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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

  • #19,001
  • Jan 18, 2009 11:14am Jan 18, 2009 11:14am
Quoting goldbird22
My question is regarding the weekly tf will you put your order before the market opens on sunday night (Friday closing price) or when the market closes on sunday night (Sunday closing price). When do the prices for the week really start?
Ummm...Good question

It really depends on your broker feed and timings and timezones. For some ppl their brokers will open late on Sunday and close early on Friday. other will close late on Friday and will get back to business early on Monday.

regarding the placing of the order it's best to wait for Monday open (Even when you have a Sunday bar) to enter. The reason is that as Monday opens the liquidty is low and the markets will whipsaw around for a while before the regular traders step in to bet their prices. The second reason is Gaps. A trade on Monday open will often give you a better price in terms of a gap in your favor (which more often than not does get filled) or will hold you from a trade when the gap is against you. This is specially very important when you're a short term trader and 10 - 30 pips can be a trade won or lost.

Regards,
Ghous.
I believe . . .
  • #19,002
  • Jan 18, 2009 11:15am Jan 18, 2009 11:15am
Sunday greetings to one and all.
I spotted this formative PB on daily cable. Would I be right in thinking it's a little bit of a 'weak' option, due to it being in traffic, and also if triggered heading into a bad area too?
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  • #19,003
  • Jan 18, 2009 11:31am Jan 18, 2009 11:31am
Quoting Interceptor
Sunday greetings to one and all.
I spotted this formative PB on daily cable. Would I be right in thinking it's a little bit of a 'weak' option, due to it being in traffic, and also if triggered heading into a bad area too?
Hi Interceptor,

I don't have a Pin Bar on my feed, But a few hours before Friday close price was within the previous bar and had it closed that way the overall shape would have been A+++ It did'nt happen so trade discarded, but before friday I was trying to stack the odds in my favor if the bar did close within the previous bar.

I found just far tto many odds going against the trade, which made the location pathetic

1) Sideways market

2) Just far too many bar lows preceeding the setup (as the case for a sideways market often is) that could easily spell danger for any trade. each of these lows have been circled with green on my chart and the entire danger area is covered in a grey rectangle.

3) Divergence in it's best form...Not only has the macd consistently shown higher lows while price gave lower lows, a special feature to note here is the last low price made, (around 14th Jan) It is the first time during the period of the divergence that price gave a low higher than the previous low...the divergence may just have started to show it's true colors

Going by your chart, the Pin Bar looks decent as far as shape is concerned but I am glad you saw the catch

Regards,
Ghous.
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I believe . . .
  • #19,004
  • Jan 18, 2009 12:11pm Jan 18, 2009 12:11pm
Quoting ghous
Hi Interceptor,

I don't have a Pin Bar on my feed, But a few hours before Friday close price was within the previous bar and had it closed that way the overall shape would have been A+++ It did'nt happen so trade discarded, but before friday I was trying to stack the odds in my favor if the bar did close within the previous bar.

I found just far tto many odds going against the trade, which made the location pathetic

1) Sideways market

2) Just far too many bar lows preceeding the setup (as the case for a sideways market often is) that...
Excellent.
Thanks for that, Ghous.
  • #19,005
  • Jan 18, 2009 12:13pm Jan 18, 2009 12:13pm
GBP/JPY. Possibly a bit better?
Not too much congestion down below.
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  • #19,006
  • Edited 1:51pm Jan 18, 2009 1:17pm | Edited 1:51pm
Quoting ghous
I get a feeling we might want to test this level first before the uptrend resumes

My order will ofcoarse lie in ambush 20 pips from the high of the Pin Bar

Regards,
Ghous.
Hi Ghous.

On the daily I see the 8160 area has provided resistance before. See 27 Oct, 17 Nov, 24 Nov. This seems like a minor pivot area. Would it be wise to place the order a bit higher (~8170) to clear this area?

Also what did you have in mind as a first TP? Looks like it should make 8300 at least.
  • #19,007
  • Jan 18, 2009 3:56pm Jan 18, 2009 3:56pm
Quoting ghous
Hi Sebo,

That would be extremely kind of you. We see ppl come in to the thread and see them vanish in thin air.

Very few want to make their learning curves a "forever help" for future newbies, I was planning a similiar document in a few months time, it is going to be hard work ofcaorse but would be a great addition to the first page. it would be great if you can come up with a document too

PS welcome to the magnificent thread!

Regards,
Ghous.
Ghous, thnx and yes i hope i can complete this document and post it here for others to use.

fxprocessor, thnx for the welcome and the advise, i will check those posts.

tehuringa; thnx for the welcome and btw i am a jacko turtle too ... LOL... what a coincidence....

Seboileroom;
  • #19,008
  • Jan 18, 2009 5:18pm Jan 18, 2009 5:18pm
EURJPY weekly pin

CHFJPY weekly pin

--------------------------------------------------------

Both have broken long on my platform. Also a gap up at market open on both of these so have a buy limit ready if gap closes.
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  • #19,009
  • Jan 18, 2009 5:21pm Jan 18, 2009 5:21pm
Anyone know what the ECS9H contract is??......weekly PB looks good
  • #19,010
  • Jan 18, 2009 5:24pm Jan 18, 2009 5:24pm
Hmm . . . weekly closes in less than an hour.
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"Don't trade to trade . . . trade to win." - James16
  • #19,011
  • Jan 18, 2009 5:47pm Jan 18, 2009 5:47pm
Quoting tehuringa
Anyone know what the ECS9H contract is??......weekly PB looks good
Don't worry....got it....Euro Future LTD 16th March 2009
  • #19,012
  • Jan 18, 2009 6:16pm Jan 18, 2009 6:16pm
Hi all,


Where can I find more materials talking about Pin bar in traffic besides these videos on the website of James16 group for guest?

I want to learn more about this. Especially how to judge the space left for a trade and how to avoid jumping into some low profit-risk ratio trade.
  • #19,013
  • Jan 18, 2009 6:17pm Jan 18, 2009 6:17pm
The fact that is a US Holiday would affect to the US currencies in anyway? or would should we observe any restrictions?
  • #19,014
  • Jan 18, 2009 6:34pm Jan 18, 2009 6:34pm
Good evening all,

FYI, possible H&S on Gold daily chart.
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #19,015
  • Jan 18, 2009 7:01pm Jan 18, 2009 7:01pm
Guys,

Any thoughts on the AUD/CAD weekly pin bar? Looks good to me but I'm a bit concerned about it running into possible resistance at 0.8485.
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  • #19,016
  • Jan 18, 2009 7:04pm Jan 18, 2009 7:04pm
Quoting Interceptor
GBP/JPY. Possibly a bit better?
Not too much congestion down below.
Take it easy mate...

You want to be waiting for the A+ setups, trust me they'll come, and they'll come soon and that you'll catch many of these as they come...

The GJ Pin Bar has similiar problems to the Gu Pb, not a great take IMO...

Regards,
Ghous.
I believe . . .
  • #19,017
  • Jan 18, 2009 7:07pm Jan 18, 2009 7:07pm
Quoting ljr
Hi Ghous.

On the daily I see the 8160 area has provided resistance before. See 27 Oct, 17 Nov, 24 Nov. This seems like a minor pivot area. Would it be wise to place the order a bit higher (~8170) to clear this area?

Also what did you have in mind as a first TP? Looks like it should make 8300 at least.
I have my ppz at 81.5 looking at the pin on my feed the order will be above the 81.5 somewhere around 81.6

My first TP would be the 85 level though I may book some profit on the 83, because like you i find some historical action in the area

Regards,
Ghous.
I believe . . .
  • #19,018
  • Jan 18, 2009 7:11pm Jan 18, 2009 7:11pm
Quoting djambazov84
Good evening all,

FYI, possible H&S on Gold daily chart.
The gold does look very much up to me too...the Pb and the H&S...interesting how it conflicts with the Pbs we say on thursday on the major US stock indices and the dollar index....
I believe . . .
  • #19,019
  • Jan 18, 2009 7:13pm Jan 18, 2009 7:13pm
Quoting RedA
Hi all,


Where can I find more materials talking about Pin bar in traffic besides these videos on the website of James16 group for guest?

I want to learn more about this. Especially how to judge the space left for a trade and how to avoid jumping into some low profit-risk ratio trade.
Hi RedA,

Here you go...

http://james16group.us/Guests/guestmaterial.html

Regards,
Ghous.
I believe . . .
  • #19,020
  • Jan 18, 2009 7:42pm Jan 18, 2009 7:42pm
Quoting RedA
Hi all,


Where can I find more materials talking about Pin bar in traffic besides these videos on the website of James16 group for guest?

I want to learn more about this. Especially how to judge the space left for a trade and how to avoid jumping into some low profit-risk ratio trade.
Hi RedA, I've got a starter for you.

It's something that requires practice and studying charts to get a good hold on.

I'm sure there's a video or two in the guest area that get's into this. You may have not seen it yet, or missed that bit while concentrating on something else.

Here's a chart:

Taking the previous down wave (Marked by white line of course) as an example, you can pre-mark possible trouble spots for the next run upwards....

1. At the top of the wave there was an area where the pair fought sideways before deciding to head south. The brown horizontal line that is drawn marks the bottom of this area is a likely to cause problems on the way up. (Price pivoted stopped here on the both the way up and down)

2. Sideways price bars as we consolidate. Another price area to watch.

3. More sideways price bars as we consolidate again.

4. A quick pullback from the big 130.00 Round number . I've marked this with the purple dotted line on the chart. There was a recent low here. So we are very likely to get a hesitation and just likely to have price pivot around this point as it did when there were no more sellers.

The best place to have a trade is in an area where there is least resistence and that is between points 2 and 3. A decent run down that only stopped breifly at the 134.00 round number and previous resistance acouple of weeks ago as shown by yellow dotted line. NOW.... The best case would be if that Yellow line was higher too. That'd be nice, but for now, if you hit that level you watch to see if there is trouble (with an alert or whatever.) You watch it because even though it was breif, there is proof that it is still being reacted to. If it shoots straight through , then great, take your first profit at 2 instead. If it pauses, start to think about protecting yourself with partial profits etc.

You can clearly see how these areas created at least pauses on the way back up the past few trading days.

I'm sorry that this still leaves a lot of questions, but this is something that requires a LOT of work to get a hang and I think it will set you on the right path to study charts with.

In general.... The more you get a reaction to one level the stronger it is and more you want to avoid trading into it without breathing room.

You're on the right path , Red. Get a hang of that one question you just asked and you have the basis for a lot of the teachings the guys give here.

You have to watch all this with confluence in mind. i.e. Floor trader pivots, Fibs, Trendlines. ...heh heh... It seems complicated and a lot to learn , but it's SOOOO natural to see it all without trying once you get a hang of it. It's worth it. Study those charts.

Edit: Double Bar lows, Previous weeks low, Previous Months low... There's a OT than be added to the above sorry. lol
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