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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

  • #20,301
  • Feb 3, 2009 8:56am Feb 3, 2009 8:56am
Yesterday on nzd/usd daily chart pin bar failed to form, but there's still opportunity for it to form, this time on weekly chart. I suppose weekly pin bar should be more reliable indication of the bullish move than yesterdays daily.
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  • #20,302
  • Feb 3, 2009 9:09am Feb 3, 2009 9:09am
Quoting Jduester
So far in the thread, I've encountered 3 types of James16 PA....
Total agree with u. PB is my favorite. OB is a bit hard for me to trade. After Mike mentioned he personally not trading IB below daily timeframe, I stopped too. as I lost too much on IB break
  • #20,303
  • Feb 3, 2009 9:39am Feb 3, 2009 9:39am
Quoting raczekfx
No,
I'd most likely pick the two fastest pairs with the larger daily range and the best potential. Risk would be split between the two.

btw.
we just had breakout on fiber 4hr tf. If it works out 1.3030 is my first tp. If it could pull my e/j to 116.70, I'd also be happy
Hi Rac

almost with you on fiber - took the break on eurcad on 4hr which coincides with the BUOB on daily.


also just coming back to your voodoo moment on the eurgbp. When you went long on this, was the weekly BEOB part of your thinking?
What i mean is - a lot of times with BEOBS and BUOBS you get a retracement, before it hopefully goes in the anticipated direction.Therefore if you see one of these on a higher timeframe like weekly and expect a retracement of say 38% this could be a nice little trade if you drop down to a lower timeframe to take.
So in this case dropping down to the 4hr -I4B - (maybe looking for PA, maybe just blind entry) it would then make a decent long trade.

Am i getting warmer?


cheers

Simon
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  • #20,304
  • Feb 3, 2009 10:21am Feb 3, 2009 10:21am
Quoting Jduester
Would you consider pinbar 1 in my chart to be 'too' long? It would be tough for me to justify the R:R on pinbar 1,


Josh
Even if this bar were a true hammer, it's important to remember that it was formed as a result of exceptional order flow caused by options expiry and imo this makes it an invalid formation given that it was an outlier event and not a true rejection.
  • #20,305
  • Feb 3, 2009 10:26am Feb 3, 2009 10:26am
Good, hope you're enjoying the ride..
I didn't take eg.

Quoting simoncs
Hi Rac

almost with you on fiber -


also just coming back to your voodoo moment on the eurgbp. When you went long on this,
  • #20,306
  • Feb 3, 2009 10:28am Feb 3, 2009 10:28am
Did anyone take this TBL EUR/USD breakout short trade? Here's what I have come up with for pros/cons.

Pros:
1. The two lows are 1 pip difference, very good for a weekly.
2. The overall trend is down and this trade would be with the trend.
3. We have a S/R level that both bars failed to hold, at 1.3300-1.3400. The trade short would be a continuation trade after testing the S/R.

Cons:
1. It would be coming right into a S/R from the previous swing low, notably at 1.28ish.
2. The second bar closed near the TBL, which means that it didn't have to move very far to break through the 'support' of a two bar low... This would suggest that it wasn't much of a breakout at all. It would have been better for the second bar to close closer to its middle, and Then have us break through the TBL.

Based on the strength of the cons, the cons outweigh the pros in this scenario. Put another way, there are better trade opportunities.

Anything I'm missing?

Josh
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  • #20,307
  • Feb 3, 2009 10:46am Feb 3, 2009 10:46am
Jduester

Your analysis is spot on IMHO - this is not an A+ setup, also look at traffic on left. Better setups will come along.
PA is where its at!!
  • #20,308
  • Feb 3, 2009 11:00am Feb 3, 2009 11:00am
Quoting Jduester
Did anyone take this TBL EUR/USD breakout short trade? Here's what I have come up with for pros/cons.

Pros:
1. The two lows are 1 pip difference, very good for a weekly.
2. The overall trend is down and this trade would be with the trend.
3. We have a S/R level that both bars failed to hold, at 1.3300-1.3400. The trade short would be a continuation trade after testing the S/R.

Cons:
1. It would be coming right into a S/R from the previous swing low, notably at 1.28ish.
2. The second bar closed near the TBL, which means that it didn't have to...
Hey Josh,

It was an IB on my chart, and although it was a good indication of what Eu wanted to do this week it was certainly not worth a trade.

I liked the way you organized your analysis Josh, what I looked and which convinced me against any short trade was obviosuly the cluster of bars to the immediate left.

Looking at the daily you can clearly see the range of consolidation (within the white rectangle) that we were heading into, there were literally as many highs and lows as you may have wanted to keep you out of a trade.

Another thing to note was the ppz which as running straight through the consolidation and which acted somewhat like a pivot as price consolidated in the white rectangle, this was the 1.27ish ppz, it then continued to provide further support to a pin bar on 23rd Jan and yesterday again it held when tested....

Regards,
Ghous.
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I believe . . .
  • #20,309
  • Feb 3, 2009 11:46am Feb 3, 2009 11:46am
Quoting ghous
Hey Josh,

It was an IB on my chart, and although it was a good indication of what Eu wanted to do this week it was certainly not worth a trade.

I liked the way you organized your analysis Josh, what I looked and which convinced me against any short trade was obviosuly the cluster of bars to the immediate left.

Looking at the daily you can clearly see the range of consolidation (within the white rectangle) that we were heading into, there were literally as many highs and lows as you may have wanted to keep you out of a trade.

Another thing...

Good stuff. Thanks for your analysis Ghous and Bertie.
  • #20,310
  • Feb 3, 2009 3:05pm Feb 3, 2009 3:05pm
Quoting raczekfx

btw.
we just had breakout on fiber 4hr tf. If it works out 1.3030 is my first tp. If it could pull my e/j to 116.70, I'd also be happy
I'm happy...
Both hit 50/61 fib area and e/j is closing on a weekly/daily ppz
.
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  • #20,311
  • Feb 3, 2009 3:22pm Feb 3, 2009 3:22pm
Does anybody see the reason why not to trade consecutive matching lows on usd/chf H4 chart?
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  • #20,312
  • Feb 3, 2009 3:35pm Feb 3, 2009 3:35pm
Quoting datogio
Does anybody see the reason why not to trade consecutive matching lows on usd/chf H4 chart?
In my opinion to trade two matchings lows purely off the 4hr charts, is just not a significant enough reason to enter a trade. Protect those Dollars in your account and save them for the better ones.

Matching highs/lows to me are best when you have a lot of them on the daily/weekly. That is when my interest is piqued. Or they are good when you are in a trade as a continuation to hold when price breaks them.

Just my views

Mike
  • #20,313
  • Feb 3, 2009 3:50pm Feb 3, 2009 3:50pm
Quoting datogio
Does anybody see the reason why not to trade consecutive matching lows on usd/chf H4 chart?
This is a similar question to mine from my EUR/USD weekly TBL post:

http://www.forexfactory.com/showpost...ostcount=20307

A few people replied to it saying it wasn't a great trade candidate because of the traffic to the left. The chart you show doesn't have nearly as much traffic, but I wouldn't consider it as strong since its only on the 4 hour, which I'm not trading anyway. Just my thoughts.

Josh
  • #20,314
  • Feb 3, 2009 4:00pm Feb 3, 2009 4:00pm
As this day bar comes to a close (5 minutes), I am wondering about this TBH forming. The highs are 1.4485 and 1.4482, so 3 pip difference.

1. Is this too many pips to consider it a TBH?

Reasons for trade long:
1. Again retested 1.4100 but couldn't break it.
2. Close near high of day and of swing move. (up move began at series of pinbar looking bars)
3. Looks like it'll close above a S/R zone of 1.4400ish.

Reasons for not taking trade:
1. Only a TBH...
2. The trend is down and we will be running into a red trendline around 1.48 and the 50 EMA (also red).

Eager to hear comments. (I will not be taking this trade, for reason #2 and I should still be in this trade from 1/23).
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  • #20,315
  • Feb 3, 2009 4:10pm Feb 3, 2009 4:10pm
Quoting jarroo
You play them just like any other PA setup. Location, PPZ and other supporting confluences.

8 Hour Eur/Jpy:

This is shaping up nicely. Jarroo, you still in? Never felt any heat if you entered on the breakout. Nice...

Josh
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  • #20,316
  • Feb 3, 2009 4:11pm Feb 3, 2009 4:11pm
break above ppz, pull back, 4hr pinbar.

Any thoughts?
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  • #20,317
  • Feb 3, 2009 4:24pm Feb 3, 2009 4:24pm
Sorry, I can't view that pair on my broker. (FX Express with FX Accucharts)

Josh
  • #20,318
  • Feb 3, 2009 4:42pm Feb 3, 2009 4:42pm
As I'm catching up on this thread, I sporadically come across little stories of people... Just read about Wizard getting struck by lightning!

Is he still around this thread? Or in the PF? Hope he's still healthy and also hasn't blown up his account trading 10% per trade...
  • #20,319
  • Feb 3, 2009 5:34pm Feb 3, 2009 5:34pm
Quoting Jduester
This is shaping up nicely. Jarroo, you still in? Never felt any heat if you entered on the breakout. Nice...

Josh
Absolutely.

Whenever I can get into a trade with some juice on the 1st half I will most of the time (not always) leave my 2nd half at break even. I like the
in-the-bank-profit, no risk, higher return potential aspect of this type of trade.

I don't know why I didn't stick to this on the Daily Gbp/Usd trade I had a few days ago. For some reason I thought that the 1.4200 level was going to hold, it did not. If I left it (2nd half) at break even, I would be looking good now.

Always learning and improving.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #20,320
  • Feb 3, 2009 7:44pm Feb 3, 2009 7:44pm
Quoting ghous
Hey Josh,

It was an IB on my chart, and although it was a good indication of what Eu wanted to do this week it was certainly not worth a trade.

I liked the way you organized your analysis Josh, what I looked and which convinced me against any short trade was obviosuly the cluster of bars to the immediate left.

Looking at the daily you can clearly see the range of consolidation (within the white rectangle) that we were heading into, there were literally as many highs and lows as you may have wanted to keep you out of a trade.

Another thing...
Good morning all,

I decided not to short this pair yesterday for the very same reasons. Nice to know I'm starting to think along the same lines as some of you guys.
I haven't made a trade since last Monday - not seen anything worth the risk on daily or 4hr charts. I am, however starting to get a bit twitchy and am searching for potential trades instead of waiting for the A+ trades to come to me, which I know they will.

Patience and discipline Steve, patience and discipline.

Steve.
"The more I practice, the luckier I get." (Gary Player)
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