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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

  • #64,661
  • May 24, 2010 10:41am May 24, 2010 10:41am
Quoting jarroo
Mike would probably like that one too. Strong rejection up and then down through the strong 1.45 PPZ level. Hitting good Hourly and 4 hour targets (previous Lows). 4 hour is showing some consolidating of Price, protect yourself wisely.

Nice job.
yes this was a pretty good one, definitely one that needs to break hard like you say as well. I was sleeping with the holidays. Nice to catch up on some sleep as I got zero this weekend

Mike
  • #64,662
  • May 24, 2010 11:03am May 24, 2010 11:03am
Hi guys

I saw a list of trades taken in 2008 on this thread. The were all on GPB/USD, about 20 of them with charts included (examples below). I have searched the thread and attachments and can find no trace I believe the examples were in a pdf but not 100% sure.

http://img156.imageshack.us/img156/1...nbar30octo.png

http://img706.imageshack.us/img706/9...nbar4april.png

http://img689.imageshack.us/img689/9...ob14march2.png

Can anyone tell me where I would find the post/doc?
  • #64,663
  • May 24, 2010 11:17am May 24, 2010 11:17am
Hello Mike!
Thanks for the advice this morning.
In your experience, you should open positions after the close of London?
  • #64,664
  • May 24, 2010 11:21am May 24, 2010 11:21am
Quoting g_j_hook@yah
did anyone get that 2h beob on gb/us???(fxpro)

lovely break

looks like we're back to trend..??

jon

i think so, back to trend! At least that's how I'm trading
Many choose unhappiness over uncertainty.
  • #64,665
  • May 24, 2010 11:25am May 24, 2010 11:25am
Quoting extraneo
Hello Mike!
Thanks for the advice this morning.
In your experience, you should open positions after the close of London?
I will open a position whenever a high probability presents itself, be it at the start of London, or the end of Tokyo . But the majority of my trades occur during the main sessions (london/NY) logically.

Best
Mike
  • #64,666
  • May 24, 2010 11:29am May 24, 2010 11:29am
Quoting mbqb11
I will open a position whenever a high probability presents itself, be it at the start of London, or the end of Tokyo . But the majority of my trades occur during the main sessions (london/NY) logically.

Best
Mike
Thanks, magic Mike
  • #64,667
  • May 24, 2010 12:25pm May 24, 2010 12:25pm
thankfully have a couple weeks before summer school to get back to my old ways...

took this last night, .7% at risk, made it up to 9.3% in profit before hitting BE (+ 1 pip incidentally)

watching every bar is taxing, not sure how i will comfortably do this with a job for some time... might have to change my diet or something.

someday ill trump you kiddies.

ce la vie
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  • #64,668
  • May 24, 2010 6:13pm May 24, 2010 6:13pm
Hey there folks.

IB4 through 2.15 BRN and important weekly PPZ area. Looking for break of 2.13 for shorts ..... or do you guys recommend a larger buffer & a break 0f 2.12?
Attached Images
  • #64,669
  • May 24, 2010 7:13pm May 24, 2010 7:13pm
Quoting Pinbar
Skinfx & Jarroo

We can consider this a BEOB even with 5 pips difference in the highs?

I thought I read that 2 pips is the max allowable difference in any PA.
I give allowances for PA structure by a few pips due to demo feeds and such. But its usually on the higher time frames (Daily and Weekly).

More importantly, if everything is lining for a high quality setup; Location, supporting confluences, big bars, etc., and the only thing is a few of pips in structure I'll take the setup.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,670
  • May 24, 2010 8:00pm May 24, 2010 8:00pm
Quoting supremeChaos
novice198,
Hello! im no guru... just a senior newbie
u passed on the trade for a reason. if u are not comfortable in taking such a trade, & u did pass on it, then i think u made a good decision.
perhaps, when u gain experience & consequently confidence, then in the future, who knows.. u'll be treating this particular trade differently & still come out ok.

yes, EMAs on close.
Hi SupremeChaos,

Thanks for your comments and feedback. I hope that I will be able to show restraint and trade only the best setups fpr a profitable and successful journey in trading.

Cheers,
Novice198
  • #64,671
  • May 24, 2010 8:04pm May 24, 2010 8:04pm
Quoting novice198
Hi Jarroo,
Thanks for the encouragement. The EUR/GBP was the 1st setup that I traded using the J16 setup rules.
Here is trade on EUR/CHF that I passed as I was not confident of the PA due to the PPZ which was too close to the possible entry.
I hope the gurus can comment on this trade and my decision.
Also pls cnfm that the MA's 150, 200 and 365 are EMA on close.

Cheers
Novice198
There are no gurus here . . just some people that have been doing this a little longer.

Its always a good decision to pass on a setup if your seeing things that don't add up. Like trading into a heavy traffic area. Would look better if the Daily PB was more bearsh in structure, meaning the Close was lower then the Open.

I didn't take this one but the 8 Hour did give a better PA setup. Notice that the next 8 hour bar reacted to the congested area and retraced back up into the setup. It then broke nicely and tested the break. A good confirmation that the setup is correct.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #64,672
  • May 24, 2010 8:39pm May 24, 2010 8:39pm
Quoting jarroo
There are no gurus here . . just some people that have been doing this a little longer.

Its always a good decision to pass on a setup if your seeing things that don't add up. Like trading into a heavy traffic area. Would look better if the Daily PB was more bearsh in structure, meaning the Close was lower then the Open.

I didn't take this one but the 8 Hour did give a better PA setup. Notice that the next 8 hour bar reacted to the congested area and retraced back up into the setup. It then broke nicely and tested the break. A good confirmation...
I can't believe people are actually trying to trade this pair.....
Many choose unhappiness over uncertainty.
  • #64,673
  • May 24, 2010 8:52pm May 24, 2010 8:52pm
Quoting Dan Gilbert
I can't believe people are actually trying to trade this pair.....

I understand your point Dan, but its fun watching PA work out nicely on this pair.
Indicators show the past. Price Action "Indicates" the future.
  • #64,674
  • May 24, 2010 8:56pm May 24, 2010 8:56pm
Quoting jarroo
There are no gurus here . . just some people that have been doing this a little longer.

Its always a good decision to pass on a setup if your seeing things that don't add up. Like trading into a heavy traffic area. Would look better if the Daily PB was more bearsh in structure, meaning the Close was lower then the Open.

I didn't take this one but the 8 Hour did give a better PA setup. Notice that the next 8 hour bar reacted to the congested area and retraced back up into the setup. It then broke nicely and tested the break. A good confirmation...
Hi Jarroo,

Thanks for the detailed analysis, which brings up some questions/ clarifications:-

 

  1. The setup was good on H8 TF as PA retraced back and then broke through on the downside. correct. So in this case we should manage the trade on H8TF and should not switch to a lower TF for exits.
  2. How do we get H8 or H2 charts on the MT4 platform as the default TF are H1 and H4? Any spl indicators for the conversion.
  3. As you have attached the H1 TF charts, I assume that this TF is also being used for the Trade. How do you use these lower TF charts?
  4. Do you normally enter a trade on a lower time frame basis lower TF setups alone, or is it that after getting a higher TF setup, you look for lower TF setups for best entry with lower SL and hoping for lower drawdown. (at this point of my trading journey I have no intention to trade on lower TF but knowledge always helps)
  5. I assume that when we enter the trade on a lower TF after confirmation on the higher TF we are looking to ride the trade from the lower TF to the higher TF for max gain with minimum exposure.

Cheers.
Novice198

  • #64,675
  • May 24, 2010 9:10pm May 24, 2010 9:10pm
Quoting novice198
Hi Jarroo,

Thanks for the detailed analysis, which brings up some questions/ clarifications:-
[list=1][*]The setup was good on H8 TF as PA retraced back and then broke through on the downside. correct. So in this case we should manage the trade on H8TF and should not switch to a lower TF for exits.[*]How do we get H8 or H2 charts on the MT4 platform as the default TF are H1 and H4? Any spl indicators for the conversion.[*]As you have attached the H1 TF charts, I assume that this TF is also being used for the Trade. How do you use these lower...

1. That's right. I always managed the trade on the time frame it was presented on. That goes for targets, stop loss, etc.

2. Period converter. Pretty straight forward. Let me know if you need any help.
http://www.forexfactory.com/showpost...ostcount=54148

3 & 4. I should have noted this in my post. The Hourly was just to show the break (how hard it broke) and how Price was testing the break or respecting the break. I don't look for early entries on the lower time frame from a higher time frame setup. The signal or trigger is on the time frame that the setup was presented.

5. Not sure what your asking on this one.
Indicators show the past. Price Action "Indicates" the future.
  • #64,676
  • May 24, 2010 10:27pm May 24, 2010 10:27pm
Quoting jarroo
1. That's right. I always managed the trade on the time frame it was presented on. That goes for targets, stop loss, etc.

2. Period converter. Pretty straight forward. Let me know if you need any help.
http://www.forexfactory.com/showpost...ostcount=54148

3 & 4....
Jarroo,

Thanks for the indi and the swift response to the queries. The answer to my Q5 lies in the answer at 1

Cheers,
Novice198
  • #64,677
  • May 24, 2010 10:38pm May 24, 2010 10:38pm
Quoting novice198
Jarroo,

Thanks for the indi and the swift response to the queries. The answer to my Q5 lies in the answer at 1

Cheers,
Novice198

Ok. . . .cool.
Indicators show the past. Price Action "Indicates" the future.
  • #64,678
  • May 24, 2010 10:56pm May 24, 2010 10:56pm
????????? testing????
Attached Image (click to enlarge)
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PATIENCE... DISCIPLINE
  • #64,679
  • May 24, 2010 11:00pm May 24, 2010 11:00pm
Quoting Pinbar
So basically, if circumstances are favorable, you would consider the bar on your chart a Bullish Engulfing bar, instead of a BUOB.

Thanks Jarroo
Or a DBLHC.
Indicators show the past. Price Action "Indicates" the future.
  • #64,680
  • May 24, 2010 11:00pm May 24, 2010 11:00pm
ignore my last post, at least i can post charts again !

i still cant edit the post though but im guessing its my java??

does anyone know how to mt4 from showing me the chart iv saved ???or at least change it to the browser i use??

cheers

jon
PATIENCE... DISCIPLINE
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