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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

  • #100,881
  • Aug 24, 2011 3:36pm Aug 24, 2011 3:36pm
Quoting Greenhaze
Hi guys,

Does anybody here play live on fxpro?

Please pm me
I don't think that very many of us here can... They don't allow US customers. Probably because of all of our crazy rules

Ryan
  • #100,882
  • Aug 24, 2011 3:37pm Aug 24, 2011 3:37pm
Quoting mbqb11
Hey NTW

See if this chart helps

Thanks for the explanation, so in effect what you are saying is to wait and see what the next bar does, if its powerful and looks like its going to plough right through it then jump on board, if not, then sit it out and wait for the bar to close and then maybe enter the following day dependant on where it closes and then use that bar as a support.

Cheers
NTW
No more DOH! trades
  • #100,883
  • Aug 24, 2011 3:46pm Aug 24, 2011 3:46pm
Quoting nonethewisa
Ive been lurking here for quite a few weeks learning, reading etc. So thanks to all posters, ive learnt a hell of a lot in such a short time.

I have finally decided to post a chart of a potential trade that im considering so please feel free to criticise/advise.

Thanks
NTW
Looks fairly interesting to me. All in all I would say that this looks to be a very tradable option. There is an item or two that takes away the A+ status in my eyes, but I would say that it looks good to me overall.

Like:
-Nice long nose to the "pin" style bar
-Reaction off of a nice support area. That 1100BRN seems to be an area that is nicely respected.
-You are entering this with a defined plan.

Not so hot:
-Not actually a pin bar. The close is not within the body of the previous bar.
-Ideally I prefer to see the close higher than the open on a pin bar.
-If 1175 is your TP that may be a bit agressive. Not that it will not happen, but the area at about 1150 (the area with the other gap in the chart) stands out as a trouble area. Could also see some of those previous bar highs as FTA.

Best of luck and let us know how it all goes.
Ryan
  • #100,884
  • Aug 24, 2011 3:49pm Aug 24, 2011 3:49pm
Quoting stark1
...so gold broke pretty hard in the last coupla hours...
Sure did. I stayed out.

Quoting 5.25
My approach (all be it on the side lines) is to see how price will react at key levels on lower timeframes.
Good to see price stalling where it should though.
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  • #100,885
  • Aug 24, 2011 3:52pm Aug 24, 2011 3:52pm
Quoting nonethewisa
Heres a chart for Rangold resources, there's divergence on the MACD and i am considering taking a short on the re-test of the red resisitance line but am having second thoughts because of all the circled areas of congestion. Is my apprehension about taking this trade correct?

Cheers
NTW
Hey there partner. Is that another bar that is getting caught up in the final circle? I cannot tell and that would greatly influence anything that I would have to say.

Ryan
  • #100,886
  • Aug 24, 2011 4:14pm Aug 24, 2011 4:14pm
Quoting gungriffin
Hey there partner. Is that another bar that is getting caught up in the final circle? I cannot tell and that would greatly influence anything that I would have to say.

Ryan
There ya go, hopefully thats a bit clearer

NTW
Attached Image
No more DOH! trades
  • #100,887
  • Aug 24, 2011 4:29pm Aug 24, 2011 4:29pm
I hope you guys are making some pips out there , but I dont know about you but I ve taken one trade in two weeks and from my ten pairs they r all range bound

talking about sitting on my hands

the old saying price ranges 80% of the time I thinbk best describes what is happening
  • #100,888
  • Aug 24, 2011 4:33pm Aug 24, 2011 4:33pm
buob with close above strong resistence.. it seems a good breakout
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  • #100,889
  • Aug 24, 2011 4:38pm Aug 24, 2011 4:38pm
Quoting jc.
buob with close above strong resistence.. it seems a good breakout
check daily that should keep you out
  • #100,890
  • Aug 24, 2011 4:48pm Aug 24, 2011 4:48pm
Quoting deankenny21
check daily that should keep you out
you're right!! thank you!
  • #100,891
  • Aug 24, 2011 4:51pm Aug 24, 2011 4:51pm
Quoting gungriffin
Looks fairly interesting to me. All in all I would say that this looks to be a very tradable option. There is an item or two that takes away the A+ status in my eyes, but I would say that it looks good to me overall.

Like:
-Nice long nose to the "pin" style bar
-Reaction off of a nice support area. That 1100BRN seems to be an area that is nicely respected.
-You are entering this with a defined plan.

Not so hot:
-Not actually a pin bar. The close is not within the body of the previous bar.
-Ideally I prefer to see the close higher than the...

Hi Ryan i did reply to this earlier but it appears to have got lost in the ether, anyway, i didnt want to appear rude or ungrateful and was able to page back to my original reply, so here it is...


Hello Ryan and thanks for your input, its certainly opened my eyes to things that id overlooked and forgotten about, like it not really being a pin bar because of where it closed, and id also not spotted that 1150 could be a trouble area. So thanks for the help and i'll certainly be reconsidering that target of 1175. Will keep you posted if i take the trade.

Cheers
NTW
No more DOH! trades
  • #100,892
  • Aug 24, 2011 5:40pm Aug 24, 2011 5:40pm
Quoting nonethewisa
Thanks for the explanation, so in effect what you are saying is to wait and see what the next bar does, if its powerful and looks like its going to plough right through it then jump on board, if not, then sit it out and wait for the bar to close and then maybe enter the following day dependant on where it closes and then use that bar as a support.

Cheers
NTW

Hey NTW

You can enter on the pinbar, and on a break of the high. The question for me is when price closes weak, if it breaks "weak" then I don't want to get caught. When it closes stronger and I enter on a break(break meaning above the high of the bar with the next bar) I'll have more confidence and know the area I want to watch to cut out. This helps manage risk real nice

Hope that helps
Mike
  • #100,893
  • Aug 24, 2011 5:56pm Aug 24, 2011 5:56pm
Quoting antgal23
I hope you guys are making some pips out there , but I dont know about you but I ve taken one trade in two weeks and from my ten pairs they r all range bound

talking about sitting on my hands

the old saying price ranges 80% of the time I thinbk best describes what is happening
August - Early September and then Late December to Early January is always the worst time of year.

Throw in the giantic mess that is the EU zone, with the bailouts and talk of the EUR going away.

The mess in the USA, including the discussion of QE3 or no QE3.

The skyrocketing price of Gold, which screams (we don't know where to invest, so we just give up).

Sitting on your hands is the best thing you can do until after Labor Day in the USA.
  • #100,894
  • Aug 24, 2011 6:11pm Aug 24, 2011 6:11pm
Quoting stark1
...so gold broke pretty hard in the last coupla hours. Entered at 1820ish, took half profit at 1765 (minor flip on daily, more pronounced on 4H) with the rest now at BE. If it doesn't come back, I'm looking at 1733ish as next trouble.

Thoughts/criticisms of my thinking please?

I like it. Way to go Starky
  • #100,895
  • Aug 24, 2011 6:31pm Aug 24, 2011 6:31pm
Looks to be a logical area to possibly see some PA and support.
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  • #100,896
  • Aug 24, 2011 7:05pm Aug 24, 2011 7:05pm
Quoting geniusztc
now ,@1.6370,we also have s&r. i have no good idea .maybe taking profit is not too bad .but i really want to say ,i just find the trend lines are always very very important .
get up late !i put up TP @ 1.6350., just one pip!!! however, i will close it now .
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A chart helps those who can read it.
  • #100,897
  • Aug 24, 2011 7:30pm Aug 24, 2011 7:30pm
Quoting geniusztc
get up late !i put up TP @ 1.6350., just one pip!!! however, i will close it now .

Hee Heee, getting up late seems to have its advantages.

Good for you Gen.
  • #100,898
  • Aug 24, 2011 8:21pm Aug 24, 2011 8:21pm
Miike, I am getting more and more interested in using the RN indicator with the horizontal lines. I think the reason for this is, using the indicator I modified to only show the lines on the right hand side of the screen is fine for where current price is but, as we scroll back to see what price did historically at these areas, we are lost.

I am really starting to see how we can see the pullbacks and S&R more clearly by leaving the lines on the screen as you have told us many times. DOh. I actually think I have said this before then ran off and gone back to the modified version. LOL

I mean, I am starting to see more market structure & order flow around the lines than I did previously.

I have a question about the spacing and as you previous mentioned some pairs need wrapping up differently than some other pairs.

I am looking at EU on the 1000 & 500 pip setting and it seems to wrap up price very well. On EUR/CHF however, this setting does not work so well, an am I using 1000 & 250 which seems to wrap price up well and we can see more reaction at these areas.

What I want to ask is, is this setting for the odd pairs you are using? I mean 1000 & 250 instead of 1000 & 500? Or are you using a different number on which pairs and for what reason?

Thanks in advance
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  • #100,899
  • Aug 24, 2011 9:03pm Aug 24, 2011 9:03pm
Nice post and questions PB :-), it's really interesting to watch price react around those VBRN/BRN's for sure. As a small tribute to Jim here was my first "price prediction" James16 style. No trading just watching. Not much of a prediction as I wasn't looking for a big move, but it would seem to build confidence non the less.
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Price is beautiful. A repetitive method is a competitive method.
  • #100,900
  • Aug 24, 2011 9:12pm Aug 24, 2011 9:12pm
Quoting nwo-trader
Nice post and questions PB :-), it's really interesting to watch price react around those VBRN/BRN's for sure. As a small tribute to Jim here was my first "price prediction" James16 style. No trading just watching. Not much of a prediction as I wasn't looking for a big move, but it would seem to build confidence non the less.

Good Job NT.

You know, I have really been thinking about this for a while and going back over my notes of Mike's, J16 & Jarroo's charts recently, I have been thinking more and more about what is creating the PPZ and the trend. Basically, I have come to the conclusion that it is all in the mind. I mean it is psychology that drives the market and basic human emotions.
Price doesn't move as willy Nilly, like some kind of live snake, it is our fear, and expectations that drive it. This has kind of lead me back on the path to think more about order flow and what is going on around these psychological areas.

Anyway, got to take a taxi into the middle of this hustling Chinese city to go to work. I can now speak enough Chinese to actually take the taxi by myself without getting ripped off. Later
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