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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

  • #84,721
  • Jan 6, 2011 7:00am Jan 6, 2011 7:00am
Quoting teemo
Whatever that last bit means would look great on a Tattoo.
It is 大笑い OWARAI.
Great laughter.
  • #84,722
  • Jan 6, 2011 7:07am Jan 6, 2011 7:07am
All the more reason! PB, I admire your posts & art, and personality which is clearly seen in both!!


Quoting Pinbar
It is 大笑い OWARAI.
Great laughter.

"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #84,723
  • Jan 6, 2011 7:10am Jan 6, 2011 7:10am
Quoting kancha1115
Btw, that was my first post in FF and on this opportunity I really really want to say thanks to all the members(especially senior members, Sir james16,mbqb11,jarroo,raczekfx...) in james16 Chart Thread.....
genki... kenji?

your English is fine.
ganbatte ne... Keep posting

Quoting lallous
I completely agree with you Pinbar
although I couldn't even read one word
me two.

Quoting Pinbar
Me too....LOL
... I want a Kirin Ichiban SHibori Beer....None in the fridge and it is really dry here today.
Blahhhhhh Bllahhhhh.
I think my lawyer did some permanent damage to my brain today. LOL
Kanpai!

Quoting teemo
Whatever that last bit means would look great on a Tattoo.

japanese 'words' have few lines but packs a punch
  • #84,724
  • Jan 6, 2011 7:17am Jan 6, 2011 7:17am
Quoting supremeChaos
hey Sir jarroo,
maybe this is a dessert/eye candy for u..hahah
audnzd H4 Dale's doubles (double IB)
Attachment
i like this one also, i am gonna play it tighti have my FTA at 131.20. but i also like weekly candle formation and strong bearish div..That D1 BEOB might not even break...?

jon
PATIENCE... DISCIPLINE
  • #84,725
  • Jan 6, 2011 7:24am Jan 6, 2011 7:24am
Quoting jarroo
Can we see some of the setups you took?
Yes, starting late august I was trading less and took only those that are in my journal. Please click on my signature.

Edit: you can quickly access any trade from post no. 1. Just click on any trade.
  • #84,726
  • Jan 6, 2011 7:29am Jan 6, 2011 7:29am
Just want to tell people that I have learnt loads from reading this thread. Im only at 320 but so much information, advice mistakes, reflection on mistakes is packed into those pages. Loved the Wizards story although his MM was on the agressive side lol. Got to see some people still post, Mike especially for his patience at newbie questions.
Kind Regards Chris
  • #84,727
  • Jan 6, 2011 7:52am Jan 6, 2011 7:52am
Quoting jarroo
Notice this BUOB on the Weekly Chf/Jpy and how no bar closed below the previous bar High. Price is acting as Support on the Weekly TF, the same time frame as the setup.

On the Daily and lower TFs, you'll see Price not acting as Support at this previous bar High level on the Weekly BUOB.
so basically, when you are looking at areas of support its best to stick with the same TF as the setup. Is it better to go up in TF to find S/R level? On your Daily example earlier, once you find your s/r level on the daily would you see how price reacts on the weekly? Or is it simpler just to stick with one TF. Or is it best to mark the weekly s/r levels ahead of time before a setup even appears on a lower TF?
  • #84,728
  • Jan 6, 2011 7:55am Jan 6, 2011 7:55am
Quoting s005606
Hi Adi,

If I may...
What I like about this PB is that its size looks OK, also has a long nose protruding away, clear rejection from the 0.8450 daily PPZ and 61.8 fib.

However, my main concern is that FTA level, which I consider to be 0.8500 (as you have also highlighted), this level also fits with the 50.0 fib...so this FTA seems a bit too close for my management (buffer + spread)...

I am a newbie, so you may not weigh my views seriously, hope some seniors can shed some lights on me too.
looks like a lot of traffic off to the left there as well
  • #84,729
  • Jan 6, 2011 8:02am Jan 6, 2011 8:02am
How do I set target1 and Target2 in MetaTrader? For now I have the option to only set limit which closes my entire position.

Also, if target1 is hit I would like my stop loss to be placed just 5 pips below/above its position (kinda like break even). If there is no stop loss it places one at break even, and if there is one it moves it to break even.

Is there any script/indicator I can use to get this done in metatrader?
  • #84,730
  • Jan 6, 2011 8:09am Jan 6, 2011 8:09am
Bummer, stopped out for a full bar loss on the Cable #&!@#$ ....... it looked so nice, 3H-BEOB closing below BRN @ 15500. My intention was to preempt the break of that BEOB via a pullback @ 15500, well I got my pullback and a sell-PA via beautifull PB on the 15m-TF. But the break of that PB didn't pull through and price reversed, well shit happens next time better
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Pipcrawler
  • #84,731
  • Jan 6, 2011 8:13am Jan 6, 2011 8:13am
Quoting Pinbar
You are.....WTH........Wow....Didn't look so good and I couldn't have imagined Mike would be in this one.....I must have missed something. LOL
This is a breakout and pullback trade for me and about as good as it gets in terms of the level we are at.

Best
Mike
  • #84,732
  • Jan 6, 2011 8:14am Jan 6, 2011 8:14am
Quoting kancha1115
Btw, that was my first post in FF and on this opportunity I really really want to say thanks to all the members(especially senior members, Sir james16,mbqb11,jarroo,raczekfx...) in james16 Chart Thread.
I ve been lurking in the thread 2 years now(read only) and you guys are always enlighting my way. If I didn`t come across this thread, there still are a lot to learn though, I think I would never get where I am now. I greatly appreciate it , beyond word.

Ken.

(sorry my poor English)
Your English is great Ken , welcome
  • #84,733
  • Jan 6, 2011 8:15am Jan 6, 2011 8:15am
Quoting xmzhang
Bummer, stopped out for a full bar loss on the Cable #&!@#$ ....... it looked so nice, 3H-BEOB closing below BRN @ 15500. My intention was to preempt the break of that BEOB via a pullback @ 15500, well I got my pullback and a sell-PA via beautifull PB on the 15m-TF. But the break of that PB didn't pull through and price reversed, well shit happens next time better
hi xmzhang, check the open/close again buddy, that pin didnt break. I was watching this also but pin became invalidated when price broke its high.

jon
PATIENCE... DISCIPLINE
  • #84,734
  • Jan 6, 2011 8:16am Jan 6, 2011 8:16am
Quoting mbqb11
This is a breakout and pullback trade for me and about as good as it gets in terms of the level we are at.

Best
Mike

can i get a link to what post this is refering to? I went back in the thread couldnt find it...
  • #84,735
  • Jan 6, 2011 8:17am Jan 6, 2011 8:17am
Quoting jarroo
I'll let Mike give more details but here is mine on what Mike is showing us . .

An important event happened on the Usd/Cad. Price had been unable to break through the parity (1.0000) for a long time . .there were some attempts but no strong close below this parity. A strong Support level, to say the least.

Price finally does break through and closes below on the Weekly. A strong close below 1.0 that was previous Support. Mike is now looking to see the 1.0 to act as strong Resistance.

The good size 4 Hour BEOB (formed after the strong close...

Thanks Jim

Yep, the breakout is of a wedge. This wedge is sitting on parity for a crazy long time. Price finally broke out end of last year and closed below this wedge for the first time in ages. We then pulled back(as happens so often). Parity is an amazing level to watch, just look at what price did last time it was there way back and consolidated(no surprise). We then formed PA that fits my criteria, on the pullback, now I let the market do what it whats. This is A+ in my book. What it does now? I have no idea, I just let my method do its thing.

Bit SC is right BC. It is not about seniors making up their minds, it is about you making up yours I know what fits my criteria but that doesn't mean it has to fit yours or anyone elses. This is part of the evolution and goes back to what we spoke about on AUD/NZD as well and what meets ones criteria vs anothers.

Best
Mike
  • #84,736
  • Jan 6, 2011 8:18am Jan 6, 2011 8:18am
Quoting xmzhang
I've closed my long @ 13209 and reversed for a short to fade the daily BUOB via a PB, I'am trying to score some pips off a pullback to one of the previous bar highs ........
My other trade is working out quite nicely, last night I faded that daily BUOB via a 30m-PB, I was anticipating support @ previous daily bar highs but I didn't perceive any clear buy PA, so my fade_trade is still open on my remaining position........
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Pipcrawler
  • #84,737
  • Jan 6, 2011 8:19am Jan 6, 2011 8:19am
Quoting Adilius07
Cherry picking or another stupid trade?
Hey Adi

Watch out for that BRN

Also you bought with about a one pip break, did you decide against using a buffer?

Mike
  • #84,738
  • Jan 6, 2011 8:24am Jan 6, 2011 8:24am
Quoting mbqb11
Hey Adi

Watch out for that BRN

Also you bought with about a one pip break, did you decide against using a buffer?

Mike
Yeah I don't like this trade already
It was spread+2 pips. I usually have +5 buffer, this time I thought it was a sure thing...

My whole PC system went down an hour ago, I am restoring my Windows now, so will have to renew my demo too I think. Good I have a journal so I can calculate my loss if it happens...
  • #84,739
  • Jan 6, 2011 8:24am Jan 6, 2011 8:24am
Quoting torontobboy2
can i get a link to what post this is refering to? I went back in the thread couldnt find it...
Hey T here ya go

http://www.forexfactory.com/showpost...ostcount=84720


Best
Mike
  • #84,740
  • Edited 8:50am Jan 6, 2011 8:26am | Edited 8:50am
Quoting g_j_hook@yah
hi xmzhang, check the open/close again buddy, that pin didnt break. I was watching this also but pin became invalidated when price broke its high.

jon
I didn't trade the break, I sold when price came back to the left eye of that PB, I was quite sure this setup would work out. I always enter on a pullback of a PA never on a break even when a PA hasn't been validated yet, that's just my style. In hindsight I should've scrolled down to the 5m-TF to look for a sell PA, what I always do BTW, when price pulled back to the left eye, in the 5m-TF price didn't gave a sell PA but a buy PA instead via a big DBLHC closing strong above 15500 .......
Pipcrawler
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