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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

  • #14,781
  • Oct 29, 2008 7:08am Oct 29, 2008 7:08am
I would like to refer back to the Friday (10/24) 8 Hour Pin Bar. If one took the trade on the break and placed the stop loss below the PB then you would be looking pretty right now. Proving once again that the ideal placement of stop losses is above/below the given PA set-up.
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Indicators show the past. Price Action "Indicates" the future.
  • #14,782
  • Edited 7:32am Oct 29, 2008 7:13am | Edited 7:32am
Quoting Blackinc
Hence why its called a \"bearish\" outside bar

Who feels stupid now?

Oh dear.. ah well its good to be learning.

But its also a long opportunity if it break up yea? Or no. Now that i think about it, its seems illogical to call it a Bearish outside bar if you can go long off it... Still reading the thread..

But thanks bundy, this stuff is really interesting.
Figured you'd only miss-read it mate. lol

That oct 22-24 consolidation area is that barrier at the moment. ...I'm thinking long is where it wants to go. A guess though. We'll have to wait for a good signal either way.

Edit: I meant to mention that going long at the break of that high would be a worry , since it has to work it's way up through a resistance area. You'd want a pretty good signal.
Bundy's status today: "Waiting..."
  • #14,783
  • Edited 10:35am Oct 29, 2008 9:59am | Edited 10:35am
Quoting stoli7188
Well those 4hr and my EU trade from a few days ago didn't work out too well. Here's my trade today on the UCAD, tried shorting this a few days ago when the pin formed but it never triggered for me.
STOLI THIS ONE'S FROM YOU! USDCAD

Let's break this down SIMPLY.

Monthly Chart show PPZ, 50% retrace (50% is a retrace not a fib) and 150/365 emas. Red flag! Red flag! If you think PPZs are strong on the Daily think how strong they are on the Monthly.

Weekly chart showed signs of a forming PB. (chart not shown)

Daily BEOB. (Thanks stoli.)

8 hour Inside Bar.

4 hour Pin Bar.

This is how we roll, James16 style.

(Sorry Jim I beat you to it.)

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #14,784
  • Edited 10:36am Oct 29, 2008 10:08am | Edited 10:36am
I'll throw in some DIBS trades on the Cad just for fun.
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Indicators show the past. Price Action "Indicates" the future.
  • #14,785
  • Oct 29, 2008 11:52am Oct 29, 2008 11:52am
nicely done Jim.
  • #14,786
  • Oct 29, 2008 1:14pm Oct 29, 2008 1:14pm
Here are a few nice with the trend setups cooking...



Regrards,
Ghous.
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I believe . . .
  • #14,787
  • Oct 29, 2008 2:20pm Oct 29, 2008 2:20pm
CHART
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  • #14,788
  • Oct 29, 2008 3:52pm Oct 29, 2008 3:52pm
It was tasty, thanks James.
  • #14,789
  • Oct 29, 2008 4:50pm Oct 29, 2008 4:50pm
This is what I am watching. I know it's countertrend but looking good nevertheless. Price bounced off of a heavy weekly price pivot zone. Also a two bar high (difference of 1 pip). Also off the 61 fibo from the Oct. 14 high to the 24th low. Thoughts?
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"Don't trade to trade . . . trade to win." - James16
  • #14,790
  • Oct 29, 2008 7:07pm Oct 29, 2008 7:07pm
Quoting james16
CHART
nice chart, question though - do you think this was a higher probibility setup than the daily pin bar on the 22nd Oct that failed? That pin looked to be at a 'nicer' level to me, with 50% fib confluence from the down move on the monthly chart.

Thanks
  • #14,791
  • Oct 29, 2008 7:20pm Oct 29, 2008 7:20pm
Quoting eltrot1979
nice chart, question though - do you think this was a higher probibility setup than the daily pin bar on the 22nd Oct that failed? That pin looked to be at a 'nicer' level to me, with 50% fib confluence from the down move on the monthly chart.

Thanks
Hey Eltrot,

I had a pending order on the pin also(as well as the nice BEOB), but it never got hit. This is something I stress to do to keep out of some of those false breaks. Firstly volatility has been high as we know so one should adjust their "buffer" on the entry for that. If you look and see a close round number by your pin, place your order to sell in this case under the round number. In this case 1.2400, was right under the pin. This saved a bunch of people I know out of this one.

Chart

Take care
Mike
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  • #14,792
  • Oct 29, 2008 8:43pm Oct 29, 2008 8:43pm
Quoting Flem26
This is what I am watching. I know it's countertrend but looking good nevertheless. Price bounced off of a heavy weekly price pivot zone. Also a two bar high (difference of 1 pip). Also off the 61 fibo from the Oct. 14 high to the 24th low. Thoughts?
I just bagged lots of pips on this trade. James, you're the best! PA kicks butt.
"Don't trade to trade . . . trade to win." - James16
  • #14,793
  • Edited 7:09am Oct 30, 2008 6:56am | Edited 7:09am
There's a nice PB on the Silver 3h (for Oanda users) & 4h chart.
The red line - 200 EMA, the other line - 200 SMA.
The PB looks like a rejection in that area. With MACD also positive on these time frames, I'd say it's a nice setup worth at least 40 - 50 cents (also taking into consideration how choppy silver is, after this break higher it could use the retracement).

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  • #14,794
  • Oct 30, 2008 6:57am Oct 30, 2008 6:57am
Was I the only one who saw that US/CAN BEOB but was too scared to take it because it was a CT Trade? Plus it was a BEOB that barely broke the bottom of the previous bar. Since taking a beating from those failed pin bars a couple weeks ago I am extremely hesitant to plug the trigger on any trade again the trend especially if it's a strong trend like the one we are now in.
  • #14,795
  • Oct 30, 2008 6:59am Oct 30, 2008 6:59am
Quoting Goozman
There's a nice PB on the Silver 3h (for Oanda users) & 4h chart.
The red line - 200 EMA, the other line - 200 SMA.
The PB looks like a rejection in that area. With MACD also positive on these time frames, I'd say it's a nice setup worth at least 40 - 50 cents (also taking into consideration how choppy silver is, after this break higher it could use the retracement).
Any Support and/or Resistence Levels in the area?
Indicators show the past. Price Action "Indicates" the future.
  • #14,796
  • Oct 30, 2008 7:03am Oct 30, 2008 7:03am
Quoting jarroo
Any Support and/or Resistence Levels in the area?
10.20 is the resistance, the bar pierced it and came back down just to close as a PB.
  • #14,797
  • Oct 30, 2008 7:04am Oct 30, 2008 7:04am
Quoting Goozman
10.20 is the resistance, the bar pierced it and came back down just to close as a PB.
Gotta chart?
Indicators show the past. Price Action "Indicates" the future.
  • #14,798
  • Oct 30, 2008 7:07am Oct 30, 2008 7:07am
Quoting jarroo
Gotta chart?
This do mayte?
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Bundy's status today: "Waiting..."
  • #14,799
  • Oct 30, 2008 7:13am Oct 30, 2008 7:13am
Quoting pipsja
Was I the only one who saw that US/CAN BEOB but was too scared to take it because it was a CT Trade? Plus it was a BEOB that barely broke the bottom of the previous bar. Since taking a beating from those failed pin bars a couple weeks ago I am extremely hesitant to plug the trigger on any trade again the trend especially if it's a strong trend like the one we are now in.
Hi pipsja, It was the AREA in which the beob formed that alowed me to trade, clear PPZ and 50% ret, i also saw the pa as more of a 2 bar pin rather than a Beob that barley broke the low, plus the heads up from all the experienced traders,
location + PA = high probability trading
cheers guys
Lakey
  • #14,800
  • Oct 30, 2008 7:16am Oct 30, 2008 7:16am
Quoting pipsja
Was I the only one who saw that US/CAN BEOB but was too scared to take it because it was a CT Trade? Plus it was a BEOB that barely broke the bottom of the previous bar. Since taking a beating from those failed pin bars a couple weeks ago I am extremely hesitant to plug the trigger on any trade again the trend especially if it's a strong trend like the one we are now in.
No you were not Pipsja, i did'nt take the trade either for the same reasons, the overall trend was just too strong for me to take a trade against it, so i did'nt. But you know what, i care least who took the trade and who did'nt, it was nice to see the BEOB work out spectacularly well but that doesnt discourage me atall, why should i be discouraged? I know for a fact that setting the rule of not going counter trend in stone has really worked for me and i can recall clearly several occasions when it saved me from disaster and the times when i got burnt taking silly counter trend trades when i was'nt following the rule so strictly,

The fact is no system and no methodolgy is perfect in forex, every method will bring you profits and losses some missed trades and some real great trades, some avg ones and some not so avg ones. As far as you can focus on your rules and believe in their strenghth none of these setups such as the Usd/cad right now should hurt you atall, why not wait for it to show some with the trend PA confirmation? afterall nothing going on at present promises a complete reversal does it?

There are times when i will even miss a trade that is totally valid with refernce to all my rules but even then i don't feel like cribbing over it, one trade goes and opens the doors for several others, go have a break and wait for these
I believe . . .
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