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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

  • #8,341
  • Dec 19, 2007 9:59am Dec 19, 2007 9:59am
I would like to see the open/close higher up on the bar. It looks more like indecision to me. But hey it could work just the same.
But not an A trade, as I see it.
Cheers Jeff
  • #8,342
  • Dec 19, 2007 10:34am Dec 19, 2007 10:34am
Quoting rustyjeff
I would like to see the open/close higher up on the bar. It looks more like indecision to me. But hey it could work just the same.
But not an A trade, as I see it.
Cheers Jeff
That's the same thing I was going to say.
Open and close are too close to the middle of the bar. Looks a lot like a neutral bar.
It might work out regardless, but not an "A" pin bar.

Tom
  • #8,343
  • Dec 19, 2007 11:19am Dec 19, 2007 11:19am
Thanks for your input guys.

Let say that PIN BAR/Neutral has criteria as you described.
Will it be an "A" Trade? or it needs another factor to include.
  • #8,344
  • Edited 2:21pm Dec 19, 2007 12:45pm | Edited 2:21pm
Even if the open/close were at a good level (higher up on the bar) the pin overall isnt perfect. (but my criteria have become very strict over time)

I'll tell you a couple of things that I don't like about the pin.
Price is in a recent downtrend. Back in the beginning of November it dropped very hard. The price retraced upwards, but the last few days it dropped hard again. So there seems to be plenty of selling strength.

The other thing is that resistance/ price pivot area at 2061.50.
But if the pin looked better, I'd consider it.
  • #8,345
  • Dec 19, 2007 1:44pm Dec 19, 2007 1:44pm
Hi MoneyBags,

Couple of questions

1) Isnt the longer term trend indicating an uptrend ?(since aug 2007)

2) Area around 1989 seems to be a strong support area, as indicated by the price reversals that happened during 1st and 3rd week of November.
Also confirmed by the long lower shadow of this neutral bar .
Does it not indicate that support held this time also ?

3) there is no immediate traffic around this bar .

Thanks.





Quoting moneybags
Even if the open/close were at a good level (higher up on the bar) the pin overall isnt perfect. (but my criteria have become very strict over time)

I'll tell you a couple of things that I don't like about the pin.
Overall price is in a downtrend. Back in the beginning of November it dropped very hard. The price retraced upwards, but the last few days it dropped hard again. So there seems to be plenty of selling strength.

The other thing is that resistance/ price pivot area at 2061.50.
But if the pin looked better, I'd consider it.
  • #8,346
  • Dec 19, 2007 2:24pm Dec 19, 2007 2:24pm
the overall immediate consideration concerning trend is the fact that we made a high @ 2256 area followed by hard sell off. We then rallied to a lower high @ 2149 followed by another hard sell off......this market is in an intermediate downtrend until the high @ 2149 is taken out....

this market may rally from here, but I personally would be looking for signs to sell it in front of the 2149 area., if not even around the 2060-2075 area. If it can take 2150 out, great then the bull is back in charge....if not, it will probably break that support area next trip down
Plan, Prepare, Execute, Repeat
  • #8,347
  • Dec 19, 2007 2:31pm Dec 19, 2007 2:31pm
Quoting cheelu
Hi MoneyBags,

Couple of questions

1) Isnt the longer term trend indicating an uptrend ?(since aug 2007)

2) Area around 1989 seems to be a strong support area, as indicated by the price reversals that happened during 1st and 3rd week of November.
Also confirmed by the long lower shadow of this neutral bar .
Does it not indicate that support held this time also ?

3) there is no immediate traffic around this bar .
Thanks.
Hey cheelu,

I made a correction to my post.
"Price is in a recent downtrend". I don't know what price looks like before Aug 2007 cuz I'm only going by the picture. But sure, price was in a good uptrend from Aug to early November. But since then it's been taking a nose dive.

Yes, support at 1989-99 has held and there's definitely no traffic around it.
Overall it's a decent setup (if that bar looked like a better pin).
I would consider it if it was a good pin bar.
But the feeling I get is not bullish. I can see this possibly going a little higher and then falling hard again.

Tom
  • #8,348
  • Dec 19, 2007 2:44pm Dec 19, 2007 2:44pm
Just to add something.
What I would really like to see happen is: Price move up over the next few days to around 2069 and then create a sell pin bar. That would be great.
Swingtrader makes some good points.
Just by looking at this chart, it doesnt qualify as an uptrend.
  • #8,349
  • Dec 19, 2007 3:09pm Dec 19, 2007 3:09pm
Thanks Tom and Swingtrader. It makes good sense now.
Quoting moneybags
Just to add something.
What I would really like to see happen is: Price move up over the next few days to around 2069 and then create a sell pin bar. That would be great.
Swingtrader makes some good points.
Just by looking at this chart, it doesnt qualify as an uptrend.
  • #8,350
  • Dec 19, 2007 7:12pm Dec 19, 2007 7:12pm
IB on AUDUSD daily. Intermediate trend bearish. Consolidation happenning around 150 EMA and around PPZ. Looking to go short on the breakout (on demo acct). Weekly trend also clearly showing bearishness.
Are my observations correct ?

Thanks


http://img.villagephotos.com/p/2007-.../audusd_ib.gif
  • #8,351
  • Dec 19, 2007 7:56pm Dec 19, 2007 7:56pm
Quoting james16
we will be opening our guest chatroom within the next week so that those of you that follow this thread can interact from time to time. this has no charge and has merlins approval. when it opens i will try to stop in at least every other day and time permitting ever day. we will also be doing scheduled free guest q/a sessions soon.

jim

www.james16group.com

Hi-

I understand that the group is closed currently, but I was wondering if the guest chat will open (or has it already been opened and now is once again closed)?
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  • #8,352
  • Dec 19, 2007 7:59pm Dec 19, 2007 7:59pm
Quoting cheelu
IB on AUDUSD daily. Intermediate trend bearish. Consolidation happenning around 150 EMA and around PPZ. Looking to go short on the breakout (on demo acct). Weekly trend also clearly showing bearishness.
Are my observations correct ?

Thanks
From my point of view you are correct.
There is a similar daily setup on the AUDJPY.
What I especially like about these setups, is that the last 3 days price is consolidating. So they're not simply single IBs.
Usually, with this type of setup the breakouts are stronger. The more price winds up the harder it breaks (usually, not always).

Here's a 1H view that can be used to play the breakout as well.

Tom
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  • #8,353
  • Dec 19, 2007 8:49pm Dec 19, 2007 8:49pm
Its also sitting on 50% fib confluence area.
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  • #8,354
  • Edited Dec 20, 2007 10:23am Dec 19, 2007 10:18pm | Edited Dec 20, 2007 10:23am
IB on USDJPY. But the current bar is a neutral bar. Could it still be viewed as part of IB ?

Neverthless there seems to be a good range trading happening as indicated on 4H .

Should I approach it as a IB trade or a typical breakoutrade (waiting for pullback after the breakout ) http://i250.photobucket.com/albums/g...djpy_daily.gif




http://i250.photobucket.com/albums/g.../usdjpy_4h.gif
  • #8,355
  • Dec 19, 2007 10:38pm Dec 19, 2007 10:38pm
Ib's in whatever form are seen as price consolidating.
Whenever i see price consolidating i am looking for a breakout. Sometimes i will trade the 1st break with buy/sell stops but more often i will wait for price to retest the area & confirm the new direction or continuation.
look around (zoom out) & find s/r areas where the price is & where it may be going.
After a while you will start to get a feel for them.
  • #8,356
  • Dec 20, 2007 1:10pm Dec 20, 2007 1:10pm
Anyone see the DBLHC on EUR/USD?
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  • #8,357
  • Dec 20, 2007 2:19pm Dec 20, 2007 2:19pm
Quoting vdubbs
Anyone see the DBLHC on EUR/USD?
Just a note

careful playing these bars on the 1hr. You have to find the best position for them or they can be really difficult to play. For example, the shorter term trend has been down for the Eur/Usd for awhile now. So fighting the shorter term trend on the shorter term charts is very hard to do. This is why sticking with the higher timeframes is what James recommends. Because they carry more weight.

Remember, it is where these PA bars occur that is the most important thing.

Take care

Mike
  • #8,358
  • Dec 20, 2007 2:33pm Dec 20, 2007 2:33pm
Ok understood...thanks mike...
  • #8,359
  • Dec 20, 2007 3:43pm Dec 20, 2007 3:43pm
Quoting mbqb11

Remember, it is where these PA bars occur that is the most important thing.

and how ..meaning - are they convincing or you are trying to find reasons for them to be good?
i once read (cant remember where..) that in order to be sure you are taking a good trade you should find all the reasons for not taking it - and if after finding all those reasons you still think thats a very good one - take it.
  • #8,360
  • Dec 20, 2007 4:44pm Dec 20, 2007 4:44pm
Uhm...... if the year end close is around 1.9650 didn't we see a super pinbar?
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