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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

  • #53,581
  • Feb 1, 2010 4:03pm Feb 1, 2010 4:03pm
Quoting michal7
It helps very much indeed. I'm now officially giving myself 3 shots for february. Hope I'll pick best trades coming out there

THANK YOU MIKE! You're always a great help!
keep us updated and PM me if you need anything

Mike
  • #53,582
  • Feb 1, 2010 4:12pm Feb 1, 2010 4:12pm
Hi All
I've had limited time to look at charts since December (family commitments). I see there have been lots of good daily bars in the meantime,.I've missed out a bit but as we know there are always more great bars around the corner.
I've found a beob on usd cad today, I see first target as the 38 fib line.

Any thoughts?
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If you can wait and not be tired by waiting...
  • #53,583
  • Feb 1, 2010 4:16pm Feb 1, 2010 4:16pm
Quoting glyder
Hi All
I've had limited time to look at charts since December (family commitments). I see there have been lots of good daily bars in the meantime,.I've missed out a bit but as we know there are always more great bars around the corner.
I've found a beob on usd cad today, I see first target as the 38 fib line.

Any thoughts?
do it.
Many choose unhappiness over uncertainty.
  • #53,584
  • Feb 1, 2010 4:22pm Feb 1, 2010 4:22pm
im unsure about USDCAD, i just don't like shorting the dollar after such good data, dollar is overbought short term so yeh you could go for it, i had the same trade in my books.

here's one im in now

in case i've come off a bit anti-PA , I'm not i just prefer to pay attention to news to feel 'in the know' , i use pin bars at swing lows to get in on uptrends, but i mainly look at price action in terms of highs/lows, more important in stocks imo.
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  • #53,585
  • Feb 1, 2010 4:32pm Feb 1, 2010 4:32pm
Quoting mbqb11
Hey Marx

That pdf was created by someone who browsed this thread, so it is 'unofficial' so to speak. It sounds as if you are referring to a BUB, or BEB, which is just a bullish bar or bearish bar. I don't know many people that trade based on those alone but use them as additional info for trades. I trade mostly outside and pinbars personally.

Have a great weekend guys
Mike
Thank you for the clarification Mike. James advised me to stick with Pin Bar and Outside Reversal set ups as well. What about inside bar set ups? Do you take them and, if so, can you please describe or post one that qualifies as an A+ set up?
  • #53,586
  • Feb 1, 2010 4:33pm Feb 1, 2010 4:33pm
Also, USDCHF looks like it needs a pullback, thinking to its 50 or to a trendline, this trendline isn't really 'real' it's just that on average that's where the lows have been formed=get long on the pullback
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  • #53,587
  • Feb 1, 2010 4:38pm Feb 1, 2010 4:38pm
Quoting bigandrich
my 4hr play audusd, buob from double bar low, higher close. Nearing the 50% retrace so we'll see how it handles that area
Hi Bigandrich:

Nice "handle" on that name. I hope it's true for you. For anyone who may want to comment, isn't the pin bar at the second peak of the double top/consolidation pattern in the middle of the chart a nice short trade?
  • #53,588
  • Feb 1, 2010 4:42pm Feb 1, 2010 4:42pm
Quoting Dan Gilbert
That is just a little bit too robotic for my tastes - - but it would be a reasonable and effective strategy.
Each to their own.......Many times I wake up and my TP is already hit and I am out of the trade. .7300 is a major pivot and it has bounced off of here several times. .7200 is the first area of possible resistance, so it makes sense for my style of trading.
  • #53,589
  • Feb 1, 2010 4:47pm Feb 1, 2010 4:47pm
Quoting dobe_r_man
Each to their own.......Many times I wake up and my TP is already hit and I am out of the trade. .7300 is a major pivot and it has bounced off of here several times. .7200 is the first area of possible resistance, so it makes sense for my style of trading.
Seems like NZDUSD may not close above previous candle in my feed (Alpari UK).
Do you prefer USDCAD or NZDUSD OBars ?
  • #53,590
  • Feb 1, 2010 4:50pm Feb 1, 2010 4:50pm
Quoting dobe_r_man
Each to their own.......Many times I wake up and my TP is already hit and I am out of the trade. .7300 is a major pivot and it has bounced off of here several times. .7200 is the first area of possible resistance, so it makes sense for my style of trading.
That's good. I like it.... great way to minimize losses for sure, which is goal #1 in my opinion.
Many choose unhappiness over uncertainty.
  • #53,591
  • Feb 1, 2010 4:53pm Feb 1, 2010 4:53pm
Quoting djmanu
Seems like NZDUSD may not close above previous candle in my feed (Alpari UK).
Do you prefer USDCAD or NZDUSD OBars ?
Watch at least 3 feeds.... I watch Alpari, IBFX, and I just downloaded FXPRO... a lot more opportunity on the charts when you see the time moved over by 1 hr....
Many choose unhappiness over uncertainty.
  • #53,592
  • Feb 1, 2010 4:55pm Feb 1, 2010 4:55pm
Quoting djmanu
Seems like NZDUSD may not close above previous candle in my feed (Alpari UK).
Do you prefer USDCAD or NZDUSD OBars ?
I prefer Usd/Cad.....much better close on my feed vs. Nzd/Usd. That pair is at 1.70, pivot zone, and there is good space between last touch of area. I won't enter unless it breaks south of 1.06 vs. the low, but that is just me. Sometimes those round numbers have good momentum, so I like being dragged along for the ride so to speak if they break.

I see first trouble area near 1.0515 area. I play these a bit differently, my stop won't be at the high of the beob.

Nathan
  • #53,593
  • Feb 1, 2010 5:00pm Feb 1, 2010 5:00pm
Quoting dobe_r_man
I prefer Usd/Cad.....much better close on my feed vs. Nzd/Usd. That pair is at 1.70, pivot zone, and there is good space between last touch of area. I won't enter unless it breaks south of 1.06 vs. the low, but that is just me. Sometimes those round numbers have good momentum, so I like being dragged along for the ride so to speak if they break.

I see first trouble area near 1.0515 area. I play these a bit differently, my stop won't be at the high of the beob.

Nathan
I'm considering risking 1% on each instead of 2% on just one......
Many choose unhappiness over uncertainty.
  • #53,594
  • Feb 1, 2010 5:08pm Feb 1, 2010 5:08pm
Quoting Dan Gilbert
I'm considering risking 1% on each instead of 2% on just one......
I do that as well (1/2% on two trades), makes for interesting trade management as you can take profits on one, let the other run or move to break-even on one and so on.

Nathan
  • #53,595
  • Feb 1, 2010 5:17pm Feb 1, 2010 5:17pm
Quoting mbqb11
Hey Michal My answers in bold

Hello Mike,
if you'd be so kind and answer following question I'd be thankful...

/.../

5,On daily chart, how many trades do you take a month?
Roughly 3-5 sometimes none, sometimes more

/.../

I'm now watching about 25 forex trades and I'd like to try bullet exercise, how much bullets do you think should I give to myself?
3

If I could manage one day to have few trades a month which I could manage only in the evenings and I'd make 5% a month that would be fantastic! Do you think it is...
[/quote]

Thanks for answers mbqb11, very helpful, gave me wings.

Today I summary my first month with this thread (with You Guys and girls if any), took about 15 min. I use live micro account (hope it help not to overtrade) with always 0,01 lot size. First bullet was H1 eur/usd (after taking opinion on forum), second one D1 gbp/usd (I messed with S/L, could be better) and the last bullet was D1 gbp/chf. Finally collected 107 pips, which is 5,99%. One more good trade and all previous loses (form my "fancy indicators" age ) will be covered.

I'm proud to be part of James16 community ,many tanks to all people posting here.
  • #53,596
  • Feb 1, 2010 5:21pm Feb 1, 2010 5:21pm
This is how I view it............
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  • #53,597
  • Feb 1, 2010 5:21pm Feb 1, 2010 5:21pm
Great job Strateg119! Those are really good results and it shows that your patience paid off.

We'll look forward to hearing more from you

Cory
  • #53,598
  • Feb 1, 2010 5:32pm Feb 1, 2010 5:32pm
Quoting Dan Gilbert
Watch at least 3 feeds.... I watch Alpari, IBFX, and I just downloaded FXPRO... a lot more opportunity on the charts when you see the time moved over by 1 hr....
I get to look at 4hr bars at 4,5,6 am and 8,9,10am. Thats why I trade mainly the 4hr and daily. I dont look at charts much after noon except for the daily closes at 4,5 and 6 pm. I think it's a great way to trade!

K.I.S.S.

BTW. The NZD Alpari UK did close as a BUOB. Now I'm just looking at it to see how/if I want to play it.
  • #53,599
  • Feb 1, 2010 5:42pm Feb 1, 2010 5:42pm
Quoting KissFan
I get to look at 4hr bars at 4,5,6 am and 8,9,10am. Thats why I trade mainly the 4hr and daily. I dont look at charts much after noon except for the daily closes at 4,5 and 6 pm. I think it's a great way to trade!

K.I.S.S.

BTW. The NZD Alpari UK did close as a BUOB. Now I'm just looking at it to see how/if I want to play it.
dang.... I am getting a black berry so i can catch those email advisory's on the go.... Probably a netbook too, this old laptop has been freezing lately
Many choose unhappiness over uncertainty.
  • #53,600
  • Feb 1, 2010 7:00pm Feb 1, 2010 7:00pm
Quoting marxdhr
Hi Mike:

Thank you for your response and kind words....
Hi marxdhr and Mike,

Can you please direct me to the post where you got the pdf from? I understand SR trading is very discretionary, but will be useful for me to start with the basic guidelines ( those worked for gurus like Mike and James) on entry,trade management,exits and then play with those to find what suits my personality.

Appreciate your help.
cheers
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