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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

  • #65,021
  • Edited 3:48pm May 27, 2010 3:33pm | Edited 3:48pm
Something I wanted to touch on here. I am a constant lurker on here but mostly trade intraday. Not very often do I see monthly charts posted, and they can be a great help while dealing with the dailies. Someone brought up the daily pinbar on the USD/CHF from a few days ago. This was a trade I took.

There were some comments about it not being in a great location, and against the trend etc. All one would have had to do is bring up a monthly chart and see that in fact it was a decent location off the huge trend line and sellers came in hard at exactly this location. As for the trend, well yes on the daily the trend is up - but it's tough to look at the monthly chart and say that "Yes, the USD/CHF is in an uptrend" as it has been making lower highs for the last 10 years. Just something to think about.

Cheers

Edit: Also depending on what happens tomorrow, this has a chance of becoming a great weekly pinbar.
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Cap
  • #65,022
  • May 27, 2010 4:31pm May 27, 2010 4:31pm
Captain

I recall that pin bar myself as I brought it to the forum.

Your observation is a very valid one.

The big money in Forex trades the higher time frames and I am sure this has not escaped their notice.
  • #65,023
  • May 27, 2010 5:09pm May 27, 2010 5:09pm
My broker closed today with many BUOB, Some DBHC and one BEOB, AUDUSD is almost not a DBHC

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  • #65,024
  • May 27, 2010 5:11pm May 27, 2010 5:11pm
My broker closed today with many BUOB, Some DBHC and one BEOB, AUDUSD is almost not a DBHC
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  • #65,025
  • May 27, 2010 5:15pm May 27, 2010 5:15pm
Quoting emiliolopez
My broker closed today with many BUOB, Some DBHC and one BEOB, AUDUSD is almost not a DBHC
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I'm actually demoing audjpy and gbpjpy bars. experimental.
Many choose unhappiness over uncertainty.
  • #65,026
  • May 27, 2010 5:19pm May 27, 2010 5:19pm
Looks good to me. Thanks!

Quoting Dan Gilbert
50%, and 61.8%. probably 61.8% more than 50%. I take off the other fib levels from my fib retracement tool because they don't seem to work very often for me.



this one on GBP/JPY was a 2% risk on BOTH SIDES. I liked it that much. stops are on the other side of the inside bar. on the break upward, I was 30 pips to B/E, and if it broke southbound, I was going for a 60 pips to B/E, because I liked the downside break more than upside (because trend is down). But you can take I4B's both sides, in fact I suggest it.
  • #65,027
  • May 27, 2010 9:50pm May 27, 2010 9:50pm
Quoting mbqb11
off for a long weekend to visit my brother....
How sweet

wondering why Mike & others are on a long weekend,
i remember we have a US & UK long holiday weekend.
i searched a bit & here are some Holiday links that gave the answers: (u can just choose 1 or two)
http://www.sifma.org/services/holidays.html
http://www.woodlands-junior.kent.sch...tivals/may.htm
http://www.timeanddate.com/calendar/
http://www.holidays.net/dailys.htm
http://www.bankholidaydates.co.uk/Ho.../default.aspx?
http://www.direct.gov.uk/en/governme...heuk/dg_073741
http://www.usa-vs-uk.com/publicholidays.html
  • #65,028
  • May 27, 2010 9:51pm May 27, 2010 9:51pm
Quoting bundyraider
Ahahh!!...
Thanks to you and Mike I understand much more now. However, the example shows that even after the bar break if I were to enter long, the price were still hesitating for almost 2 weeks before taking off to the intended direction. I suppose patience is very important here? I'm watching the charts everyday and I have to watch the price looking like it wants to head the opposite direction of my entry every single day. Based on how I think of myself, I'd have gotten out within that 2 weeks before the price finally took off. Any advice here regarding patience that rewards?
  • #65,029
  • May 27, 2010 10:29pm May 27, 2010 10:29pm
Quoting bundyraider
You can trade a great/strong BEB or BUB by itself from a great location as well.

...It's just about reading what price is doing. Don't have to be tied to definitions.

Personally , I'm just looking for a powerful sign of commitment in any move. I want a good sign that my choice of location is right and that the market is willing to give into that idea too. Or at the least isn't wanting to resist it too much.

You've been looking at my others charts . . I don't know how you did because I don't post them .
Indicators show the past. Price Action "Indicates" the future.
  • #65,030
  • May 27, 2010 10:30pm May 27, 2010 10:30pm
Quoting Dan Gilbert
ok, once again, I4Bs straddling VBRNs prove successful.

I got out at B/E on this, but price did in fact later hit what would have been my final t/p target.
Played this one also. Saw the IB but debated whether to take it until you guys mentioned it was a I16B (or more). Gave me more confidence to pull the trigger. Scored 145 pips. This site has really improved my trading. Thanks to all.
  • #65,031
  • May 27, 2010 10:32pm May 27, 2010 10:32pm
Quoting Dan Gilbert
lol I caught it, I'm already in a free trade. Let's see if it gets to target!

Quoting Dan Gilbert
out at B/E... volatile markets are volatile!
Yeah Dan was this a "free trade" or move to break even quick trade? Because a free trade after 30 pips you would be still in this one with a half postion. Sorry, I'm confused.
Indicators show the past. Price Action "Indicates" the future.
  • #65,032
  • May 27, 2010 10:37pm May 27, 2010 10:37pm
Quoting Dan Gilbert
I'm actually demoing audjpy and gbpjpy bars. experimental.
Been demoing G/J for a while. Learned you have to give it room to breath. Large SL of +70 pips in most cases. A/J can be even larger.
  • #65,033
  • May 27, 2010 10:40pm May 27, 2010 10:40pm
Quoting jarroo
Yeah Dan was this a "free trade" or move to break even quick trade? Because a free trade after 30 pips you would be still in this one with a half postion. Sorry, I'm confused.
Did you take it?

bar low of 5-17, and bar high of 5-24. I don't trade hindsight

edit: anti trend.
Many choose unhappiness over uncertainty.
  • #65,034
  • May 27, 2010 10:41pm May 27, 2010 10:41pm
Quoting spookie94
Played this one also. Saw the IB but debated whether to take it until you guys mentioned it was a I16B (or more). Gave me more confidence to pull the trigger. Scored 145 pips. This site has really improved my trading. Thanks to all.

Dan is really on to something with qualifying the I4+B setup with an additional confluence around BRNs.
Indicators show the past. Price Action "Indicates" the future.
  • #65,035
  • May 27, 2010 10:43pm May 27, 2010 10:43pm
Quoting Dan Gilbert
Did you take it?

bar low of 5-17, and bar high of 5-24. I don't trade hindsight

edit: anti trend.
No, I missed that one.
Indicators show the past. Price Action "Indicates" the future.
  • #65,036
  • May 27, 2010 10:45pm May 27, 2010 10:45pm
also, anyone aware of when Paul Tudor Jones predicted the 1987 crash?

This extremely similar analysis technique is quite creepy in my opinion:

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Many choose unhappiness over uncertainty.
  • #65,037
  • May 27, 2010 10:49pm May 27, 2010 10:49pm
Quoting jarroo
No, I missed that one.
Jarroo, there was no way you could still be in that after moving stop to B/E after 30 pips, it retraced down, even after going up to 131.92, then retraced all the way back down to 130.46.... the only way I would have survived this trade is if I happily watched a 145 pip retracement, watch the trade go into draw down and hung on for dear life! (or just practiced a much looser trade management style, which actually would have earned me money this month if I did use a loose style of getting stop to B/E)
Many choose unhappiness over uncertainty.
  • #65,038
  • May 27, 2010 10:51pm May 27, 2010 10:51pm
Quoting Dan Gilbert
Jarroo, there was no way you could still be in that after moving stop to B/E after 30 pips, it retraced down, even after going up to 131.92, then retraced all the way back down to 130.46.... the only way I would have survived this trade is if I happily watched a 145 pip retracement, watch the trade go into draw down and hung on for dear life! (or just practiced a much looser trade management style, which actually would have earned me money this month if I did use a loose style of getting stop to B/E)
How big was your buffer?
Indicators show the past. Price Action "Indicates" the future.
  • #65,039
  • May 27, 2010 10:54pm May 27, 2010 10:54pm
Quoting Dan Gilbert
Jarroo, there was no way you could still be in that after moving stop to B/E after 30 pips, it retraced down, even after going up to 131.92, then retraced all the way back down to 130.46.... the only way I would have survived this trade is if I happily watched a 145 pip retracement, watch the trade go into draw down and hung on for dear life! (or just practiced a much looser trade management style, which actually would have earned me money this month if I did use a loose style of getting stop to B/E)
what was your FTA? I used the swing low of about 132.00 back on March 1. Set tp at 131.90
  • #65,040
  • May 27, 2010 11:04pm May 27, 2010 11:04pm
Quoting jarroo
How big was your buffer?
here I have shown the I4B highlighted in the blue box. My entry was @ 130.84. Even if I had entered at 130.59 with almost no buffer at all, price still would have taken me out after the hard bounce off 131.94.... I was planning on taking full profit @ 132.60

even a 100 pip move stop to B/E would have been a fail in both the no buffer, and large buffer situations....
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Many choose unhappiness over uncertainty.
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