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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

  • #10,501
  • May 2, 2008 4:42am May 2, 2008 4:42am
Quoting Jordann
Hi, can someone please explain to me why my recent trade off the pin on the EUR/JPY daily chart was flawed?

I can't see any definite pins on the eur/jpy daily at all.. which day was it?

If you mean yesterday,s bar then it's not confirmed yet but seems to be going in the right direction? Depends how you trade them i guess.

If you've already gone long then i think you have a chance but I'd be looking for a break of that down trendline before taking it.. i think it's a risky one.

Good luck though! we all need it!

John
  • #10,502
  • May 2, 2008 4:43am May 2, 2008 4:43am
Quoting woolley
Good Morning Jarroo we did get a break of the weekly pin, but on my 4hr chart Ive just had a pin on the ema150 plus support area im looking for a retrace from the last bear rally back up to the 38.2 fib level then possibly the 50 level obviously NFP today so dont want to be in the trade for to long.
Yeah, I saw that too. That's why I didn't add to my position. I'm thinking I'll take some off the top of my .9410 short and let the rest ride though the NFP. Should be fun to watch.
Indicators show the past. Price Action "Indicates" the future.
  • #10,503
  • May 2, 2008 5:11am May 2, 2008 5:11am
I spent 9hrs today on this thread, read all James's posts, made a summary and saved all the charts he posted.

I did this for myself, but I decided to post it here as well for other people interested in his method.Not to brag, but probably very few people have the patience or time to do this for 9hrs in a row

Anyway...this could save you a lot of time and help you decide faster if you want to sign up for the private forum, which I'm currently trying to determine as well.

Hopefully I've managed to accurately summarize the methods he presented so far.If anyone spots anything wrong with my pdf, let me know and I'll correct it and then repost it.

So, to sum up, I'm attaching a pdf with a very concise summary of James's posts so far and a zip file containing all the charts he uploaded so far.

The zip file seems to be too large so I uploaded to an external site instead.
Just click on Request Ticket and then on Download to get the file.

http://ifile.it/tas1jvb
Attached File(s)
File Type: pdf James16_upto2ndofmay2008.pdf   44 KB | 2,600 downloads
  • #10,504
  • May 2, 2008 6:12am May 2, 2008 6:12am
Quoting mjolimer
I can't see any definite pins on the eur/jpy daily at all.. which day was it?

If you mean yesterday,s bar then it's not confirmed yet but seems to be going in the right direction? Depends how you trade them i guess.

If you've already gone long then i think you have a chance but I'd be looking for a break of that down trendline before taking it.. i think it's a risky one.

Good luck though! we all need it!

John
hi, mjolimer

this is a screen of the pin i was referring to
[IMG]file:///C:/DOCUME%7E1/JORDAN%7E1/LOCALS%7E1/Temp/moz-screenshot.jpg[/IMG]
Attached Image (click to enlarge)
Click to Enlarge Name: screen1.JPG Size: 275 KB
  • #10,505
  • May 2, 2008 6:19am May 2, 2008 6:19am
Quoting Jordann
hi, mjolimer

this is a screen of the pin i was referring to
[IMG]file:///C:/DOCUME%7E1/JORDAN%7E1/LOCALS%7E1/Temp/moz-screenshot.jpg[/IMG]
Do you have a meta trader plateform? If you do, right click the chart and save as picture. Select "Active chart" with 600x600 pixels. Save where ever you want i.e., desk top.

Goto "post reply" then "Manage Attachments".

Select "Browse" find your picutre i.e. desk top.

Upload and Sumit.
Indicators show the past. Price Action "Indicates" the future.
  • #10,506
  • May 2, 2008 7:26am May 2, 2008 7:26am
Quoting Jordann
hi, mjolimer

this is a screen of the pin i was referring to
[IMG]file:///C:/DOCUME%7E1/JORDAN%7E1/LOCALS%7E1/Temp/moz-screenshot.jpg[/IMG]
That's the Usd/Jpy not the Eur/Jpy. May be that's what you meant.

The short answer is that the Pin Bar is in traffic. You do not want to play Pin Bars when they are clustered in the middle of a range or consolidating market. They are best played at a swing high or low of a trend.
Indicators show the past. Price Action "Indicates" the future.
  • #10,507
  • May 2, 2008 7:46am May 2, 2008 7:46am
Quoting jarroo
The short answer is that the Pin Bar is in traffic. You do not want to play Pin Bars when they are clustered in the middle of a range or consolidating market. They are best played at a swing high or low of a trend.
This is a very important point that most people new to PA (or old ) need to have at the top of their list. And to add to this, the previous bar in this case was a pinbar pointing in the opposite direction. That shows a bit of indecision there.

I believe it all ties back to what Seeking was saying about "Location". The location and surroundings of PA setups are more important than the actual signal IMO.
In this case there was too much traffic and price going sideways. In my book, that always negates any PA that might come up in those types of situations.
Then going back to the 4H Buy pin for EURUSD. That spot might have been a decent area to look for a retrace (and a quick profit), but look at what price did to get there. Big recent downtrend and 2 huge BEB leading to that tiny pin. So it comes down to what you believe and the type of trader you are. (being more conservative, I like to see very clear signals in order to make a decision)

All the best,
Tom
  • #10,508
  • May 2, 2008 9:21am May 2, 2008 9:21am
4Hr. short. SL above pin: 95 pips, TP at least 1R, with potential 4.2R to 203.75.
Attached Image (click to enlarge)
Click to Enlarge Name: gj.jpg Size: 430 KB
  • #10,509
  • May 2, 2008 9:48am May 2, 2008 9:48am
ya usd/jpy thats what i meant.

thanks for the reply guys.

when you guys say traffic, do you mean that the price was side ways and the pin didn't protrude far from the rest of the noise??
  • #10,510
  • May 2, 2008 10:01am May 2, 2008 10:01am
Here the 4H Pin @ GPB/JPY on my charts..i will short on the break of the pin (if it is a pin).. we will see in 60mins..

What grade can this trade be considered?

Is this an A trade?
Attached Image (click to enlarge)
Click to Enlarge Name: gpbjpy 4H.png Size: 28 KB
  • #10,511
  • May 2, 2008 10:05am May 2, 2008 10:05am
Quoting Jordann
ya usd/jpy thats what i meant.

thanks for the reply guys.

when you guys say traffic, do you mean that the price was side ways and the pin didn't protrude far from the rest of the noise??
Yes, that's pretty much it.
You want to see pins stick out from the rest of the bars to the left.

Tom
  • #10,512
  • May 2, 2008 10:12am May 2, 2008 10:12am
anybody taking the monthly pinbar on CHF/JPY? It formed around a really strong reistence
  • #10,513
  • May 2, 2008 10:24am May 2, 2008 10:24am
Quoting AidanPryde
Here the 4H Pin @ GPB/JPY on my charts..i will short on the break of the pin (if it is a pin).. we will see in 60mins..

What grade can this trade be considered?

Is this an A trade?
I took it but I don't consider it an A pin.
  • #10,514
  • May 2, 2008 10:29am May 2, 2008 10:29am
It has nice divergence on MACD, too.
But telling from the charts, it isnīt a pin, itīs rather an outside bar (broke the low of the previous bar). The location it is in, however, is a good one.

RM
  • #10,515
  • May 2, 2008 10:35am May 2, 2008 10:35am
Quoting HipsterPipster
I took it but I don't consider it an A pin.
Thx for ur answer..

could you elaborate on why u do not consider this an A trade?

The only things which are a minus in my book are :

a SHORT above 150 simple240 356 ma`s is against the mediumterm trend


But everything else is in our favor right? dailys for example..

Kind regards,
Aidan
  • #10,516
  • May 2, 2008 10:47am May 2, 2008 10:47am
EUR/USD and GPB/CHF are also showing possible 4H Pins..

EUR/USD looks great imho..could also become a daily PIN.


GPB/CHF i am quite unsure as the Daily candle will close above 2.0779 and so entered a level higher..but a possible retracement to this level seems possible..i will wait until a 4h candle closes below this level ..won`t trade on the break of the pin

any comments?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd 4h.png Size: 15 KB
Click to Enlarge Name: GPBCHF 4H.png Size: 18 KB
  • #10,517
  • Edited 11:03am May 2, 2008 10:49am | Edited 11:03am
Quoting AidanPryde
Thx for ur answer..

could you elaborate on why u do not consider this an A trade?

The only things which are a minus in my book are :

a SHORT above 150 simple240 356 ma`s is against the mediumterm trend


But everything else is in our favor right? dailys for example..

Kind regards,
Aidan
I trust the ppz more than the candle formation. This is more of a, "high-wave, spinning top"=indecision, candle in my opinion. Daily we are consolidating or trapped between price 203-209 and I am not convinced we are going to change that today. I could, of course, be wrong.
  • #10,518
  • May 2, 2008 10:53am May 2, 2008 10:53am
Quoting tenantro
I spent 9hrs today on this thread, read all James's posts, made a summary and saved all the charts he posted.

I did this for myself, but I decided to post it here as well for other people interested in his method.Not to brag, but probably very few people have the patience or time to do this for 9hrs in a row

Anyway...this could save you a lot of time and help you decide faster if you want to sign up for the private forum, which I'm currently trying to determine as well.

Hopefully I've managed to accurately summarize the methods he presented so far.If anyone spots anything wrong with my pdf, let me know and I'll correct it and then repost it.

So, to sum up, I'm attaching a pdf with a very concise summary of James's posts so far and a zip file containing all the charts he uploaded so far.

The zip file seems to be too large so I uploaded to an external site instead.
Just click on Request Ticket and then on Download to get the file.

http://ifile.it/tas1jvb


Thanks alot for doing this.
Never Trade without a defined risk, never, never, never.
  • #10,519
  • May 2, 2008 10:58am May 2, 2008 10:58am
One thing I want to point out, is that it is Friday afternoon (after NFP as well) so I'm not too confident with some of these setups we're seeing.
Profit taking, low liquidity later in the day and the weekend coming up can all impact trades.

But WTF do I know anyway?....
Just all these factors considered make me skeptical.

Tom
  • #10,520
  • May 2, 2008 11:52am May 2, 2008 11:52am
just a different view on the gbpjpy
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