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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

  • #76,601
  • Edited 5:37am Oct 6, 2010 5:09am | Edited 5:37am
Quoting mbqb11
Hey Zhang

IMO the pullback(the good one) occurred today on the 1hr I missed. I wouldn't want to get too involved now based off daily and missing that it is pretty choppy. Seekinglight put this one up and I didn't even see it

Yes I guess that's what Rac-man means with getting into a trade as soon as possible, preferable on the lower TF's.
Pipcrawler
  • #76,602
  • Oct 6, 2010 5:10am Oct 6, 2010 5:10am
Quoting Adilius07
Albatross, I have traded YM, ES (e-minis) on my second account too. (Which was also blown unfortunately).

However, I think my main mistake was to trade futures intraday. To be honest I could not even think of any other way to trade them since overnight margin was bigger than I had in my account.

My first account was with options, then with futures and I have never had live forex account before. It will be the third.

Those problems you point out, I guess most trades have same errors when they start, that is just part of the problem. That's ok....
Yep, intraday YM. ES I'm looking at but need to demo a little more first.

I use IG for trading, and I have a Lions Futures account which currently I only use for charting (I'm still trading quite small as you'd expect).

I look at a 15 minute chart, and a tick chart. I'm not sure if I'm supposed to say how many ticks, but I'll ask Jim if it's OK if you want me to. No big secret I think, just don't want to step out of line.

In terms of method, it's really basic J16 stuff. A good area (PPZ, round number etc) plus a bar signal. You have to be nimble, and pay attention to the first trouble area, but again that's just Jim's basic S/R "where is price going" ideas. I'm not putting anything new or exciting into it.

I should say as well that Mike has put in a ton of work with me, and I really can't thank him enough for all the help he's given me. Other than that, I've started to get a bit of a feel for how the market's moving, just from watching it every day. But honestly it's mostly just being patient enough to wait for the good (by which I mean obvious) set ups. It's when I try to jump the gun that I get walloped.

I like your analysis of the "trader meltdown", it's something that most of us will probably recognise. Hopefully I'm getting to the point where I'm getting past that. Just got to keep reminding ourselves that simple is best.
  • #76,603
  • Oct 6, 2010 5:17am Oct 6, 2010 5:17am
Quoting aserbfx
hey pinbar
just a quetion concerning the fibs in your last post:
you draw the first fib from the upswing. but i think that this fib has to start at the big arrow (a couple of bars back from yours). there the upswing has reached its current high.

maybe someone can comment on this.

sorry, cannot post a chart at the moment.

I know the highs are close but, there is a 400 pip retrace after that high.
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  • #76,604
  • Oct 6, 2010 5:21am Oct 6, 2010 5:21am
Quoting Pinbar
I know the highs are close but, there is a 400 pip retrace after that high.
ok, i see. tricky....
meine augen sind die sterne
  • #76,605
  • Edited 5:53am Oct 6, 2010 5:24am | Edited 5:53am
This TL is obviously having an effect if we look at the h4 Tf.

The dojis are like sparrows sitting on a high wire, just waiting to go South for the winter, or North for the summer. LoL
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  • #76,606
  • Oct 6, 2010 5:49am Oct 6, 2010 5:49am
hello guys, anyway i was just wondering how many currency pairs do you flip through daily?

Or do you guys only select a few to take notice of?
  • #76,607
  • Oct 6, 2010 5:52am Oct 6, 2010 5:52am
Quoting xmzhang
If I may, imho if price manages to close above the BRN @ 13400 and finds support there then there is a pretty good chance price breaking the long term down-TL. If price stays below 13400 and respects this level as resistance then price probably will break the short term up-TL and we could see price revisiting the all time low. For now the up-TL is still holding as seen by the bounce.
The RNB @ 13400 seems to be holding as resistance, I didn't see a descent PA on my feed to go short near the 13400, maybe you guys did on your feed(s). We now may see price revisit the up-TL.
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Pipcrawler
  • #76,608
  • Oct 6, 2010 5:55am Oct 6, 2010 5:55am
Quoting fascist
hello guys, anyway i was just wondering how many currency pairs do you flip through daily?

Or do you guys only select a few to take notice of?
Personally, I think it's about 27, plus gold and oil. That's intraday though, if you were talking daily you could chuck a few more in, USD/MXN, stuff like that.
  • #76,609
  • Oct 6, 2010 6:02am Oct 6, 2010 6:02am
Quoting fascist
hello guys, anyway i was just wondering how many currency pairs do you flip through daily?

Or do you guys only select a few to take notice of?

I am wondering why anyone would choose to call themselves "Fascist"?
  • #76,610
  • Oct 6, 2010 6:05am Oct 6, 2010 6:05am
Quoting Pinbar
I am wondering why anyone would choose to call themselves "Fascist"?
An avid collector of rods and axes perhaps? Hobbies are many and diverse after all.
  • #76,611
  • Oct 6, 2010 6:26am Oct 6, 2010 6:26am
I did not take this trade because news came out & it is an H1 setup but, it looks like we could have taken it like this.

Let's see what it does.
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  • #76,612
  • Oct 6, 2010 6:59am Oct 6, 2010 6:59am
Back to broken resistance + TL

Trading Inside a Rang so not an ideal setup but just getting started after a long time.lol
.
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  • #76,613
  • Oct 6, 2010 6:59am Oct 6, 2010 6:59am
Quoting Pinbar
I did not take this trade because news came out & it is an H1 setup but, it looks like we could have taken it like this.

Let's see what it does.
Yes I was watching this one also. What I like about this one is the BEOB closing below a strong BRN/PPZ @ 11500, then I like to try to enter on a touchtrade on a much lower TF when price touches the 11500 on a pullback and position myself before the actual validation/break of the BEOB, stoploss goes a few pips above the 11500. Here we got a one bar pullback on the 1m-TF which touched the 11500 within 0.5 pip. If the break doesn't pull through you could then close your position with a small profit.

May the force be with you.
Pipcrawler
  • #76,614
  • Oct 6, 2010 7:04am Oct 6, 2010 7:04am
Quoting Pinbar
I am wondering why anyone would choose to call themselves "Fascist"?
I am neither a fascist nor do i support its ideology. i could not think of other names at that point in time so i thought i use this since i was reading up on political ideologies.

just take it as i have interest in political science.
  • #76,615
  • Oct 6, 2010 7:08am Oct 6, 2010 7:08am
Quoting nasir.khan
Back to broken resistance + TL

Trading Inside a Rang so not an ideal setup but just getting started after a long time.lol
.
Some more
.
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  • #76,616
  • Oct 6, 2010 7:36am Oct 6, 2010 7:36am
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looks like this engulfing failed..
  • #76,617
  • Oct 6, 2010 7:43am Oct 6, 2010 7:43am
Quoting fascist
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looks like this engulfing failed..
Hi Fascist,

The difference between the lows I make to be 4 pips on my feed. With a reasonable buffer (on daily maybe 8 - 10 pips) you wouldn't have been triggered in on this.

Other than that, I can see there's things in it's favour - an RN (albeit a small one) and a PPZ.

But it's really not a big bar, and it's only engulfing one (it does look better on your feed than mine, but still). With BUOBs / BEOBs I really prefer them to be engulfing a range - the more bars the better.

When does your feed close? I like the daily to close at or not long after 17.00 EST (mine in the UK closes at 19.00 EST, which is near enough I think).

EDIT: Looks like the Sunday bar is combined on yours. Still the next bar doesn't look like it broke by much.
  • #76,618
  • Oct 6, 2010 7:46am Oct 6, 2010 7:46am
Quoting fascist
Attachment

looks like this engulfing failed..
yeah I just had a loss on this one...
here is the trade:
http://www.forexfactory.com/showpost...6&postcount=13
  • #76,619
  • Oct 6, 2010 7:56am Oct 6, 2010 7:56am
Quoting Albatross
Hi Fascist,

The difference between the lows I make to be 4 pips on my feed. With a reasonable buffer (on daily maybe 8 - 10 pips) you wouldn't have been triggered in on this.

Other than that, I can see there's things in it's favour - an RN (albeit a small one) and a PPZ.

But it's really not a big bar, and it's only engulfing one (it does look better on your feed than mine, but still). With BUOBs / BEOBs I really prefer them to be engulfing a range - the more bars the better.

When does your feed close? I like the daily to close at or not long...
yeah think my SL was set a lil too conservatively.

mine is the NY close. so it has no sundays. more accurate i feel.

got bunknifed by that pair.
  • #76,620
  • Oct 6, 2010 8:41am Oct 6, 2010 8:41am
Quoting jarroo
Oh, I see cprao . .the Eur/Chf is more of a retrace, with the trend-continuation setup . . where the Eur/Gbp is more of a countertrend trade.

Yes, they are still in play since they have not been invalidated. They both have strengths and weaknesses . .definitely ones to follow and see how they turn out.
And EURGBP BEOB is invalidated since the price moved ahead.

EURCHF is still on play.. struggling between 1.33 and 1.34 for a direction.
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