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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

  • #65,741
  • Jun 8, 2010 7:17am Jun 8, 2010 7:17am
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.

Pring talks about these in his book on Price Patterns. I believe it is toward the front of the book. I was referencing it the other day for something else and remember seeing the charts.
  • #65,742
  • Jun 8, 2010 7:43am Jun 8, 2010 7:43am
Quoting TraderDavo
As stated, A+ setup.

Correct me if I am wrong, but that is not the setup that was being discussed.

The BEOB looks much better to me as it came off the 50 fibo and already broke the FTA of that pin bar setup that was 24 hours ago.
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  • #65,743
  • Jun 8, 2010 8:06am Jun 8, 2010 8:06am
Quoting Pinbar
Correct me if I am wrong, but that is not the setup that was being discussed.

The BEOB looks much better to me as it came off the 50 fibo and already broke the FTA of that pin bar setup that was 24 hours ago.

Go back a few pages. Elizo was taking the same PB. The BEOB was nice confirmation, but that is exactly what it was - confirmation.

I think part of the problem is that you are still looking at H1s and H4s for answers on a W1 entry.

The bigger picture is that the H4 PB gave you an early entry on a W1 PB that was with trend and off of major long term resistance.

On top of that you had confirming price action in no less than 3 other major currencies. All three of those currencies were also at important S/Rs. You can see others in this thread took the GBPCHF and did well. That trade was based on the EXACT same PB that we traded on the sterling. The GJ also had great PA.

Perhaps it is a perspective thing, but this was literally the easiest money trade I have seen in 3 weeks. I understand that is just my opinion, but I am not sure what else you could possibly want to confirm a trade.

1) with long term trend
2) PB off of resistance
3) PB is confirming Weekly PB last week.
4) 3 other major pairs confirming PA, all at important S/R
5) Fib confluence, if you even needed it.

Sure, there was some H1 noise under the trade. But H1 noise tends not to matter on a W1 trade.

Perhaps my perspective is different because I don't need to take my profit within 24 hours. My first target was hit already, I am guessing my second will get hit later today or tonight, but I don't expect to see my last target for at least 2 weeks.

My point is that H1 noise is a speed bump. Everything in life is either a hurdle or a wall. The hurdle you can jump, the wall stops you cold. Very rarely is H1 anything a wall for a W1 trade.

my 2 cents.
  • #65,744
  • Edited 8:23am Jun 8, 2010 8:11am | Edited 8:23am
Quoting TraderDavo
Go back a few pages....
Thanks for the detailed explanation TD.
Yeah, you could be right but not the H1 the H4. I keep forgetting you guys are trading the Weekly PA.

So much to learn. Over analysis. LoL


Hope you get a real runner here.
  • #65,745
  • Jun 8, 2010 9:09am Jun 8, 2010 9:09am
Quoting TraderDavo
Go back a few pages....
Very very interesting. Thanks. And perfect way to discuss this also by Pinbar. This is what makes a difference inside a thread between debating for the benefit of everybody or egos fighting. Congrats, Pinbar and Traderdavo.

By the way, which one is your second target?
  • #65,746
  • Jun 8, 2010 9:12am Jun 8, 2010 9:12am
Quoting raczekfx
You're itching to trade... that's no good..
divergence is really of no help, unless used with the most recent bars..
Quoting joelcf
For every time it signals a retrace, it gives you three signals of a pause in momentum.

I think Dan has a point. Most people would be better off without it, since they dont even know what it is, what it means or how to use it. Look at the number of people using an RSI(6) because they saw Ryan do it, and then 'spotting divergence' between bars 66 periods apart.
Quoting rustyjeff
hey hey hey... Ryan dont make too easy..

next thing Rac will be listing rules or something.....
Quoting Ryanmcd
Yep and that is why I like it to be less then 10 bars on the 5min because the longer it gets the less it works or at least what I have seen, Hell if you go back far enough you can get a 95% loss rate off of divergences.


This time the price for the ripoff E book will more be then 19$.



.
  • #65,747
  • Jun 8, 2010 10:03am Jun 8, 2010 10:03am
anyone feeling the PB on the yen majors??
  • #65,748
  • Jun 8, 2010 10:57am Jun 8, 2010 10:57am
Quoting elizo
Very very interesting. Thanks. And perfect way to discuss this also by Pinbar. This is what makes a difference inside a thread between debating for the benefit of everybody or egos fighting. Congrats, Pinbar and Traderdavo.

By the way, which one is your second target?

1.4300. If it makes any sense, I consider that the second target for the 4H PB, but the 1st target for the weekly. At that point I will have 1/3 left, which I am targeting 1.400 with, though I will likely trail a bit.

My targeting and trailing are a bit different than some of what is done in this thread, so it may not be right on target with J16. I tend to give a lot more room on my trades and do not move to BE very quickly. This works for me because I never set a first target closer than 1:1 R/R, so my second and third target are generally at least 2-3 times risk, which allows me to breath easy on not moving to BE quickly.

This may better describe what I did on this trade:

1) 3 lots.
2) First target was a 1:1 RR with the 4H PB (around your target at 1.44).
3) Second target is slightly over 1:1 RR with the weekly PB
4) 3rd target is currently at about 2.5:1 RR with weekly PB, but that is never a "hard" target for me, because I may let it run even further or pull it a bit early (for instance, if we get strong weekly or even daily PA at, say, 1.41, then I may close it and look for reentry.
  • #65,749
  • Jun 8, 2010 1:46pm Jun 8, 2010 1:46pm
It's been a few months I think from my last post here, How many have made millions now?
Keep taking CT trades, I need more money
  • #65,750
  • Jun 8, 2010 1:56pm Jun 8, 2010 1:56pm
Quoting Ryanmcd
It's been a few months I think from my last post here, How many have made millions now?
the counter-trenders are still feeding you buddy. good job.
Many choose unhappiness over uncertainty.
  • #65,751
  • Jun 8, 2010 2:00pm Jun 8, 2010 2:00pm
whaaass up big boy!!!.

will have the guest side chatroom open soon and we are using a cool webinar/screensharing software called omnovia.

how about doing a couple of small sessions for your friends?

jim

Quoting Ryanmcd
It's been a few months I think from my last post here, How many have made millions now?
  • #65,752
  • Jun 8, 2010 4:28pm Jun 8, 2010 4:28pm
Quoting Ryanmcd
It's been a few months I think from my last post here, How many have made millions now?
Not millions, but some profits none the less.
You got to know when to hold them, and know when to fold them.
  • #65,753
  • Jun 8, 2010 4:53pm Jun 8, 2010 4:53pm
Hi, i just spotted this small pin bar of 1250 super grand resistance with macd bearish divergence, im going to place a sell stop in demo below the pinbar, with 3 targets (see in charts below) and see how it behaves.



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  • #65,754
  • Jun 8, 2010 4:55pm Jun 8, 2010 4:55pm
Hi.

IŽam quite new posting here, but already here for a while.

After read a lot off the posts on this topic some time ago, even made a doc with 99 charts posted on the topic for reference, i think back then great stuff, this seams easy. Wrong thought to have.

Never have managed to do thing's wright, always something missing. Wrong interpretation off the charts, kicked on the stop loss (and then the trade goes in my way ), and so on.

Some days ago cleaned all old stuff, and decided to make a new attempt, after make a recap from basics, and start looking also to the 4 hours charts (big mistake, messed my ideas even more).

To examples off 4hours charts form diferent brokers, and the results are completely different, in chart one hi spot 3 good pinbars, i think , on the other nothing.
Then the big question how do we trade this market?
I`am not the guy to quit but once and while thats something that crosses my mind.

Regards
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  • #65,755
  • Jun 8, 2010 5:01pm Jun 8, 2010 5:01pm
Quoting vasco25
Hi.

IŽam quite new posting here, but already here for a while.

After read a lot off the posts on this topic some time ago, even made a doc with 99 charts posted on the topic for reference, i think back then great stuff, this seams easy. Wrong thought to have.

Never have managed to do thing's wright, always something missing. Wrong interpretation off the charts, kicked on the stop loss (and then the trade goes in my way ), and so on.

Some days ago cleaned all old stuff, and decided to make a new attempt, after make a recap from...
Hey V

Yep it takes time, a lot of time usually. As for your questions, brokers with different closing times will show different aggregations of price. Simply the forex market is not a centralized market so this is why you see different bars. It is no big deal just simply trade what you see is the easiest answer. As for your charts, those are all pinbars, but the second and third I like the best. Now remember though the bars are one small piece, next is to find the best locations and finally develop your understanding of trade mgmt.\

Also don't forget to follow the j16 minimum req laid out on post 1. They wil help develop you in the right way

Ask more questions if you have
Mike
  • #65,756
  • Jun 8, 2010 5:20pm Jun 8, 2010 5:20pm
Quoting emiliolopez
Hi, i just spotted this small pin bar of 1250 super grand resistance with macd bearish divergence, im going to place a sell stop in demo below the pinbar, with 3 targets (see in charts below) and see how it behaves.



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buy @ 1224.30
Many choose unhappiness over uncertainty.
  • #65,757
  • Jun 8, 2010 5:34pm Jun 8, 2010 5:34pm
Quoting fxeturn
Ok thanks. I've seen the term 'touch trades' around but I don't really know the meaning.

I'll just stick with basics first. Here's a USD/JPY analysis:

BEOB on daily, consolidation on weekly, bearish on monthly. Confluence with 150 EMA.
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A closer look at H4 reveals a DBHLC, then a BEOB with confluence on both EMAs and a Fib. White lines are target areas.
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First target reached, 2 other lots closed out at BE.
  • #65,758
  • Jun 8, 2010 5:55pm Jun 8, 2010 5:55pm
Bearish PB at gold's highest point yet and rejected at 1250. Looking at 1220, 1210 and 1200 as possible targets but the uptrend is really strong. Looking for more reasons to short.

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NZD/CHF has made a bullish PB at 0.76, which looks very strong as a resistance that has turned support, and now reinforced by the 150EMA directly beneath it. Looking at 0.78,0.79 and 0.8 as possible targets. Possible swing low in a range. Will take this over gold with 3 lots.

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  • #65,759
  • Jun 8, 2010 6:41pm Jun 8, 2010 6:41pm
Quoting james16
whaaass up big boy!!!.

will have the guest side chatroom open soon and we are using a cool webinar/screensharing software called omnovia.

how about doing a couple of small sessions for your friends?

jim

I may check it out when it's done, let me know.
Keep taking CT trades, I need more money
  • #65,760
  • Jun 8, 2010 6:42pm Jun 8, 2010 6:42pm
Quoting sas
Not millions, but some profits none the less.

That's good to hear and keep up the good work.
Keep taking CT trades, I need more money
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