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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

  • #10,801
  • May 15, 2008 7:27pm May 15, 2008 7:27pm
Quoting eltrot1979
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!
When you look at those types of pins, ask yourself whether they may be just a pull-back before a break. It takes practice, or repeat events to get a feel for the situations where that is more likely to happen than a bounce (and vice versa). The A trades will be more obvious. Also, taking confirmed pins etc only can improve you success rate.
Bundy's status today: "Waiting..."
  • #10,802
  • Edited 7:33pm May 15, 2008 7:31pm | Edited 7:33pm
Going to be sitting and waiting here. I personally like these type of situations where I can plan ahead. (If I'm planning, I'm sure many others are.)

Preferred trade (by looking at daily) is the one described. Another possibility is the opposite break (and subsequent pull-back).

...if there's no pull-back then tough titties!
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Bundy's status today: "Waiting..."
  • #10,803
  • May 15, 2008 8:20pm May 15, 2008 8:20pm
Quoting bundyraider
Going to be sitting and waiting here. I personally like these type of situations where I can plan ahead. (If I'm planning, I'm sure many others are.)

Preferred trade (by looking at daily) is the one described. Another possibility is the opposite break (and subsequent pull-back).

...if there's no pull-back then tough titties!

I saw that pin bar on the Eur/Gbp daily earlier. Would you consider that a close to prime opportunity? I understand your preferred trade as that is what I am watching. Wondering what you mean by opposite break in your secondary possibility. Thanks in advance for the patience with us newbies.


Heres another on Nzd/Usd. At the 38% retracement level from the August lows, also testing the 200 dsma area. I am curious how others interpret the strength of this pin. Is the body to large for the nose?
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  • #10,804
  • Edited 9:28pm May 15, 2008 9:16pm | Edited 9:28pm
Quoting joebryce
I saw that pin bar on the Eur/Gbp daily earlier. Would you consider that a close to prime opportunity?
Prime opportunity? No. Otherwise my post would be about the pin for sure.

The daily pin (if you can call it that) is in line with the inside bar formation. ( Remember that Pins are at their best when they actually DEFINE the swing high/low.)

For the moment we are still sideways. The pin like bar (and in the 61.8% zone. ...AND the inside bar previous), to me, suggests that the likely break will be down. Because we opened down low and closed down low.

For me, this is a pivot/PPZ based trade. Until I see a break either way and then price action confirming that direction off one of those PPZs, I'm not in.

Quote
I understand your preferred trade as that is what I am watching. Wondering what you mean by opposite break in your secondary possibility. Thanks in advance for the patience with us newbies.
When you see price hanging around in one area it can go either way. The very fact that we are sideways means the market as a whole is still undecided. We may only be stuck here because of one large order getting hammered onto the market in parts, for instance. If we break upwards, it is just as valid as a break down (we NEVER know). And let's not forget that the trend for most of this month so far has been up.


NZDUSD... I seen that this morning too. ....There's nothing there yelling at me to trade it though. ( Besides, I'm already long the Aussie.) It's preferable to have something definite that is being reacted too. It gives you confirmation that others may be noticing the same thing. If there are many confluences, there are many ideas on why you would get a reaction. The more traders (and different strategies) agreeing with you the better.
Another point to make is by looking at the whole picture, there's nothing amazing about how far the price has retraced. ....yet. Take a look at the 20th/21st of January this year. Now THAT's what you'd love to see.

EDIT: Sorry , make that 21st/22nd jan.
.
Bundy's status today: "Waiting..."
  • #10,805
  • May 15, 2008 9:44pm May 15, 2008 9:44pm
Quoting joebryce
Heres another on Nzd/Usd. At the 38% retracement level from the August lows, also testing the 200 dsma area. I am curious how others interpret the strength of this pin. Is the body to large for the nose?
Joe, Just another look at this pair to prove why we need more convincing circumstances yet, in my opinion.

I admit though, it looks as if it may give it to us. For the minute it's a gamble still though. That's why you wait till bar close.
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Bundy's status today: "Waiting..."
  • #10,806
  • May 15, 2008 10:04pm May 15, 2008 10:04pm
Quoting Thexder
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.

I did notice the triangle but I took the trade on the chance of a breakout. I couldn't watch it live after my entry so I set a trailing stop after 20 pips gain so ended up at BE.
  • #10,807
  • May 15, 2008 10:09pm May 15, 2008 10:09pm
me and bundy have very similar interpretations of price action

here are the type of trades I watch. We have a uptrending usd/chf. Stalled and found good resistance at the 1.06 rd number, and a breakout formation is forming. Then we can watch for a breakout and pullback, and look for some confirming PA. These can be some great R:R trades.
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  • #10,808
  • May 16, 2008 2:25am May 16, 2008 2:25am
Hello everyone,

This is my first post, though I have read much of this thread with high interest.
I am trading high time frames, at least with forex.
This one caught my eyes and I figured some of the people don't have access to Quarterly graphs so it could be a good idea to post it.
The CAD has created a very beautifull PinBar at its bottom, problem is there are no signals what so ever {IMO} at any lower time frame to enter the LONG here.
So I am sharing this with you and hoping to hear some opinions about the setup and maybe future entry signals.

Thanks to all who will review this,
ET
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  • #10,809
  • May 16, 2008 4:04am May 16, 2008 4:04am
Anyone looking at this? 4hr PB off the 50 fib...Mike is there enough space to the left for you? take care, Raz
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Never say never.
  • #10,810
  • May 16, 2008 4:17am May 16, 2008 4:17am
Quoting razldazl
Anyone looking at this? 4hr PB off the 50 fib...Mike is there enough space to the left for you? take care, Raz
Hey Raz,

you probably know I am ultra picky with space, so this one wouldn't qualify for me. I would rather see it come down some more and produce a pin at a nice swing low. All those bar lows to the left are what get me. But that is just my opinion

Take care
Mike
  • #10,811
  • May 16, 2008 4:48am May 16, 2008 4:48am
OK, thanks mike, Ive never been much good under the daily tf...on another note have you noticed how usdchf and eurusd seem to have traded personalities?? Eur is moving just like usdchf used to with a much higher atr and just generally being a lot more volatile, while usdchf has calmed right down, strange stuff... speak soon, Raz
Never say never.
  • #10,812
  • May 16, 2008 7:22am May 16, 2008 7:22am
There are many brokers and some of them work in different time zones.
Some at GMT, some at GMT+1 and GMT+2, even +3.
Each broker has different time in the end of the day, which cause the bars look different from each other broker.
So what is the best Time Zone to analyze price action?
  • #10,813
  • May 16, 2008 7:59am May 16, 2008 7:59am
Quoting smilee89
There are many brokers and some of them work in different time zones.
Some at GMT, some at GMT+1 and GMT+2, even +3.
Each broker has different time in the end of the day, which cause the bars look different from each other broker.
So what is the best Time Zone to analyze price action?
The eternal argument, mate.

The great thing about this stuff is, It doesn't matter.

...The only difference is what you mentioned , with some peeps examples not matching in appearance. That's it though.

For the record a lot of us use InterbankFX or North Finance feeds in here.
Bundy's status today: "Waiting..."
  • #10,814
  • May 16, 2008 8:16am May 16, 2008 8:16am
Quoting bundyraider
The eternal argument, mate.

The great thing about this stuff is, It doesn't matter.

...The only difference is what you mentioned , with some peeps examples not matching in appearance. That's it though.

For the record a lot of us use InterbankFX or North Finance feeds in here.
I believe North Finance is being acquired by FxPro.com and maybe their MT4 charting might also be a little different...
  • #10,815
  • May 16, 2008 8:24am May 16, 2008 8:24am
Hey all ,

i dont get on here much ....so thought id drop this of...hope you all doing well.....

Rye
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  • #10,816
  • May 16, 2008 9:15am May 16, 2008 9:15am
Quoting smilee89
So what is the best Time Zone to analyze price action?
I think one reason people say just trade what you see is because it balances out - one day one chart sees a pin where another doesn't and then a few days later the other chart gets a pin where the first had an inside bar only - and either would have provided results on their own separate trades.

And also this gives strength to the idea of trading multiple bar versions of singles bars like a 2 bar pin. One chart's bullish bar followed by a bearish looking inside bar may appear to be a pin across 2 bars, and the other chart does show it as a single bar pin about to break on its current bar....
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10,817
  • May 16, 2008 9:41am May 16, 2008 9:41am
Hello Mike and all,

I didn't understand the "space to the left" concept at all ?

Is it the same thing than the "traffic concept" ?

Many thanks for your help

Happy trading

Cheers

Angel65
  • #10,818
  • May 16, 2008 11:18am May 16, 2008 11:18am
Perhaps this will help some of you believe in PA....

This is one of my demo accounts, where I trade based on material from james16 chart thread, j16website plus some common sense. This is high risk/high reward system, which includes taking trades on touches of ppz, fibs, pins, emas... etc..

... some 45000+ pips since mid January...

It is possible!!! Learn the material, practice, visualize your goals.. and you ARE successful..

Have a great weekend everyone.
.
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  • #10,819
  • May 16, 2008 11:45am May 16, 2008 11:45am
Quoting Angel65
Hello Mike and all,

I didn't understand the "space to the left" concept at all ?

Is it the same thing than the "traffic concept" ?

Many thanks for your help

Happy trading

Cheers

Angel65

Hey Angel,

yes when I and others refer to space, it is similar to the traffic concept. I have my own take on opinions on it compared to others of course, that is the beauty of PA. I also thought I would mention that the only time I personally don't worry about traffic, or space with price bars, is when I am looking for a pullback after a breakout.

Have a great weekend,

Mike


Mark I believe I believe Nice bud
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  • #10,820
  • May 16, 2008 1:32pm May 16, 2008 1:32pm
Belief in the system or the person trading it?

ps what is your commission for trading other peoples accounts



Quoting raczekfx
Perhaps this will help some of you believe in PA....

This is one of my demo accounts, where I trade based on material from james16 chart thread, j16website plus some common sense. This is high risk/high reward system, which includes taking trades on touches of ppz, fibs, pins, emas... etc..

... some 45000+ pips since mid January...

It is possible!!! Learn the material, practice, visualize your goals.. and you ARE successful..

Have a great weekend everyone.
.
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