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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

  • #51,201
  • Jan 11, 2010 5:38am Jan 11, 2010 5:38am
Quoting PeterPan
Hello Everyone,

I'm off today so I thought I would have a look at 4 hourly trading.

I know you're all busy with your trades, but I'll throw in a question anyway.

With someone new to the business do you suggest following one or two pairs first, getting to know them and then add more pairs?

If so which pairs would you start with?

Or is it ok to have a good number of pairs and just screen them all on a daily basis in the process of learning how to trade?

Regards,

P
What we follow is price action. And this bad boy holds true for every pair, every time frame and every market. So it's ok to add as many pairs as you want specially when you're on the daily and daily+ practicing being really picky and choosing the best of setups out there.

g.
I believe . . .
  • #51,202
  • Jan 11, 2010 7:31am Jan 11, 2010 7:31am
Quoting Dan Gilbert
GC broke fast! SL @ break even. Presently 30 pips away from closing up half the position....
G/C stopped out at BE, I set this limit order before bed, SL @ breakeven, first target: 1.0200
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Many choose unhappiness over uncertainty.
  • #51,203
  • Jan 11, 2010 7:31am Jan 11, 2010 7:31am
Quoting PeterPan
Hello Everyone,

I'm off today so I thought I would have a look at 4 hourly trading.

I know you're all busy with your trades, but I'll throw in a question anyway.

With someone new to the business do you suggest following one or two pairs first, getting to know them and then add more pairs?

If so which pairs would you start with?

Or is it ok to have a good number of pairs and just screen them all on a daily basis in the process of learning how to trade?

Regards,

P
With the 4hr and daily, really good pa might only come once a week, so best to focus on all pairs, the lower you go the more instances, so you can choose less pairs to follow.
Economists have forecast 9 out of the last 5 recessions
  • #51,204
  • Jan 11, 2010 7:36am Jan 11, 2010 7:36am
Quoting Dan Gilbert
G/C stopped out at BE, I set this limit order before bed, SL @ breakeven, first target: 1.0200
aaaaand out at B/E
Many choose unhappiness over uncertainty.
  • #51,205
  • Jan 11, 2010 8:33am Jan 11, 2010 8:33am
I put this trade in today. (I demo)

short term TL with confluence with 618 ret.

PA: 1: DBLHC
2: Break of TBH

Target long term TL.

It is probably a short term trade. But if it breaks the Long Term TL who knows....
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  • #51,206
  • Jan 11, 2010 8:47am Jan 11, 2010 8:47am
Quoting ghous
You remind me of jarroo...

here's the indicator,

apply it on the pair you want by dragging it on to the chart. "period multiplier" is set by default to 2, so if you hit ok it will work on a 2 day chart, you can set it to 4 for a 4day chart etc.

Next minimize all chart windoes and go to file - - -> Open offline and select the chart from the list,

Enjoy the pips.

g.
Thanks for that ghous. Much appreciated.
Cheers
  • #51,207
  • Edited 9:16am Jan 11, 2010 8:59am | Edited 9:16am
Quoting PeterPan
I put this trade in today. (I demo)

short term TL with confluence with 618 ret.

PA: 1: DBLHC
2: Break of TBH

Target long term TL.

It is probably a short term trade. But if it breaks the Long Term TL who knows....
That short term TL is invalid,

You can start playing a trend line latest on the third touch, and that is because you need at least 2 occasions where price bounces off a trend line to confirm it's existence.

So removing the trend line you're left with no confluence to match with that trade.

Double bars are best played at swing lows/swing highs with enough confluence factors because as it is they are a weaker price action setup compared to pin bars and outside bars hence the huge confluence and location requirements.

g.
I believe . . .
  • #51,208
  • Jan 11, 2010 9:05am Jan 11, 2010 9:05am
Quoting dobe_r_man
Last time we were at this level, it printed a weekly pin before climbing almost 400 pips from the break. I will be watching what happens at this level Very closely..........
i wrote about that situation a few days ago http://www.forexfactory.com/showpost.php?p=3343721&postcount=50850
  • #51,209
  • Jan 11, 2010 9:21am Jan 11, 2010 9:21am
Quoting relict07
I'm keeping a closer eye on the CHFJPY. Its reaching that point of heavy resistence on the round number zone of 91.00.

Attachment

still learning how to get the best fit imgs.
I normally just press the ''Print Screen'' button in the top right corner of the keyboard and then i open Paint and paste the image. I would advise you to save the image as .png since it occupies less space than other image formats and then i upload it on this forum by clicking on the attachments

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  • #51,210
  • Jan 11, 2010 9:21am Jan 11, 2010 9:21am
Quoting ppfx
i wrote about that situation a few days ago http://www.forexfactory.com/showpost...ostcount=50850
I don't read every post........but yes you did cover it. This time around I think there is a better chance for a break of that area, though price action will determine what if anything I do.

Weekly pivots can provide great moves.....but I will just sit, wait and watch for clues.

Nathan
  • #51,211
  • Jan 11, 2010 9:22am Jan 11, 2010 9:22am
Did't hit 134.50 which is a worry.

133.50 or a BE. Lets see.
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  • #51,212
  • Jan 11, 2010 9:49am Jan 11, 2010 9:49am
Quoting nasir.khan
Did't hit 134.50 which is a worry.

133.50 or a BE. Lets see.
Depending on your spread (did you get filled?), that was laser point accuracy on that trade Nasir!!

Nice one.........you touch trade guys impress me with your execution. I do a lot more sitting and waiting, so it passes the time for me......ha ha.

Nathan
  • #51,213
  • Jan 11, 2010 10:09am Jan 11, 2010 10:09am
who else caught this one?
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  • #51,214
  • Jan 11, 2010 10:13am Jan 11, 2010 10:13am
Quoting dobe_r_man
Depending on your spread (did you get filled?), that was laser point accuracy on that trade Nasir!!

Nice one.........you touch trade guys impress me with your execution. I do a lot more sitting and waiting, so it passes the time for me......ha ha.

Nathan
Sitting and waiting is greater skill then touch trading Nathan.

Yea closed the short at 133.60, my orders were at 133.62 and 133.56.

GJ did't hit 148.25.
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  • #51,215
  • Jan 11, 2010 10:16am Jan 11, 2010 10:16am
Quoting nasir.khan
Sitting and waiting is greater skill then touch trading Nathan.
Nugget material! This cannot be said too many times. Nice quote for a slow chart posting day Nasir.

K.I.S.S.
  • #51,216
  • Jan 11, 2010 10:34am Jan 11, 2010 10:34am
I have been looking at this chart every day since the year began. While I have been shorting this pair at the top of the channel there at the bottom, I figured it would eventually break towards the 50 or 618 fib retrace on the BEOB from December 2009. My read of this chart tells me that the 1.4682 area is the most likely area for a turn to the downside.

K.I.S.S.
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  • #51,217
  • Jan 11, 2010 10:45am Jan 11, 2010 10:45am
Quoting KissFan
Nugget material! This cannot be said too many times. Nice quote for a slow chart posting day Nasir.

K.I.S.S.
What is going on KISSFAN? I am currently stalking Usd/Cad, Eur/Aud and Aud/Nzd. Been riding the bike lately? I'm staring out at snow........shocking since I live in Michigan...he he.

Shadow the shark says hi
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  • #51,218
  • Jan 11, 2010 11:00am Jan 11, 2010 11:00am
This is slightly off topic, but is along the line of what Jim was saying to new traders on Page 1.

http://traderfeed.blogspot.com/2010/...-look-for.html

In particular:

In many career fields, a competent practitioner can make a decent living: as a teacher, a store manager, a nurse, etc. In performance fields, such as acting, golf/tennis/basketball/track and field, and trading, competence does not guarantee an income. The percentage of people making a living from their performances is quite small; the same cannot be said of teachers or salespeople.

That is why going off to pursue trading is more like going to Hollywood to pursue acting and less like going to school to train for a healthcare career.

--

I stand by those statements and think it is important not to have any illusions which could lead to bitter disappointment down the road (this is not to say, though, that one cannot trade for a living).
One Chart is Worth Ten Thousand Words.
  • #51,219
  • Jan 11, 2010 11:00am Jan 11, 2010 11:00am
Quoting dobe_r_man
What is going on KISSFAN? I am currently stalking Usd/Cad, Eur/Aud and Aud/Nzd. Been riding the bike lately? I'm staring out at snow........shocking since I live in Michigan...he he.

Shadow the shark says hi
Howdy from Texas! I closed my long positions on NZDJPY, AUDJPY and EURJPY for various levels of profit very early this morning. USDCAD is going to have to show me some gonads before I enter long (assuming that's what you are looking at). I rarely trade Euro/Aud and never AudNZD so best of luck on those. No riding lately as the social schedule has been full. I'll be back on the bikes in March. We just left the snow in Colorado a couple of weeks ago. I'm looking for shorts on EU and GU but we will see!

K.I.S.S.
  • #51,220
  • Jan 11, 2010 11:11am Jan 11, 2010 11:11am
Quoting KissFan
Howdy from Texas! I closed my long positions on NZDJPY, AUDJPY and EURJPY for various levels of profit very early this morning. USDCAD is going to have to show me some gonads before I enter long (assuming that's what you are looking at). I rarely trade Euro/Aud and never AudNZD so best of luck on those. No riding lately as the social schedule has been full. I'll be back on the bikes in March. We just left the snow in Colorado a couple of weeks ago. I'm looking for shorts on EU and GU but we will see!

K.I.S.S.
I don't have a bias on Usd/Cad honestly......but I expect either a good bounce again at this level or a break and then I will look for a retracement entry.

Eur/Aud is coming into a major low.......but I am watching the price action to see if today possibly closes as a buob. If not, I just keep watching.

Aud/Nzd is at a round number (50), 50% fib and printing a pin. Just watching for now, but good chance this could bounce down to the pivot near the 1.2400 - 1.2450 area if it breaks south.

I am watching Eur/Usd as well but it will take some good price action to get me interested after all this consolidation.

"Gotta move to DETROIT....pip city" ha ha
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