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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

  • #79,101
  • Nov 2, 2010 9:59am Nov 2, 2010 9:59am
Quoting Jonnyislost
Hey Adi, I do have an account with them. The charts are limited but a simple solution is just to open demo Metatrader (or whatever) accounts, and use that for analysis while placing orders with Oanda. Just send me a PM if you have more Oanda qns Jonny

Thanks Jonny, I will review more firms for now. I just don't like the fact they use this approach, you know, giving you 5 second charts, so they can "afford" having those super executions... I believe that adding a weekly chart is a super simple little job that would take them one day at max to accomplish... yet they leave it out

I am looking at this IBFX right now, looks decents, will read some review now too... Thanks!
  • #79,102
  • Nov 2, 2010 10:20am Nov 2, 2010 10:20am
Quoting xmzhang
Price has hit my final target @ 16000, I've closed my remaining position for a whooping 296 pips of profit. Although I must say that the rate hike of RBA did help so I quess I was a bit lucky.
Today I closed my G-A trade which I entered on sunday, I just wanted to recap this trade for some of you guys who have send me some posts asking about my entry, SL, etc.. On the daily G-A price generated a nice with the trend PB at the RNB 16300, the only thing I didn't like was its close just above the 16300 a close below would have been better, then on sunday price gapped below the 16300 exactly what I wanted. Usually I then look for a sell PA on the lower TF, but in this case I entered a few pips below @ 16294. My stop went 10 pips above the left eye @ 16335, FTA @ 16200 (also the top of a range just below), risk=41 pips, reward=94 pips. Price reached FTA without much trouble, closed 1/2 of my position @ 16198, but didn't move my stop this time because the last couple of trades moving to BE got me burned. I kept my remaining position open as long as the RNB 16300 is respected as resistance by price, which it did as seen by the 30m-PB. Then I got lucky I think because of the rate hike of RBA, which I forgot all about it, if I had known I probably would have closed my remaining position. Price broke forcefully the 16200 and 16100 and respected the 16100 as resistance as seen by another 30m-PB, so I stayed in the trade. Price then broke below the BRN @ 16000 which was my final target, price is bound to find support there.
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Pipcrawler
  • #79,103
  • Nov 2, 2010 10:49am Nov 2, 2010 10:49am
Quoting spookie94
How do you determine your 30 pip max SL? Do you drop down to a lower TF for SL and entry points? If your best SL is more than 30 pips do you avoid the trade?
Exactly, I've posted an example last week about my E-G trade on the 1H-TF especially for you. There I showed how I determined my entry, SL for that particular trade. Usually a max risk of 30 pips is more then enough for these trades on the 1H-TF, especially if you enter on a pullback and not on a plain break as I like to do. Hope this clears up.

May the force be with you.
Pipcrawler
  • #79,104
  • Nov 2, 2010 2:31pm Nov 2, 2010 2:31pm
Quoting ppfx
Here is the pair i was looking at this weekend.

Attachment Attachment


And here is a cherry (a 32 years low at BRN 80.00 ,... @79.65 if we're precise ). Im very curious whats gonna happen around here. As i see it if it acts as support we may revisit 85.00 without much problems, and if it breaks who knows how low can it go...

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update ...

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  • #79,105
  • Edited 2:51pm Nov 2, 2010 2:36pm | Edited 2:51pm
Quoting nasir.khan
I told ya people.

Whats next?
Break out and retest maybe...
.
haha just saw your post, looks like it works both ways (you selling, me buying), as long as we're both in profit thats good
  • #79,106
  • Nov 2, 2010 2:36pm Nov 2, 2010 2:36pm
I just found this while strategy testing and thought it would be a nice one for another round of WIPG (Where Is Price Going). What do you think? Where will price go from here?
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Thanks J16, Sam Seiden, Udine and Jacko
  • #79,107
  • Nov 2, 2010 3:22pm Nov 2, 2010 3:22pm
Hiya guys..

Hope you made some money today on the move up!
Just wanted to get som feedback on my trade now.. Or its not placed yet since it's going to be triggered short when price hits 1,4022.

We had a nice long pinbar there and quite some candles resisting the round number 1.4050.
Also there is some resistance from the past weeks.

What do you think about the trade? Talk to me.. Would any of you put your entries there?
Looking at EURUSD 1HR.

Thank you.
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  • #79,108
  • Nov 2, 2010 3:23pm Nov 2, 2010 3:23pm
Quoting ppfx
haha just saw your post, looks like it works both ways (you selling, me buying), as long as we're both in profit thats good
No i dint sell, i was moving my home so was away from charts and this is the reason u got a profit.


.
  • #79,109
  • Nov 2, 2010 3:25pm Nov 2, 2010 3:25pm
Is anyone looking at the AUD/CHF PIN?

I like the BRN and PPZ around 0.9900 also the 78.6% fib - opinions anyone?
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Anything can happen.
  • #79,110
  • Nov 2, 2010 3:37pm Nov 2, 2010 3:37pm
Quoting nasir.khan
No i dint sell, i was moving my home so was away from charts and this is the reason u got a profit.


.
lol, thanks god then that you were moving your home
  • #79,111
  • Nov 2, 2010 3:49pm Nov 2, 2010 3:49pm
Quoting ddinnov
Is anyone looking at the AUD/CHF PIN?

I like the BRN and PPZ around 0.9900 also the 78.6% fib - opinions anyone?
I think this one has a name - PIT BULL !?!

Looks good to me,
Anything can happen - You never know
  • #79,112
  • Nov 2, 2010 4:00pm Nov 2, 2010 4:00pm
Quoting Carnegie
Hiya guys..

Hope you made some money today on the move up!
Just wanted to get som feedback on my trade now.. Or its not placed yet since it's going to be triggered short when price hits 1,4022.

We had a nice long pinbar there and quite some candles resisting the round number 1.4050.
Also there is some resistance from the past weeks.

What do you think about the trade? Talk to me.. Would any of you put your entries there?
Looking at EURUSD 1HR.

Thank you.
Hey C

Be careful here these are the pinbars I see people get themselves in some trouble.

Notice we had a very very strong run up today and price was able to get back above the BRN of 1.4. I would be very careful shorting based on such a small pinbar at such a late time in the day. Don't want to fight it like that.

Let me know if that makes sense
Mike
  • #79,113
  • Nov 2, 2010 4:14pm Nov 2, 2010 4:14pm
Quoting mbqb11
Hey C

Be careful here these are the pinbars I see people get themselves in some trouble.

Notice we had a very very strong run up today and price was able to get back above the BRN of 1.4. I would be very careful shorting based on such a small pinbar at such a late time in the day. Don't want to fight it like that.

Let me know if that makes sense
Mike

Hey Mike, thanks for the reply.

Yeah that makes allot of sense!
The way I was thinking about it is that it is the last wave in a five-wave move up and also is in a channel pointing up. And as I have noted, channels that point up usually go down (and vice versa). Also, the BRN 1.4 has been rejected many times now.

Also I was thinking.. If it is a strong move up like this, wouldn't a pinbar be a nice time for those who were long to unload (TP) some of their positions?

But if you say so then I am taking it into consideration as you are the teacher and I am in this thread to learn. So it is very valuable information to me, thank you.

Basically you are thinking like this:

Pinbars after strong move ups are dangerous.
Recognizing it is late and there isn't much volume traded.
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  • #79,114
  • Nov 2, 2010 4:36pm Nov 2, 2010 4:36pm
http://i7.photobucket.com/albums/y28...uraudjames.jpg

going back into congestion and against the trend. Im living dangerously as my g/j trade didnt fire yet. Looking for a quick trip to the other side of the range as indecision continues
  • #79,115
  • Nov 2, 2010 4:44pm Nov 2, 2010 4:44pm
Quoting Carnegie

Basically you are thinking like this:

Pinbars after strong move ups are dangerous.
Recognizing it is late and there isn't much volume traded.
You are correct this is how I view it. Again it isn't about what this one does, but about getting into good habits and training ourselves to wait for the best bars/locations, to put ourselves in the best position.
  • #79,116
  • Nov 2, 2010 5:08pm Nov 2, 2010 5:08pm
Quoting mbqb11
You are correct this is how I view it. Again it isn't about what this one does, but about getting into good habits and training ourselves to wait for the best bars/locations, to put ourselves in the best position.
Okay Mike but then I have yet another question. in the beginning of the thread James and many other say that pinbars are best at extreme highs or lows, how come this is different? Isnt this pinbar at an extreme high?

Could you please show by some pictures a couple of pins you think are reasonable? Thanks Mike, youre really kind!
  • #79,117
  • Nov 2, 2010 5:15pm Nov 2, 2010 5:15pm
Quoting Carnegie
Okay Mike but then I have yet another question. in the beginning of the thread James and many other say that pinbars are best at extreme highs or lows, how come this is different? Isnt this pinbar at an extreme high?

Could you please show by some pictures a couple of pins you think are reasonable? Thanks Mike, youre really kind!
Hey C

Yes the swing high is good but we don't just trade the bars. We trade the entire setup. Bar size, location, the story etc. The bars are a small part of the overall make up of trading price action.

can you see the difference b/w these two setups? If you look at the top chart clearly it is a very big bar at a swing high + divg and a strong close it JUMPS out at you. Yours is a tiny poodle pinbar. Notice there is a poodle pinbar on the way back down on the top chart. Can you see the one that yours looks like?
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  • #79,118
  • Nov 2, 2010 5:46pm Nov 2, 2010 5:46pm
My catch for tomorrow, daily DBLHC on the E-G, a deeper retrace towards the 8600 would have been better, but you can't have them all. I will look for a buy PA at previous bar high or the RNB @ 8700 those are the keylevels for me.
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Pipcrawler
  • #79,119
  • Nov 2, 2010 5:47pm Nov 2, 2010 5:47pm
AUD/CHF Daily has a nice setup right now. Nice PB on BRN with some divergence.
Already an sellstop order on the break of the bar as it is very unlikely to break it this day 15 min from now.
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  • #79,120
  • Edited 6:12pm Nov 2, 2010 5:47pm | Edited 6:12pm
I´m a little bit confused now:
I entered short on the weekly BEOB.
Now the Daily candle formed a DBLHC which is a bullish signal as i know.

Now my problem is what you guys think should i close the position or should i let it run?
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