5:37am
Quoting icarusfx
4h chart as the ppz is easier to see. please ignore the arrows (diff tf plays)

regards
sorry helps to attach.... up @ 4 with my son this morning and this is what is does to me lol

edit: good strong break of dbl after ib! good dibs trade... jaroo did you trade this one?

ps stopped out on last 1/3 of cable trade around b/e
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  • #48,346
  • Nov 19, 2009 5:36am Nov 19, 2009 5:36am
Quoting jarroo
..
..
Question? I see the value of PPZ levels at the Close of Price, do you also look at fib levels or more importantly at the 50% retracement level by using the Closes instead of the High and Lows?
Hi Jim,

No, I draw my fibs always using Highs/lows. I want the whole range.

...I'm not sure if this is what you were asking though, J??

With 50% levels etc. ...well, I'm looking at those levels as "this is where the orders might start coming in." and "there's more likely to be more orders at fib level 'C' in this case" (...from confluences mostly). I'm not trying to do anything complicated with where the close price is. Unless it prints out a really good bar, of course.

(edit: no I am, actually. Closing on the favourable side of a fib level after a stab through it, I like too. Had to think about what I do. lol ...pretty much as I say below for 'breaks'. A correct close price 'convinces' me. Well convinces me 'more'. lol)

Close price holds much, much weight for me. In all aspects of the charts. i.e. "Who won?"

Price staying over the break side of a level and closing there convincingly, I like a lot.

Edit (again. ): I'll add more.... If the close price sits on a level that was just broken , then I ignore a good PA bar. ...i.e. We break 1.5000. In confluence with many other studies. ...Then a pin is printed with the High at 1.5029. And the bar 's close is at 1.5002. I'll be VERY weary about taking the pin. It couldn't return to the other side. Support is possibly too strong... the pin is a lot more likely to have it's nose broken.
Bundy's status today: "Waiting..."
  • #48,347
  • Nov 19, 2009 6:00am Nov 19, 2009 6:00am
double inside bars on nzd/usd...

Daily
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skype: ststroud. let's talk trading.
  • #48,348
  • Nov 19, 2009 6:03am Nov 19, 2009 6:03am
Hi, I would really appreciate some comment on whether this was a good setup or not. Posted it before but it wasnt noticed. I traded the break of the previous bar of the inside bar on the hourly chart. I could have traded the break of the bar itself but i decided to wait for more conformation. I exited with 91 pips profit.

Main reason for trade was the PA at what i thought to be a very significant zone . Confluence included -

long and medium term trend lines right at a 50%, 38% and 60% fib levela when drawn from the previous swing highs.

weekly pivot point, daily r2 and previous s+r flipzone.

Trading with the trend with some good hidden divergence if the MACD turned (as it did) with no double bind divergence.

Seems to be quite a bit of space for price to move into as long as it can get past the monthly pivot zone which has acted as previous support.

I took half the profit on the line marked HP just above a whole number and full profit at the line just before the lows. The main reason i set these orders is because i was asleep. If i was awake i would have monitored the trade and still been in.

I am just learning the methods and would appreciate any thoughts on my thinking on this trade. i hope the chart is clear - if not i will post another one. Thanks.
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  • #48,349
  • Nov 19, 2009 6:19am Nov 19, 2009 6:19am
Nzd/Usd
We still have our monthly pin, forming a weekly beob and hitting the .7300 area as we speak. Let this break below and retrace back to that area this could be a short I hold for a very long time. As pointed out, also broke the daily double inside bar to the .7300 area.

Aud/Usd
Forming a beob on the weekly......let's watch this one.

Gbp/Chf
Still have my order below the 2 day pin, forming an 8 hour pin at the moment. Weekly shows a pin forming, everything is screaming short to me on this pair.

To Nostramikus, great call on the gbp/jpy, I am hoping for a retracement back before I enter short but Mike is already on the bus and it may not come back for those left behind!!

Nathan
  • #48,350
  • Nov 19, 2009 6:20am Nov 19, 2009 6:20am
Quoting tyler812
double inside bars on nzd/usd...

Daily
Attachment
I'm on that one since just below 0.7400
  • #48,351
  • Nov 19, 2009 7:02am Nov 19, 2009 7:02am
I am starting to tinker with s/r trades and noticing that a what ends as a pinbar,or 2 bar pin on a higher time frame will sometimes look like an almost triple bar low on a lower time frame. This gives me a place for my SL . I'm looking for these opportunities at swing high/lows with space and divergence. This particular trade doesn't look exactly like I'm refering but you get the idea.

Anyone like to share ideas? I guess it wouldn't be considered touch trading since I'm placing SL beyond first bar. In this pic I'm already at BE though.
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"Whether you think you can or can't, you're right." Henry Ford
  • #48,352
  • Nov 19, 2009 7:41am Nov 19, 2009 7:41am
Quoting tyler812
double inside bars on nzd/usd...
Nice Tyler good spotting. Your account is liking that one.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,353
  • Nov 19, 2009 7:45am Nov 19, 2009 7:45am
we'll see.........
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  • #48,354
  • Nov 19, 2009 7:54am Nov 19, 2009 7:54am
This has been the best trade I think I have ever taken.

4hr pin. At the time this formed, it was pretty clear that GBPJPY was breaking to the downside of the consolidation. so it only made sense that this pin on CHFJPY was going to tell me a similar story.
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Many choose unhappiness over uncertainty.
  • #48,355
  • Nov 19, 2009 8:28am Nov 19, 2009 8:28am
Quoting Dan Gilbert
This has been the best trade I think I have ever taken.

4hr pin. At the time this formed, it was pretty clear that GBPJPY was breaking to the downside of the consolidation. so it only made sense that this pin on CHFJPY was going to tell me a similar story.
Hi Dan, this is more or less the same trade that i took that i have posted about a couple of times if you look back. only difference is i took it off an inside bar on the 1 hour chart off of eurjpy not chfjpy which i think are probably extremely similar. also i did not let it run as much as i would have liked because i set some limit orders while i was in bed. was trying to get some feedback about this trade earlier. nice bit of profit though. hope the reasoning was sound enough.
  • #48,356
  • Nov 19, 2009 8:46am Nov 19, 2009 8:46am
Quoting Majestic12
Hi Dan, this is more or less the same trade that i took that i have posted about a couple of times if you look back. only difference is i took it off an inside bar on the 1 hour chart off of eurjpy not chfjpy which i think are probably extremely similar. also i did not let it run as much as i would have liked because i set some limit orders while i was in bed. was trying to get some feedback about this trade earlier. nice bit of profit though. hope the reasoning was sound enough.
I don't understand what you mean about how you didn't let it run because of limit orders?

All you need to do is take 50% of your trade off the table, and move the stop to B/E at the first potential "problem area". I took half profit and moved my stop to B/E when price hit 88.00 - - After you make a trade management decision like that, there is NO PRESSURE to let the rest of the trade take off. It's already a winner, and anything extra you make now is just a bonus in my opinion. Jim is always very vocal about this technique, and I can say it really helps with the psychology of trading.

considering the fact the yen crosses were wound so tightly, I still haven't made a decision as to where I will close the rest of my postion. Just going to keep an eye on it...
Many choose unhappiness over uncertainty.
  • #48,357
  • Nov 19, 2009 8:48am Nov 19, 2009 8:48am
I've been browsing this thread off and on for some time now, and while I like what I see, I've got a lingering concern that I can't shake.

Some of the best trades overall are off of the daily bars and this is the recommended approach for beginners. But with Forex being a 24 hr market, the shape of the daily bars depend on where you set the open. Doesn't this argue against the validity of chart patterns? Is there a standard open time used in this thread? What happens if you use a different one? Is it helpful to use an open time for aud/jpy that is different from say, gbp/chf, since the volume in those pairs is heavy at different times of the day?

All answers are much appreciated.
  • #48,358
  • Nov 19, 2009 8:55am Nov 19, 2009 8:55am
this stuff it's really simple folk's, just practice

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  • #48,359
  • Nov 19, 2009 9:18am Nov 19, 2009 9:18am
Hi triger88990,

thanks for posting the charts. The triangle on gbpjpy was a great short!!!

your charts show the time left for a bar end at the left upper corner. How can I see that?

thanks
  • #48,360
  • Nov 19, 2009 9:27am Nov 19, 2009 9:27am
Quoting RajFX
Hi triger88990,

thanks for posting the charts. The triangle on gbpjpy was a great short!!!

your charts show the time left for a bar end at the left upper corner. How can I see that?

thanks
it's an indicator, here you go

PS: just copy on the expert/indicator folder
Attached File(s)
File Type: ex4 EJ_CandleTime.ex4   2 KB | 700 downloads
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