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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

  • #134,941
  • May 15, 2015 9:10am May 15, 2015 9:10am
S&P500
Rising wedge on the Daily. Short opportunity arised on the 1hr earlier, but missed it.
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  • #134,942
  • May 15, 2015 9:16am May 15, 2015 9:16am
BeOB on 1hr earlier.
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  • #134,943
  • May 15, 2015 9:22am May 15, 2015 9:22am
GbpNzd
Anybody else short GbpNzd from the 61.8% area.
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  • #134,944
  • May 15, 2015 9:30am May 15, 2015 9:30am
15 Min Pin Bar off the 61.8% retrace area.
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  • #134,945
  • May 15, 2015 10:22am May 15, 2015 10:22am
GbpJpy ascending triangle.
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  • #134,946
  • May 15, 2015 1:27pm May 15, 2015 1:27pm
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  • #134,947
  • May 15, 2015 1:32pm May 15, 2015 1:32pm
This one's still dropping nicely. Another 100 pips lower would end the week nicely
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  • #134,948
  • May 15, 2015 4:33pm May 15, 2015 4:33pm
Habeeb,

I was short but got out for the weekend. Last four days on the daily, spinning top, Bearish outside bar, Bullish pin bar, bearish pin bar, all with a 550 pip 4 day range. I am new to forex, been trading penny stocks for a couple years. Like Jim's style of signal trading but how do you read that, Just volatility or what?
  • #134,949
  • May 15, 2015 5:28pm May 15, 2015 5:28pm
Nice work habeeb. Many thanks.
  • #134,950
  • May 15, 2015 6:57pm May 15, 2015 6:57pm
Quoting FrenchPips
{quote} Location is interesting for sure, as on the 4 hr and the daily we are at a price where you might say there was a good bit of supply, most recently at end March. Trend looks like strong up on daily and weekly for the moment but I guess the bearish PA would need to break and engulf the 1.8850 area first but there seems to be so much traffic on the way down that TPs would have to be tight (you could argue it'd like to test the 1.8660 zone it just broke out of ). The more straight-forward move would be following up a strong break of 189.40,...
Indeed FP. Will be watching to see what PA does next week.

Appreciating your charts/insight and efforts Habeeb. Thanks friend.

I traded GBP/NZD D1 long on a PB from what was a swing high near weekly resistance. I got a few pips, but not a smart trade. I will look for shorts next week. I remember Jim saying words to the effect of....just draw your S/R levels at the start of the week and wait for price to come to them. I need to remember this. Keep it simple GB.

Have a great weekend y'all. G
'Fail to plan, plan to fail'
  • #134,951
  • May 16, 2015 4:02pm May 16, 2015 4:02pm
Quoting solidc57
Habeeb, I was short but got out for the weekend. Last four days on the daily, spinning top, Bearish outside bar, Bullish pin bar, bearish pin bar, all with a 550 pip 4 day range. I am new to forex, been trading penny stocks for a couple years. Like Jim's style of signal trading but how do you read that, Just volatility or what?
Hi Solidc57,
See the chart with the labels. Some might consider the last 2 bars as pin bars, but on my chart they're neutral bars. The open and close are either the same or very close to each other, showing us that at the end of the day, bulls and bears are tied. Also, my main bias for this pair at the moment is short, mainly to see the gap close. Usually gaps close quite quick, however, it can take a few years (see GbpJpy gap 31 August 2008 that must still close).
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  • #134,952
  • May 16, 2015 4:20pm May 16, 2015 4:20pm
GbpNzd
Here's the bigger picture on the weekly chart. The yellow and blue lines are showing the resistance area/zone, with a fibo in the mix.
Price pierced through the zone, but eventually closed below the blue area. The last 2 bars also failed to close above the blue line.
To me, the BeOB is still in play.
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  • #134,953
  • May 16, 2015 4:26pm May 16, 2015 4:26pm
GbpNzd
Here's the daily chart again with the yellow and blue lines.
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  • #134,954
  • May 16, 2015 4:35pm May 16, 2015 4:35pm
Quoting Guitarbloke
{quote} Indeed FP. Will be watching to see what PA does next week. Appreciating your charts/insight and efforts Habeeb. Thanks friend. I traded GBP/NZD D1 long on a PB from what was a swing high near weekly resistance. I got a few pips, but not a smart trade. I will look for shorts next week. I remember Jim saying words to the effect of....just draw your S/R levels at the start of the week and wait for price to come to them. I need to remember this. Keep it simple GB. Have a great weekend y'all. G
My pleasure GB.
Easier said than done . I still have issues with this.
But this is what Jim means when he talks about "rifle shots" .... being a "sniper". You wait for the perfect moment before pulling the trigger.
You only need one shot to make a big kill.
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  • #134,955
  • May 16, 2015 4:37pm May 16, 2015 4:37pm
Quoting fxin
Nice work habeeb. Many thanks.
You're welcome fxin.
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  • #134,956
  • May 16, 2015 8:34pm May 16, 2015 8:34pm
Thanks Habeeb,
I'm pickin up what you are layin down. Like I said I am new to forex so I will be demo trading for the next 4 to 6 months (depending on profitability). My gains so far have been amazing, with my losses being almost as big. I am tightening my stops, actually using them religiously would be more accurate. Still I am up at this point I think what candlestick analysis does is give us incite to market sentiment.
What do you think of GBP/USD? BeOB at resistence after a fair run. Looks like it will run into support around the 1.5525 area.
  • #134,957
  • May 17, 2015 4:25am May 17, 2015 4:25am
THE IMPORTANCE OF MONEY MANAGEMENT

I just did two back tests of the last 90 days, EUR/USD, and USD/JPY. The E/U has been in trending market with a range of over 1000 pips and two trends each 1000 pips. The U/J is choppy with only a 379 pip range. Many systems have trouble in those sideways markets. This is a test of money management not a system test.
THE RANDOM FIB SYSTEM .
I used fib numbers because they are there. A trade would be made at the open of day 3, 5, 8, repeat so 11, 13, 16. Trades would alternate buy, then sell starting with a buy on Feb 19th. A stop is set 50 pips from entry and profits are taken in thirds at 89 pips 144 pips and the last third let run until the 5EMA turns against the trend and is sold at next days open. The stop is moved to break even when the first price target is hit. Intentionally a random dumb entry system with sound risk reward levels. If the trade makes the second profit level we are over to 1:4.
RESULTS
The E/U had 11 wins and 12 losses, almost 50/50. The total win was 957 pips. Allow 7 pips per trade for spread and slippage and you still have a 796 pip gain.
The U/J had 10 wins and 13 losses. The total pip win was 85. Allow 7 pips per trade for spread and slippage and you have a 76 pip loss.
I am sure a lot of you are thinking not so great, and my hat is off to many of you that make 10 or 20% a month, but the point is this is a winning system, with terrible entries, at least with my limited testing. If you are not profitable stop looking for a better indicator, stop looking for the Holy grail system. Instead follow any successful system and concentrate on your exit. Don't let losses get above 2 to 3% of your account and let your wins run. Take some profit off the table early and move your stop to break even and you wont worry about the share that is running, the trade can,t be a loser at that point. I personally am turning that corner now. I am profitable now but I look back the last month and what stands between me and 10 or 20% gains is two stops I did not set. Ouch!
  • #134,958
  • May 17, 2015 3:04pm May 17, 2015 3:04pm
Quoting habeeb
{quote} My pleasure GB. Easier said than done . I still have issues with this. But this is what Jim means when he talks about "rifle shots" .... being a "sniper". You wait for the perfect moment before pulling the trigger. You only need one shot to make a big kill.
Hi Habeeb,
Im looking at the daily GBP/NZD also, for me its hard to see whether it has broke out and is just retracing before taking off or if, like you said, its hit the resistance, produced a BEOB and is ready to take short. Whats the best way to enter this on a short?

Red
  • #134,959
  • May 17, 2015 4:18pm May 17, 2015 4:18pm
Seems like a H&S-pattern on USD/PLN (Zlotty).
I'll be shorting on a retrace and move the stop behind the retrace as price breaks the bar lower.

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It's a sport, an artform and a science.
  • #134,960
  • May 17, 2015 4:30pm May 17, 2015 4:30pm
Quoting solidc57
Thanks Habeeb, I'm pickin up what you are layin down. Like I said I am new to forex so I will be demo trading for the next 4 to 6 months (depending on profitability). My gains so far have been amazing, with my losses being almost as big. I am tightening my stops, actually using them religiously would be more accurate. Still I am up at this point I think what candlestick analysis does is give us incite to market sentiment. What do you think of GBP/USD? BeOB at resistence after a fair run. Looks like it will run into support around the 1.5525 area....
I don't have a BeOB on my chart. But price is currently below a resistance area with some confluence with the daily pivot, 61.8% fibo and EMA365. A price flip zone too that extends further to the left (not showing on the chart). I'm looking to short GbpUsd too. Otherwise, long from your area f 1.5500 or even lower from 1.5420-50 (area of the EMA150).
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