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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

  • #92,061
  • Mar 22, 2011 8:00pm Mar 22, 2011 8:00pm
Quoting poncho1
Thanks for all your help Jarro!

Poncho
Looks like its holding as Support for now. . .still no closes below.

I like seeing these levels work out especially on the "crazy crosses" like this one.
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Indicators show the past. Price Action "Indicates" the future.
  • #92,062
  • Mar 22, 2011 8:11pm Mar 22, 2011 8:11pm
Quoting jarroo
Looks like its holding as Support for now. . .still no closes below.

I like seeing these levels work out especially on the "crazy crosses" like this one.
I haven't traded it for that reason, it's a crazy cross, although I could have made a quick 50 a couple times already. I just wanted to confirm your thoughts on the concept to make sure I'm on the right track...

Poncho
" I can read the left side of the chart, the right side's a Bitch!
  • #92,063
  • Mar 22, 2011 8:18pm Mar 22, 2011 8:18pm
Quoting poncho1
I haven't traded it for that reason, it's a crazy cross, although I could have made a quick 50 a couple times already. I just wanted to confirm your thoughts on the concept to make sure I'm on the right track...

Poncho
You mean touch trading at the support level? That can be tough but I've seen worst entries. I would like to see additional confluences with that support level to take TT entry there. . .like a fib or ema or trendline or all three together.
Indicators show the past. Price Action "Indicates" the future.
  • #92,064
  • Mar 22, 2011 8:44pm Mar 22, 2011 8:44pm
Quoting jarroo
You mean touch trading at the support level? That can be tough but I've seen worst entries. I would like to see additional confluences with that support level to take TT entry there. . .like a fib or ema or trendline or all three together.
I'm really liking the touch trades and I need to work more on the fibs,etc. I just really love a clean chart.
" I can read the left side of the chart, the right side's a Bitch!
  • #92,065
  • Mar 22, 2011 8:53pm Mar 22, 2011 8:53pm
Quoting poncho1
I'm really liking the touch trades and I need to work more on the fibs,etc. I just really love a clean chart.
I know what you mean . .nothing like a strong clear obvious level that Price respects. But don't take away from a solid PA formation at these levels. . .it only makes it easier . .
Indicators show the past. Price Action "Indicates" the future.
  • #92,066
  • Mar 22, 2011 9:28pm Mar 22, 2011 9:28pm
another euro pair approaching well-defined ppz at a BRN. 1.4000 looks like a good watch area. I wish price would have climbed a little higher so the retracement to the BRN would have been deeper.

If price breaks through the BRN, I'll be watching the 1.3850 area.
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  • #92,067
  • Mar 22, 2011 9:47pm Mar 22, 2011 9:47pm
Quoting Ifmyante
Have very mixed feelings about this setup as is, so I'll be letting it go.
Who ever fills their tank up to $139.75 without going to the $140.?
Yes yes, people who want to buy a 25c box of matches

I'm so often wrong about these things, but it costs me nothing to not trade
Agree, and the good thing is we can learn something while sitting on the sidelines.

My thoughts on that bar (hindsight 20/20). It's small bar in traffic and not at a swing high. 4H up move is strong from the 1.3500 area. Price appears to me to be taking a breather before trying to test the 1.4000 level. Price seems to have found support at at a highest close of resistance area too.

I agree with the note on your chart about the bar testing the 1.4000 being a better location. If it were a larger bar with a test of the BRN the "story" that Mike and others see so well would be much better.

Long-winded way to agree with everything in your post .
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  • #92,068
  • Mar 22, 2011 11:50pm Mar 22, 2011 11:50pm
Quoting mbqb11
Hey Khurram

Welcome back

My question would be what is the candle you are selling. If we had more info like a pinbar, or a BEOB(bearish outside bar) it would give us more of an idea of your confluenced level.

Let me know if you need examples of what either of the above are

Best
Mike
Hi Mike,

Thanks for your reply.

Well ..... you have made me think like James 16 family. although i have a fairly good idea of pinbar and BEOB but this trade was not based on either of these. i played it only on the rejection of descending trend line, 23.6 FIB of the move from June 28 to Oct 25 last year and break of the strong support level 0.8700.

i am already in and now hoping to get out with some profits or at least breakeven. in the end i must say that had i not posted this trade here i wouldnot have came back on the right track.

Hope you people not mind if i keep posting my trades here for your valuable input.

Regards,
Khurram
.
  • #92,069
  • Mar 22, 2011 11:55pm Mar 22, 2011 11:55pm
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A chart helps those who can read it.
  • #92,070
  • Mar 23, 2011 12:54am Mar 23, 2011 12:54am
Quoting geniusztc
so ,how stupid i am .
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A chart helps those who can read it.
  • #92,071
  • Mar 23, 2011 1:30am Mar 23, 2011 1:30am
Quoting jarroo
Looking at this Dale Double on the Daily Usd/Jpy. Dale Doubles are Double Inside Bars. Its a compression type setup (which most Inside Bars are) but this is times 2.

He mainly looks for them on the 4 Hour time frame. . . search out Dale's posts on these setups. . . they have been pretty predicable as a low risk, strong breakout setup. . .
Let's try to catch an upside breakout with a buystop placed above the last 2 daily candles, we don't want to short this pair if another BOJ intervention is in the making, so no sellstops this time. Price alert set. Have a nice day.
  • #92,072
  • Mar 23, 2011 1:58am Mar 23, 2011 1:58am
Quoting geniusztc
Hi Genius,

Same price action, differenct perspective.

You have bought of the lower rising trend line? But right above is a strong PPZ at 0.8700. Wouldn't you wait for a bullish price action before going long. i mean to say it was a strong bearish candle after which i can only suppose of a short trade.

i am very new to forex and may be missing some thing.

Regards,
Khurram
.
  • #92,073
  • Mar 23, 2011 2:01am Mar 23, 2011 2:01am
yes or no, looks like a breakout trade upon two bar high, which is one of the PA setup



Quoting geniusztc
so ,how stupid i am .
  • #92,074
  • Mar 23, 2011 2:09am Mar 23, 2011 2:09am
Quoting Khurr@m
Hi Mike,

Thanks for your reply.

Well ..... you have made me think like James 16 family. although i have a fairly good idea of pinbar and BEOB but this trade was not based on either of these. i played it only on the rejection of descending trend line, 23.6 FIB of the move from June 28 to Oct 25 last year and break of the strong support level 0.8700.

i am already in and now hoping to get out with some profits or at least breakeven. in the end i must say that had i not posted this trade here i wouldnot have came back on the right track.

Hope...
Another Paki!

Nice trade sir,

Welcome to the group.

g.
I believe . . .
  • #92,075
  • Mar 23, 2011 3:00am Mar 23, 2011 3:00am
Here is something I'm watching.

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pat
  • #92,076
  • Mar 23, 2011 3:14am Mar 23, 2011 3:14am
This might be a good story to "read".!!!Some inside bars on daily also.
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  • #92,077
  • Mar 23, 2011 5:00am Mar 23, 2011 5:00am
Quoting geniusztc
so ,how stupid i am .
BUT， not too bad。 because ,this is magic forex .
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A chart helps those who can read it.
  • #92,078
  • Mar 23, 2011 5:23am Mar 23, 2011 5:23am
Hello all,
this is my first post in this great thread. I'm a lurker of this thread since a while and I'm trying to absorb as much informations as I can.

Unfortunately it's only a matter of time when the government in my country will install a financial transaction tax (tobin tax). This and some other factors have motivated me to change to the higher tf's. I know how important it is to demo first until I have reached a certain level of success and confidence.

Here is my first trade and it would be very nice if somebody could evaluate it.

It was an AUD/USD trade and my entry was after the 4 hr inside pinbar which appeared at the 1.0116 resistance. My tp was 1.0070. The trade was against the BRN 1.0100 what makes me think that the trade could had been to risky?
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  • #92,079
  • Mar 23, 2011 5:26am Mar 23, 2011 5:26am
Got out safely, apart from the plane at the last moment before take off, slamming the brakes on and returning to the airport to fix a problem.

I am able to view this site and connect to my live account.

Thanks to all for the moral support.

Steve
  • #92,080
  • Mar 23, 2011 5:41am Mar 23, 2011 5:41am
Quoting Pinbar
Got out safely, apart from the plane at the last moment before take off, slamming the brakes on and returning to the airport to fix a problem.

I am able to view this site and connect to my live account.

Thanks to all for the moral support.

Steve
Very glad to hear it mate

The pilot hitting the brakes must have been unnerving.
Best of luck in China. Let's hope it's the best thing you ever did
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