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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

  • #85,581
  • Jan 13, 2011 8:22am Jan 13, 2011 8:22am
Quoting Ifmyante
Beautiful trade

And well held through the pullback
Thanks.

Yes, I entered on the break of the IB and held it on the pullback (an entry point for others, maybe).
  • #85,582
  • Jan 13, 2011 8:32am Jan 13, 2011 8:32am
This short doesn't look good anymore http://cdn.forexfactory.com/images/s...ed_eyebrow.gif
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  • #85,583
  • Jan 13, 2011 8:38am Jan 13, 2011 8:38am
Quoting Pinbar
ああ、二日酔いです。迎え酒飲みたい。The hair of the dog that bit us.
Yes, I am aware of the FTA just above. I just want to see how this weekly candle closes and wait for the pullback, next week.
[The hair of the dog that bit us]
It means [迎え酒],,,,I`ve heard this expression for the first time. The hair of the dog ,,,,what a funny expression , I guess that Japanese people never think of the expression like this, really interesting! 勉強になりました

yes, I want to see how this week finish too. SR which you draw in your post is looks nice, I think, maybe that SR will be turning point on that pair.

GCAD dailychart.

Ken
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  • #85,584
  • Jan 13, 2011 8:45am Jan 13, 2011 8:45am
Quoting Pinbar
Every 4 hours? Aren't you supposed to watching the weekly and the daily charts?
It only takes once a week and once a month. I think there is time for a nap somewhere
  • #85,585
  • Jan 13, 2011 8:47am Jan 13, 2011 8:47am
Quoting xmzhang
Whoopie, look at E-G going. Classic breakout/pullback sparked off by that 1H-PB with some nice confluence .......... wait a minute ........... I've closed my long already because I didn't have the patience to sit this one out, bummer
Thought you would have entered again off that classic IPB?
  • #85,586
  • Jan 13, 2011 8:51am Jan 13, 2011 8:51am
Quoting Adilius07
This short doesn't look good anymore http://cdn.forexfactory.com/images/s...ed_eyebrow.gif
It might have hit its target. You got a nice swing high with a sharp drop around May 2008..
  • #85,587
  • Jan 13, 2011 8:52am Jan 13, 2011 8:52am
Low risk entries, small stops, that's what I like and these are found on the lower TF's where I search for them day in and day out. Today on Fiber :
Step 1.
4H-BUOB not the greatest close but it's at a nice spot @ 13100/31.8 fib, RNB 13100 was previous support, yesterday price broke above 13100 and today price pulled back and generated a 4H-BUOB @ 13100 which tells me that 13100 is now acting as support.
Step 2.
Scrolling down the lower TF's to look for a low risk entry, on the 10m-TF price gave me my entry trigger via a 10m-BUOB @ minor PPZ @ 13116-ish and some confluence with a 50% retracement. SL @ 13114 (a few pips below that BUOB) entry at the break of that 10m-BUOB with a 2 pip buffer @ 13134. Initial risk is 20 pips. Position size expressed as $/pip is then (Accountsize*0.005)/20, small SL enables you to trade with a reasonable position size by risking a smaller percentage of your account. A 20 pip SL on a 4H-trade isn't that bad I should say. Only problem is that sometimes it may take more than one effort to get into a trade succesfully due to the price noise on the lower TF, it all depends on the quality of your entry PA, if the quality is high ie. multiple confluence than you'll have a great low risk entry.
step 3.
As soon as price is 20 pips in profit (initial SL) close 1/2 of your position and let the other 1/2 run, also leave your SL untouched at that moment. Later on when price moves favourable in your direction manage your SL to your own liking. If not you'll get stopped @ BE.
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Pipcrawler
  • #85,588
  • Jan 13, 2011 8:54am Jan 13, 2011 8:54am
Quoting spookie94
Thought you would have entered again off that classic IPB?
I've not traded classic IPB's yet, shall look into that and add that to my trading toolbox
Pipcrawler
  • #85,589
  • Jan 13, 2011 8:58am Jan 13, 2011 8:58am
Quoting fxarcher
Thanks Kal
I was under the impression that the CLOSE of the bar had to be below the CLOSE not the Low of the previous bar?
Please see attached
Hey Archer

Price just has to close near the bottom of the bar. I personally like to see a close below the previous bar. It is one of my personal rules

Best
Mike
  • #85,590
  • Jan 13, 2011 8:59am Jan 13, 2011 8:59am
Quoting xmzhang
Low risk entries, small stops, that's what I like and these are found on the lower TF's where I search for them day in and day out. Today on Fiber :
Step 1.
4H-BUOB not the greatest close but it's at a nice spot @ 13100/31.8 fib, RNB 13100 was previous support, yesterday price broke above 13100 and today price pulled back and generated a 4H-BUOB @ 13100 which tells me that 13100 is now acting as support.
Step 2.
Scrolling down the lower TF's to look for a low risk entry, on the 10m-TF price gave me my entry trigger via...
On step 2, do you drop from 4H to 1H then to 30M then to 15M and so forth until you find a set up. Or does 4H just go to 10M?
  • #85,591
  • Jan 13, 2011 9:04am Jan 13, 2011 9:04am
Quoting spookie94
On step 2, do you drop from 4H to 1H then to 30M then to 15M and so forth until you find a set up. Or does 4H just go to 10M?
I scroll the lower TF's down sequencially.
Pipcrawler
  • #85,592
  • Jan 13, 2011 9:12am Jan 13, 2011 9:12am
Quoting Osman
Hey Atc !!

Its a BUOB as a PB cant close higher than the previous bar, also want a bigger lower than the previous bar for a PB.

We had a BUOB on the daily on AU.. I really like it as it had..

 

  1. PA coming from a nice ppz/flip area
  2. 61.8 fib
  3. PA (BUOB)
  4. Div

Entry would be around 0.9975 and we had parity 25 pips above.
AUD unemployment news yesterday night and todays USD news made it too much risk for 25 pips.. so for me it wasnt a trade I wanted to be involved in.

Os.

tight trade management in order for both trades
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  • #85,593
  • Jan 13, 2011 9:17am Jan 13, 2011 9:17am
Quoting Atc
tight trade management in order for both trades
i am watching this one, too.
this will be a position which i will hold to about 0.9200.
it will accelerate after falling below 0.9600.
meine augen sind die sterne
  • #85,594
  • Jan 13, 2011 9:37am Jan 13, 2011 9:37am
Quoting mbqb11
Hey Archer

Price just has to close near the bottom of the bar. I personally like to see a close below the previous bar. It is one of my personal rules

Best
Mike
Hey Mike !

Could you have a look at this post : http://www.forexfactory.com/showpost...ostcount=85512

Possible restest and break down ?

Thx mate.

Os.
Trade Smart
  • #85,595
  • Jan 13, 2011 9:38am Jan 13, 2011 9:38am
Quoting Osman
Zooming out a bit..
Could it be a Flag Pattern ?


Os.
Hey Os

I had my flag pattern drawn as follows(notice the clear 3 touches ) and it has already played fully out in my view

Best
Mike
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  • #85,596
  • Jan 13, 2011 9:45am Jan 13, 2011 9:45am
Quoting mbqb11
Hey Os

I had my flag pattern drawn as follows(notice the clear 3 touches ) and it has already played fully out in my view

Best
Mike
Hi Mike

The target of a flag isnt the size of the pole ?
The channel is the width of it.

Correct me if Im wrong.

Thx.
Os.
Trade Smart
  • #85,597
  • Jan 13, 2011 9:46am Jan 13, 2011 9:46am
first line is when I took the trade, second line is where I took profit at the FTA
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  • #85,598
  • Jan 13, 2011 9:47am Jan 13, 2011 9:47am
Hi again

Just going through this thread - and I saw Habeeb's contribution on p.134, post no. 1998, where he provided a file to show daily, weekly and monthly pivot points.

Did anyone use it? If so, does it work and could one of you guys be so kind as to show me how to run it in Metatrader?

Many thanks in advance
Mack
  • #85,599
  • Jan 13, 2011 9:47am Jan 13, 2011 9:47am
Quoting Osman
Hi Mike

The target of a flag isnt the size of the pole ?
The channel is the width of it.

Correct me if Im wrong.

Thx.
Os.

I use the channel width as a rough projection

Best
Mike
  • #85,600
  • Jan 13, 2011 9:49am Jan 13, 2011 9:49am
Quoting Adilius07
This short doesn't look good anymore http://cdn.forexfactory.com/images/s...ed_eyebrow.gif
Price just bounced off the 1.00 mark and is about to give us a beautiful star. I'm taking profit at .9900. Why doesnt the short look good for you?
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