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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

  • #87,581
  • Feb 1, 2011 1:21pm Feb 1, 2011 1:21pm
Quoting bluetrader
I like where USD/CHF is for a touch trade right now aserb. The daily is testing support. Will try to post a chart later.

-- Danny
This is how i see the situation on USD/CHF - we just broke support level at 9400 level. So if price will test this resistance it most probably will reject
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  • #87,582
  • Feb 1, 2011 1:21pm Feb 1, 2011 1:21pm
Quoting Thierry
Without the 1.60 i would never take it. With this 1.60 i had a very small SL just below the BRN.

Thanks Mike.
This is interesting. So if you exit at this point you already have like 3 to 1 RR..
Very interesting idea to have SL behind BRN instead of behind the setup bar... more stops yes, but the winners are much greater too...
  • #87,583
  • Feb 1, 2011 1:42pm Feb 1, 2011 1:42pm
Quoting avasfx
This is how i see the situation on USD/CHF - we just broke support level at 9400 level. So if price will test this resistance it most probably will reject
Hi avas what's up. I see your point; very good analysis. I plan to be 50+ pips in profit by that point and stop at breakeven. Hopefully price will blow through that congestion and I can use it to trail my stop. Most importantly, I'll be protected.

-- Danny
  • #87,584
  • Feb 1, 2011 2:15pm Feb 1, 2011 2:15pm
Quoting Adilius07
Something like this I understand yes. But interesting how you both got the same number! There must be some hi or lo that you take for the benchamrk?
Hi Adi,

I marked the same level while I was practicing jarroo's/pinbar's PBT/CO(B) exercise on the weekly.
That might explain it.

Best
C80

Edit: It was already explained. Didn't see it.
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  • #87,585
  • Feb 1, 2011 2:17pm Feb 1, 2011 2:17pm
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Hi again, i have been learning some breakout techniques, but im back again to demo from the begining.

that SL is too far, but im planning to trail that unwinding carry, this is demo, lol.
  • #87,586
  • Feb 1, 2011 2:30pm Feb 1, 2011 2:30pm
what do you guys think of these setups?
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  • #87,587
  • Feb 1, 2011 2:32pm Feb 1, 2011 2:32pm
Quoting Crane80
Hi Adi,

I marked the same level while I was practicing jarroo's/pinbar's PBT/CO(B) exercise on the weekly.
That might explain it.

Best
C80

Edit: It was already explained. Didn't see it.

Thanks Crane! Yes I think I just need more practice with PPZ. For now I just mark those levels as zones, and the zone is usually 10-30 pips wide...
Thanks.
  • #87,588
  • Feb 1, 2011 2:36pm Feb 1, 2011 2:36pm
Quoting DBallerz
what do you guys think of these setups?
Hi DB

what do you think of them?
  • #87,589
  • Feb 1, 2011 2:37pm Feb 1, 2011 2:37pm
anyone knows how to export the mt4 report into an excel format?
i would like to review the open/close time of my trades to see how long i normally keep my trades open, and analyze a few other things....

thanks
  • #87,590
  • Feb 1, 2011 2:42pm Feb 1, 2011 2:42pm
Quoting torontobboy2
anyone knows how to export the mt4 report into an excel format?
i would like to review the open/close time of my trades to see how long i normally keep my trades open, and analyze a few other things....

thanks
Sorry, I don't know, but I find it helpful to drag trades from history in the terminal onto the chart. This displays them like an EA would
  • #87,591
  • Feb 1, 2011 2:46pm Feb 1, 2011 2:46pm
Quoting torontobboy2
anyone knows how to export the mt4 report into an excel format?
i would like to review the open/close time of my trades to see how long i normally keep my trades open, and analyze a few other things....

thanks
Hey bboy, try creating a detailed report (right-click on the account history) and open up the web page. Select the table detailing your trade history and copy/paste into Excel. Excel is usually pretty good at handling html.

Hope this helps,

-- Danny
  • #87,592
  • Feb 1, 2011 2:46pm Feb 1, 2011 2:46pm
Quoting Ifmyante
Hi DB

what do you think of them?
CHJPY- triple rejection shows us an obvious resistance. next fta is the 86.8 area. The Pin 2 hours ago is good, but would have been better if it was red. Cons: the previous doji looking bar is indicating indecision

GBDAUD- Price just nicked the 1.59 RN resistance which has proven to be power ful as indicated by the Jan 13, jan 19th wicks touching. I like the long wick, but the body is a bit to big. Price might go sideways for a while before retesting 1.6

USDCAD- I think I like this one the most since it has the most space, but the top wick is a little bit big.
  • #87,593
  • Feb 1, 2011 2:49pm Feb 1, 2011 2:49pm
I just reviewed my last 16 trades and:

Average open time: 26 hours
Longest trade: 120 hours
Shortest trade: 1 hour

Overall, what I've observed according to profit/loss is that if I am in the right trade it gives me profit in the next candle or two (and preferably within 2-4 hours), and at a mimimum gives me a chance to move my stop to break even.

Just tryint to get to know myself and trading habits so far
  • #87,594
  • Feb 1, 2011 2:55pm Feb 1, 2011 2:55pm
Quoting torontobboy2
anyone knows how to export the mt4 report into an excel format?
i would like to review the open/close time of my trades to see how long i normally keep my trades open, and analyze a few other things....

thanks
tools/History Center (F2), expand the pair that you want to export by doubleclicking it, doubleclick the timeframe that you want, then click the download button, wait for download, then click export button, and choose *.CSV file, save it and open it with excel

this will give the info from metatrader and not from your broker.
  • #87,595
  • Feb 1, 2011 2:57pm Feb 1, 2011 2:57pm
Quote
I just reviewed my last 16 trades and:

Average open time: 26 hours
Longest trade: 120 hours
Shortest trade: 1 hour

Overall, what I've observed according to profit/loss is that if I am in the right trade it gives me profit in the next candle or two (and preferably within 2-4 hours), and at a mimimum gives me a chance to move my stop to break even.

Just tryint to get to know myself and trading habits so far

Quoting emiliolopez
tools/History Center (F2), expand the pair that you want to export by doubleclicking it, doubleclick the timeframe that you want, then click the download button, wait for download, then click export button, and choose *.CSV file, save it and open it with excel

this will give the info from metatrader and not from your broker.
bypass this, i didnt read well what you wanted
  • #87,596
  • Feb 1, 2011 3:01pm Feb 1, 2011 3:01pm
Quoting DBallerz
CHJPY- triple rejection shows us an obvious resistance. next fta is the 86.8 area. The Pin 2 hours ago is good, but would have been better if it was red. Cons: the previous doji looking bar is indicating indecision

GBDAUD- Price just nicked the 1.59 RN resistance which has proven to be power ful as indicated by the Jan 13, jan 19th wicks touching. I like the long wick, but the body is a bit to big. Price might go sideways for a while before retesting 1.6

USDCAD- I think I like this one the most since it has the most space, but the top wick is...
Hey DB

Careful with some of these intraday trades this late in the day. This is why James cautions to start on the higher timeframes for some of these types of issues that people get caught on.

Some technical notes.

Chf/jpy there is no pinbar there. The nose must extend higher then the previous bars high. That bar 2 hours ago is only an inside bar. Don't let "wicks" fool you into thinking reversal are pin.

gbp/aud - as you said 1.6 right above us. Not a very convincing close. Pretty easy pass in my eyes with all that working against us

usd/cad - Coming off a HUGE bearish move today. I would never step in front of that oncoming train with that type of bar. Also notice price did not close within the prior bar so technically not a pinbar. I never personally want to try to catch the falling knife unless something significant appears(remember think location and story as opposed to bar).

Just my views
Mike
  • #87,597
  • Feb 1, 2011 3:14pm Feb 1, 2011 3:14pm
It's interesting how every move to north,start in the same way.Let's see if this time it will broke the weekly sideways market.It will be fun to watch.
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Nothing personal,just business
  • #87,598
  • Feb 1, 2011 3:17pm Feb 1, 2011 3:17pm
Quoting fxgroup
It's interesting how every move to north,start in the same way.Let's see if this time it will broke the weekly sideways market.It will be fun to watch.
I love this FXG,

Plotting out areas, and giving yourself options so you let the market come to you



Mike
  • #87,599
  • Feb 1, 2011 3:33pm Feb 1, 2011 3:33pm
looking a fxg previous charts, I found this pin. Is it not valid because it closed outside previous bar and below .96 rn ?
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  • #87,600
  • Feb 1, 2011 3:53pm Feb 1, 2011 3:53pm
Quoting DBallerz
looking a fxg previous charts, I found this pin. Is it not valid because it closed outside previous bar and below .96 rn ?
Hey DB

You want to see the nose protrude out past the prior bar. Not just barely below the bottom. The close and open are fine , and technically it could be a pinbar. Not one I would ever see Jim teach to trade. I think if you zoom your chart out a bit it will help you see them better.

Here are some posts from Jim that may help

http://www.forexfactory.com/showpost...ostcount=39300
http://www.forexfactory.com/showpost...ostcount=39344
http://www.forexfactory.com/showpost...ostcount=39294
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