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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

  • #8,261
  • Dec 15, 2007 11:09am Dec 15, 2007 11:09am
OK... gonna look at that one too... !!!! Trying get my list of pairs together to see how many I can find to lose pips on next week !!!!


Quoting rustyjeff
Here Tiki,
One that is similar to the eur/cad your looking at.
Price has been rejected the last 3 days last week at support. which ties in with previous s/r areas. I'm thinking it will bounce in here a bit & then breakout. up/dwn ? we'll see.
  • #8,262
  • Dec 15, 2007 8:48pm Dec 15, 2007 8:48pm
Quoting razldazl
Hi guys,
this is a monthly eur chart. Looks like we will pause here for a while...what does JIm always tell us? He would say, we have paused here, why, well folks look to the left and what do you see:::: thanks Jim for everything, take care Raz
According to http://en.wikipedia.org/wiki/Euro
"The euro was introduced to world financial markets as an accounting currency in 1999".
In your chart I see market top up on January 1995, which made market pause as your said.

So how could 1995 data is on Metadata ? where Euro only been introduced in 1999.

I am just checking the validity of the data from Metatrader.
  • #8,263
  • Dec 16, 2007 3:35am Dec 16, 2007 3:35am
Quoting jatis
According to http://en.wikipedia.org/wiki/Euro
"The euro was introduced to world financial markets as an accounting currency in 1999".
In your chart I see market top up on January 1995, which made market pause as your said.

So how could 1995 data is on Metadata ? where Euro only been introduced in 1999.

I am just checking the validity of the data from Metatrader.
Hi Jatis,
good observation! Yes, the euro wasnt actually a currency until January 2001, but before that they used what was called the ECU(European Currency Unit) http://en.wikipedia.org/wiki/European_Currency_Unit, so from what I understand Metatrader must have used ECU data pre-EUR. Hope that helps, and anyone who has a clearer answer feel free to chime in, take care, Raz
Never say never.
  • #8,264
  • Dec 16, 2007 7:12am Dec 16, 2007 7:12am
Quoting razldazl
Hi Jatis,
good observation! Yes, the euro wasnt actually a currency until January 2001, but before that they used what was called the ECU(European Currency Unit) http://en.wikipedia.org/wiki/European_Currency_Unit, so from what I understand Metatrader must have used ECU data pre-EUR. Hope that helps, and anyone who has a clearer answer feel free to chime in, take care, Raz
I believe it has something to do with an average price of the German Mark.....but I could be wrong. I know the DM is used as a proxy by some of the old guard.
  • #8,265
  • Dec 16, 2007 9:43am Dec 16, 2007 9:43am
hi
gu nice uptrend
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  • #8,266
  • Dec 16, 2007 10:35am Dec 16, 2007 10:35am
Quoting bshadroo
hi
gu nice uptrend
it will bounce back up some during asian session but the drop is still not finished down to sub 2
Don't chase the market, Let the market come to you
  • #8,267
  • Dec 16, 2007 11:50am Dec 16, 2007 11:50am
Quoting bshadroo
hi
gu nice uptrend
Actually I like the way your chart is drawn... !! I had not seen things like that... price on Friday was stopeed oby the 200 ema...

Price might go back up to test the trend line we just broke.... and then down some more... but as you have drawn your chart, that would mean we have yet another strong trend line to break going down...
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  • #8,268
  • Dec 16, 2007 11:57am Dec 16, 2007 11:57am
Price has broken both trend lines now... seems to me Mondays are always retrace days... maybe price will come back up to retest trendline... but looks like down still some more... Target 1.4280-1.4340...????
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  • #8,269
  • Dec 16, 2007 12:33pm Dec 16, 2007 12:33pm
Could we possibly come all the way down to the 38 fib line...??? But a long ways out yet....
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  • #8,270
  • Dec 16, 2007 1:19pm Dec 16, 2007 1:19pm
Quoting Tiki Trader
Could we possibly come all the way down to the 38 fib line...???

why not? and who cares... look for pa that matches your criteria and trade them...
YES - it is nice to understand what can happen if a PA presents itself - but first lets see it presents....


am i clear?
  • #8,271
  • Dec 16, 2007 3:08pm Dec 16, 2007 3:08pm
Hey,

have a question on a setup that has not been adressed so far I believe - consecutive pinbars. How do you play them. Do you the signal is stronger after two pinbars or would you consider this setup invalid since the bar after the first pinbar couldn't break the low.

Chris
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  • #8,272
  • Dec 16, 2007 3:26pm Dec 16, 2007 3:26pm
Quoting creeper
Hey,

have a question on a setup that has not been adressed so far I believe - consecutive pinbars. How do you play them. Do you the signal is stronger after two pinbars or would you consider this setup invalid since the bar after the first pinbar couldn't break the low.

Chris
not sure if stronger, but if i took this trade I would keep in mind ppz around 1.4560. I would actually already had some short position after TL break on 4hr...
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  • #8,273
  • Dec 16, 2007 3:27pm Dec 16, 2007 3:27pm
Quoting creeper
Hey,

have a question on a setup that has not been adressed so far I believe - consecutive pinbars. How do you play them. Do you the signal is stronger after two pinbars or would you consider this setup invalid since the bar after the first pinbar couldn't break the low.

Chris
Hey Chris,

This isn't consecutive pinbars, but rather a pinbar followed by an inside bar. Even though the inside bar has the shape of a pinbar.

Still with that said some would say that , this is another strong hint for a downward move, using the indication of the previous bar as a pinbar, and the IB, being a bearish looking bar.

I would still play this bar like an inside bar. That is with a sell below the low of the inside bar, and a stop on the top.

Mike
  • #8,274
  • Dec 16, 2007 3:29pm Dec 16, 2007 3:29pm
Quoting raczekfx
not sure if stronger, but if i took this trade I would keep in mind ppz around 1.4560. I would actually already had some short position after TL break on 4hr...
you also want to keep in mind monthly Buovb... (and a pin also..he,he)
if it breaks I'll be looking for max retrace to 1.42...
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  • #8,275
  • Dec 16, 2007 3:42pm Dec 16, 2007 3:42pm
When I see a bearish EURCAD I am thinking cool, the EUR will drop faster than the USDCAD will rise, I know where to buy my dollars.

Settling for only the difference in speed on the cross instead right now seems a bit "meh".
Considering the cross has already shot out tons of pips both ways, it feels a bit sucked dry..probably explains the tearjerk movements.
Other times it can be a good leveraged way of trading one of the two pairs the cross mainly represents(EURCAD => USDCAD, EURAUD => AUDUSD imho)..

Totally agree with raczekfx's s/r zone, even if my line is 50 pips different - that's nothing on this one and I think it's a 50-70 pip big zone anyhow.

Just rambling, there's really not much to say as I can't see anything too terrific to trade right now..last week anyhow =)
Trust price. Know yourself.
  • #8,276
  • Dec 16, 2007 3:49pm Dec 16, 2007 3:49pm
Hi,

thanks for your answers. I am gonna play this bar as an inside bar.

CADJPY:

TBH with the trend and off 61 and 76 fib

NZDCAD:

big pinbar off resistance, two EMAs and with the longer term downtrend. Unfortunately my chart only goes back so far and I would like to have more data but the setup looks good to me.

Chris
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  • #8,277
  • Dec 16, 2007 5:57pm Dec 16, 2007 5:57pm
Quoting creeper
Hi,

thanks for your answers. I am gonna play this bar as an inside bar.
I agree with mike... to play as an Inside Bar, but take a look too at the monthly bar from last month... and remember that it is a super duper BUOB...!!! I'd like to see this months bar end as a PB... and the super duper BUOB started at the bottom of a swing low...
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  • #8,278
  • Dec 16, 2007 7:50pm Dec 16, 2007 7:50pm
Quoting razldazl
Hi Jatis,
good observation! Yes, the euro wasnt actually a currency until January 2001, but before that they used what was called the ECU(European Currency Unit) http://en.wikipedia.org/wiki/European_Currency_Unit, so from what I understand Metatrader must have used ECU data pre-EUR. Hope that helps, and anyone who has a clearer answer feel free to chime in, take care, Raz
Thanks for your info raz, so we could use/trust that data to trade.
  • #8,279
  • Dec 17, 2007 2:49am Dec 17, 2007 2:49am
Hi, i came across this thread last week, and have been following all the posts ever since. This is the Best thread and provide simple and clear trading strategy to all. Thankyou james and all the people
looking at EURCHF daily chart, at the swing high on 13 Dec, do i see a DBHLC ? If it is, and my next question is how do I look for entry to go short ? Do i have to go to 60 min to look for entry ? Or simple wait for it to retrace based on daily chart ?
Appreciate all the helps anyone can provide.
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  • #8,280
  • Dec 17, 2007 2:59am Dec 17, 2007 2:59am
Quoting nico28
Hi, i came across this thread last week, and have been following all the posts ever since. This is the Best thread and provide simple and clear trading strategy to all. Thankyou james and all the people
looking at EURCHF daily chart, at the swing high on 13 Dec, do i see a DBHLC ? If it is, and my next question is how do I look for entry to go short ? Do i have to go to 60 min to look for entry ? Or simple wait for it to retrace based on daily chart ?
Appreciate all the helps anyone can provide.
Hey Nico,

Welcome

You have correctly identified the pattern , and it in fact is a triple bar high lower close(3rd bar back also stopped same spot).

Generally most people play a break of the low of the most current bar(so in this case it broke). It is perfectly acceptable to play a retrace and/or drop to lower timeframes to search for an entry. That becomes a personal preference, and it is just a matter of testing over and over to find your comfort level

Take care
Mike
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