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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

  • #7,361
  • Nov 2, 2007 12:09am Nov 2, 2007 12:09am
First Off i would like to thank James16 and all the other excellent posters in th this thread. It has changed the way i see the charts. I am much less confused by seemingly random changes in candle direction.

I just caught two Pins in the act... on on gbp/jpy and the other on eur/jpy. The 1H chart looked like it was forming a pin and the 30m showed definite Pin qualities. Two further reasons for trade: for G/J support at the 200EMA on 30m chart and support level from this morning's low.
For the E/J, the 30m chart had 365EMA support and support from this morning's low. I am in Melbourne Australia, so the 'morning' might be quite late for you guys.

Attached charts... am i headed in the right direction here?
I think i must be, as the trades i placed i have locked in 10pips. Will watch and wait.
Attached Images
  • #7,362
  • Nov 2, 2007 12:17am Nov 2, 2007 12:17am
Hi TheRas,

Your reasoning sounds fine (I can't see a chart right now). Remember, the more factors you have in your favour when you see a pin (s/r, calculated pivot points, moving averages, fib levels, indicator divergence etc), then the higher probability the setup will work.

30m is a bit hair raising for most of us though. I only go as low as 1hr and many of us here are 4hr or higher.

Hope it works - best of luck,

Tom


Quoting TheRas
First Off i would like to thank James16 and all the other excellent posters in th this thread. It has changed the way i see the charts. I am much less confused by seemingly random changes in candle direction.

I just caught two Pins in the act... on on gbp/jpy and the other on eur/jpy. The 1H chart looked like it was forming a pin and the 30m showed definite Pin qualities. Two further reasons for trade: for G/J support at the 200EMA on 30m chart and support level from this morning's low.
For the E/J, the 30m chart had 365EMA support and support from this morning's low. I am in Melbourne Australia, so the 'morning' might be quite late for you guys.

Attached charts... am i headed in the right direction here?
I think i must be, as the trades i placed i have locked in 10pips. Will watch and wait.
  • #7,363
  • Nov 2, 2007 1:50am Nov 2, 2007 1:50am
Quoting ademac
Been waiting for someone to bring up the GBP/USD PB. Looks quite good to my eyes.
Everyone always wants to sell my favorite

I'm still buying this until it shows me in behavior it doesn't wanna go anymore..I think we're in one of the most USD hostile environments..going with the flow seems much more effortless to me..even though there were a few weeks of simply struggle, it seems to have decided that, hey, yea, >2.08 is indeed a nice place to be



Quote
Comes at the end off a good run. So it is in a prime place to signal a reversal of direction which in essence is all a pin is.

Some of the other factors that lend support to being a good as place ans any is that it is nearing the top of the weekly uptrend channel. Currently the top of the channel is sitting about 100 pips above the high of the bar, the channel is about 1000pips wide.
I got both a TL that has intersected it to cause the PB in the first place and a channel that has it's top at around 2.12 right now


Quote
The other Pairs. I am sure most people would be aware of how many pairs showed reversal signals today. A lot of pairs had DBHLC and 2 Day PB's are visible on most charts.

Whats this all mean??
Bargains for USD sellers? ;P

Also wondering what NFP will bring =)

But I suspect we'll just keep moving in the direction we have been...and if not, that any bigger dent will just lead to renewed USD selling eventually..that's really all the market seems to be doing...since 2001
Trust price. Know yourself.
  • #7,364
  • Nov 2, 2007 2:15am Nov 2, 2007 2:15am
Quoting SeekingLight
Everyone always wants to sell my favorite

I'm still buying this until it shows me in behavior it doesn't wanna go anymore..I think we're in one of the most USD hostile environments..going with the flow seems much more effortless to me..even though there were a few weeks of simply struggle, it seems to have decided that, hey, yea, >2.08 is indeed a nice place to be
Hey SL, As a your sig says "No setup = No trade" and as a pure PB trader i can only enter on a PB so i am waiting for these when they appear. But if it doesn't break short then no trade.


Quoting SeekingLight
Bargains for USD sellers? ;P

Also wondering what NFP will bring =)

But I suspect we'll just keep moving in the direction we have been...and if not, that any bigger dent will just lead to renewed USD selling eventually..that's really all the market seems to be doing...since 2001
You will most likely be right and the juggernaut of USD sellers will continue. but i would like to see a short correction so i can get back in at the end off a pull back on a nice PB.

Enjoy
Ademac
  • #7,365
  • Nov 2, 2007 2:29am Nov 2, 2007 2:29am
Quoting ademac
Hey SL, As a your sig says "No setup = No trade" and as a pure PB trader i can only enter on a PB so i am waiting for these when they appear. But if it doesn't break short then no trade.
Exactly!


Quote
You will most likely be right and the juggernaut of USD sellers will continue. but i would like to see a short correction so i can get back in at the end off a pull back on a nice PB.

Enjoy
Ademac

Yea that's the problem with these impulse waves...people just chuck on position after position, and the more do, the more feel like missing out, and the more the chucking gets fierce

Just means that retraces are few and far between during those surging moves usually...which is great if you're already in from ages ago, but is really annoying if you missed that ONE bar that woulda done it and are sticking to / trying to stick to a system.


I think that no matter whether or not it takes a few more days or not, the USD will probably get at least one last push..before it gets angry and pushes back
We'll see...got a lot of room left for USDCAD, a few hundred for GBPUSD, and EURUSD, oh heck, I don't know, but USDCHF we're still not at all time lows ;p

Best of luck with this tricky slickster that's the market =)

SeekingLight
Trust price. Know yourself.
  • #7,366
  • Nov 2, 2007 5:08am Nov 2, 2007 5:08am
Yeah I don't feel really comfortable selling the GBPUSD although the pin bar is tempting. Here we are right before NFP and it hasn't triggered yet and I don't know if it will. I'll let NFP do its thing and re-evaluate.

I would actually like for this to maybe touch the top of the channel Ademac posted earlier (on the weekly charts) and look for a short there.
I'm on the side for now.

Good luck to all,
Tom
  • #7,367
  • Nov 3, 2007 7:58am Nov 3, 2007 7:58am
I told myself shorting GBP/USD so close to the stop was a real bargain, of course I was burnt, greed one more time
  • #7,368
  • Nov 3, 2007 1:44pm Nov 3, 2007 1:44pm
Quoting Galileo258
I told myself shorting GBP/USD so close to the stop was a real bargain, of course I was burnt, greed one more time
It takes a while but these lessons do sink in one day, trust me daniel, have a nice weekend all. Raz
Never say never.
  • #7,369
  • Nov 4, 2007 5:03am Nov 4, 2007 5:03am
Quoting Galileo258
I told myself shorting GBP/USD so close to the stop was a real bargain, of course I was burnt, greed one more time
Always wait for the setup to trigger.

If it doesn't, leave it.

If it does, take it.

If you miss it, move on.

Never chase a market.
  • #7,370
  • Nov 4, 2007 2:22pm Nov 4, 2007 2:22pm
Does anyone know what has happened to zinc6 ???
  • #7,371
  • Nov 4, 2007 3:31pm Nov 4, 2007 3:31pm
Quoting Tiki Trader
Does anyone know what has happened to zinc6 ???
Left the factory/PF for a while. Will she come back ? I don't know. Will be missed i am sure.

Ademac
  • #7,372
  • Nov 5, 2007 4:50am Nov 5, 2007 4:50am
well iam looking for a broker. james16 really a good price action method. Iam using demo since two month with profit. Now i want to use it at my mini account. I want to invest upto $1000. Will you guys tell me a good broker(no stop hunting, no stop or limit order hunting and no requoto) for this method?

I know this is not a good place to ask. But please help me iam confuse. Iam newbie and donot want to lose money due to stop hunting or similar.
Let's trade together.
  • #7,373
  • Nov 5, 2007 5:09am Nov 5, 2007 5:09am
Oanda is the place for you !!!!!!!!!!!!


Quoting FXBaby
well iam looking for a broker. james16 really a good price action method. Iam using demo since two month with profit. Now i want to use it at my mini account. I want to invest upto $1000. Will you guys tell me a good broker(no stop hunting, no stop or limit order hunting and no requoto) for this method?

I know this is not a good place to ask. But please help me iam confuse. Iam newbie and donot want to lose money due to stop hunting or similar.
  • #7,374
  • Nov 5, 2007 5:21am Nov 5, 2007 5:21am
Quoting FXBaby
well iam looking for a broker. james16 really a good price action method. Iam using demo since two month with profit. Now i want to use it at my mini account. I want to invest upto $1000. Will you guys tell me a good broker(no stop hunting, no stop or limit order hunting and no requoto) for this method?

I know this is not a good place to ask. But please help me iam confuse. Iam newbie and donot want to lose money due to stop hunting or similar.
Forex Factory has a lot of threads and information on brokers. I would suggest you start reading some of the threads and get a feel for what is available and what you would like.
  • #7,375
  • Nov 5, 2007 7:19am Nov 5, 2007 7:19am
Quoting FXBaby
Will you guys tell me a good broker(no stop hunting, no stop or limit order hunting and no requoto) for this method?
FxBaby:

Maybe you would be better asking yourself where you can place your stops so they cannot be "hunted"?

The reason for a loss always lies with the trader.
  • #7,376
  • Nov 5, 2007 7:19am Nov 5, 2007 7:19am
Hello everyone!

I've only read about the first 2500 posts on this thread, but so far it's been good stuff.

Hey, could that be a pin bar forming on the G/J 4H? It's not a really long nose, but it does poke down below S/R going back to 10/3/07, then back up....

Rob
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  • #7,377
  • Nov 5, 2007 7:26am Nov 5, 2007 7:26am
Quoting blueruby
Hello everyone!

I've only read about the first 2500 posts on this thread, but so far it's been good stuff.

Hey, could that be a pin bar forming on the G/J 4H? It's not a really long nose, but it does poke down below S/R going back to 10/3/07, then back up....

Rob
I prefer to see the nose ON the S/R pivot but that's just the way I personally play them. I don't use 4hr but it appears BELOW the ascending TL on your chart. How much space have you got overhead if this becomes resistance?
  • #7,378
  • Edited 8:35am Nov 5, 2007 7:35am | Edited 8:35am
I have to respectfully refer you to page 21, posts 305 and 307 where James says "it's go time". Since I read that, I've noticed more than a few of those "piercing noses", and I'll always take note of them from here on out.

Also, if you put fibs on this chart, you have a confluence of the 50 and the 38 right where the nose taps.

I'm not that worried about the TL, oftimes candles will go right up the bottom side of a trendline that's been broken to the downside. It's resistance, but they bump right up it.
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  • #7,379
  • Nov 5, 2007 8:20am Nov 5, 2007 8:20am
Quoting blueruby
I have to respectfully refer you to page 21, posts 305 and 307 where James says "it's go time".

Also, if you put fibs on this chart, you have a confluence of the 50 and the 38 right where the nose taps.

I'm not that worried about the TL, oftimes candles will go right up the bottom side of a trendline that's been broken to the downside.
No probs blueruby but I have to respectfully refer YOU to the fact that Jim teaches some pin setups in the PF that I have seen the "names" in here advising everyone AGAINST trading.

At the end of the day, it's how you USE what Jim teaches. I like to see the nose off the S/R pivot. If it's not I rarely take it. You were asking for an OPINION weren't you?

P.S How was I supposed to know there was a confluence of fibs? They were absent from your chart...
  • #7,380
  • Nov 5, 2007 8:48am Nov 5, 2007 8:48am
Quoting the_wizard
No probs blueruby but I have to respectfully refer YOU to the fact that Jim teaches some pin setups in the PF that I have seen the "names" in here advising everyone AGAINST trading.

At the end of the day, it's how you USE what Jim teaches. I like to see the nose off the S/R pivot. If it's not I rarely take it. You were asking for an OPINION weren't you?

P.S How was I supposed to know there was a confluence of fibs? They were absent from your chart...
I'm sorry if I antagonized you, wiz. Yes, I'm asking for an opinion. I did say "respectfully" and didn't use a lot of caps in my reply (YELLING).

And if I read your first sentence correctly, how am I to know what James teaches in the PF, I am not yet a member, as I said, I'm only 1/3 of the way through this thread. I may not join PF at all if the "names" in here advise against his setups.
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