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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

  • #109,561
  • Edited 12:24pm Mar 29, 2012 12:01pm | Edited 12:24pm
I was just doing more reading here on this thread (great thread, thanks for the summaries everyone) and I looked to charts.. and guess what i found?

Yes, my first pin bar set up ever. It's on USDJPY and I'm really dying to trade... But I actually stopped trading my old EMA crossover today just to study PA.

Okay, I know that this is a 4H chart, so I'm technically not allowed to trade a lower time frame without demoing for 3 months but can someone tell me if this is right so far? There is Confluence of the 61.8 fib line and 81.93 which I marked as the previous week low (it's actually 81.96).

Currently this is a ret to 81.93 from before, two other times on this chart have prices reached this line and gone upwards.

And all this is happening while my EMA cross is telling me to sell (lol).

Edit:
okay so a few posts above me heebbyjeeby spotted this too.. so i guess it isn't news haha.

Edit Edit:
might even have a DBHLC there on the last two candles now!! or am i just seeing things..
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  • #109,562
  • Mar 29, 2012 12:11pm Mar 29, 2012 12:11pm
Quoting mrhb30jr
hi mike,

#CL 4hr tf break out the consolidation area......
it's the valid break out.......
very nice consolidation to look to trade. I think the best trigger was on the one hour though. See if you can spot it


Best
Mike
  • #109,563
  • Mar 29, 2012 12:20pm Mar 29, 2012 12:20pm
Quoting mbqb11
very nice consolidation to look to trade. I think the best trigger was on the one hour though. See if you can spot it


Best
Mike
thx Mike i see on the 1hr tf......#CL
how about silver mike 1hr tf positive divergence but not break out the TL....

cheer
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  • #109,564
  • Mar 29, 2012 12:46pm Mar 29, 2012 12:46pm
Quoting mrhb30jr
thx Mike i see on the 1hr tf......#CL
how about silver mike 1hr tf positive divergence but not break out the TL....

cheer
yep you spotted it, nice big BEOB showing the breakout tip off. Pre-emptive as I call them. Good job

Silver I am not too fond of here, not a lot of confluence or PA, and a pretty sideways market. Might work but just be careful trading in a choppier environment. If price can't get above 32 and stay there it could just put us right back lower

Best
Mike
  • #109,565
  • Mar 29, 2012 1:47pm Mar 29, 2012 1:47pm
Quoting asim.iqbal
Hmmm!
You mean this was the right setup to catch.
It is new for me.
No I mean it was not the best of setups.

It was technically a DBLHC. Like I said it was lacking in the 'space' department.

You do have a good idea of 'space vs traffic' right?

g.
I believe . . .
  • #109,566
  • Mar 29, 2012 1:58pm Mar 29, 2012 1:58pm
Hi 4Tiger

Yes, your right -PB off BRN but I have 4 reasons not to take the trade

1. Higher time frames show bearish PA off SWH
Not a good idea to trade into this

2. FTA is at 83 - Is it worth the risk? Is it a A+ trade? Are there better trades out there?

3. 4HR Trend Line - price is getting squeezed

4. Why open a position during NY pm trading when you can wait until tomorrow?

Of course you could make pips of it, but but why take a bacon trade when there could be steak tomorrow

Anthony


Quoting 4tiger
I was just doing more reading here on this thread (great thread, thanks for the summaries everyone) and I looked to charts.. and guess what i found?

Yes, my first pin bar set up ever. It's on USDJPY and I'm really dying to trade... But I actually stopped trading my old EMA crossover today just to study PA.

Okay, I know that this is a 4H chart, so I'm technically not allowed to trade a lower time frame without demoing for 3 months but can someone tell me if this is right so far? There is Confluence of the 61.8 fib line and 81.93 which I...
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  • #109,567
  • Mar 29, 2012 2:03pm Mar 29, 2012 2:03pm
Quoting Rust
Damn loss i took today . Hate that . I should remember next time , why not to play consolidation market.
Entered on the break of the box between 8.8500 and 8.9500 , targeting 8.8000. Using this nice BEOB . Half position on the break , half on retrace .
When price returned into the box , i cut out .
The yen setups i was watching didn't gave any confirmation so , no play there .... a bad day for me

just sharing my pain with you guys ...
Hey Rust,

this is a beautiful example of the boxing phenomena that Mike so often talks about. A tendency of this price behavior is that it so often stacks these boxes on top of each other so price has nowhere to go bu sideways because a break from one box leads to "traffic" from an earlier box.

The trade you took was totally splendid, in that it was a BEOB on the breakout of a very obvious box, yet it did not fit in the overall story that well, you see why? the traffic created by the earlier box hindered a smooth move down.

And on a side note, don't take losses hard on you. They help you learn more than your winners will ever teach you. So they are inevitable - and for the most part crucial for building you into a better, more resilient more successful trader.

g.
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I believe . . .
  • #109,568
  • Mar 29, 2012 3:48pm Mar 29, 2012 3:48pm
Quoting ghous
Hey Rust,

this is a beautiful example of the boxing phenomena that Mike so often talks about. A tendency of this price behavior is that it so often stacks these boxes on top of each other so price has nowhere to go bu sideways because a break from one box leads to "traffic" from an earlier box.

The trade you took was totally splendid, in that it was a BEOB on the breakout of a very obvious box, yet it did not fit in the overall story that well, you see why? the traffic created by the earlier box hindered a smooth move down.

And on a side note,...
Hey ghous ,
totally agree , thanks for the nice post !
Losses are lessons .
My idea taking this setup was to play the transition back to the left box and maybe reach it's low at best . Half risk , because of the overall consolidation and managed to cut it early . Today is an awful day for me in every aspect
Getting superstitious .

Regards
  • #109,569
  • Mar 29, 2012 3:49pm Mar 29, 2012 3:49pm
Quoting heebbyjeeby
Hey Mike,

I know you posted about AUDJPY but what about this on usdjpy?
A nice 4hr pin, off a ppz, and BRN of 82.000.

A nice story?



(forget the buy line, its stuck and wont go away!!!!0
I'm in this one right now off the H4, and it looks like it might turn into a daily pin too, at which point I'll weigh sticking in a bit more.
  • #109,570
  • Mar 29, 2012 4:13pm Mar 29, 2012 4:13pm
Quoting alyehoud
I'm in this one right now off the H4, and it looks like it might turn into a daily pin too, at which point I'll weigh sticking in a bit more.
It's not a daily pin and the level which provided the bounce has been tested twice now with H4 pins. I'd expect a smaller bounce north than the last time (23/03). Be careful around 82.66 and 82.88
Manage it closely and you might get a few nice pips. good luck.
  • #109,571
  • Edited 4:33pm Mar 29, 2012 4:16pm | Edited 4:33pm
Quoting Rust
Hey ghous ,
totally agree , thanks for the nice post !
Losses are lessons .
My idea taking this setup was to play the transition back to the left box and maybe reach it's low at best . Half risk , because of the overall consolidation and managed to cut it early . Today is an awful day for me in every aspect
Getting superstitious .

Regards
Here's a quote from someone on this forum.... a part pertains to loss...

"every thing i have posted has been learned from someone else. learning to trade succesfully with them is the traders responsibility and trust me it is not automatic. now i am teaching others. i believe in karma and i truly believe that the powers that be will smile on me. now maybe some of you who along with me have listened to the drumbeat of go it alone you will never be a good trader until you figure out your own system will say along with me. BULLSHIT. without help from others i would have quit a long time ago. do not be afraid to learn from others even if you lose trading thier ideas. you learn more sometimes from the losses than the winners. spending money on books and tapes and websights over twenty years is how i got here."

Who was it?

Fight the demons Rusty.... you're a winner.
  • #109,572
  • Mar 29, 2012 4:33pm Mar 29, 2012 4:33pm
Quoting riandouma
Just something I'm looking at. Am I missing anything guys?
Hey Rian. I posted this one a few pages back, dont know if you saw my analysis there. Not sure if it's coming back on us now as daily close failed to get above 1.27. I already closed out some around the trouble area i mentioned where we had a stall today. Hope it's going down to my TG area and getting ready for longs.maybe.

It might come back to test the PPZ but i dont think so. Of course if it does, go for it (providing you get the signals)
  • #109,573
  • Edited 5:26pm Mar 29, 2012 5:02pm | Edited 5:26pm
My first post.Been watching this thread for 6 month. Thanks all for this information, best ever seen. God bless you.
Anyways.
Does anybody watch this one. Took the very similar trade on Monday. Seems like we can see 0.9900 again?
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If not up, then down, otherwise sideways :-)
  • #109,574
  • Mar 29, 2012 5:43pm Mar 29, 2012 5:43pm
Quoting beebolbod
Here's a quote from someone on this forum.... a part pertains to loss...

"every thing i have posted has been learned from someone else. learning to trade succesfully with them is the traders responsibility and trust me it is not automatic. now i am teaching others. i believe in karma and i truly believe that the powers that be will smile on me. now maybe some of you who along with me have listened to the drumbeat of go it alone you will never be a good trader until you figure out your own system will say along with me. BULLSHIT. without help from...
No need to ask my friend Its James16 himself
Your post was a significant and well timed reminder . As time passes , i get a different thing every time reading what he said .

  • #109,575
  • Mar 29, 2012 6:05pm Mar 29, 2012 6:05pm
Quoting Magestic
My first post.Been watching this thread for 6 month. Thanks all for this information, best ever seen. God bless you.
Anyways.
Does anybody watch this one. Took the very similar trade on Monday. Seems like we can see 0.9900 again?
hey magestic welcome!

It is similar but at the same time notice now this one is even more traffic(or congestion). This is a very very very consolidated market be very cautious trading these

Again welcome to the thread glad it's been helpful so far!

Mike
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  • #109,576
  • Mar 29, 2012 6:51pm Mar 29, 2012 6:51pm
Quoting asim.iqbal
Hello! Pinbar,
I was thinking about long here.

If we get above this area and price pulls back, maybe.
Looks like a PPZ sitting at a SL to me, with the 365 lining up on the weekly chart, and the 150 on the daily.

Enough to keep me out, till we get above it.
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  • #109,577
  • Mar 29, 2012 6:59pm Mar 29, 2012 6:59pm
Quoting chartfan
Hi!

I registered to this forum because this thread and love it.

I would love to ask one thing from all of you who use a typical pinbar strategy:
do you place you initial stoploss always at the end of the pinbar ? or would you place it differently if a zone (ppz,roundnumber..etc) is farther away from the original SL?

let me explain:

for example despite your strategy says its a clear short entry here, with stoploss at the redline:
Attachment

OR would you place the SL farther away because there is a ppz(blue rectangle) and a BRN...

You might get a response if, you posted the Pair this is on and the time frame. Without that, it is hard to get a grasp of what you are looking at.
  • #109,578
  • Mar 29, 2012 7:12pm Mar 29, 2012 7:12pm
Quoting chartfan
Hi!

I registered to this forum because this thread and love it.

I would love to ask one thing from all of you who use a typical pinbar strategy:
do you place you initial stoploss always at the end of the pinbar ? or would you place it differently if a zone (ppz,roundnumber..etc) is farther away from the original SL?

let me explain:

for example despite your strategy says its a clear short entry here, with stoploss at the redline:
Attachment

OR would you place the SL farther away because there is a ppz(blue rectangle)...

whoops I didn't see this till Steve quoted it. Thanks steve


Technically the answer is any of what you said, as well as other areas. Like placing your stop loss above the left eye, or other closer s/r/important area in the market.

Generally I don't stick my stop loss that significantly higher because if my PA reading skills were proper then normally I am saying this bar is off the strongest area that I was watching. In the case you posted it may be that I would not take that bar and wait to see if price could react higher up towards the PPZ and BRN you said was there. THis way when I do enter(if I do), my stop loss will be behind the bar as well as that area.

Hope this helps and welcome to the thread
Mike
  • #109,579
  • Edited 7:30pm Mar 29, 2012 7:18pm | Edited 7:30pm
Had my eye on this for a while but, it looks like it is time to go back to sitting on our hands till we break out of the box, or at lease wait till we get to the bottom where price has a chance of a good run at the PPZ.

I am finding inertia to be interesting, how price sometimes makes a strong move and actually pierces our PPZ only to reverse.
I suppose, price acts like it is on a trampoline sometimes, it makes a a move up, pulls back, bends the canvas of the trampoline before taking off in the other direction. This used to confuse me.
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  • #109,580
  • Mar 29, 2012 7:59pm Mar 29, 2012 7:59pm
For Jarroo

H1 Posted for educational purposes only. Not something any new people should even bother looking at.


This 130.714 area is interesting.
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