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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

  • #11,461
  • Jul 3, 2008 7:38pm Jul 3, 2008 7:38pm
Quoting jarroo
As a general rule, the best situation is that the next bar (candle) breaks above/below the given Price Action, in this case, a Pin Bar. (check your booklet).

Conformation of a failed Price Action, (i.e. PB), a break of the opposite side of the intended direction. But I have seen on higher time frames that Price Action can be . . . let's say . . . delayed a few bars and work out just fine. But the key to it all is the break.

Now the Pin Bar (candle) you have shown on the Daily Gbp/Jpy needs to go through a quick check list.
Location? Not the best, kinda crowded.
Confluences? Close to a PPZ but far from trendlines.
Higher time frames PA? Nothing I can see that stands out but a spinning top on the Weekly, but that could go either way.
Trend direction and/or continuation? Trend has been in a uptrend on the Weekly and Monthly.

Just some thoughts,

Jim
Yes. That swing low should be more pronounced to make it a more desireable trade. I can see that now. Close to PPZ is not as good as in PPZ. I'm a trend line junkie. I should have looked at that closer. Thanks for the observations.
  • #11,462
  • Jul 3, 2008 7:44pm Jul 3, 2008 7:44pm
Quoting soeasy69
IMHO that pin bar is something you look for after a 500 to 700 pip move down with the pin pointed down.
Hope this helps...

Good luck and good trading! :-) KISS rocks dude!
That would be a GRADE A trade Easy! And YES, I still love them after all these years!
  • #11,463
  • Jul 3, 2008 7:53pm Jul 3, 2008 7:53pm
Quoting jarroo
I had to take a pre-break small long position at 105.82 just for the sheer potential of this move. S/l at the bottom of 6/30/08 PB.
Usd/Jpy
Added to this position on the break of the 7/01/08 PB.
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Indicators show the past. Price Action "Indicates" the future.
  • #11,464
  • Jul 4, 2008 2:10am Jul 4, 2008 2:10am
Quoting ozziedave
Hi Jim,

I think that would be a great idea.
My God that post must be 3 years old..., thank god he decided to go ahead and post his charts, I wonder how many people´s trading Jim has changed...thanks Jim!
Never say never.
  • #11,465
  • Jul 4, 2008 2:49am Jul 4, 2008 2:49am
Quoting ozziedave
Hi Jim,

I think that would be a great idea.



[Chappelle voice]: WURD!
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #11,466
  • Jul 4, 2008 5:57am Jul 4, 2008 5:57am
Quoting KissFan
My first post on this great thread. I have a booklet compiled of most of the charts posted here. However, I haven't found an answer to this question please forgive me if I have missed the answer in this thread. I am trying to figure out if this pin has failed. There are three inside bars since. Should I cancel my long from the tip of the nose as of now? Thanks for any commentary.
Hi, Im with you. The trade is doing fine, im about 80 pips in green, stop moved to a low risk position. Im confident about this trade because, even if the PB is not in a great location, we had higher lows in these last 3 inside days and there doesnt seem to be any downside pressure, which tells me that a breakout to the upside should happen soon, for at least a retest of 213.50.
Besides, UY is also in the same situation, PB and breakout to the upside, and usually when UY goes up, GY goes up as well.
We leave no soldier behind.
  • #11,467
  • Jul 4, 2008 6:21am Jul 4, 2008 6:21am
Quoting razldazl
My God that post must be 3 years old..., thank god he decided to go ahead and post his charts, I wonder how many people´s trading Jim has changed...thanks Jim!
Better late than never.

It took me a 1 1/6 years before I got around in joining Jim's paid Forum!

So much information to absorb but worth it. It has and is slowing changing my way of trading for the better.
Humble Lifetime Member
  • #11,468
  • Jul 4, 2008 6:27am Jul 4, 2008 6:27am
Quoting razldazl
I wonder how many people´s trading Jim has changed...thanks Jim!
I'd post "at least one guy's, mine", but then we'd get several dozen pages of more people going "mine, too!" and saying a similiar thing

Definitely also his day today for enabling people to learn how to achieve trading independence =)

For Jim and all those with PA,
a merry merry hip-hip-hooray
hope y'all enjoy independence day

Teeheee
Trust price. Know yourself.
  • #11,469
  • Jul 4, 2008 9:38am Jul 4, 2008 9:38am
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  • #11,470
  • Jul 5, 2008 7:20am Jul 5, 2008 7:20am
hi ,could someyone comment on this dbhlc on the 4h oil chart??
thanxhttp://www.forexfactory.com/images/icons/icon7.gif
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PATIENCE... DISCIPLINE
  • #11,471
  • Jul 5, 2008 7:49am Jul 5, 2008 7:49am
Quoting g_j_hook@yah
hi ,could someyone comment on this dbhlc on the 4h oil chart??
thanxhttp://www.forexfactory.com/images/icons/icon7.gif
What does the Daily and Weekly charts look like?
Indicators show the past. Price Action "Indicates" the future.
  • #11,472
  • Jul 5, 2008 5:04pm Jul 5, 2008 5:04pm
Quoting raczekfx
.
The way things have been lately, that'll stop right at 5750.. which means the R:R on that trade is crazy horrible...
Mr. Trend
  • #11,473
  • Jul 5, 2008 5:31pm Jul 5, 2008 5:31pm
Quoting KissFan
My first post on this great thread. I have a booklet compiled of most of the charts posted here. However, I haven't found an answer to this question please forgive me if I have missed the answer in this thread. I am trying to figure out if this pin has failed. There are three inside bars since. Should I cancel my long from the tip of the nose as of now? Thanks for any commentary.
Definitely not. If anything, those inside bars help your pin... they show you indecision after all those orders got knocked out at support (hence the pin)... now price is just sitting there having no idea what to do, and the probability lies north... so keep that limit there... or better yet, I would bring it down to just above the high of one of those inside bars...
Mr. Trend
  • #11,474
  • Jul 5, 2008 7:05pm Jul 5, 2008 7:05pm
Quoting Mr Trend
Definitely not. If anything, those inside bars help your pin... they show you indecision after all those orders got knocked out at support (hence the pin)... now price is just sitting there having no idea what to do, and the probability lies north... so keep that limit there... or better yet, I would bring it down to just above the high of one of those inside bars...
Thanks for your help MT. PB off support is pretty basic stuff, except this trade is taking it's sweet time to play out. Not typical for this pair. I'm glad that the situation has arisen as the experience for me is well worth the wait.
  • #11,475
  • Jul 5, 2008 7:51pm Jul 5, 2008 7:51pm
Quoting KissFan
Thanks for your help MT. PB off support is pretty basic stuff, except this trade is taking it's sweet time to play out. Not typical for this pair. I'm glad that the situation has arisen as the experience for me is well worth the wait.
KissFan....(Should be thinking Maiden truthfully.)

You are correct, this is a GREAT LESSON.

When we start out, we get nervous when a trade doesn't take off for us right away. But Mr. Trend is correct, (He always is.) that the IBs afterwards helps your cause. You are also getting positive swap, and life is alright. Boring, but alright.

Remember, you are basing your trades off of support and resistance.....NOT TIME. You can have 15 more inside bars after this, and it doesn't change why you are in the trade. Simple distinction, but important.

Best of luck.

Clockwork
  • #11,476
  • Jul 5, 2008 8:22pm Jul 5, 2008 8:22pm
Quoting clockwork71
KissFan....(Should be thinking Maiden truthfully.)

You are correct, this is a GREAT LESSON.

When we start out, we get nervous when a trade doesn't take off for us right away. But Mr. Trend is correct, (He always is.) that the IBs afterwards helps your cause. You are also getting positive swap, and life is alright. Boring, but alright.

Remember, you are basing your trades off of support and resistance.....NOT TIME. You can have 15 more inside bars after this, and it doesn't change why you are in the trade. Simple distinction, but important.

Best of luck.

Clockwork

Oh yeah! I've got that rookie trader impatience working against me. Your point is well taken though. The best call I made this week was to study forex all day today (saturday). To get feedback from 3 1KT's Clockwork, Mr. Trend & RaczekFX makes it all worthwhile. Maybe I'll be a successful trader soon. For so long I didn't even know what questions to ask.
  • #11,477
  • Jul 5, 2008 8:24pm Jul 5, 2008 8:24pm
Quoting james16
i thought i would start a new thread to post charts. my question is this and i am sure merlin can let me know the answer. i am not sure if i want to do this yet but how many of you would like me to actually post potential trades. the thing to remember is that two people can take an identical entry and one will lose and the other will win. the variables to trading are endless. anyway what does everyone think. jim
uummm . . . . this seems like an interesting thread. That James16 guy seems pretty informed from his other posts . . . and also helpful to other members.
Uummmm . . . let me read on . . .

Indicators show the past. Price Action "Indicates" the future.
  • #11,478
  • Edited 10:00pm Jul 5, 2008 9:44pm | Edited 10:00pm
Quoting Mr Trend
The way things have been lately, that'll stop right at 5750.. which means the R:R on that trade is crazy horrible...
probably, and yes to RR, unless you're already in the trade. I'm actually expecting breakup in U/C with first target being 1.037 and then 1.08, but when fiber falls to 1.53 and beyond, it will most likely drag e/c along.

p.s. I heard your pipsociety is doing very well....
  • #11,479
  • Jul 5, 2008 10:03pm Jul 5, 2008 10:03pm
Quoting raczekfx
probably, and yes to RR, unless you're already in the trade. I'm actually expecting breakup in U/C with first target being 1.037 and then 1.08, but when fiber falls to 1.53 and beyond, it will most likely drag e/c along.

p.s. I heard your pipsociety is doing very well....
It's been awhile since you and I talked on the tele... we should again here soon... but yeah, it was ok up to around a couple of months ago... now I'm in a nice DD... didn't have a good month last month, but I'm confident I'll still have a good year...
Mr. Trend
  • #11,480
  • Jul 6, 2008 5:33am Jul 6, 2008 5:33am
Quoting jarroo
What does the Daily and Weekly charts look like?
good point..short answer..overbought. weekly is showing divergence from both stochs and rsi,both in overbought levels,and last weeks candle is a kind of eve star with a long body??not sure how to interpret this candle other than it looks bullish but the gap says look out for a retrace!??..help!!.
daily is also interesting with an eve star formation followed by an inside day on friday,also oversold.
1h however is showing bullish divergence with a double bottom in price,oversold.4h is warning af a short lived retracement(imo)when stochs fall rapidly but the price doesnt follow much.
plan of action?? will demo a short on the break of 144.20 or a failure of its new highs or buy a break of the last high.
ok got that of my chest, so could anybody who knows what theyre doin like to comment!!?? lol
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