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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

  • #112,501
  • May 31, 2012 4:25pm May 31, 2012 4:25pm
Quoting Chanya
What are your entries based on ? I cant quite figure it out !!
Chanya,
Go to my prevous posts 112163 (23/5) and 112496 (30/5) and they are explained in detail. Hope this helps.

M
  • #112,502
  • May 31, 2012 4:28pm May 31, 2012 4:28pm
Quoting Chanya
Very nice Buddy , Little advice , Remove the grid from your charts , it would make them alot easier to look at ... Instead , if you prefer , use grid indicator to show round numbers ....
Chanya,
Can you provide more detail on what grid indicator is and how to get it.

M
  • #112,503
  • May 31, 2012 4:48pm May 31, 2012 4:48pm
Quoting millions
My first 2 demo trades have taken off as I would have liked. Views would be appreciated on next steps. Here are my views:-

USDJPY
TP now moved behind the trendline locking in 70 pips profit. Price initially rejected off 77.3 (no surprise with all those bar highs). I see 76 being my ultimate target with this trade (a nice healthy 400 pips). If I can get a close below 77.3 I will move stop just behind that area and lock in more profit. Another option would be to trail the bars or the trendline down- would like some views.

CADJPY
Day 1 done...
Hey Millions,

Great trades.

See my views below on how I would manage these trades.

USDJPY

Price is obviously going to find support at 78.00 with so many bar highs and it now has a lot of traffic to get through to reach your final target of 76.00. Price may now retrace and test 79.00 and I would leave your stop where it is currently knowing that price should struggle to break back above 79.00. Once you get a close below 78.00 I move your stop to just above this area as it should then act as resistance. At worst you are going to walk away with a 70 pip profit.

CADJPY

Todays bar closed below 76.00 which is a minor PPZ and price may struggle to close back above as price seems to have good momentum with 2 consecutive strong bearish bars. Personally I would move my stop to 10 pips above todays bar to allow for the retrace in case it happens. This would also lock in a guaranteed profit. Once price has a stronger close below 76.00 I would move the stop to just above this area to lock in further profit and have my TP @ 75.00.

These are just my own personal views and how I would manage these trades. Other members on this forum may manage these trades differently and it would be interesting to hear others views.

Getting your stop to BE at the FTA is crucial with any trade. James16 always reminds us that BE trades go in the win column and rightly so.

Well done and continued success with your demo trading but you are certainly on the right path.

I hope this helps.

Regards
bud_fox
  • #112,504
  • May 31, 2012 5:04pm May 31, 2012 5:04pm
Price has just bust through

Major PPZ
BRN @ 1.5500
50% Fib Retracement
Ascending TL

I have set a Sell Limit @ 1.5480 which is line with the 50% fib and my SL is @ 1.5515

If Sell limit gets triggered @ 1.5480 I will move my stop to BE @ 1.5400 with my final target @ 1.5250

bud_fox
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  • #112,505
  • May 31, 2012 5:47pm May 31, 2012 5:47pm
Quoting rafstraszek
I believe we'll get daily BUOB before todays closure on audchf...nice ppz + fib + monthly close + small monthly pin...FTA is 0.9500(round, high, 50% fib) lvl, so very close - i'm gonna be very careful...
I got BUOB, but i don't really like closure, and h4 bearish pinbar...i 'm holding myself for now...
  • #112,506
  • May 31, 2012 6:17pm May 31, 2012 6:17pm
Quoting millions
Chanya,
Can you provide more detail on what grid indicator is and how to get it.

M
Here is the grid indicator . It simply plots all the round numbers on the chart automatically when applied . If you have four digit broker , set its value to 100 , or to 1000 if you have five digit broker ... Simple ...
Attached File(s)
File Type: mq4 Grid Builder.mq4   3 KB | 544 downloads
Human
  • #112,507
  • May 31, 2012 8:20pm May 31, 2012 8:20pm
Mike, are you still holding this?
If so, I imagine you are watching this area of parity, very carefully.
Especially with this weekly Divergence kicking in.
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  • #112,508
  • May 31, 2012 8:43pm May 31, 2012 8:43pm
Gold has an interesting Monthly close below the 1564.73 area.
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  • #112,509
  • May 31, 2012 10:50pm May 31, 2012 10:50pm
Quoting jarroo
Well mbarker . .Looks like the CadChf strong Resistance level flipped to Support . .

No PA but a nice Touch trade with a couple pip buffer . .I had the .9373 and it can down to the .9374 . .Bam!! . . The Low of the Day . .

We still may see it come back with some bullish PA . . . . but then again we may not . .

Another Daily Low . .we Jarrooers know why . .
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Indicators show the past. Price Action "Indicates" the future.
  • #112,510
  • May 31, 2012 11:27pm May 31, 2012 11:27pm
Quoting Pinbar
Yes, it even got my attention. LOL

Thanks Jim

EDIT:

I like the WLCS confluencing with the MLCS at 74.41
Absolutely Pinbar . .I like these Weekly LCS levels too (in blue) . .but I like yours better because its on the Monthly and the Weekly TFs. .
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Indicators show the past. Price Action "Indicates" the future.
  • #112,511
  • May 31, 2012 11:47pm May 31, 2012 11:47pm
Quoting jarroo
Absolutely Pinbar . .I like these Weekly LCS levels too (in blue) . .but I like yours better because its on the Monthly and the Weekly TFs. .
Yes Jim, I am also watching that weekly Gap open as a possible trigger.

I realized something, I can now look at the chart with the RN indicator horizontal lines and, use the deep SPs as triggers, and the Rns as targets or SL placement, without it confusing me, like it did before.
I think The trick is, keeping our eye on the swing points. Especially, when they line up with the RNs and multiple higher TFs.


Great stuff Jim.
  • #112,512
  • May 31, 2012 11:58pm May 31, 2012 11:58pm
Quoting Pinbar
Yes Jim, I am also watching that weekly Gap open as a possible trigger.

I realized something, I can now look at the chart with the RN indicator horizontal lines and, use the deep SPs as triggers, and the Rns as targets or SL placement, without it confusing me, like it did before.
I think The trick is, keeping our eye on the swing points. Especially, when they line up with the RNs.


Great stuff Jim.

Quoting Pinbar
Gold has an interesting Monthly close below the 1564.73 area.
I like your eye on the Gold Weekly/Monthly levels. If we get a Weekly Close below this level it could be a strong indication of more down movement . .

Notice how that nice size PB on the Daily couldn't go anywhere . . . although it did hit its previous bar Low target (in blue) . .lol

.the Weekly / Monthly level is stopping it in its tracks . .
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Indicators show the past. Price Action "Indicates" the future.
  • #112,513
  • Jun 1, 2012 12:08am Jun 1, 2012 12:08am
Quoting jarroo
I like your eye on the Gold Weekly/Monthly levels. If we get a Weekly Close below this level it could be a strong indication of more down movement . .

Notice how that nice size PB on the Daily couldn't go anywhere . . . although it did hit its previous bar Low target (in blue) . .lol

.the Weekly / Monthly level is stopping it in its tracks . .
How classic was this when Price initially arrived at these Weekly levels on the Daily . .Daily PBT & Closes A and B.
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Indicators show the past. Price Action "Indicates" the future.
  • #112,514
  • Jun 1, 2012 2:51am Jun 1, 2012 2:51am
Quoting haircut
Had my order set for this for a few days and it got filled today.
I took the trade as there is a strong down trend.
The lowest close resistence is 0.9894 means the stop is protected by the round number of 0.9900

In the words of jarroo it was bam and to the pip.
And using the hourly signature as protection against taking a full loss gives me real confidence in these trades.

FTA hit happy days.
Hi Haircut,

Can I ask what the price is that shows on your chart I've got a price of 1600 for gold as the BRN you refer to but yours is .9900???.
  • #112,515
  • Jun 1, 2012 3:07am Jun 1, 2012 3:07am
Quoting stewrigh
Hi Haircut,

Can I ask what the price is that shows on your chart I've got a price of 1600 for gold as the BRN you refer to but yours is .9900???.
I was trading the Australian Dollar not gold mate.

Hair.
  • #112,516
  • Jun 1, 2012 3:34am Jun 1, 2012 3:34am
EUR/AUD

nice rejection after the H4 pinbar, maybe retest of the trendchannel

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  • #112,517
  • Jun 1, 2012 3:42am Jun 1, 2012 3:42am
Doh!!

Saw XAU and thought gold
  • #112,518
  • Jun 1, 2012 4:39am Jun 1, 2012 4:39am
Quoting bullzeye
EUR/AUD

nice rejection after the H4 pinbar, maybe retest of the trendchannel

Attachment


I've been watching EUR/AUD for about a month now with a bearish outlook. - I've gone long now, this pair just dosen't seem to want to drop
  • #112,519
  • Jun 1, 2012 4:46am Jun 1, 2012 4:46am
Does anybody have any info on the work of FXPro demo feed? It doesn't work at all.
  • #112,520
  • Jun 1, 2012 4:54am Jun 1, 2012 4:54am
Hi Mike,

NZDUSD Weekly TF - SHS formation, break out the neck line after 2nd week consolidation PA look like the valid SELL signal to continue going down (long term target base on weekly time frame) NZDUSD Bearish camp ..

What do you think about this Mike?

Thanks you,

Cheers
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