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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

  • #50,381
  • Dec 27, 2009 8:55pm Dec 27, 2009 8:55pm
Quoting ghous
Just saying that I would never want any box "on the chart" to tell me what session we are trading into...
I vouch for the efficacy of clean charts too G.
A few months back my charts looked like a dog fight from star wars, I thought that was "clean" too.
It's about a daily decrease, not increase, as we realise what is essential and get rid of the things that have very marginal benefits.

"Everything should be made as simple as possible, but not simpler.
I believe that a simple and unassuming manner of life is best for everyone, best both for the body and the mind." - Albert Einstein

Happy Hols guys =)
One Mind, Any Market
  • #50,382
  • Dec 27, 2009 9:30pm Dec 27, 2009 9:30pm
Quoting BullsAndBear
I had to post this up here cause i just got my paws on this indi and it just put things in such an mazing perspective. Its missing only one thing and that is an indi to put verticals up for those important times of day when we may expect reversals or continuations of the trend. If anyone finds this to be of benefit I can post the indi here. But plz lmk wut u think. I drew the red verticals myself to help reveal important times of the trade sessions.

bulls
Keep it up. The time when you change will be decided by you, not anyone else.
  • #50,383
  • Dec 28, 2009 1:23am Dec 28, 2009 1:23am
Quoting bluetrader
Hi perch, thanks for posting those charts. I was looking at some of these, below are my thoughts. I'm a newbie, so just trying to continue the conversation you started... I'm sure the seniors will post their feedback.

I am purely on daily's... I find mixing time frames too confusing for me.

I have no signal on EUR/CHF... although the EUR/USD is showing a similar pin bar to go short that hasn't triggered. I don't like E/U daily pin because it's not at a swing high.

Below is what I see:

EDIT: Perch, to avoid hitting Print Screen and editing...
EUR/CAD:

It's off nothing major except the 1.5 round number, and I will say that even if I go with your charts. The trend line is still very short term to get a vote from me.

So looking at it as a feeble pin bar at a time when everybody right in their minds are enjoying their Xmas vacations and with only the 1.5 as a real support for it I would rate it as a "no trade", but that's just me...

AUD/CAD:

The best of the setups you brought up, far from A+ though, the 2 day pin could have been longer, and again it's the worst time to be trading but given it's broken nicely it could push 9345.

Eur/Usd:

Not a setup at all! We don't trade pin bars just because they appears, we trade them selectively because those that appeal to us have got to tell us something abt the changed sentiment of the market and that BTW is best deduced from their locations. period.

--------

Quite seriously I don't get this idea of foregoing all the fun just cuz I can't let go off the pips...well, unless I am in dire need of a trade, and that, I am thankfully not.

g.
I believe . . .
  • #50,384
  • Dec 28, 2009 2:11am Dec 28, 2009 2:11am
When new to Forex it is so fun and exciting you get upset when the weekends and holidays show up. That how it was for me a year ago. This year I'm enjoying the break.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #50,385
  • Dec 28, 2009 2:40am Dec 28, 2009 2:40am
Quoting ghous
EUR/CAD:

It's off nothing major except the 1.5 round number, and I will say that even if I go with your charts. The trend line is still very short term to get a vote from me.

So looking at it as a feeble pin bar at a time when everybody right in their minds are enjoying their Xmas vacations and with only the 1.5 as a real support for it I would rate it as a "no trade", but that's just me...

AUD/CAD:

The best of the setups you brought up, far from A+ though, the 2 day pin could have been longer, and again it's the worst time to be trading...
Thanks for this.

Can you please explain why EUR/USD is not a set-up? I entered on PB on the 4hr chart on 24th December with the nose piercing s&r at 1.4391. The trend is also down.

I am not disputing what you say, however, I am trying to understand the reasoning.

Thanks
"Fail to prepare, prepare to fail."
  • #50,386
  • Dec 28, 2009 5:34am Dec 28, 2009 5:34am
Quoting packhorse
Thanks for this.

Can you please explain why EUR/USD is not a set-up? I entered on PB on the 4hr chart on 24th December with the nose piercing s&r at 1.4391. The trend is also down.

I am not disputing what you say, however, I am trying to understand the reasoning.

Thanks
Hi packhorse,

I don't know if I'm competent enough to talk about this. but here goes.

I think most of the senior traders here realizes that they won't open a position based on a PA that happens at the end of the trading year, this year, forex trading basically ends at 24th of december and starts again at roughly 4th of January, but due to the NFP at 8th, I'm taking a wild guess and say the 11th is my best bet, I would take trades before that actually, provided there's a very good setup.

The EURUSD's 4H PB is at a great spot, the weekly PPZ of 1.4400, and the next bar blew right through it, stopped at the first signs of trouble at 1.4360 area, I would guess the main reason that I would not hold on to the trade and let it run till after the holidays is the holidays! Lets say you're risking 50 pips on 1% trading this setup, you would be up at least 20 pips or something like 0.4%, and since it's with the overall correction we're having on the uptrend, you might just decided to stick with the stop on top of the 4H PB.

The setup itself is kinda great, although not a long enough nose for a pin IMO, but being the end of the year, most traders are holding their reins and went for a holiday, Jacko for one example decided to stay off the market for a holiday until the 4th of Jan.

I know this is a kinda fundie thing, but it will come after spending some time in this thread and reading the gems the great people here are giving us, but it will come, I promise you, if someone like me can understand it, anyone can!

Hope that helps.

Marcel.
  • #50,387
  • Dec 28, 2009 6:43am Dec 28, 2009 6:43am
Quoting ghous
EUR/CAD:

It's off nothing major except the 1.5 round number, and I will say that even if I go with your charts...
Thanks for your feedback ghous... sometimes when we start our journey into the woods, a hint in the right direction from some of the seniors goes a long way.

Have a great holiday and 2010 everyone.

-- Danny
  • #50,388
  • Dec 28, 2009 8:28am Dec 28, 2009 8:28am
Quoting packhorse
Thanks for this.

Can you please explain why EUR/USD is not a set-up? I entered on PB on the 4hr chart on 24th December with the nose piercing s&r at 1.4391. The trend is also down.

I am not disputing what you say, however, I am trying to understand the reasoning.

Thanks
To start off I was talking abt the pin bar on the daily, the 4H wasn't all that great either but a better bet than the daily...


Now looking at the daily pin bar, the most obvious factor that made me cry out "HELL NO" was the fact that its located almost at a swing low, and that we don't want.

This is so because the most important factor in a trade that runs well is that it has space to operate in, by targeting a swing low for a bearish pin bar we are hoping against hope that the swing low will not hold which can be a costly mistake.

Pop up your weekly Eur/Usd chart and try to sniff at the aroma of the 1.43 price level, the swing low we're talking abt is one that has formed at this rock solid level.

Would you bet your bank the pin bar you see on the daily will definitely bust through 1.43? I for one would not...and that's the whole point,

We try hard not to enter but rather to not enter the market until enough odds are in favor.

Add in what Marcel said and you have enough reasons to dump such setups.

g.
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I believe . . .
  • #50,389
  • Dec 28, 2009 8:36am Dec 28, 2009 8:36am
Merry Xmas to J16, Mike and the gang along with all the thread members and a happy new year (I won't be late now for this one).

Be thankful for your kids, family, stubborn non-sleeping puppy and great friends!!

A merry Pipmas to all and to all a good night!!

As you can tell I have not had much sleep due to little T-Rex! I hope the sincerity is not lost in the message though.
  • #50,390
  • Dec 28, 2009 8:39am Dec 28, 2009 8:39am
Thanks for the feedback guys. Very useful information for me.

Happy New Year.
"Fail to prepare, prepare to fail."
  • #50,391
  • Dec 28, 2009 8:44am Dec 28, 2009 8:44am
Quoting dobe_r_man
Merry Xmas to J16, Mike and the gang along with all the thread members and a happy new year (I won't be late now for this one).

Be thankful for your kids, family, stubborn non-sleeping puppy and great friends!!

A merry Pipmas to all and to all a good night!!

As you can tell I have not had much sleep due to little T-Rex! I hope the sincerity is not lost in the message though.
lol,

Your love for the dogs is admirable

Have a good one

g.
I believe . . .
  • #50,392
  • Dec 28, 2009 8:53am Dec 28, 2009 8:53am
Hi Guys,

I tend to try and trade 4 hr or daily set-ups.

When trading with the trend, what chart would use to decide the trend for basing your set-ups? Is it as per the weekly chart or shorter term.

Thanks for your help.
"Fail to prepare, prepare to fail."
  • #50,393
  • Dec 28, 2009 8:54am Dec 28, 2009 8:54am
Quoting ghous
lol,

Your love for the dogs is admirable

Have a good one

g.
Same to you Ghous! Hope all is going well with you.

Nathan
  • #50,394
  • Dec 28, 2009 9:00am Dec 28, 2009 9:00am
Quoting packhorse
Hi Guys,

I tend to try and trade 4 hr or daily set-ups.

When trading with the trend, what chart would use to decide the trend for basing your set-ups? Is it as per the weekly chart or shorter term.

Thanks for your help.
Higher time frame trends as well as the one on the time frame you're basing the trade are important.

Only trends on the time frames lower than the one you are trading on are irrelevant.

The whole point of analyzing higher time frames is to gauge the over all trend direction and longer term ppzs.

g.
I believe . . .
  • #50,395
  • Dec 28, 2009 9:04am Dec 28, 2009 9:04am
Quoting ghous
Higher time frame trends as well as the one on the time frame you're basing the trade are important.

Only trends on the time frames lower than the one you are trading on are irrelevant.

The whole point of analyzing higher time frames is to gauge the over all trend direction and longer term ppzs.

g.
Thanks for the advice.
"Fail to prepare, prepare to fail."
  • #50,396
  • Dec 28, 2009 9:37am Dec 28, 2009 9:37am
1 pip from a perfect set up imho. I still took the trade for a quick 10 pips profit including spread. The confluence of the 618 and 4 hr support helped me take this long. A little Rac style in the mix as well.

K.I.S.S.
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  • #50,397
  • Dec 28, 2009 10:08am Dec 28, 2009 10:08am
Quoting KissFan
1 pip from a perfect set up imho. I still took the trade for a quick 10 pips profit including spread. The confluence of the 618 and 4 hr support helped me take this long. A little Rac style in the mix as well.

K.I.S.S.
That's amazing for this holiday season KISSfan, my broker charge 3 times the spread until January 4th, kept me on the sidelines for now.

Does interbank charge triple spread too? just curious.
  • #50,398
  • Dec 28, 2009 10:10am Dec 28, 2009 10:10am
Quoting ghous
To start off I was talking abt the pin bar on the daily....
Well I didn't read your previous post so my bad G.

What are u doing this holiday season?
  • #50,399
  • Dec 28, 2009 10:12am Dec 28, 2009 10:12am
Quoting dobe_r_man
Merry Xmas to J16, Mike and the gang along with all the thread members and a happy new year (I won't be late now for this one).

Be thankful for your kids, family, stubborn non-sleeping puppy and great friends!!

A merry Pipmas to all and to all a good night!!

As you can tell I have not had much sleep due to little T-Rex! I hope the sincerity is not lost in the message though.
Another dogs lover! I have a puny pomeranian back home that misses me... wait, maybe I miss her more, sigh, I wish the peak season would end soon so I can pick her up to this new town.

Merry Xmas to you too! and all the members of J16
  • #50,400
  • Dec 28, 2009 10:12am Dec 28, 2009 10:12am
Quoting marcelnyo
That's amazing for this holiday season KISSfan, my broker charge 3 times the spread until January 4th, kept me on the sidelines for now.

Does interbank charge triple spread too? just curious.
Spread was 3 pips. Not sure what IBFX charges right now.

Best to you in the new year.

K.I.S.S.
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