Dentalfloss
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dollar strong today.euro weak
tennisball
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Me too - I'm new to this but all the signs I recognise so far say things are going south. It's quite good timing today for me - just sat down at pc with my brekkie and the ftse is sitting on a pullback just below all reasonable support. I'm short, 10 tick stop behind resistance lines, hopefully going to roll the target. Thats the theory, however I suspect nothing completely mad will happen till the US opens. Be warned guys - I'm *always* wrong!
tennisball
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Oops - first error of the day - never put an order in 20 mins before a figure is released! Still ok resistance holding.
Dentalfloss
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rangebound now
minime69
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Bloodhound
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Good morning all - apologies for the late start!!
Dentist - in answer to your question I think these are the following things I feel I learnt from the James 16 thread. Please note that I am doing everything in my power to get to a point of never looking at indicators etc. so this thread has meant a lot to me in terms of learning:
1) Successful trades can effectively be placed using price action and no other indicators
2) Patterns that James explains are: DBLHC, DBHLC, BOVB, BEVB, Inside Bars, Matching Lows and Matching Highs, Pin Bars
3) These must be taken in the context of previous price action to produce the correct outcome
4) Further confirmation can be found through confluence of such things as Pivot Points, Fib levels, S&R
5) The higher the timeframe the better - James suggests daily and 4 hourly to start with - I traded that breakout of the FTSE on the 4 hour chart yesterday and it certainly seems to work
6) James does not suggest exit strategies but I think these become apparent through applying levels as mentioned in point 4. I like his entry advice of using fib retarcements on the previous bar to get a better entry - this can probably be applied to many people's set-ups
7) FWIW I spent a few hours running through FTSE charts on various timeframes and these patterns occur on a regular basis are all over the place but the key IMO is context
8) What really has become apparrent to me is the importance of trading higher timeframes as they will provde much more validity than the lower ones in confirming these patterns. Also, if you have a look at the FTSE for instance, IMO trading one of these patterns on anything less than a 1 hour timeframe just doesn't give enough upside to make the trade worth it (unless of course) you are scalping for 2-5 points.
Hope this helps??
Incidentally, there's an inside bar pattern forming on the FTSE at the moment IMO (but on the 1/2 hour candles so a bit weak). James mentions that IB's can often lead to fakeouts (possibly the 10am candle high) and we must be careful of trading them. In TraderDante's excellent 'making money trading thread' he explains more about IB's and how they can have fakeouts, quite often taking out newbies like myself who place buy /sell orders above and below the IB's pattern......
Anyway, don't forget - I'm no expert but feel free to ask me any questions if you think I might be able to answer them
Bye for now
KJ
Dentist - in answer to your question I think these are the following things I feel I learnt from the James 16 thread. Please note that I am doing everything in my power to get to a point of never looking at indicators etc. so this thread has meant a lot to me in terms of learning:
1) Successful trades can effectively be placed using price action and no other indicators
2) Patterns that James explains are: DBLHC, DBHLC, BOVB, BEVB, Inside Bars, Matching Lows and Matching Highs, Pin Bars
3) These must be taken in the context of previous price action to produce the correct outcome
4) Further confirmation can be found through confluence of such things as Pivot Points, Fib levels, S&R
5) The higher the timeframe the better - James suggests daily and 4 hourly to start with - I traded that breakout of the FTSE on the 4 hour chart yesterday and it certainly seems to work
6) James does not suggest exit strategies but I think these become apparent through applying levels as mentioned in point 4. I like his entry advice of using fib retarcements on the previous bar to get a better entry - this can probably be applied to many people's set-ups
7) FWIW I spent a few hours running through FTSE charts on various timeframes and these patterns occur on a regular basis are all over the place but the key IMO is context
8) What really has become apparrent to me is the importance of trading higher timeframes as they will provde much more validity than the lower ones in confirming these patterns. Also, if you have a look at the FTSE for instance, IMO trading one of these patterns on anything less than a 1 hour timeframe just doesn't give enough upside to make the trade worth it (unless of course) you are scalping for 2-5 points.
Hope this helps??
Incidentally, there's an inside bar pattern forming on the FTSE at the moment IMO (but on the 1/2 hour candles so a bit weak). James mentions that IB's can often lead to fakeouts (possibly the 10am candle high) and we must be careful of trading them. In TraderDante's excellent 'making money trading thread' he explains more about IB's and how they can have fakeouts, quite often taking out newbies like myself who place buy /sell orders above and below the IB's pattern......
Anyway, don't forget - I'm no expert but feel free to ask me any questions if you think I might be able to answer them
Bye for now
KJ
Last edited:
SuddenDeath
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"2) Patterns that James explains are: DBLHC, DBHLC, BOVB, BEVB, Inside Bars, Matching Lows and Matching Highs, Pin Bars"
Who is James ?
Who is James ?
Bloodhound
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You need to have read a bit more of this thread!!! The James I am talking to is James 16 on Forex Factory. He started a thread there in 2005 on price action.
Dentalfloss
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james...no idea who he is.he learnt a lot from todd mitchell traing course.not sure who he is either
james 16 thread on forexfactory
james 16 thread on forexfactory
Bloodhound
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He also runs the James16 group....
wallstreet1928
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morning guys .........Oh boy has it been busy today!!
I'm not trading this week as you all now as I'm busy fighting my ego...huh hum!!
If I were, I would be short .........my target would be 4050!!
all pivots broken and clear down trend on charts........
Oh and also for those that always ask me for more analysis
reasons..
1. 7850 on DOW broken
2. S&P very week and will be breaking 800
3. Although DAX holding S2 pivot, it still looks like 4200 is next level...although i would advise caution if S2 holds!!
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fraggermcg
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Thanks for this KJ. Do you trade FTSE using 10/15 min bars usually? If so, what longer time periods are you looking at to establish trends - just the 4 hour? What MAs/EMAs are you applying?
As mentioned in my earlier post, I'm up to speed on the DBLHC, DBHLCs etc, but its establishing the confluence that I'm struggling with.
wallstreet1928
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Drum roll.................
DAX hitting S2 pivot of 4280........lets see if it holds!!
wallstreet1928
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all of those short 4060 presents a good exit point as down trend line channel will be hit...and if you can manage to scrape a few more points to 4050 then it will be a bonus!!
wax on , wax off
wax on , wax off
wallstreet1928
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OK huys, now FTSE is a great buy............
If I were trading I would have bought @ 4055....stop loss 4020!!
KillPhil08
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i kinda prefer buying at 4000 on fut or cash.
fraggermcg
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Been short since 4085, happy to let it run for a while yet! Moved stop down to 4065. Makes up for several days of poor trading last week.
KillPhil08
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Breakout was very very very valid 🙂. went long at 4025. 50% Out at 4036. rest is at b/e.
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