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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

  • #66,421
  • Jun 15, 2010 2:30pm Jun 15, 2010 2:30pm
Quoting Dan-FX
My concern would be that the BUOB has not yet significantly cleared the range price is currently in. Just my 2c
I know that the daily bar has not closed yet, but how about now? It looks like it has cleared enough to me.
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If you don't risk, you don't ever have to lose.
  • #66,422
  • Jun 15, 2010 3:10pm Jun 15, 2010 3:10pm
Quoting bug
I know that the daily bar has not closed yet, but how about now? It looks like it has cleared enough to me.

You need to take a look at the volume. trading volume has been terrible today. divergence on volume is not good. Lots of sentiment that this is just another cliff ledge being created for the short term.
  • #66,423
  • Edited 3:40pm Jun 15, 2010 3:30pm | Edited 3:40pm
Good tuesday all!

What do you think about pullback entries? There´s a PA, but you entry from pullback/retracement.

You may get more accurate entry with smaller SL, but you may also miss the big breakout or get straight loss without the signal bar breakout criterion.

I´ve been thinking that: yeah we want to trade only A++ setups... So at A++ there´s often strong breakout without pullbacks. But still, hard breakouts don´t come that often and usually there really is a pullback.. Entry with buffer is all in all simplier and I like it, so I use it, but is there enough pros to use pullback entries?

Hope you guys can give me some ideas

p.s. I bet some of you are long EUR/USD with me? Nice BUOB at 1.22 (Alpari feed)
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  • #66,424
  • Jun 15, 2010 3:51pm Jun 15, 2010 3:51pm
The EURCHF pinbar off 1.4000 was a great setup today. I had my eye on this area but was busy unfortunately so missed it. Powerfull stuff. Went exactly were we would expect. I suspect Mike may have caught this or at the very least been very tempted :-)
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  • #66,425
  • Jun 15, 2010 4:00pm Jun 15, 2010 4:00pm
Quoting nuclear62
Good tuesday all!

What do you think about pullback entries? There´s a PA, but you entry from pullback/retracement.
I personally look at the support/resistance areas and how price is currently moving. I will take a retrace entry on huge BUOB/BEOB type setups sometimes if they are retraces into support/resistance confluence areas that can protect my stop.
  • #66,426
  • Jun 15, 2010 4:08pm Jun 15, 2010 4:08pm
Quoting TraderDavo
You need to take a look at the volume. trading volume has been terrible today. divergence on volume is not good. Lots of sentiment that this is just another cliff ledge being created for the short term.
I don't pay attention to volume. At all. HFT has rendered it completely useless. Take a look a previous rallies from correction lows and you'll see what I mean.
If you don't risk, you don't ever have to lose.
  • #66,427
  • Jun 15, 2010 4:17pm Jun 15, 2010 4:17pm
Quoting ddinnov
I think I'm getitng a bit of an obsession with H&S formations. Just finished the chapter on them in the Pring on Price Patterns book and I'm seeing them everywhere... in the clouds.... in my cornflakes.... every time I close my eyes... Please make it stop!
It's weird, every time I look in the mirror I see a H&S!
  • #66,428
  • Jun 15, 2010 4:25pm Jun 15, 2010 4:25pm
lookin for 1.50 short entry with confluences--BRN, 61.8, ppz and a little PA touch

Still working on Trade Management.ie..staying in the trade...it's tough when you have to work a full time job...I have a hard time to set it and forget it to reach my target areas....not as fortunate as you to be able to watch....it often forces me to close out without full profit targets getting hit...well just fortunate to be here.

thx J16G
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  • #66,429
  • Jun 15, 2010 4:27pm Jun 15, 2010 4:27pm
Quoting mbqb11
yep right on supreme....
It is, these sort of people will always be around. They have nothing on James though, so no reason to fret.

I'm starting to consider moving over to FF completely as I find this FF and this thread and some other very select threads are becoming more home to me than Babypips where I've used to spend most of my time.

Just wish I could transfer my trading log thread...

Anyway, just wanted to say that I like probably everyone here wish I had found this thread sooner!
  • #66,430
  • Jun 15, 2010 4:38pm Jun 15, 2010 4:38pm
I am short on eur usd... any comments?
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  • #66,431
  • Jun 15, 2010 4:53pm Jun 15, 2010 4:53pm
Quoting bug
I don't pay attention to volume. At all. HFT has rendered it completely useless. Take a look a previous rallies from correction lows and you'll see what I mean.

I'm confused. Are you looking at very short term (as in, intraday volume) v. longterm?

The volume this week has painted a pretty clear divergence picture. actually, the volume since May 20th seems to paint a divergence picture on the SP. especially if it pops another 50 points.
  • #66,432
  • Jun 15, 2010 5:08pm Jun 15, 2010 5:08pm
hi

what about gbpnzd daily???
looks interesting.
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  • #66,433
  • Edited 10:41pm Jun 15, 2010 5:34pm | Edited 10:41pm
Quoting HanSolo
Hello, after some weeks of much work and only a few minutes a day to look out for trading opportunities (and follow this thread) I finally took a trade this morning:

EURJPY
Daily Pinbar :: Entry below PB @111.56
Pro: significant monthly/weekly PPZ, some minor fib confluence, strong downtrend,
Contra: small nose, had not reached the preceding highs yet, daily divergence... Maybe not an A trade, but I was pretty sure that it was good for some pips. What do you think?

Since I could not babysit it and am still somewhat...

Nice job Hans.

Sure the swing High could have been higher and the size could have been bigger but all in all no to bad depending on how you managed it.

Not sure how you defined your target(s). The previous Highs and Lows on the Daily, the time frame that the setup was given, are always key.

Now when a previous High and previous Low line up (as you know) that's a PPZ level. Add a RN to that mix (111.00) and you get a strong target or level. Not sure if you saw it, thought I would point it out.

Weclome to the land of Patience, you'll like it here because it Pays.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #66,434
  • Jun 15, 2010 5:39pm Jun 15, 2010 5:39pm
Quoting six gun
No my mistake!

Last night I was in a discussion about gold.
My buddy showed a 15M chart - I know the gold chart.
I was lost. He had drawn lines and was talking about a bullish triangle.
The chart might as well have been the price of bananas.
I was confused.
I later realised it was a 15M - I had only talked about the daily chart.

I should have labelled the chart properly.
There are so many pairs so when an odd time frame gets thrown in, it is confusing.

No worries friend.

Lack of sleep on my part I'm sure didn't help. lol
Indicators show the past. Price Action "Indicates" the future.
  • #66,435
  • Jun 15, 2010 6:16pm Jun 15, 2010 6:16pm
Quoting feri z kosic
I am short on eur usd... any comments?
Hey Feri

What exactly is your reason for shorting the euro? If you could expand a bit we can help give you some better comments.

Thanks
Mike
  • #66,436
  • Jun 15, 2010 6:21pm Jun 15, 2010 6:21pm
I've been reading as much of this forum as possible over the last few weeks and it is an absolute revelation to me,I only wish I'd discovered it 5 years ago!
I've taken 6 demo pinbar trades on weekly/daily time frames and 3 have resulted in good profits with 3 still running and under control.
I have a fairly basic question for the experts and it isoes the pinbar that you wish to trade have to complement the direction of the trade i.e if the basic trend is down and you are looking at selling a pullback does the pin have to be bearish or the opposite if you are buying?
  • #66,437
  • Jun 15, 2010 6:32pm Jun 15, 2010 6:32pm
Quoting edge540
I've been reading as much of this forum as possible over the last few weeks and it is an absolute revelation to me,I only wish I'd discovered it 5 years ago!
I've taken 6 demo pinbar trades on weekly/daily time frames and 3 have resulted in good profits with 3 still running and under control.
I have a fairly basic question for the experts and it isoes the pinbar that you wish to trade have to complement the direction of the trade i.e if the basic trend is down and you are looking at selling a pullback does the pin have to be bearish or the opposite...
Hey Edge

Glad to hear you are seeing some early success, stick with it.

As for your question you can trade them either way. Of course one should take into account the type of environment you are trading with to manage accordingly. My biggest fear is when I see people taking very tiny tiny bars against the trend and expect them to run forever. That can lead to a lot of trouble .

Best
Mike
  • #66,438
  • Edited 7:49pm Jun 15, 2010 7:38pm | Edited 7:49pm
Quoting fxprocessor
The EURCHF pinbar off 1.4000 was a great setup today. I had my eye on this area but was busy unfortunately so missed it. Powerfull stuff. Went exactly were we would expect. I suspect Mike may have caught this or at the very least been very tempted :-)
What about the daily? There's this indecision bar yesterday with confluences of the monthly bar's 50%, BRN and PPZ. Trend is long-term bearish, so it could be returning to the trend. However, no major PA atm, and my concern is that price is at its lowest, but Euro doesn't look like it's recovering any sooner ain't it?. If it breaks yesterday's low with 1.39 though, the 2 lines and cyan box are my FTAs. I'm going to watch it for today and see if any PA forms.

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  • #66,439
  • Edited 9:55pm Jun 15, 2010 9:31pm | Edited 9:55pm
Quoting fxeturn
What about the daily? There's this indecision bar yesterday with confluences of the monthly bar's 50%, BRN and PPZ. Trend is long-term bearish, so it could be returning to the trend. However, no major PA atm, and my concern is that price is at its lowest, but Euro doesn't look like it's recovering any sooner ain't it?. If it breaks yesterday's low with 1.39 though, the 2 lines and cyan box are my FTAs. I'm going to watch it for today and see if any PA forms.

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FX, how come you drew that fibo from that point?

The actual retracement is higher so shouldn't the fibo be drawn from this point?
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  • #66,440
  • Jun 16, 2010 12:13am Jun 16, 2010 12:13am
Quoting Pinbar
USD JPY just made an H4 DBHLC off of the 150 EMA.
Hey Pin

Remember for a DBHLC price must close below the previous bars low. Shows a lot more strength(depending of course on the location)

Mike
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