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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

  • #135,341
  • Jun 10, 2015 3:47am Jun 10, 2015 3:47am
Thanks zamfir, your explanations are great and very help! Do not be shy!
  • #135,342
  • Jun 10, 2015 6:30am Jun 10, 2015 6:30am
Quoting Donaciello
{quote} He there Aelgen, I took this trade very similarly to how you took it and as was pointed out immediatly after you posted, we were trading right in to a swing-low closely missing the BRN 0.7000. I was bummed out losing on this trade, because I knew full well this wasn't the strongest story. I still think the area you pointed out is significant, but I (maybe both of us) should have better waited for PA to confirm a retrace at the PPZ. Hope this makes sense. {image}
Thanks for your input Donaciello, glad I wasn't all alone seeing it as a potentially good setup. At the time I felt it had some pretty decent confluence and many things going for it, but looking at it now I think some more confluence was needed or a PA trigger at the support/resistance.


Quoting zamfir
{quote} Aelgen, When price retraced to the support area, there was no confirmation of resistance. Had it given a bar confirmation then you could go short. My guess is that you were trying to play a touch trade. For a touch trade you need a good amount of confluence. e.g if we had a round number on that support turned possible resistance along with some Trendline or 50/61 fib retrace, then you probably had higher chance of the trade working out. Hope this helps.
Thanks for your comments Zamfir, greatly appreciated! I need to be a bit more critical at these positions and find more confluence or PA confirmation at the area.
  • #135,343
  • Jun 10, 2015 7:09am Jun 10, 2015 7:09am
GbpUsd
Monthly Pin Bar. Retrace entry short from the level of the left eye.
Attached Image (click to enlarge)
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Keeping it Simple
  • #135,344
  • Jun 10, 2015 8:01am Jun 10, 2015 8:01am
Quoting habeeb
GbpUsd Monthly Pin Bar. Retrace entry short from the level of the left eye. {image}
I see this one higher IMHO.
Based upon weekly chart.
(Monthly Pinbar is bearish but near the low in a downtrend rather than @ a high in an uptrend.)
I'm probably wrong.
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  • #135,345
  • Jun 10, 2015 11:16am Jun 10, 2015 11:16am
nice move on the Emini.

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  • #135,346
  • Jun 10, 2015 12:57pm Jun 10, 2015 12:57pm
He guys,

A H4 I4B formed (< hope I got that correct :$) on the NZD/USD, with confluence.
I have a Buy stop order for when the TL breaks to the upside; I'll cancel if the I4B breaks to the downside.

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It's a sport, an artform and a science.
  • #135,347
  • Jun 10, 2015 1:01pm Jun 10, 2015 1:01pm
Quoting srt
{quote} I see this one higher IMHO. Based upon weekly chart. (Monthly Pinbar is bearish but near the low in a downtrend rather than @ a high in an uptrend.) I'm probably wrong. {image}
Higher is good. Makes for a better entry.
4hr Pin Bar.
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Keeping it Simple
  • #135,348
  • Jun 10, 2015 1:45pm Jun 10, 2015 1:45pm
Hi Habeeb.
Montly Pin bar on Gbp\USd, but place (pin bar) is not interesting for it. Middle level.
beauty is in simplicity
  • #135,349
  • Jun 10, 2015 3:39pm Jun 10, 2015 3:39pm
hi.
I'm a new here and i would like to get to know why pin bar on pair gbp/jpy didnt work ?
There is a nice trendline, pinbar and RN.
It isn't enough to take these pair long?
sorry for my english
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  • #135,350
  • Jun 10, 2015 6:15pm Jun 10, 2015 6:15pm
Hi All,
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EURAUD formed a nice BEOVB at resistance area 1.48..

Confluences are, BRN 1.48,TL and Space. ..Price within small consolidation wait ti break it...
since it is sideway market TP at FTA and SL would be top of the bar
  • #135,351
  • Jun 11, 2015 7:54am Jun 11, 2015 7:54am
Quoting rockya1
hello guys, great job everyone for posting good trade setups and comments. I was away for a while and would like to ask this. Jim was talking about launching of a new trading site. Is this site operating and if it is , how can one get access to it. thank you
hey rockya,

We are still getting things settled both on our personal sides and with the rest of the site. We should be making an announcement soon though stay tuned

Drop me a line any time though

[email protected]

Mike
  • #135,352
  • Jun 11, 2015 7:57am Jun 11, 2015 7:57am
Quoting incognito517
Greetings fellow traders. Just a quick question for those of you using price action candle setups to trade the 4 hour charts. Do you also find them to be a lot less reliable compared to the daily charts? I've only ever traded daily charts and have been quite successful thus far with a 70-80% win ratio. However recently, due to not having very many "A-Trade" setups on the daily charts I've started trading the 4 hour charts and am finding it virtually impossible to do. In fact, I've traded it 3 times and lost all 3 trades. I think this is the first...
Hey Incognito

I get this question a LOT. Especially since we recommend new traders demo on daily/weekly when starting out. They might think that means we believe daily/weekly is more reliable. That's actually not the case. For me all timeframes are as reliable as another timeframe. It's more the nuances that begin to creep in as you move to the lower tiemframes.

The biggest one is time to analyze correctly and execute ones trade. As you begin to go lower you have to decipher all the information that much quicker and in turn make the right decisions. This tends to trip new traders up as they haven't developed the mindset or skills et properly and tends to lead to over trading and rash decisions.

Nothing wrong with firstly sticking what works for you and when/if you decide to venture down put it through the same rigorous testing of demoing it and slowly introducing it into your trading

Hope that helps
Mike
  • #135,353
  • Jun 11, 2015 8:00am Jun 11, 2015 8:00am
Quoting fxstart
hi. I'm a new here and i would like to get to know why pin bar on pair gbp/jpy didnt work ? There is a nice trendline, pinbar and RN. It isn't enough to take these pair long? sorry for my english {image}
Hey Fxstart

Welcome to the thread

Be careful with your locations of pinbars when starting out. A pinbar like that can often signal an exhaustion since its a bullish pin up at a swing high. You want to look for that pinbar down at a swing low point and for bearish pins at swing highs when starting out.

Let me know if you need more help

And your English is great

Mike
  • #135,354
  • Jun 11, 2015 8:35am Jun 11, 2015 8:35am
Anyone else like the 1h pin on eu/us?it is the last candle to form. it has a nice long wick that tests well down below the 1.1200 level and ends in a fairly strong close at around the 1.1250 mark. Its trading in a bit of a range though and it is moving into traffic if it breaks north but if the 1.1200 hold strong i think 1.1300 would be reasonable FTA to target.
any views???


happy hunting


jon
PATIENCE... DISCIPLINE
  • #135,355
  • Jun 11, 2015 9:30am Jun 11, 2015 9:30am
Quoting g_j_hook@yah
Anyone else like the 1h pin on eu/us?it is the last candle to form. it has a nice long wick that tests well down below the 1.1200 level and ends in a fairly strong close at around the 1.1250 mark. Its trading in a bit of a range though and it is moving into traffic if it breaks north but if the 1.1200 hold strong i think 1.1300 would be reasonable FTA to target. any views??? happy hunting jon
Meh. I see what you mean but it would be an ultra-short term trade and on the lower time frames it looks like there is stiff resistance at 1.1270. If the daily doesn't close above current levels, it looks bearish going in to tomorrow too. Plus, its so whippy right now, it feels like roulette on the hourly charts
  • #135,356
  • Jun 11, 2015 4:33pm Jun 11, 2015 4:33pm
Quoting mbqb11
{quote} Hey Fxstart Welcome to the thread Be careful with your locations of pinbars when starting out. A pinbar like that can often signal an exhaustion since its a bullish pin up at a swing high. You want to look for that pinbar down at a swing low point and for bearish pins at swing highs when starting out. Let me know if you need more help And your English is great Mike
thx for your explanation and opinion about my English .
Could you put links where i can find more informations about exhaustion signals?
  • #135,357
  • Jun 12, 2015 12:46am Jun 12, 2015 12:46am
Hi FX start. Welcome. Have a read of page 1, post #1 and check out all the links down the page a bit. You will find explanations of Pin bars and other set ups and good locations to trade from, and much more. GB

USD/CAD H4. PB closed below BRN 1.23000 and 365 ema with recent daily down trend. 2nd target just above next support around 1.19250. See how she goes.

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'Fail to plan, plan to fail'
  • #135,358
  • Jun 12, 2015 4:28am Jun 12, 2015 4:28am
EUR/GBP - BEOB signalling the Breakout. BE now.

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  • #135,359
  • Jun 12, 2015 5:54am Jun 12, 2015 5:54am
Quoting FrenchPips
{quote} Meh. I see what you mean but it would be an ultra-short term trade and on the lower time frames it looks like there is stiff resistance at 1.1270. If the daily doesn't close above current levels, it looks bearish going in to tomorrow too. Plus, its so whippy right now, it feels like roulette on the hourly charts

Hi FP, your right about it being a short term, in n out, type trade and that 1.1270 proved to be its undoing so you were spot on with that also
i did paper trade it however, getting in at 1.1214 (plus spread) with a 1st target of 1.1300. it did give me time to at least cut my risk or go to BE when price reached the 1.1270 mark as i also saw the resistance there, or even get out with a small profit, but it didnt reach my target so i could also have been stopped out at BE or a small loss..?? (no point in guessing what i might or might not have done) but its still nice to see price moving pretty much as expected giving us the ability to plan around it.


happy hunting

jon
PATIENCE... DISCIPLINE
  • #135,360
  • Jun 12, 2015 6:54am Jun 12, 2015 6:54am
Quoting zamfir
EUR/GBP - BEOB signalling the Breakout. BE now. {image}
Hi Zamfir,

i've noticed on the trades you post that most of the time the trade goes in your favor right after the breakout of the PA. Do you take this as a major factor to stay in the trade? I mean, if you see the pair mumbling around the entry or going against you, you exit early (cut your losses short ) or you wait to hit your stop?

Thanks in advance...
Market can stay irrational longer than you can stay solvent.
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