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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

  • #103,121
  • Edited 4:07am Oct 17, 2011 3:28am | Edited 4:07am
Locked in more profit on EU as we approach the bottom of the consolidation box & the BRN & the monthly HCR.

I must say, I found it much easier to manage this trade with Jarroos Levels.

It prevented me from moving the SL too soon and too close, gave it room to breath and allowed me to move the SL to logical areas that should act as support as price approached a possible reversal area.

EDIT: If you look at the H4 chart, we can see no candle has been able to close below this area just above the SL. SO, I have decided that if we get an H4 close below this consolidation, it will probably break down and can take me out anytime it likes. Strikes me that, the exit of a trade is equally as important as the entry.
We can not thank Jarroo enough for what he is showing us.
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  • #103,122
  • Edited 4:57am Oct 17, 2011 4:30am | Edited 4:57am
CJ aproached the daily/h4 resistance. Price gave us m30 beob

Fta hit. Stop moved just above 77 RN.
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  • #103,123
  • Oct 17, 2011 4:45am Oct 17, 2011 4:45am
No internet for me until Tuesday at the earliest. Changing service providers from Sky to BT Infinity Fibre Optic. The UK guys will know the companies, and BT took the Internet from Sky on Friday morning instead of this Tuesday, hence no connection.

Still have a position open on EURAUD short from Thursday that I can manage from my iPhone, but no new trades for me the next few days.
  • #103,124
  • Oct 17, 2011 4:56am Oct 17, 2011 4:56am
Hello guys,

could you please comment on my graph screenshot?

There is PB forming on H4. It reached the 365 EMA. If it breaks previous bar highs (marked with red line), would you agree it is quite probable that the price will continue going down?

FTA - arround 1.37670
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  • #103,125
  • Oct 17, 2011 5:07am Oct 17, 2011 5:07am
Quoting darxtar
Hello guys,

could you please comment on my graph screenshot?

There is PB forming on H4. It reached the 365 EMA. If it breaks previous bar highs (marked with red line), would you agree it is quite probable that the price will continue going down?

FTA - arround 1.37670
It has to close or it will not be a PB, it will probably close as a BEOB but, we never know till it closes.

This is why I am waiting for it to take out my SL and get me out of this trade.
But remember, this has been quite a strong uptrend.

You know, I realize the Great temptation to trade H4 and below for new people, I did it also. However, I can say from personal experience, it is not benefecial and in fact, I now consider this misdemeanor to be a major factor in slowing my down my learning curve. Stay with the Weekly & daily TFs as J16 states, you will thank him for his advice someday.
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  • #103,126
  • Oct 17, 2011 5:12am Oct 17, 2011 5:12am
Thank you very much for your fast reply Pinbar. I will try to take as much from your advice as I can. I was realizing the PB hasn't closed yet, but it was few minutes before 4H candle closes - so I thought there won't be big change to it. Anyway - you are right - I should NOT trade the 4H, I don't have experience for it Nextime I will post some daily graph with weekly R/S, PPZ etc.

Thank you once again and wish you a successfull trading day
  • #103,127
  • Oct 17, 2011 5:34am Oct 17, 2011 5:34am
the trend line and the fib levels on h4 chart .i choose to DEMO short it .on h1 chart ,the BEOB is also a signal .
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A chart helps those who can read it.
  • #103,128
  • Oct 17, 2011 5:36am Oct 17, 2011 5:36am
Not trading is harder than trading
Trading is a test match not a Twenty20.
  • #103,129
  • Oct 17, 2011 5:37am Oct 17, 2011 5:37am
Hello everyone,

Thank you to all of you who share your setup chart in this forum, that make me learn a lot from all of you about analyze the chart before entry any currency pair. I'm just study price pattern and candlestick formation and want to share my setup chart and need all off your opinion about my chart especially from Mike, Pinbar, and other member.

now I monitoring CHFJPY daily TF in my opinion the price is turning they bias from downtrend to uptrend.

reason for my opinion is the price several days ago is breaking the outer trendline with solid candle and pullback just upper that trendline. because of that reason I put my buy pending order above the high of that break candle.

how about your opinion?
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  • #103,130
  • Oct 17, 2011 5:49am Oct 17, 2011 5:49am
Quoting Confluence
Hello everyone,

Thank you to all of you who share your setup chart in this forum, that make me learn a lot from all of you about analyze the chart before entry any currency pair. I'm just study price pattern and candlestick formation and want to share my setup chart and need all off your opinion about my chart especially from Mike, Pinbar, and other member.

now I monitoring CHFJPY daily TF in my opinion the price is turning they bias from downtrend to uptrend.

reason for my opinion is the price several days ago is breaking the outer trendline...
I got in this via that tiny pin bar you can see few days ago. I got out at 84.8 as it was agnaist the trend.

There is potential but I would wait for daily PA to confirm.
Trading is a test match not a Twenty20.
  • #103,131
  • Oct 17, 2011 5:50am Oct 17, 2011 5:50am
Quoting darxtar
Thank you very much for your fast reply Pinbar. I will try to take as much from your advice as I can. I was realizing the PB hasn't closed yet, but it was few minutes before 4H candle closes - so I thought there won't be big change to it. Anyway - you are right - I should NOT trade the 4H, I don't have experience for it Nextime I will post some daily graph with weekly R/S, PPZ etc.

Thank you once again and wish you a successfull trading day

Good decision.
And of course DEMO goes without saying.

The thing about not trading lower than the weekly & daily is, it accustoms us to properly identifying S&R, that can easily be missed on H4 and lower.

As a former offender, I can't emphasize enough how important this is, in fact, I would say it is 90% of the battle.
  • #103,132
  • Oct 17, 2011 5:54am Oct 17, 2011 5:54am
Quoting decentchap
I got in this via that tiny pin bar you can see few days ago. I got out at 84.8 as it was agnaist the trend.

There is potential but I would wait for daily PA to confirm.
If there is a daily pinbar that confirm the bias change, in your opinion where is the ideally location that pin will be appear.. thank you for your analyze
  • #103,133
  • Oct 17, 2011 6:02am Oct 17, 2011 6:02am
EU just took out my SL as I suspected it would.

I was actually glad to get out of it. LOL
Well, with a logical SL, instead of hoping it would break through the consolidation.
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  • #103,134
  • Oct 17, 2011 6:14am Oct 17, 2011 6:14am
Quoting Pinbar
It has to close or it will not be a PB, it will probably close as a BEOB but, we never know till it closes.

Stay with the Weekly & daily TFs as J16 states, you will thank him for his advice someday.
Hi, will james 16 ever grace us with his presence on this forum?
  • #103,135
  • Oct 17, 2011 6:15am Oct 17, 2011 6:15am
Quoting Confluence
If there is a daily pinbar that confirm the bias change, in your opinion where is the ideally location that pin will be appear.. thank you for your analyze
Hi Confluence, I cant forecast pin bars just yet. ;-)

I look at lot of pairs in a limited time, so I don’t do analysis on each pair. I just look out for PA bars(mainly Pin bars and than BU/BE OB) and if there is one I start looking to see if there is any weight to it - like fibs, closing price, ppz, round number, FTA distance etc.

This of course is my way is doing but recommended way is to wait for the price to come to you.
Trading is a test match not a Twenty20.
  • #103,136
  • Oct 17, 2011 6:20am Oct 17, 2011 6:20am
Quoting decentchap
Hi Confluence, I cant forecast pin bars just yet. ;-)

I look at lot of pairs in a limited time, so I don’t do analysis on each pair. I just look out for PA bars(mainly Pin bars and than BU/BE OB) and if there is one I start looking to see if there is any weight to it - like fibs, closing price, ppz, round number, FTA distance etc.

This of course is my way is doing but recommended way is to wait for the price to come to you.
Thank you again decentchap your comment give a positive input for me.
  • #103,137
  • Edited 7:09am Oct 17, 2011 6:49am | Edited 7:09am
Quoting Confluence
Hello everyone,

Thank you to all of you who share your setup chart in this forum, that make me learn a lot from all of you about analyze the chart before entry any currency pair. I'm just study price pattern and candlestick formation and want to share my setup chart and need all off your opinion about my chart especially from Mike, Pinbar, and other member.

now I monitoring CHFJPY daily TF in my opinion the price is turning they bias from downtrend to uptrend.

reason for my opinion is the price several days ago is breaking the outer trendline...

Could be starting to think about trying to turn around but, there is still a brick wall in its way. EDIT: Weekly & daily probably show this better.
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  • #103,138
  • Oct 17, 2011 7:01am Oct 17, 2011 7:01am
It's hard to complicate this one
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  • #103,139
  • Oct 17, 2011 7:15am Oct 17, 2011 7:15am
Hello guys,

I would like to ask you about the brokers you are using. Currently I am at MIG Bank (Switzerland), previously I was at DukasCopy (also CH). I've got demo accounts there because I am planning to start (of course after 3 months of profit) a real account. Their overall rating is good and they are banks and therefore they are subject of swiss law regarding the banks - Savers' guarantee €100000 etc.
What I miss at these banks are some currency pairs like mentioned CHF/JPY. Or other stuff to trade mentioned by James like Oil and so on...
Could you please recommend me some decent broker/bank? I would prefer some european because I come from Czech Republic (Europe). The best would be of course from Switzerland, but I haven't heard about another good one except DukasCopy and MIG Bank.
  • #103,140
  • Oct 17, 2011 7:56am Oct 17, 2011 7:56am
Quoting captainSG
Hi, will james 16 ever grace us with his presence on this forum?
I think he is on this forum, reading what people post, much more than people think.

The Lurker....LOL
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