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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

  • #10,781
  • May 14, 2008 10:09pm May 14, 2008 10:09pm
Quoting jarroo
I guess you better start at post #1 and begin again, my friend. Or get some sleep.
Or I'm coming down with something...
  • #10,782
  • May 15, 2008 12:46am May 15, 2008 12:46am
Quoting jarroo
On a second look, the Pin Bar nose could be a little longer. But everything else looks OK.

No break of the Pin yet, so taking a retrace of that Pin would be a high risk trade (thanks Jim, Mike and Seeking )
Break of the Pin Bar.
Indicators show the past. Price Action "Indicates" the future.
  • #10,783
  • May 15, 2008 1:00am May 15, 2008 1:00am
I'm in. Targets, 9570-9630
  • #10,784
  • May 15, 2008 1:35am May 15, 2008 1:35am
Hi just checking out the pinbar you are looking at and would just say becareful as you are trading against the trend
  • #10,785
  • May 15, 2008 4:51am May 15, 2008 4:51am
What are your thoughts about this trade? I know it has a few minutes still to go, but it is bouncing off the 150 and 365 ema, there is confluence with the 23 fib, it is in a small uptrend on the Daily and has just broken through the 150 EMA on the iH TF. The only thing, it seems to me is that it may be a sideways moving market.
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  • #10,786
  • May 15, 2008 5:16am May 15, 2008 5:16am
Quoting Daymo
What are your thoughts about this trade? I know it has a few minutes still to go, but it is bouncing off the 150 and 365 ema, there is confluence with the 23 fib, it is in a small uptrend on the Daily and has just broken through the 150 EMA on the iH TF. The only thing, it seems to me is that it may be a sideways moving market.
Not sure if you were asking me but I will give you my view since I,m here.

Yes the gbp chf does seem to be ranging and I would be looking for a sell on it if I was going to trade it.
You could look for a sell near the top of a 4 hr range around the 205 80 or 206 this would allow a lower risk factor to the trade if it breaks the wrong way.
If an entry was taken now at 20510 and it retested the top of the range you would probably wear your teeth out from gritting them to much, so wait and let the trade come to you
  • #10,787
  • May 15, 2008 5:17am May 15, 2008 5:17am
Euro PB on the 4hr.
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  • #10,788
  • May 15, 2008 5:27am May 15, 2008 5:27am
Quoting DannyW
Not sure if you were asking me but I will give you my view since I,m here.

Yes the gbp chf does seem to be ranging and I would be looking for a sell on it if I was going to trade it.
You could look for a sell near the top of a 4 hr range around the 205 80 or 206 this would allow a lower risk factor to the trade if it breaks the wrong way.
If an entry was taken now at 20510 and it retested the top of the range you would probably wear your teeth out from gritting them to much, so wait and let the trade come to you

Thanks DannyW I'm looking and trying to learn and appreciate all input to get a feel for what's going on.
  • #10,789
  • May 15, 2008 5:34am May 15, 2008 5:34am
Quoting jarroo
Break of the Pin Bar.
Hi Jarroo. I believe this is a good trade setup but I'm interested to know how you would define a daily pb break?
  • #10,790
  • May 15, 2008 5:34am May 15, 2008 5:34am
Quoting MtnMan
Euro PB on the 4hr.
Is this a side ways mover too?
  • #10,791
  • May 15, 2008 5:40am May 15, 2008 5:40am
what about EURCAD on the 4hr? It is in a downtrend on the Daily and weekly, the PB just touched the 365 EMA on the 4H, there is support at 1.5500 but if it breaks that there's none 'til 1.5455
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  • #10,792
  • May 15, 2008 5:42am May 15, 2008 5:42am
What do you guys think about this 4hr usdchf chart? Not a perfect head and shoulders but I think at least some pullback down may happen.
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  • #10,793
  • May 15, 2008 6:29am May 15, 2008 6:29am
Quoting MtnMan
Euro PB on the 4hr.
Mine's got a different bar timing so I only have maybe a 2 bar pin once it closes, but otherwise I see a clear triangle on 4 hour since last week's daily pin, that a break short would have to slam into.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,794
  • May 15, 2008 12:41pm May 15, 2008 12:41pm
Hi Daymo


I took this exact trade this morning and have closed half now at the top of the recent range. I am risk free now on this and the reason I will leave half is as follows.

 

  1. Check monthly time frame and you can see monthly inside bar broke long.
  2. Daily inside bar broke long yesterday and is still in play
  3. Carry trade pair so natural inclination to rise


cheers

fxp


Quoting Daymo
What are your thoughts about this trade? I know it has a few minutes still to go, but it is bouncing off the 150 and 365 ema, there is confluence with the 23 fib, it is in a small uptrend on the Daily and has just broken through the 150 EMA on the iH TF. The only thing, it seems to me is that it may be a sideways moving market.
  • #10,795
  • Edited May 16, 2008 12:26am May 15, 2008 2:43pm | Edited May 16, 2008 12:26am
Quoting Jor09
Hi Jarroo. I believe this is a good trade setup but I'm interested to know how you would define a daily pb break?
A Pin Bar break (in this case Gbp/Usd) is defined as Price moving up and throught the top of the Pin Bar. The top of this Pin Bar is 1.9472 and Price broke that level.

The next question is "Where do I enter?"

One way is to enter after the break at 1.9473 and place the stop loss at the bottom of the Pin Bar, around 19360 level. If this is an "A trade" Pin Bar set up, then this is a no-brainer. Is this an "A trade" Pin Bar?

It sure looks like one. Pin Bar is off a PPZ (S/R Levels) and the nose looks OK but it could be longer. Any thing else?

We have been in a down trend since March 14th. That looks pretty strong and could be a problem. (Boy, didn't that BEVOB look sweet on March 14th).

Once the Pin Bar broke, you could look for a retracement using fibs on the Price Action itself. Looks like it did retrace down to the 61.8 and started moving upwards which is a good sign. (Sorry I can't post a chart, not at home.)

Just a few thoughts.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #10,796
  • May 15, 2008 2:50pm May 15, 2008 2:50pm
I'm interested to know exactly how Jim (James16) would trade the pin bar we have on the GBPUSD daily.

The high of the Wednesday pin is 1.9473.

Should a trade only be entered on Friday when prices moves above 1.9473, or can it be entered at a lower price?

Thanks for clarifying the james16 style of trading this scenario.

Rob

Edit: It seems that my question was answered 7 minutes before I posted the message above. Cheers Jim
But I'm still keen to know what the risk is of entering at a lower price that 1.9473
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  • #10,797
  • May 15, 2008 3:33pm May 15, 2008 3:33pm
Quoting priceaction
But I'm still keen to know what the risk is of entering at a lower price that 1.9473

  1. Risk
    If you enter at a lower price then the market may keep moving in that direction and take your stop out.

  1. Potential benefit
    Smaller stop equals more leverage on your position size.

  • #10,798
  • May 15, 2008 4:10pm May 15, 2008 4:10pm
Gold 4 hr pin?
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  • #10,799
  • May 15, 2008 4:39pm May 15, 2008 4:39pm
Quoting eltrot1979
Gold 4 hr pin?
Hi eltrot1979

Doesn't look very good.

Open and close of the pin bar is not within the previous bar. The bar after the pin also hasn't moved lower than the pinbar so it is not a confirmed bar and hasn't "broken".

Spend some more time reading James16 posts and they will become easier to spot.

cheers
  • #10,800
  • May 15, 2008 5:56pm May 15, 2008 5:56pm
Thanks. The funny thing is, I actually know all of that already! I'm just need to learn to be more patient and consider only the A trades!

Quoting fxprocessor
Hi eltrot1979

Doesn't look very good.

Open and close of the pin bar is not within the previous bar. The bar after the pin also hasn't moved lower than the pinbar so it is not a confirmed bar and hasn't "broken".

Spend some more time reading James16 posts and they will become easier to spot.

cheers
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