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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

  • #14,161
  • Edited 8:38am Oct 4, 2008 8:22am | Edited 8:38am
Quoting my30marahaba
Dear Sir,
How about this USDCHF any possible to going down this week,
see the plan of the USD CHF ....... need your advise sir,
double top with out side bar ....

Regards,
My30marahaba

The last 2 bars could be viewed as a two day pin bar, waiting for the right eye to form.
  • #14,162
  • Oct 4, 2008 9:03am Oct 4, 2008 9:03am
Quoting srelhed
The last 2 bars could be viewed as a two day pin bar, waiting for the right eye to form.
Have I missed something with regards to this right eye element? A far as I'm aware the next bar just needs to move higher/lower (depending on long or short) than the actual pin bar.

I've seen a few people reference the right eye but don't remember James teaching anything other than the above.
  • #14,163
  • Oct 4, 2008 10:21am Oct 4, 2008 10:21am
I'm posting a chart of eur/cad but don't think about it just imagine that it is a stock or a future or anything else where we can have volume of shares contracted.
Now my question is ... in a a similiar scenario with a pb (even if open and close are equal making it an indecision bar) in that location what kind of volume should we expect for confirming the pb ? ... i mean if a bull run is going to start or a correction, will volume start to go up? down? ...

I know that this question does not reguard price action .. but i remember james saying that we have to pick up the best trades and to do that we can use multiple markets ... so i was thinking after awhile of looking in the futures market where you can actually quantify volume into a number of contracts and not like mt4 that gives you the number of ticks ....

PA patterns confirmed by volume would be great.
Been reading something around on the internet and from what i understand volumes con give you good INFORMATION on the setups ... INFORMATION not SIGNAL !!

So that's my question if any wants to answer ... i'm all ears !!!

Nice weekend to all.
Giuseppe
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  • #14,164
  • Oct 4, 2008 12:17pm Oct 4, 2008 12:17pm
Quoting bundyraider

Expect the unexpected. Be ready to trade either outcome.

.
You hit the nail on the head there Mr.Bundy! Everyone thinks the dollar sucks and it will tank, makes me want to get long lol

Jason
May the fish in your stream of life always bite.
  • #14,165
  • Oct 4, 2008 12:56pm Oct 4, 2008 12:56pm
Quoting giusepp8
I'm posting a chart of eur/cad but don't think about it just imagine that it is a stock or a future or anything else where we can have volume of shares contracted.
Now my question is ... in a a similiar scenario with a pb (even if open and close are equal making it an indecision bar) in that location what kind of volume should we expect for confirming the pb ? ... i mean if a bull run is going to start or a correction, will volume start to go up? down? ...

I know that this question does not reguard price action .. but i remember james saying that we have to pick up the best trades and to do that we can use multiple markets ... so i was thinking after awhile of looking in the futures market where you can actually quantify volume into a number of contracts and not like mt4 that gives you the number of ticks ....

PA patterns confirmed by volume would be great.
Been reading something around on the internet and from what i understand volumes con give you good INFORMATION on the setups ... INFORMATION not SIGNAL !!

So that's my question if any wants to answer ... i'm all ears !!!

Nice weekend to all.
Giuseppe
Hiya Giuseppe,

This is one of those things ...heck they are all like this really. It is only a question you can answer for yourself. I can list famous traders who don't use volume at all. Others will swear by it. I used to use volume a lot in my studies from 2001 to 2003. After extensive testing I found a spike in volume helpful to identify a turn. As for breakouts you normally look for marked increase in volume. If your in a down trend like in your example, volume should decrease on the rally and increase on the down swing. In real life that doesn't always happen. I would give PA 10 times the weight of volume study but that's just me. I will attach a stock chart to show volume spikes for your entertainment I just used a 30 ema of volume as a proxy for volume. Then set a spike as anything greater than 1.75 times the EMA. Just look for price action after the spike and fade the current swing. That's just how I have used it. Hope that helps.

Regards
Jason
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May the fish in your stream of life always bite.
  • #14,166
  • Oct 4, 2008 1:48pm Oct 4, 2008 1:48pm
hey jason ... thanks for your chart.. i'll defintly study it during this weekend.

Sometimes i take a deeper look in other trading tools because it keeps me away from doing stupid things on my trade, 'cause i trade only daily and daily MUST be!...
Often happens that i have to feed my brain with something new and lately i was looking in this thing of trading old fashioned way such as tick charts and volume ... believe on short time frames its really fascinating seeing, trying to intercept that sentiment but on daily charts I don't really need them, a S/R line and a few good PA setups or going to make my day, week or hopefully even a year!!!

However have to get ready to go out tonight .... see you jason.
  • #14,167
  • Oct 4, 2008 1:59pm Oct 4, 2008 1:59pm
Here's something I'll be looking for next week. Inside bars on Aussie/Bucky and Aussie/Yen. If Aussie/Uncle Buck breaks 77 again I'll be looking for a target of 76. And if that don't hold, 74 may be in the cards from looking at the weekly. Thoughts?
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"Don't trade to trade . . . trade to win." - James16
  • #14,168
  • Oct 4, 2008 2:04pm Oct 4, 2008 2:04pm
Here's a look at the weekly charts for Aussie Yen and Bucky
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"Don't trade to trade . . . trade to win." - James16
  • #14,169
  • Oct 4, 2008 9:29pm Oct 4, 2008 9:29pm
Quoting ghous
i think fundis clearly suck!
Ghous, lets be honest to each other and admit that the market is going up or down because of fundies who drive them, not because of a pin bar or DBLHC. lol.
Market can stay irrational longer than you can stay solvent.
  • #14,170
  • Edited 12:20am Oct 5, 2008 12:04am | Edited 12:20am
hi everyone, a newbie question,sorry if its been answered before....

if a pinbar gets broken and brought into play by a few pips and then tanks back inside the pins range would this be seen as a good oppertunity to get in the trade at a good price??, or would it be seen as a warning signal and therfore wait for further confirmation,like a second break of the pin high??
thanks in advance,im aware that there is no hard rule here so any comments welcome.
jon
PATIENCE... DISCIPLINE
  • #14,171
  • Oct 5, 2008 1:34am Oct 5, 2008 1:34am
Quoting FXBat
Ghous, lets be honest to each other and admit that the market is going up or down because of fundies who drive them, not because of a pin bar or DBLHC. lol.
yes and i am not denying that... all i am saying is it should still not matter because the truth is we are interested in where the price is going not why it's going in a certain direction. we think a pair should go up and some fundamentals come in the way and convert that nice bull candle into a bearish pin bar, so do we bury our faces in our hands thinking what moved the price down...duh! we don't care abt anything except the pin bar that just occured.

i guess for this reason Jim and the others ignore fundamentals and focus more on the technical aspects of price action cuz no matter where price goes we know that when it moves it will leave traces of some indications that we so anxiously look for...

Regards,
Ghous.
I believe . . .
  • #14,172
  • Oct 5, 2008 1:51am Oct 5, 2008 1:51am
Quoting FXBat
Ghous, lets be honest to each other and admit that the market is going up or down because of fundies who drive them, not because of a pin bar or DBLHC. lol.
Lets be honest to each other and admit the ONLY reason price ever moves is because the participants who control the most shares AT THE TIME agree on a new price. It goes without saying that these are the active participants. Now when price reaches new levels other players will step in according to their own agenda. (this is the support and resistance)It is participants who drive price only. ever. If the participants are driven by fundies this will reflect in the price. So to drive the point home..... BRCM was trading over 180 in 2000. No big fundie change at all, same company was trading under 10 in 2002. So if fundie drive price how did a 5 doller company increase in value 20 times in two years time? ( 1998 to 2000) Might it be the irational and over exubrance of crowdes? Might it be something as simple as greed? My point being that while fundies will exert influnce on a market, we never know by how much or when.

My job is to indentify high probablity set ups and take them down. To find an edge and wield it consitantly over time. "good news, bad action"

regards,
Jason
May the fish in your stream of life always bite.
  • #14,173
  • Oct 5, 2008 1:55am Oct 5, 2008 1:55am
Quoting ghous
no matter where price goes we know that when it moves it will leave traces of some indications that we so anxiously look for...

Regards,
Ghous.
Perfectly said my friend.


Regards,
Jason
May the fish in your stream of life always bite.
  • #14,174
  • Oct 5, 2008 3:29am Oct 5, 2008 3:29am
Quoting g_j_hook@yah
hi everyone, a newbie question,sorry if its been answered before....

if a pinbar gets broken and brought into play by a few pips and then tanks back inside the pins range would this be seen as a good oppertunity to get in the trade at a good price??, or would it be seen as a warning signal and therfore wait for further confirmation,like a second break of the pin high??
thanks in advance,im aware that there is no hard rule here so any comments welcome.
jon
this is somewhat a discretionary matter, however i'll tell you how interpret the abve quoted situation.

Jim recommends a trade to be taken only upon a satisfactory break of the pin which is generally 5-15 pips above the bar high/low. this is obviously for a sure confiormation of price intenstions and not surprisingly this strategy alone can save you a lot of money.

Coming to the stop loss strategy some ppl recommend having it on the opposite side of the pin bar on the high/low. what i discovered was that if you wait for a perfect pin bar (with a long nice nose) on the higher tfs that should well exceed your risk appetitie, as these noses can go for 100 pips. i thus use my stops as per my money management and target the nearest round number/supp/resisatnce that liw within the boundaries of my risk appetite.

to me that's all! reading Mark Douglas these days has really opened my mind and i have learnt to digest these ticks that move against me in a threatning way, but that it's all part of the game. So if you're going long for example the rest is left to the market. if it goes down you hit your SL and get stopped out. if it goes up you're dancing around your pc like a red indian around the beach fire. and once you're mentally ready to except that risk that you're inevitably bearing every time you take a trade you'll start to see the fun in it.

the bottom line is that you need to manage your risk and money properly and be able to realize when you have an edge.

Regards,
Ghous.
I believe . . .
  • #14,175
  • Oct 5, 2008 8:19am Oct 5, 2008 8:19am
Quoting FXBat
Ghous, lets be honest to each other and admit that the market is going up or down because of fundies who drive them, not because of a pin bar or DBLHC. lol.
Fundies move the market in a technical way. Dont start the fundies vs technical analysis debate here pls.
  • #14,176
  • Oct 5, 2008 8:27am Oct 5, 2008 8:27am
Quoting FXBat
Ghous, lets be honest to each other and admit that the market is going up or down because of fundies who drive them, not because of a pin bar or DBLHC. lol.
if fundis were driving this market lately then the dollar would be in the crapper, a loss of 159K jobs and the dollar gains on the day should be all you need to see that trading fundis right now will only make the market look chaotic.
Don't chase the market, Let the market come to you
  • #14,177
  • Oct 5, 2008 12:49pm Oct 5, 2008 12:49pm
Hello all, Just a few charts before the open. My weekly homework

Regards,
Jason
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May the fish in your stream of life always bite.
  • #14,178
  • Oct 5, 2008 12:56pm Oct 5, 2008 12:56pm
Hi everyone, I was considering at what point do you consider a trend line invalid? Do you have any hard and fast rule on this? I noticed Ghous let price swing way past and Mike considered that invalid. I'm coming up on page 300 of the thread but have yet to find a "J16" answer for trend lines.

Thanks!
Jason
May the fish in your stream of life always bite.
  • #14,179
  • Oct 5, 2008 1:00pm Oct 5, 2008 1:00pm
Quoting Tmac
if fundis were driving this market lately then the dollar would be in the crapper, a loss of 159K jobs and the dollar gains on the day should be all you need to see that trading fundis right now will only make the market look chaotic.
and its gaining again ... resting at 1.3684 after dropping to 1.3672, i can trade because the gap is oanda is awfull 20 pips on eur/usd
  • #14,180
  • Oct 5, 2008 5:02pm Oct 5, 2008 5:02pm
Nice pin, in a pullback right against the trend line.
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