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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

  • #101,061
  • Aug 29, 2011 8:25am Aug 29, 2011 8:25am
Quoting TransPorter
Anyone watching USD/CAD H4 TF? Possible BO + pullback?
key level at .9775 broke with lots of space to the downside especially if it can make it through the 365 EMA. I like entry on pull back to .9775.

/m.
  • #101,062
  • Aug 29, 2011 8:26am Aug 29, 2011 8:26am
Surprise.
Hit my tp before I went to bed.

Took plenty off the table and will see how it plays out.
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  • #101,063
  • Aug 29, 2011 8:31am Aug 29, 2011 8:31am
Quoting Pinbar
Surprise.
Hit my tp before I went to bed.

Took plenty off the table and will see how it plays out.
nice trade, you just off to bed, where you based?
  • #101,064
  • Aug 29, 2011 8:42am Aug 29, 2011 8:42am
Quoting sh5467
nice trade, you just off to bed, where you based?
Was based in Japan but, since the March 14th quake there, I am in Harbin China.


Us Brits, get around.

Night folks.
  • #101,065
  • Aug 29, 2011 8:57am Aug 29, 2011 8:57am
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A chart helps those who can read it.
  • #101,066
  • Aug 29, 2011 9:10am Aug 29, 2011 9:10am
Quoting Donkey
Yeah...I've been looking at that chart 2x a day since I entered and never noticed the typo....
I should do the same. So far, I have closed 7 trades pre maturely.. which should have reached my planned targets.
  • #101,067
  • Aug 29, 2011 10:01am Aug 29, 2011 10:01am
Hey pinbar,

Nice trade on the gbp. I took that same trade on GBP as well. Stop at break even and lets see if we get more upside action.

Quoting Pinbar
Surprise.
Hit my tp before I went to bed.

Took plenty off the table and will see how it plays out.
  • #101,068
  • Aug 29, 2011 10:09am Aug 29, 2011 10:09am
Quoting Chelski
Mike,

For the benefit of learning, this BEOB is Continuation? Not at a Swing high but with trend, and confluence on a BRN?
Hey Chelski

Yes this would be sort of a continuation/breakout etc. Again note how important the story is. The bar itself is simply my trigger point in(as it almost always is)

Best
Mike
  • #101,069
  • Aug 29, 2011 10:21am Aug 29, 2011 10:21am
Quoting geniusztc
Nice one. I'm watching silver too and hope it drops some more....since I can't trade it due to 1:1 requirements, I'm buying silver dollars on ebay.
  • #101,070
  • Aug 29, 2011 11:44am Aug 29, 2011 11:44am
Quoting Pinbar
Surprise.
Hit my tp before I went to bed.

Took plenty off the table and will see how it plays out.
Hi Pinbar, the white line is the stop loss ?
Can you explain me how you trade it ? I'm confuse because the FTA is very close. I see your support but in this range market they are not so much room.
I try to understand your logic. If you could help me to understand it would be great.

Thx !
  • #101,071
  • Aug 29, 2011 1:55pm Aug 29, 2011 1:55pm
usd/nok approaching the lower rectangle area aka support area.
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meine augen sind die sterne
  • #101,072
  • Aug 29, 2011 1:59pm Aug 29, 2011 1:59pm
Quoting aserbfx
usd/nok approaching the lower rectangle area aka support area.
haha,crazy..
i was watching the same pair js nw..
js opened few more extra pairs in my watchlist..
looks a beauty of support..
break of the purple line,5.3285 shall take us short...
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  • #101,073
  • Aug 29, 2011 2:24pm Aug 29, 2011 2:24pm
Quoting AvanishDemo
haha,crazy..
i was watching the same pair js nw..
js opened few more extra pairs in my watchlist..
looks a beauty of support..
break of the purple line,5.3285 shall take us short...
Yep
I've been thinking all day about going long but better to wait for what will happen.
Follow my trading on Twitter and FB: @pumlitch
  • #101,074
  • Aug 29, 2011 3:21pm Aug 29, 2011 3:21pm
seems like just playin' e/u while paying a huge spread; oh well, eur/nok also seems at the bottom of it's range, so...

and I wanted to short e/u too... two birds with one stone; I start to like this idea, though still it's weird - I know almost crap about nok
  • #101,075
  • Edited 5:49pm Aug 29, 2011 5:13pm | Edited 5:49pm
AUDSGD approaching an interesting former support level...

Edit: LCS 1 (Daily) - 1.2898
LCS 2 (Daily) - 1.2962

1.2673 also looks good to go long (if it ever gets there)
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  • #101,076
  • Edited 8:13pm Aug 29, 2011 7:17pm | Edited 8:13pm
Quoting Walcott
Hi Pinbar, the white line is the stop loss ?
Can you explain me how you trade it ? I'm confuse because the FTA is very close. I see your support but in this range market they are not so much room.
I try to understand your logic. If you could help me to understand it would be great.

Thx !
Hi , Walcott

Sure, here are a few charts.
Hope this helps and remember J16's "This is critical"!

There was a greater probability that this bar was going to hit its FTA than not, we always wish to see the move go further, which was also possible but, we don't want to start hoping that it will, and find ourselves stuck in a trade, wishing we were not in it. That IMHO is what the FTA & "This is critical", is all about. It is one of the greatest tools that J16 bestowed upon us.




http://www.forexfactory.com/showthre...44#post2365944
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  • #101,077
  • Aug 29, 2011 9:15pm Aug 29, 2011 9:15pm
Quoting james16
i daytrade that market with a 2000 tick chart and look for the above mentioned confluence at round numbers. 50,00 etc. im the only person on the planet i think that daytrades that market with a 2000 tick chart but i quit trying to be like most traders a long time ago anyway.
Been lurking for a while now.

Many traders also use Fib numbers for their tick charts - however when I traded the 10 year notes / Bunds I found Lucas numbers worked well. I found the real long ones very reliable, all the way up to 4095 ticks (TS2Ki would not take larger tick bars).

Am now in the middle of switching to Forex and am finding your thread very usefull since it confirms my own chart setup (nearly identical) but I've been burned badly by news because of trading too short a timeframe. As a result I have been on the sim for sorting out the issues. (I've found Amibroker professional with Interactive Brokers a nice combination. If you get the Amiquote license as well then you can get the major currency pairs EOD for free too). Will be studying the 1, 4 day and 1/2 week charts together with the 1 and 4 hours.
With due respect to all (who might have a different viewpoint).
  • #101,078
  • Aug 29, 2011 9:30pm Aug 29, 2011 9:30pm
Quoting Donkey
Got some nice movement to start the week and price is currently testing my second trouble area. I'm locking in about .5R profit and moving stop to 8170...using the RN 8200 and the ppz at FTA to hide the stop.
So price moved quickly through the 8400 this morning (right to ifmyante's suggested tp )....

I moved my stop again up to 8320 locking in about +1.2R on the trade. This level is just below my second trouble area. I've decided to hold and see if price can push through the 8400 RN again tomorrow. We'll see how it plays out, but all in all I'm happy with the trade.
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  • #101,079
  • Aug 29, 2011 9:35pm Aug 29, 2011 9:35pm
Quoting Pinbar
I have no idea what you are talking about here, my friend.

Nobody is getting itchy fingers to trade, I already have the indicator and was the one who posted it, I am simply wondering if this can hypothetically be considered a 2DPB, after I read something that suggested it was. Nothing more.
One more try.
It is a bearish Harami. Needs confirmation for reversal.
With due respect to all (who might have a different viewpoint).
  • #101,080
  • Edited 12:20am Aug 30, 2011 12:08am | Edited 12:20am
Quoting Donkey
So price moved quickly through the 8400 this morning (right to ifmyante's suggested tp )....

I moved my stop again up to 8320 locking in about +1.2R on the trade. This level is just below my second trouble area. I've decided to hold and see if price can push through the 8400 RN again tomorrow. We'll see how it plays out, but all in all I'm happy with the trade.
Hey D,

Nice trade.

Its these spike reversals that probably turn big trends around more than anything else. I see merit in trying to hold on to that one.

I somewhat disagree with your stop placement though. You admit (and its obvious too) that we are heading into resistance. However the story does suggest potential willingness of price to push through 8500 which validates your idea to hold on to the trade a bit longer.

Question is are you really willing to hold on with a stop that tight, knowing that the resistance is strong and is likely to cause at least some kind of a reaction?

To me you're better off just taking full profit at the trouble area than give up pips in trying to bet against a comfortable slice through a solid stone wall.

In my honest opinion wanting to hold on to this trade and give it a chance to push through would involve a slightly lower stop loss placement to allow for some breathing space.

Just my 2 pips

g.
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I believe . . .
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