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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

  • #67,641
  • Jun 29, 2010 3:16am Jun 29, 2010 3:16am
Quoting mordre
If you would have even bothered to open a chart of the pair, you would have seen that the major trend is UP and the "steep downtrend" is a correction to the 50% fib, which I mentioned.
Waiting for a wiser oppinion on the setup...

I retract the "oppening a chart" part...
Why are you talking about the major uptrend when you are taking a trade based on a 4 hour chart? I have my USDCHF chart opened all the time and I can see a very steep downtrend from 1.17 to where we are now. I think the seniors will tell you the same thing I did in my previous post. If by wise you mean having the same opinion as you then I'm afraid noone can help you. Even if this trade does work out the way you hope it will, it will still be a low probability setup meaning that you will only learn to take a bad trade if this one succeeds.
If you don't risk, you don't ever have to lose.
  • #67,642
  • Jun 29, 2010 3:19am Jun 29, 2010 3:19am
Quoting bug
Lots and lots of reasons on H4 chart not to take a bullish position.
mordre,
IMHO, trend is timeframe-subjective & trader-subjective.
in your view, uptrend in what timeframe?

i think u & bug have valid points. (like i said, we all trade differently)
mordre, your trade will have a chance if u get momentum on your side.
but 1.1000 may or may not be hit.
be alert

(FWIW, here's my recent view on it)
{on a much lighter note, u must listen to bug, he's the great Cornholio (see his avatar) --- seriously speaking, surely bug means well }
  • #67,643
  • Edited 3:34am Jun 29, 2010 3:22am | Edited 3:34am
My USD/CHF feed just has a rather unimpressive BUOB that has yet to close.
It looks rather small compared to the BEOB that got us here.


EDIT: TP2 hit on USD/CAD not much but +53 pips is ok for now.
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  • #67,644
  • Jun 29, 2010 3:22am Jun 29, 2010 3:22am
Quoting bug
Why are you talking about the major uptrend when you are taking a trade based on a 4 hour chart? I have my USDCHF chart opened all the time and I can see a very steep downtrend from 1.17 to where we are now. I think the seniors will tell you the same thing I did in my previous post. If by wise you mean having the same opinion as you then I'm afraid noone can help you. Even if this trade does work out the way you hope it will, it will still be a low probability setup meaning that you will only learn to take a bad trade if this one succeeds.
Now you posted a quality reply, instead of the " OMG such a steep downtrend such a profit target OMG OMG". My argument for this trade is yesterdays rejection form the 50% and todays pin off the same 50%. Will see how it goes. I can afford a 1% loss on this trade.
Later edit: I know it's not a A+ setup, maybe not an A at all, but I like it.
  • #67,645
  • Jun 29, 2010 3:28am Jun 29, 2010 3:28am
I read all your replies about the setup and it made me think twice. The trade is on right now and I will monitor it on a 1H timeframe. At the first sign of trouble I will manage it accordingly.
  • #67,646
  • Jun 29, 2010 3:28am Jun 29, 2010 3:28am
Quoting mordre
Now you posted a quality reply, instead of the " OMG such a steep downtrend such a profit target OMG OMG". My argument for this trade is yesterdays rejection form the 50% and todays pin off the same 50%. Will see how it goes. I can afford a 1% loss on this trade.
Later edit: I know it's not a A+ setup, maybe not an A at all, but I like it.
My bad, I'll try to be more informative from the start in my next posts.

Given the timeframe we're talking about here, I'd be much more comfortable looking for a short setup from a swing high. Price has indeed stalled due to the confluence from daily, but I can't see the dollar having enough steam to make a run for the prize.
If you don't risk, you don't ever have to lose.
  • #67,647
  • Jun 29, 2010 3:29am Jun 29, 2010 3:29am
Quoting bug
Why are you talking about the major uptrend when you are taking a trade based on a 4 hour chart? I have my USDCHF chart opened all the time and I can see a very steep downtrend from 1.17 to where we are now. I think the seniors will tell you the same thing I did in my previous post. If by wise you mean having the same opinion as you then I'm afraid noone can help you. Even if this trade does work out the way you hope it will, it will still be a low probability setup meaning that you will only learn to take a bad trade if this one succeeds.
Wowo! Easy ppl.


No problem in using a long term factor as one for confluence in taking a lower time frame trade.

Yes we are at a significant position in terms of the long term view, but Bug is right when he says the Pin bar is small.

So clearly it isn't the type 3 trade/A+ trade where both the location and the PA bar rocks. It's only the location in this case and a moderate sized pin bar, definitely not untradable but less than A+ for sure.

g.
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I believe . . .
  • #67,648
  • Jun 29, 2010 3:34am Jun 29, 2010 3:34am
Hi guys, have anyone tried the Oanda Apps for Iphone? Is it good? Does it support limit order and managing stops? If it does, this is really great improvement from their wap platform.
  • #67,649
  • Jun 29, 2010 3:35am Jun 29, 2010 3:35am
Quoting mordre
If you would have even bothered to open a chart of the pair, you would have seen that the major trend is UP and the "steep downtrend" is a correction to the 50% fib, which I mentioned.
I'm with The Great Cornholio here.

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Quoting mordre
Waiting for a wiser oppinion on the setup...
Not saying you cant take countertrend trades. Of course you can! This isnt a great one though. You arent at a swing low, its heading straight into traffic, the bar is small-average, and you are very clearly swimming against the tide. Nothing here says reversal to me, at all. Pass is a no brainer on this one, imho.

Fundamentally, I'd rather punch myself in the nuts than be short francs.

Obviously, many people dont care about fundamentals or economics, and whatever - that's fine. But consider for a second the fact that their central bank has been purposely trying to weaken their currency for the past 12 months. That kinda speaks for itself.
When you have to shoot, shoot. Dont talk.
  • #67,650
  • Jun 29, 2010 3:41am Jun 29, 2010 3:41am
Quoting mordre
I read all your replies about the setup and it made me think twice. ...
just trade your plan. you know what u are capable of.
we are here to give views, the final decision/action is yours to make.
  • #67,651
  • Jun 29, 2010 3:45am Jun 29, 2010 3:45am
Quoting mbqb11
If you want something fun an easy to do. Go back through your charts(start longer timeframe cause they are more significant and easier to do IMO). Look for times you get Multiple bar highs or lows, either in a row, or spread out. Then when price finally makes its way through it breaks hard and fast.

Here are just a few(note when I do these I want pretty perfect highs/lows). This is a good idea for a video
Yep great post - check out the Kiwi - dayum i missed that one
  • #67,652
  • Jun 29, 2010 3:46am Jun 29, 2010 3:46am
Quoting esbatu
Hi guys, have anyone tried the Oanda Apps for Iphone? Is it good?....
check the Oanda thread in the broker section or view here(Oanda on Iphone).
  • #67,653
  • Jun 29, 2010 3:58am Jun 29, 2010 3:58am
Quoting bug
Lots and lots of reasons on H4 chart not to take a bullish position.
Step back, have a look at what the daily is doing and you'll see why the h4 is good for a light trade
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  • #67,654
  • Jun 29, 2010 3:58am Jun 29, 2010 3:58am
Quoting joelcf
That would be an easier way to say it

I think it goes back to what we were talking about in the pf. A range is showing us accumulation/distribution (or, if you prefer, basing/topping*) and so by taking this bar, you are shorting straight into buyers who are just waiting to absorb the orders (ie, what we call a PPZ).

Without further information, we dont know if it is [list][*]new sellers coming into the market, possibly starting a new trend[*]fundamental buyers taking profits (or at least reducing exposure) as price has been pushed too...
What a great post and analysis. Invaluable for me. Thank you, joelcf.
Thanks J16, Sam Seiden, Udine and Jacko
  • #67,655
  • Jun 29, 2010 4:06am Jun 29, 2010 4:06am
Quoting supremeChaos
check the Oanda thread in the broker section or view here(Oanda on Iphone).
Hi SC, as always thanks for your reply (I think you are always the first one to reply to all my questions ). I have read those threads. I just like to know maybe some familiar people in J16 family have tried this and probably could provides some insights about this apps. Thnks
  • #67,656
  • Jun 29, 2010 4:06am Jun 29, 2010 4:06am
I can see in earlier charts that James was using Keltner channel. Why there are no more people using it now?? Does its middle act as a good S/R ?
  • #67,657
  • Jun 29, 2010 4:11am Jun 29, 2010 4:11am
Quoting pipmyride
Step back, have a look at what the daily is doing and you'll see why the h4 is good for a light trade
It's not that I've not seen the chart, it's that I disagree with the idea of taking a CT trade with such a poor risk-to-reward ratio. Of course, we all have our own R:R so I'm not stopping you or anyone else from taking this trade. I'm just trying to point out what I see is might go wrong with this trade. The funny thing is that you might be taking a long position, I might be taking a long position and we'd both end up taking pips off the table - we'd just have different exit points.

Anyway, I think we've had enough charts posted over this smallish pin. Let's just let the market show us what happens.
If you don't risk, you don't ever have to lose.
  • #67,658
  • Jun 29, 2010 4:24am Jun 29, 2010 4:24am
Quoting Brb-Fraudin
I can see in earlier charts that James was using Keltner channel....
i havent experimented with it. looks like Bollinger bands..
(i've checked a few of his charts) maybe it does act as S/R, but not all the time.
Try it & let us know your thoughts.
  • #67,659
  • Jun 29, 2010 4:32am Jun 29, 2010 4:32am
Quoting Brb-Fraudin
I can see in earlier charts that James was using Keltner channel. Why there are no more people using it now?? Does its middle act as a good S/R ?
Strong first post in J16 thread, come on in an have a seat brah,

http://i298.photobucket.com/albums/m...witt_dress.gif

It's probably the best thread on FF (no whiteknight)

As for James and the keltner channel, if I remember correctly he used it with some intraday E-mini system or something like that, not sure though. It's not used by anyone in the thread nowadays anyway.

,
  • #67,660
  • Jun 29, 2010 4:36am Jun 29, 2010 4:36am
Quoting Jigsaw
Strong first post in J16 thread, come on in an have a seat brah
,
God damn! I used to have such a crush on Jennifer Love Hugeti...erm, Hewitt.
When you have to shoot, shoot. Dont talk.
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