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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

  • #68,541
  • Jul 13, 2010 12:56pm Jul 13, 2010 12:56pm
Quoting Adilius07
Mistersimple, you mean 1hr pin on eurusd?
yes ... its not big but... m30 was just for quick entry/exit... i understand its not recommended.. just was experimenting...
  • #68,542
  • Jul 13, 2010 1:05pm Jul 13, 2010 1:05pm
CADCHF daily: price is between 365EMA and 18EMA how to interpret it?
  • #68,543
  • Jul 13, 2010 1:29pm Jul 13, 2010 1:29pm
Quoting Adilius07
Mistersimple, you mean 1hr pin on eurusd?
Am I missing something? I don't see a PB on that chart.
  • #68,544
  • Jul 13, 2010 1:41pm Jul 13, 2010 1:41pm
Mr. Simple,

Could you please post a chart when asking for thoughts or assistance?
Many here have a different feed. So their charts may not show what you are seeing. It's hard to offer help when two people are looking at two different things.

Good Trading
Mike
  • #68,545
  • Jul 13, 2010 1:55pm Jul 13, 2010 1:55pm
Hi

This one looks Very promising ;]

50%fib/multi week resistance /trendline. I dont have much time these days but playing setups like this one it is almost impossible to loose money in the long run.
A lot of time to think about trade management. Watch momentum and wait for good pa on dailys.
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  • #68,546
  • Jul 13, 2010 1:58pm Jul 13, 2010 1:58pm
i posted 2 today no replys
  • #68,547
  • Jul 13, 2010 2:18pm Jul 13, 2010 2:18pm
Hi guntothehead. Looks like you had some good trades. The reason (I think) you did not get a reply was there was no description of the price action involved and also the H2 chart is rarely discussed here. From your posts it's not clear if you are aware of the thread ideals. Hope to see you post again.
Gone to a better place
  • #68,548
  • Jul 13, 2010 2:27pm Jul 13, 2010 2:27pm
Quoting jarroo
Your looking for other confluences, not as many lines, less MAs . . you'll get there Pb.

Jarroo, this statement left me wondering. Sorry my language skills could be better and I might have misunderstood you - could you explain what you mean by 'other confluences'?
Pls correct me if I'm wrong but isn't it true that the more confluencing factors the better the setup? Of course I understand that there is a treshold where any additional line just confuses the picture and/or leads to decision paralysis.


Best regards
"Put your shoulder to the wheel!"
  • #68,549
  • Jul 13, 2010 2:40pm Jul 13, 2010 2:40pm
Quoting mbqb11
Not necessarily something I would trade these days, but certainly take note off. I am long gbp/usd from a 4hr buob and more downside on eur/gbp would make sense for me along these lines(hopefully )

Mike
Hi Mike, are you referring to this BUOB ? Thanks.
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  • #68,550
  • Jul 13, 2010 2:58pm Jul 13, 2010 2:58pm
cheers smikester

Im a relatively novice trader in that alot of the current terms used here are above me still . Ppz, convluance etc, im learning as I go and sorry I wasnt aware of the thread ideals ill look em up and bare your other points in mind thanks for pointing this out,as for the trade it was like dot to dot today ;0P
  • #68,551
  • Jul 13, 2010 3:07pm Jul 13, 2010 3:07pm
Quoting guntothehead
i posted 2 today no replys
Sry Gun - we do our best to keep up here

I wasn't really sure what your question was on your chart if you could elaborate.

Thanks
Mike
  • #68,552
  • Jul 13, 2010 3:10pm Jul 13, 2010 3:10pm
Quoting Sjr
Hi Mike, are you referring to this BUOB ? Thanks.
yep That is the one. A bit more involved in the details that is why I didn't post about it. Took me around 15 mins to go over it with sound and video today. C

but that's it
Mike
  • #68,553
  • Jul 13, 2010 3:10pm Jul 13, 2010 3:10pm
Here's a chart id like an opinion on. Is this a potential pb worthy of looking to downside? Firstly it still has an hour to go, so would wait for the close obviously. Couple of reasons as to why im looking at, is its in a downtrend, and the yellow S&R line seems to have held. Thanks in advance for all comments.
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  • #68,554
  • Jul 13, 2010 3:13pm Jul 13, 2010 3:13pm
Quoting mbqb11
yep That is the one. A bit more involved in the details that is why I didn't post about it. Took me around 15 mins to go over it with sound and video today. C

but that's it
Mike
Thanks for that Mike. That BUOB completed at 9pm NZ time. Do you mind me asking? what time did you put that trade on, in your time zone? , and are you referring to the private forum for the sound/ video?
  • #68,555
  • Jul 13, 2010 3:29pm Jul 13, 2010 3:29pm
Quoting Sjr
Thanks for that Mike. That BUOB completed at 9pm NZ time. Do you mind me asking? what time did you put that trade on, in your time zone? , and are you referring to the private forum for the sound/ video?
that is about 5am est my time. Yes sorry I did a webinar today it took me quite awhile to get my thoughts out about this one, so I am going to pass on going into too much detail about it here lol. I think it is better to keep things easy and straight forward here. Gets the new people on the right track IMO.

Best
Mike
  • #68,556
  • Jul 13, 2010 3:43pm Jul 13, 2010 3:43pm
Quoting mbqb11
that is about 5am est my time. Yes sorry I did a webinar today it took me quite awhile to get my thoughts out about this one, so I am going to pass on going into too much detail about it here lol. I think it is better to keep things easy and straight forward here. Gets the new people on the right track IMO.

Best
Mike
Thx Mike. No worries on going into to much detail. I can see what you were looking at. Im still trying to figure out the different time zones which are better to trade on the 4 hrly from my time zone. I live in NZ. Id like to think I can look to trade the daily one day, but for the moment the stop losses are to far away for a small acct, and the brokerage service that I go thru here based in OZ don't do micro accts, but they do mini accts. 1 pip is about 1 $ I think. This is all still really new to me, so bear with me as I get better/learn as I go. Cheers SR
  • #68,557
  • Jul 13, 2010 3:44pm Jul 13, 2010 3:44pm
Quoting Sjr
Here's a chart id like an opinion on. Is this a potential pb worthy of looking to downside? Firstly it still has an hour to go, so would wait for the close obviously. Couple of reasons as to why im looking at, is its in a downtrend, and the yellow S&R line seems to have held. Thanks in advance for all comments.
Hey SJ

I would suggest focusing on pins that create more of a retrace then that. This is a late day bar(meaning non active sessions coming- in general) at a deep swing low. What that means is essentially once that low breaks of the bar you are trading into a trouble area. By waiting for a more ideal location you are going to make things a lot easier on you. Can these be played? Of course. You can play bars in all kinds of locations once you understand them. But this is not one I would suggest.

Mike
  • #68,558
  • Jul 13, 2010 3:47pm Jul 13, 2010 3:47pm
Quoting Sjr
Thx Mike. No worries on going into to much detail. I can see what you were looking at. Im still trying to figure out the different time zones which are better to trade on the 4 hrly from my time zone. I live in NZ. Id like to think I can look to trade the daily one day, but for the moment the stop losses are to far away for a small acct, and the brokerage service that I go thru here based in OZ don't do micro accts, but they do mini accts. 1 pip is about 1 $ I think. This is all still really new to me, so bear with me as I get better/learn as I...
Hey SJ

The most active session is the euro eur/ny early ny sessions. Essentailly around 2-3am est -10-11am est is what I look at. This doesn't mean I don't trade outside it, but very rare unless we are very very active.

As for accounts, I highly recommend going to demo and following j16 outlined first post. It might be hard to resist trading real money, but it is a very wise first decision you can make. Then I would of course recommend(when the time is right), making sure you are with a broker that allows proper position size. General rule is micro account (10cent a pip) up to 50k, once 50k + you can be on a mini account. But even when you get to 50k+ having the ability to position size as best as possible is always a plus. If you want to put on a position size that calls for 70,500 units and you can only put on 70,000(7minis) you are hurting your ability to compound both for and against when you are winning as losing. You want to be able to get as close as possible to that % risk per trade.

Hope that makes sense
Mike
  • #68,559
  • Jul 13, 2010 3:47pm Jul 13, 2010 3:47pm
Quoting mbqb11
Sry Gun - we do our best to keep up here

I wasn't really sure what your question was on your chart if you could elaborate.

Thanks
Mike
my question was re:-my first post on eu,will eu see 12740 today .I was looking
for a second opinion and ofcourse eu missed that target by 1 pip.
  • #68,560
  • Jul 13, 2010 3:50pm Jul 13, 2010 3:50pm
Quoting Sjr
Here's a chart id like an opinion on. Is this a potential pb worthy of looking to downside? Firstly it still has an hour to go, so would wait for the close obviously. Couple of reasons as to why im looking at, is its in a downtrend, and the yellow S&R line seems to have held. Thanks in advance for all comments.
Hi Sjr.

I'll have my shot ;]

This bar is in the middle of congestion zone. There is almost no space before the next support and thats why pinbars at the swing high/low are easier to play. It doesn't mean it wont workout but in my book it is low probability trade. If that would be daily chart and we would get nice pinbar on H4 with shadow piercing thru that trendline of yours and enough amount of space below before the next support it would be a lot easier to manage it.

Mike was quicker ofcorse. That man never sleeps
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