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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

  • #104,661
  • Nov 22, 2011 9:16am Nov 22, 2011 9:16am
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major supply level combined with possible channel correction ( to form a another higher low around 2.0000) + BRN 2.1000 + MACD Divergence + RSX overbought mode.

no clear sign of reverse so far, staying patient

Comments/ heads-up appreciated
Hero calls followed by margin calls...
  • #104,662
  • Nov 22, 2011 9:36am Nov 22, 2011 9:36am
Quoting PhAnTi'
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major supply level combined with possible channel correction ( to form a another higher low around 2.0000) + BRN 2.1000 + MACD Divergence + RSX overbought mode.

no clear sign of reverse so far, staying patient

Comments/ heads-up appreciated
10 pips to 2.1000 , then im a seller
Hero calls followed by margin calls...
  • #104,663
  • Nov 22, 2011 10:51am Nov 22, 2011 10:51am
Anyone watching the pinbar forming on the EUR/GBP?

Looking like it's coming down off a nice PPZ too. Any thoughts/advice on this one?

Regards,

LT
  • #104,664
  • Nov 22, 2011 11:17am Nov 22, 2011 11:17am
LT ,
I saw it , and location may be nice , considering the breakout of the weekly channel . But first , let's wait till it close . For now the shape is far not good for me . Particular case I want see the close below the open .
Besides , on daily you can clearly see in what consolidation you fall right after the break .

If if forms as a weekly outside bearish bar , I think it will be better
Just my opinion .
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  • #104,665
  • Nov 22, 2011 3:58pm Nov 22, 2011 3:58pm
Quoting PhAnTi'
10 pips to 2.1000 , then im a seller
Nice one
But higher low around 2.0000 may be tricky.
For those who were late, possible D1 pin play.
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W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #104,666
  • Nov 22, 2011 4:13pm Nov 22, 2011 4:13pm
Quoting 5.25
Here's one that beat me...

GBPAUD D1 LCS TT. I ignored a very valid LCS PPZ. A good lesson in humility
I think that circled bars have something with it also

BTW this pin week ago looks great... can we just turn back time?
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W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #104,667
  • Nov 22, 2011 4:32pm Nov 22, 2011 4:32pm
Quoting kruger
Nice one
But higher low around 2.0000 may be tricky.
For those who were late, possible D1 pin play.
ok it's 1000 pips, but would be textbook though,

lets c
Hero calls followed by margin calls...
  • #104,668
  • Nov 22, 2011 4:36pm Nov 22, 2011 4:36pm
Quoting mbqb11
Hey 16

FTA = First trouble area, and BRN = Big round number

here is a good list of some of the acronyms we use(its a different language in itself lol)
....................
Hope that helps
Mike
Hi Mike,
Thanks a lot for your kind reply. It helped me a lot. Thanks so much I hope that your friend who had an unfortunate accident gets well soon. I wish him my very best.
Kind regards
16
  • #104,669
  • Edited 5:35pm Nov 22, 2011 5:23pm | Edited 5:35pm
Quoting kruger
I think that circled bars have something with it also

BTW this pin week ago looks great... can we just turn back time?
Hej Kruger

Thanks for the input but I'm not sure if that is entirely valid in terms of this exercise I've been following. I'm looking at the bar close for pip perfect entry

Maybe the attached chart will help demonstrate this

1) Lowest close of support 'A' at 1.5766 meant an entry long at 1.5766 'Entry A'
2) Lowest close of support 'B' at 1.5839 meant an entry long at 1.5839 'Entry B'

This is based on the assumption that when price breaks through this level, resistance will subsequently switch to support (which all of them did, and to the pip!)

Edit: No need to revert time, history will repeat itself...
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  • #104,670
  • Nov 22, 2011 5:55pm Nov 22, 2011 5:55pm
Quoting 5.25
Hej Kruger

Thanks for the input but I'm not sure if that is entirely valid in terms of this exercise I've been following. I'm looking at the bar close for pip perfect entry

Maybe the attached chart will help demonstrate this

1) Lowest close of support 'A' at 1.5766 meant an entry long at 1.5766 'Entry A'
2) Lowest close of support 'B' at 1.5839 meant an entry long at 1.5839 'Entry B'

This is based on the assumption that when price breaks through this level, resistance will subsequently switch to support...

hi 5.25,

appreciate your posts. are you long usdcad at 1.03001?
whats your average drawdown (pips) on these trades?

regards,
david.
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  • #104,671
  • Nov 22, 2011 5:56pm Nov 22, 2011 5:56pm
Yeah, too small a PB and not high enough up.

This is what I wanted. LOL
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  • #104,672
  • Nov 22, 2011 6:29pm Nov 22, 2011 6:29pm
Hi all- This is my 1st attempt to post a chart - so apologies in advance if it does not post properly, i (am attempting to ) attach the 4 hr chart on this pair - i believe it is clearly established on the forum by various members that 2.10 is indeed an interesting level -a) fib retrace , b) MACD divergence,c) PPZ, d) S/R, e) BRN , F)Top of TL/Channel , G)RSX overbought ETC,,,,
The attached 4 hour chart (if you can open it )highlights a 2 bar combo pin bar based on the platform i use using a combination of the 2 PM and 6PM bars , The trigger is as such short below the lowest of those two bars - for me that is 2.0871-the 2 bars when combined is a clear Pin bar - Personally i am only demoing this as instructed by Jim initially for the three months as i learn - this (after 4 days or so) is my 1st trade ,i dont expect to see more than 2 or 3 trades per week at most on average if i can remain selective and picky which appears to be the secret to a high hot rate ,, Can every one see this attached chart and if so - am i correct in my assumptions,I d appreciate any feedback, if any one is trading with real money - Good luck with it - It looks good to me ,

B
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  • #104,673
  • Edited 6:55pm Nov 22, 2011 6:38pm | Edited 6:55pm
Quoting trader_dscha
hi 5.25,

appreciate your posts. are you long usdcad at 1.03001?
whats your average drawdown (pips) on these trades?

regards,
david.
Hi David

I've only picked one trade to follow during the course of my professional working day, I've been real busy of late (Not trading related).

Just looking at my charts, probably won't be trading anything tomorrow as I'm too tired to rationalise/plan anything, but I do like your usdcad.

I'm not long on this as it's a break out trade, I've been trading the retest of a level of late. 1.02956 and 1.02909 takes my interest at first glance, although it's been REAL choppy of late. Lines up quite nicely on the hourly though.

As for drawdown... has hardly happened, can't give it a measurement of pips. As of last week since I've kept a detailed diary I've made x1 loss out of the last x7 trades (I chose to only follow/make one trade per day). That loss was just under 30pips (posted a few posts previous), the gain was substantially more, the lowest winner was 1:1 R:R so that alone covered my loss.

Crude shook me up today when the bounce on the retest was slow. The draw down to eventual profits was about 1:4 (including spread). Sorry I can't give you more info, I'm tired and using a difference broker than I'm used to.

Hope this helps, T

Edit: I'm no expert, just finding my way and learning the material
  • #104,674
  • Nov 22, 2011 6:51pm Nov 22, 2011 6:51pm
Quoting trader_dscha
hi 5.25,

appreciate your posts. are you long usdcad at 1.03001?
whats your average drawdown (pips) on these trades?

regards,
david.
I bought a new high on this one. I have been hawking this pair for so long. Broke out nice, but I am holding patient with most of my risk off the table. I bought a break of 1.030 also. I put my stop progression with the price tags. It's tempting to lock in again but I am going to wait


best
mike
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  • #104,675
  • Nov 22, 2011 8:15pm Nov 22, 2011 8:15pm
Quoting mbqb11
I bought a new high on this one. I have been hawking this pair for so long. Broke out nice, but I am holding patient with most of my risk off the table. I bought a break of 1.030 also. I put my stop progression with the price tags. It's tempting to lock in again but I am going to wait


best
mike
Hi Mike
Can u share why u decided to trade this on a breakout instead of waiting for the pullback to support after the breakout? Thks
  • #104,676
  • Nov 22, 2011 8:52pm Nov 22, 2011 8:52pm
Quoting Fx7877
Hi Mike
Can u share why u decided to trade this on a breakout instead of waiting for the pullback to support after the breakout? Thks
Hey FX

This is not the cleanest example, especially for this thread where I try to keep things as obvious as possible. This was a bit different for even me too with that said. I used basically a 20hr bar before the breakout. The pattern was so strong (as I spoke about previously in this thread with a few people) that I just was looking for any decent reason in. Buying a new high above the rn of 1.0300 with the combined bar which was basically buob type bar was my way in. I trade both breakout and pullbacks but as well what I call pre-emptive breakouts. Which is in the most basic form a TIP off before the breakout. This could be a BUOB pushing up on your breakout pattern, or a BUOB closing outside your breakout pattern, or other price bar setups just prior to that "breakout" occurs.

Looks like we did get another push higher so I am gonna lock in a good amount of profit here under that last minor swing low. Holidays coming might as well

Hope that helps, but I would ignore this entire trade/post for now

Mike
  • #104,677
  • Nov 22, 2011 9:17pm Nov 22, 2011 9:17pm
Quoting jarroo
Great post Hector . .wow . .nice . I had a big smile when I read this . .

There are some earlier posts of mine in this thread that I talk about this more . .don't ask me where they are . .in here.. lol

We look for strong levels of Support and Resistance at Swing Highs/Lows and the Tops and Bottoms of strong Consolidation areas . .these levels have HCR/LCS levels and than apply PBT&CAor B. Strong PPZ levels are looked at as well . .they are usually built by the above.

We look at these stronger levels because that have a higher probability...
Hello Jim, sorry for late reply, had connection issues

I cant tell who had the bigger smile, yours or mine when I read your reply!!!, lol. Your confirmation, and Mikes, and all the esperts in this thread are really appreciated. Means a lot!!!.

I had to admit I was looking for a big bar in the middle of the chart, that broke previous levels. But the number of bars I found with this level acting as support/resistance was a big surprise. This levels really works, over and over.

Previously, I was using levels "in traffic" (not HCR - LCS, not support - ressistance of consolidation areas), for TT touch trades, and of course, all of those 2-3 trades were losers. I was thinking about using PA as confirmation, but knew something was wrong with the levels. Now I know what it was.

I love the TT because of that tight SL that can be used. For instance, in the GBP JPY trade @ 1,5500 I missed (still dont know why), the amount of confluences was huge (i think), it was good for a TT. Now it is close to +500 pips (i surely had closed it long time ago, but anyway lol), and it had a tiny drawback of 3-5 pips.

Next time i will setup an alarm.

Best wishes

Hector
  • #104,678
  • Nov 22, 2011 9:19pm Nov 22, 2011 9:19pm
Quoting mbqb11
Hey FX

This is not the cleanest example, especially for this thread where I try to keep things as obvious as possible. This was a bit different for even me too with that said. I used basically a 20hr bar before the breakout. The pattern was so strong (as I spoke about previously in this thread with a few people) that I just was looking for any decent reason in. Buying a new high above the rn of 1.0300 with the combined bar which was basically buob type bar was my way in. I trade both breakout and pullbacks but as well what I call pre-emptive...
Hey Mike,
Thanks for explaining. No posts of yours goes ignored Always something to learn out of it, though I know this could be abit more complex.

You bought on the break of the BUOB? (as indicated with arrow in this chart). Looking like this pair has more legs to run
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  • #104,679
  • Nov 22, 2011 9:22pm Nov 22, 2011 9:22pm
Quoting mbqb11
hey Pin

This is working out great. All my trade are not this great. I wish It's always important to note I am just doing what you guys are. Wins and losses, I just have found what works for me more then doesn't.

This minor flip to me is important but you said it best. I have an overall bigger belief in my targets towards parity. What's important to note is that I am flexible. So right now I am at breakeven, but that doesn't mean I won't ending up locking in more profit. In fact initially based on the weekly my stop would be under...
Wow, what a great trade!!!, all your trades should be like that!!!, you really deserve it for helping people and of course, because of your hard work!!! youre the man!!!

Best wishes

Hector
  • #104,680
  • Nov 22, 2011 9:31pm Nov 22, 2011 9:31pm
Hey Jarroo,
I finally did my 1st TT! On demo only But I think I didn't manage it too well as I let slip too much profits and ended up closing the trade with only small profit.

Dotted line is the PPZ - Pin low, HCR and a gap up opening in Aug.

2 solid red lines in the lower TF were my target & SL. The trade went very well quickly, and I adjusted my SL to 50% of the move down and was stopped out with small profit, which was a good thing in a sense as the trade went back up and never looked back. It never hit my target.

Pls comment on how I could have managed the trade better. Was there something I missed out on this setup which explains why it didn't hit my target?
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