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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

  • #91,641
  • Mar 15, 2011 9:06am Mar 15, 2011 9:06am
Quoting Patrick.
by the way thats a nice trade Av, how long have you been on demo?
I jus completed my 2 months man..long way to go!!! lol
  • #91,642
  • Mar 15, 2011 9:07am Mar 15, 2011 9:07am
Quoting mbqb11
Hey P

It would have to hold now more or less. I wouldn't call i t a flag pattern on your daily I would zoom down till it's more easily identifiable and size is more of importance like the 4hr

Best
Mike
Hey Mike,

Could you let us know what you think about this PB on GBP/JPY ?

I didnt took it we are in a sideways market and it didn't close 10 pips above 132.. (one of my rules) but due to the size and the rebounce off 130 I thought it would go to 133 at least.

Would love to know your thoughts on this.

Thx,
Os.
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  • #91,643
  • Mar 15, 2011 9:18am Mar 15, 2011 9:18am
Hey PinBar/Jarroo,
How is one suppose to analyse this giant PB in terms of LCS & HCR? I drew what i think as daily LCS and weekly LCS. Not sure whether the PB should close below which LCS. Or is it a pass due to the general strengthening of the yen and safe haven currencies?
Thanks

Got all my fingers crossed for you guys in Japan
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  • #91,644
  • Mar 15, 2011 9:22am Mar 15, 2011 9:22am
Quoting Pinbar
Well, got to keep busy and I am serious about what I do.

You have a problem with that?

Well said mate!!

Hope u sort it all out as quick as possible .. Cheers

Be safe and well!!

V
  • #91,645
  • Mar 15, 2011 9:30am Mar 15, 2011 9:30am
Quoting Be Cool
Hey PinBar/Jarroo,
How is one suppose to analyse this giant PB in terms of LCS & HCR? I drew what i think as daily LCS and weekly LCS. Not sure whether the PB should close below which LCS. Or is it a pass due to the general strengthening of the yen and safe haven currencies?
Thanks

Got all my fingers crossed for you guys in Japan
I'll throw in my 2c

At this point anything can happen. Price as you see is very volatile at the moment. Market is very vulnerable on news coming from Japan, especially on the reactor leakage information. It is good time to sit on your hands right now and just be a patient observer imo.
  • #91,646
  • Mar 15, 2011 9:35am Mar 15, 2011 9:35am
Quoting Greenhaze
I'll throw in my 2c

At this point anything can happen. Price as you see is very volatile at the moment. Market is very vulnerable on news coming from Japan, especially on the reactor leakage information. It is good time to sit on your hands right now and just be a patient observer imo.
Yes, i agree with you. Not trading anything at the moment. You should see gold dropped like a rock !! Crazy stuff
  • #91,647
  • Mar 15, 2011 10:17am Mar 15, 2011 10:17am
Just read on fxcm thread that rolls to increase on jpy pairs this pm to discourage speculation.
  • #91,648
  • Mar 15, 2011 10:18am Mar 15, 2011 10:18am
Quoting Osman
Hey Mike,

Could you let us know what you think about this PB on GBP/JPY ?

I didnt took it we are in a sideways market and it didn't close 10 pips above 132.. (one of my rules) but due to the size and the rebounce off 130 I thought it would go to 133 at least.

Would love to know your thoughts on this.

Thx,
Os.
Hey Os

Yeah I agree this was an easy pass. Funky looking bar with all that was going on in a very strong consolidation box. That for me is easy to watch on the sidelines

Best
Mike
  • #91,649
  • Mar 15, 2011 10:24am Mar 15, 2011 10:24am
Three days trading these breakouts now, pretty choppy, but still on top. These markets are fun.
http://www.abload.de/img/bozhg0.png
  • #91,650
  • Mar 15, 2011 10:50am Mar 15, 2011 10:50am
Quoting Greenhaze
I'll throw in my 2c

At this point anything can happen. Price as you see is very volatile at the moment. Market is very vulnerable on news coming from Japan, especially on the reactor leakage information. It is good time to sit on your hands right now and just be a patient observer imo.
EXACTLY.

I don't know what the big shots are doing, but with the inside information they have, they probably are making money off this. Or at least working hard to cover their rear ends.

But I do know that with the size of these bars due to the Japanese news, the best thing you can do is to stay out.

The spreads are probably HUGE, the volatility is just crazy, and there is a ton of uncertainity.

As for any PA that has occurred in the last 3 trading days. Disregard the outcome. PA is damn powerful, but it cannot predict how the markets will react after one of the worst disasters in our world's history. If any PA did fail, well that is because all bets are off with this mess in Japan. If any PA forms, disregard it until things settle back down.

This is why we use stop losses.
  • #91,651
  • Mar 15, 2011 11:03am Mar 15, 2011 11:03am
Quoting unlv_tj
As for any PA that has occurred in the last 3 trading days. Disregard the outcome. PA is damn powerful, but it cannot predict how the markets will react after one of the worst disasters in our world's history. If any PA did fail, well that is because all bets are off with this mess in Japan. If any PA forms, disregard it until things settle back down.

This is why we use stop losses.
Not to start a back and forth of course but I have to heavily disagree. PA has been pretty clear over the last few days doing exactly what we would expect. Yes the volatility is high but that doesn't mean PA is less reliable, it is just PA in a different environment(this is the key people ignore). "irrational" markets are some of the best times to find setups

Again just me playing the devil advocate on ya tj

Best
Mike
  • #91,652
  • Mar 15, 2011 11:03am Mar 15, 2011 11:03am
Hey Mike/Ghous..
i was jus watching this Pinbar..sadly no RN..but location seems to be good+space to run
but i jus dont like the way it got rejected from the high of PB..so passed it..are such kind of PBs in ur book..i would like to know that?
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  • #91,653
  • Mar 15, 2011 11:05am Mar 15, 2011 11:05am
Quoting mbqb11
Not to start a back and forth of course but I have to heavily disagree. PA has been pretty clear over the last few days doing exactly what we would expect. Yes the volatility is high but that doesn't mean PA is less reliable, it is just PA in a different environment(this is the key people ignore). "irrational" markets are some of the best times to find setups

Again just me playing the devil advocate on ya tj

Best
Mike
I was refering mostly to the GBPJPY daily pin bar that got smashed like it had a ton of bricks dropped on it. It was asked about in the previous page.

I guess I should add, the JPY and AUD are the wildest right now. The other paris are probably more reliable.
  • #91,654
  • Mar 15, 2011 11:13am Mar 15, 2011 11:13am
Quoting unlv_tj
I was refering mostly to the GBPJPY daily pin bar that got smashed like it had a ton of bricks dropped on it. It was asked about in the previous page.

I guess I should add, the JPY and AUD are the wildest right now. The other paris are probably more reliable.
for sure bud

You are right most people should sit out , cause they just see crazy action and try to jump on the train. You have to remain rational in your thinking or you just join the irrational who get pummeled.

Solid advice is always stay out when in doubt

Mike
  • #91,655
  • Mar 15, 2011 11:17am Mar 15, 2011 11:17am
I bet you are having fun!
Quoting mbqb11
for sure bud

You are right most people should sit out , cause they just see crazy action and try to jump on the train. You have to remain rational in your thinking or you just join the irrational who get pummeled.

Solid advice is always stay out when in doubt

Mike
  • #91,656
  • Mar 15, 2011 11:17am Mar 15, 2011 11:17am
Quoting mbqb11
Hey Ammar

We can see how strong the box played into effect. What happens is people take that pinbar long and just "hope and pray" that it busts on through and then price continues to consolidate and they take another loss

I call it trying to be a hero(been there done that)

Best
Mike
Mike,

Would you not have traded this pin with a view to the bar lows being a FTA?
WE had 1.6 rejected daily and weekly. Not A+ i agree
  • #91,657
  • Mar 15, 2011 11:18am Mar 15, 2011 11:18am
Quoting Chelski
Mike,

Would you not have traded this pin with a view to the bar lows being a FTA?
WE had 1.6 rejected daily and weekly. Not A+ i agree
Hey C

I don't do too well in those deep consolidations like that. I don't like to overly babysit my trades and this one in my eyes needed to be. I think it is a fine trade if you are very quick to b/e and understand that type of environment you are trading in. That is just personal preference and style that will play a role in that part

Hope that helps
Mike
  • #91,658
  • Mar 15, 2011 11:19am Mar 15, 2011 11:19am
Quoting unlv_tj
I was refering mostly to the GBPJPY daily pin bar that got smashed like it had a ton of bricks dropped on it. It was asked about in the previous page.

I guess I should add, the JPY and AUD are the wildest right now. The other paris are probably more reliable.
In the GBP/JPY setup I think ure right, this was a big bar with a bounce off the 130, it had like a 90% of probabilities of going up to the 133, went up 15-20 pips... and then straight down.

Os.
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  • #91,659
  • Mar 15, 2011 11:20am Mar 15, 2011 11:20am
Quoting mbqb11
for sure bud

You are right most people should sit out , cause they just see crazy action and try to jump on the train. You have to remain rational in your thinking or you just join the irrational who get pummeled.

Solid advice is always stay out when in doubt

Mike
Yea, I was tempted to jump on the Yen train this morning, but I realized I had no plan of where to take profit or where to place a stop loss or no real idea of how strong the Yen would truly be.

I just stayed out.
  • #91,660
  • Mar 15, 2011 11:21am Mar 15, 2011 11:21am
Quoting mbqb11
Hey Os

Yeah I agree this was an easy pass. Funky looking bar with all that was going on in a very strong consolidation box. That for me is easy to watch on the sidelines

Best
Mike
Thx for your answer, I was almost going to take it due to the size and the bounce of the 130... It seemed to have potential to reach the 133.

Thx god i didnt

In your views, it was an easy pass due to the consolidation/box/sideways action ?

Os.
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