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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

  • #49,641
  • Dec 12, 2009 11:34am Dec 12, 2009 11:34am
Quoting Scot Pippin'
Just wondering if anyone here has a big monitor 27-28 inch? I'm curious how well the 4 chart MT4 split screen shows up on one. Eventually I'd like to have more than one but for now I might just get one for Xmas if Santa thinks I've been good. Got a sweet setup lets see it, hell it's the weekend.
Best Buy has a 23" acer monitor for only $179.99. it has a 4.7/5 rating after 124 customer reviews. Just a couple weeks ago it was $209.99. I would say to just buy two of the 23's at that price.... I can vouch for Acer. I have been using this same Acer laptop since summer 2007 and it has never given me ANY trouble at all.
Many choose unhappiness over uncertainty.
  • #49,642
  • Dec 12, 2009 1:28pm Dec 12, 2009 1:28pm
Hello folks,

I am trying to get better at planning my trades and here is what I am looking at for the EURCAD. Please point out any problems you see that I might have missed. Thanks!

----

As I was reviewing my charts today I took a look at the EURCAD Daily. This one jumps off the chart at me.

Friday we had formed what is currently a decent looking swing low around the 1.54 round number which has served as S/R in the past. We have plenty of "space" out to the left of this latest bar/range - no close traffic to contend with. Friday formed a very nice looking pinbar, piercing below the 1.54 round number and S/R zone, and closing well back into the body of the previous bar. The bar closed just below the 1.55 round number, but did pierce it intraday with a high at 1.5524 which coincides with the .618 Fib retracement of the October 12 to November 27 swing.

This pair meets all of my criteria for a trade entry:
1) Location is at a swing low, with plenty of space to the left
2) Confluence of S/R and Round Number 1.54
3) Excellent looking pinbar for a signal

Given that we have the 1.55 round number just above the close, as well as the .618 Fib just above that, I will place my entry above the high of the bar, somewhere around 1.5535 (11 pips beyond the high, which is also beyond the Fib). My initial stoploss will be 11 pips beyond the low at 1.5381. That leaves a total stop range of 154 pips, and I am targeting 2x1 for this trade which is well below the top of the swing high around 1.60. The initial spot where my trade may encounter trouble is the S/R zone around 1.5567, which is where I will bring my stop to breakeven.

That's my plan, but since my broker doesn't allow pending orders to be placed when the market is closed I will try to get it in during the Sunday session.
Attached Image(s) (click to enlarge)
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  • #49,643
  • Dec 12, 2009 2:38pm Dec 12, 2009 2:38pm
Quoting Dan Gilbert
Best Buy has a 23" acer monitor for only $179.99.
I'm looking at the 28 inch by I-Inc at Tigerdirect for 289$ Reviews are pretty good, I won't be gaming just charting.
"Whether you think you can or can't, you're right." Henry Ford
  • #49,644
  • Dec 12, 2009 9:19pm Dec 12, 2009 9:19pm
Recently received a 27" iMac with a 2560 X 1440 resolution. I previously was using a 15.4" monitor and the higher resolution definitely makes a big difference. I may add a second monitor in the future if funds permit.

Scott
  • #49,645
  • Dec 13, 2009 4:06am Dec 13, 2009 4:06am
Hi Scott,
Which charting do you use for your mac?
I have a mac too (not the new 27" which looks great ) and its great as a surfing computer/entertainment centre but for trading, I can't get MT4 to work on it, nor certain other charting packages I have previously subscribed to (Nor Jim's vids despite all the help and advice in the PF).
For most trading related activities I have to use a laptop, which is inconvenient.

Quoting phpscott
Recently received a 27" iMac with a 2560 X 1440 resolution. I previously was using a 15.4" monitor and the higher resolution definitely makes a big difference. I may add a second monitor in the future if funds permit.

Scott
If you can wait and not be tired by waiting...
  • #49,646
  • Dec 13, 2009 6:10am Dec 13, 2009 6:10am
Hello,

I am now reading Martin Pring's Trading Psychology book. It's really good. Which ones of his are worth reading as well?

Thank you
  • #49,647
  • Dec 13, 2009 6:58am Dec 13, 2009 6:58am
Quoting glyder
Hi Scott,
Which charting do you use for your mac?
Hi glyder, I'm not Scott, but I have a mac and I use VirtualBox for my windows related software. It's open source virtualization software that I've used well on the mac and linux. There's also Parallels which I hear is a great commercial product.

Good luck.

-- Danny
  • #49,648
  • Dec 13, 2009 7:19am Dec 13, 2009 7:19am
Hello to everyone on the thread,

finally, after about two months following this thread, my first post!
I take that opportunity to thank james16, mike, fidji, and all the people who make that thread so valuable. I learned much more during those two months about markets and myself than during the year I tried to learn the market by myself.
Now that I start to understand a little bit more about all that stuff, I feel I can start to participate.

To Glyder about Mac charting:
I think not so many options, I am using a mac myself (Macbook Intel): virtualization using Parallels/windows XP, then any windows program. Works like a charm.
For the PF video, just use Windows media player 9 for OS X. Again works well, I can read all the video freely available.

To Wamo about EurCad:
From my point of view (complete newb, just for discussion),
- the pinbar does not look that good: the nose does not protrude that much from the previous bar, the left eye is about 1/2 of the wanabee pinbar. I much prefer if nose protrude 2/3.
- second, it does not protrude through an important level: the bar is UNDER the 1.55, and UNDER the 61.8% fib ret. And it touches the 1.54. I prefer when the nose goes through one of those levels and close higher.

Overall that bar reminds me to some extent of the 7 th october bar on your chart (as well as 10th of september) , the main difference being that the 11th december bar close higher than the opening, which is in the direction of the expected reversal, which is better sign for reversal.
Finally, I think it can indeed go back to the 1.5560 zone, but not much higher, which leaves about 30 pips, but EurCad has big spread (around 10 pips in my case). Take it into account.

I my case, I would manage that trade extremely tightly.
  • #49,649
  • Dec 13, 2009 7:31am Dec 13, 2009 7:31am
Quoting Wamo
Hello folks,

I am trying to get better at planning my trades and here is what I am looking at for the EURCAD. Please point out any problems you see that I might have missed. Thanks!

----

As I was reviewing my charts today I took a look at the EURCAD Daily. This one jumps off the chart at me.

Friday we had formed what is currently a decent looking swing low around the 1.54 round number which has served as S/R in the past. We have plenty of "space" out to the left of this latest bar/range - no close traffic to contend with. Friday formed...
Hello Wamo,

i like your analysis on this pair and this one has also caught my eye. I will see how it pans out on the open to see if I will take it or not.

The only concern I have with it is that the range of the pin bar is quite small compared against the range of some of the proceeding days. This is the main concern I have with it.

Cheers
Boca
  • #49,650
  • Dec 13, 2009 8:12am Dec 13, 2009 8:12am
Quoting bluetrader
Hi glyder, I'm not Scott, but I have a mac and I use VirtualBox for my windows related software. It's open source virtualization software that I've used well on the mac and linux. There's also Parallels which I hear is a great commercial product.

Good luck.

-- Danny
Many Thanks Bluetrader,
I'll give it a go.
If you can wait and not be tired by waiting...
  • #49,651
  • Dec 13, 2009 10:37am Dec 13, 2009 10:37am
Hi,
I run Windows 7 using Parallels Desktop 5. It works great.

Scott

Quoting glyder
Hi Scott,
Which charting do you use for your mac?
I have a mac too (not the new 27" which looks great ) and its great as a surfing computer/entertainment centre but for trading, I can't get MT4 to work on it, nor certain other charting packages I have previously subscribed to (Nor Jim's vids despite all the help and advice in the PF).
For most trading related activities I have to use a laptop, which is inconvenient.
  • #49,652
  • Dec 13, 2009 10:46am Dec 13, 2009 10:46am
My only setup anticipating sunday open.
Attached Image (click to enlarge)
Click to Enlarge Name: sundayopener.gif Size: 50 KB
Many choose unhappiness over uncertainty.
  • #49,653
  • Dec 13, 2009 10:48am Dec 13, 2009 10:48am
Quoting phpscott
Hi,
I run Windows 7 using Parallels Desktop 5. It works great.

Scott
Many Thanks Scott,
I'll take a look,
If you can wait and not be tired by waiting...
  • #49,654
  • Dec 13, 2009 11:18am Dec 13, 2009 11:18am
there's a pin bar, 61% fibo, and also double low.. is that a valid double low ?
Attached Image
  • #49,655
  • Dec 13, 2009 11:26am Dec 13, 2009 11:26am
Quoting Dan Gilbert
My only setup anticipating sunday open.
what about this quadruple high break ? also on my fxpro server the gchf 4hr not showing pinbar..
Attached Image
  • #49,656
  • Dec 13, 2009 11:43am Dec 13, 2009 11:43am
Quoting bee24
Hello,

I am now reading Martin Pring's Trading Psychology book. It's really good. Which ones of his are worth reading as well?

Thank you

I am finishing Martin Pring on Price Patterns and love it--good stuff.
  • #49,657
  • Dec 13, 2009 12:33pm Dec 13, 2009 12:33pm
wamo, am also watching this for Sunday open......4-hr MACD also gives divergence...looking for 35% retracement entry......lets wish ourselves luck

Quoting Wamo
Hello folks,

I am trying to get better at planning my trades and here is what I am looking at for the EURCAD. Please point out any problems you see that I might have missed. Thanks!

----

As I was reviewing my charts today I took a look at the EURCAD Daily. This one jumps off the chart at me.

Friday we had formed what is currently a decent looking swing low around the 1.54 round number which has served as S/R in the past. We have plenty of "space" out to the left of this latest bar/range - no close traffic to contend with. Friday formed...
  • #49,658
  • Dec 13, 2009 12:43pm Dec 13, 2009 12:43pm
Quoting bee24
Hello,

I am now reading Martin Pring's Trading Psychology book. It's really good. Which ones of his are worth reading as well?

Thank you
Hi Bee, from prior posts from the seniors... the one that keeps coming up is "Pring on Price". There might have been another one, but I can't think of it off the top of my head.

Have a great week.

-- Danny
  • #49,659
  • Dec 13, 2009 1:37pm Dec 13, 2009 1:37pm
Quoting TitiX
Hello to everyone on the thread,
Hey Bud welcome
  • #49,660
  • Dec 13, 2009 1:38pm Dec 13, 2009 1:38pm
Quoting bluetrader
Hi Bee, from prior posts from the seniors... the one that keeps coming up is "Pring on Price". There might have been another one, but I can't think of it off the top of my head.

Have a great week.

-- Danny
I have read a lot of books. Pring on Price patterns is the only book I ever recommend from a technical standpoint. I even sent someone on the boards my copy cause I think it overstayed its welcome on my desk
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