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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

  • #70,001
  • Jul 28, 2010 2:26pm Jul 28, 2010 2:26pm
Quoting zoopy
Thanks Jarroo.

I've been having patience issues. I think too much time on the 4 hour charts so I've moved to watching dailies. Gotta learn to walk first before I start running off to the 4 hour charts
Yes, that's a very important point zoopy. Proving you can do it on the Daily and Weekly is a very important step. Conquering "patience issues" is even a bigger step.
Indicators show the past. Price Action "Indicates" the future.
  • #70,002
  • Jul 28, 2010 2:27pm Jul 28, 2010 2:27pm
Quoting jarroo
Looks good Rus. But you want to see what's going on with the bigger picture, the higer time frames.

You can see that the Weekly and Daily have shown Support turning into Resistance and vice-versa. How does this relate to your 4 hour time frame? I'm not saying that your 4 Hour chart is not showing that Price may be heading back to the 1.0337ish. Just showing the bigger picture.
Price may be heading back to test the 1.000.
I've never been paying much attention to higher frames, only lower. This is a good example why I should add that to my plan.

Thanks
  • #70,003
  • Jul 28, 2010 2:30pm Jul 28, 2010 2:30pm
Quoting mihazupan1
I've never been paying much attention to higher frames only lower. This is a good example why I should add that to my plan.

Thanks
I don't know how one could trade the 4 hour or Hourly time frames without knowing the locations of the Daily and Weekly PPZ levels. But that's just me.
Indicators show the past. Price Action "Indicates" the future.
  • #70,004
  • Jul 28, 2010 2:52pm Jul 28, 2010 2:52pm
Monthly Gbp/Jpy I4+B broke yesterday. I took an entry of the retest of that break at 136.50 (Hourly IPB). Free traded it at +/-44 pips. Stopped out for a net zero, breakeven trade. Maybe heading for the 135.00.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #70,005
  • Jul 28, 2010 3:03pm Jul 28, 2010 3:03pm
look 3 bars ago, know this isn't a great pb, but when one sets up, do you only have till the close of the next candle to break the high and enter? as in was this one a no go since the candle after didn't break the high?
Attached Image
  • #70,006
  • Jul 28, 2010 3:06pm Jul 28, 2010 3:06pm
Quoting jarroo
Monthly Gbp/Jpy I4+B broke yesterday. I took an entry of the retest of that break at 136.50 (Hourly IPB). Free traded it at +/-44 pips. Stopped out for a net zero, breakeven trade. Maybe heading for the 135.00.
Isn't that 1hr pb setting up for a short, the pin is the wrong way...?
  • #70,007
  • Jul 28, 2010 3:12pm Jul 28, 2010 3:12pm
Quoting fx_heaven
Here is one for you True777:

GBP/CAD - Entry on the break of the PB, actually taken on the 1HR using a DBLHC for entry and stop loss - still have second part of trade riding for break through

Got to go...out for dinner....late
Nice Heaven!

Question: You entered on the 1hr...not because it was a better entry, but it was confirmation correct? Because you would have entered at the break of the high of that daily pb, and when I look at the 1hr where you got it, it's pretty much the same level, but you do have the dblhc for confirmation...?
  • #70,008
  • Jul 28, 2010 3:41pm Jul 28, 2010 3:41pm
Quoting mbqb11
basically if you can think it, someone is trading like that. People trade based on times of years, moon phases, even Rats picking(yes rats)

posted by itrade in the PF
http://www.artmarcovici.com/rat-traders

da,m....
  • #70,009
  • Jul 28, 2010 3:43pm Jul 28, 2010 3:43pm
Was going to post this EUR/JPY trade when i took it but I was at work . Went straight to the FTA and got rejected...unfortunately I got stopped out at BE (moved when I was up about 30 pips).

Jarroo: thanks for the reply, the trade had no momentum so I abandoned it which is quite lucky because I hadn't looked at the higher TFs at all :|...definitely something I need to get into the habit of doing.
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  • #70,010
  • Jul 28, 2010 3:47pm Jul 28, 2010 3:47pm
Quoting True777
look 3 bars ago, know this isn't a great pb, but when one sets up, do you only have till the close of the next candle to break the high and enter? as in was this one a no go since the candle after didn't break the high?
Usually we would like to see the next bar break the setup . . Think Momentum. You can look at it in different ways . . next bar doesn't break : momentum lost . . next bar doesn't break and the PB is not invalidate (Low is taken out) momentum building.

The 4 hour BUOB looks good.

True77, look at where this is happening on the 4 hour. How? By checking the higher time frame PPZ levels. Is the .9200 Level a strong level? I'll say it is . . Higher time frame PPZ levels Rule.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,011
  • Jul 28, 2010 3:51pm Jul 28, 2010 3:51pm
Quoting True777
Isn't that 1hr pb setting up for a short, the pin is the wrong way...?
Actually its an Inside Bar. I was looking for any PA conformation other then just a touch trade. The IPB looking IB was it.

Also if this was a bearish PB (or the BEOB next to it) would it be at a swing High where we like them?
Indicators show the past. Price Action "Indicates" the future.
  • #70,012
  • Jul 28, 2010 3:55pm Jul 28, 2010 3:55pm
Hello Everyone! I'm new here and looking forward to meeting some fellow traders ... I have a question that I suspect has been answered a dozen times, but a cursory search didn't turn up many replies.

What pairs have you all found the greatest quantity of profitable set ups on? Specifically on the daily timeframe? I've backtested the GBP/JPY to good effect. I'm backtesting the GBP/CHF now and only finding about half as many good trades but it is otherwise OK. I've come to realize though that I am extremely picky about entering trades; my win percentage tends to be good, but I don't have very many trades. Thus I need to trade more pairs.

I deeply appreciate all replies!

Kyla
  • #70,013
  • Jul 28, 2010 3:56pm Jul 28, 2010 3:56pm
Got it working somewhat...now need to play with it...much appreciated
  • #70,014
  • Jul 28, 2010 4:02pm Jul 28, 2010 4:02pm
Quoting Rustam
Was going to post this EUR/JPY trade when i took it but I was at work . Went straight to the FTA and got rejected...unfortunately I got stopped out at BE (moved when I was up about 30 pips).

Jarroo: thanks for the reply, the trade had no momentum so I abandoned it which is quite lucky because I hadn't looked at the higher TFs at all :|...definitely something I need to get into the habit of doing.
The Cad/Chf seems to be consolidating after its big move down.

Wouldn't looking for Bearish PA at the 1.0337ish or Bullish PA at the 1.0000 on the 4 hour time make more sense.

Just some thoughts.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #70,015
  • Jul 28, 2010 4:09pm Jul 28, 2010 4:09pm
did u see that move on eurnzd right now.. wow i like this crazy pair ..like gbpchf
  • #70,016
  • Jul 28, 2010 4:11pm Jul 28, 2010 4:11pm
folks!

here is mouth watering chart of EU daily!

I4B on daily straddlle accross 1.3000

what other intresting observations are
1) this time I4B is a doji with yet another doji behind it!
2) RSI 6 div

On lower time frames
1) there is break of triangle

on the whole, the down break looks yummy! though the upside break can be played with low %risk!

Thank you Dan for these I4B's near BRN!

Winston
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Trading is a delicate balance of Strategy , Money management and Psychology
  • #70,017
  • Jul 28, 2010 4:14pm Jul 28, 2010 4:14pm
Quoting oneuniverse
folks!

here is mouth watering chart of EU daily!

I4B on daily straddlle accross 1.3000

what other interseting observations are
1) this time I4B is a doji with yet another doji behind it!
....
.. is ther a possibility it cancels the first doji?! up ?
  • #70,018
  • Jul 28, 2010 4:16pm Jul 28, 2010 4:16pm
Quoting mistersimple
did u see that move on eurnzd right now.. wow i like this crazy pair ..like gbpchf

NZD/USD also...was demoing J16 manager and noticed hard dump
  • #70,019
  • Jul 28, 2010 4:29pm Jul 28, 2010 4:29pm
Quoting mistersimple
.. is ther a possibility it cancels the first doji?! up ?
according to the setup! YES! but in that case one should risk low % for up breakout trade! Wait for whichever comes first!
Trading is a delicate balance of Strategy , Money management and Psychology
  • #70,020
  • Edited 6:03pm Jul 28, 2010 5:52pm | Edited 6:03pm
Quoting True777
Nice Heaven!

Question: You entered on the 1hr...not because it was a better entry, but it was confirmation correct? Because you would have entered at the break of the high of that daily pb, and when I look at the 1hr where you got it, it's pretty much the same level, but you do have the dblhc for confirmation...?
Hey True777,

Confirmation yes, but I also got a much tighter entry (trigger to stop/loss).

Blending time frames will always present you with a much clearer view of what is going on, giving you extra confirmation signals as you say and offering you opportunities to reduce your risk, but timing and patience plays a big part.

The DBLHC allowed me to take the PB break but reduce my stop / loss significantly. Later a Weekly BUOB formed just after the first move up after the Daily PB which told me to hold the second part of the trade for the swing and wait for the break through resistance @ 16250 and above.

My target is somewhere around 17500 but I tend to be flexible with levels and wait to see what happens.
In retrospect we learn. In perspective we earn.
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