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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

  • #14,361
  • Oct 11, 2008 10:55am Oct 11, 2008 10:55am
Quoting HipsterPipster
This is what I see. I like the area, I like how it is reacting to the price levels of .7000 and .6800 and I even like the divergence, if we can call it that, its not rounding yet. I also like the wedge forming. But, I can't find any feed that shows it as a pin, as with the close within the prior bar. I will not be taking this as it just feels to me that it is going to wip and retest those lows. If I did take it as is, my TP would be at 1.7500,(where I will be looking for shorts), and my BE would be in the 1.7272-1.7300 area. I am feeling a little cautious with these CT moves . Just my 2 pips.
Another note, this bar formed on Friday and in these times could be more a reflection of traders taking profit before the weekend and bank meetings. Never know what climate we may be in next week.
  • #14,362
  • Oct 11, 2008 2:57pm Oct 11, 2008 2:57pm
It's easier to spot and draw PPZ if you use LINE chart and switch the grid on. You can then switch to candle/bar view to check any High/Low levels which were missed.
One Chart is Worth Ten Thousand Words.
  • #14,363
  • Oct 11, 2008 3:17pm Oct 11, 2008 3:17pm
Quoting HipsterPipster
This is what I see. I like the area, I like how it is reacting to the price levels of .7000 and .6800 and I even like the divergence, if we can call it that, its not rounding yet. I also like the wedge forming. But, I can't find any feed that shows it as a pin, as with the close within the prior bar. I will not be taking this as it just feels to me that it is going to wip and retest those lows. If I did take it as is, my TP would be at 1.7500,(where I will be looking for shorts), and my BE would be in the 1.7272-1.7300 area. I am feeling a little cautious with these CT moves . Just my 2 pips.
fantastic analysis ...thats a very strong diverence, it certainly does look like we may go up .and im sure the g7 meeting will help the pound go up a bit, god knows it needs to
  • #14,364
  • Oct 11, 2008 3:26pm Oct 11, 2008 3:26pm
Quoting nAVIN2007
fantastic analysis ...thats a very strong diverence, it certainly does look like we may go up .and im sure the g7 meeting will help the pound go up a bit, god knows it needs to
Hi Nav Buddy
I didnt know GOD trades "FOREX" ,i thouht he dealt in "Souls".
Just kidding mate !!

baz
  • #14,365
  • Oct 11, 2008 3:30pm Oct 11, 2008 3:30pm
Quoting baz
Hi Nav Buddy
I didnt know GOD trades "FOREX" ,i thouht he dealt in "Souls".
Just kidding mate !!

baz
hi bro hope u are doing well in these hectic times? and yes i guess it doesnt need to do anything gotta trade whatever we see right! still praying thou
  • #14,366
  • Oct 11, 2008 3:33pm Oct 11, 2008 3:33pm
Quoting nAVIN2007
hi bro hope u are doing well in these hectic times? and yes i guess it doesnt need to do anything gotta trade whatever we see right! still praying thou
Nav it was a FANTASTIC WEEK ,and LAST 4 weeks
Hang in there,its all in the "MIND" trading.

baz
  • #14,367
  • Oct 12, 2008 9:16am Oct 12, 2008 9:16am
A pin on cad/jpy. Great location but against the trend.
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  • #14,368
  • Oct 12, 2008 1:39pm Oct 12, 2008 1:39pm
It's going against the common sense, but GOLD is going to drop hard.

On the daily chart, last Friday's bar is a huge BEOB against the 930 resistance.

On the weekly chart, we have a PIN against the 930 resistance, the upward trendline and EMA(60).

The chart is screaming "short" here.
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  • #14,369
  • Oct 12, 2008 1:49pm Oct 12, 2008 1:49pm
not sure but isnt this chart showing bearish diverence?....
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  • #14,370
  • Oct 12, 2008 2:17pm Oct 12, 2008 2:17pm
Quoting nAVIN2007
not sure but isnt this chart showing bearish diverence?....
hey Navin,

Divergence is typically measured counter to the current trend.

Bearish divergence chart....

hope this helps

Jason
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May the fish in your stream of life always bite.
  • #14,371
  • Oct 13, 2008 7:34am Oct 13, 2008 7:34am
Nice Price Action on the Gbp/Usd.
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Indicators show the past. Price Action "Indicates" the future.
  • #14,372
  • Oct 13, 2008 9:56am Oct 13, 2008 9:56am
Jarroo,

I really like your example charts.........hope I am learning from them! Would just like to ask about stops. I took a break of the daily pin which formed on the GB/Jpy(nice looking pin at a swing low) but was a bit spooked by the size of the stop as taught by J16, which was some 600 points! Needless to say, I placed my stop higher (at 169) and was duly stopped out for a loss, then the trade went into profit of over 250 pts. This has happened a few times recently and I was just wondering how you play these pins on the higher TFs.
Do you wait for a retracement and/or go down to a lower TF to time your entry? Some of these stops are just too big for me to feel comfortable with.
PA is where its at!!
  • #14,373
  • Oct 13, 2008 10:03am Oct 13, 2008 10:03am
Jarroo,

|Sorry, forgot to ask on last post exactly where was your entry on the Cable trade?
PA is where its at!!
  • #14,374
  • Oct 13, 2008 10:20am Oct 13, 2008 10:20am
Quoting jarroo
Nice Price Action on the Gbp/Usd.
Cheers Jarroo

That was perfect, if one realised the trend is reversing. But this could have been a dangerous trade, b'coz the overall trend was bearish. So many like me would not have traded this.

Almfx
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #14,375
  • Edited 10:51am Oct 13, 2008 10:32am | Edited 10:51am
Quoting bertie123
Jarroo,

I really like your example charts.........hope I am learning from them! Would just like to ask about stops. I took a break of the daily pin which formed on the GB/Jpy(nice looking pin at a swing low) but was a bit spooked by the size of the stop as taught by J16, which was some 600 points! Needless to say, I placed my stop higher (at 169) and was duly stopped out for a loss, then the trade went into profit of over 250 pts. This has happened a few times recently and I was just wondering how you play these pins on the higher TFs.
Do you wait for a retracement and/or go down to a lower TF to time your entry? Some of these stops are just too big for me to feel comfortable with.
As a general rule (not as a law) Price tends to retrace on higher time frames, the Daily and Weekly. This provides an opportunity to reduce our risk after Price has broken our Price Action trigger. Using Fib levels (retracements) and the other eye level in the case of the Gbp/Usd and Gbp/Jpy. But as you know, the best location for these stops is above/below the Price Action set-up.

Once Price broke the left eye level I looked to lower time frame Price Action for a hint of where Price is going. On the Hourly, a couple Inside Bars broke above the eye level. It provided me a lower risk entry. If Price broke down the IBs, I would have taken that short.
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Indicators show the past. Price Action "Indicates" the future.
  • #14,376
  • Oct 13, 2008 10:38am Oct 13, 2008 10:38am
Quoting bertie123
Jarroo,

|Sorry, forgot to ask on last post exactly where was your entry on the Cable trade?
Break of the Hourly Inside Bars above the left eye level.
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Indicators show the past. Price Action "Indicates" the future.
  • #14,377
  • Oct 13, 2008 10:55am Oct 13, 2008 10:55am
Close enough for me. Taking some off the table at the PPZ. Moving stop loss just below the top of the Pin Bar.
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Indicators show the past. Price Action "Indicates" the future.
  • #14,378
  • Edited 6:15pm Oct 13, 2008 11:10am | Edited 6:15pm
Quoting Almfx
Cheers Jarroo

That was perfect, if one realised the trend is reversing. But this could have been a dangerous trade, b'coz the overall trend was bearish. So many like me would not have traded this.

Almfx
I believe what Ryanmcd has stated before that when Price is trending strong any Price Action showing a reversal (counter trend) should be veiwed with caution. But in consolidating markets these reversal patterns show promise.

We may be entering into a consolidating period.
Indicators show the past. Price Action "Indicates" the future.
  • #14,379
  • Oct 13, 2008 2:28pm Oct 13, 2008 2:28pm
Quoting jarroo
Break of the Hourly Inside Bars above the left eye level.

Those IBs were beautiful .. The InsideBar with the PinBar profit target
I got aout perfectly at the PPZ 1.7430;actually it was 1.7445 but i wanted to get out a little bit ahead and it revealed as perfect strategy 'cause it was 90 pip risk ... 400 win ... and i didn't watch the chart the all day after i placed the trade ... incredible!!
  • #14,380
  • Oct 13, 2008 5:04pm Oct 13, 2008 5:04pm
Quoting raczekfx
My favorite and The most profitable setup is approaching.....(and final TA at the same time if you're cable short)
...
Long since 1.6990 (50/61fib, confl, etc... and 50fib of daily pin retracement)
..
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