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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

  • #126,841
  • Jul 17, 2013 1:44am Jul 17, 2013 1:44am
Entered a little late on chfjpy. But i am BE now....
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  • #126,842
  • Jul 17, 2013 2:18am Jul 17, 2013 2:18am
Quoting zamfir
Entered a little late on chfjpy. But i am BE now.... {image}
Hi zamfir!

I wouldnt be so sure about that Tp area.. Considering the fact that at the last 2-3 swings price reversed far before it would have reached your area...
Also not that you entered in the middle of the consolidation box, which can act as a PPZ as well, so it was a tricky entry.
BE was a great idea however I would look price closely and as soon as i would see some weakness (aka. reversal patterns, divergence etc) I would start banking some profit.

Cheers,
Stephen
It's all psychology...
  • #126,843
  • Jul 17, 2013 3:01am Jul 17, 2013 3:01am
Quoting zamfir
Entered a little late on chfjpy. But i am BE now.... {image}
Hi Zamfir..I like your trade and the fact you allready put the trade on safe....if you will get a glimpse on weekly chart you will see a consolidation with a reverseal pattern at the support...so we expect the price to reach the consolidation's resistance. The daily chart show us a bullish flag as continuation pattern !
Nothing personal,just business
  • #126,844
  • Jul 17, 2013 3:19am Jul 17, 2013 3:19am
Quoting g_j_hook@yah
{quote} jus my opinion but remember that IPBs on a swing low are a bullish thing (if i understand correctly) maybe the expert on them ghous might give his opinion??..... jon
Hey Jon,

That's true. I am not sure if he was mentioning "inverse pin bar" in the context that I use to refer to them.

Anyways...

What is important is to understand that just like your regular pin bars and other PA bars, the bars themselves matter less and are never encouraged to be traded in isolation. We know what a terrible mistake it is to print the image of what a good pin bar looks like and fall in love with a similar looking pin bar wherever we see it. Missing the bigger picture can lead to detrimental consequences.

So yes that's a bullish pin bar at a swing low, but notice how its headed straight back into the 3.000 BRN and the consolidation box above.

Here the IPB is not off support, its headed into it.

g.

Ye
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I believe . . .
  • #126,845
  • Jul 17, 2013 3:30am Jul 17, 2013 3:30am
Quoting zamfir
Entered a little late on chfjpy. But i am BE now.... {image}
Hey Zamfir,

Nice little trade there. I don't see it on your chart but you had trend line confluence there.

We are sitting at a major trouble area for this trade now. Its certainly not a bad option to be taking full profit here. But I can't help look how price seems to be just gaining some momentum and poking out of this prolonged consolidation. Could this pin bar here be hinting at a potential break out? Possible.

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I see wee have a weekly M-A-J-O-R Swing high that price seems to be creeping up to? Arewe really headed there?

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g.
I believe . . .
  • #126,846
  • Jul 17, 2013 3:49am Jul 17, 2013 3:49am
Quoting ghous
{quote} Hey Zamfir, Nice little trade there. I don't see it on your chart but you had trend line confluence there. We are sitting at a major trouble area for this trade now. Its certainly not a bad option to be taking full profit here. But I can't help look how price seems to be just gaining some momentum and poking out of this prolonged consolidation. Could this pin bar here be hinting at a potential break out? Possible. {image} I see wee have a weekly M-A-J-O-R Swing high that price seems to be creeping up to? Arewe really headed there?...
It wants more buyers so, they can Dump it like a truck load of old socks. LOL
  • #126,847
  • Jul 17, 2013 4:00am Jul 17, 2013 4:00am
Hi All,

Just seen this BEOB formation on USD/CAD and wondering if this would be of interest or dismissed?

My logic for the trade is based on current bearish momentum, bounce off of a BRN and S/R level with a bearish entry at 1.0350 as this would pass the low of Fridays candle and confirm momentum down.

Your thoughts would be greatly appreciated.

Krunal
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  • #126,848
  • Jul 17, 2013 4:03am Jul 17, 2013 4:03am
Quoting ghous
{quote} Hey Jon, That's true. I am not sure if he was mentioning "inverse pin bar" in the context that I use to refer to them. Anyways... What is important is to understand that just like your regular pin bars and other PA bars, the bars themselves matter less and are never encouraged to be traded in isolation. We know what a terrible mistake it is to print the image of what a good pin bar looks like and fall in love with a similar looking pin bar wherever we see it. Missing the bigger picture can lead to detrimental consequences. So yes that's...





jon
PATIENCE... DISCIPLINE
  • #126,849
  • Jul 17, 2013 7:55am Jul 17, 2013 7:55am
Quoting Pinbar
{quote} It wants more buyers so, they can Dump it like a truck load of old socks. LOL
Looks like it is time to dump the old socks.
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  • #126,850
  • Jul 17, 2013 8:40am Jul 17, 2013 8:40am
Quoting makwana
Hi All, Just seen this BEOB formation on USD/CAD and wondering if this would be of interest or dismissed? My logic for the trade is based on current bearish momentum, bounce off of a BRN and S/R level with a bearish entry at 1.0350 as this would pass the low of Fridays candle and confirm momentum down. Your thoughts would be greatly appreciated. Krunal {image}
Hey mak

Be careful with this location. Notice how price is not at a swing high where we want to see bearish outside bars. instead price is dead sideways. Start by finding these bars at nice swing points

Let me know if that makes sense
Mike
  • #126,851
  • Jul 17, 2013 10:39am Jul 17, 2013 10:39am
Mike
Just a few words to say thankyou for the sterling effort you have put into this site over a long period of time. Your input, along with others, has drastically shortened the time it took to turn me into a profitable trader-albeit I am small fry when compared to some here. Take a bow sir - you are a gentleman and a scholar
every Saint has a past. Every Sinner has a Future
  • #126,852
  • Jul 17, 2013 11:57am Jul 17, 2013 11:57am
Quoting turnip15
Mike Just a few words to say thankyou for the sterling effort you have put into this site over a long period of time. Your input, along with others, has drastically shortened the time it took to turn me into a profitable trader-albeit I am small fry when compared to some here. Take a bow sir - you are a gentleman and a scholar

aww dang you made my day


Thanks for the kind words and couldn't be happier to hear you have turned the corner

Thanks!
Mike
  • #126,853
  • Jul 17, 2013 12:06pm Jul 17, 2013 12:06pm
Quoting Pinbar
{quote} Looks like it is time to dump the old socks. {image}
I'm short!
  • #126,854
  • Jul 17, 2013 2:04pm Jul 17, 2013 2:04pm
Hey guys!
pretty interesting
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  • #126,855
  • Jul 17, 2013 4:37pm Jul 17, 2013 4:37pm
Quoting Andersenqwer
Hey guys! pretty interesting {image} {image} {image}
Nice charts - I love the way you zoom in from the monthly charts.
Which program do you use for drawing levels?

Cheers,
Stephen
It's all psychology...
  • #126,856
  • Jul 17, 2013 9:29pm Jul 17, 2013 9:29pm
Hey Mike

I've been studying james16 thread for close to a year now.
I have completed minimum requirement 1.
Thank you so much for your effort in this thread!

Now i'm trying to achieve minimum requirement 2, I'm facing this issue.

How do you deal with spread widening during news release?
I know spread widening is a fact when trading with market makers and wasn't an issue when I traded demo.
But after going live, I got hit by it twice.

For new entry orders the obvious is the remove them before the new release.

My question is how do you deal with open positions that's within 40 pips profit from current price before news release?
do you
a) close out for a profit and reopen after the news?
b) remove stop loss order or trail stop order and leave trade unprotected?
c) leave the trade as it is?
d) any other suggestions?

Thank you in advance
  • #126,857
  • Jul 17, 2013 10:14pm Jul 17, 2013 10:14pm
Quoting fxdad
Hey Mike I've been studying james16 thread for close to a year now. I have completed minimum requirement 1. Thank you so much for your effort in this thread! Now i'm trying to achieve minimum requirement 2, I'm facing this issue. How do you deal with spread widening during news release? I know spread widening is a fact when trading with market makers and wasn't an issue when I traded demo. But after going live, I got hit by it twice. For new entry orders the obvious is the remove them before the new release. My question is how do you deal with open...
Hey FXdad welcome! Glad to hear you following those guidelines and completing the first well done!

Spreads aren't the biggest issue for me. I am generally trading the 1hr and above and my stop losses are never that close to market price. Now that doesn't mean always as of course this can happen. Mostly spreads don't widen too much day to day that this is an issue. I tend to do nothing with my trades. I manage them as is and let news takes its course. The thing I probably encounter more than anything is maybe a little slippage here and there or an order not executing(due to not getting the price/fill i want). I never close a trade out prior to news to reopen it just after. News will often be the thing to progress my trade.

So for me I simply ignore all news and trade as I would. I place "bounds" on pending order to prevent from getting horrible fills but other than that if I incur a slippage on a stop loss from time to time(rare) I look at it as a cost of business much like paying a spread. But generally speaking it's not something that is very worrisome day to day for how I trade.

Hope this helps!
Mike
  • #126,858
  • Jul 17, 2013 11:42pm Jul 17, 2013 11:42pm
Quoting LamerTrader
{quote} Nice charts - I love the way you zoom in from the monthly charts. Which program do you use for drawing levels? Cheers, Stephen
Hey Stephen
if you mean drawing round numbers on chart then here is Grid indicator:
http://www.forexfactory.com/showthre...82#post6385682
otherwise I using program Snagit to draw my poor analysis
Hope this helps also.
Best regards, Andrew
  • #126,859
  • Jul 18, 2013 1:15am Jul 18, 2013 1:15am
Quoting Andersenqwer
{quote} Hey Stephen if you mean drawing round numbers on chart then here is Grid indicator: http://www.forexfactory.com/showthre...82#post6385682 otherwise I using program Snagit to draw my poor analysis Hope this helps also. Best regards, Andrew

Snag it!
Thank you very much! - I also like your profile picture
Have a nice day!
It's all psychology...
  • #126,860
  • Jul 18, 2013 1:57am Jul 18, 2013 1:57am
Quoting Mav13
Hi, here is a trade Iīm currently thinking about....
Hi all, we got only very small inside bar yesterday and my order didnīt get triggered so I canceled it. I still think think that we may see move downward.

Quoting g_j_hook@yah
{quote} jus my opinion but remember that IPBs on a swing low are a bullish thing (if i understand correctly) maybe the expert on them ghous might give his opinion??..... jon
Thanks for your comment, jon

Quoting ghous
{quote} Hey Jon, That's true. I am not sure if he was mentioning "inverse pin bar" in the context that I use to refer to them. {image}
Thanks for your comment, Ghous. Yeah youīre probably right that I used "inverse pin bar" in different context, I just saw break down of the consolidation box, then retrace back, test of the bottom of the box and 3.0 BRN, price couldnīt get close above and formed PB looking bar so I placed my order.
But thanks for your analysis it was very useful for me.

Mav
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