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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

  • #70,721
  • Aug 6, 2010 7:10am Aug 6, 2010 7:10am
Just looking at the weekly charts in preparation for next week.


Maybe we will get a nice weekly PB on EU.

Like how this chart has that nice simple look to it.

PS. Before anyone mentions it, that diagonal line is more like a PPZ than a TL.
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  • #70,722
  • Aug 6, 2010 7:58am Aug 6, 2010 7:58am
One stop and all previous ( 3 trades) profits are gone, and them some
Well a lesson learned not to take PB which is so weak...

But the fact that working so hard to make 3 winners which are all gone by just one stop-out is really scary
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  • #70,723
  • Aug 6, 2010 8:01am Aug 6, 2010 8:01am
Quoting Pinbar
Just looking at the weekly charts in preparation for next week.


Maybe we will get a nice weekly PB on EU.

Like how this chart has that nice simple look to it.

PS. Before anyone mentions it, that diagonal line is more like a PPZ than a TL.
now after the NFP news release i think it will close more likely as a bullish bar... at least now it looks like it will close like this... it seems like nothing can stop this up trend. loll ... will see


and also the previous swing high doesnt hold on anymore....

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  • #70,724
  • Aug 6, 2010 8:04am Aug 6, 2010 8:04am
Quoting Adilius07
One stop and all previous ( 3 trades) profits are gone, and them some
Well a lesson learned not to take PB which is so weak...

But the fact that working so hard to make 3 winners which are all gone by just one stop-out is really scary
The other lesson you should learn is don't trade NFP week lol...
  • #70,725
  • Aug 6, 2010 8:06am Aug 6, 2010 8:06am
Quoting Adilius07
One stop and all previous ( 3 trades) profits are gone, and them some
Well a lesson learned not to take PB which is so weak...

But the fact that working so hard to make 3 winners which are all gone by just one stop-out is really scary
well this also happened because of the NFP news release... if you look other yen pairs (USDJPY, GBPJPY) , they are all going south...

thats why most people dont trade a day before or the day of the NFP news release... unexpectable things may happen...
  • #70,726
  • Aug 6, 2010 8:20am Aug 6, 2010 8:20am
Hey guys

Have recently found this thread and am working my way through the edited highlights and the early pages - loads of really useful information.

I have been trading for only 7 months with predictably mixed results. I am currently at one of those 'I'm just never going to get this' junctures and this thread is really helping me get over the hurdle.

I am so determined to get this working and there seems to be a great deal of logic in James' approach, and with so many experienced posters constantly referring others to this thread, I know I am going to learn a lot.

I am UK based and therefore trade London times, although up until now I have been attempting to trade intraday (!!). Hey ho. I am trying to concentrate on two pairs to become familiar with them (EU and GU) although I have a quick look at Swissy too. However, if I am looking a longer timeframes then I may need to expand my repertoire.

Anyway, I can't contribute too much more at the moment, but look forward to joining you!

James - those tax hikes are jaw droppingly awful. Its all very well for our media commentators to say that these healthcare reforms should go through, but I am sure if anyone suggested launching the NHS here and now in this economic environment, there would be very little support for it.

By the way, I am a girl and I can promise you that we aren't all horribly expensive!
  • #70,727
  • Edited 8:38am Aug 6, 2010 8:25am | Edited 8:38am
Quoting ppfx
well this also happened because of the NFP news release... if you look other yen pairs (USDJPY, GBPJPY) , they are all going south...

thats why most people dont trade a day before or the day of the NFP news release... unexpectable things may happen...
Ppfx, yes I agree. But also an unexpectable things may happen during any important ecomonic release. Any week. If setup is strong it should carry enough momentum to give a chance to set my BE.
This was weak setup. My patience didn't work this time, that's the problem

And the R:R thing. Working with current R:R (which is " I dont care") I would have to make around 75% winners just to breakeven. Really hard I think. Especially for a newbie like me. Thinking what to do...
  • #70,728
  • Aug 6, 2010 8:38am Aug 6, 2010 8:38am
Quoting Adilius07
Ppfx, yes I agree. But also an unexpectable things may happen during any important ecomonic release. Any week. If setup is strong it should carry enough momentum to give a chance to set my BE.
This was weak setup. My patience didn't work this time, that's the problem
I appreciate very much that you are sharing what it's in your own words, a weak setup. We all learn a lot here on what to trade, but these examples are as important as the others. What not to take. And how patience will pay off in the longer term.

Many thanks, then.
  • #70,729
  • Aug 6, 2010 8:42am Aug 6, 2010 8:42am
Quoting elizo
I appreciate very much that you are sharing what it's in your own words, a weak setup. We all learn a lot here on what to trade, but these examples are as important as the others. What not to take. And how patience will pay off in the longer term.

Many thanks, then.
Thanks Elizo. Yes I think that is a good lesson for me and maybe for others. If J16 says it has to be a swing low to go long, it better be it.. and it says be careful and avoid traffic - better follow it

I took weak PB (small), at the swing high, in traffic chop. Terrible... Patience problem.
  • #70,730
  • Aug 6, 2010 8:43am Aug 6, 2010 8:43am
Quoting Adilius07
Thanks Elizo. Yes I think that is a good lesson for me and maybe for others. If J16 says it has to be a swing low to go long, it better be it.. and it says be careful and avoid traffic - better follow it

I took weak PB (small), at the swing high, in traffic chop. Terrible... Patience problem.
take a screen shot of your trade Ad and stick it to your screen for next time you want to...you won't I bet
  • #70,731
  • Aug 6, 2010 8:45am Aug 6, 2010 8:45am
Quoting mbqb11
take a screen shot of your trade Ad and stick it to your screen for next time you want to...you won't I bet
Cool! thanks Mike for advice, I will print it out!
  • #70,732
  • Aug 6, 2010 8:45am Aug 6, 2010 8:45am
Quoting egkid
Next week it will touch 1.3330 That my view for while
I could B wrong and we see Fall but This how i read my Own chart
Time will tell
Cya
Egkid
Attachment
almost 45 pip and hit my target , Will close half position here 1.3285
http://www.forexfactory.com/showpost...ostcount=70280
  • #70,733
  • Aug 6, 2010 8:52am Aug 6, 2010 8:52am
Greetings fellow traders,
Did anyone of you guys had a look at the ozzie daily chart ? Price broke out of a PPZ at the 9070-ish, at the pullback a PB was generated which confirmed support. The FTA would be the next PPZ at the 9275-ish, price ihas now reached the 9200 area. Please give me your comments on this one.

May the force be with you,
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Pipcrawler
  • #70,734
  • Aug 6, 2010 9:08am Aug 6, 2010 9:08am
Quoting xmzhang
Greetings fellow traders,
Did anyone of you guys had a look at the ozzie daily chart ? Price broke out of a PPZ at the 9070-ish, at the pullback a PB was generated which confirmed support. The FTA would be the next PPZ at the 9275-ish, price ihas now reached the 9200 area. Please give me your comments on this one.

May the force be with you,
Hey xmz

Careful this is not a pinbar. You can't have a pinbar to go long at a swing high. And it would have to have a lower low then the previous bar and not pierce the high too.

here are some examples of bullish and bearish pins
http://www.forexfactory.com/showpost...ostcount=39294
http://www.forexfactory.com/showthre...rt#post2819063
http://www.forexfactory.com/showthre...rt#post2647834
http://www.forexfactory.com/showthre...rt#post2752349
http://www.forexfactory.com/showthre...rt#post1989123
http://www.forexfactory.com/showthre...hart#post40467
http://www.forexfactory.com/showthre...hart#post41913
  • #70,735
  • Aug 6, 2010 9:08am Aug 6, 2010 9:08am
The EUR-USD is soaring up after the NFP release and broke the PPZ at 1,3265 with high momentum. A pullback to this PPZ and a PA confirming its support would be nice. Next PPZ maybe at 1,3430 ?

May the force be with you,
Pipcrawler
  • #70,736
  • Aug 6, 2010 9:08am Aug 6, 2010 9:08am
Quoting egkid
almost 45 pip and hit my target , Will close half position here 1.3285
http://www.forexfactory.com/showpost...ostcount=70280
Target hit today as i said to some friends today early , I don't care about news All in my chart
  • #70,737
  • Aug 6, 2010 9:17am Aug 6, 2010 9:17am
[quote=mbqb11;3927831]Hey xmz

Careful this is not a pinbar. You can't have a pinbar to go long at a swing high. And it would have to have a lower low then the previous bar and not pierce the high too.

G'day mbqb11,
Thanx for the quick reply. I don't understand, isn't possible to use a PB as a PA confirmation that a PPZ resistance just broken out of, now acts as a support ? When price breaks out of a resistance level and pulls back after the break, you need to see some bullish PA in order to confirm that the resistance level now acts as support. A bullish PA such as a PB (hammer bar)or a BUOB. Am I correct ?

May the force be with you,
Pipcrawler
  • #70,738
  • Aug 6, 2010 9:26am Aug 6, 2010 9:26am
Quoting xmzhang
G'day mbqb11,
Thanx for the quick reply. I don't understand, isn't possible to use a PB as a PA confirmation that a PPZ resistance just broken out of, now acts as a support ? When price breaks out of a resistance level and pulls back after the break, you need to see some bullish PA in order to confirm that the resistance level now acts as support. A bullish PA such as a PB (hammer bar)or a BUOB. Am I correct ?

May the force be with you,
Hey XMZ

Yes you can play what we call continuation bars, but the bar you posted is not a pinbar. A pinbar for a bullish continuation will have the open and close within the prior bar and a LOWER low then the previous bar. The high can also not be above the previous bar.

Here is an example of a continuation pinbar(again James16 teaches to takes a bullish pinbar at a swing low this is a continuation pin just to show you an example).


Example 2 is the best way to use PA after price breaks out and confirms a PPZ. Notice this pin at a swing low and the other one is at a swing high. We want the one at a swing low traditionally. Also not the difference in look of both my pinbars, then the shape of your bar.

so yes you can play pinbars in every location as it comes down to what else is going on. But stick to the proper swing points(ex 2) until you can get it down and understand what a pinbar looks like.

Hope that helps
Mike
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  • #70,739
  • Aug 6, 2010 9:34am Aug 6, 2010 9:34am
Quoting mbqb11
Hey XMZ

Yes you can play what we call continuation bars, but the bar you posted is not a pinbar. A pinbar for a bullish continuation will have the open and close within the prior bar and a LOWER low then the previous bar. The high can also not be above the previous bar.

Here is an example of a continuation pinbar(again James16 teaches to takes a bullish pinbar at a swing low this is a continuation pin just to show you an example).


Example 2 is the best way to use PA after price breaks out and confirms a PPZ. Notice this pin at a swing low...
Thanx Mike for your effort and quick reply.

May the force be with you,
Pipcrawler
  • #70,740
  • Aug 6, 2010 9:37am Aug 6, 2010 9:37am
Quoting Delite
Hey guys

Have recently found this thread and am working my way through the edited highlights and the early pages - loads of really useful information.

I have been trading for only 7 months with predictably mixed results....
Hi Delite and welcome to this thread. Its nice to see a girl who's interested in trading. Happy trading and keep posting.

Oh and here is the link to Cyrus summaries . In it you will find useful post written by seniors from the beggining of this thread till now. Its a good way to go quickly through this massive thread. And if you want you can then slowly read the whole thread.
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