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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

  • #118,581
  • Sep 17, 2012 2:49pm Sep 17, 2012 2:49pm
Hello,

I got two levels and try to find which is better, any comments ???
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  • #118,582
  • Sep 17, 2012 2:59pm Sep 17, 2012 2:59pm
Quoting dan89
Mike, can I get your thoughts on these FX pairs that I scanned, looking for clean PA at swing points. These are the ones that jumped out at me. These charts are end of day. (the S/R lines are done by an indi, I just didnt take it off when taking the screen shots)

Cheers
Dan

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Disregard the last chart
Hey Dan

See this is a great first example of very easy answer for me. None of those pairs are at good swing points. NOW that doesn't mean we can't find and trade bars at different swing points, but bouncing off the last thing about starting simple and easy we can see these are not good swing points. Price is at very minor swing points or even "boxing" in all these pairs meaning then we are trading back into trouble immediately.

Example of good swing point(where James teaches us) vs yours.

I marked off two swing highs and a swing low. Now I am still not even saying any of those are your A+ trades, but they are the locations you should be looking to understand a swing point

Now can you see the difference b/w swings here?

Best
Mike
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  • #118,583
  • Sep 17, 2012 3:01pm Sep 17, 2012 3:01pm
Quoting ritesh_fx
Mike, Jaroo,

Your guidance on this one please .. attached chart.
Hey Ritesh

I don't use Jarroo stuff alone so I'll let him or others jump in

Here is what I was looking at myself.

http://www.forexfactory.com/showthre...01#post6013601

Best
Mike
  • #118,584
  • Sep 17, 2012 3:07pm Sep 17, 2012 3:07pm
Quoting mbqb11
Hey Dan

See this is a great first example of very easy answer for me. None of those pairs are at good swing points. NOW that doesn't mean we can't find and trade bars at different swing points, but bouncing off the last thing about starting simple and easy we can see these are not good swing points. Price is at very minor swing points or even "boxing" in all these pairs meaning then we are trading back into trouble immediately.

Example of good swing point(where James teaches us) vs yours.

I marked off two swing highs and a swing low. Now...
Hi Mike, thanks for the reply. Yeah I understand why the first chart I posted isnt really a good setup looking at it now since its in that consolidation area. But what about EUR/NZD that looks like a nice clean swing point and not in a box ? To me it looks just as good as the first swing in your chart. How do you go about finding a good swing point, what does it look like, what are its characteristics etc
  • #118,585
  • Sep 17, 2012 3:08pm Sep 17, 2012 3:08pm
Quoting Rosa
Hello,

I got two levels and try to find which is better, any comments ???
Is that a 'buy' I see just below that pin bar?
  • #118,586
  • Sep 17, 2012 3:14pm Sep 17, 2012 3:14pm
Hello,

I have got some question about gbp/jpy and hcr level. So take a look at my chart, there was hcr level, then was pbt/ca was retest and second candle close was below this level (hcr), but still didn't took SL. So after this bar we should close our long or wait for SL ?. Even I we would wait, there was SL taken and then go i our direction . But maybe I miss something and this chart and levels are wrong , any comments ??
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  • #118,587
  • Sep 17, 2012 3:17pm Sep 17, 2012 3:17pm
Quoting dan89
Hi Mike, thanks for the reply. Yeah I understand why the first chart I posted isnt really a good setup looking at it now since its in that consolidation area. But what about EUR/NZD that looks like a nice clean swing point and not in a box ? To me it looks just as good as the first swing in your chart. How do you go about finding a good swing point, what does it look like, what are its characteristics etc
Hey Dan

This one is also in a box, as price is trading right back into the last point of selling. It's identical to aud/chf

A good swing point is going to be a point that is away from previous price. This is what people hear refer to as space. The above charts we would say they are in traffic. Again that doesn't mean we can't trade them but if you can't see the difference and trade the clean ones at good swing points then you want to work from the basics.

Have you seen my video on introduction to pinbars as well as traffic vs space. They both touch base on these concepts


Here is a trade that is in HUGE space at a swing low.

We have all kinds of swing points. Major swing points these will be clear as day like my chart. Then you have all kinds of minor swings to more major swings on retracements etc. Your bars are at very very minor swing points which then puts in a box rather then a clear swing.

Best
Mike
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  • #118,588
  • Sep 17, 2012 3:18pm Sep 17, 2012 3:18pm
Hello,

Yes, there is buy, but I first find this upper level and took this long on retest, but now I think, that this lower level is better ..


Quoting C-12
Is that a 'buy' I see just below that pin bar?
  • #118,589
  • Sep 17, 2012 3:25pm Sep 17, 2012 3:25pm
Quoting Rosa
Hello,

Yes, there is buy, but I first find this upper level and took this long on retest, but now I think, that this lower level is better ..
It was just unusual to see a buy under a bearish daily pin on the james16 thread. Would usually expect to see a sell with a stop loss just above the bar.

I see the chart this way. Price has been rejected from an area that originated a huge sell off (supply). There could be a bounce on a retest of HCR resistance but only if there is a demand area (swap level) on a lower timeframe level.
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  • #118,590
  • Sep 17, 2012 4:21pm Sep 17, 2012 4:21pm
Let's see if this PB will run.
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  • #118,591
  • Sep 17, 2012 4:25pm Sep 17, 2012 4:25pm
Quoting dan89
Hi Mike, thanks for the reply. Yeah I understand why the first chart I posted isnt really a good setup looking at it now since its in that consolidation area. But what about EUR/NZD that looks like a nice clean swing point and not in a box ? To me it looks just as good as the first swing in your chart. How do you go about finding a good swing point, what does it look like, what are its characteristics etc
Dan , Mike could tell it if I am right or wrong , but this is a example of a good pin bar according to me ... At deep swing point , Strong close , not a lot of space and nose could have been a little bigger but crazy Divergence , and look at its position that supports it over at the weekly TF ... And I am going to enter it now as a PBT ... If it turns out to be a loss , then so be it ...
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Human
  • #118,592
  • Sep 17, 2012 5:37pm Sep 17, 2012 5:37pm
Quoting mbqb11
Hey Dan

This one is also in a box, as price is trading right back into the last point of selling. It's identical to aud/chf

A good swing point is going to be a point that is away from previous price. This is what people hear refer to as space. The above charts we would say they are in traffic. Again that doesn't mean we can't trade them but if you can't see the difference and trade the clean ones at good swing points then you want to work from the basics.

Have you seen my video on introduction to pinbars as well as traffic vs space. They...
Hey Mike. Thanks for the reply. Yeah ive seen the free videos on traffic v space and pinbars a while back. Recently watched them a few more times. I just didnt think that one bar low (like in that chart) would make it a 'box'.

Anyway Ill have to keep scanning these charts. I tried the S&P 500 yesterday and it was just too much (i dont have a platform that has these stocks, and im not sure how to manage looking at so many pairs)

Im looking at the 47 FX pairs at the end of everyday from now on, so ill see how that goes. In your experience, do you usually find atleast 1 A++ setup on the FX pairs a month or is it very rare to find such a setup ?

Cheers
Dan
  • #118,593
  • Sep 17, 2012 6:13pm Sep 17, 2012 6:13pm
Quoting dan89
Hey Mike. Thanks for the reply. Yeah ive seen the free videos on traffic v space and pinbars a while back. Recently watched them a few more times. I just didnt think that one bar low (like in that chart) would make it a 'box'.

Anyway Ill have to keep scanning these charts. I tried the S&P 500 yesterday and it was just too much (i dont have a platform that has these stocks, and im not sure how to manage looking at so many pairs)

Im looking at the 47 FX pairs at the end of everyday from now on, so ill see how that goes. In your experience,...
Hey Dan

Did you try downloading the thinkorswim platform I recommended. It makes it very easy to scan these markets

I would say for sure watching 50+ pairs daily/weekly you will be able to find a good trade a month. But then again maybe some months not. I trade 1hr to monthly and find trades every month. Some more then others, and my toolbox is much more expansive. You want to keep things simple, if you can't find a great A+ trade one month, no big deal...the idea is not trades right now it's learning to trade right

Best
Mike
  • #118,594
  • Sep 17, 2012 6:55pm Sep 17, 2012 6:55pm
Quoting mbqb11
Hey Dan

Did you try downloading the thinkorswim platform I recommended. It makes it very easy to scan these markets

I would say for sure watching 50+ pairs daily/weekly you will be able to find a good trade a month. But then again maybe some months not. I trade 1hr to monthly and find trades every month. Some more then others, and my toolbox is much more expansive. You want to keep things simple, if you can't find a great A+ trade one month, no big deal...the idea is not trades right now it's learning to trade right

Best
Mike
Hi Mike, Ive had a look at the thinkorswim website ... is it the 'papermoney' option that we select for the demo platform .. its not really clear.

Anyway I think Ill stick to the 50ish FX pairs that I have on my fxcm platform. Finding atleast 1 daily A+ setup a month should be achievable right ..
  • #118,595
  • Sep 17, 2012 7:58pm Sep 17, 2012 7:58pm
Quoting dan89
Hi Mike, Ive had a look at the thinkorswim website ... is it the 'papermoney' option that we select for the demo platform .. its not really clear.

Anyway I think Ill stick to the 50ish FX pairs that I have on my fxcm platform. Finding atleast 1 daily A+ setup a month should be achievable right ..
I need help with this to so if you want to try scanning the russell 3000 and find charts for Mike to check out let me know. After you open a paper account and get into the platform make sure you link the quotes in marketwatch to your chart so you can flick through really fast! I'll see what I can find right now...
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  • #118,596
  • Sep 17, 2012 8:24pm Sep 17, 2012 8:24pm
Mike,

As I begin to explore TOS, can I get your thoughts on the following chart?

Thanks,

Rod
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  • #118,597
  • Sep 17, 2012 8:41pm Sep 17, 2012 8:41pm
Quoting slade1986
Mike,

As I begin to explore TOS, can I get your thoughts on the following chart?

Thanks,

Rod
Very interesting one Rod

Here are some notes for you

Best
Mike
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  • #118,598
  • Sep 17, 2012 9:07pm Sep 17, 2012 9:07pm
Possible BUOB trade working itself out here on the 4 hour CAD/CHF. Bounce off a well established daily trendline and almost of 9500 to the pip, and the daily 61.8 which is a nice bit of confluence. With a close above 9525 you have some room to move. (space & traffic).

What do you guys think?

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4 HOUR

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  • #118,599
  • Sep 17, 2012 10:22pm Sep 17, 2012 10:22pm
Quoting mbqb11
Hey Ritesh

I don't use Jarroo stuff alone so I'll let him or others jump in

Here is what I was looking at myself.

http://www.forexfactory.com/showthre...01#post6013601

Best
Mike
Thanks Mike
Success is 1 % intelligence and 99% perseverance - Edison
  • #118,600
  • Edited Sep 18, 2012 12:03am Sep 17, 2012 11:42pm | Edited Sep 18, 2012 12:03am
Mornin forex experts!

Could you tell me, why did this Double high lower close on EURNZD Daily fail?
It was a nice setup... -.-" Or why you passed this trade?

Btw today we kinna got the same setup. Whats your opinion?

2) My second question is - how many trades do you have / months? (Jarroo, Mike etc).

Cheers,
Stephen

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