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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

  • #103,341
  • Oct 20, 2011 10:42am Oct 20, 2011 10:42am
Quoting PhAnTi'
well imho touch trades offers awesome r:r conditions while we dont have any confirmation of reversal etc...

trickie trading but i like it and i use it

Jonas
It's not something I've ever done, so I'm not very confident on it. Would you have touch traded that setup on AUDCHF?
  • #103,342
  • Oct 20, 2011 10:52am Oct 20, 2011 10:52am
Quoting mbqb11
here ya go bud

Best
Mike
why do i waist my time debating and argueing and asking for help in other forums full of idiots, when we have the supreme leaders and the most helpful people right here at james16?

One week of googling could have been prevented had I asked this question at james16 earlier.

Thank you so much.
  • #103,343
  • Oct 20, 2011 11:10am Oct 20, 2011 11:10am
Quoting picon1
Just watching the AUDCHF daily chart at the moment.

http://www.forexfactory.com/attachme...8&d=1319098834

The setup I mentioned this morning in my post here is doing ok. I didn't take it for the reasons I mentioned I the post, but I suppose if you are a touch trader, then it may have been a pretty good setup for you. Personally I've never touch traded, so I wouldn't know what your entry criteria would be.

Quite a boring day for...
Hi picon
How do you create the smaller chart within the bigger chart? Is it by cut and paste in a editing software or this is create by a software attachment to MT4? Thanks.
CowLee
  • #103,344
  • Oct 20, 2011 11:36am Oct 20, 2011 11:36am
Quoting CowLee
Hi picon
How do you create the smaller chart within the bigger chart? Is it by cut and paste in a editing software or this is create by a software attachment to MT4? Thanks.
CowLee
Just did using the cut and paste option on my Mac

Not sure about the MT4 thing as I don't use that platform
  • #103,345
  • Oct 20, 2011 12:17pm Oct 20, 2011 12:17pm
Quoting torontobboy2
why do i waist my time debating and argueing and asking for help in other forums full of idiots, when we have the supreme leaders and the most helpful people right here at james16?

One week of googling could have been prevented had I asked this question at james16 earlier.

Thank you so much.
you are quite welcome my friend


Best
Mike
  • #103,346
  • Oct 20, 2011 1:14pm Oct 20, 2011 1:14pm
Took the break of the high. But we have now a pullback.

Was this not a good bar?
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  • #103,347
  • Oct 20, 2011 1:22pm Oct 20, 2011 1:22pm
It is a pretty good looking bar from what I can see from your chart.

BUT, I have a few problems with the location though.

Overall price is stuck in sideways consolidation and you are trading into the middle of the box you have marked.

Price has also been choppy on the 4 hour for this pair.

When price is consolidating , Mike always says to assume it will continue to consolidate(be choppy) until proven otherwise. we want to trade away from consolidation.

This bar may work out but it may be a bumpy ride.

Location is not ideal

Just my two cents anyway.


Quoting Thierry
Took the break of the high. But we have now a pullback.

Was this not a good bar?
  • #103,348
  • Oct 20, 2011 2:56pm Oct 20, 2011 2:56pm
Hadn't seen this posted and sorry if it has already been discussed but If I may ask, would Mike or anyone else mind posting some thoughts on the monthly beob on gold? Is anyone else considering trading it?
In a way it reminds me of the oil monthly beob from a few years ago, but with a weaker close and less space. Thank you and I really appreciate everyones contributions.
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Price is beautiful. A repetitive method is a competitive method.
  • #103,349
  • Oct 20, 2011 4:50pm Oct 20, 2011 4:50pm
Quoting nwo-trader
Hadn't seen this posted and sorry if it has already been discussed but If I may ask, would Mike or anyone else mind posting some thoughts on the monthly beob on gold? Is anyone else considering trading it?
In a way it reminds me of the oil monthly beob from a few years ago, but with a weaker close and less space. Thank you and I really appreciate everyones contributions.
It sure could be, US it is tough to trade spot gold now with the great rules they created

But gold sure is due for a correction which could come as USD gains safety if that continues

Be fun to watch

Mike
  • #103,350
  • Oct 20, 2011 5:55pm Oct 20, 2011 5:55pm
Quoting dmc
It is a pretty good looking bar from what I can see from your chart.

BUT, I have a few problems with the location though.

Overall price is stuck in sideways consolidation and you are trading into the middle of the box you have marked.

Price has also been choppy on the 4 hour for this pair.

When price is consolidating , Mike always says to assume it will continue to consolidate(be choppy) until proven otherwise. we want to trade away from consolidation.

This bar may work out but it may be a bumpy ride.

Location is not ideal

Just my two cents...
  • #103,351
  • Oct 20, 2011 7:54pm Oct 20, 2011 7:54pm
Quoting mbqb11
Hey FX

That is still a pinbar. The open and close have to be within the prior bar it doesn't matter what that looks like. Notice the tail sticking out. What makes a neutral bar is when the open and close are near the middle of the bar(meaning you would have wicks sticking out of each side).

This is not where we want to see a bullish pin, its up at a swing high in traffic(see my video on both pinbars and space vs traffic). Look for these at swing lows.

In a case like this that is in traffic you need to be much much much more aware of...
Thanks mike, now I'm cleared up abt neutral bars. Back to the question abt FTA. Would you give FTA based on most recent action more weight than those based on older action (but having more points of flipping)? Pls refer to my post here http://www.forexfactory.com/showthre...99#post5055299. Thank you
  • #103,352
  • Oct 20, 2011 7:59pm Oct 20, 2011 7:59pm
Quoting Fx7877
Thanks mike, now I'm cleared up abt neutral bars. Back to the question abt FTA. Would you give FTA based on most recent action more weight than those based on older action (but having more points of flipping)? Pls refer to my post here http://www.forexfactory.com/showthre...99#post5055299. Thank you
Hey FX

It's always gonna depend on the situation that is unfolding

Based on your bar I wrote

In a case like this that is in traffic you need to be much much much more aware of FTA.


This is because your bar is in a very bad location thus the FTA carries more weight in this case

But in general it is always situational

Hope that helps
Mike
  • #103,353
  • Oct 20, 2011 8:04pm Oct 20, 2011 8:04pm
Anyone using Oanda MT4 and has a simple EA for taking partial profit? Right now I can only close partial manually as it doesn't allow to set 2 price targets, unless you buy separate orders in the 1st place.

And how do I go abt ignoring/removing the Sunday bars?

Sorry for asking abt this here. Kindly pm me. Thanks alot!
  • #103,354
  • Oct 20, 2011 8:10pm Oct 20, 2011 8:10pm
Quoting mbqb11
Hey FX

It's always gonna depend on the situation that is unfolding

Based on your bar I wrote

In a case like this that is in traffic you need to be much much much more aware of FTA.


This is because your bar is in a very bad location thus the FTA carries more weight in this case

But in general it is always situational

Hope that helps
Mike
Sorry Mike, I saw that sentence, but don't understand. Maybe I reword my question. I'm asking which trouble area (the recent swing high or the thin red line) carries more weight in this case. The recent swing high or the thin red line? Apologies again for asking and asking as I didn't understand your answer and want to make sure I do.
  • #103,355
  • Oct 20, 2011 10:09pm Oct 20, 2011 10:09pm
Quoting Fx7877
Sorry Mike, I saw that sentence, but don't understand. Maybe I reword my question. I'm asking which trouble area (the recent swing high or the thin red line) carries more weight in this case. The recent swing high or the thin red line? Apologies again for asking and asking as I didn't understand your answer and want to make sure I do.

Try putting a horizontal line on the high and low of that bar, zoom out and take a look at this area. You can also move up time frames and check out any other nearby hints at what price is doing at this area.

This is basically academic because that bar is substandard and we need to look at bars like this one and think, Forget it.
Hope this helps on the location.

Got to run to the others side of the city.
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  • #103,356
  • Oct 20, 2011 10:15pm Oct 20, 2011 10:15pm
Weekly making lower highs.

Daily has a BEOB that closed below BRN.

Comments.

Chart is AUDCAD
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  • #103,357
  • Oct 20, 2011 11:03pm Oct 20, 2011 11:03pm
Quoting Fx7877
Sorry Mike, I saw that sentence, but don't understand. Maybe I reword my question. I'm asking which trouble area (the recent swing high or the thin red line) carries more weight in this case. The recent swing high or the thin red line? Apologies again for asking and asking as I didn't understand your answer and want to make sure I do.
whoops sorry FX, my mistake

I marked it, it's actually lower. There is a bar high/low flip. THis is the very FTA and in a case with such a small bar and poor location as we discussed I would be concerned with even that.

Best
Mike
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  • #103,358
  • Oct 20, 2011 11:04pm Oct 20, 2011 11:04pm
Quoting mbqb11
Might still work out. Sometimes things just are about timing. I took a reduced loss on this one, but still say it could make it

A great great area to watch here guys

Trend+ breakout pattern+ BRN of 2.00 = yummy
I know a bunch of us are in this in the PF been following for awhile. I wonder if anyone here followed this one.


Nice big buob right where we want it.
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  • #103,359
  • Oct 20, 2011 11:14pm Oct 20, 2011 11:14pm
Quoting mbqb11
I know a bunch of us are in this in the PF been following for awhile. I wonder if anyone here followed this one.


Nice big buob right where we want it.

Mike, had that the wedge not been there, would you have passed on that Bar?
  • #103,360
  • Edited 11:29pm Oct 20, 2011 11:14pm | Edited 11:29pm
Quoting mbqb11
I know a bunch of us are in this in the PF been following for awhile. I wonder if anyone here followed this one.


Nice big buob right where we want it.

Absolutely awesome, you called that one. Too bad I wasn't watching this one intraday. Will be kicking myself in the ass

EDIT: I don't feel so bad now. I cant trade this pair on OANDA or IBFX :-) PHEW
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