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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

  • #90,481
  • Mar 1, 2011 3:45pm Mar 1, 2011 3:45pm
Quoting dmc
I am staying out on this one. Size isnt there for me.

Was there a pun intended about picking your nose?
Yeah me too, I would like a close below 1.6250
Trade Smart
  • #90,482
  • Mar 1, 2011 3:46pm Mar 1, 2011 3:46pm
Well just wanted to point out and as a matter of fact in one of your

webinar videos u explain this sort of set up very well. Thanks for the

reply and caution issued for the newbies should they take this bar

1.61845 for a price action ( mid flip zone and will be 50% retrace of the recent up move)

Am i on track here chiefs? )

Cheers

V
  • #90,483
  • Mar 1, 2011 3:54pm Mar 1, 2011 3:54pm
Quoting mbqb11
have to see if this is the one LOL
what is your opinion on USD/CAD now, is that pin a concern?
  • #90,484
  • Mar 1, 2011 3:58pm Mar 1, 2011 3:58pm
Quoting Patrick.
what is your opinion on USD/CAD now, is that pin a concern?
Hey Patrick

No concern really, that's more of a bull bar as the nose and body of the bar are about equal lengths. A bit of a stubby bull bar coming of a strong down trend. So I will just watch and see how thing coming days unfold, nothing for me to worry about yet

Best
Mike
  • #90,485
  • Mar 1, 2011 3:59pm Mar 1, 2011 3:59pm
Quoting menomoo
Well just wanted to point out and as a matter of fact in one of your

webinar videos u explain this sort of set up very well. Thanks for the

reply and caution issued for the newbies should they take this bar

1.61845 for a price action ( mid flip zone and will be 50% retrace of the recent up move)

Am i on track here chiefs? )

Cheers

V

You got it brotha

*although very unconvincing late close here like its grasping to hang on. Looks like we should pop higher

Mike
  • #90,486
  • Mar 1, 2011 4:04pm Mar 1, 2011 4:04pm
Quoting mbqb11
Hey Patrick

No concern really, that's more of a bull bar as the nose and body of the bar are about equal lengths. A bit of a stubby bull bar coming of a strong down trend. So I will just watch and see how thing coming days unfold, nothing for me to worry about yet

Best
Mike
Ok, personally I like IB's on USD/CHF, would prefer a break long since I could use history to determine where price may go, south just seems too new, no data to base decisions on... just my newbie 0.00001 cent (pip?)
  • #90,487
  • Mar 1, 2011 4:05pm Mar 1, 2011 4:05pm
Quoting dmc
I am staying out on this one. Size isnt there for me.

Was there a pun intended about picking your nose?

Big noses run in our family.
  • #90,488
  • Mar 1, 2011 4:10pm Mar 1, 2011 4:10pm
Quoting vasmiza
WOW Jim,

You just explained the fallacy I've been falling into for the past few weeks. I now realise where I am, I am definitely the second category you described above, and the AUD/JPY is a great example of why I am in this category. i can see it happen infront of me but I just can't trust myself. Then I BE or close out to see it run, ironically this has been happening in all the trades I've taken so far, it drives me crazy.How can I overcome this???



Just went through SR2's post, clear evidence support this same view. This stuff works....
Good post Harry.

My analysis was done to give everyone (myself included) confidence that this stuff works. Besides the way I take OB's one other thing I do differently is I will wait up to 5 days for the PA signal to kick in. I know quite a few people want an immediate reaction. The reason I wait 5 days is I just feel its the markets way of telling us that it is planning to move in a certain direction. It gives us so much time to plan the trade. Of course sometimes the reaction is immediate (on the next bar) but often it is not and I think that signals are missed for this reason as orders are closed out. For example I have a sell order for the OB on CHFJPY from the 25. It has not kicked in, but I will leave it 2 more days to see if it does. There is a strong support level in the way and hence the reason it is taking its time. My belief is that if it does kick in it will be a strong move due to the support level, but of course I cannot be 100% certain.

SR2
  • #90,489
  • Mar 1, 2011 4:16pm Mar 1, 2011 4:16pm
Quoting jarroo
This was just me being cute to my previous post refering to SR2's great analysis on the PA setups.

Interesting . .looks like that BUOB on the A/J is getting close to its target . ..go figure . .(me being "cute" again.)
You are giving me way too much credit for doing something very simple but I appreciate it and hope it helps people build confidence

SR2
  • #90,490
  • Mar 1, 2011 4:21pm Mar 1, 2011 4:21pm
Quoting Be Cool
Yeah, i saw it later when i already got out LOL My own fault, though -making compulsive trade out of fear of missing out. Still working on that
RESOLUTION:
Next time i see a CT setup after a strong move - I will only take if the PA bar is enormous (and preferably) with divergence. Other than that I'll pass.

Interesting spot though
heres a little something that helps me...
before i take a trade, i take a pen and write down a couple lines about why im are taking the trade.
then i go ahead and take a screen shot and mark up my plan.
i also have a very short checklist of things which i look at before hitting the button (higher tf, news, entry, exit... etc.)

it usually takes me a few min to do it, so it helps keep me out of the impulse trades
  • #90,491
  • Mar 1, 2011 4:29pm Mar 1, 2011 4:29pm
Quoting DBallerz
on what timeline?
I've always traded daily and is the TF I would recommend for the following reasons:

1) it works for me
2) you have time to plan
3) if the trade is planned correctly you do not need to be watching the markets very often (e.g I took a trade on EURGBP last week, half was set to close at FTA, quarter at 2nd FTA and the rest left to run after price went through FTA with SL set to BE. FTA and FTA2 as well as BE hit. Probably checked the charts 3 times over 3 days)
4) I believe other traders remember daily PPZ better than hourly, 4h, weekly and monthly, or maybe it just seems that way to me.
5) its what I am comfortable with

Anyway give it go would love to know what you find

SR2
  • #90,492
  • Mar 1, 2011 6:13pm Mar 1, 2011 6:13pm
Quoting geniusztc
i think the Set up position may be @ 7500 7485 . i am not sure .
and...............here we go . cheers
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A chart helps those who can read it.
  • #90,493
  • Mar 1, 2011 6:57pm Mar 1, 2011 6:57pm
is this a good pin bar ?
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A chart helps those who can read it.
  • #90,494
  • Mar 1, 2011 7:00pm Mar 1, 2011 7:00pm
Quoting geniusztc
is this a good pin bar ?
Good area, but that pin is way to small for my tastes at least, woulda luved to see a nice big pin there.
  • #90,495
  • Mar 1, 2011 7:01pm Mar 1, 2011 7:01pm
Quoting ghous
Don't we all...

I'm sorry but what happened to James?
  • #90,496
  • Mar 1, 2011 7:21pm Mar 1, 2011 7:21pm
Quoting geniusztc
is this a good pin bar ?
Too tiny in my opinion. Cannot hardly see it
  • #90,497
  • Mar 1, 2011 8:27pm Mar 1, 2011 8:27pm
Quoting Osman
Hey Ghous,
Thx for your answer,

I saw the 1.35 as the ppz and 1.36 as FTA cause price got there (1.35) and created the IPB, so saw it as "against the wall" that's why i took it as 1.35 is a VBRN + proven ppz.

What do you think of todays EU IB ?
1.3850 strong ppz + double top, kind off M pattern
FTA 1.3750 - 1.3730

Thx
Os.
Hey Os you would know that I give a lot of weight to prior bar highs and bar lows and PPZs around them so I saw the 1.36 as the major PPZ. But you see even if you were looking at 1.35 the IPB still didn't form at the 1.35 it was sort of close to it. That is no no for me with the blink of an eye.

Always remember that our IPBs need to be 'against the wall', close to it won't be enough.

Eu BTW looks really good. I like the way 1.38 has resisted price.

g.
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I believe . . .
  • #90,498
  • Mar 1, 2011 8:33pm Mar 1, 2011 8:33pm
Quoting Mr Smith
Good area, but that pin is way to small for my tastes at least, woulda luved to see a nice big pin there.
agreed
  • #90,499
  • Mar 1, 2011 8:33pm Mar 1, 2011 8:33pm
Quoting minos.niu
I'm sorry but what happened to James?
spoke with him a few weeks ago, was just getting run down. Hopefully feeling better soon
  • #90,500
  • Mar 1, 2011 8:36pm Mar 1, 2011 8:36pm
Quoting Adilius07
Too tiny in my opinion. Cannot hardly see it
Here's something we spoke about in my webinar today. If these bar highs here(arrows) can't hold price down, then there isn't much to do it. So it almost makes more sense to enter on the close with a tight stop of nearly 20 pips. Because it sort of has that "pause" look, so if that can't hold it's going to trickle up higher. These are great areas(for any trade) to help one manage and reduce risk

Best
Mike
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