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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

  • #95,561
  • May 23, 2011 2:06pm May 23, 2011 2:06pm
Liking the story and liking the 1.3200 level.

Interested to see how this one plays out...
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  • #95,562
  • May 23, 2011 2:32pm May 23, 2011 2:32pm
Anyone think that if this AUD/JPY closes above the 61.8 it might be a clear run up to the 50%/150EMA?
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Anything can happen.
  • #95,563
  • May 23, 2011 3:30pm May 23, 2011 3:30pm
Quoting ddinnov
Anyone think that if this AUD/JPY closes above the 61.8 it might be a clear run up to the 50%/150EMA?
From an ICCE Perspective, This one has the the odour of Bulls.
I would, given the Inds at the btm of my screen & a general view pf PA over the last month or so suggest that...
88.50 will be tested as Resistance.
If 88.50 fails to hold , we will test recent Highs of ~90.00.
Beyond that...
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B
  • #95,564
  • May 23, 2011 4:07pm May 23, 2011 4:07pm
Quoting Banzaisky
Good evening,...
Hey Banz

Welcome to trading and to this thread. Pretty cool you found this thread so early. That's not to toot our own horn here it's jealousy from me LOL

For a DBHLC, remember we want pretty much matching highs(especially on a lower timeframe like the 4hr) and the close must be LOWER then the previous bars low.

SO not a bad area, but just in my view not the strongest looking bar coming on a 4hr chart

Again welcome to the thread and hope to see you posting more
Mike
  • #95,565
  • Edited May 24, 2011 9:38am May 23, 2011 4:51pm | Edited May 24, 2011 9:38am
Hi Mike,
Thanks for your reply and warm welcome. I certainly intend to get involved and post more. That bar closed nothing like i was expecting it to so stay away. Are BEOB and DBHLC similar signals to enter short, would these be traded in the same way.
I attached 2 charts showing bar signals as i understand them (ignoring location, story, setup etc). are these correct?
Many thanks

Attachment

Attachment
Free speech is an oxymoron
  • #95,566
  • May 23, 2011 6:30pm May 23, 2011 6:30pm
Quoting Banzaisky
Hi Mike,
Thanks for your reply and warm welcome. I certainly intend to get involved and post more. That bar closed nothing like i was expecting it to so stay away. Are BEOB and DBHLC similar signals to enter short, would these be traded in the same way.
I attached 2 charts showing bar signals as i understand them (ignoring location, story, setup etc). are these correct?
Many thanks

Attachment

Attachment
Hey Banz

Yes beob and DBHLC are similar as they are both reversals. You get a bit different information that depending on the situation can tell a lot more

For example an outside bar has to ENGULF a bar(at least one). This can show you a testing higher up and above a previous bar and potentially a previous area. Where as a DBHLC can show you an area is holding in a different manner(since it is matching highs). Also the closes can be different on the two. A DBHLC needs a lower close then the previous bar where an outside bar does not.

Both your charts are correctly identified

Let me know if you have more questions
Mike
  • #95,567
  • May 23, 2011 7:29pm May 23, 2011 7:29pm
Quoting Banzaisky
Hi Mike,
Thanks for your reply and warm welcome. I certainly intend to get involved and post more. That bar closed nothing like i was expecting it to so stay away. Are BEOB and DBHLC similar signals to enter short, would these be traded in the same way.
I attached 2 charts showing bar signals as i understand them (ignoring location, story, setup etc). are these correct?
Many thanks

Attachment

Attachment

Hi & welcome.

You may find this chart useful if you are a busy person, you can print it out and take it with you to work. The horizontal line is the rough entry with a 10-15 pip buffer.
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  • #95,568
  • May 23, 2011 8:50pm May 23, 2011 8:50pm
Thanks PB. Much appreciated.
Free speech is an oxymoron
  • #95,569
  • May 23, 2011 9:38pm May 23, 2011 9:38pm
Hey Mike, you've said before that you most of your trades on the 4 HR. For my daily trades I log in at 4 PM EST to evaluate the daily bar. I want to try demoing the 4 HR now, but I'm not sure when the best time to trade it is. Do you watch the charts for a whole session or do you wait to login at a certain time?
For example, would it be a good idea to login at 12 AM EST, then look at the 4HR bars for trades? or 8PM EST?
  • #95,570
  • May 23, 2011 9:46pm May 23, 2011 9:46pm
Quoting PenguinTrade
Hey Mike, you've said before that you most of your trades on the 4 HR. For my daily trades I log in at 4 PM EST to evaluate the daily bar. I want to try demoing the 4 HR now, but I'm not sure when the best time to trade it is. Do you watch the charts for a whole session or do you wait to login at a certain time?
For example, would it be a good idea to login at 12 AM EST, then look at the 4HR bars for trades? or 8PM EST?
Hey PT

The majority of my trades are 1hr and 4hr that is correct. The majority of these trades which I consider intraday get executed b/w 2/3am est - 10/11 am est. So I watch the hourly closes during this time(as time /sleep permits - I set alarms for areas as well as bar closes).

So the problem is if you log in at 12am est all you are getting is that hourly/4hr close of a very slow time in the market place. Where as if you check the closes of say a 4am or 5am etc bar you are at least getting a more active(in general ) time to the market place.

This is where the daily/weekly is nice b/c the time commit is not as bad as once you start to venture downwards

Hope that helps
Mike
  • #95,571
  • May 23, 2011 9:55pm May 23, 2011 9:55pm
Quoting mbqb11
Hey PT

The majority of my trades are 1hr and 4hr that is correct....
Thanks a bunch
  • #95,572
  • May 24, 2011 12:37am May 24, 2011 12:37am
Heres one that has my eye:

G/U Daily:
Trend Line
150ema
50%Fib

http://img84.imageshack.us/img84/919/1gu.gif
  • #95,573
  • May 24, 2011 1:17am May 24, 2011 1:17am
Quoting mbqb11
Hey Zoli

This situation is one I consider a breakout so i tend to let the market do it's thing. If my analysis is correct price should have more chance for a type of runner. I don't just go to breakeven if I am up X amount of pips or something like that. My stop starts above the bar and this room b/c my area to help me manage my trade and reduce risk on a trade. Same for all my trades. Some trades call for tighter management, others looser.

As for your second question, it's usually your motivations behind it. Greed/fear/etc tend to play a role...
Hey Mike

thanks for this. I get your message and need to pay attention for sure.


cheers
Kind Regards zol
  • #95,574
  • May 24, 2011 1:48am May 24, 2011 1:48am
Quoting mbqb11
The majority of my trades are 1hr and 4hr that is correct
Hi Mike, can you explain a bit further.

Are you using 4Hr and 1Hr in combination ie; looking on 4Hr for PA set ups and then dropping to 1Hr for a PA entry ?

or treating each timeframe seperately ie; PA setup on 4Hr with entry on 4Hr break, and same on 1Hr ?

thanks
  • #95,575
  • Edited 3:20am May 24, 2011 2:59am | Edited 3:20am
Quoting mbqb11
James would correctly associate it back to a small account usually where people don't see it as a % gain rather as a small amount of money and thus they 'hope' that this next trade becomes the big one(which is most always not the case).
Mike
Hi ya Mike..

Just on this point what sort of % gain would you consider to be a good return for say a week or month or year on any account balance?

Cheers,
Adrian
  • #95,576
  • May 24, 2011 3:25am May 24, 2011 3:25am
Quoting mbqb11
an example of one on my watch list. I call this a wedge, maybe technically it is called something else lol
Yes, that GbpCad is obvious - i guess higher TF pattern is more reliable?
Thanks Bud
  • #95,577
  • May 24, 2011 3:54am May 24, 2011 3:54am
Quoting billm
Hi Mike,
Are you using 4Hr and 1Hr in combination ie; looking on 4Hr for PA set ups and then dropping to 1Hr for a PA entry ?
or treating each timeframe seperately ie; PA setup on 4Hr with entry on 4Hr break, and same on 1Hr ?
..
hello billm,
if i may..
i think this is how he does it.

Quoting aarangio
Hi ya Mike..
Just on this point what sort of % gain would you consider to be a good return for say a week or month or year on any account balance?
...
hello Adrian,
if i may.. while he's asleep/trading...
any positive % gain is good enough.
also, what he deems 'good' might not be 'good enough' for u or vice versa.

Quoting Be Cool
Yes, that GbpCad is obvious - i guess higher TF pattern is more reliable?...
if i may...
IMHO, in a way, yes, u could say that
  • #95,578
  • May 24, 2011 4:19am May 24, 2011 4:19am
Quoting supremeChaos
hello Adrian,
if i may.. while he's asleep/trading...
any positive % gain is good enough.
also, what he deems 'good' might not be 'good enough' for u or vice versa.
Hi ya SC..

cool, thanks for getting back to me on this

Cheers,
Adrian
  • #95,579
  • May 24, 2011 5:44am May 24, 2011 5:44am
Hi everyone,

I got a beginners question, my apologies ahead.

In my chart I have point out a pinbar.. is that a pinbar that can trade on to go long? (my dilemma is that its passed the lower low)

Thank you.
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  • #95,580
  • May 24, 2011 7:13am May 24, 2011 7:13am
Quoting P.Dean
Hi everyone,
In my chart I have point out a pinbar.. is that a pinbar that can trade on to go long? (my dilemma is that its passed the lower low)
....
Hello P.Dean,
welcome to the thread!

to answer your Q...
yes, IMHO, u can go long on that pinbar. (u are correct in saying that it was not at a swing low)
BUT... it's not the type of setup that beginners should take.
those who are new to this thread should focus on trading PA setups (pinbars, BUOBs, etc) that are authoritative (big in size) & are located on swing highs & swing lows (& ideally comes with what we call as "confluence/s")--- those are easier to trade & manage.

continue reading & learning...& keep posting Sir!
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