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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

  • #20,081
  • Feb 1, 2009 12:02pm Feb 1, 2009 12:02pm
Hello!

It seems nobody is speaking about the last daily USPJPY bar. I am evaluating it for a long (even if I find often Friday bars tricky to trade due to gaps): is it so obviously a bad signal?
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  • #20,082
  • Feb 1, 2009 12:14pm Feb 1, 2009 12:14pm
It's in heavy traffic and straight into resistance, also, I am bearish equities which, ifi right, will bring in yen strength.

If you are lucky you may see 94; however, relying on luck will not make you profitable in the long run.
  • #20,083
  • Feb 1, 2009 12:17pm Feb 1, 2009 12:17pm
Quoting Triton18
Hello!

It seems nobody is speaking about the last daily USPJPY bar. I am evaluating it for a long (even if I find often Friday bars tricky to trade due to gaps): is it so obviously a bad signal?
Not an expert triton.But I would say price is consolidating pretty much,not much of a swing low(lacks space).Also price sitting right below ppz 90.00,and if it makes it threw that, 91.00 is also blocking price.Not something I would enter myself.Hope this helps.
  • #20,084
  • Feb 1, 2009 12:17pm Feb 1, 2009 12:17pm
As a relative noob to the J16 method I wouldn't trade that UJ bar. It seems congested, and iirc as mbqb11 pointed out once there is not enough space btw bars. Just my .02 I'm sure some of the wiser folks here can chime in more in depth.

Good luck

Happy B'day Shermanator
Patience + Humility + Study = Success
  • #20,085
  • Feb 1, 2009 12:20pm Feb 1, 2009 12:20pm
Quoting Triton18
Hello!

It seems nobody is speaking about the last daily USPJPY bar. I am evaluating it for a long (even if I find often Friday bars tricky to trade due to gaps): is it so obviously a bad signal?
Here's a chart to show why it's not a good Pin Bar.

Trade well,
Jig

EDIT: I'm not even taking any PPZ stuff into account because the form of the bar and it's initial location is extremely poor relative to recent Price Action.
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  • #20,086
  • Feb 1, 2009 12:30pm Feb 1, 2009 12:30pm
Quoting Triton18
Hello!

It seems nobody is speaking about the last daily USPJPY bar. I am evaluating it for a long (even if I find often Friday bars tricky to trade due to gaps): is it so obviously a bad signal?
IMO although this is technically a PB, the location would keep me away from taking this. Have a look at the chart below which I've zoomed into on the 4h. Do you see the arrows? They are pointing out a PPZ at 90.00 which price has been flipping around since Decmeber. The high of the PB falls right onto this area, which would now be acting as resistance. Personally I'll be looking for a break away from 90 in either direction, with a retest and confirming PA to tell me which way to go. Otherwise I'm happy to sit on my hands.

It's best to wait for the setups which really jump out at you. If you're not sure where a PPZ lines up, jump down a timeframe and it's usually a lot clearer. You can normally line it up with a round number as well.

Hope this helps,

Chris
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  • #20,087
  • Feb 1, 2009 12:31pm Feb 1, 2009 12:31pm
I would go so far as to say that if you must trade this take it short as a way of getting into the IB prior to it, but even that doesnt have much room to go down.
  • #20,088
  • Feb 1, 2009 1:24pm Feb 1, 2009 1:24pm
Quoting Chris P
I'll be looking for a break away from 90 in either direction, with a retest and confirming PA to tell me which way to go. Otherwise I'm happy to sit on my hands.
http://dunc-bank.zoy.org/hannibal.jpeg

Sounds like a plan
  • #20,089
  • Feb 1, 2009 1:35pm Feb 1, 2009 1:35pm
Thanks a lot for your advice. It seems IT WAS such an obviously bad signal! ;-))))
  • #20,090
  • Feb 1, 2009 1:47pm Feb 1, 2009 1:47pm
Anybody watching a nice BEOB on weekly Eur/Gbp?
Kinda interesting, Euro is down on every corners..while Gbp is kinda gaining some grounds
  • #20,091
  • Feb 1, 2009 2:17pm Feb 1, 2009 2:17pm
Hi all'

Just wondering if anyone has spotted any potential setups on the weeklies? Have trawled my charts but am not seeing anything at the moment. Thought all you guys in the USA would be on the beers by now preparing for superbowl..........?
PA is where its at!!
  • #20,092
  • Feb 1, 2009 2:22pm Feb 1, 2009 2:22pm
Quoting xcov
Anybody watching a nice BEOB on weekly Eur/Gbp?
Kinda interesting,
Yes sir :nerd:, (Chart 1)


Quoting xcov
while Gbp is kinda gaining some grounds
Indeed ! (Chart 2)

Quoting xcov
Euro is down on every corners.
Indeed ! (Chart 3)


I am not going to trade it directly, I will be looking for something on the 4HR or Daily on the retrace. . . Assuming there is a retrace of course.
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  • #20,093
  • Feb 1, 2009 3:04pm Feb 1, 2009 3:04pm
Ahh thanks Jigsaw, nice charts
  • #20,094
  • Feb 1, 2009 4:31pm Feb 1, 2009 4:31pm
Anyone looking at the USD/CAD? It just seems like that pair is ready to tank big time.
  • #20,095
  • Feb 1, 2009 4:50pm Feb 1, 2009 4:50pm
Quoting gannina
Anyone looking at the USD/CAD? It just seems like that pair is ready to tank big time.
Yes, but just watching it. Notice the pinbar formations in the weekly (terrible location and contradicting each other)


Looks like we have no gaps over the weekend... so no fill-the-gap plays.

Considering the TBL on EUR/USD weekly. Not great R:R though unless we break previous support.

Time to watch some Superbowl...

Josh
  • #20,096
  • Feb 1, 2009 6:39pm Feb 1, 2009 6:39pm
Mike

May i ask you a question regarding breakouts.How or what filters do you use to avoid false breakouts? Your help would be much appreciated.

Thanks Gerard
  • #20,097
  • Feb 1, 2009 7:00pm Feb 1, 2009 7:00pm
Quoting Gerard212
Mike

May i ask you a question regarding breakouts.How or what filters do you use to avoid false breakouts? Your help would be much appreciated.

Thanks Gerard
Hi G,

I am sure Mike will confirm that he uses, like a lot of traders, A BPC policy where you wait for a pullback before you get in. This is a safer way to trade breakouts.
PA is where its at!!
  • #20,098
  • Feb 1, 2009 7:26pm Feb 1, 2009 7:26pm
Here is my current long of the bounce of support

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  • #20,099
  • Feb 1, 2009 8:18pm Feb 1, 2009 8:18pm
Short at 0.5145, on the break of 0.5160 support line.

Currently +80pips and aiming for 0.5000, both previous support line and -what I think to be - a strong psychological level.

However, this pair is trending heavily, and I think it's going for 0.45-0.46, a PPZ tested in years 2000, 2001 and 2002.

If I had sold more than a single microlot I would be closing half of my position on 0.5, and shorting more at the break of it.

BTW, this is a real account, however it's micro. Balance U$6509 actually means U$65,09. And I'm at +80cents profit. LOL

I have been trading live for 2 months, now. I'm increasing my leverage according to my successful trades.

Cheers!

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Chasing Livermore...
  • #20,100
  • Feb 1, 2009 8:31pm Feb 1, 2009 8:31pm
eg
.
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