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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

  • #102,881
  • Oct 10, 2011 10:52am Oct 10, 2011 10:52am
Quoting mbqb11
Hey Dev

I had some notes on a chart. This pinbar never broke, but this is not an ideal location we want to see them on. Always look for strong confluence with these bars it makes it a lot easier to play them. A great level if we can pull back to would be the 1.0 pairty level to watch for some PA

Best
Mike
Also Dev, to add to what Mike said take a look at the weekly chart. There is a much better pin there at a great previous support/resistance.
  • #102,882
  • Oct 10, 2011 11:29am Oct 10, 2011 11:29am
Would like to see a BEOB or a PB after the retest of the S-H-S line, closing below the TL...
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Trading: the skill of avoiding trades
  • #102,883
  • Oct 10, 2011 11:46am Oct 10, 2011 11:46am
What called my atention was not the size of the 2h PB but the confluence: 1.000 BRN and TL.
Kinf of a touch trade, with a little confirmation of 2h PB (or DHLC, up to you)
Lets see.
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Trading: the skill of avoiding trades
  • #102,884
  • Oct 10, 2011 11:49am Oct 10, 2011 11:49am
Thanks Mike!

Yea, I see that the pin bar on usdcad haven't broken either way yet. Looks more like an inside bar forming, just have to wait and see.


Quoting mbqb11
Hey Dev

I had some notes on a chart. This pinbar never broke, but this is not an ideal location we want to see them on. Always look for strong confluence with these bars it makes it a lot easier to play them. A great level if we can pull back to would be the 1.0 pairty level to watch for some PA

Best
Mike
  • #102,885
  • Oct 10, 2011 12:46pm Oct 10, 2011 12:46pm
The 2nd PB on GBPUSD worked out well after the 1st didn't trigger. Full TP at highlighted highs, originally was looking for the previous weeks gap fill and 38 fib but happy to exit where I did.
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  • #102,886
  • Oct 10, 2011 5:30pm Oct 10, 2011 5:30pm
Quoting Dan-FX
The 2nd PB on GBPUSD worked out well after the 1st didn't trigger. Full TP at highlighted highs, originally was looking for the previous weeks gap fill and 38 fib but happy to exit where I did.
Great job Dan, and I think a very logical take profit area as well. Gbp/usd is at a pretty crucial area now approaching these recent highs. Will have to see what happens if it retests

Mike
  • #102,887
  • Oct 10, 2011 6:01pm Oct 10, 2011 6:01pm
Quoting mbqb11
Great job Dan, and I think a very logical take profit area as well. Gbp/usd is at a pretty crucial area now approaching these recent highs. Will have to see what happens if it retests

Mike
Hi J16 folks!
I"ve been a silent reader for awhile and meanwhile trying to catch up on reading the grand master's posts from page 1. I think I will need a few more wks to cover them all. While I'm not a trading newbie, I've been learning alot from you guys in the forum here and I want to keep learning I'm still in demo mode.

On the GBP/USD, does anyone see a PB on the weekly resting at PPZ of 1.5341? Other than the PPZ, I don't see any other confluence. Any seniors pls comment if this is a gd trade setup? Have not posted a chart here b4. Anyone can recommend how to do just the chart screen and post it? Thanks alot!
  • #102,888
  • Oct 10, 2011 6:09pm Oct 10, 2011 6:09pm
Quoting Fx7877
Hi J16 folks!
I"ve been a silent reader for awhile and meanwhile trying to catch up on reading the grand master's posts from page 1. I think I will need a few more wks to cover them all. While I'm not a trading newbie, I've been learning alot from you guys in the forum here and I want to keep learning I'm still in demo mode.

On the GBP/USD, does anyone see a PB on the weekly resting at PPZ of 1.5341? Other than the PPZ, I don't see any other confluence. Any seniors pls comment if this is a gd trade setup? Have not posted a chart here b4. Anyone...
Hey FX7877

Welcome to the thread and glad to hear you are in demo mode. Hopefully others will follow the same path

Gbp/usd weekly is pretty small bar, and I agree with you in terms of confluence. The 1.55 needs to hold to me on this one, but there is a swing low point just above us that would keep me out too. Not necessarily a bad trade, just one I wouldn't get fancy with myself

To post a chart(if using mt4) right click the chart and then go to save as picture. I then choose save (as is). Save it to your computer then under where you are going to submit your post. Click the manage attachments button and then find your picture, and upload and you are all set

Again welcome to our "little" thread

Mike
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  • #102,889
  • Oct 10, 2011 6:24pm Oct 10, 2011 6:24pm
Thanks Mike for the speedy reply! This community here makes me feel warm I'm on Oanda MT4. Did a screencap, Here it is...

This is not a grade A setup as you mentioned. You pointed out the swing pt low which I missed out. I have previously only saw the 1.6 BRN resistance above. I have a question on taking daily/wkly bars: How do we set a more manageable SL on this PB? If we enter on BO of PB and then place SL on opp end of PB, SL is going to be very wide, in this case here at least 255 pips excl spreads. This is something I find it hard to stomach even though I know James would like us to get on a longer time frame like daily or wkly for a start.
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  • #102,890
  • Oct 10, 2011 6:29pm Oct 10, 2011 6:29pm
Quoting Fx7877
Thanks Mike for the speedy reply! This community here makes me feel warm I'm on Oanda MT4. Did a screencap, Here it is...

This is not a grade A setup as you mentioned. You pointed out the swing pt low which I missed out. I have previously only saw the 1.6 BRN resistance above. I have a question on taking daily/wkly bars: How do we set a more manageable SL on this PB? If we enter on BO of PB and then place SL on opp end of PB, SL is going to be very wide, in this case here at least 255 pips excl spreads. This is something I find it hard to stomach...
Hey Fx

One thing to remember is that our SL size will determine our position sizing. So if I risk 2% per trade, my stop can be 30 pips or 300 pips and still represent 2% of my account. You may know this but this is a good reminder for others if not.

Now just cause you start with you SL below the bar doesn't mean you have to keep it there. You could move it up quickly as the trade gets under way effectively reducing your risk but giving it room to move. You could also start with your stop loss at other points too. This will in turn increase your position sizing as per above and a %R MM scheme. Other areas you could use are round numbers, fibs, previous bar high/lows, PPZ etc. These are all plausible options. I use the first way most of the time but do occasionally use the latter as well.

Hope this helps
Mike
  • #102,891
  • Oct 10, 2011 6:34pm Oct 10, 2011 6:34pm
Is this wkly PB gd entry? Now is definitely too late to enter, just want to learn if it wld have made a gd setup. I was not able to see more historical bars to the left as the most I can view is up to Dec '04 in Oanda MT4, so I can't tell where is the next historical support level
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  • #102,892
  • Oct 10, 2011 6:44pm Oct 10, 2011 6:44pm
Quoting mbqb11
Hey Fx

One thing to remember is that our SL size will determine our position sizing. So if I risk 2% per trade, my stop can be 30 pips or 300 pips and still represent 2% of my account. You may know this but this is a good reminder for others if not.

Now just cause you start with you SL below the bar doesn't mean you have to keep it there. You could move it up quickly as the trade gets under way effectively reducing your risk but giving it room to move. You could also start with your stop loss at other points too. This will in turn increase...
Mike, yes I understand the max % risk per trade rule and position sizing. But for a small account of say $5k (using this for demo),2% is risking max $100. And for us to manage the trade properly to allow partial profit etc, we need to have at least 2 lots (mini lots for my case), which means I can't risk more than $50 per mini lot. So with a few hundred pips of SL typical for wkly and sometimes daily setup, this is not viable. I hope i got my maths right? U have suggested some possible options for setting SL, but in your experience, wld that have stopped one out pre-maturely as SL is set too tight? Also if I'm not able to monitor it closely, it also means that I cant adjust the SL nimbly to reduce risk. That's my dilemma....
  • #102,893
  • Oct 10, 2011 7:07pm Oct 10, 2011 7:07pm
Quoting Fx7877
Mike, yes I understand the max % risk per trade rule and position sizing. But for a small account of say $5k (using this for demo),2% is risking max $100. And for us to manage the trade properly to allow partial profit etc, we need to have at least 2 lots (mini lots for my case), which means I can't risk more than $50 per mini lot. So with a few hundred pips of SL typical for wkly and sometimes daily setup, this is not viable. I hope i got my maths right? U have suggested some possible options for setting SL, but in your experience, wld that have...
Hey 787

Forex brokers are extremely flexible in sizing these days. On the retail side most are offering micro and even nano(1cent a pip) unit flexibility. So risking 100$ with micro or nano lots is very much possible on nearly any size stop. A big mistake someone makes is opening a micro or standard lot account with too small a bank roll. A good rule of thumb is around 25-30k + for a mini and 100k+ for a standard. But even with accounts of those sizes it still makes more sense to have as much flexibility you can. This way you can perfectly position size

Best
Mike
  • #102,894
  • Oct 10, 2011 8:31pm Oct 10, 2011 8:31pm
Is EG also trying to make a breakout of this area.

Interesting
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  • #102,895
  • Oct 10, 2011 10:55pm Oct 10, 2011 10:55pm
Hello Pinbar,

I very much appreciate your posted graphs, thanks for them Unfortunately it is a little bit difficult for me to understand all of the abbreviations. If I understand it correctly, they come from Jarroo's methodology - may I kindly ask you, to post some link, where I can learn more about this methodology?



@everybody and mostly James16: I would like to thank you all for participating in this thread. I think knowledge in this thread is one of a huge value. I am also demo-ing, hopefully in some time I will manage it to the 3 profitable months With this thread it seems to me possible
  • #102,896
  • Oct 11, 2011 12:03am Oct 11, 2011 12:03am
Almfx!
I believe . . .
  • #102,897
  • Oct 11, 2011 12:44am Oct 11, 2011 12:44am
Going through my charts again and creating a shortlist of things to look into. At the moment for me, NZDUSD is looking the most promising on the daily chart having completed a DBLHC 2 bar combo.

Price at the 365ema on my daily chart. It's at a daily pivot level, with what I see as a PPZ just above as well to give a decent first target area. Then above that there is the descending trend line to aim for. There are also some fibs but I took them off the chart to clean it up.

Also looking at the weekly chart, price is still moving up away from last weeks PB.

So all in all this is the best of the bunch so far. Also on my watch list are AUDUSD waiting to see if the daily sets up an IB today.
USDCAD looking at a daily IB breakout. Not the greatest
CADJPY IB break again on the daily chart. Not the best.

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  • #102,898
  • Oct 11, 2011 2:02am Oct 11, 2011 2:02am
H4 beob on EU. Strong reversal might be in play. lets see
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  • #102,899
  • Oct 11, 2011 2:15am Oct 11, 2011 2:15am
Quoting Greenhaze
H4 beob on EU. Strong reversal might be in play. lets see
Also a nice 8H PB followed by IB break. Looking at the 8H I'm thinking 3550 is FTA.
  • #102,900
  • Oct 11, 2011 2:41am Oct 11, 2011 2:41am
Quoting darxtar
Hello Pinbar,

I very much appreciate your posted graphs, thanks for them Unfortunately it is a little bit difficult for me to understand all of the abbreviations. If I understand it correctly, they come from Jarroo's methodology - may I kindly ask you, to post some link, where I can learn more about this methodology?



@everybody and mostly James16: I would like to thank you all for participating in this thread. I think knowledge in this thread is one of a huge value. I am also demo-ing, hopefully in some time I will manage it to the 3 profitable...

Here is the link as is in my signature, you will the abbreviations of what Jarroo is doing there. & welcome to the thread. You can also click on Jarroo's user name and search his posts for the information. Be warned though, he has over 6,000 posts.


http://www.forexfactory.com/showthre...40#post4538540
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