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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

  • #101,261
  • Sep 4, 2011 6:04pm Sep 4, 2011 6:04pm
Quoting rd122481
What is the name for the formation outlined? I am watching the 1.4150 area for some PA based on the triangle formation thingy & it seems to be an area of support & it also happens to be the 25% Fibo Ret of the upmove since June of last year & the 38% Fibo Ret of the upmove that began in January of this year. Is this how the "seasoned" traders do it? (By having everything marked out on the chart beforehand, that way they know what areas to watch.) Any advice/pointers?

http://i236.photobucket.com/albums/f...eurusd9411.jpg...
Can you Post a Chart? Are you using MT4?
Right Click on the Chart & "Save as Picture"
Make a note of where you Save it to & then using the Attachments (paperclip) on the Toolbar of a New Post, add it to your Post.

B
  • #101,262
  • Sep 5, 2011 12:14am Sep 5, 2011 12:14am
Bemac,
I posted a chart in the same post as the question, Idk why you don't see it. Anyways here is the direct link to it on photobucket.com: http://i236.photobucket.com/albums/f...eurusd9411.jpg
I am using something from E-Signal for charting. Thank you!!
  • #101,263
  • Sep 5, 2011 1:44am Sep 5, 2011 1:44am
Anyone else keeping an eye out on nzdusd for a possible R turned S?
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  • #101,264
  • Sep 5, 2011 1:55am Sep 5, 2011 1:55am
Quoting 5.25
Anyone else keeping an eye out on nzdusd for a possible R turned S?
i'm actually watching this as well. just closed a short off this for a nice profit and now waiting for PA to go the other way.
  • #101,265
  • Sep 5, 2011 3:13am Sep 5, 2011 3:13am
Quoting 5.25
Anyone else keeping an eye out on nzdusd for a possible R turned S?
Hi Tom,

i had this exact level marked on h4. Triple high breakout point + clear fib confluence. This scenario played out pretty well imo.
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  • #101,266
  • Sep 5, 2011 3:28am Sep 5, 2011 3:28am
Quoting 5.25
Anyone else keeping an eye out on nzdusd for a possible R turned S?


...also sat on the 150EMA on H4 at the moment
No more DOH! trades
  • #101,267
  • Sep 5, 2011 4:50am Sep 5, 2011 4:50am
bearish Gartley on NZD/USD H4
http://forexhistory.files.wordpress..../09/nzdusd.gif
pattern Gartley:
http://forexhistory.files.wordpress....ullgartley.gif
And Today:
http://forexhistory.files.wordpress....09/nzdusd3.gif
  • #101,268
  • Sep 5, 2011 5:43am Sep 5, 2011 5:43am
Quoting rd122481
What is the name for the formation outlined? I am watching the 1.4150 area for some PA based on the triangle formation thingy...
hello rd122481,
u could say it's a descending triangle formation... but for "purists" they'd probably say it is not, or at least it doesnt have "clear" lines (based on your drawn triangle, there are wicks protruding below & above the upper&lower borders, plus there were no clean/proper touches on the upper border [that is, it should have alternating touches of the upper&lower border] )
yes, it's advisable that u have marked the chart out prior your trade, this acts like a roadmap.
not sure if there's a 25% Fib. i think u rounded the 23.6 Fib up.

right now, eur$ got back to consolidation mode, roughly 1.41 to 1.45 area.
u can look for a break & retest (plus PA setup) of either side of that range (or of the triangle).
be careful of breakouts on either side, it might get ugly as we've been ranging for quite awhile now.
better to stay out of this pair, if u are unfamiliar with the current trading condition (consolidation), but be sure to learn from it. try to find a pair that is setting up according to your taste/or forming a setup u are familiar with..

hope this helps a bit

Quoting Pinbar
Yeah, it seems like that was the problem..
I threw the old card away and bought a new one and turned off the apps.
yeah, careful, there maybe hidden charges/hidden auto-activated apps.
ask the locals how the local cellphone carriers operate..
  • #101,269
  • Sep 5, 2011 7:13am Sep 5, 2011 7:13am
Hello everyone this is my first post in this thread, i've been here for a while reading like crazy too much great info. i'm not new to trading i've been trading for 5 years but with no consistent profit i blew few account since i started cz i had no mm or discipline to trade and i was so lost with all the strategies out there. i've been trading PA for a while and i had a previous experience with it but not as extensive as it is now. i'm trading daily right now and i think that i will stick on it in the future. i have read most of this thread, but i still have alot more to read. Now i read in some posts about some softwares that are used for backtesting i think it was TiaForex that mentioned but as a junior member i cant send a private message yet to ask about it. so could anyone recommend a good backtesting software.
Thx Jim for this great thread, and all the guys that are helping us the newbies. you will be seeing me alot more here keep up the great work guys.
Plan your Trade, Trade your Plan
  • #101,270
  • Sep 5, 2011 7:26am Sep 5, 2011 7:26am
Mike, do you mind me asking how you deal with this YHOO trade? Have you reduced your risk or planning on doing so?
I was thinking if I was in this trade, what would I do... difficult question really..
Thanks!

http://finviz.com/publish/090511/YHOOc0wl0824.png
  • #101,271
  • Sep 5, 2011 9:06am Sep 5, 2011 9:06am
Quoting BigJay
Hello everyone this is my first post in this thread. so could anyone recommend a good backtesting software....
hello BigJay,
i believe u are referring to ForexTester.
MT4 has a built in one , u can try that too.
in MT4, u can also scroll back then use/press F12 so u scroll one bar/candle forward at a time.

welcome & hope to see u posting soon!
  • #101,272
  • Sep 5, 2011 9:14am Sep 5, 2011 9:14am
Quoting supremeChaos
........then use/press F12 so u scroll one bar/candle forward at a time.

Great tip, extremely useful, thanks for sharing

Cheers
NTW
No more DOH! trades
  • #101,273
  • Sep 5, 2011 9:33am Sep 5, 2011 9:33am
Quoting Adilius07
Mike, do you mind me asking how you deal with this YHOO trade? Have you reduced your risk or planning on doing so?
I was thinking if I was in this trade, what would I do... difficult question really..
Thanks!
Hey Adi

I pulled my order after week 2 with no trigger.

Best
MIke
  • #101,274
  • Sep 5, 2011 9:34am Sep 5, 2011 9:34am
Quoting BigJay
Hello everyone this is my first post in this thread, i've been here for a while reading like crazy too much great info. i'm not new to trading i've been trading for 5 years but with no consistent profit i blew few account since i started cz i had no mm or discipline to trade and i was so lost with all the strategies out there. i've been trading PA for a while and i had a previous experience with it but not as extensive as it is now. i'm trading daily right now and i think that i will stick on it in the future. i have read most of this thread, but...
Welcome Big jay

we do hope to see you posting more

Best
Mike
  • #101,275
  • Sep 5, 2011 9:56am Sep 5, 2011 9:56am
Keeping an eye on two charts at the moment, AUD/CAD, for potential short, which was posted earlier so I'm not gonna repost. And other is GBP/NZD which is moving towards a key area to short. Looking for PA confirmation on both.
Good luck to all!
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Every bar tells a tale
  • #101,276
  • Sep 5, 2011 11:20am Sep 5, 2011 11:20am
gbp/usd. watching this level. already beginning to see some price rejection
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  • #101,277
  • Sep 5, 2011 11:26am Sep 5, 2011 11:26am
Sorry if posted already... EU W1 BEOB hit it's FTA. Was looking for a pullback to the gap for entry but never happened.
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  • #101,278
  • Sep 5, 2011 12:52pm Sep 5, 2011 12:52pm

A pity some apparent resistance just below, but pin shaped BEOB trying to break the triangle...
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Trading: the skill of avoiding trades
  • #101,279
  • Sep 5, 2011 1:21pm Sep 5, 2011 1:21pm
stock markets had a horrible day. german dax lost more than 5% today.
could find some resistance between 5100 to 5000. we need very strong price action here to go long.
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meine augen sind die sterne
  • #101,280
  • Sep 5, 2011 1:31pm Sep 5, 2011 1:31pm
Good evening,

fifth down day in a row. Nice h4 pin bar at a good location. Will give it a try here (small size). Primarily looking for a gap fill

Regards,
David.
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