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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

  • #114,781
  • Jul 30, 2012 7:30am Jul 30, 2012 7:30am
Quoting bullzeye
AUD/CAD

the trend continues,third touch of the TL , SL to BE

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AUD/CAD

second buy order triggered, huge up move. This weekly pin gone with the trend, not exactly like james teaching, more likely Nial Fuller

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  • #114,782
  • Jul 30, 2012 8:11am Jul 30, 2012 8:11am
Quoting nuclear62
My time available for trading dramatically drops when i starts my studies. Daily and weekly trading is just awesome but my problem is that i have only 19 fx pairs and my style is quite picky. So now i´m worrying do i have any chance trading daily and weekly, with 19 pairs and make any good profit..

Any ideas guys? Changing a game plan (I´m trading PB, BUOB/BEOB mainly), changing a broker, continue by taking very few entries but somehow trying to practice my exits so i could just catch the biggest moves?

Damn i´ve got so nice broker, not easily...
Hey Nuc

Why are you limiting yourself to just 19 pairs? Most brokers offer a lot more then that these days. You might want to consider looking into other markets as well, futures, equities etc. That would be where I would start

Best
Mike
  • #114,783
  • Jul 30, 2012 8:15am Jul 30, 2012 8:15am
Hey guys, this is my first post. I'm starting to trade this method with a very small live account. How does this EURGBP 1hr pin look to you?

Thanks, Freeze
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  • #114,784
  • Jul 30, 2012 8:17am Jul 30, 2012 8:17am
Quoting bullzeye
GOLD on my WL

we have a very strong support zone on weekly, but this one could not hold forever...i will watch this closely for a possible breakdown

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GOLD

weekly support seems very strong, but we still in a downtrend. If we get out of the consolidation box the movements could be very huge

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  • #114,785
  • Jul 30, 2012 8:45am Jul 30, 2012 8:45am
Quoting mbqb11
Hey Nuc

Why are you limiting yourself to just 19 pairs? Most brokers offer a lot more then that these days. You might want to consider looking into other markets as well, futures, equities etc. That would be where I would start

Best
Mike
Thanks Mike, again! My broker really doesn´t offer more than that.. Well plus gold.. So i think i´m looking for new broker
  • #114,786
  • Jul 30, 2012 8:51am Jul 30, 2012 8:51am
Quoting nuclear62
Thanks Mike, again! My broker really doesn´t offer more than that.. Well plus gold.. So i think i´m looking for new broker
Yep, if your supermarket didn't offer the foods you wanted, would you go to a different supermarket

I use multiple brokers cause they all have goods/bads


Best
Mike
  • #114,787
  • Jul 30, 2012 9:20am Jul 30, 2012 9:20am
Back from a 3 week trip to Japan.
Damn it was hot.

Gold is looking like it may be about to breakout.
Interested in hearing Mike or Jarroo's opinion of this area we are that is getting tested for the 4th time.
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  • #114,788
  • Jul 30, 2012 10:13am Jul 30, 2012 10:13am
Quoting Pinbar
Back from a 3 week trip to Japan.
Damn it was hot.

Gold is looking like it may be about to breakout.
Interested in hearing Mike or Jarroo's opinion of this area we are that is getting tested for the 4th time.
Hey Steve

We may have even got that breakout already too. We had this tight wedge compaction. But I also agree about your boxes and price still hasn't got above the current box. Interestingly the weekly is a BUOB out of the smaller wedge too. 1600 has to maintain and hold for it to be valid

Hope all is well
Mike
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  • #114,789
  • Jul 30, 2012 10:27am Jul 30, 2012 10:27am
Yeah, I thought you would be looking at the wedge.

Thanks for the input Mike.

Yeah, all is well apart from the cost of beer in Japan. Almost $6.00 for a 500ML glass of beer. In the 35C temps & 80% humidity, you don't worry about the cost too much. LOL

Thanks again Mike
  • #114,790
  • Edited 11:08am Jul 30, 2012 10:35am | Edited 11:08am
Hey guys, first chart post here.. I've been doing a lot of reading, and I think I am mostly caught up with what is going on, although there seems to be an endless amount of info to go through.

The chart I am looking at is for google. The PB didn't form perfectly, but I'm a little less concerned with that because the setup seems to be pretty solid to me for a few reasons:

1. Not a whole lot of traffic surrounding the pin.
2. It has a decent amount of space until the next solid PPZ I see which is the black line.
3. It also stuck out at me right away as an obvious turning point for a short.

EDIT: I am also watching a lot of currencies and stocks, but this is the only setup that popped right out at me
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  • #114,791
  • Jul 30, 2012 11:48am Jul 30, 2012 11:48am
USD/CAD

thats my view of this pair...nice trend channel, will add another position of retest of the previous resistance

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  • #114,792
  • Jul 30, 2012 11:52am Jul 30, 2012 11:52am
Quoting freeze
Hey guys, this is my first post. I'm starting to trade this method with a very small live account. How does this EURGBP 1hr pin look to you?

Thanks, Freeze
please read the first post again and follow the path of james ...start with a demo account first...otherwise you can transfer your money to your broker directly
  • #114,793
  • Jul 30, 2012 12:01pm Jul 30, 2012 12:01pm
Quoting deltaskelta
Hey guys, first chart post here.. I've been doing a lot of reading, and I think I am mostly caught up with what is going on, although there seems to be an endless amount of info to go through.

The chart I am looking at is for google. The PB didn't form perfectly, but I'm a little less concerned with that because the setup seems to be pretty solid to me for a few reasons:

1. Not a whole lot of traffic surrounding the pin.
2. It has a decent amount of space until the next solid PPZ I see which is the black line.
3. It also stuck out at me...
Hey Delta what timeframe is that?

Doesn't look the same as my goog chart. One thing is too zoom your chart out a bit. Gives better perspective of bar sizes to previous bars. While we looking like we are bouncing here, I would be cautious with the larger bullish move. That pin if the top area doesn't hold(where your line is) is likely to move back up higher.

I watch a lot of stocks too nothing wrong with that. Best to start on daily/weekly with everything while building strong foundation from PA

Glad to see you posting
Mike
  • #114,794
  • Jul 30, 2012 12:31pm Jul 30, 2012 12:31pm
Hey, Mike. I wonder do u consider a possible break above 0.81 would be a good setup out off consolidation area.
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If not up, then down, otherwise sideways :-)
  • #114,795
  • Jul 30, 2012 12:52pm Jul 30, 2012 12:52pm
Quoting mbqb11
Hey Delta what timeframe is that?

Doesn't look the same as my goog chart. One thing is too zoom your chart out a bit. Gives better perspective of bar sizes to previous bars. While we looking like we are bouncing here, I would be cautious with the larger bullish move. That pin if the top area doesn't hold(where your line is) is likely to move back up higher.

I watch a lot of stocks too nothing wrong with that. Best to start on daily/weekly with everything while building strong foundation from PA

Glad to see you posting
Mike
The chart is actually an hourly (forgive me for I have sinned), but I just wanted to test my knowledge of PA and identifying a good setup. Just wanted a little input from some vets:

1. What grade of setup would you rate this and why?
2. What could make it better?
  • #114,796
  • Jul 30, 2012 12:59pm Jul 30, 2012 12:59pm
Quoting deltaskelta
The chart is actually an hourly (forgive me for I have sinned), but I just wanted to test my knowledge of PA and identifying a good setup. Just wanted a little input from some vets:

1. What grade of setup would you rate this and why?
2. What could make it better?
Stocks can be VERY VERY VERY difficult to trade intraday. I wouldn't even look at an hourly stock chart myself. Please be very careful stick to the daily/weekly demo while learning. It will be a much easier road in my view and many others.

My hourly bar did not close as strong as yours. In fact not even as a pinbar on my feed(the close wasn't within the previous bar). On yours it was. My issue is still the overall huge uptrend vs one small reversal bar. These often give pips if we get our stops to b/e quick enough. That's crucial on these smaller bars fighting trends.

The next thing you want to do is identify pinbars and other PA in conjunction with confluence. That will be the TRUE power.

But please please if you listen to nothing else I say lol, demo and daily/weekly to start. Most don't listen to that advice. It's free advice! I wish I did that ten years ago.

Take care and keep posting!
Mike
  • #114,797
  • Jul 30, 2012 1:01pm Jul 30, 2012 1:01pm
Quoting Magestic
Hey, Mike. I wonder do u consider a possible break above 0.81 would be a good setup out off consolidation area.
Hey Magestic

For me we are stuck b/w two boxes. If price can maintain above that 8100 and current box it's likely to hold and move into the next. I call this more a PPZ then a breakout. For me breakouts are off more strict symmetrical patterns, where this is boxing concept/PPZ.

It's not really wrong but makes it trickier to trade. I wouldn't be buying here though. I'll likely watch the 8000 BRN if we pullback to this area.

Best
Mike
  • #114,798
  • Jul 30, 2012 1:17pm Jul 30, 2012 1:17pm
Quoting mbqb11
Stocks can be VERY VERY VERY difficult to trade intraday. I wouldn't even look at an hourly stock chart myself. Please be very careful stick to the daily/weekly demo while learning. It will be a much easier road in my view and many others.

My hourly bar did not close as strong as yours. In fact not even as a pinbar on my feed(the close wasn't within the previous bar). On yours it was. My issue is still the overall huge uptrend vs one small reversal bar. These often give pips if we get our stops to b/e quick enough. That's crucial on these...
Yeah, ok I think that answers my question, its just kind of a pin bar at what "looks" like a swing high, but has nothing else going for it.

I'll stick to the dailies from here on and post what I find as I go along...

Thanks for the help and the reply, these things look easy as hell to spot, but it gets a little harder when you have to take all these things into account for yourself without any help.
  • #114,799
  • Jul 30, 2012 1:36pm Jul 30, 2012 1:36pm
aud/usd with a nice opportunity for shorts.
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meine augen sind die sterne
  • #114,800
  • Jul 30, 2012 5:41pm Jul 30, 2012 5:41pm
I didn't take this trade because I was too late, and the PB had already broken before I saw it, but it looked like a decent setup on the AUDNZD for a few reasons:

1. The pin formed by breaking below where I would draw a PPZ, aand then returning to the area above it.
2. The next bar confirmed it and it broke in the expected direction.
3. The PB also rests pretty much right on the 38.2 fib line (not pictured, sorry)
4. The first target area is about 65 pips away, leaving room for at least some profit.

The only bad thing I could think about when looking at this is that it could have some more space to run ideally, but as long as the stop is moved to BE or some profit is taken, it seems to have a pretty high probability of going good, no?

I provided a zoomed out version and a closer up of the pin
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