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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

  • #65,661
  • Jun 7, 2010 12:39pm Jun 7, 2010 12:39pm
Quoting mbqb11
and that is what James wants people to do. Take what they already know and like and add what he teaches. You can't go wrong. Really. Just have to put in the time and see where you land.

Keep at it pin

Mike

Thanks Mike.

I notice the 25 EMA lining up with the 0.8500, by the time this order gets triggered, the EMA may just about be at the FTA.
  • #65,662
  • Jun 7, 2010 12:39pm Jun 7, 2010 12:39pm
Quoting oltciter
GBPUSD h4
This is an A+ trade. this is also going with a trend, and is playing into last weeks weekly bearish PB. The Pound is also at major S/R on the GJ and Swissy.

good chance this is going down.
  • #65,663
  • Jun 7, 2010 12:41pm Jun 7, 2010 12:41pm
Quoting mbqb11
Hey G

Actually many people use trendlines in that manner. Think of them as diagonal PPZ. Again I would be nervous seeing newer traders doing that before doing the real basics and adding as they go. But that can just be a product of how I learn so that is unfair of me too

Mike
I see. Maybe the most obvious ones could still be used as "ppzs with an angle" just that I haven't seen them being used that way yet, but then again I haven't been trading for 10 years,

New information for sure.

g.
I believe . . .
  • #65,664
  • Jun 7, 2010 12:42pm Jun 7, 2010 12:42pm
Quoting ghous
I see. Maybe the most obvious ones could still be used as "ppzs with an angle" just that I haven't seen them being used that way yet, but then again I haven't been trading for 10 years,

New information for sure.

g.
Yeah it is more common then you might think. I used to experiment with them, but found it can lead to just more analysis paralysis if not kept simple. I do not use them, in case anyone was gonna ask.

Mike
  • #65,665
  • Jun 7, 2010 12:46pm Jun 7, 2010 12:46pm
Quoting TraderDavo
This is an A+ trade. this is also going with a trend, and is playing into last weeks weekly bearish PB. The Pound is also at major S/R on the GJ and Swissy.

good chance this is going down.

That is an A+ trade with all these bar lows and highs just 30 pips from the EP, with the 61.8 fibo there and at a swing Low?

Seems like a C- to me.
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  • #65,666
  • Jun 7, 2010 12:47pm Jun 7, 2010 12:47pm
EURGBP h4
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  • #65,667
  • Jun 7, 2010 12:51pm Jun 7, 2010 12:51pm
Quoting Pinbar
That is an A+ trade with all these bar lows and highs just 30 pips from the EP, with the 61.8 fibo there and at a swing Low?

Seems like a C- to me.
Please see weekly chart, too!
  • #65,668
  • Jun 7, 2010 12:56pm Jun 7, 2010 12:56pm
Quoting Pinbar
That is an A+ trade with all these bar lows and highs just 30 pips from the EP, with the 61.8 fibo there and at a swing Low?

Seems like a C- to me.
You are taking an H1 perspective on a W1 trade. There are 4 other GBP currency crosses that have printed similar indications -

The EURGBP is showing a bullish Pin. The GJ is indicating bearish. The GBPCHF is doing the same.

On top of that you have a 4H pinbar reinforcing S/R at 1.45 (a major weekly S/R) that last weeks PB reinforced as well.

If you are looking for a 1H 50 pip trade, perhaps this is not your type of PB. If you are looking for a good entry with first target 200 pips down on our way to 1.40, I would take another look. This is an entry opportunity for a 2 month trade.
  • #65,669
  • Jun 7, 2010 12:57pm Jun 7, 2010 12:57pm
Quoting oltciter
Please see weekly chart, too!

I did, it looks even worse on the weekly.

What about all the traffic on the left & is it not still at a swing low?
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  • #65,670
  • Jun 7, 2010 1:03pm Jun 7, 2010 1:03pm
Quoting TraderDavo
You are taking an H1 perspective on a W1 trade....
Hi,

I had to delete my original post when I saw the 4h GBPUSD chart was already posted. But since there is some debate on this, I will add my reasoning. Hopefully the senior members will assess on this.

Apologies for the redundancy if someone feels I have incurred on it.

I would like to submit this for comments. I think it's a proper A+ trade. I am starting and only trading off daily charts, but couldn't resist this 4H.

Positive points are:

-Trading with the Daily Trend
-Retracement to former TL, which was broken last Friday.
-Awesome Pin Bar
-Above Pin bar, nice confluence of Fibos and PPZ (upper salmon area)
-Just in the middle of nose of the Pin bar, another Fibo confluence with another PPZ (lower salmon area)

Trade was opened slightly before the pin bar closed (I guess I should be more strict with executions) since it was a clear setup. Plan was to wait for 4515 or so, but... have to work on this. SL above Pin Bar, on the upper confluence area.

Plan is to off-load at least half at 4415, with SL at BE there, then targetting 2nd TP area below.

Any comments or suggestions?

Many thanks in advance.
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  • #65,671
  • Jun 7, 2010 1:06pm Jun 7, 2010 1:06pm
thanks Ghous for highlighting TAs at old bar highs and lows

thanks also to Mike for suggesting waiting to 1 hr before close to check potential PA trades (and also for the videos, that picking a cherry comparison is priceless)

ive 2 more qns if you dont mind

as A+ PBs on the higher tfs r like chickens teeth (rare) would you recommend a beginner take the retracement PB eg which is now on the weekly GBPUSD?

also, if i play a pb on a higher tf and enter just above the pb e.g high (at a swing low) and place my sl at the low , given our pb has a long nose then surely this would violate our % per trade rule (thats even if you scale in)?
  • #65,672
  • Jun 7, 2010 1:13pm Jun 7, 2010 1:13pm
Quoting antgal23
thanks Ghous for highlighting TAs at old bar highs and lows

thanks also to Mike for suggesting waiting to 1 hr before close to check potential PA trades (and also for the videos, that picking a cherry comparison is priceless)

ive 2 more qns if you dont mind

as A+ PBs on the higher tfs r like chickens teeth (rare) would you...
Chickens teeth? Do they have them? let alone rare I thought the beak was just meant for pecking...

My answer to the first question would be a No for reasons mentioned in my earlier posts,

To the second question, my answer would be to just position size yourself accordingly. I could take a 10 pip pin bar and risk 2% on it, and I could take a 200 pin bar and still risk only 2% on the trade. The trick is to find the right amount of trade volume to enter the trade with.

Here's an MM "fill in the blanks" for dummies like me, see if it suits you.

http://www.earnforex.com/position-size-calculator (enter the info in the first set of blanks and it'll tell you the lot size that you should be going with)

g.
I believe . . .
  • #65,673
  • Jun 7, 2010 1:36pm Jun 7, 2010 1:36pm
I initially entered a trade on the 1 hour bar that preceded this 4 hr pin. I actually pulled the plug on it at BE as it moved sideways for two hours and the momentum often disapears at this time of day. I was not willing to give back my daily profits but it is actually looking quite good at the moment.

I like your analysis. Be wary if it starts moving sideways too much though.

cheers

fxp

Quoting elizo
Hi,

I had to delete my original post when I saw the 4h GBPUSD chart was already posted. But since there is some debate on this, I will add my reasoning. Hopefully the senior members will assess on this.

Apologies for the redundancy if someone feels I have incurred on it.

[i]I would like to submit this for comments. I think it's a proper A+ trade. I...
  • #65,674
  • Jun 7, 2010 1:39pm Jun 7, 2010 1:39pm
thanks again G, nice little tool that, it makes playing pbs a lot more sense

as for chicken having teeth....
  • #65,675
  • Jun 7, 2010 1:46pm Jun 7, 2010 1:46pm
Quoting fxprocessor
I initially entered a trade on the 1 hour bar that preceded this 4 hr pin. I actually pulled the plug on it at BE as it moved sideways for two hours and the momentum often disapears at this time of day. I was not willing to give back my daily profits but it is actually looking quite good at the moment.

I like your analysis. Be wary if it starts moving sideways too much though.

cheers

fxp
Many thanks for your post. Yes, I saw your trade in the preceding posts. Good thing about 4H charts (let alone daily ones) is that, for good or bad, you have to give PA time to develope. For a lost soul like me, coming from the noisy 5M charts, I thought this could become boring, but it's the opposite. I love to make a relaxed analysis and to look for a rationale similar to the ones I used to make in my previous profesional activity. Hey, sounds like "treat it like a business"... where did I read that?

Cheers
  • #65,676
  • Jun 7, 2010 2:18pm Jun 7, 2010 2:18pm
Quoting elizo
Many thanks for your post. Yes, I saw your trade in the preceding posts. Good thing about 4H charts (let alone daily ones) is that, for good or bad, you have to give PA time to develope. For a lost soul like me, coming from the noisy 5M charts, I thought this could become boring, but it's the opposite. I love to make a relaxed analysis and to look for a rationale similar to the ones I used to make in my previous profesional activity. Hey, sounds like "treat it like a business"... where did I read that?

Cheers
Great post. It's nice when we find a style that suits us
  • #65,677
  • Jun 7, 2010 2:20pm Jun 7, 2010 2:20pm
Hi there,

Here's a program that I wrote which will calculate the volume of your trades according to your desired risk percentage , stoploss pips and your balance . I wrote it for myself, and I found it very useful, so I wanted to share it with you ... and ofcourse it's totally free.

If you have any question or idea to make it better, feel free to contact me on FF or email me ...

Regards,
Basber
Attached File(s)
File Type: zip Risk Calculator.zip   29 KB | 495 downloads
Trading methods are designed to put the odds in our favor, not predicting.
  • #65,678
  • Jun 7, 2010 2:32pm Jun 7, 2010 2:32pm
Quoting elizo
Hi,

I had to delete my original post when I saw the 4h GBPUSD chart was already posted. But since there is some debate on this, I will add my reasoning. Hopefully the senior members will assess on this.

Apologies for the redundancy if someone feels I have incurred on it.

[i]I would like to submit this for comments. I think it's a proper A+ trade. I...
Hi Elizo nice trade...i agree perfectely with your analysis but i think the first Trouble Area is a little bit above the one you spotted...i'd say 1.4445

see charts....just my opinion.
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Patience is essential
  • #65,679
  • Jun 7, 2010 5:08pm Jun 7, 2010 5:08pm
chart
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  • #65,680
  • Jun 7, 2010 5:38pm Jun 7, 2010 5:38pm
Quoting ghous
I see. Maybe the most obvious ones could still be used as "ppzs with an angle" just that I haven't seen them being used that way yet, but then again I haven't been trading for 10 years,

New information for sure.

g.
Quoting mbqb11
Yeah it is more common then you might think. I used to experiment with them, but found it can lead to just more analysis paralysis if not kept simple. I do not use them, in case anyone was gonna ask.

Mike
That's the problem. Luckily you don't really need them.

When they happen like this though... (my chart)

This was drawn in a couple of weeks ago. I just changed it to yellow now to make it obvious which one I mean.
Have only taken two trades off of this in confluence with other stuff, but it still helps. Can't watch everything!
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Bundy's status today: "Waiting..."
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