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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

  • #6,001
  • Sep 12, 2007 6:45am Sep 12, 2007 6:45am
Quoting the_wizard
Is the USD/CAD ever going to turn up?
Yes for ever, no for now, except maybe, unless.

Quote
Is the carry trade really dead?
The dead live longer!

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Will oil hit $80 this week?
Yes


If nothing of the above comes true, you need to shake my 8-Ball again ;p
Trust price. Know yourself.
  • #6,002
  • Sep 12, 2007 7:33am Sep 12, 2007 7:33am
Since you watch many a market, what do you think of the IB4 that is also a pin on the daily coffee? We are going into the holidays and colder weather for the norther hemispere.
  • #6,003
  • Sep 12, 2007 8:17am Sep 12, 2007 8:17am
Quoting HipsterPipster
Since you watch many a market, what do you think of the IB4 that is also a pin on the daily coffee? We are going into the holidays and colder weather for the norther hemispere.
Hi HipsterPipster,

I'm neutral on coffee right now but if you trade this, be mindful of 117, 120 and then 123 historical S/R levels.

Wiz
  • #6,004
  • Sep 12, 2007 10:45am Sep 12, 2007 10:45am
Looks as though there could be a nice pin forming on the cable 4-hour. It's right along the trendline also. Well, the trendline I drew anyways... We'll just see how it plays out for the time being.
I dream, therefore I become.
  • #6,005
  • Sep 12, 2007 11:05am Sep 12, 2007 11:05am
Quoting Goozman
Did you enter above the pin bar? Or are you just considering this trade now?
My entry was very late at 0.8315. I'm not too happy with it but it'll do this time.
I was already in, something like 72 pips now
100% of traders are losers. Just that some win more than they lose!
  • #6,006
  • Sep 12, 2007 11:50am Sep 12, 2007 11:50am
Breakout scenario on the cards.
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  • #6,007
  • Sep 12, 2007 12:43pm Sep 12, 2007 12:43pm
Quoting the_wizard
Breakout scenario on the cards.
Yeah I never trade this pair, but have been watching this one for a looooooong time LOL
  • #6,008
  • Sep 12, 2007 1:07pm Sep 12, 2007 1:07pm
Quoting the_wizard
Breakout scenario on the cards.
I'm long in that from 0.6771 (confirmation of a wave 3 up after the consolidation / BUOB daily entry / retrace bus end to weekly PB top confirmed, later we got a 2 bar Weekly PB off the top of the last weekly PB)

Just wish I had put on more, I'm blaming my EURGBP long for the misery I am suffering on GBPUSD.
Trust price. Know yourself.
  • #6,009
  • Sep 12, 2007 1:08pm Sep 12, 2007 1:08pm
Turned into a super great trade !!! I got in a few pips late... but got nice pips here.... until for some danged reason my wife closed out the trade cause she said she thought it looked like it was going to go back down... and our cardinal rule is we don't touch each others account...

Have no idea what got into her today...!!!


Quoting Mr demark
I was already in, something like 72 pips now
  • #6,010
  • Sep 12, 2007 4:39pm Sep 12, 2007 4:39pm
Are you still in your short CAD trade ??? Man, I should have hung on to that one... I dreamed of price to where it is now... in real life I didn't dare take the chance... I should have !!
  • #6,011
  • Sep 12, 2007 4:40pm Sep 12, 2007 4:40pm
Speaking of dreams...

In the past three weeks I have had at least three dreams about Pin Bars...!! Can't remember what they were... I guess it is getting bad when you are dreaming about things like that !!
  • #6,012
  • Edited 4:54pm Sep 12, 2007 4:44pm | Edited 4:54pm
Hold the phone. Oil has passed $80!

And speaking of commodities, Wheat has gone limit down...

I really don't see any S/R level coming into play anywhere soon but I am hoping that price is going to give us some bullish setup at one of those ema's further down the chart. I've been watching this rally for weeks now!

Here in J16 I know we don't pay too much attention to "funnymentals" but you may want to know what is fuelling this monster - the world is running out of Wheat.

World wheat ending stocks came in at 112.36m tonnes. This is the lowest world ending stocks figure since 1977. World stocks/usage ratio is the lowest on record going back to 1960.

Have a good look at that chart. See if you can spot the pin bar that started it all. Here's a clue - its not too hard being the lowest point on the whole chart...and who was it that said you shouldn't trade against the trend?!

If - and that really is the magic word, IF, you can cut your losses quickly and let you winners run, I sometimes think trading against the trend is the best way to make big money....

And talking of trends have you all been watching Gold? I've been trying to get on board this since I jumped ship before the move even properly got underway. Today formed what is technically a "pin bar" off a minor S/R zone but the position in it is in, imo, makes it most definetly not a tradable one.

For those of you who study candle patterns - do you guys all know the difference between a pin bar and a hangman? The latter being indicative of imminent demise...

And that brings us nicely to the EUR/GBP. And to think someone said the USD/CAD was hard to trade! Look at the state of this chart. That monthly descending TL is irresistible but looking at how choppy price is, would you really want to go long bearing in mind the R:R ratio from having to put your stop where you won't get shaken out....questions, questions.
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  • #6,013
  • Sep 12, 2007 5:06pm Sep 12, 2007 5:06pm
Quoting the_wizard
Hold the phone. Oil has passed $80!
Who's your favorite 8-ball now!

Quote
...and who was it that said you shouldn't trade against the trend?! If - and that really is the magic word, IF, you can cut your losses quickly and let you winners run, I sometimes think trading against the trend is the best way to make big money....
Or the safest way of burning it. Sure, catching those reversal pin bars on USDJPY and NZDUSD before the big meltdown was terrific and would have yielded insane amounts of pips. But those were big and on daily and one could have additionally made sure to enter on break.

In general it is a good idea to enter the PB that ends a COUNTER-TREND move, like the ones on GBPUSD and EURUSD at their respective lows.

I would not advise anyone to take any trades against a clear trend if they aren't 250% sure of what they're doing and why.

The ONLY counter-trend trade that will ever work out well is the one that starts either a big correction or turns the trend around - and how certain are you that you know when the trend's had enough?



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And talking of trends have you all been watching Gold? I've been trying to get on board this since I jumped ship before the move even properly got underway. Today formed a "pin bar" of a minor S/R zone but imo, not a tradable one.
Yes and no PB here, just an IB on my NF feed, matching highs.
Since I've already taken too much off I'm leaving my last piece on.
Seeing a 4h in traffic PB near the high, wouldn't be surprised if Gold had another 10$ left in it.

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For those of you who study candle patterns - do you guys all know the difference between a pin bar and a hangman? The latter being indicative of imminent demise...
Are those my gasping dojis or?

Quote
And that brings us nicely to the EUR/GBP. And to think someone said the USD/CAD was hard to trade!
That musta been me, too ;p

Quote
Look at the state of this chart. That monthly descending TL is irresistible but looking at how choppy price is, would you really want to go long bearing in mind the R:R ratio from having to put your stop where you won't get shaken out....questions, questions.
Actually R/R was great at the right spots and price not choppy at all if you waited for the place for it...let me get a chart out *groans because of his old aching back while digging in a bottomless chest of charts*...


here...originally made this one for Trader888 who was super bearish. I in turn said I'm looking for a long setup at the marked s/r area like a PB.
And indeed, after the big monthly 2 bar pb we end up in a weekly PB.
That was the first retrace bus.
We then break the downtrending corrective channel and make another weekly retrace bus 2 bar PB. Then we take off.

No magic, just TLs and TA.

The chop goes away a little bit if you go higher in timeframes.

Charts are starting to be like my kids, you see how they grow and develop over time...oh dear...I need more women in my life...
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Trust price. Know yourself.
  • #6,014
  • Edited 10:31pm Sep 12, 2007 10:30pm | Edited 10:31pm
Hey guys, i am hoping to insert a dumb question here. I have been reading this thread trying to drill into my thick head the breakdown of the price action "indicators" For example with understanding pin bars i fail to see why Jim is referring to this as a pin bar:

http://www.forexfactory.com/showpost...9&postcount=35

When he mentions on this introductory post that a pin bar by definition is "if the third bar can't take out the first bar by a tick or two it's headed the other way". However on this example the third bay is definitely longer (down) than the first. Since this nose is pointing down my understanding is that i am looking at the first and third bars to ensure that the third is no longer (down) than the first. Just like a pin bar that is pointing up i am looking at the third bar to ensure it is not longer (up) than the first (by a tick or two).

Am i missing the something here?

Also is one tick = one pip?
  • #6,015
  • Sep 12, 2007 10:39pm Sep 12, 2007 10:39pm
Hey Sas,

Too make this easier, just view the red bar(I recolored it), that is our pin bar. It is located in a good spot(a good spot being a long nose protruding away from price bars to the left). It also has its open and close contained within the bar to it's left. The bar I highlighted in yellow is the bar we are looking for it to break the high of the pinbar(the high would be the green small line I colored in). If the yellow bar however breaks the low of the pinbar(the red bar), then that pinbar is invalidated.

And yes 1 tick = 1 pip

Does this help?

Mike
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  • #6,016
  • Sep 13, 2007 5:13am Sep 13, 2007 5:13am
Quote
And to think someone said the USD/CAD was hard to trade! Look at the state of this chart. That monthly descending TL is irresistible but looking at how choppy price is, would you really want to go long bearing in mind the R:R ratio from having to put your stop where you won't get shaken out....questions, questions.
I don't think USD/CAD is hard to trade. Patience is critical and you have to wait (sometimes weeks) to get outside the range where things become interesting fast.

1.0340 target hit for USD/CAD, closed half and trailing the other half now. Where to, I have no idea

I also closed my AUD/USD long trade near 61.8% fibo for 100 pips. Lots of uncertainty about what will happen next, so I got out.
  • #6,017
  • Sep 13, 2007 5:20am Sep 13, 2007 5:20am
Quoting Tiki Trader
Speaking of dreams...

In the past three weeks I have had at least three dreams about Pin Bars...!! Can't remember what they were... I guess it is getting bad when you are dreaming about things like that !!
Saw this image somewhere else on this forum, and now I keep dreaming it. I must be sick. btw I dream charts all the time.

Back to trading now. I have a feeling EUR/USD will visit 1.3850 - 1.3800 before taking out 1.40.
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  • #6,018
  • Sep 13, 2007 9:11am Sep 13, 2007 9:11am
Quoting mbqb11
it is MT4

here is IBFX's

http://interbankfx.com/Downloads/MT4.exe
hi Mike,
Thanks for the info. I have been away for a little bit. Dan
  • #6,019
  • Sep 13, 2007 9:33am Sep 13, 2007 9:33am
Quoting Goozman
Saw this image somewhere else on this forum, and now I keep dreaming it. I must be sick. btw I dream charts all the time.

Back to trading now. I have a feeling EUR/USD will visit 1.3850 - 1.3800 before taking out 1.40.
Does Mike know you've sneaked into his garage?http://www.forexfactory.com/attachme...0&d=1189678671
  • #6,020
  • Sep 13, 2007 9:39am Sep 13, 2007 9:39am
Quoting Goozman
Saw this image somewhere else on this forum

The reason there's so many USD and only a handful of other bills is because the garage owner diversified and put half his money in USD and half of it in real money ;P

*runs away before the american's chase him down* ;d
Trust price. Know yourself.
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