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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

  • #17,541
  • Dec 26, 2008 8:44am Dec 26, 2008 8:44am
Quoting bundyraider
On fundamentals, I agree that it should. But let's just watch what happens at the key levels eh?
I wonder about this Bundy. I have been reading that China may suffer some soon, and filter a little to Aussie. PA will tell as always.
  • #17,542
  • Dec 26, 2008 10:03am Dec 26, 2008 10:03am
Quoting HipsterPipster
I wonder about this Bundy. I have been reading that China may suffer some soon, and filter a little to Aussie. PA will tell as always.
Buy the rumour. Sell the fact eh?

China is definitely key though. The talk is that china still has enough internal fire to still kick along at a phenomenal rate of growth compared to other nations even if that growth halves or even worse. Their link to the outside world will bring them only so far off the boil, but their thirst for moving forward on the home front is far from quenched.

I don't know. I might be young at 34 , but I've figured out enough to know that these bust cycles tend to be underestimated by even the most respected analysts. They just don't seem to be able to get a grip of the domino effects. ...and repeatably through out history too.

I don't trust anything but TA. For the sake of my own countries economy only am I hoping that the "Super Cycle" as they call it will cushion us here. And I can see how it can. I can also see that the thirst for 'safety' can outweigh everything. We have Sooooo much room to move with the RBA rate here.

That is my reasoning.

PA will show us, as you say. Because we KNOW that even if the fundamentals support a particular direction, emotion and general market sentiment can still let it continue the other way for any amount of time. ...so we watch for 'real' signs of turn arounds or continuations.

Hip....
We are so lucky to be involved in this method of trading aren't we? . Look at all that crap I just said above?? .... Nothing beats just trading key levels! You don't need to be a economical freak with above average understandings to do well!!

It's so much simpler!!! lol

..
Bundy's status today: "Waiting..."
  • #17,543
  • Dec 26, 2008 10:14am Dec 26, 2008 10:14am
Quoting bundyraider
Buy the rumour. Sell the fact eh?...

Well said Bundy. I actually failed economics in high school & now i trade currencies for a living...
If only those teachers could see me now..

Now where did i put my Bundy eggnog.
  • #17,544
  • Dec 26, 2008 10:28am Dec 26, 2008 10:28am
Quoting rustyjeff
Well said Bundy. I actually failed economics in high school & now i trade currencies for a living...
If only those teachers could see me now..

Now where did i put my Bundy eggnog.
lol ...please don't mention bundy again for a few hours was drink of choice. Just had a looooong session with rarely seen mates from back in school. ...and still buzzinghere at 3 am! (....love this time of year. .....just not right at the minute. lol

Ok. take that back. calling it quits abut now. Things are looking pretty UN-buzzy all ofa sudden.
Bundy's status today: "Waiting..."
  • #17,545
  • Dec 26, 2008 10:41am Dec 26, 2008 10:41am
MMMM, raw eggs and bourbon! I actually made my own eggnog this year. Take care guys and follow the pa as always.
  • #17,546
  • Dec 26, 2008 11:29am Dec 26, 2008 11:29am
Hello great minds. Here is a question that i have been having issues with on how to understand it. i read from this thread that the close and open of pin bar shd be within the previous bar, good. but i have this question, wot is the relation of the the candle body in to the wick? is it 70/30? just wanted to have good understanding of it.
  • #17,547
  • Dec 26, 2008 12:34pm Dec 26, 2008 12:34pm
Quoting bundyraider
lol ...please don't mention bundy again for a few hours was drink of choice. Just had a looooong session with rarely seen mates from back in school. ...and still buzzinghere at 3 am! (....love this time of year. .....just not right at the minute. lol

Ok. take that back. calling it quits abut now. Things are looking pretty UN-buzzy all ofa sudden.

We dont have the unlimmited supplies of bundy here in the states as its not sold/imported here. probably a good thing for me.
So not able to abuse it as it is back home. We have to have friends/family bring it over, so it gets rationed out accordingly.
Good luck with the hangover Bundy.
  • #17,548
  • Dec 26, 2008 12:56pm Dec 26, 2008 12:56pm
Quoting Naijafx
Hello great minds. Here is a question that i have been having issues with on how to understand it. i read from this thread that the close and open of pin bar shd be within the previous bar, good. but i have this question, wot is the relation of the the candle body in to the wick? is it 70/30? just wanted to have good understanding of it.
Hi Naijafx,

The first thing that you need to know is that location is often far far more important than the bar shape,

but since the overall look of the bar still does play some part here's how i like them when they're perfect.

1) The open and close are within the previous bar

2) The nose should protrude away from the previous bars such that it stands out when Mike says good setups will shout out at you, it's basically this very attribute of a good pin bar that he is talking abt. It refers to a pin in a trending market where the pin is produced without much influence of traffic or indecision in the market

By looking for pin bars with these 2 conditions (specially the second one) can help you cherry pick some real high probability trades.

here are some chart examples:
Attached Image(s) (click to enlarge)
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I believe . . .
  • #17,549
  • Dec 26, 2008 1:07pm Dec 26, 2008 1:07pm
Quote
Hi Naijafx,

The first thing that you need to know is that location is often far far more important than the bar shape,

but since the overall look of the bar still does play some part here's how i like them when they're perfect.

1) The open and close are within the previous bar

2) The nose should protrude away from the previous bars such that it stands out when Mike says good setups will shout out at you, it's basically this very attribute of a good pin bar that he is talking abt. [b]It refers to a pin in a trending market...

Thanks man,

I love ur explanation, actually, pin bar and Beovb/Buovb and harami are my favorites here and i want to master just those candle formations.


I have listened listened to mike's video and i love his teaching on trading the pin bar and his teaching has guided me in taking some nice ones in usdchf and GU recently.

ghous thanks again
  • #17,550
  • Dec 26, 2008 1:40pm Dec 26, 2008 1:40pm
Quote
Hi Naijafx,

The first thing that you need to know is that location is often far far more important than the bar shape,

but since the overall look of the bar still does play some part here's how i like them when they're perfect.

1) The open and close are within the previous bar

2) The nose should protrude away from the previous bars such that it stands out when Mike says good setups will shout out at you, it's basically this very attribute of a good pin bar that he is talking abt. [b]It refers to a pin in a trending market...

Thanks man,

I love ur explanation, actually, pin bar and Beovb/Buovb and harami are my favorites here and i want to master just those candle formations.


I have listened listened to mike's video and i love his teaching on trading the pin bar and his teaching has guided me in taking some nice ones in usdchf and GU recently.

ghous thanks again
  • #17,551
  • Dec 26, 2008 4:11pm Dec 26, 2008 4:11pm
Quoting bundyraider
Buy the rumour. Sell the fact eh?

I don't know. I might be young at 34 , but I've figured out enough to know that these bust cycles tend to be underestimated by even the most respected analysts. They just don't seem to be able to get a grip of the domino effects. ...and repeatably through out history too.

I don't trust anything but TA. For the sake of my own countries economy only am I hoping that the "Super Cycle" as they call it will cushion us here. And I can see how it can. I can also see that the thirst for 'safety' can outweigh everything....
i'm right behind ya. turn 34 in march. oh so right, the charts rule! can't wait until the markets start really moving again after the holidays. as long as there is a market to trade.
"Don't trade to trade . . . trade to win." - James16
  • #17,552
  • Dec 26, 2008 4:13pm Dec 26, 2008 4:13pm
Quoting Naijafx
Thanks man,

I love ur explanation, actually, pin bar and Beovb/Buovb and harami are my favorites here and i want to master just those candle formations.


I have listened listened to mike's video and i love his teaching on trading the pin bar and his teaching has guided me in taking some nice ones in usdchf and GU recently.

ghous thanks again
can u send me the link to mike's video on pin bar trading.u may PM me.merry xmas and happy new year
  • #17,553
  • Dec 26, 2008 5:00pm Dec 26, 2008 5:00pm
Quoting ayour2a
can u send me the link to mike's video on pin bar trading.u may PM me.merry xmas and happy new year
If you go to james16group.com.
look in the guest area, there is a lot of usefull info.
  • #17,554
  • Dec 26, 2008 5:01pm Dec 26, 2008 5:01pm
Quoting ayour2a
can u send me the link to mike's video on pin bar trading.u may PM me.merry xmas and happy new year
http://www.james16group.us/Guests/guestmaterial.html
  • #17,555
  • Dec 27, 2008 7:33am Dec 27, 2008 7:33am
Quoting Mr Trend
True. However, what if that precediing weekly BEOB was 800 pips long? You could easily play the daily (with levels of S&R) for a particular pair and still be in good shape. This is where the nuances of trading PA come into play and experience is important. Especially in this case when 60-70% of the time the bar following the engulfing bar pullsback to 50 or 61.8... (which is where I pull the trigger to go short)
Great Point, Mr. Trend. I remember trying exactly the same thing few months ago on AUD USD on a weekly BEOB. But unfortunately on that occasion it went the other side. (I have not been trading past few months)
My question is, where will be your SL on such a trade? high of the local price action OR high of the BEOB itself?

Thanks to all the senior contributors for the valuable information.

Happy New Year to everyone

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #17,556
  • Dec 27, 2008 7:55am Dec 27, 2008 7:55am
Quoting LasVahGoose
AUD/USD

Anyone thinking that price will break through the .6850 PPZ on this pair? Looks like orders maybe built up on this thing. Been hugging the PPZ for awhile.
Put a 20 SMA on there and you will see the pair is due for some fireworks soon. I favor longs unless deleveraging picks up again in new year on hedge fund redemptions.
  • #17,557
  • Dec 27, 2008 9:17am Dec 27, 2008 9:17am
Quoting raczekfx
It has nothing to do with feelings. I keep feelings reserved for the woman I love....

I don't pay much attention to 50 retrace (i think someone mentioned before, it's jacko stuff, but I'm no fan of that method). If we break 38 we're going down (at least that's my experience)

If you contemplate on blue rectangles, you shall find the answer to your TP1 question.
Cheers,

R
Hi R,

I know this particular trade has already been over-analyzed.

One more question:

1.5540 happens to be the resistence point on the previous leg and roughly same as 23% retracement. Any reason why this was not your first Take profit area.

Thanks,
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #17,558
  • Dec 27, 2008 11:22am Dec 27, 2008 11:22am
Quoting ghous

Ok I had one more question, I am new to NOn-fx marlets like the US stock indices (The S&P, DOW etc) how do you correlate them, in one of your posts above i saw you mentioening that the S&P will affect the $ and the Yen? The $ is understandable (stronger stock markets stronger currency) but why the yen, and is the corelation inverse or direct?
it's hard to explain in few words; best way is to have all charts of interest on your screen at all times and observe how one affects another. This is what I did for few years and now they make sense (sometimes). To really simplify the answer, I'll take a shortcut ... You can look at the sp and dow as a barometer for 'carry trades'. If those go up, speculators must feel good about economy in general. What happens next...? More speculators will feel good about putting their money in riskier crosses (yen as an e.g.) At the same time BOJ will add fuel to a fire and start selling yen (don't forget Japan without export will not exist, so in their best interest is to keep yen weak). They play their own little game with speculators and unless you traded yen for few years, their action will not make sense. That's why is better(read safer) to stick to PA and don't pay attention to correlation. I'll give you a little hint here anyways...., I will never go long on yen crosses when Dow or SP approaches resistance with some kind of confluence, I might go short instead without waiting for PA..

Quoting StoragePro
..Funny how this all looks like you are reading tea leaves to many - until they start a practice of it. Then it is like an open book.
My younger brother used to think the same and.... two weeks ago he finally quit his career to become a trader.
For some it will take few months to see big foot prints. For some it will take years.., some will never see them.
Quoting TradeStar

One more question:

1.5540 happens to be the resistence point on the previous leg and roughly same as 23% retracement. Any reason why this was not your first Take profit area.
5540 is also a daily price pivot, but I tend to put more weight to areas between 38-50 and 50-61. I guess different strokes for different folks plays a role here...
  • #17,559
  • Dec 27, 2008 12:22pm Dec 27, 2008 12:22pm
Quoting ghous
Ok I had one more question, I am new to NOn-fx marlets like the US stock indices (The S&P, DOW etc) how do you correlate them, in one of your posts above i saw you mentioening that the S&P will affect the $ and the Yen? The $ is understandable (stronger stock markets stronger currency) but why the yen, and is the corelation inverse or direct?

Regards,
Ghous.
Maybe this will help

http://finance.yahoo.com/echarts?s=EURUSD=X#chart14:symbol=eurusd=x;range=6m;compare=^dji+^ixic+^gspc;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Charts below are 6 month and 1 month E$, Dow, S&P & NASDAQ.
Charts are from link above.
Attached Images
  • #17,560
  • Dec 27, 2008 9:39pm Dec 27, 2008 9:39pm
Quoting rustyjeff
We dont have the unlimmited supplies of bundy here in the states as its not sold/imported here. probably a good thing for me.
So not able to abuse it as it is back home. We have to have friends/family bring it over, so it gets rationed out accordingly.
Good luck with the hangover Bundy.
Not usually a big fan of the stuff, but it was hella good that night.

Genius here decided another drink was in order when he got home too. Jack though. That's the one that did me in. Considering I didn't take much care in the measuring it either. lol

(Funniest thing was finding the burnt cheese toasties in the toaster oven in the morning. lol)
Bundy's status today: "Waiting..."
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