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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

  • #95,121
  • May 10, 2011 6:12am May 10, 2011 6:12am
Quoting Razorman
we should have a competition to see who can hold longest.
That won't be fair, those with demo accounts will be the winners...
  • #95,122
  • May 10, 2011 6:17am May 10, 2011 6:17am
well adilius you should get a real account then.
  • #95,123
  • May 10, 2011 6:20am May 10, 2011 6:20am
Quoting aserbfx
eur/cad
possible touch trade at 1.3670.
me thinks the same
  • #95,124
  • May 10, 2011 6:23am May 10, 2011 6:23am
Quoting Dave.P
Hi Mike,

Would you be so kind as to put it up again?
I missed it as i was away.

Thank you very much sir.

Regards
Hey Dave

Looks like its down there, I will get this up on the guest section for you guys soon so I know it will remain there

Thanks
Mike
  • #95,125
  • May 10, 2011 6:36am May 10, 2011 6:36am
Quoting Razorman
well adilius you should get a real account then.
I do yes, this trade is on live
  • #95,126
  • May 10, 2011 8:38am May 10, 2011 8:38am
german puma with a close above the box. will very likely go higher. 250 euro could be a good target.
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meine augen sind die sterne
  • #95,127
  • May 10, 2011 10:02am May 10, 2011 10:02am
The bullish pin that appeared on the GBP/USD daily: WTF happened with it? It was off of 2 Fib retracement levels & a PPZ & a round number...WTF?!

Can someone please tell me why today's bar is bearish up to this point?

Thanks!
http://i236.photobucket.com/albums/f...122481/WTF.jpg
  • #95,128
  • May 10, 2011 10:07am May 10, 2011 10:07am
Quoting rd122481
The bullish pin that appeared on the GBP/USD daily: WTF happened with it? It was off of 2 Fib retracement levels & a PPZ & a round number...WTF?!

Can someone please tell me why today's bar is bearish up to this point?

Thanks!
Hi RD, I'm afraid to sound as an expert which I am absolutely not.

But that PPZ was too obvious I think.
How can one go against such a level...suicide

Often times though, we all disagree on these levels, but to me this one looks too obvious to ignore...

http://www.forexfactory.com/attachme...1&d=1304972646
  • #95,129
  • May 10, 2011 10:08am May 10, 2011 10:08am
Quoting rd122481
The bullish pin that appeared on the GBP/USD daily: WTF happened with it? It was off of 2 Fib retracement levels & a PPZ & a round number...WTF?!

Can someone please tell me why today's bar is bearish up to this point?

Thanks!
Hey RD

Here was my view on the gbp/usd from yesterday
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  • #95,130
  • May 10, 2011 10:09am May 10, 2011 10:09am
Quoting Adilius07
Hi RD, I'm afraid to sound as an expert which I am absolutely not.

But that PPZ was too obvious I think.
How can one go against such a level...suicide

Often times though, we all disagree on these levels, but to me this one looks too obvious to ignore...
posted at the same time. This will let people see that after awhile these levels will jump out at you.

Well done Adi

Mike
  • #95,131
  • May 10, 2011 10:13am May 10, 2011 10:13am
Quoting mbqb11
posted at the same time. This will let people see that after awhile these levels will jump out at you.

Well done Adi

Mike
Thanks Mike
  • #95,132
  • May 10, 2011 10:20am May 10, 2011 10:20am
I got in @ 1.6353 & was looking to partially close @ 1.6399, bring SL to BE then see what happens...that never happened.

How much room do you guys give yourself? Between your intended position & the next level of resistance?

I also like to enter on the 38% retracement of the pin...Adi & Mike, where do you guys like to enter?
  • #95,133
  • May 10, 2011 10:28am May 10, 2011 10:28am
Quoting rd122481
I got in @ 1.6353 & was looking to partially close @ 1.6399, bring SL to BE then see what happens...that never happened.

How much room do you guys give yourself? Between your intended position & the next level of resistance?

I also like to enter on the 38% retracement of the pin...Adi & Mike, where do you guys like to enter?
Hey RD

I personally enter my bar setups on the break of the high/low of the bar about 99% of the time. Just what I am most comfortable with. Clearly here though we can see that a break is right on that level myself and Adi marked that would be too scary to trade into with just a bar without much confluence. So it becomes a pass for me

Hope that helps
Mike
  • #95,134
  • May 10, 2011 10:29am May 10, 2011 10:29am
Quoting rd122481
I got in @ 1.6353 & was looking to partially close @ 1.6399, bring SL to BE then see what happens...that never happened.

How much room do you guys give yourself? Between your intended position & the next level of resistance?

I also like to enter on the 38% retracement of the pin...Adi & Mike, where do you guys like to enter?
I would only enter on break of a setup bar.
I use 10 pip buffer (+spread for longs) on Daily and 3-5 p buffer for H4.
  • #95,135
  • May 10, 2011 10:36am May 10, 2011 10:36am
Thank you Gentlemen! Your help is much appreciated!!
  • #95,136
  • May 10, 2011 10:42am May 10, 2011 10:42am
Quoting mbqb11
Hey RD

Here was my view on the gbp/usd from yesterday
Mike

Your analysis, as usual, is spot on with this one. Though can see why people would be tempted with this one as:

1 |With the trend
2 Good size bar
3 Long nose

Therefore it does meet some of the J16 requirements. But getting the bigger picture (the story) as mentioned in your post is what trading is all about. Thanks for your continued support and wisdom to all of us trying to make sense of it!!

Kal
  • #95,137
  • May 10, 2011 12:08pm May 10, 2011 12:08pm
Missed this beauty touch trade (i my eyes).
50 fib, BRN 1.15 and ema 150.
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  • #95,138
  • May 10, 2011 12:09pm May 10, 2011 12:09pm
took this nice breakout today. entry was 44.04 usd, now floating at around 45.05 usd. something about +2.20% in 5 hours. i luv it
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meine augen sind die sterne
  • #95,139
  • May 10, 2011 12:15pm May 10, 2011 12:15pm
Today I was a little cautious

Concerning the silver trade entry I posted before. I took it only on demo with higher risk but not on the live account.

Because it was not manageable for me. This morning (8 a.m. in GMT) silver broke not the 38.00. and around those number there was not much confluence. I was not willing to get just into the trade at market price.

What to do then? stop-buy somewhere above 38.00? But I have to go to work and when the stop-buy is triggered I cannot set a SL because I'm not there. So I would have no control over the trade.

I hate this. What's the solution? Use a tool like the MPTM EA I assume? Let my laptop running all day long.

It's hard to learn to watch the daily charts in expectation of good trades every day (and for sure, to spot them at all). Feel a strong urge to trade because the goal is to raise the account and not only watch the charts, "seeing" the possible good trades afterwards (and filter out the bad ones...).

Patience is the key here, I assume. And it's one of the hardest lessons to learn for me.

Despite this I have the feeling being a bunny in the slaughterhouse of silver with all those big dogs
playing a shredder game with me. Not a place to stay for a rookie.
rise and rise again until lambs become lions
  • #95,140
  • May 10, 2011 12:16pm May 10, 2011 12:16pm
Quoting rd122481
The bullish pin that appeared on the GBP/USD daily: WTF happened with it? It was off of 2 Fib retracement levels & a PPZ & a round number...WTF?!
Can someone please tell me why today's bar is bearish up to this point?
....
apart from what's been said, it was an average-sized candle & pinbar.
also, it's what i call a 'pause PB' --- a temporary halt, or pause, in a certain direction/trend (in this case, trend is down from early May).

like regular pinbars, this 'pause PB':
1. may or may not break
2. may break on the succeeding candle or on the next few candles.
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