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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

  • #54,501
  • Feb 9, 2010 4:11pm Feb 9, 2010 4:11pm
Quoting chatzi
Hi benji,

Great charts, did you trade any of these bars?

chatzi
Hey chatzi,

Yes I took one trade off the 4H USDCHF chart. But that was a trade I took on my demo account, as a B trade.

Go back to my previous post and look again at my daily USDCHF chart. See the 1.05000 level? Firstly, that is a big round number which is very important for my trading. Secondly, as you can see on my daily chart I posted, that level acted as a very strong resistance in the past. One price broke above, I was watching this pair as a hawk, hoping to get a great bar off that level with the trend.
Unfortunately, I got no PA bar on my feed, and even when combining those two 4H bars as a 8H pin bar, it needed to be lower, with the body of the bar off my level in order to be an A+++ bar in my book.

So I took this trade as a B trade on my demo account. Now my mission was going to BE ASAP once my bar broke. Once price hit the purple line on my chart below, 25 pips away from my entry, i have moved my stop to BE.
Then I was in a free trade, and my thinking was like ...ok, I am in a huge raising trend full of momentum..lets use it. So I have decided to go for trailing stops applying Mikes 2bar stop method, which finally took me out for a good profit.

The key is being able to stand on your hands long enough in order to pick only the real A+++ trades. Secondly, knowing in a perfect manner Jim's side to side support and resistance approach, and applying it in order to cut your risk to 0% as fast as possible.

Once you can do it on the 1-3 greatest bars each month, and you have a huge account, I can't see an easier way to make money safely and continuously.

Here is another trade I took on EURUSD last week: http://www.forexfactory.com/showthre...30#post3437130

Hope that helps
Ben
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  • #54,502
  • Feb 9, 2010 4:23pm Feb 9, 2010 4:23pm
Any seniors able to provide a view on this?

EUR / NZD

Chart 1 shows a pivot zone around 20,000 (can be seen more clearly on a zoomed out view as well). We have a retrace around the 38.2% fib level and price was unable to take out the high of the pin which would represent the left eye, coming close to it by 3 or so pips. From what I understand this is a very good sign.

Chart 2 shows the PA on a daily basis. This is the 3rd attempt to try and break 20,000 which I like as 3 plays a significant number for support/resistance levels. Today we also have a bearish outside bar forming, which is almost a DBHLC +/- 4 pips.

If this is a good trade to take what would be a good entry?

Thanks.

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  • #54,503
  • Feb 9, 2010 4:45pm Feb 9, 2010 4:45pm
Quoting benji533
Hey chatzi,

Yes I took one trade off the 4H USDCHF chart. But that was a trade I took on my demo account, as a B trade.

Go back to my previous post and look again at my daily USDCHF chart. See the 1.05000 level? Firstly, that is a big round number which is very important for my trading. Secondly, as you can see on my daily chart I posted, that level acted as a very strong resistance in the past. One price broke above, I was watching this pair as a hawk, hoping to get a great bar off that level with the trend.
Unfortunately, I got no PA bar...
Excellent reply, I have often wondered if it better to just check the charts for PA or mark the PPZ's then only look when price gets near them. I think the second approach might keep me out of < A trades.

I agree with waiting for A+++ trades, its like a quote I heard from a famous trader, "I just wait till there is a pile of money lying on the floor and I pick it up".

Thanks again

chatzi
  • #54,504
  • Feb 9, 2010 4:52pm Feb 9, 2010 4:52pm
I see a long order -
@ .6764 and a TP at .6800 or at least take partial here.

I see there isn't much room here - but I am more interested in my analysis of it - do you agree or disagree with the analysis?

It's in a ranging market - the price is right on a ppz so a break of this zone either way -should mean immediate support/resistance.
Since this pin says go long - I am not worrying or ldentifying a short entry but would not surprise me a bit if the pin did not break for a long entry.

my question is - did this bounce on the 50% fib or the 61.8% fib? I think it bounced of the 61.8?

Grade "C" - at this time not tradeable .
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  • #54,505
  • Feb 9, 2010 4:53pm Feb 9, 2010 4:53pm
Great post Benji!!!


Quoting benji533
Hey chatzi,

Yes I took one trade off the 4H USDCHF chart. But that was a trade I took on my demo account, as a B trade.

Go back to my previous post and look again at my daily USDCHF chart. See the 1.05000 level? Firstly, that is a big round number which is very important for my trading. Secondly, as you can see on my daily chart I posted, that level acted as a very strong resistance in the past. One price broke above, I was watching this pair as a hawk, hoping to get a great bar off that level with the trend.
Unfortunately, I got no PA bar on...
  • #54,506
  • Feb 9, 2010 4:59pm Feb 9, 2010 4:59pm
Quoting jarroo
I'm not really good at predicting where Price is heading in the long term like Rac. or in the fundametal long term like joel.

I just like throwing curves at the Rac-man every once in awhile. just to keep him on his toes. lol


...
On his toes, eh?
I wouldn't call them toes....
  • #54,507
  • Feb 9, 2010 5:08pm Feb 9, 2010 5:08pm
Quoting raczekfx
I think buffet once said, 'buy when everyone sells, sell when everyone buys...'
But on a serious note,... my broker just called me and said, fiber has room to spring back few hundred pips now. He was very optimistic and mentioned 1.4128.
ok... first baby move of 100pips is behind us....

Quoting jarroo
(Dow) The FE 61.8?
Nooooo, something else....
Something so important that DJ always (almost) bounces nicely off it, triggering wild buying of yen crosses just like we saw today.

Oh who cares.... back to cave.
  • #54,508
  • Feb 9, 2010 5:11pm Feb 9, 2010 5:11pm
Did anyone notice this on cable ??!!!!.....I didn't
so Just thought you should check this out
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  • #54,509
  • Feb 9, 2010 5:15pm Feb 9, 2010 5:15pm
better shot , should've used " active chart as is "
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  • #54,510
  • Edited 5:30pm Feb 9, 2010 5:19pm | Edited 5:30pm
Jarroo, I know you used to trade a lot of multiple bar (2 day, 8 hour, etc.) setups, I was just wondering if you would ever consider a 3 day setup?

I was looking at Usd/chf today and it seems like a strong rejection of the 365 EMA and a fib confluence area. It seems like it would make a nice 3 day pin (I haven't tried that period converter yet, but just visually combined the 3 bars)

If I took this trade I'd be looking for a strong break of the current bar down to the 500 area.

What do you think?

Thanks,

Cory
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  • #54,511
  • Edited 5:31pm Feb 9, 2010 5:20pm | Edited 5:31pm
Quoting jarroo
(Dow) The FE 61.8?
I think it is the 200ema.

K.I.S.S.
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  • #54,512
  • Feb 9, 2010 5:31pm Feb 9, 2010 5:31pm
Markets have been awesome the past 2 days, so easily readable.

Fiber, Cable, Geppy, UJ, all traded from a simple ascending trendline. Nice account growth.
lowest draw down possible please.
  • #54,513
  • Edited 5:54pm Feb 9, 2010 5:43pm | Edited 5:54pm
To: Cory,

Price OR another MA Crossing Does Not, for me, A Trade Make.

What's your PA Reason for considering This Trade?

Eventually, it may arrive at your doorstep that Measuring Those that are Willing to BUY vs Those that are Willing to SELL can be displayed in One Bar.
On this one, I will stand aside.

You have to understand that This is Not a Slam but intended as a Capital Preservation {non} Trade.
1.0768 as a Test with 1.0930 as a Target.
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{I believe in what I believe.}
  • #54,514
  • Feb 9, 2010 6:06pm Feb 9, 2010 6:06pm
Quoting Bemac
To: Cory,

You have to understand that This is Not a Slam but intended as a Capital Preservation {non} Trade.
1.0768 as a Test with 1.0930 as a Target.
Of course no offence taken my friend. I appreciate your input and will probably just watch to see how it pans out. I am getting to the point where I feel more like a real trader when I pass on a setup than when I'm actually in a trade!

While I have your attention I have a question on the ICCE. How do you decide when to flip the diagonal lines? For example, in this case if you flip them this trade is getting rejected right off one of them. It is just whichever way you feel the current trend is going?

Thanks

Cory
  • #54,515
  • Edited 6:27pm Feb 9, 2010 6:16pm | Edited 6:27pm
Quoting Cbh123
...

While I have your attention I have a question on the ICCE. How do you decide when to flip the diagonal lines? For example, in this case if you flip them this trade is getting rejected right off one of them. It is just whichever way you feel the current trend is going

Cory
I have NEVER left an ICCE Box on a Chart without having checked Both Directions of the Diagonals.

They are not there as fluff. They have a purpose that should not be aswayed to minimal.
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OR
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Un-Batton the Hatches. We have Cargo coming aboard.
  • #54,516
  • Feb 9, 2010 8:00pm Feb 9, 2010 8:00pm
Quoting KissFan
I think it is the 200ema.

K.I.S.S.
Or the 150 ema?I am curiuos of what's in racs mind
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  • #54,517
  • Feb 9, 2010 8:38pm Feb 9, 2010 8:38pm
Quoting raczekfx
Nooooo, something else....
Something so important that DJ always (almost) bounces nicely off it, triggering wild buying of yen crosses just like we saw today.
I swear, its a neck-and-neck race between Rac and Bemac for the coveted Most Cryptic But Clearly Knows His Stuff award.

I'm gonna assume Dow hitting 1000.
When you have to shoot, shoot. Dont talk.
  • #54,518
  • Feb 9, 2010 9:04pm Feb 9, 2010 9:04pm
Quoting joelcf
I swear, its a neck-and-neck race between Rac and Bemac for the coveted Most Cryptic But Clearly Knows His Stuff award.

I'm gonna assume Dow hitting 1000.

You can say that again.
Indicators show the past. Price Action "Indicates" the future.
  • #54,519
  • Feb 9, 2010 9:11pm Feb 9, 2010 9:11pm
Quoting TiaForex
So it goes like this:

1) Learn to identify the best PA setups (bars and location, location, location)

2) Learn to identify the potential trouble areas, especially the first

3) Build a system/trading plan around this based on your preference and personality, allowing you to have a positive expectancy overall.

Thanks Aaron.

And thanks for highlighting the key bullet points that we work on all the time. Which gets easier.
Indicators show the past. Price Action "Indicates" the future.
  • #54,520
  • Feb 9, 2010 9:27pm Feb 9, 2010 9:27pm
Quoting joelcf
I swear, its a neck-and-neck race between Rac and Bemac for the coveted Most Cryptic But Clearly Knows His Stuff award.

...
I consider it a compliment to be mentioned in the same breath as Rac.
It's only confusing if you are unsure...

Trade What YOU see... & remember...
It's about Your Gains & nobody elses.
BMc
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