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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

  • #16,561
  • Dec 9, 2008 6:52pm Dec 9, 2008 6:52pm
Quoting jarroo
Could you please show a chart and reasons behind your short @1.7784. This is after all the James16 Chart Thread.

A blank statement of "I'm short @. . ." tells us nothing.

With respect,

Jim
Here you go Jim.
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  • #16,562
  • Dec 9, 2008 6:58pm Dec 9, 2008 6:58pm
And the 1hr GBP/CHF. Plenty of space if it breaks short.
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  • #16,563
  • Dec 9, 2008 7:18pm Dec 9, 2008 7:18pm
Quoting tehuringa
Heya Boomswitch,

If it was me....I'd be wanting to see that pin bar at a swing low rather than a swing high.
Does a valid pin have to be at a swing low for a long and at a swing high for a short ? I didn't know that thanks for the advice.

Anyway I will not take it because there is not enough room. 0.8490 is too big of a level to take a long right now. I would not be surprised to see a pin bar there tomorrow.
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  • #16,564
  • Dec 9, 2008 8:01pm Dec 9, 2008 8:01pm
With a break of ~.7869 +/- your entry criteria, it looks clear to ~.7635. Daily IB4
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  • #16,565
  • Dec 9, 2008 8:03pm Dec 9, 2008 8:03pm
Quoting bundyraider
I don't want to knock you here. To me it's just one of those trades that aren't worth taking.

I think your right, but really, ignoring "should get a few pips" trades can make a big difference to your end result. Try it for a couple of months.

Would be better if the top of that pin was up against that fib confluence rather than where it is.
yeah, you're right....still working on limiting myself to A trades, it's definitely not one of those. But while I'm on the subject, what's the deal with EMAs vs. Simple MAs, before being corrected I was using simple MAs with some success, but the general consensus that EMAs are better for PA? Is it because EMAs are more likely to appear intersecting with price that it is better?
  • #16,566
  • Dec 9, 2008 8:19pm Dec 9, 2008 8:19pm
Quoting Icehocey77
yeah, you're right....still working on limiting myself to A trades, it's definitely not one of those. But while I'm on the subject, what's the deal with EMAs vs. Simple MAs, before being corrected I was using simple MAs with some success, but the general consensus that EMAs are better for PA? Is it because EMAs are more likely to appear intersecting with price that it is better?
EMA or SMA is irrelevant. Just choose them based on how popular they are.
Which one has the most people watching it?

Try 365 EMA , 150 EMA if you want. Popular ones in this thread. I also put in a 200 EMA. Different people like different ones.

It's like anything though. Don't take any particular MA as gospel and also don't clutter your charts with too many of them. Use them to get a feel for the rhythm of the market if you like. If a good long term MA coincides with horizontal resistance/support, then take notice.

Horizontal support/resistance rules it all anyway. Spend more time on seeing 'that' better first and foremost.
Bundy's status today: "Waiting..."
  • #16,567
  • Dec 9, 2008 8:21pm Dec 9, 2008 8:21pm
Quoting jlmac27
Hello Bundy,
I have a quick question for you.Do you think there is a big difference between that PB's nose hitting that fib level and retreating or if it decides to just close around this fib level.I guess I could see some difference in it.......How do you percieve it?
Easy question.

Which one shows more solid respect of the level and creates a better stop barrier for you to use??
Bundy's status today: "Waiting..."
  • #16,568
  • Dec 9, 2008 8:24pm Dec 9, 2008 8:24pm
Quoting HipsterPipster
And the 1hr GBP/CHF. Plenty of space if it breaks short.
Thanks HP! I was going to post my chart and should have. My apologies to Jaroo and the others here. I got called away from my desk for a while.
  • #16,569
  • Dec 9, 2008 8:25pm Dec 9, 2008 8:25pm
Quoting KissFan
Thanks HP! I was going to post my chart and should have. My apologies to Jaroo and the others here. I got called away from my desk for a while.
  • #16,570
  • Dec 9, 2008 8:27pm Dec 9, 2008 8:27pm
Quoting tehuringa
I agree Bundy.....there is some nice confluence there but the pin bar itself is fairly weak.....short nose, the size of the bar doesn't really hold much weight compared to the surrounding bars and it doesn't have much 'headroom' and could run into resistance around the 1.5530-1.5500 area.
Spot on my thoughts. lol

Nothing that shouts at you to ignore the bad placement anyway.

There's just too many setups that are way better around the corner all the time. ...You learn this aspect over time though.
Bundy's status today: "Waiting..."
  • #16,571
  • Dec 9, 2008 8:46pm Dec 9, 2008 8:46pm
here is a trade on the Au inside bar on the daily.

When it comes to shape it's pretty valid,

When it comes to location i don't see it with conlfuence, but look what it has to offer! Breakout of the trendline, a bearish bar going back to touch it (pullback) then closing somewhere in between to take the overall shape of an IB.

I was first tempted to take the long from the IB pointed at on the 4H chart, but looing at prior lows i restrained from it, and simplified the whole thing

the charts...
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I believe . . .
  • #16,572
  • Dec 9, 2008 8:53pm Dec 9, 2008 8:53pm
And here is a pending short on the Eur/chf...

Heavy divergence off the 1H...

Great IB on the 4H (first profit to be booked somewhere around the greyish rectangle)

confleunce of two fib levels on the daily (and no that ugly looking pin bar does'nt impress me one bit...the tade is strictly off the 4H with supporting stuff around diff tfs )

Regards,
Ghous.
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I believe . . .
  • #16,573
  • Dec 9, 2008 9:34pm Dec 9, 2008 9:34pm
Quoting ghous
And here is a pending short on the Eur/chf...

Heavy divergence off the 1H...

Great IB on the 4H (first profit to be booked somewhere around the greyish rectangle)

confleunce of two fib levels on the daily (and no that ugly looking pin bar does'nt impress me one bit...the tade is strictly off the 4H with supporting stuff around diff tfs )

Regards,
Ghous.
Hi Ghous !!

The old weekly s/r at around 1.5570 is bothering me a bit though. I'm tempted to enter on a break lower than that perhaps around where you have your sell stop as well. Its still not clear to me if these types of trades are worth it. Not criticising you at all but I've got Jim's words ringing in my ears all the time "Something about waiting with a rifle !!!"... Perhaps I will risk a lower amount on this one ....

Cheers,

Joe
  • #16,574
  • Dec 9, 2008 10:32pm Dec 9, 2008 10:32pm
Quoting GetSmart
Hi Ghous !!

The old weekly s/r at around 1.5570 is bothering me a bit though. I'm tempted to enter on a break lower than that perhaps around where you have your sell stop as well. Its still not clear to me if these types of trades are worth it. Not criticising you at all but I've got Jim's words ringing in my ears all the time "Something about waiting with a rifle !!!"... Perhaps I will risk a lower amount on this one ....

Cheers,

Joe
Sure getsmart, Up to you how i take it, the important thing is that i still cannot call it a trade it's a pending order which may or may not become a trade. It now has exactly 1.5 hours to prove itself if it can, because the 4H bar would then have closed and none of my trades live if i don't see the break of the setup on the next bar

Cheers!

Regards,
Ghous.
I believe . . .
  • #16,575
  • Dec 9, 2008 10:43pm Dec 9, 2008 10:43pm
Quoting ghous
And here is a pending short on the Eur/chf...

Heavy divergence off the 1H...

Great IB on the 4H (first profit to be booked somewhere around the greyish rectangle)

confleunce of two fib levels on the daily (and no that ugly looking pin bar does'nt impress me one bit...the tade is strictly off the 4H with supporting stuff around diff tfs )

Regards,
Ghous.
I don't understand why you would short there unless you're going for 50-80 pips... better be nimble.
Mr. Trend
  • #16,576
  • Dec 9, 2008 11:04pm Dec 9, 2008 11:04pm
Quoting Mr Trend
I don't understand why you would short there unless you're going for 50-80 pips... better be nimble.
My first target is 40 pips away

What makes you feel bad abt this setup?? Would really like to know...
I believe . . .
  • #16,577
  • Dec 9, 2008 11:05pm Dec 9, 2008 11:05pm
Jarroo you have something to say???
I believe . . .
  • #16,578
  • Dec 9, 2008 11:30pm Dec 9, 2008 11:30pm
Quoting ghous
Jarroo you have something to say???
About the Eur/Chf?

I like the location, Monthly PPZ. (1.5650ish area). Price has really reacted strong at this level I would like to see more definable Price Action forming.

That ugly little Daily PB may turn into a beautiful swan.
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Indicators show the past. Price Action "Indicates" the future.
  • #16,579
  • Dec 9, 2008 11:43pm Dec 9, 2008 11:43pm
I am not Jarroo but I agree with Mr. T. The pinbar itself was beautiful! The reason I would not trade it is due to the rather sideways move just prior to the pinbar. When a bar setup appears, I determine if the market reaction that created the setup is strong or weak. The sideways movement indicates weak reaction to me as price just hung around the resistance just prior to the pinbar. Hope I made sense. There are always great setups around the corner, so why not be extremely selective? We had IBs galore on the daily charts today, however, I did not take a single one because they were not at a swing high or swing low. Does that mean they will not work out? NO, but there will be even better setups soon. I will say that I am more picky on selecting IBs than any other setup.

Scott

Quoting ghous
Jarroo you have something to say???
  • #16,580
  • Dec 9, 2008 11:47pm Dec 9, 2008 11:47pm
Quoting jarroo
About the Eur/Chf?

I like the location, Monthly PPZ. (1.5650ish area). Price has really reacted strong at this level I would like to see more definable Price Action forming.

That ugly little Daily PB may turn into a beautiful swan.
Not sure if this helps or is valid, but looks like it broke the 61.8 fibo @ 1.5577 area to hit that S/R line @ 1.5650.
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