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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

  • #103,081
  • Edited 6:36am Oct 15, 2011 3:43am | Edited 6:36am
Quoting supremeChaos
wow, congratulations!
i wish i had the same dedication to do demo trading when i started (i did very little demo).

she's right... whatever we do, we'll never know what good will happen to us if we quit.
if one has the passion for trading, there is no reason to quit.

being a trader from the Philippines, a 3rd World country, i have accumulated relatively huge losses since 2006 (scam local bucketshop, overtrading , etc).
i am now on the verge of recovering from all these losses & achieveing consistent profitability.
i wont talk...

Great Post SC.....It tells others that no matter if the road is rocky, if we drive carefully and complete the training course, we can also drive down this same road in relative safety.
  • #103,082
  • Oct 15, 2011 7:04am Oct 15, 2011 7:04am
USD/CAD looks interesting
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  • #103,083
  • Oct 15, 2011 7:47am Oct 15, 2011 7:47am
Quoting Pinbar
USD/CAD looks interesting
Yep.
That's the area where I am expecting to close my trade and look for longs...
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Trading: the skill of avoiding trades
  • #103,084
  • Oct 15, 2011 7:50am Oct 15, 2011 7:50am
Microsoft on the radar.
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Trading: the skill of avoiding trades
  • #103,085
  • Oct 15, 2011 8:13am Oct 15, 2011 8:13am
I kind of like the look of RIMM/RIM.TO. Some closes over $25 would have been ideal but two weeks ago I noticed the Weekly BUOB, and last week we get a small inside bar. There is a lot of negative press surrounding RIM right now so I find the contrarian price action to be pretty interesting. Just watching to see how this one plays out.
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Price is beautiful. A repetitive method is a competitive method.
  • #103,086
  • Oct 15, 2011 8:29am Oct 15, 2011 8:29am
Quoting Pinbar
EU still looking good for now.
That said, we have a tough area to break or get rejected off not too far above. Time to move the SL.

Hmm, this has me wondering about the Second Time Back to the 365 on the Daily TF.

Is the STB any weaker than the FTB? Logically speaking, it should be as price has rallied enough to challenge it again. It would be great if the senior members, could give me their input on this question?
Yes. good upto 1.4.
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  • #103,087
  • Oct 15, 2011 4:10pm Oct 15, 2011 4:10pm
Mike, Does this match to your wedge pattern setup, if it happens the way I simulated ?
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  • #103,088
  • Oct 15, 2011 5:35pm Oct 15, 2011 5:35pm
Quoting cprao
Mike, Does this match to your wedge pattern setup, if it happens the way I simulated ?
looks good to me brotha

Mike
  • #103,089
  • Oct 15, 2011 6:34pm Oct 15, 2011 6:34pm
Quoting cprao
Yes. good upto 1.4.

CP

Don't forget these two monthly HCR and the reaction we have seen there.
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  • #103,090
  • Oct 15, 2011 6:48pm Oct 15, 2011 6:48pm
Mike, I asked a question for the seniors about the Second Time Back to the 365. Basically, I was asking if the STB is possibly any weaker than the FTB as price has managed to rally back to retest this area?

It was this EU situation, that I was talking about.


I think I just answered my own question.
Maybe not from looking at the chart?

http://www.forexfactory.com/showthre...67#post5042867
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  • #103,091
  • Oct 15, 2011 9:03pm Oct 15, 2011 9:03pm
Just backtracking the EU weekly PB and going over something that while it did not confuse me totally, it had me thinking about the area the PB came off.

Well, that is my morning trading thinking done for today, got to run to the other side of Harbin to teach.
Getting cold, only 8c today and I think I just saw the first snow fall, another month and it will be -20C. Eeekk
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  • #103,092
  • Oct 16, 2011 12:53am Oct 16, 2011 12:53am
Something to keep an eye on. Imo that is very good opportunity to enter into another bearish phase / long dollar position. Strong monthly S/R are very near now . 1.4000 area on EU is a nobrainer.
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  • #103,093
  • Oct 16, 2011 3:14am Oct 16, 2011 3:14am
comments appreciated...whats your or what would be your swissy line on the daily right now?

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Hero calls followed by margin calls...
  • #103,094
  • Oct 16, 2011 3:35am Oct 16, 2011 3:35am
Quoting Greenhaze
Something to keep an eye on. Imo that is very good opportunity to enter into another bearish phase / long dollar position. Strong monthly S/R are very near now . 1.4000 area on EU is a nobrainer.
yeah man..
im personally waiting for EU,GU since many days.
also UC approaching parity..
abt UC,i like the "regional" confluence of 365ema,50fib n parity..

interesting this week
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  • #103,095
  • Oct 16, 2011 3:53am Oct 16, 2011 3:53am
Although I don't currently trade DBHLC set ups, I am keen to learn.

The weekly Chart of USDCHF on the MT4 platform I use appears to have printed a DBHLC bar, with the close of the previous bar at .9269 and the open of the last bar at .9271.

My understanding is that the prices should be exactly the same, however is this the case on weekly bars also?

My plan if this bar is confirmed valid is to then look to the daily until a PA set up occurs for a short move, obviously taking into account all the usual PPZs etc.

In addition to the above, for a DBHLC to be valid does the close price have to be lower than the low of the previous bar or lower than the open??

Hope this make sense

All comments welcome

GP
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  • #103,096
  • Oct 16, 2011 4:38am Oct 16, 2011 4:38am
Some of you might find this indicator helpfull. If you got any ideas then dont hesitate to write.

http://www.forexfactory.com/showthread.php?t=320382
  • #103,097
  • Oct 16, 2011 5:36am Oct 16, 2011 5:36am
Quoting Gpfx
Although I don't currently trade DBHLC set ups, I am keen to learn.

The weekly Chart of USDCHF on the MT4 platform I use appears to have printed a DBHLC bar, with the close of the previous bar at .9269 and the open of the last bar at .9271.

My understanding is that the prices should be exactly the same, however is this the case on weekly bars also?

My plan if this bar is confirmed valid is to then look to the daily until a PA set up occurs for a short move, obviously taking into account all the usual PPZs etc.

In addition to the above, for a...

I am not able to see a DBHLC in your chart.
Just in case you are confusing a DBHLC with something else, here is a chart of how it should look and the criteria for a DBHLC.

Hope this helps
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  • #103,098
  • Oct 16, 2011 5:53am Oct 16, 2011 5:53am
Quoting Pinbar
I am not able to see a DBHLC in your chart.
Just in case you are confusing a DBHLC with something else, here is a chart of how it should look and the criteria for a DBHLC.

Hope this helps
This 3 pip rule sounds a bit funny . Just use common sense in deciding if the highs or lows match. They do not match in this example

Cheers
  • #103,099
  • Oct 16, 2011 5:58am Oct 16, 2011 5:58am
Quoting Greenhaze
This 3 pip rule sounds a bit funny . Just use common sense in deciding if the highs or lows match. They do not match in this example

Cheers
Doesn't sound funny at all, that is the criteria explained to me on the PF.
Using common sense sounds funny to me, when we already have a clear criteria.
  • #103,100
  • Oct 16, 2011 6:03am Oct 16, 2011 6:03am
Quoting Pinbar
Doesn't sound funny at all, that is the criteria explained to me on the PF.
Using common sense sounds funny to me, when we already have a clear criteria.
All i meant is that 3 pip rule might be ok for daily charts or h4 but it wont be appropriate to weekly chart becouse of different range thats why i think if you apply this rule to every tf then it doesn't make any sense. Its very relative so common sense and ones perception of matching highs/lows comes first here.
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