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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

  • #18,621
  • Jan 14, 2009 5:37pm Jan 14, 2009 5:37pm
Quoting HipsterPipster
Careful now, I almost blindly entered a short on that daily pin you have showing, that is until I looked at my chart. jk
haha, likewise
  • #18,622
  • Jan 14, 2009 5:49pm Jan 14, 2009 5:49pm
Quoting sertio
haha, likewise
It was a sarcastic joke..
  • #18,623
  • Jan 14, 2009 6:05pm Jan 14, 2009 6:05pm
Quoting fxprocessor
Price broke the BUOB and just below the orange line is first target.
Doesn't the stronger looking oil chart indicate that the CAD will get stronger v. the USD (and maybe even the EUR)?

If so, I like the Oil chart going long, more than the CAD getting weak (USD, EUR going long) on the USDCAD and EURCAD.

Glad you posted the Oil Chart, I believe I will pass for the time being on the BUOB for USDCAD and EURCAD.
  • #18,624
  • Jan 14, 2009 6:07pm Jan 14, 2009 6:07pm
Quoting Shermenator
Forgot to add my fibb to my thinking lol
Daily chart

Attachment
Hope you guys made a plan around the area I gave for longs and made pips.... later guys
  • #18,625
  • Jan 14, 2009 6:33pm Jan 14, 2009 6:33pm
Quoting unlv_tj
Doesn't the stronger looking oil chart indicate that the CAD will get stronger v. the USD (and maybe even the EUR)?
You are correct, given 35.50 will hold another ambush. If it does, we could see a daily pb on us/cad tomorrow.
  • #18,626
  • Jan 14, 2009 6:49pm Jan 14, 2009 6:49pm
Quoting unlv_tj
Doesn't the stronger looking oil chart indicate that the CAD will get stronger v. the USD (and maybe even the EUR)?

If so, I like the Oil chart going long, more than the CAD getting weak (USD, EUR going long) on the USDCAD and EURCAD.

Glad you posted the Oil Chart, I believe I will pass for the time being on the BUOB for USDCAD and EURCAD.
I don't know about oil at 47.xx (Chart), I have 3 sources showing 37.xx for today and I don't know about going long on oil (unless a BIG event happens). It might spike and seems to have found resistance around 35.xx.
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  • #18,627
  • Jan 14, 2009 7:36pm Jan 14, 2009 7:36pm
Quoting Fx_Genius
I don't know about oil at 47.xx (Chart), I have 3 sources showing 37.xx for today and I don't know about going long on oil (unless a BIG event happens). It might spike and seems to have found resistance around 35.xx.
I agree, I kept trying to figure out where the 47 price was coming from when oil closed at like 37.75?? today.
  • #18,628
  • Jan 14, 2009 7:47pm Jan 14, 2009 7:47pm
well looks like the march crude futures are 44 and change.
"Don't trade to trade . . . trade to win." - James16
  • #18,629
  • Jan 14, 2009 10:24pm Jan 14, 2009 10:24pm
not much. the yellow line (pivot zone) just below the bar that broke short would have been the area to look for a kick back. didnt make it by a few pips but just goes to show once again.

1. never trade into a pivot zone. (support/resistance)

2. the lower the time frame the more skill needed.

3. "failed" is a subjective term. many followers of this thread wouldnt have touched that entry just above the very prominent pivot zone. why? because they have spent a lot of time practicing. some would have tried to take a quick profit knowing it was there and would have lost. (these burners are rare but they happen)
some would have waited for a break below the pivot zone.

4. nothing is 100 percent but i wonder at times how many in this thread are trading intraday when they do not understand the basics of what we do.

not criticism in any way i just see so many times people losing money with this method when its so simple to not lose money trading this method.

jim


Quoting Life of Pi_p
Sorry to hear that. It happens from time to time. I'm no pro when it comes to J16, but let me ask you this. How much room to the downside do you see? Is this pin in traffic?
  • #18,630
  • Jan 14, 2009 10:27pm Jan 14, 2009 10:27pm
this happens a lot and it can be a great method after some practice.

nice.

jim

Quoting jarroo
Here's a good example of what I was trying to explain.

Usd/Jpy. We have a BEOB on the 4hour and Price breaks for some good profit. Then it retraces to the Low of the BEOB's previous bar (candle) and then continues down.
  • #18,631
  • Jan 14, 2009 10:50pm Jan 14, 2009 10:50pm
Hi everyone,

I am new to the thread and the trading method, now still slowly reeading through all the materials here. Spotted a pinbar in EURJPY, place a long pending order 10 pips away form the top of the pinbar. Yesterday pin bar failed to break the support. I also saw a pinbar setup in the EU and place another long pending order 10 pips away from the tip of the pin bar. All on demo account. SO is the pin bar valid setup and will you take it Jim? Pls enlighten me.
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  • #18,632
  • Jan 14, 2009 11:14pm Jan 14, 2009 11:14pm
Quoting Ray_1
Hi everyone,

I am new to the thread and the trading method, now still slowly reeading through all the materials here. Spotted a pinbar in EURJPY, place a long pending order 10 pips away form the top of the pinbar. Yesterday pin bar failed to break the support. I also saw a pinbar setup in the EU and place another long pending order 10 pips away from the tip of the pin bar. All on demo account. SO is the pin bar valid setup and will you take it Jim? Pls enlighten me.

Hey Ray,

Welcome to the HUGE j16 thread. By the time you get done reading it your trading will NEVER be the same.

The bars you posted are not pinbars. The first bar is at a swing low not the right location for a pinbar you are looking to short. You want that bar to be at a swing high. And the second bar is a neutral bar. This is when the open and close are near the middle of the bar. This shows indecision. Check out this pdf it should help you with the basics.

http://www.forexfactory.com/showpost...ostcount=18222

If you are still unclear let me know and I will get some charts up

also I made a video called pinbar introduction up on the guest part of the j16 site. It has helped a lot of people get started with the basics of pinbars. Check it out, it may help(I hope )

Enjoy!
Mike
  • #18,633
  • Jan 14, 2009 11:14pm Jan 14, 2009 11:14pm
Quoting Ray_1
Hi everyone,

I am new to the thread and the trading method, now still slowly reeading through all the materials here. Spotted a pinbar in EURJPY, place a long pending order 10 pips away form the top of the pinbar. Yesterday pin bar failed to break the support. I also saw a pinbar setup in the EU and place another long pending order 10 pips away from the tip of the pin bar. All on demo account. SO is the pin bar valid setup and will you take it Jim? Pls enlighten me.

Ray I am new to this system too and am also demoing but as far as I can tll on the EU, the physical appearance of my Daily bar "pin bar" is not really that good. It is more of a neutral bar. You want the nose to be longer and perhaps the open and close to be a little higher into the previous bar. Try changing your settings from candle stick to bar chart, you can see it much better. (the whole psychology of a pin bar is that it is a fake and a return back to where it is headed, this bar didn't "fake" that much)

If I am wrong about this EU setup can someone please correct me thanks

DMC
  • #18,634
  • Jan 14, 2009 11:28pm Jan 14, 2009 11:28pm
Quoting SeekingLight
I'm still alive!

Coincidentally, I just posted USDCAD to my journal

I only have one bearish pin, that, although happening a bit too "low" for my tastes(too much occlusion by the bar before it) caused me to exit my long(before getting back in again later), I feel it was pretty prominently placed => the area had shown reactions before, and this comes pretty close to the rustyjeff/raczekfx stuff all on it's own. Add the PA-PB and I was out of my long trade faster than you can say "protect your profit"
Occlusion is a term indicating that the state of something, which is normally open, is now totally closed.

Ok I get it now. lol
Indicators show the past. Price Action "Indicates" the future.
  • #18,635
  • Jan 15, 2009 12:00am Jan 15, 2009 12:00am
Here is another one for you guys to make a plan....shorts are holds and longs are scalps ...

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  • #18,636
  • Edited 12:19am Jan 15, 2009 12:06am | Edited 12:19am
Quoting james16
this happens a lot and it can be a great method after some practice.

nice.

jim

Thanks Jim. I've learned a lot from this great thread. . . . and still learning.

BEOB Daily Gbp/Usd example.

The left eye of a Pin Bar will also act the same way.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #18,637
  • Jan 15, 2009 12:14am Jan 15, 2009 12:14am
Quoting jarroo
I don't see it. Post a chart.
Man, was I rude. Sorry about that Bundy.
Indicators show the past. Price Action "Indicates" the future.
  • #18,638
  • Jan 15, 2009 12:33am Jan 15, 2009 12:33am
Quoting jarroo
Man, was I rude. Sorry about that Bundy.
Huh?

...lol ...Nahh . No worries man! Not a problem there at all! I actually just checked out that post. I remember that sequence. (What was the story about hypnotized brick layers remembering every brick they laid? lol )

Anyway I think you are looking back and not seeing the original innocence of it all. The absolute best way to show something is to...ummm... show something. So I did. lol

I consider you a good friend now. So cheers anway!
Bundy's status today: "Waiting..."
  • #18,639
  • Jan 15, 2009 12:36am Jan 15, 2009 12:36am
Here is a little somthing for you guys to not miss....

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  • #18,640
  • Jan 15, 2009 12:47am Jan 15, 2009 12:47am
Quoting bundyraider
Huh?

...lol ...Nahh . No worries man! Not a problem there at all! I actually just checked out that post. I remember that sequence. (What was the story about hypnotized brick layers remembering every brick they laid? lol )

Anyway I think you are looking back and not seeing the original innocence of it all. The absolute best way to show something is to...ummm... show something. So I did. lol

I consider you a good friend now. So cheers anway!
As I you, my friend. I've learned many PA lessons from you.

Cheers mate,

Jim
Indicators show the past. Price Action "Indicates" the future.
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