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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

  • #130,981
  • May 22, 2014 2:03pm May 22, 2014 2:03pm
Quoting mAks22
{quote} Thank you very much Mike! I myself am a newbie, recently found this site (or rather this thread James 16)! To be honest I enjoyed half the indicators in the vastness of the internet searching for the magic strategy, and so nothing is not achieved (no progress). When I found this thread and read 5 pages, I was excited to read. True I do not have much time to sit at the computer, but I decided in part to print out and read at leisure. I think if it were not for this thread I would have 2-3 years would look magical strategy would seek the Grail.)))))...
Hey Maks

It's quite common don't wory. Your lucky to find PA so early on as most spend a lot longer looking for the silver bullet that just doesn't exist. Experience and patience is what it's all about and ones time is best spent acquiring that with simple concepts.

No rush too take things slow and ask questions if you have any

Best
Mike
  • #130,982
  • May 22, 2014 2:08pm May 22, 2014 2:08pm
Quoting ukanimk
{quote} Thanks Mike for the video.. these are some of the good stuff

quite welcome sir
  • #130,983
  • May 22, 2014 2:13pm May 22, 2014 2:13pm
Quoting aserafino
Hey Mike I have a question about hunting trades. Do you also mark your levels from Daily charts and hunt trades on a lower TimeFrame? Sometimes you see on a Daily chart that a Key Horizontal Level (KHL) was broken and you are looking for a pullback to this level to look for Price Action signals. But sometimes these pullbacks are not enough on Daily charts. What I do is to drill down to a lower TimeFrame and hunt trades there because the Pullback is bigger there. Example with Chart on USDCAD: USDCAD Daily chart with KHL Problem: Not enough Pullback...
Hey Aser

THe answer is yes and no. I tend to enter and exit on the same timeframe most of the time. But sometimes that might combine a higher timeframe analysis into a lower one. But often the case isn't that I just identify a s/r zone and drop down to look for PA. In my opinion that gets people into trouble because the PA is not relative to the S/R point which is established in this case at a higher level. So I might see a strong S/R on the weekly and on the 4hr we have another beautiful story that goes in tandem with that. For example price hits that level and starts to box at that level and then i'm looking to enter and exit on the 4hr. So it's sort of dropping down in timeframes but not really in the same manner you speak.

The time I most often drop down is for breakout patterns. If I have say a daily breakout pattern(an actual pattern as opposed to a s/r zone) i'll look for PA on that timeframe(daily) and one lower.

I generally tell struggling/new traders not to drop down timeframes especially because it's more information to analyze. If we don't correctly analyze pieces of information we choose to use (be it additional technical aspects, fundamental or other pieces of information) you're going to lose your edge. THe more pieces we add the more likely we are to probably make an error(just by the fact the more things you must analyze the better chance of making a mistake). I'd keep it simple

Of course you'll hear both sides of it from 1000 people if you ask them. BUt simple is better in my book

Best
Mike
  • #130,984
  • May 23, 2014 4:25am May 23, 2014 4:25am
Hey Guys just checking if my thought process is correct , i am short on AUDCAD H4 We have nice little pinbar with trend and it rejects 38.2 fibo retracement which happens to be also a pivot point for a day , plus we have another rejection on a valid BRN 1.70. What do you think ? Speak your minds

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Man lie, woman lie, numbers don't
  • #130,985
  • May 23, 2014 4:39am May 23, 2014 4:39am
Hi guys,
I'd like to share my GOLD analysis...
What do you think ?

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Regards,
Peter
  • #130,986
  • May 23, 2014 4:57am May 23, 2014 4:57am
Quoting MisterG
Hey Guys just checking if my thought process is correct , i am short on AUDCAD H4 We have nice little pinbar with trend and it rejects 38.2 fibo retracement which happens to be also a pivot point for a day , plus we have another rejection on a valid BRN 1.70. What do you think ? Speak your minds {image}
Hi MisterG,
BRN @ 1.70 - really ??? on AUDCAD ?
Right now you are trading into very BRN @1.000 - I would be quick with moving my SL in this trade.

Regards,
Peter
  • #130,987
  • May 23, 2014 9:00am May 23, 2014 9:00am
Quoting MisterG
Hey Guys just checking if my thought process is correct , i am short on AUDCAD H4 We have nice little pinbar with trend and it rejects 38.2 fibo retracement which happens to be also a pivot point for a day , plus we have another rejection on a valid BRN 1.70. What do you think ? Speak your minds {image}
Hi MG. That is not a pinbar it is an inside bar, that is shaped like a pinbar. It "looks" bearish to me, but there is not as much information as true pin bar. I agree with trc...you need to watch this one closely and be quick to adjust stops or take profit. Just my 2 pips.

Edit to add, it has already gone to FTA in my opinion as well
  • #130,988
  • May 23, 2014 10:37am May 23, 2014 10:37am
That was just a stupid trade , luckily I covered with a profit , this was a bad trade. Thank You Guys for your hints , there is a long way ahead of my.
At some poit everybody was kinda noobish ;D
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Man lie, woman lie, numbers don't
  • #130,989
  • May 23, 2014 10:45am May 23, 2014 10:45am
Quoting mbqb11
{quote} Hey Maks It's quite common don't wory. Your lucky to find PA so early on as most spend a lot longer looking for the silver bullet that just doesn't exist. Experience and patience is what it's all about and ones time is best spent acquiring that with simple concepts. No rush too take things slow and ask questions if you have any Best Mike
I am very happy that I found this thread! Mike, I would like to ask you, I am now studying at the same time as such instruments Fibonnachi, moving average and supports and resistances lines. In principle, the study no difficulty, but have a question about moving average (maybe it will be a silly question)! I trade on the daily chart. What period should be selected on the daily chart?
  • #130,990
  • May 23, 2014 11:31am May 23, 2014 11:31am
Quoting dan89
{quote} Update: Would need a clear rejection off that upper trendline to make this one viable. {image}
Update: Chart

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  • #130,991
  • May 23, 2014 12:28pm May 23, 2014 12:28pm
Quoting dan89
{quote} Update: Chart {image}
Hi, Dan
looking at weekly and monthly USDCHF chart, I hope that your scenario is not going to happen
BTW I'm long after daily BUOB 1st target is 0.9.

Regards,
Peter

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  • #130,992
  • May 23, 2014 1:55pm May 23, 2014 1:55pm
Hello all,


I would like to hear your opinion concerning these two trades in EURUSD 1D. I entered both times, so far not so luckily, they will probably turn out to be losing trades.
Would you see these as valid pin bars? Was it a mistake in your opinion?

EURUSD Daily timeframe
Attached Image


Thanks,
Myrmica
  • #130,993
  • May 23, 2014 4:03pm May 23, 2014 4:03pm
Quoting Myrmica
Hello all, I would like to hear your opinion concerning these two trades in EURUSD 1D. I entered both times, so far not so luckily, they will probably turn out to be losing trades. Would you see these as valid pin bars? Was it a mistake in your opinion? EURUSD Daily timeframe {image} Thanks, Myrmica
Hey Myrmica,

Your chart is zoomed in a lot. This can cause a weak looking pinbar to look good. Zooming in does not allow you to take the PA bar in relation to the bigger picture.

Take care
Dan
  • #130,994
  • May 23, 2014 5:10pm May 23, 2014 5:10pm
Hi Dan,

thanks for you answer. Yes, the picture was bad and to much zoomed in.
Here is the same picture zoomed out. The yellow line is the support line where the pinbars retreated. Would you still think with the bigger picture that the pinbars are to small, also regarding the good place where they occured?

Regards,
Armin
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  • #130,995
  • May 23, 2014 6:17pm May 23, 2014 6:17pm
Quoting trc
{quote} Hi, Dan looking at weekly and monthly USDCHF chart, I hope that your scenario is not going to happen BTW I'm long after daily BUOB 1st target is 0.9. Regards, Peter {image}

It's already a monthly BUOB on my feed.
  • #130,996
  • May 24, 2014 1:52am May 24, 2014 1:52am
Quoting Myrmica
Hi Dan, thanks for you answer. Yes, the picture was bad and to much zoomed in. Here is the same picture zoomed out. The yellow line is the support line where the pinbars retreated. Would you still think with the bigger picture that the pinbars are to small, also regarding the good place where they occured? Regards, Armin {image}
Hi Armin,
1st pinbar had a weak close and did not break up. You should use a few pips buffer.
2nd bar was not a pinbar, it was beob.

Regards,
Peter
  • #130,997
  • May 24, 2014 4:39am May 24, 2014 4:39am
Quoting ukanimk
A nice DBHLC at S/R ...
Hello ukanimk,
Thanks to your post I found similar situation on NZDCAD! DBHLC through Weekly HCS. I took 1st and 2nd profit (not planning too much about it yet).
Look on the area below, there is nice confluence of 2 trend lines and PPZ level...

Cheers
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  • #130,998
  • May 24, 2014 4:53am May 24, 2014 4:53am
Hi,
I found nice BUOB at confluence of trend line with of 2 Fib retraces marked with MediumOrchid touched almost to the pip.
However it did not break through highs of prev 2 and 3 candles and also did not break through yellow PPZ line.
I took it on candle close and closed @ BE nearly market close. I was thinking that I should take it on breakout of BUOB as there was so much support but then I would be on small loss. On the other hand there is no traffic and until you start adding support lines it seems to be clean...
Ok. Now I think that perhaps was small consolidation before... On 4th of June we can see also BUOB with no even small consolidation and perhaps this is the point...
Looking for your comments.
Regards.
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  • #130,999
  • May 24, 2014 7:02am May 24, 2014 7:02am
Quoting premierpip
i don't mean to start a war here, but does the thread on babypips by forexschoolonline any way related to this thread? i scrolled thru the first few posts and looked at the website. the materials are almost identical. they even have the same description of A+ setup that jim used.
Wow, this is uncanny.His posts are mirroring Mike's all the way down to how they adress people. There is no way that this guy hasn't read Mike's stuff.Former PF member?

But I have to say his thread is good. Very well structred.
  • #131,000
  • May 24, 2014 7:03am May 24, 2014 7:03am
Quoting vanilla.sky
{quote} Hello ukanimk, Thanks to your post I found similar situation on NZDCAD! DBHLC through Weekly HCS. I took 1st and 2nd profit (not planning too much about it yet). Look on the area below, there is nice confluence of 2 trend lines and PPZ level... Cheers {image}
Vanilla.sky, thats a good one.. unfortunately i missed that...

will keep watch at that level for some opportunity

happy trading
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