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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

  • #18,961
  • Jan 17, 2009 6:14pm Jan 17, 2009 6:14pm
Quoting Gerard212
Could someone give me their opinion on weekly pinbars on USD/JPY and EUR/JPY.Much appreciated.
USD/JPY

Good looking pin. Not the best placement, but tradable to some.

Placement in sideways action/consolidation. If you took it you'd risk a smaller amount and would also take profit quickly and set rest of position to Break Even quickly. Not ideal and a riskier trade, but the pin HAS come off of the 76.4% fib zone, which is a good sign for an extended 'long' run if we break the recent swing high. If you take it, make it a free trade as soon as you can.

If we do break that 94.60 area later this week, we're looking pretty good.

EUR/JPY

Same as above , but as Belakas said, it didn't close within the previous bar, so it doesn't fit the mould so to speak, and shouldn't be traded as a pin. ...good retracement though. ...Something doesn't look right (to me) with this pair, either, for a long.
Bundy's status today: "Waiting..."
  • #18,962
  • Jan 17, 2009 6:54pm Jan 17, 2009 6:54pm
Quoting bundyraider
USD/JPY

Good looking pin. Not the best placement, but tradable to some.

Placement in sideways action/consolidation. If you took it you'd risk a smaller amount and would also take profit quickly and set rest of position to Break Even quickly. Not ideal and a riskier trade, but the pin HAS come off of the 76.4% fib zone, which is a good sign for an extended 'long' run if we break the recent swing high. If you take it, make it a free trade as soon as you can.

If we do break that 94.60 area later this week, we're looking pretty good.

EUR/JPY

Same...

EUR/JPY still has 2 hours on Sunday to finish within the previous bar.

However, I like CHF/JPY myself.
  • #18,963
  • Jan 17, 2009 7:28pm Jan 17, 2009 7:28pm
Any thoughts/opinions on the g/cad daily pin?

Close is a bit higher than open.Pin maybe a bit small compared to previous bars.

But it is not in traffic, and is off a ppz area and a 76.4 fib

Hmmm maybe need to wait and see if it breaks, not only the current bar, but also the 1.8240 area.
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  • #18,964
  • Jan 17, 2009 7:59pm Jan 17, 2009 7:59pm
Quoting clockwork71
However, I like CHF/JPY myself.
Certainly does look good.

Keep forgetting about that damn sunday bar. lol
Bundy's status today: "Waiting..."
  • #18,965
  • Jan 17, 2009 8:14pm Jan 17, 2009 8:14pm
Quoting Four Kids
Any thoughts/opinions on the g/cad daily pin?

Close is a bit higher than open.Pin maybe a bit small compared to previous bars.

But it is not in traffic, and is off a ppz area and a 76.4 fib

Hmmm maybe need to wait and see if it breaks, not only the current bar, but also the 1.8240 area.
I think you're right about a break. I'm not happy with the yellow boxed area at all though. I think a break might make the 1.8200 level. 'Might' being the operative word. Not a "sniper" trade if you ask me.

To me this is just a pause on the way up and just a pullback or profit taking pin. Or more likely to be that anyway. Notice how it closed above that previous pin on the 8th Jan? It's pulled back to that level (Also round number 1.8400).

That confluence of Fibs is obviously responsible for the pause and if we had a clearer run you'd have a pretty good case to trade this, and a good area to place your stop behind.
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Bundy's status today: "Waiting..."
  • #18,966
  • Edited 8:40pm Jan 17, 2009 8:30pm | Edited 8:40pm
Thanks bundy. I should have picked that yellow boxed area myself. Been staring at charts for over 2 years now.

Back for a second time to J16. First time I was to impatient,over-trading,etc etc etc.

Better luck this time.

Also, now I notice there are higher highs and higher lows.
  • #18,967
  • Jan 17, 2009 8:39pm Jan 17, 2009 8:39pm
Quoting Four Kids
Thanks bundy
No worries. : ) When I look at that a second time now I should have extended that yellow box a little higher. Nice looking pin too by the way. Just has a few things working against it making it a riskier play.
Bundy's status today: "Waiting..."
  • #18,968
  • Jan 17, 2009 9:57pm Jan 17, 2009 9:57pm
AUD/USD ended with Bullish Daily Bar (Blue Bar)...
I expect it will touch 0.70xx lvl after breaking 0.67xx strongly.

Any feedback?
Sonic
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  • #18,969
  • Jan 17, 2009 11:47pm Jan 17, 2009 11:47pm
Quoting Four Kids
Closed above 0.9 on IB feed. Does this mean you are looking at going long? If so ,why? Or does it just confirm to you that the over all upward trend is still intact?
It is not a very good looking pin,and in traffic.
I can see it is bouncing off a PPZ area,and a 38 fib, but we read many many
times that the most important thing about PA is location. (Swing high/low,clear of traffic to the left), and the second most important thing is the shape of the PA.This appears to fail on both accounts.

I do realize that it is not a pin untill price has broken...
Hi there,

You are absolutely right when you say that the merit of a setup is based entirely off 2 things, Location and Overall look of the bar,

The bar I am referring to is not a Pin bar it is a BUOB

As far as location is concerned the best thing to look for is the confluence

IMO there is sufficeint confluence, illustrated in each of the attatched charts.

Other things you might add in favor of the setup is ofcaorse the fact that it's with the trend

I was referring to the close of the bar above 0.9 as a positive sign of it's break.

Regarding traffic I don't think it's packed in too much traffic atall, the only problem might be the bar highs around 1.913, but since it's a good 70 pips away from a valid entry it should give sufficient time to book some profit

Regards,
Ghous.
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I believe . . .
  • #18,970
  • Edited 12:25am Jan 18, 2009 12:14am | Edited 12:25am
ghous, thanks for the explaining that, but I dont understand the BUOB part.

I thought a BUOB had to have a high ,higher than the previous bars high
and a close higher than the previous bars open and close.

I cant see this on the IB or FxPro daily. Even on your chart the close looks lower than the previous bars open, and the high looks to be equal.
  • #18,971
  • Edited 1:31am Jan 18, 2009 1:09am | Edited 1:31am
Quoting Four Kids
ghous, thanks for the explaining that, but I dont understand the BUOB part.

I thought a BUOB had to have a high ,higher than the previous bars high
and a close higher than the previous bars open and close.

I cant see this on the IB or FxPro daily. Even on your chart the close looks lower than the previous bars open, and the high looks to be equal.
Four Kids,

I agree it was'nt a pefect BUOB but what matters more than anything else is the location over which it occurs.

Do you think that if price closed a few pips below from where it sould have to give a perfect BUOB it destroys the setup?

It's the location that I am impressed with the most...

But it's fine to be a trader who gives 100% weight to the shape of the bar. I for one believe in location to be the most importantand the deciding factor to enter/exit a trade, besides, given that it was "almost" a BUOB it's enough for me provided the strong location and that I am not calling a bearish Pin bar a BUOB

If you feel the close had to be a few pips above for it to be a takable trade I have no problem with that what so ever...different strokes for different folks

PS I forgot to post a chart in the previous post...here it is...

Once price broke the 0.9 level in december it pulled back to it, and i expect this level to now act as support.

Regards,
Ghous.
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I believe . . .
  • #18,972
  • Jan 18, 2009 1:26am Jan 18, 2009 1:26am
thanks guys for the comments
Gerard
  • #18,973
  • Jan 18, 2009 1:30am Jan 18, 2009 1:30am
Quoting Four Kids
ghous, thanks for the explaining that, but I dont understand the BUOB part.

I thought a BUOB had to have a high ,higher than the previous bars high
and a close higher than the previous bars open and close.

I cant see this on the IB or FxPro daily. Even on your chart the close looks lower than the previous bars open, and the high looks to be equal.
PS for a bar to be considered a BUOB the close must be higher than the open and the high and low both must exceed the previous bar the close does not necessarily need to be above the high of the preious bar. although a BUOB with a close higher than the previous bar is more desirable.

Here is a pdf that should help you.

Cheers.

Regards,
Ghous.
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File Type: pdf Price Action Setups.pdf   45 KB | 1,128 downloads
I believe . . .
  • #18,974
  • Jan 18, 2009 1:58am Jan 18, 2009 1:58am
Quoting ghous
PS for a bar to be considered a BUOB the close must be higher than the open and the high and low both must exceed the previous bar the close does not necessarily need to be above the high of the preious bar. although a BUOB with a close higher than the previous bar is more desirable.

Here is a pdf that should help you.

Cheers.

Regards,
Ghous.
Dude,,,

what do u think of AUD/USD pair??

Sonic
  • #18,975
  • Jan 18, 2009 2:10am Jan 18, 2009 2:10am
Here is my little go at it...we have come to a demand area in the daily chart....but longs are scalps at the moment and shorts are hold at the moment simply....so anything that was taken long of the bullish engulfing has been taking place and sould of taken some profits of the table...also look at the bearish head and shoulders you might be forming in the daily..just imagin if this whent up again and look at how beautiful it would look to be a head and shoulders

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  • #18,976
  • Jan 18, 2009 2:18am Jan 18, 2009 2:18am
Quoting clockwork71

However, I like CHF/JPY myself.
Nice that there is a monthly BUOB in addition to the weekly pin.
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  • #18,977
  • Jan 18, 2009 2:23am Jan 18, 2009 2:23am
ghous, thanks,taking it all on board. I'll get there.
  • #18,978
  • Jan 18, 2009 2:47am Jan 18, 2009 2:47am
Quoting fxprocessor
Nice that there is a monthly BUOB in addition to the weekly pin.
Sure Nick

Add to all this the H&S clearly visible on the daily...KABOOM...as Rac puts it
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I believe . . .
  • #18,979
  • Jan 18, 2009 2:48am Jan 18, 2009 2:48am
Quoting Shermenator
Here is my little go at it...we have come to a demand area in the daily chart....but longs are scalps at the moment and shorts are hold at the moment simply....so anything that was taken long of the bullish engulfing has been taking place and sould of taken some profits of the table...also look at the bearish head and shoulders you might be forming in the daily..just imagin if this whent up again and look at how beautiful it would look to be a head and shoulders

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I believe . . .
  • #18,980
  • Jan 18, 2009 2:59am Jan 18, 2009 2:59am
Quoting ghous
...
Cool bro...alright here is a little somthing for you guys to plan next week...NZDUSD...let price go up and then look for price action ( I USE lIMIT ORDERS sometimes ) and yea can probably drop a timeframe one area is hit and time the short....remeber shorts are holds and longs are scalps...

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