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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

  • #103,961
  • Nov 3, 2011 2:28pm Nov 3, 2011 2:28pm
I like the buob on the cable...limit buy at 1.6. Fta 1.61 sorry no chart as on mobile
Trading is a test match not a Twenty20.
  • #103,962
  • Nov 3, 2011 2:51pm Nov 3, 2011 2:51pm
Quoting jarroo
Absolutely T . . Great charts!!

The more confluences that suppport a given level the better . .PA is a nice confluence or better said: Confirmation, that the level is acting as Support.

Price moved from LCS to HCR . . interesting , don't you think? . .
Hi Jarroo,

I may be looking into this too much, but this could have been the 4th potential profitable entry this week on Gold alone!

I understand that this thread is really meant to be about teaching the basics but I'm curious to run this by you as I find it intriguing.

Effectively, price breaks through the daily lowest close of support, closes above on the hourly, the level holds for a potential entry. 15min PB doesn't look too bad for 'confirmation' either. As you said, this is a GOOD swing low level. These levels are what we are looking for!

Again, I understand that this is stepping aside from the basic J16 methodology and is merely an educational exercise.

Thanks in advance

Tomek

Edit: D1 Chart's annotated 'FTB', has acted already, is now obsolete and should be ignored.
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  • #103,963
  • Nov 3, 2011 3:09pm Nov 3, 2011 3:09pm
IBFX dont have this pair..
so i would be watching...
though @ swing high but looks a good BUOB..
nice shape,CA 1250BRN,great PPZ,space to move up..
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  • #103,964
  • Nov 3, 2011 3:18pm Nov 3, 2011 3:18pm
Quoting AvanishDemo
IBFX dont have this pair..
so i would be watching...
though @ swing high but looks a good BUOB..
nice shape,CA 1250BRN,great PPZ,space to move up..

All the ***/jpy & ***/usd pairs are heavily correlated with this S&P 500 stock index hence we have buobs all over the place today . Personally i would stretch this resistance into the wider zone and would be very carefull with buying a break of this buob. Just my 2c
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  • #103,965
  • Nov 3, 2011 3:23pm Nov 3, 2011 3:23pm
Quoting gungriffin
Glad to hear an update on all of this. I was wondering how it all played out. Will be interesting to see exactly what happens.

On a sidenote I am a strong believer in Mikes philosophy about pin and outside bar closes. He wants to see a buy close above the open and vice versa for a sell. This has saved me from many bad trades.

Ryan
Thank you, really appreciate it!

So, if you have a good location, say a pinbar on a swing high (or low), if pinbar close is above the open (or pinbar close is below the open), this is a warning to avoid the trade?

Thank you for the tip

In the end I didnt took this demo trade. I made a pending order, but then i thought about it and cancelled. It was a trade I was going to have to be on the computer all the time, It just didnt felt right to just pull the trigger and go to bed hoping my target got hit. And watching what happened next, there was a PA in the lower timeframe (1 hour i think) signaling to get out with a small profit, but i knew i needed to be in the computer to watch this kind of signs to get out of the trade sooner.

I know im only in demo, but my goal is to start trading live in three months from now (just like everyone recommends), with a good profit/loss ratio (not a 90%-95% like Jim, Mike, Jarroo, Pin, yourself), my goal is 60%-70%.

This is my 3rd attempt.

The first one, of course, I blew 75% of a small real account. And my conclusion was: this is not easy thing nor a blind bet nor gut feeling (after 25% gone), this is not oscillators, indicators and so on (after another 50% gone). I have to study.

Second one was a long search for the holy grail. Testing, testing, testing, MetaTrader was my closest friend, and my biggest challenge. Even artificial intelligence using excel. Testing timeframes, combinations of different indicators mixed with the AI. Even PA mixed with AI, but man, whats in your brain is not in a machine. AI is smart if you know what and how to teach it, but what can you teach if you dont know it yourself?

So, in the end, this is my third attempt, the real holy grail, PA alone, nothing more, nothing less. Some obvious trendlines, some patterns everyone of us have studied a lot. It seems that finally, (at least i think or feel), SOME clouds are SLOWLY going away.

Maybe in the future I can teach an AI system how to trade, but right now, no way.

And what keeps me trying (besides this thread), was a comment from a gann trading methodology trader that wrote in a forum someday that he was selling a currency at a superior level, and was taking profit at a lower level. And price went up at the level he predicted almost to the pip, and then went down to the level he took profit almost to the pip too.

So, it can be done, just like the guys in this forum.

Well, now that i wrote all that story, i dont know why, maybe its just a catharsis, but well, hope didnt bored anyone, lol

Hector
  • #103,966
  • Nov 3, 2011 3:26pm Nov 3, 2011 3:26pm
Quoting decentchap
I like the buob on the cable...limit buy at 1.6. Fta 1.61 sorry no chart as on mobile
1.61 might be to much for FTA imo. If you are going to enter @ 1.6 then 1.6040 will provide first strong line of resistance.
  • #103,967
  • Edited 4:24pm Nov 3, 2011 3:36pm | Edited 4:24pm
Well, I've been lurking for quite a while, but I think I'm starting to get a hang of all this. I've been studying Forex off and on for almost a year, and this thread is a goldmine!

So, based upon what I've learned, this is what I see in the EUR/AUD right now (TF is 1 Day).

I'm a HUGE newb, so if this looks idiotic, please tell me! As you can see I placed an order to go short. This is a demo account of course.
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  • #103,968
  • Nov 3, 2011 3:38pm Nov 3, 2011 3:38pm
Quick question - what are the definitions of HCR and LCS?


Cheers
  • #103,969
  • Nov 3, 2011 3:40pm Nov 3, 2011 3:40pm
Quoting Greenhaze
1.61 might be to much for FTA imo. If you are going to enter @ 1.6 then 1.6040 will provide first strong line of resistance.
Too right. I was actually wanting it to close above 1.604
I have put in a put a buy stop at 1.605
Also put in a buy stop on aus usd 1.0460 fta 1.0500
Trading is a test match not a Twenty20.
  • #103,970
  • Nov 3, 2011 4:09pm Nov 3, 2011 4:09pm
Quoting Blackout
Well, I've been lurking for quite a while, but I think I'm starting to get a hang of all this. I've been studying Forex off and on for almost a year, and this thread is a goldmine!

So, based upon what I've learned, this is what I see in the EUR/AUD right now (TF is 1 Day).

I'm a HUGE newb, so if this looks idiotic, please tell me! As you can see I place an order to go short. This is a demo account of course.
Hey blackout, that's not a pinbar, it's more of a doji. Check out the pinbars marked by the veteran members and you will see the diff!
  • #103,971
  • Nov 3, 2011 4:28pm Nov 3, 2011 4:28pm
Quoting optimuss
Quick question - what are the definitions of HCR and LCS?


Cheers
I'm new here. But I have figured out that HCR = highest close of resistance
LCS = Lowest close of support

These terms often refer to the same resistance/support line as price breaks through and flips to the opposite effect.
  • #103,972
  • Nov 3, 2011 5:06pm Nov 3, 2011 5:06pm
Quoting optimuss
Quick question - what are the definitions of HCR and LCS?


Cheers
Hi Optimuss

Check out the links in Pinbar's signature, they tie everything together really well.

And post #1. Good luck!

Cath
  • #103,973
  • Nov 3, 2011 5:15pm Nov 3, 2011 5:15pm
Quoting 5.25
Hi Jarroo,

I may be looking into this too much, but this could have been the 4th potential profitable entry this week on Gold alone!

I understand that this thread is really meant to be about teaching the basics but I'm curious to run this by you as I find it intriguing.

Effectively, price breaks through the daily lowest close of support, closes above on the hourly, the level holds for a potential entry. 15min PB doesn't look too bad for 'confirmation' either. As you said, this is a GOOD swing low level. These levels are what we are looking...
Hi 5.25,

I didnt take these trades but i had these lines drawn last weekend and see how price tried to break-through- couldn't. we then have a retest with a PA bar confirmation(well gj wasnt technically a pb but still.. )...
I am loving this method..
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Trading is a test match not a Twenty20.
  • #103,974
  • Nov 3, 2011 5:34pm Nov 3, 2011 5:34pm
Quoting mtc235
I'm new here. But I have figured out that HCR = highest close of resistance
LCS = Lowest close of support

These terms often refer to the same resistance/support line as price breaks through and flips to the opposite effect.
Man I love it how you new folks(at least to posting like you caths etc) come here and already are helping new people. That's the summary of what this thread is all about

Just had to say it , cause it makes me happy

Thanks
Mike
  • #103,975
  • Nov 3, 2011 5:38pm Nov 3, 2011 5:38pm
Quoting Blackout
Well, I've been lurking for quite a while, but I think I'm starting to get a hang of all this. I've been studying Forex off and on for almost a year, and this thread is a goldmine!

So, based upon what I've learned, this is what I see in the EUR/AUD right now (TF is 1 Day).

I'm a HUGE newb, so if this looks idiotic, please tell me! As you can see I placed an order to go short. This is a demo account of course.
Hey B

Welcome!, as Bidic said that is a neutral bar

Here is just a quick chart . I marked some pinbars and some neutral bars so you could see



Best
Mike
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  • #103,976
  • Nov 3, 2011 5:48pm Nov 3, 2011 5:48pm
EG is looking like we may see some bearish PA in the not too distant future.
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  • #103,977
  • Nov 3, 2011 5:56pm Nov 3, 2011 5:56pm
Quoting mbqb11
Hey B

Welcome!, as Bidic said that is a neutral bar

Here is just a quick chart . I marked some pinbars and some neutral bars so you could see

Best
Mike
Awesome, thanks so much! Learning the differences of all these patterns is gonna take some time, haha.

So, just to make sure I got it, this is a pin bar, correct?
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  • #103,978
  • Nov 3, 2011 6:50pm Nov 3, 2011 6:50pm
Quoting mbqb11
Hey Rust

Welcome to the thread bud

I actually did like this one and played it myself. I think the pullback area of the 1.0500 BRN and former channel was a great area to watch for a bounce. Now this pin is only valid if we are looking at it from a breakout and pullback of a pattern standpoint. If we just view it as a pin then it would be incorrect in location(at a swing high). Price broke and since we were trading into a former swing it corrected fast. I cut out below the previous bars low(or left eye). I do this often to minimize losses....
Mike,
Can u share why u decided to cut your losses early for this trade? Was it becos its not a grade A setup as PB not at swing low? Or was it becos its trading into a former swing as u mentioned above? THanks
  • #103,979
  • Nov 3, 2011 6:54pm Nov 3, 2011 6:54pm
Hi all,
I saw some of u using FTB, may I know what it stands for?

How do some of u get 2 day bar on your charts? Is there an option for u to do that? I'm using MT4 and it only has the standard 1, 15, 30min, 1hr, 4hr, 1D, 1W and 1M options.
  • #103,980
  • Nov 3, 2011 6:56pm Nov 3, 2011 6:56pm
Quoting Blackout
Awesome, thanks so much! Learning the differences of all these patterns is gonna take some time, haha.

So, just to make sure I got it, this is a pin bar, correct?
Just helping out....Yes this is a Pin Bar. Pls correct me if I'm wrong guys
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