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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

  • #105,361
  • Dec 22, 2011 8:40am Dec 22, 2011 8:40am
CAD/CHF Almost a daily triple top.
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  • #105,362
  • Dec 22, 2011 9:00am Dec 22, 2011 9:00am
Quoting Fx7877
Mike, thks for your reply. Pls see my comments in blue.

"It's a so-so area for me because we would be trading right back to the last selling point which is also a round number. The bar also didn't close very strong, add in the holidays and it quickly loses quality for me. " Mike, this is referring to USDCHF? Abit confused here cos don't see any selling point nearby

"It's a pretty good bar, but you really nailed the location down. It's a winding up sideways market so we need to respect and expect that to continue and...

Sorry FX. The first paragraph was in regards to your first chart on the USD/CHF and the second paragraph in regards to your second chart on aud/usd

Best
Mike
  • #105,363
  • Dec 22, 2011 9:24am Dec 22, 2011 9:24am
Quoting supremeChaos

Hello trc,
did u take a 50% retracement of the prior candle, a 'pinbar'?
if so, that is a non-traditional entry. but if it works for u , & u are aware of price action, then keep it up. (it wont hurt if u study the 'basic setups')

to speed up your learning, read post #1, check out the free videos, study all of james16's posts... & include posts of a few seniors too, if u want.
Hi supremeChaos,
I liked videos and I read post by post Some day I will join PF. Although this is my first month demoing J16 method I had some earlier forex "experience" Yes, I lost some money (not much) 5 years ago and from that time I was only demo trading without success - this is changing from day to day thanks to you guys.
Yes, I know this is an agressive entry but I wanted to set minimum SL so I watched the PA at lower tf to make an entry. Here is H4 overview:

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  • #105,364
  • Dec 22, 2011 9:48am Dec 22, 2011 9:48am
one for the watch list for the new years for all
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  • #105,365
  • Dec 22, 2011 9:59am Dec 22, 2011 9:59am
I like trading for 3 things:
- money;
- The development of thinking;
- Understanding of traders each other without words - all the pictures tell;

Yours
Michael.
_______________________________ ""Amat victoria curam""
  • #105,366
  • Dec 22, 2011 10:19am Dec 22, 2011 10:19am
Hi Mike ,

I have been following this thread for the past few months and its been a great learning experience for me.
I have a question....whats the best way to trade the USD/CZK wedge pattern? I see that the price is in downward trend in the weekly chart from 2002 and then there is the wedge formation from 2008.

I see that most of the material in this thread is geared towards PA signals like BUOB, BEOB, PB, I4B. But I don't see that much discussion on how to trade the wedge pattern. May be there is a discussion somewhere on this thread and its possible that I might have missed it.

Can you please help me understand, what to look for in a wedge pattern and how do we identify where price might be going?

Happy Holidays......

Thanks
vyky
  • #105,367
  • Dec 22, 2011 12:44pm Dec 22, 2011 12:44pm
Quoting vyky
Hi Mike ,

I have been following this thread for the past few months and its been a great learning experience for me.
I have a question....whats the best way to trade the USD/CZK wedge pattern? I see that the price is in downward trend in the weekly chart from 2002 and then there is the wedge formation from 2008.

I see that most of the material in this thread is geared towards PA signals like BUOB, BEOB, PB, I4B. But I don't see that much discussion on how to trade the wedge pattern. May be there is a discussion somewhere on this thread...
Hey Vyky
Welcome to the thread

This thread starts of to help new traders begin to be able to read price action. Being able to identify these bars as mentioned above is a very small portion though of the overall thing we are trying to do. The price bars are part of the overall story. The story, the location, the other pieces are just as if not more important depending on the situation. What happens is new traders will simply identify a bar that qualifies as an outside bar, or pinbar and assume that's where to stop. That's just the beginning really.

I put up a chart about how I will be watching the usd/czk

Hope this helps
mike
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  • #105,368
  • Dec 22, 2011 6:03pm Dec 22, 2011 6:03pm
Quoting supremeChaos

Quoting Rust
Seems we're going higher again , but this one is over for me ...
based on PA, im quite sure u'll come out correct, specially when 0.9380 area gives way.
why not demo it, at the least?
Yeah , but I don't think i'm good managing positions that start to go sideways after my entry . I tend to reduce risk more quickly , so in that type of situations I often bail out anyway
Even after I am out, I always continue to closely watch how it will progress . And in the end of the month I evaluate all my positions and refine what could make things better

Thanks for chiming in
  • #105,369
  • Dec 22, 2011 9:09pm Dec 22, 2011 9:09pm
AUD/USD is looking interesting
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  • #105,370
  • Dec 23, 2011 1:02am Dec 23, 2011 1:02am
Hi! What about these trades??
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  • #105,371
  • Dec 23, 2011 5:28am Dec 23, 2011 5:28am
Quoting makron
Hi! What about these trades??

Not worth taking much of a look at.
Small bar compared to the previous bullish bar and it is sitting right on top of a PPZ. The H4 TF shows the PPZ more clearly.
That combined with low volume of the holls, makes it not even worth a demo trade.
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  • #105,372
  • Dec 23, 2011 9:20am Dec 23, 2011 9:20am
Quoting master_profi
EURGBP buy - GBPUSD-sell pin (day) ?
See PA

Waiting.
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_______________________________ ""Amat victoria curam""
  • #105,373
  • Edited 9:35am Dec 23, 2011 9:22am | Edited 9:35am
I'll be watching Euro pretty closely for rest of year and into next year. Weekly candles look to have formed a H-N-S with neckline around 1.3000-1.2900. If this area is broken, could be signaling a significant drop.
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  • #105,374
  • Dec 23, 2011 11:00am Dec 23, 2011 11:00am
I am not sure abt others but i dont get access to EPZ1 and YMZ1 charts any more on FxPro...anyone facing the same prob?

Unill few days back the feeds were working fine for Dow and S&P.I use it to check for co-relational stuffs.
  • #105,375
  • Dec 23, 2011 11:23am Dec 23, 2011 11:23am
Quoting AvanishDemo
I am not sure abt others but i dont get access to EPZ1 and YMZ1 charts any more on FxPro...anyone facing the same prob?

Unill few days back the feeds were working fine for Dow and S&P.I use it to check for co-relational stuffs.
Hey AV

Make sure to open the market watch then right click and show all so you get the updated contracts

Best
Mike
  • #105,376
  • Dec 23, 2011 11:27am Dec 23, 2011 11:27am
Quote
Hey Vyky
Welcome to the thread

This thread starts of to help new traders begin to be able to read price action. Being able to identify these bars as mentioned above is a very small portion though of the overall thing we are trying to do. The price bars are part of the overall story. The story, the location, the other pieces are just as if not more important depending on the situation. What happens is new traders will simply identify a bar that qualifies as an outside bar, or pinbar and assume that's where to stop. That's just the beginning really....


Hi Mike,

Thanks for the chart and the explantion provided. Now I understand, what to look for when a wedge pattern emerges.

I appreciate your help.

Thanks
vyky
  • #105,377
  • Dec 23, 2011 11:32am Dec 23, 2011 11:32am
Merry X-Mas to everybody and your family !!!

Mike, I have a personal question, hope you do not mind. How many trades have you taken in 2011 so far ? And how many did you lose? I am asking just because i am curious. No offense intended. I wish you a great X-Mas and a fabulous 2012.

Regards,
Joes
  • #105,378
  • Dec 23, 2011 11:42am Dec 23, 2011 11:42am
and triggered...

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guys, i really wish you a happy happy christmas time.... lovely holidays and an awesome dinner on the 24th....

take care ! , see you in 2012.

Regards,
Jonas
Hero calls followed by margin calls...
  • #105,379
  • Dec 23, 2011 12:37pm Dec 23, 2011 12:37pm
Quoting mbqb11
Hey AV

Make sure to open the market watch then right click and show all so you get the updated contracts

Best
Mike
nope.i even tried re-installing the setup..
there are other future pairs like #CLF2,#EXH2,#EPH2 etc etc. but not EPZ1 and YMZ1..
dont know whats the problem.
  • #105,380
  • Dec 23, 2011 2:35pm Dec 23, 2011 2:35pm
Quoting AvanishDemo
nope.i even tried re-installing the setup..
there are other future pairs like #CLF2,#EXH2,#EPH2 etc etc. but not EPZ1 and YMZ1..
dont know whats the problem.
hey Sir Avanish,
those are futures contracts, so the charts expire too.
the next contracts, & charts u can look at are YMH2 & EPH2
Z = December; 1 = 2011
H = March; 2 = 2012

since u are using FXPro, u can regularly check this too
http://www.fxpro.com/trading/conditions/futures

btw, belated happy birthday bro!
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