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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

  • #19,061
  • Jan 19, 2009 1:17pm Jan 19, 2009 1:17pm
oouch, forgot the image, here it is............sorry..lol
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Click to Enlarge Name: tml.gif Size: 11 KB
Simplicity is the key to success
  • #19,062
  • Jan 19, 2009 1:23pm Jan 19, 2009 1:23pm
I'm not sure what a tml is but here's what i see..
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  • #19,063
  • Jan 19, 2009 1:24pm Jan 19, 2009 1:24pm
Quoting squeezy
hey guys,
is dis a tml indicating a trend continuation to the downside...its a one pip difference...thanks for ur reply in advance
This is considered an IB, "inside bar", and I would not trade it where it is. In my opinion there are other trades that would produce a higher expectancy for your money.
  • #19,064
  • Jan 19, 2009 1:32pm Jan 19, 2009 1:32pm
Quoting rustyjeff
I'm not sure what a tml is but here's what i see..
im looking at 4hrs chart, meanwhile on ur 1hr chart isnt that a potential dbhlc...

im still a newbie trading demo but dis is wat i see, if im wrong pls correct me...thnx guys
Simplicity is the key to success
  • #19,065
  • Jan 19, 2009 1:36pm Jan 19, 2009 1:36pm
Quoting HipsterPipster
This is considered an IB, "inside bar", and I would not trade it where it is. In my opinion there are other trades that would produce a higher expectancy for your money.
thnx hipster, ill take note of that...appreciate it man
Simplicity is the key to success
  • #19,066
  • Jan 19, 2009 1:41pm Jan 19, 2009 1:41pm
Quoting rustyjeff
I'm not sure what a tml is but here's what i see..
a triple top, price exhaustion (for bertie) at the top (short trade from last night)... a beauty...
you can throw mac-d to add to your confidence....(what do you see?)
  • #19,067
  • Jan 19, 2009 1:42pm Jan 19, 2009 1:42pm
There were several weekly pins I was looking at this week (u/j, c/j, e/j, g/j), but didn't take any. The reason is because on the Sunday open we had a gap UP over the break of the PIN bar. This is the first time I've seen that happen.

I guess my question is, is there still a play off the weekly pin if the current bar goes north over the coming week?

Here is a pic of the U/J pair. I'm not saying is a great pin to play (just a picture for an example to work off of), I'm more interested in how to analyze the gap up and subsequent move down and if the move up breaking the Pin Bar would still be play with J16 rules /

guidelines

.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #19,068
  • Jan 19, 2009 1:48pm Jan 19, 2009 1:48pm
Quoting LasVahGoose
There were several weekly pins I was looking at this week (u/j, c/j, e/j, g/j), but didn't take any....

Personally if I am going to play a weekly pin, and the market gaps up, I will set a buy order near the close of the gap. If you believe it is valid pin, the gap shouldn't be a reason not to play it IMO. Again not commenting on the weekly pin simply the scenario you speak of

Best
Mike
  • #19,069
  • Jan 19, 2009 1:49pm Jan 19, 2009 1:49pm
Quoting raczekfx
a triple top, price exhaustion (for bertie) at the top (short trade from last night)... a beauty...
you can throw mac-d to add to your confidence....(what do you see?)
I was in on the 2nd but it gave a great pin with divergence on the 3rd.
  • #19,070
  • Jan 19, 2009 2:03pm Jan 19, 2009 2:03pm
Quoting LasVahGoose
Here is a pic of the U/J pair. I'm not saying is a great pin to play (just a picture for an example to work off of), I'm more interested in how to analyze the gap up and subsequent move down and if the move up breaking the Pin Bar would still be play with J16 rules /

guidelines

.
this is how I see it and/or play it or at least plan for it.

Last week: price breaks a daily ppz and tests it twice (retraces back to it)
Sunday: price gaps, but is unable to hold grounds and retraces back to it.(triple bottom at ppz?)
Tomorrow: obama gets inaugurated. people/traders look at positives and hope for new beginning. Dow rallies. If UJ breaks higher, it hits 91.70, slows down at 94 and eventually at 97.
Whatever happens it's wise to have stops in place. Mine is at 89.60 at the moment.
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  • #19,071
  • Jan 19, 2009 2:23pm Jan 19, 2009 2:23pm
Quoting [LEFT
raczekfx[/left];2478775]this is how I see it and/or play it or at least plan for it.

Last week: price breaks a daily

ppz

and tests it twice (retraces back to it)
Sunday: price gaps, but is unable to hold grounds and retraces back to it.(triple bottom at

ppz

?)
Tomorrow:

obama

gets inaugurated. people/traders look at positives and...
LOL, you have it all mapped out. I need to start doing that and keep notes to see how often or how close things work out. Interesting, those triple bottoms are also above the 61.8 Fibo @ (89.98) I've drawn as well from 12-17 swing low to 1-6 swing high.

G/J has had most of my attention lately. Minor PPZ @ 131.00 with retrace to the 78.6 fib area with a so - so pin on the 4 HR. (Daily has formed a BEOB, so need to see what that does as well). On my watch list for a move north overall though.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #19,072
  • Edited 2:41pm Jan 19, 2009 2:30pm | Edited 2:41pm
Quoting mbqb11
Personally if I am going to play a weekly pin, and the market gaps up, I will set a buy order near the close of the gap. If you believe it is valid pin, the gap shouldn't be a reason not to play it IMO. Again not commenting on the weekly pin simply the scenario you speak of

Best
Mike

Thanks Mike! If I understand correctly than in this type of scenario, by placing the buy order near the close of the gap we are looking to enter at the break of the gap vs the break of the pin? If I understand, it seem like that would the safer way to go, since there is some confirmation that the failed attempt go higher previously is not as much of a factor anymore.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #19,073
  • Jan 19, 2009 2:33pm Jan 19, 2009 2:33pm
Quoting LasVahGoose
Thanks Mike! If I understand correctly than in this type of scenario, by placing the buy order near the close of the gap we are looking to enter at the break of the gap vs the break of the pin? If I understand, it seem like that would the safer way to go, since there is some confirmation that the failed attempt go higher previously is not as much of a factor anymore.
well the idea is still to keep things simple. So these gaps fill most of the time. If the gap isn't all that big in comparison to a big weekly pin, the idea is wait for the gap to fill, then price will continue to go in its original direction(which in the case of your example would be long). You will then most likely be getting a slightly better price. You could of course do things a bunch of different ways and look again for confirming PA, but if you want to keep things simple, then it is easiest to wait for your gap to fill then get in long as your intention was with the PA.

Have a great trading week

Mike
  • #19,074
  • Jan 19, 2009 2:43pm Jan 19, 2009 2:43pm
Quoting raczekfx
Tomorrow: obama gets inaugurated. people/traders look at positives and hope for new beginning. Dow rallies.
The way its going, Obama could tell the people he is also a genie and all they have to do is ask for their three wishes. I wouldn't be surprised at all to see an "Obama is our savior", rally.
  • #19,075
  • Jan 19, 2009 2:45pm Jan 19, 2009 2:45pm
Quoting mbqb11
well the idea is still to keep things simple....
Understood, thank you again.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #19,076
  • Jan 19, 2009 3:00pm Jan 19, 2009 3:00pm
The Obamination MUST produce a rally. Question is how long can the sheep avoid facing reality.
  • #19,077
  • Jan 19, 2009 3:03pm Jan 19, 2009 3:03pm
Hey guys,

I need your help. Does anybody know a site where I can get information on how high interest rates/rollovers for the major currencies are at the moment? Did a big search on google but all I found was useless.

Chris
  • #19,078
  • Jan 19, 2009 3:05pm Jan 19, 2009 3:05pm
Quoting creeper
Hey guys,

I need your help. Does anybody know a site where I can get information on how high interest rates/rollovers for the major currencies are at the moment? Did a big search on google but all I found was useless.

Chris
Is this what you are looking for?

http://www.fxstreet.com/fundamental/...t-rates-table/
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #19,079
  • Jan 19, 2009 3:12pm Jan 19, 2009 3:12pm
Quoting joebryce
The Obamination MUST produce a rally. Question is how long can the sheep avoid facing reality.
Unfortunately until the shearers come to collect and take their money.
  • #19,080
  • Jan 19, 2009 3:32pm Jan 19, 2009 3:32pm
Quoting creeper
Hey guys,

I need your help. Does anybody know a site where I can get information on how high interest rates/rollovers for the major currencies are at the moment? Did a big search on google but all I found was useless.

Chris
Here´s another one:

http://www.topforexnews.com/interest-rates-table/
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