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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

  • #8,561
  • Jan 3, 2008 3:39pm Jan 3, 2008 3:39pm
Yeah raczekfx has a way of doing those things...I emailed him yesterday to make sure he already had them short so he wouldn't mess up the 1500 pips in open profit I had in the crosses....I guess he just HAD TO DO IT.......
Plan, Prepare, Execute, Repeat
  • #8,562
  • Jan 3, 2008 4:03pm Jan 3, 2008 4:03pm
JPY bears running out of steam? It looks like we get pinbars on the XXXJPY pairs.

Here we have a pinbar off a strong support and resistance zone and in accordance with the uptrend. What do you think?
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Click to Enlarge Name: eurjpy03.01.2008-2.gif Size: 28 KB
  • #8,563
  • Edited 4:44pm Jan 3, 2008 4:11pm | Edited 4:44pm
Quoting creeper
Hope the picture is posted as well. If not I am quoting post 3595. How do you play these inside bars. The thing is, after these small IB there often come BUOB or BEOB that fake you out very often. Like in this example for instance if you get in long on the break you would have been faked out by just a few pips. Or do you enter within a distance of x pips or would you just enter this bar on the short side.

Happy trading,
Chris
I dug it out for you.
http://forexfactory.com/showpost.php...postcount=3595

Look back a couple of posts where I showed the GBPUSD weekly summary.
It's essentially the same thing. After the doji/PB the direction / direction to trade in is down, even if price comes back once. It's very discretionary however and you need to have an "idea" of why this is happening and why you would only trade one side.
Another thing is what I constantly repeat - I don't like buying the tops or selling the bottoms of charts unless I have a very very good reason to.


As for things one can look for: the IB should preferably be on s/r => a real togglepoint.
It shouldn't be surrounded in traffic and noise. It shouldn't be in ranging.
Etc.
There's also Jim's sideway's "Pyramid" if you remember..there were a handful examples of that, basically a sideway "boxing in" of price, IB inside IB..

Same story as with all setups really..IBs can be very tricky, but don't have to be..

Sometimes I use the bar next to it or an s/r break as trigger, sometimes just the IB, sometimes I look to the 4h instead...discretion is the word.
It all depends on what where when how and how it fits into my current plan for the market and where I think / want it to go.
Trust price. Know yourself.
  • #8,564
  • Jan 3, 2008 4:28pm Jan 3, 2008 4:28pm
Thanks seek. This makes it a lot clearer. What I found to be confusing was the shape of the inside bar, which was indicating a move up because of the PB shape. If you entered accordingly on the break, you would have been burned but I guess one has to take the bigger picture into consideration and one should be short biased. Just read mike saying, that most of the time he is unbiased when playing a pinbar but I guess he would have reasons against entering this one long.

Inside Bars are more difficult than the other setups in my eyes but what I like about them is that they give you a really small stop and thus the reward is greater than it'd be for a pinbar with three times the size. Think that makes up for the slightly smaller reliability but it all depends on how you play them. An experienced inside bar trader might outperform an average pinbar trader.

Don't want to overexpose my account to JPY pairs but I have to take this one. PB off trendline, support and the 365 EMA.

All the best,
Chris
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  • #8,565
  • Jan 3, 2008 5:42pm Jan 3, 2008 5:42pm
Quoting swingtrade65
Yeah raczekfx has a way of doing those things...I emailed him yesterday to make sure he already had them short so he wouldn't mess up the 1500 pips in open profit I had in the crosses....I guess he just HAD TO DO IT.......
he, he.. you guys are too kind. As a matter of fact I did sell yen (bought jpy crosses) but only as of today.... Looking for another 100ps on u/j, e/j, g/j, c/j, a/j and maybe n/j from current levels.....
  • #8,566
  • Jan 3, 2008 5:49pm Jan 3, 2008 5:49pm
Sounds like playing Pin Bars to me... !!!

Quoting raczekfx
he, he.. you guys are too kind. As a matter of fact I did sell yen (bought jpy crosses) but only as of today.... Looking for another 100ps on u/j, e/j, g/j, c/j, a/j and maybe n/j from current levels.....
  • #8,567
  • Jan 4, 2008 1:50am Jan 4, 2008 1:50am
Hi guys,
was just looking at the 4hr and saw a dbhlc, which follows 2 consecutive IBs...another little roadmap pointing south? Would have been a nice low risk entry from the break of the second IB...the dbhlc also broke a 4hr trendline, Take care, Raz...ah watch out for NFP
Attached Image
Never say never.
  • #8,568
  • Jan 4, 2008 3:17am Jan 4, 2008 3:17am
What do you all think about dayly pinbars on EJ UJ GJ? They arent active yet, but im still holding. What do you traders think about this situation?
  • #8,569
  • Jan 4, 2008 6:03am Jan 4, 2008 6:03am
Quoting belekas
What do you all think about dayly pinbars on EJ UJ GJ? They arent active yet, but im still holding. What do you traders think about this situation?
Think market is undecided for now. There are some news coming out at lunch time before US markets open, maybe they can decide if we're going to see the PB activated or not.

I already traded on intra-day PB of EUR/JPY and got burned so no new orders until it confirms if we're breaking the nose or not
  • #8,570
  • Jan 4, 2008 8:00am Jan 4, 2008 8:00am
it is only me having problems with charts on interbankfx? CAD pais for example have bars with 20.000 pips.

they said to delete data in history center but it is not working... neither delete the folder history.
  • #8,571
  • Jan 4, 2008 8:38am Jan 4, 2008 8:38am
Looks like raczek's idea of a push back towards 1.50 on EUR comes closer and closer to being true rather than fantasy....!!!!
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  • #8,572
  • Jan 4, 2008 8:49am Jan 4, 2008 8:49am
Anyone know why this PB fail?
I am down 152 pips right now (luckly this is only demo)

I see a resistance around 111.17, may be I should long after price broke that level.or what I am doing is right, I just don't have luck right now.
Attached Image (click to enlarge)
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  • #8,573
  • Jan 4, 2008 8:58am Jan 4, 2008 8:58am
Were nice pb's but news freaked them out and baam
  • #8,574
  • Jan 4, 2008 9:17am Jan 4, 2008 9:17am
Welcome to the club... !!! All the jpy pins failed... that's the way it goes... I really should not even have been in... but placed my order to trigger just a bit to close to the pin... price nicked my entry last night... and well, that's the way it goes...

Quoting jatis
Anyone know why this PB fail?
I am down 152 pips right now (luckly this is only demo)

I see a resistance around 111.17, may be I should long after price broke that level.or what I am doing is right, I just don't have luck right now.
  • #8,575
  • Jan 4, 2008 9:22am Jan 4, 2008 9:22am
Since I dont get the CADJPY pair on my charts, how much higher did price go from yesterday's high?
How many pips away from the high did you guys place your entries?
  • #8,576
  • Jan 4, 2008 9:28am Jan 4, 2008 9:28am
I put mine 10 pips... I thought I was doing 15 pips... but since I look at MT4 and trade on Oanda... I miscalculated a bit because their prices are slightly different... It only ticked my entry by a pip or two...

Quoting moneybags
Since I dont get the CADJPY pair on my charts, how much higher did price go from yesterday's high?
How many pips away from the high did you guys place your entries?
  • #8,577
  • Jan 4, 2008 9:29am Jan 4, 2008 9:29am
Quoting moneybags
Since I dont get the CADJPY pair on my charts, how much higher did price go from yesterday's high?
How many pips away from the high did you guys place your entries?
CJ PB high was 110.97 on my feed.

From my journal:

"Got suckered out of CADJPY at 111.10 - exactly the spike high = my stop.
Very annoying, especially since I considered putting the stop at 112 above the s/r zone instead but then thought it wasteful. Instead I am now watching it trade 109 levels again after the touch-and-go."

I was short and planning to stay short...yet got spiked out on this pair..GJ and EJ and UJ all behaved...c'est la vie.
Trust price. Know yourself.
  • #8,578
  • Jan 4, 2008 9:44am Jan 4, 2008 9:44am
similar story here,
not happy at myself for being faked out of a trade for a loss.
got stopped out of another 2. down 247 pips for the day. gonna go have a chat with myself & regroup. I bet Racze did well.
As seeking said. oh well..... next.
  • #8,579
  • Jan 4, 2008 9:48am Jan 4, 2008 9:48am
That sucks SL...
It's always tough when you get stopped out by a few pips only to see the trade go your way, as well as entries being triggered by a few pips and then the trade failing.

It's interesting how both of these scenarios happened with the same pair today. It's a crazy market sometimes.
  • #8,580
  • Jan 4, 2008 9:51am Jan 4, 2008 9:51am
LOL,
well I got it completely wrong...had a buy order set at 1.4700 and cxd it because I saw signals we could be going down a bit...ah well, cest la vie...anyway, Im not crazy about having orders in around nfp, but I had to go to work and made my decision...would have been really in the money now! Anyway, NEXTTTTT...take care guys, Raz
Never say never.
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