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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

  • #97,801
  • Jul 3, 2011 11:40pm Jul 3, 2011 11:40pm
Thanks for the chart, pinbar
How did you determine SL -BRN?

Please advice
Andreas


Quoting Pinbar
Massive weekly BUEOB on EUR/CHF weekly Bullish Div to boot.

Looks like the FTA is not too close.

order in and waiting.
  • #97,802
  • Jul 3, 2011 11:49pm Jul 3, 2011 11:49pm
Quoting AndreasF
Thanks for the chart, pinbar
How did you determine SL -BRN?

Please advice
Andreas

SL. is always below the low of the bar, I just have not set it yet as this order is yet to get triggered. If you were meaning the FTA, the 1.2400 area looks like the FTA from the bar lows on the chart.

Of course this is not a trade recommendation but, demo it by all means.
Just remember J16's THIS IS CRITICAL!
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  • #97,803
  • Jul 3, 2011 11:53pm Jul 3, 2011 11:53pm
Thanks a lot -I think I 'got it'

Cheers
Andreas


Quoting Pinbar
SL. is always below the low of the bar, I just have not set it yet as this order is yet to get triggered. If you were meaning the FTA, the 1.2400 area looks like the FTA from the bar lows on the chart.

Of course this is not a trade recommendation but, demo it by all means.
Just remember J16's THIS IS CRITICAL!
  • #97,804
  • Jul 3, 2011 11:54pm Jul 3, 2011 11:54pm
Quoting gungriffin
While I am not a senior I will take a stab at this one. I see things very similarly to you on this one. Not exactly sure what the chart is going to do next. I don't see a strong bullish or bearish commitment yet. As such I am doing things in much the same way as you. I am waiting for the market to provide more information hopefully in the form of either bullish or bearish PA. Just remember not to try to force the trade. It will either make sense to move forward or it will not. If it doesn't make sense, then we will just lay in waiting for the next...
you are right sir. i am not biased. being a new b i am only looking for trades at swing high or low therefore more interested in bearish move. a move above this level and i will be waiting on the sidelines.
.
  • #97,805
  • Jul 4, 2011 12:12am Jul 4, 2011 12:12am
Quoting Pinbar
Massive weekly BUEOB on EUR/CHF weekly Bullish Div to boot & in the direction of the monthly PB

Looks like the FTA is not too close.

order in and waiting.


hi Pin,
you said weekly bullish divergence. i am not able to c on ur chart. infact i have not yet understand this idea of Divergence. could you please explain it.
thanx
.
  • #97,806
  • Jul 4, 2011 12:23am Jul 4, 2011 12:23am
Quoting Khurr@m
hi Pin,
you said weekly bullish divergence. i am not able to c on ur chart. infact i have not yet understand this idea of Divergence. could you please explain it.
thanx


Sure.
I use this MACD div indicator to inform me of divergence.

Note how price is making a lower low but, the MACD indicator is making a higher low.

Hope this helps.
Here is the MACD Div indicator but, it will only work with the MT4 platform.
It is probably better you learn to spot it with your own eye, but I watch so many pairs, I prefer the notification.

Hope this helps.
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Attached File(s)
File Type: mq4 MACD_Divergence_V1.1.mq4   12 KB | 380 downloads
  • #97,807
  • Jul 4, 2011 12:31am Jul 4, 2011 12:31am
Looks like price does not like my Buy Stop 25 pip buffer.

Perhaps, price is now going to test the highest close of resistance in this consolidation. It may show us some bullish PA on a lower TF and then we can get in at a cheaper price.
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  • #97,808
  • Jul 4, 2011 2:01am Jul 4, 2011 2:01am
How about this A/J weekly BUOB?

it does not have big space but should be a pull back of Mar Pin bar, align with the uptrend and seated at BRN and Fib 61.8.

Can anyone share the idea?
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----------------------------- Discipline makes the difference.
  • #97,809
  • Jul 4, 2011 2:19am Jul 4, 2011 2:19am
Quoting Pinbar
It may show us some bullish PA on a lower TF and then we can get in at a cheaper price.
Hi PB

Just out of interest, have you altered or scaled down your typical entry from a daily chart onto the weekly?

I.e. if this exact setup was on the daily chart you would enter 'x' ('x' being a specific figure). Now, would you still enter 'x' on the weekly despite the change in timeline and put yourself in a position where your loss could be increased? Or would you enter 'x -y' so that hypothetically your loss/profit would remain the same, if it were played out on the daily?

Not sure if my explanation is clear, but I'm basically looking at it in terms of scale. If I were to enter the same figure onto the weekly as I would on the daily and it went against me, then your loss would evidently increase.

Like you say, I would personally prefer to enter a daily PA setup, then keep in that trade for as long as I see fit based on the weekly, monthly charts etc...

Thanks T
  • #97,810
  • Jul 4, 2011 3:17am Jul 4, 2011 3:17am
Quoting 5.25
Hi PB

Just out of interest, have you altered or scaled down your typical entry from a daily chart onto the weekly?

I.e. if this exact setup was on the daily chart you would enter 'x' ('x' being a specific figure). Now, would you still enter 'x' on the weekly despite the change in timeline and put yourself in a position where your loss could be increased? Or would you enter 'x -y' so that hypothetically your loss/profit would remain the same, if it were played out on the daily?

Not sure if my explanation is clear, but I'm basically looking at...

Well, I am looking at that Higher Close of Resistance on the weekly TF as the possible SL. Well, 30 pips below it.

As there is no daily setup as of yet, I can't really see your point.
  • #97,811
  • Jul 4, 2011 3:36am Jul 4, 2011 3:36am
Quoting Pinbar
Well, I am looking at that Higher Close of Resistance on the weekly TF as the possible SL. Well, 30 pips below it.

As there is no daily setup as of yet, I can't really see your point.
i think he is talking about your buffer size???


jon
PATIENCE... DISCIPLINE
  • #97,812
  • Jul 4, 2011 3:40am Jul 4, 2011 3:40am
Quoting Pinbar
Massive weekly BUEOB on EUR/CHF weekly Bullish Div to boot & in the direction of the monthly PB

Looks like the FTA is not too close.

order in and waiting.
Yes, I've been watching this with interest too. It looks like a powerful move could be triggered by this set up, doesn't it?

However, I don't like it. Not the set up, just the markets in general. If I thought the euro was going up this week, I would take this (at the correct set up). I just don't like it. Something doesn't feel right with the markets right now (monthly trend lines are one reason). I could be wrong (and may well be proven to be dead wrong), but I think USD is heading higher and I think we're going to get some shocking news soon. The kind of news which starts with "unexpected" or something like that, when it WAS expected by some people all along. Such a strong feeling, I felt compelled to short the DOW today (pre market). I don't like the commodity set up either.

Anyway, Adi made a good comment earlier on (about price and how far a position can go) and I nearly jumped out of my seat, got frustrated and thought what's the point - why bother posting. Some people either "get it" or they don't. This is not aimed at Adi, but some people in general.

When are people going to learn that the only thing we can control is:

1. RISK

...and when are people going to understand that the markets are perverse. Instead of trying to buy something at a discount or bargain as we would do in a shop, people should only buy STRENGTH (or sell weakness) in the markets. This means:

2. WINNERS AVERAGE WINNERS

Now, if you want to put out a "line" and keep increasing your losses, then great. Lose a whole load of money trying to time the bottom (or top). Far better to add to winning positions with your line than doing the opposite.

I think this stuff is just common sense, but I KNOW many people will disregard this one simple fact and keep adding to losing positions or moving their stop losses as soon as price draws near.

Take your losses and get out, GOD DAMN IT. You got your timing wrong. When you get your timing right and you put out your line, you will know you are correct and you may start to think in a different way. Price always takes the line of least resistance. You can learn this by looking at price.

Why do I keep saying only buy the strongest or weakest markets when the run is on? A trend can continue far longer than most people can comprehend. You should be "hoping" for much bigger wins and "fearing" your losses, instead of hoping a position will come back or fearing your profits. Fear and hope. Use these prehistoric instincts in their opposite.

Unfortunately, people look at a pair and think this could not possibly go any higher (after a big run) and they sell out of their position only to be disappointed, or worse, they see a pullback and take a short only to be stopped out time and time again.

Believe it or not, one of my small little tactics (which I don't mind sharing) is when price reaches a brn in the stock markets, I BUY IT (at least for the short term)! How peverse....

KR
  • #97,813
  • Jul 4, 2011 3:49am Jul 4, 2011 3:49am
Quoting Knight Rider
Yes, I've been watching this with interest too. It looks like a powerful move could be triggered by this set up, doesn't it?

However, I don't like it. Not the set up, just the markets in general. If I thought the euro was going up this week, I would take this (at the correct set up). I just don't like it. Something doesn't feel right with the markets right now (monthly trend lines are one reason). I could be wrong (and may well be proven to be dead wrong), but I think USD is heading higher and I think we're going to get some shocking news soon....
buy high/sell higher....sell low/buy lower..
an old saying i have heard many times, was thinkin of posting this at the time myself...

jon
PATIENCE... DISCIPLINE
  • #97,814
  • Jul 4, 2011 4:24am Jul 4, 2011 4:24am
Quoting g_j_hook@yah
buy high/sell higher....sell low/buy lower..
an old saying i have heard many times, was thinkin of posting this at the time myself...

jon
Yes and your reply just made me think of a third adage I ALWAYS use.....

p.d.

Thanks "Hook".

KR
  • #97,815
  • Jul 4, 2011 4:46am Jul 4, 2011 4:46am
Hello

I thought i would add my thoughts about this EurChf setup which gets all the attention here. Thats one crazy weekly bar there but there are some buts for me:

1) Zoom out to monthly and look how obvious resistance 1.2400 is.
2) After prolonged period of buying without correction (daily tf) i wouldnt be surprised to see strong reaction to this level.
3) There is Eurozone rate decission on thursday and that event alone might make it or break it.

I personnaly wont buy that buob before the decission and clear break of 1.2400. Right now short bounce from 1.2400 is much more attractive to me

Have good week all.
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  • #97,816
  • Jul 4, 2011 5:53am Jul 4, 2011 5:53am
do any of you trade these bars on 1 hour?
  • #97,817
  • Jul 4, 2011 8:18am Jul 4, 2011 8:18am
Quoting Greenhaze
Hello

I thought i would add my thoughts about this EurChf setup which gets all the attention here. Thats one crazy weekly bar there but there are some buts for me:

1) Zoom out to monthly and look how obvious resistance 1.2400 is.
2) After prolonged period of buying without correction (daily tf) i wouldnt be surprised to see strong reaction to this level.
3) There is Eurozone rate decission on thursday and that event alone might make it or break it.

I personnaly wont buy that buob before the decission and clear break of 1.2400. Right now short...

GH, yes it is obvious resistance at the 1.2400 area, I would have liked to see this break today, it hasn't yet.
Just because the resistance at 1.2400 is does not make it a bad setup IMHO. A bar this size could easily break through that area and give us a close above it.
I personally feel that given the monthly PB combines with the weekly monster BUEOB, that price is going to break out of that area, in no uncertain terms. When, who knows. That is why trade price action, right?
  • #97,818
  • Jul 4, 2011 8:19am Jul 4, 2011 8:19am
Quoting g_j_hook@yah
i think he is talking about your buffer size???


jon

Oh, thanks Jon.

Just a weekly bar that I think deserves a larger buffer than a daily bar.
  • #97,819
  • Jul 4, 2011 8:33am Jul 4, 2011 8:33am
Quoting deankenny21
do any of you trade these bars on 1 hour?
hello dean,
yes. any timeframe
  • #97,820
  • Jul 4, 2011 8:43am Jul 4, 2011 8:43am
Quoting supremeChaos
hello dean,
yes. any timeframe
Well James is stressing 1 day charts or more only!!

I dont want to jump into 1 hour, i want to do everything by the plan. People are wanting me to do 1 hour because 95% of traders lose while the 5% are making money off me trying to do the 1 hour lol, its just that i want to do this properly, and dont want to go against the plan, but still curious if this can be day traded on 1 hour without first using and trading from daily charts.
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