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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

  • #102,221
  • Edited 4:25am Sep 26, 2011 3:26am | Edited 4:25am
Quoting ventin75
thanks Mike, maybe i entered my BUY abit late after reading your post (prices are moving very fast) ... now that prices have rebounded from this support level. Where is a good place to take profit from here? Any guidelines?
How come you made a buy order?
I mean, what PA on what TF encouraged you to place a buy order?

Wouldn't be this M15, or M5 PB by any chance, would it?

Sure sounds like it.
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  • #102,222
  • Sep 26, 2011 4:02am Sep 26, 2011 4:02am
Quoting Pinbar
How come you made a buy order?
I mean, what PA on what TF encouraged you to place a buy order?

Wouldn't be this M15 PB by any chance, would it?

Sure sounds like it.
Hi,

yes, i look at the M15 PB and bought at 1575 and took profit at 1584 as it seems to hang in time at this price. Later, it seems that 1628 is a stronger resistance at this moment in time.

So i should be watching this level for retracement back to downtrend? If so, how to enter?
  • #102,223
  • Sep 26, 2011 5:04am Sep 26, 2011 5:04am
Quoting Pinbar
The H1 PB at the area I marked off earlier has just hit its FTA & STA.

Let's see if it can get back to the major flip area 4.

I seriously doubt it will, given the size of the large bearish bar.
hey,steve .on daily chart ,the 365ema gives perfect resistance .
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A chart helps those who can read it.
  • #102,224
  • Sep 26, 2011 5:05am Sep 26, 2011 5:05am
Quoting ventin75
Hi,

yes, i look at the M15 PB and bought at 1575 and took profit at 1584 as it seems to hang in time at this price. Later, it seems that 1628 is a stronger resistance at this moment in time.

So i should be watching this level for retracement back to downtrend? If so, how to enter?
Might be a better idea to read J16s first post about learning to trade the weekly and Daily time frames, till you get used to this methodology.

I am only saying this for your benefit as I believe that J16 knew full well what he was talking about when he made that post.

M15 is just noise for new people learning this system and will certainly not help one get the bigger picture.
  • #102,225
  • Sep 26, 2011 5:09am Sep 26, 2011 5:09am
Quoting geniusztc
hey,steve .on daily chart ,the 365ema gives perfect resistance .

Our charts look very different because of the feed, this is IBFX feed.

Is that a Sunday bar you have there?

EDIT: Maybe not, the green bar on my chart is the Sunday bar.
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  • #102,226
  • Sep 26, 2011 5:19am Sep 26, 2011 5:19am
Quoting Pinbar
Our charts look very different because of the feed, this is IBFX feed.

Is that a Sunday bar you have there?

EDIT: Maybe not, the green bar on my chart is the Sunday bar.
oh~~~~. lol yes ,my broker is oanda .but the resistance is same ,the 365ema is 0.8695 on my daily chart .

and what is your idea about EURAUD.
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A chart helps those who can read it.
  • #102,227
  • Sep 26, 2011 5:25am Sep 26, 2011 5:25am
Hmm, Bemac's Blender is not looking quite as random as it was when I got up this morning.
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  • #102,228
  • Sep 26, 2011 5:32am Sep 26, 2011 5:32am
Quoting geniusztc
oh~~~~. lol yes ,my broker is oanda .but the resistance is same ,the 365ema is 0.8695 on my daily chart .

and what is your idea about EURAUD.

Well, right now, I am only watching the pairs that Bemac posted about and am trying to work out how it is humanly possible to make such bold statements. I believe it is possible, I just need to work out how.

Read Bemacs statement written on my chart.

Are we about to witness the start of it, if this BEOB off the 365 ends as a BEOB?
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  • #102,229
  • Sep 26, 2011 5:43am Sep 26, 2011 5:43am
I am looking at the weekly chart, which on a preliminary view seems to show the possibility of this occurring.
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  • #102,230
  • Sep 26, 2011 6:00am Sep 26, 2011 6:00am
Quoting Pinbar
I am looking at the weekly chart, which on a preliminary view seems to show the possibility of this occurring.
more bearish ,agreed.and on daily chart the 1.3688 level have some support .on weekly chart ,we have in the box more than one year.
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A chart helps those who can read it.
  • #102,231
  • Sep 26, 2011 6:26am Sep 26, 2011 6:26am
Looks like there are alot of major rejection off the lows/highs forming PB, we'll see how it closes.

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Personally prefer NZDUSD as its a bounce off the 365 EMA although the bar is shorter than the bearish bars previously.

GBPAUD looks juicy too, assuming it closes off as a PB. A nice bounce off BRN 1.6000 and off the 365 EMA
  • #102,232
  • Sep 26, 2011 6:41am Sep 26, 2011 6:41am
sounds like pa traders will fill there accounts today ... plenty setups r forming.. did any one caught the hikkake pattern on da usd chf , and usd cad ; and bothw with divergence
  • #102,233
  • Sep 26, 2011 7:34am Sep 26, 2011 7:34am
Hmm, the plot thickens.
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  • #102,234
  • Sep 26, 2011 10:04am Sep 26, 2011 10:04am
Hi,

During the last weeks, I've been working on a trading plan. Writing stuff down has helped me identify areas where I am lacking most. The file is now eight pages long and still far from what I'd consider a thorough draft, even vacant in spots. I am not really writing novels, but follow a kind of bullet point based approach. Unfortunately, I have to adress a lot of psychology related issues, like my rule number one from the section on money and risk management:

"I will not enter a position or set up a sell / buy stop when I will not be able to manage the trade properly, because I am away from the screen for a longer time."

(because I am sooo the cleverest, oh yeah baby, look how great this trade went, and I wasn't even there, blabla)

I feel if this covers the basics I might easily end up with 15+ pages. Of course, I can only write about that I know about or have some degree of understanding. This means I have to rewrite stuff all the time, because I learn a tiny bit more which alters my perception. It also seems to me I might need pretty detailed rules to prevent myself from taking unwarranted or seat-of-pants-style liberties. That in turn means I have to write rules for all sorts of alternate situations that might arise. E.g. I am wondering if a rule like this is realistic:

"On any trade I will take partial profit at +30 pips."

This is daily/weekly TFs only.

That being said, I am reading advice to keeping it simple all the time. Simple and 15+ pages? Simple, but long? Simple = short? Any advice on where to draw the line or what to look out for down the road? Thoughts and comments are very much appreciated.

dkc
  • #102,235
  • Sep 26, 2011 10:05am Sep 26, 2011 10:05am
IB in GBP/USD broke! Taking full profit at FTA...if it gets there
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  • #102,236
  • Sep 26, 2011 10:27am Sep 26, 2011 10:27am
Quoting picon1
Pretty much did what I expected. A quick 10 pips from entry to 1st target. Push up to with in 2 pip of the pull back high, and now price falling back to Friday's low.

Had to be quick on this one.

Attachment

There was also a pretty much identical setup on EJ this morning as well, but the the targets weren't as clearly defined. The only one that jumped off the chart at me would have been last weeks open, which would have been good for around 30 pips. But I didn't take this trade on.
VERY nice chart picon. + being smart with it. Good for you

Best
Mike
  • #102,237
  • Sep 26, 2011 10:32am Sep 26, 2011 10:32am
Quoting ventin75
thanks Mike, maybe i entered my BUY abit late after reading your post (prices are moving very fast) ... now that prices have rebounded from this support level. Where is a good place to take profit from here? Any guidelines?
Hey V

Please please, don't trade based on charts I post. I want them to be learning tools. THat always worries me deeply about charts I post. At the most it should be on demo. I have to jump in here and say that because that worries me a lot

With price moving that fast off a strong down move there were some better areas that can be seen on a timeframe lower like the 4hr. The best is that if you did "touch" this area you could get to b/e quickly. I did not however I was looking for PA. But at the least I would be watching the BRN like 1600 1650 etc


Quoting mbqb11
watching
So here is the updated chart


Best
Mike
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  • #102,238
  • Edited 12:16pm Sep 26, 2011 12:04pm | Edited 12:16pm
Greetings all,

Look like a potentially good, long pinbar in daily /monthly Silver/USD chart,

I'm waiting for it to close above $30 tomorrow, which also happens to be on 61 fib retracement level

Can this be A+ trade?

Any comments will be much appreciated

Caesar
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  • #102,239
  • Sep 26, 2011 12:23pm Sep 26, 2011 12:23pm
Guys, just to check - what EMAs do you use?

I understand most use 365 and 150 EMA which is what i am using right now.
  • #102,240
  • Sep 26, 2011 1:18pm Sep 26, 2011 1:18pm
gbp/nzd looks good for a short at around 2.0500.
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