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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

  • #60,481
  • Apr 9, 2010 4:19pm Apr 9, 2010 4:19pm
Quoting Dan Gilbert
http://www.forextester.com/

(no spam)
Quoting LasVahGoose
Here ya go. http://tinyurl.com/y66yfn3

thanks and sorry for bothering you, next time i will ask google first...
  • #60,482
  • Apr 9, 2010 4:37pm Apr 9, 2010 4:37pm
Quoting ppfx
thanks and sorry for bothering you, next time i will ask google first...
i just try to play around a little with this program, very interesting indeed

i heard someone talking about it on this thread not much time ago (about a month, maybe two) but i thought i didnt understood the guy, loll ... i didnt know that this stuff exists
  • #60,483
  • Apr 9, 2010 4:50pm Apr 9, 2010 4:50pm
Quoting ppfx
i just try to play around a little with this program, very interesting indeed

i heard someone talking about it on this thread not much time ago (about a month, maybe two) but i thought i didnt understood the guy, loll ... i didnt know that this stuff exists
Yeah, d/l'd the trail version and purchased the full version this week. Have a few ideas I want to test this weekend.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #60,484
  • Edited Apr 10, 2010 2:16am Apr 9, 2010 6:26pm | Edited Apr 10, 2010 2:16am
Quoting Chris_B
Another one..this is counter trend...so my stop is at BE+1
Quoting Chris_B
Stopped out at BE+1

Well done Chris B. Nice targets.

Just some observations and thoughts on this one.

My chart may seem a litttle messy but it shows that these levels in traffic do play an important role.

Notice the green line was the 1st area on concern. Price broke the PB and hit this area then reversed. Price then retraced into the setup then broke hard again this time through the green area and hit your 1st target.

Then Price retraced again and retested the break. Retesting the break of the setup, which many pairs did this morning, tells me that the setup is correct and has good potential. This is why I will place my S/L just below the break of the setup (10-20pips) instead of at break even.

There is no way that I'm saying that placing your B/E +1 is wrong. Far from it, you managed it great.

I just thought I would share some thoughts on how Price tends to act when the setup is correct. Meaning Price tends to respect the break of a correct setup.

(4 hour chart is to show how Price reacted to the trouble areas/ target levels from the time frame where the setup was given, on the Daily.)
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eu 4 hour09.gif Size: 26 KB
Indicators show the past. Price Action "Indicates" the future.
  • #60,485
  • Apr 9, 2010 6:36pm Apr 9, 2010 6:36pm
third screen up and running
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  • #60,486
  • Apr 9, 2010 6:36pm Apr 9, 2010 6:36pm
Quoting jspeakman
Hi

On the EU/JPY - would in your view the pin on the 4hr have been in play with say half off just below 125 (given reasonable space and strong momentum). Then move to BE (break of 4hr pin).

Just that I thought about this but didn't go for it because of heading into 125 BRN and possible stalling before and/or strong bounce back. If playing the daily pin, presumably would be looking for strong break of 125 and possible pull back before entering.

Thanks

J
Not sure on which 4 hr Eur/Jpy PB you are referring to J.

Got a chart, buddy?
Indicators show the past. Price Action "Indicates" the future.
  • #60,487
  • Apr 9, 2010 7:00pm Apr 9, 2010 7:00pm
Quoting skinfx
Hi jarroo,

Thank you for your respond. But if i were to wait for a 10pip break of the PB, then the FTA (1.0700) will be just below my entry. So wat is your view to manage it?

(ps: i am only using daily chart at this point of time)

Thank you,
skin
Good for you skin. Dailies and Weeklies are the best way to go.

I didn't take the Usd/Chf Daily PB, but it did look good in structure, at a swing high and at a retracement level. The 365 ema (black) was also an added confluence.

Not sure on you managed the trade . . . . . but your not asking that, your asking how I would have managed the trade. I could have managed this trade many different ways but the end result of all of them would have been the same.

Let's go over that now . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #60,488
  • Apr 9, 2010 7:30pm Apr 9, 2010 7:30pm
Hi everyone, my view of GBPCHF, I think the pin is good for some quick pips.
Attached Image (click to enlarge)
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  • #60,489
  • Edited 7:58pm Apr 9, 2010 7:33pm | Edited 7:58pm
Quoting jarroo
Good for you skin. Dailies and Weeklies are the best way to go.

I didn't take the Usd/Chf Daily PB, but it did look good in structure, at a swing high and at a retracement level. The 365 ema (black) was also an added confluence.

Not sure on you managed the trade . . . . . but your not asking that, your asking how I would have managed the trade. I could have managed this trade many different ways but the end result of all of them would have been the same.

Let's go over that now . . . .
On a high quality setup, A catagory, the ideal S/L placement is above (or below) the given setup. This Usd/Chf qualifies for that type of S/L placement and leaving it there until the 1st and/or 2nd targets are hit. This setup would have fillfulled that premise nicely.

But where I differ is that once the 1st target is hit I move to break even or just below the break even or I'll take half off and move the other half the same distance away from my entry for a "free trade".

My initial stop loss would have been placed above the left eye, about 40 pips. The 1st trouble area was the 1.0700 but the a more obvious, recent and stronger looking target would have been the 1st blue line, previous bar Highs and Low which is a recent PPZ level.

I would have taken entry 8-10 pips from the break being very aware of the 1.0700. Once Price passed that level, the 1st blue line would be where I would move to break even or take half off and place the other half away from my entry for a free trade.

Which looks like it would have been only about 15 pips gain or a net zero loss. Price broke back up into the setup and then ran back down like the wind. Oh well. . . these things happen.

I don't care . . about that. I don't care if once my net zero gain happens or my stop loss at break even gets hit and then Price runs for a ZILLION pips. Because trust me, IT WILL HAPPEN. Oh boy . .will it happen. But guess what . .. it will also happen in reverse. Price takes you out at break even and runs behind you for a zillion pips. That's when you smile and never forget.

I hope this helps, skin. Ask questions please.

Jim
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uchf daily09.gif Size: 26 KB
Click to Enlarge Name: uchf4hour09.gif Size: 29 KB
Indicators show the past. Price Action "Indicates" the future.
  • #60,490
  • Apr 9, 2010 7:35pm Apr 9, 2010 7:35pm
Quoting 4X=0
third screen up and running
what monitors you using? (size, brand, etc)
Many choose unhappiness over uncertainty.
  • #60,491
  • Apr 9, 2010 8:07pm Apr 9, 2010 8:07pm
Quoting antgal23
Hi Ghous

how do use ma s to help you decide if the pb is worth taking on?

Anthony
They can be used as confluence elements Anthony. When they line up with fibs and ppzs the pivot zone becomes even more strong.

I don't use them a lot, I just throw them in once in a while to see where they are...they aren't a permanent feature on my charts.

g.
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I believe . . .
  • #60,492
  • Apr 9, 2010 8:37pm Apr 9, 2010 8:37pm
Quoting ghous

Eur/Nzd was nothing but a small IB indicating halt.
g.
The same with the Nzd/ Chf. They may look like an IPB, but they are Inside Bars by any definition. Many IBs look like a PB, IPB or a doji or whatever.

A structurely sound IPB needs to have a long nose like a PB but the head needs to have its wick stick out a bit above/below the previous bar. Preferably sticking into a strong confluenced area or strong PPZ level, of course.

Here are more chart examples to study for all you IPB fans, like myself.

(Note : The Daily Usd/Chf was not structurally correct because the Bearish IPB's Close was not lower then the Open. But much like PBs with the same structure deficiency they are not a trade breaker.)
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #60,493
  • Apr 9, 2010 8:48pm Apr 9, 2010 8:48pm
Quoting Dan Gilbert
what monitors you using? (size, brand, etc)
samsung 19 inch on the left
samsung 32 inch flatscreen TV center
and dell 19 inch on the right

hooked up to two 1gig ati radeon video cards
  • #60,494
  • Apr 9, 2010 8:49pm Apr 9, 2010 8:49pm
Quoting jarroo
The same with the Nzd/ Chf. They may look like an IPB, but they are Inside Bars by any definition. Many IBs look like a PB, IPB or a doji or whatever.

A structurely sound IPB needs to have a long nose like a PB but the head needs to have its wick stick out a bit above/below the previous bar. Preferably sticking into a strong confluenced area or strong PPZ level, of course....
Hang man patterns. neato... I'll have to add them to repertoire
Many choose unhappiness over uncertainty.
  • #60,495
  • Apr 9, 2010 8:50pm Apr 9, 2010 8:50pm
Quoting 4X=0
samsung 19 inch on the left
samsung 32 inch flatscreen TV center
and dell 19 inch on the right

hooked up to two 1gig ati radeon video cards

pics required for further analysis
Many choose unhappiness over uncertainty.
  • #60,496
  • Apr 9, 2010 8:55pm Apr 9, 2010 8:55pm
like this?
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  • #60,497
  • Apr 9, 2010 9:06pm Apr 9, 2010 9:06pm
Quoting 4X=0
like this?
aw ye! looks nice man
Many choose unhappiness over uncertainty.
  • #60,498
  • Apr 9, 2010 9:12pm Apr 9, 2010 9:12pm
1 hour on left
15m center
daily and position statement on right

looks crispy in the dark

  • #60,499
  • Apr 9, 2010 9:36pm Apr 9, 2010 9:36pm
Quoting 4X=0
1 hour on left
15m center
daily and position statement on right

looks crispy in the dark

blasphemy!
Many choose unhappiness over uncertainty.
  • #60,500
  • Apr 10, 2010 12:22am Apr 10, 2010 12:22am
Quoting jarroo
Not sure on which 4 hr Eur/Jpy PB you are referring to J.

Got a chart, buddy?
Hi

Chart attached - sorry its rather a while back now. Just wondered if that 4hr pb was playable at the break to just short of 125 (say half off at that point) and then continue with 2nd half of position moving stop to break even managing tightly in case of stall at 125 (which it didn't). The alternative I guess was to play the daily pin after break and pull back to 125

thanks

J
Attached Image (click to enlarge)
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