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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

  • #8,901
  • Edited 10:07pm Jan 26, 2008 9:55pm | Edited 10:07pm
GBPJPY Pin Bar？
Is it a perfect setup?
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Success is the small sum of efforts, repeated day in and day out.
  • #8,902
  • Jan 26, 2008 10:18pm Jan 26, 2008 10:18pm
Quoting mbqb11
Eur/CHF is presenting what could be an amazing buy and hold opportunity.
yes, Great!
Success is the small sum of efforts, repeated day in and day out.
  • #8,903
  • Jan 26, 2008 10:20pm Jan 26, 2008 10:20pm
Quoting dhalsim
GBPJPY Pin Bar？
Is it a perfect setup?
certainly has the signs of going short, but the words perfect and trading are quite misleading ...always remember to use proper Money Mgmt, and realize we are playing a game of probabilities.

Have a good one

Mike
  • #8,904
  • Jan 26, 2008 10:41pm Jan 26, 2008 10:41pm
Quoting mbqb11
certainly has the signs of going short, but the words perfect and trading are quite misleading ...always remember to use proper Money Mgmt, and realize we are playing a game of probabilities.

Have a good one

Mike
yes, you are right,
thank you!
Success is the small sum of efforts, repeated day in and day out.
  • #8,905
  • Jan 27, 2008 6:12am Jan 27, 2008 6:12am
Quoting dhalsim
GBPJPY Pin Bar？
Is it a perfect setup?
really nice pinbar but I would not trade it because this week GBP/JPY touched a strong support and started heading north. If I traded that PB I would take a little position
  • #8,906
  • Jan 28, 2008 1:54am Jan 28, 2008 1:54am
Quoting mbqb11
Eur/CHF is presenting what could be an amazing buy and hold opportunity.
Looking good for an entry here. 4-hr pin . Depends what London brings us leading up to the open. So easy for things to change around now.

It's bouncing off a trendline by the looks of it. Daily S1 line there too. Would rather a deeper retrace than we have. If I do get in I'm starting off small. :
Bundy's status today: "Waiting..."
  • #8,907
  • Edited 6:27am Jan 28, 2008 6:14am | Edited 6:27am
One last thing Mr. Complicated(that's me) would like to point out about the GJ pin bar:

If you have a bullish outside bar+IB+break higher on cable, plus a weekly BUOB on GBPUSD, and GJ shows a bearish set up, if you were to take both, you could just as well be short USDJPY instead as you buy and sell GBP at the same time.

Only one of the two can be really right / end up working(at least in theory; of course it is possible for GBPUSD to rise as GBPJPY falls; but UJ would have to outperform, rendering GJ vastly inefficient in comparison...and you know about Germans and efficiency, ya!).

(imho it's actually not THAT much a complicated way of thinking! ;p)

Basically you have two witnesses for a crime scene, both of them are telling you their stories, and only one of them can be true
Trust price. Know yourself.
  • #8,908
  • Jan 28, 2008 6:25am Jan 28, 2008 6:25am
Quoting SeekingLight
One last thing Mr. Complicated(that's me) would like to point out about the GJ pin bar:

If you have a bullish outside bar+IB+break higher on cable, plus a weekly BUOB on GBPUSD, and GJ shows a bearish set up, if you were to take both, you could just as well be short USDJPY instead as you buy and sell GBP at the same time.

Only one of the two can be really right / end up working.
(imho it's actually not THAT much a complicated way of thinking)

Basically you have two witnesses for a crime scene, both of them are telling you their stories, and only one of them can be true

I have to disagree here SL, it often is very important how one exits a trade. You can get bumped out of one over the other based on how you exit, and then if you only took usd/jpy instead could end up greatly hurting your bottom line. I dealt with this problem for awhile when I was a pinbar trading machine on the 4hr and often you would have multiple pinbars across multiple pairs at the same time(often where two pairs were essentially trade xxx/xxx pair).

Mike
  • #8,909
  • Jan 28, 2008 6:47am Jan 28, 2008 6:47am
Quoting mbqb11
I have to disagree here SL, it often is very important how one exits a trade. You can get bumped out of one over the other based on how you exit, and then if you only took usd/jpy instead could end up greatly hurting your bottom line. I dealt with this problem for awhile when I was a pinbar trading machine on the 4hr and often you would have multiple pinbars across multiple pairs at the same time(often where two pairs were essentially trade xxx/xxx pair).

Mike
But I'm not disagreeing with that
This is what I'm saying; taking both could very likely lead to one bumping out, while the other works. That's what I meant with only one can be really "true".

The reference to UJ simply meant that if you really believed that GBPJPY would go down, while at the same time believing that GBPUSD has to go up, then UJ would show evidence for bearishness, as there could be no other pair, which would cause GJ to go lower.

So instead of going long GU and short GJ, one would decide on long GBPUSD and then look at UJ. Is there a short setup here? If so, instead of GJ take this one here parallel to GBPUSD. If not, how can logically GBPJPY not rise/how is it supposed to fall, if GBPUSD is set to rise as well?

That's what I meant, not that you should take UJ alone
Trust price. Know yourself.
  • #8,910
  • Jan 28, 2008 6:52am Jan 28, 2008 6:52am
Quoting raczekfx
and a nice fall of 200ps...back to S/R... you got to love it.
and a 'perfect' bounce off another ppz
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  • #8,911
  • Jan 28, 2008 7:06am Jan 28, 2008 7:06am
Quoting mbqb11
I have to disagree here SL, it often is very important how one exits a trade. You can get bumped out of one over the other based on how you exit, and then if you only took usd/jpy instead could end up greatly hurting your bottom line. I dealt with this problem for awhile when I was a pinbar trading machine on the 4hr and often you would have multiple pinbars across multiple pairs at the same time(often where two pairs were essentially trade xxx/xxx pair).

Mike
I think I hear you mike. If you mean by letting the more successful trade win out through exiting at the right time (on both as circumstances arise), I've done that many times. Has mostly worked well. This would be the default action I take in that situation.

For all we know some other yen cross can pull us out of one of the trades.
Price action can be muddled from ALL the other pairs asserting their influence. You'd go nuts trying to read into everything every trade!

BUT contrary to that view I have, GBP/JPY is the one pair I nearly always check on with Cable and the other Yen crosses. It's a prick to use trendlines on!

As much as I can, I try and play what I see on the pair I'm trading. Even though I admit, the best ,smoothest going trades happen when all the planets align themselves (i.e. price action on most majors agree with your trading pair)

...Or have I just gone off in a totally different tangent to both of you? LOL
.
Bundy's status today: "Waiting..."
  • #8,912
  • Jan 28, 2008 7:11am Jan 28, 2008 7:11am
Quoting SeekingLight

That's what I meant, not that you should take UJ alone
Ahhhh.... OK . I thought you were saying take UJ alone.
Bundy's status today: "Waiting..."
  • #8,913
  • Jan 28, 2008 7:11am Jan 28, 2008 7:11am
Quoting bundyraider

...Or have I just gone off in a totally different tangent to both of you? LOL
.
Yeah this is exactly what I meant, letting the trade play out, b/c the PA can dictate a lot of things since we are mostly chartists at heart. So it can really come down again to the traders style. Since I trail my stops one way or another, I can get bumped simply by the look of the chart on one pair over another like you said

Hope everyone has a good week

Mike
  • #8,914
  • Jan 28, 2008 7:13am Jan 28, 2008 7:13am
Quoting SeekingLight
But I'm not disagreeing with that
This is what I'm saying; taking both could very likely lead to one bumping out, while the other works. That's what I meant with only one can be really "true".

The reference to UJ simply meant that if you really believed that GBPJPY would go down, while at the same time believing that GBPUSD has to go up, then UJ would show evidence for bearishness, as there could be no other pair, which would cause GJ to go lower.

So instead of going long GU and short GJ, one would decide on long GBPUSD and then look at UJ. Is there a short setup here? If so, instead of GJ take this one here parallel to GBPUSD. If not, how can logically GBPJPY not rise/how is it supposed to fall, if GBPUSD is set to rise as well?

That's what I meant, not that you should take UJ alone
I see, I did think you meant just U/J. But even still in this case one might end up taking all 3. GBP/USD GBP/JPY and U/J. Because GBP/JPY and U/J could unfold differently. That is if all 3 show a setup.

So again I am the type of trader that treats each and every pair completely individually from another. No matter the case. Just what works for my style

Mike
  • #8,915
  • Jan 28, 2008 7:15am Jan 28, 2008 7:15am
Quoting raczekfx
and a 'perfect' bounce off another ppz
I keep forgetting about ppz . Thanks for refreshing me.

I was trying to legitamize a bullish bounce at that point. That'll do.

Thanks Racz!
Bundy's status today: "Waiting..."
  • #8,916
  • Jan 28, 2008 7:19am Jan 28, 2008 7:19am
Quoting mbqb11
So again I am the type of trader that treats each and every pair completely individually from another. No matter the case. Just what works for my style
I think you'd find a lot of do the same. Surely.

The way I find it. When I DO have a trade like this, there is often one pair that starts looking less promising as a going concern (for whatever fundamental reason). Take whatever profit on that one, protect your capital and let the better prospects do their thing.
Bundy's status today: "Waiting..."
  • #8,917
  • Jan 28, 2008 7:57am Jan 28, 2008 7:57am
Quoting dhalsim
GBPJPY Pin Bar？
Is it a perfect setup?

Not a perfect PB. Cause in weekly TF there is BUOB.
  • #8,918
  • Jan 28, 2008 8:20am Jan 28, 2008 8:20am
Quoting bundyraider
I was trying to legitamize a bullish bounce at that point. That'll do.
Dunno if you believe in 'em, but both GJ and EJ also had their 50% fib coincide with those areas

I guess we'll get a slightly higher high on all the things carrying on before getting a shot at renewed bearishness?

Who knows. Just wanted to add them fibbers(wordplay!) again ;p
Trust price. Know yourself.
  • #8,919
  • Jan 28, 2008 1:19pm Jan 28, 2008 1:19pm
Quoting SeekingLight
Dunno if you believe in 'em, but both GJ and EJ also had their 50% fib coincide with those areas
Oh I believe in them. Not a fib though, of course. LOL

But I believe in them for sure.

Even with all fibs, I like to see other reasons near by as well. i.e. Fibs and trend lines working together to show us a little timing as well.
The main reason here is that I 'd much rather see a DEEPER retracement before thinking a pair is changing directions.

I use the %50 line all the time in stocks.
Bundy's status today: "Waiting..."
  • #8,920
  • Jan 28, 2008 2:52pm Jan 28, 2008 2:52pm
Quoting mbqb11
I see, I did think you meant just U/J. But even still in this case one might end up taking all 3. GBP/USD GBP/JPY and U/J. Because GBP/JPY and U/J could unfold differently. That is if all 3 show a setup.

So again I am the type of trader that treats each and every pair completely individually from another. No matter the case. Just what works for my style

Mike
I trade the same way. That's how I teach it too... because otherwise you get people new to PA in a state of confusion because they start doubting what they are seeing when they try to look at this pair and that pair, and oh, if that pair moves down then that one has to go down too, but wait, by how much... oh maybe if it moves according to the 3/5 rule of the divided equinox then it will move down according to the fibonacci triangluar adjustment of the Helsinki quadrant...

.... sigh....
Mr. Trend
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