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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

  • #15,341
  • Nov 14, 2008 8:59am Nov 14, 2008 8:59am
Quoting raczekfx
Thanks Jim.

I was 'pushed' out of my FT career due to 'restructuring' (friends hiring friends), so I will need to pay my bills from trading for a while...

R.
I know you have the patience to Sniper Rifle them A trade.

Good news for us is that we'll (maybe) get to see some of those classic racekfx charts.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #15,342
  • Nov 14, 2008 9:05am Nov 14, 2008 9:05am
Quoting kateeus
Here is a 1H setup I'm eyeballing currently:

Attachment

What i see here is a pin bar that bounced off of the 50% ret from the previous swing it closed above the daily pivot and 38% ret and the price has found support from this are many times before(not shown on chart)

BTW yesterday formed a BUOB in the daily chart, wich gives more confidence on this one.

Only thing that concerns me is that the pin itself is not the best looking.

If the high of the pin is broken I might consider an entry but only after a ret back to around the 50%...
I wouldn't consider that Kateeus, i can see on my charts that the high has been broken but all the reasons you mentioned that make the trade risky all hold 100% true,

plus...

for me the trade has little space to live, In nearly all my trades i take i want to have enough space for them to breath in, if you play the break you'll hardly even feel that you're in profit before price decides to visit the resistance trend line and the ppz zone around 1.275ish.

wouldn't hesitate to pass on this one...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 12 KB
I believe . . .
  • #15,343
  • Nov 14, 2008 9:07am Nov 14, 2008 9:07am
Quoting jarroo
I know you have the patience to Sniper Rifle them A trade.

Good news for us is that we'll (maybe) get to see some of those classic racekfx charts.

Jim
Sure! We all miss his expert opinions and ideas and charts and analysis and what not. Glad you were fired......lol!
I believe . . .
  • #15,344
  • Nov 14, 2008 9:12am Nov 14, 2008 9:12am
GBP/JPY is developing possible PIN with long nose bouncing off the confluence of PPZ and 61.2 ret. on 4hr TF with InterbankFX feed.

Hope the pin bar closes in order to pass the J16 PA Laws

Any comments appreciated!!
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  • #15,345
  • Nov 14, 2008 9:13am Nov 14, 2008 9:13am
Quoting Almfx
GBP/JPY is developing possible PIN with long nose bouncing off the confluence of PPZ and 61.2 ret. on 4hr TF with InterbankFX feed.

Hope the pin bar closes in order to pass the J16 PA Laws

Any comments appreciated!!
Any charts??
I believe . . .
  • #15,346
  • Nov 14, 2008 9:23am Nov 14, 2008 9:23am
Thanks for your prompt reply Ghous.

I ditched that trade as it indeed would seem to be knocking on some resistance, also a trendline drawn from yesterdays highs would be acting agains the trade had I taken it.
  • #15,347
  • Nov 14, 2008 9:23am Nov 14, 2008 9:23am
Quoting Almfx
GBP/JPY is developing possible PIN with long nose bouncing off the confluence of PPZ and 61.2 ret. on 4hr TF with InterbankFX feed.

Hope the pin bar closes in order to pass the J16 PA Laws

Any comments appreciated!!
The nose bar will close in ~40min. we will know whether it PIN, If that is a PIN I would like to enter on the Breakout with 12pip buffer. Do any1 here have better idea to make entry? suggestions appreciated

ALM
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  • #15,348
  • Nov 14, 2008 9:27am Nov 14, 2008 9:27am
Quoting Almfx
The nose bar will close in ~40min. we will know whether it PIN, If that is a PIN I would like to enter on the Breakout with 12pip buffer. Do any1 here have better idea to make entry? suggestions appreciated

ALM
I don't see any pin bar on my feed, just a bearish bar with a long nose, maybe you guys have it in a better shape??
I believe . . .
  • #15,349
  • Nov 14, 2008 9:31am Nov 14, 2008 9:31am
Quoting ghous
Any charts??
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.gif Size: 18 KB

I Got no idea, how effective would this setup be, I welcome comments
ALM
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  • #15,350
  • Nov 14, 2008 9:35am Nov 14, 2008 9:35am
Quoting raczekfx
Thanks Jim.

I was 'pushed' out of my FT career due to 'restructuring' (friends hiring friends), so I will need to pay my bills from trading for a while...

R.
Its a good feeling when you can do this. Go get some Mark..
  • #15,351
  • Nov 14, 2008 9:48am Nov 14, 2008 9:48am
Quoting Almfx
Attachment
I Got no idea, how effective would this setup be, I welcome comments
ALM
thanks for the chart ALM

Ok abt the setup i personally feel that since it's against the trend and near friday close the shape and location is'nt somthing i am falling for. it's not a pin bar on my charts first off all so that closes the chapter, but had this pin bar been on my charts i would still have not taken the trade, in times like these, avg setups like this one are better avoided

just what i think...my 2 cents

Regards,
Ghous.
I believe . . .
  • #15,352
  • Nov 14, 2008 9:50am Nov 14, 2008 9:50am
Quoting Almfx
Attachment
I Got no idea, how effective would this setup be, I welcome comments
ALM

GBP/JPY daily TF got PIN with very short nose, Can't say this is A trade, but worth a try on breakout!

ALM
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  • #15,353
  • Nov 14, 2008 9:54am Nov 14, 2008 9:54am
Quoting ghous
thanks for the chart ALM

Ok abt the setup i personally feel that since it's against the trend and near friday close the shape and location is'nt somthing i am falling for. it's not a pin bar on my charts first off all so that closes the chapter, but had this pin bar been on my charts i would still have not taken the trade, in times like these, avg setups like this one are better avoided

just what i think...my 2 cents

Regards,
Ghous.
Thanks for the comments, I will consider your comments before I decide on the trade. Yes! It is against the long term trend. I still got learn many things from good traders like you.

ALM
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  • #15,354
  • Nov 14, 2008 10:51am Nov 14, 2008 10:51am
Quoting rustyjeff
Its a good feeling when you can do this. Go get some Mark..
I hate scalping, but may have no choice for some time....

Closed e/u and g/u last night at 18:43PM EST. Reason: past experience
Market is still wild and I was anticipating a pullback in asia after US sesion excitement.
Reopened following trades on pullback at 9:30AM EST:
g/j 142.255
g/chf 1.7553
e/u 1.2670
g/u 1.4757
Attached Images
  • #15,355
  • Nov 14, 2008 11:51am Nov 14, 2008 11:51am
Quoting raczekfx
I hate scalping, but may have no choice for some time....

Closed e/u and g/u last night at 18:43PM EST. Reason: past experience
Market is still wild and I was anticipating a pullback in asia after US sesion excitement.
Reopened following trades on pullback at 9:30AM EST:
g/j 142.255
g/chf 1.7553
e/u 1.2670
g/u 1.4757
Was with you on eu identical entry, just got shaken out darn it. How are yours doing? guessing you took some profit off the table. Nice spread of entries dude.
GOD IS NOT SHORT OF CASH
  • #15,356
  • Nov 14, 2008 12:29pm Nov 14, 2008 12:29pm
[quote=raczekfx;2350845]I hate scalping, but may have no choice for some time....

I like scalping, this is action!
  • #15,357
  • Nov 14, 2008 12:43pm Nov 14, 2008 12:43pm
Just a curiosity.
Since the Pa patterns did not broke the upside today on the majors ... if you have orders are you going leave them for the weekend?
  • #15,358
  • Nov 14, 2008 2:01pm Nov 14, 2008 2:01pm
Quoting giusepp8
Just a curiosity.
Since the Pa patterns did not broke the upside today on the majors ... if you have orders are you going leave them for the weekend?
I was just going to ask myself. I can't decide, would love to hear if anyone will hold these daily set-ups that have not triggered over the weekend (Limit Orders), or if you will pull back and wait until next Monday to decide.
  • #15,359
  • Nov 14, 2008 2:05pm Nov 14, 2008 2:05pm
Looks like you guys can read minds. I just opened up the thread to ask the same question. So, unofficial poll. Would you leave any pending/already opened orders over the weekend considering the upcoming G20 meeting?
Please pull my head out of my ass, I am running out of oxygen...
  • #15,360
  • Nov 14, 2008 2:09pm Nov 14, 2008 2:09pm
Quoting unlv_tj
I was just going to ask myself. I can't decide, would love to hear if anyone will hold these daily set-ups that have not triggered over the weekend (Limit Orders), or if you will pull back and wait until next Monday to decide.
personally I cancel all orders that don't trigger on the next bar daily included(rare exceptions)

Have a great weekend

Mike
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