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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

  • #81,841
  • Dec 7, 2010 8:28pm Dec 7, 2010 8:28pm
Quoting Pinbar
GJ....I saw that BUEOB on USD/JPY this morning while checking the charts.

But, if we look at the weekly, we can see a BEOB and the flip area is right at the RN. It's a pass for me but would appreciate your input on my decision.
And indeed Blue's.

Thanks in advance.
Hey Pin, what's up. I'm not a huge fan of checking every time frame like others do, but have you looked at the monthly chart?

I personally felt the weekly BEOB wasn't strong. It wasn't at a swing high and didn't have real confluence. This was my thought process.

-- Danny
  • #81,842
  • Dec 7, 2010 8:32pm Dec 7, 2010 8:32pm
Quoting Pinbar
Adi, do you really need the added hassle of using two platforms to trade.

I would try and find a broker that has a happy medium between them all.

hehe I use about 8 platforms then

Once you do it a few times it's pretty simple(that is charting and transferring to another broker to trade off).

Just the flip side like everything in trading right?

Mike
  • #81,843
  • Edited 8:53pm Dec 7, 2010 8:39pm | Edited 8:53pm
Quoting bluetrader
Hey Pin, what's up. I'm not a huge fan of checking every time frame like others do, but have you looked at the monthly chart?

I personally felt the weekly BEOB wasn't strong. It wasn't at a swing high and didn't have real confluence. This was my thought process.

-- Danny

Thanks Danny.

Yes, I took a look at the Monthly but, I did not consider this monthly bar to be a DBLHC because the close of the second bar is not higher than the high of the previous bar. Is this not correct?

Thanks again Blue, I need to take in all these points.


EDIT: Maybe I am too picky and wanted to see this kind of PA at the 61.8.
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  • #81,844
  • Dec 7, 2010 8:41pm Dec 7, 2010 8:41pm
Quoting mbqb11
hehe I use about 8 platforms then

Once you do it a few times it's pretty simple(that is charting and transferring to another broker to trade off).

Just the flip side like everything in trading right?

Mike
Well, we all know, Mike is not human but some artificial intelligence.
Must be, to keep up with two huge forums and 8 platforms. (Only Joking)
For me, maybe in the next life. LoL

What did you get for your Birthday Mike.

It is all over when you start getting socks.
  • #81,845
  • Dec 7, 2010 8:50pm Dec 7, 2010 8:50pm
Quoting Pinbar
Adi, do you really need the added hassle of using two platforms to trade.

I would try and find a broker that has a happy medium between them all.
I think oanda is excellent for small time traders as they offer flexible lot sizes up to 1 unit. This enables people like me to trade with a couple of hundred dollars, risk 0.5% per trade and still be able to trade weekly charts that has SL in the hundreds of pips.

Personally i am using fxpro for charting and placing trades on Oanda
  • #81,846
  • Dec 7, 2010 10:19pm Dec 7, 2010 10:19pm
GBP/NZD has got my attention.
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  • #81,847
  • Dec 7, 2010 10:33pm Dec 7, 2010 10:33pm
Quoting decentchap
It shouldn't make a difference as long as you have strict risk profile such as 2% per trade.
Some more info from Investopedia:

"Leverage In the Forex Market
In the foreign exchange markets, leverage is commonly as high as 100:1. This means that for every $1,000 in your account, you can trade up to $100,000 in value. Many traders believe that the reason that forex market makers are prepared to offer such high leverage is because leverage is a function of risk. They know that if the account is properly managed, the risk will also be very manageable....

So basically it just keeps someone from trading standard lots if you only have a $50 acct. They are trying to protect use from ourselves.
  • #81,848
  • Dec 7, 2010 10:39pm Dec 7, 2010 10:39pm
This is how I am looking at the EU PB a lot of people were talking about and would like to hear people's opinions.

I think it is going to revisit the 1.31000 before it goes North, if at all.
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  • #81,849
  • Dec 7, 2010 10:43pm Dec 7, 2010 10:43pm
Better add my 2 cents while its still your B-Day. Have a good one Mike and thanks for all the help. Don't party too much this weekend, I still need your help to figure this stuff out .
  • #81,850
  • Dec 7, 2010 10:54pm Dec 7, 2010 10:54pm
Quoting Kalbar
Hi seeking
...


this must mean:
a. SeekingLight is around
b. SeekingLight will be posting soon

either way, it's all good.
  • #81,851
  • Dec 7, 2010 10:57pm Dec 7, 2010 10:57pm
Quoting Pinbar
This is how I am looking at the EU PB a lot of people were talking about and would like to hear people's opinions.

I think it is going to revisit the 1.31000 before it goes North, if at all.
Looks like it hit a PPZ on the 1hr at around 1.32000. Slowed its momentum down some. Just have to see.
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  • #81,852
  • Dec 7, 2010 11:13pm Dec 7, 2010 11:13pm
Look guys, I understand your apprehension. Guys like Mike make things look so easy. And trading can be easy: if you follow a plan. But in my experience and make no mistake trading is just as hard if not harder than being a professional athlete.

There are a lot of things to contend with. You gotta think Mike is performing well on two forums and 8 platforms not to mention the many different strategies he applies. You have to be ON YOUR GAME every day to make it in the PROFESSIONAL WORLD. Because trading is what it is. There are no minor leagues. This isn't high school football, college baseball or even Olympic swimming. This is professional trading.

You want to make money like the pro's. Well then do the things the pro's do. Plain and simple. If your not ready to work as hard or harder than they do. Don't expect the same results. Start doing the things the pro's do. Then and only then can you start to see positive results.
  • #81,853
  • Dec 7, 2010 11:19pm Dec 7, 2010 11:19pm
Quoting Pinbar
This is how I am looking at the EU PB a lot of people were talking about and would like to hear people's opinions.

I think it is going to revisit the 1.31000 before it goes North, if at all.
Hi PB. This is how I see EU. On my daily feed we have a very bearish closing I4B (really 6 or 7) off of a RN with some confluence. I prefer to pull my main fib from the more major swing high, but that's pretty subjective. The bearish look to the IB and the current trend would have me believe we could certainly see the 1.3100 - 1.3150 or lower. I'd really like to see price get down to 1.3000 and see what type of rxns occur.

I haven't started demoing any inside bars yet, and probably won't do so for several months, but I do look for them after reading alot of Dan Gilbert's posts earlier in the year.
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  • #81,854
  • Dec 7, 2010 11:55pm Dec 7, 2010 11:55pm
Quoting Pinbar
GJ....I saw that BUEOB on USD/JPY this morning while checking the charts.

But, if we look at the weekly, we can see a BEOB and the flip area is right at the RN. It's a pass for me but would appreciate your input on my decision.
And indeed Blue's.


Thanks in advance.
hi PB, i do take a general note of higher TFs when considering a currency pair to get a feel for the trend,situation etc. but i trade each TF individually as price can have different,conflicting trends on different TFs,as u know.
remember there are 4 daily bars to a weekly bar and my trade may well be over before the weekly bar closes.(and that would be just 1 more weekly bar so any trigger bars may not have even triggered yet!)
in the case of us/yen (i missed my entry btw, i was asleep!) the area you marked on your chart is definitely in play here and would have been my FTA. After that point (if price reached it) my trade would be protected by moving my SL or/and taking profit so i wouldnt be worried what happens next. If price then broke down and triggered any higher TF bars i would assess the situation from that TF.
i do go to lower TFs to manage my trades, to note any intraday PPZs etc (although many people will only take action from PA on the same TF as they entered) but i would only let PA influence my trade from one TF lower as any lower and it starts to become just noise imo. So a BIG PB on the 4h chart might make me take some action on my daily trade but even the best A++ pin on the 1h TF would not influence me much as i know it can play itself out easily within the ranges of the daily bars.For that reason i try and keep each bar in context to its own TF
this is longer than anticipated!! i dont know if it helps but this is how i approach the charts
jon
PATIENCE... DISCIPLINE
  • #81,855
  • Dec 8, 2010 12:02am Dec 8, 2010 12:02am
Quoting g_j_hook@yah
hi PB, i do take a general note of higher TFs when considering a currency pair to get a feel for the trend,situation etc. but i trade each TF individually as price can have different,conflicting trends on different TFs,as u know.
remember there are 4 daily bars to a weekly bar and my trade may well be over before the weekly bar closes.(and that would be just 1 more weekly bar so any trigger bars may not have even triggered yet!)
in the case of us/yen (i missed my entry btw, i was asleep!) the area you marked on your chart is definitely in play...
Thanks Jon.

Yes, it makes good sense.

I also tend to look to one TF below the setup for hints at how strong a support or resistance area may be.

Appreciate your time.
  • #81,856
  • Dec 8, 2010 12:04am Dec 8, 2010 12:04am
Quoting supremeChaos


this must mean:
a. SeekingLight is around
b. SeekingLight will be posting soon

either way, it's all good.

Great, looking forward to it.
SeekingLight kindly taught me a lot about the base system.

Too bad we can't get to hear his sexy voice..I bet he drives the chicks wild with it. Good for him.
  • #81,857
  • Dec 8, 2010 12:07am Dec 8, 2010 12:07am
infineon on daily.
resistance-area on the weekly from 2007/2008.
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meine augen sind die sterne
  • #81,858
  • Dec 8, 2010 12:29am Dec 8, 2010 12:29am
Quoting g_j_hook@yah
something else in my scopes...
closed a nice strong DBHLC, long bar almost engulfing 3 preceding bars and a close near its low. Taken half off the table at the FTA and moved my stop, i have no risk in this trade now.(demo)lets see what happens.

us/yen is breaking nice and hard (Jarroo style) it will be interesting to see how price reacts to the 84 level??

aussie daily BEOB breakin hard also, FTA on my chart around .9730-40...

nz/us breakin hard....ok you get the picture, some good bars today, although not much space around
seems the whole world was bearish aussie yesterday!?!?

jon
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PATIENCE... DISCIPLINE
  • #81,859
  • Dec 8, 2010 12:38am Dec 8, 2010 12:38am
First I would like to thank James and other people like mike, Jim, ghous etc. for continuing this excellent thread. Its been a pleasure reading this wonderful thread. By the knowledge of PA I have collected from this thread, I would like to know if I am looking at a correct setup, so please check the charts below
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  • #81,860
  • Dec 8, 2010 12:54am Dec 8, 2010 12:54am
Quoting pn1
First I would like to thank James and other people like mike, Jim, ghous etc. for continuing this excellent thread. Its been a pleasure reading this wonderful thread. By the knowledge of PA I have collected from this thread, I would like to know if I am looking at a correct setup, so please check the charts below
Welcome PN1, glad you are enjoying the thread

Yep this could be an area. We can see it on the daily nice(coming off a BEOB around 1400 mark).

Just be cautious with the PA you choose b/c price is in a "freefall" so to speak so we don't want to catch it with any old PA. At least that is a rule I follow

Hope to see you posting a lot
Mike
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