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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

  • #122,441
  • Jan 12, 2013 10:23am Jan 12, 2013 10:23am
Quoting aserbfx
eads (germany) on weekly with a clear breaklout on good volume. check how the price is basing before the breakout to gain strength. will like to see a pull back to the breakout zone.
Hi!

I might have a question for you. You would like to see a pullback - you said. Now my question is:
- Sometimes the price just rushes through, with no pullback, and sometimes it has a pullback. Obviously if you were waiting for a pullback, which didn't happen, you missed the trade. Now do you usually wait for pullback in similar cases?
Or only if the prices tests this level many times before breaking it (just like now)?

Thanks,
Stephen
It's all psychology...
  • #122,442
  • Jan 12, 2013 10:23am Jan 12, 2013 10:23am
Quoting keroro0o0o
Can anybody help? i can't post attachments... T_T
Hey K

Sounds like you are having browser issues. Try downloading or using a different internet browser
  • #122,443
  • Jan 12, 2013 10:36am Jan 12, 2013 10:36am
Quoting mbqb11
Hey K

Sounds like you are having browser issues. Try downloading or using a different internet browser
wow, true...i tried it on Google Chrome, no issue. Was using mozilla Firefox. no problems before though..weird. Anyway, thanks alot mike.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #122,444
  • Jan 12, 2013 12:18pm Jan 12, 2013 12:18pm
Quoting keroro0o0o
wow, true...i tried it on Google Chrome, no issue. Was using mozilla Firefox. no problems before though..weird. Anyway, thanks alot mike.
That´s weird, I´ve just tried to upload attachment in Firefox and everything works ok ( I´m using Firefox 18.0)
  • #122,445
  • Jan 12, 2013 4:10pm Jan 12, 2013 4:10pm
Quoting srt
Sorry if a little off topic (forex) for most, for anyone that trades equities & futures off long-term charts, does anyone have an opinion of coffee? I started a small position yesterday & added today. I'm looking at a multi-year chart as my reasoning & seeing price back to an area that was a major resistance so expecting it now to be a support area.
Thanks for any information & all other posts on this thread.
I know this doesn't answer your question srt but i am quite interested to trade commodities. I am looking for a broker that offers charting together with a demo account. Admittedly i haven't looked for a while but i didn't have any luck finding one last time i looked. can someone point me in the right direction.

thanks in advance

hally
Learning for Earning and Trading for Freedom
  • #122,446
  • Jan 12, 2013 4:17pm Jan 12, 2013 4:17pm
Quoting hally0301
I know this doesn't answer your question srt but i am quite interested to trade commodities. I am looking for a broker that offers charting together with a demo account. Admittedly i haven't looked for a while but i didn't have any luck finding one last time i looked. can someone point me in the right direction.

thanks in advance

hally
oanda. the only problem is that oanda in usa has removed leverage on commodities, so you should register on european one
On my way to financial independence - if others can do it - I can do it
  • #122,447
  • Jan 12, 2013 4:19pm Jan 12, 2013 4:19pm
Quoting NortT
Hi guys! Some of yen pairs closed with pinbars on D1. What do you think about potential of these pins?
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hey nortt

1st let me say i've only been here for a few weeks so i'm not the most qualified/experienced to comment. i think if you look closely at the pinbar on the CADJPY it closed above the 1st eye so technically maybe not such a great pinbar. second i think that the yen crosses have been in a really strong uptrend for a few months now. so to me the pinbar says one of two things - either a retrace before a continuation of the trend or maybe a change in trend.

cheers

hally
Learning for Earning and Trading for Freedom
  • #122,448
  • Jan 12, 2013 4:21pm Jan 12, 2013 4:21pm
Quoting Eur Usd
oanda. the only problem is that oanda in usa has removed leverage on commodities, so you should register on european one
that's great EURUSD. i'll check them out

just as an aside i noticed that you closed really strongly on friday above the 1.33 level that you had been trying to break through. just wondering on monday are you planning on coming back to retest the 1.33 as support now, or are you just going to keep running higher. LOL

cheers

hally
Learning for Earning and Trading for Freedom
  • #122,449
  • Jan 12, 2013 4:24pm Jan 12, 2013 4:24pm
Quoting hally0301
that's great EURUSD. i'll check them out

just as an aside i noticed that you closed really strongly on friday above the 1.33 level that you had been trying to break through. just wondering on monday are you planning on coming back to retest the 1.33 as support now, or are you just going to keep running higher. LOL

cheers

hally
can't tell you that ;-P
On my way to financial independence - if others can do it - I can do it
  • #122,450
  • Edited 5:29pm Jan 12, 2013 5:28pm | Edited 5:29pm
not such a great pinbar on the weekly chart for nzdusd this week as close is above open but 2 day pinbar on the daily chart. maybe some downwards action for the start of next week.

weekly pinbar is bouncing off a reasonable amount of resistance around 85.00 (edit)

just wondering if you guys find pinbars any less reliable on fridays leading into the following week given that there is a couple of days break in the market for people to 'forget' what happened on friday. or maybe they are more reliable cause people like me have all weekend to find them on their charts. or maybe it doesn;t matter at all and i am just over thinking the situation. LOL

cheers

hally
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Learning for Earning and Trading for Freedom
  • #122,451
  • Jan 12, 2013 5:32pm Jan 12, 2013 5:32pm
I use Interactive Brokers for futures, stocks & options (on futures & stocks). I use Oanda for forex. Low transaction costs on Interactive Brokers for stocks, futures & options. They allow forex trading also but costs are too high.
Quoting hally0301
I know this doesn't answer your question srt but i am quite interested to trade commodities. I am looking for a broker that offers charting together with a demo account. Admittedly i haven't looked for a while but i didn't have any luck finding one last time i looked. can someone point me in the right direction.

thanks in advance

hally
  • #122,452
  • Jan 12, 2013 5:40pm Jan 12, 2013 5:40pm
Quoting srt
I use Interactive Brokers for futures, stocks & options (on futures & stocks). I use Oanda for forex. Low transaction costs on Interactive Brokers for stocks, futures & options. They allow forex trading also but costs are too high.
thanks i'll check it out
Learning for Earning and Trading for Freedom
  • #122,453
  • Edited 9:57pm Jan 12, 2013 9:27pm | Edited 9:57pm
Quoting hally0301
not such a great pinbar on the weekly chart for nzdusd this week as close is above open but 2 day pinbar on the daily chart. maybe some downwards action for the start of next week.

weekly pinbar is bouncing off a reasonable amount of resistance around 85.00 (edit)

just wondering if you guys find pinbars any less reliable on fridays leading into the following week given that there is a couple of days break in the market for people to 'forget' what happened on friday. or maybe they are more reliable cause people like me have all weekend to find...

You could be talking yourself into it.

I only see the negative aspects of this so so PB that is not at a swing high and, going straight into the consolidation boxes with the PPZ running through the middle.
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  • #122,454
  • Jan 12, 2013 10:57pm Jan 12, 2013 10:57pm
Quoting Pinbar
You could be talking yourself into it.

I only see the negative aspects of this so so PB that is not at a swing high and, going straight into the consolidation boxes with the PPZ running through the middle.
Yeh you could be right Pinbar. If i follow my trading rules anyway i wouldn't trade this down anyway given the strength of the uptrend.

i'm kinda hoping the pinbar might give rise to a retracement so that i can trade it back up again if there is some PA to confirm

cheers

hally
Learning for Earning and Trading for Freedom
  • #122,455
  • Jan 12, 2013 11:03pm Jan 12, 2013 11:03pm
Quoting Pinbar
You could be talking yourself into it.

I only see the negative aspects of this so so PB that is not at a swing high and, going straight into the consolidation boxes with the PPZ running through the middle.
the weekly and monthly pivot points are also sitting at about 0.83 which is in the area of that PPZ also.
Learning for Earning and Trading for Freedom
  • #122,456
  • Edited 1:57am Jan 13, 2013 1:18am | Edited 1:57am
Quoting LamerTrader
Hey Guys.

I got a question:

Once jim told us that I should NEVER let a winning trade become a loser trade. Yesterday I bought the GBPAUD, GBPNZD pairs. They went up to 200$ profit, and it seemed okay. So i BE. Then the trend turned, and then I closed with 100$ profit. It was good, because later this day the price hit my SL level, so I would have dropped me out with no gain. But now its going up again. So my question is:

Was it a mistake, that I traded the daily chart, as soon as I was in positive I did BE (just like Uncle Jim told us)....

Quoting Donkey
I think you managed those trades well. Both pins were trading into previous resistance zones and those have to managed closely....quick profits or risk reduction. I traded the GBPAUD pin and manually closed for BE after price was rejected at FTA.

One think I would be cautious of is GBPAUD and GBPNZD are pretty corelated, increasing your exposure.

Hey LamerTrader,

Donkey mentioned something very important that you did not in your post. . . .

Where are your Targets?? Where are there areas (First Trouble Areas) or levels that will react or even reverse your trade. If you are just looking at the dollar amounts and not the targets its going to get you in alot trouble.

You say Price went up then it went down and then it went up again ..well , why did it do that? That's one of the things we look for when we enter a trade . .where is Price going and where will Price react . .the dollar amounts will take care of themselves.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,457
  • Jan 13, 2013 1:53am Jan 13, 2013 1:53am
Quoting Pinbar
Yes, Jim

It got sidetracked in the bullish movement.
I was watching it break through the daily targets on H4.

Thanks again Jim.

We are almost getting there. I am I mean, you of course have already been there a LooooooooooooooooonG Time.
Hey Steve . .yeah, you had every right to be sidetracked with that BUOB. Many times what breaks these confirmed levels of S/R (Resistance in the case) is strong PA. If that Weekly BUOB had Closed above those Support levels (LCSs) on Weekly or even the Daily, I would had been right with you. A 4 Hour Close Above may have given an early jump if it Closed above both Weekly LCSs.

We'll keep an eye on these levels . .we may start consolidating between them . .

Interesting where Price Closed for the week . .right on that Weekly LCS level . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #122,458
  • Jan 13, 2013 1:59am Jan 13, 2013 1:59am
Quoting aserbfx
eads (germany) on weekly with a clear breaklout on good volume. check how the price is basing before the breakout to gain strength. will like to see a pull back to the breakout zone.
Great chart and level aserb . .
Indicators show the past. Price Action "Indicates" the future.
  • #122,459
  • Jan 13, 2013 2:23am Jan 13, 2013 2:23am
Quoting Pinbar
Actually, I should have said 94.45 because of the gap between the Close & Open of the Monthly LCS.
You can see it hit it almost to the pip then put the brakes on.

Its the power of Jarroo's methodology.
I like those Monthly levels Steve . .we'll keep an eye on them . .

Any line ups with them on the Weekly or Daily? . .meaning are they lining up with any Weekly or Daily HCR/LCS levels.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #122,460
  • Jan 13, 2013 2:26am Jan 13, 2013 2:26am
Quoting Pinbar
You could be talking yourself into it.

I only see the negative aspects of this so so PB that is not at a swing high and, going straight into the consolidation boxes with the PPZ running through the middle.
Bam Baby!! . . .
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Indicators show the past. Price Action "Indicates" the future.
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